Strategic Management and Business Policy

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I

TWELFTH EDITION

Business Policy
Thomas L. Wheelen
Formerly with University of Virginia Trinity College, Dublin Ireland

J. David Hunger
Iowa State University St. John's University

Prentice Hall Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo

Preface 29 PART ONE CHAPTER 1 Introduction to Strategic Management and Business Policy Basic Concepts of Strategic Management 50 1.1 The Study of Strategic Management Phases of Strategic Management Benefits of Strategic Management 53 54 53

49

1.2 Globalization and Environmental Sustainability: Challenges to Strategic Management 55 Impact of Globalization 56 56 57 60

Impact of Environmental Sustainability

Global Issue: REGIONAL TRADE ASSOCIATIONS REPLACE NATIONAL TRADE BARRIERS Environmental Sustainability Issue: PROJECTED EFFECTS OF CLIMATE CHANGE

1.3 Theories of Organizational Adaptation 1.4 Creating a Learning Organization 61

60

1.5 Basic Model of Strategic Management Environmental Scanning Strategy Formulation 65 64

62

Strategy Highlight 1.1: DO YOU HAVE A GOOD MISSION STATEMENT?

66

Strategy Implementation Evaluation and Control

69 70 71 71
72

Feedback/Learning Process

1.6 Initiation of Strategy: Triggering Events 1.7 Strategic Decision Making 73 73

Strategy Highlight 1.2: TRIGGERING EVENT AT UNILEVER

What Makes a Decision Strategic

Mintzberg's Modes of Strategic Decision Making

73 75 76

Strategic Decision-Making Process: Aid to Better Decisions 1.8 The Strategic Audit: Aid to Strategic Decision-Making 1.9 End of Chapter Summary 77 82

APPENDIX 1.A Strategic Audit of a Corporation

CONTENTS CHAPTER 2 Corporate Governance 90 93 93 96

2.1 Role of the Board of Directors Responsibilities of the Board

Members of a Board of Directors

Strategy Highlight 2.1: AGENCY THEORY VERSUS STEWARDSHIP THEORY IN CORPORATE GOVERNANCE 98

Nomination and Election of Board Members Organization of the Board 102

101

Impact of the Sarbanes-Oxley Act on U.S. Corporate Governance

103
104

Global Issue: CORPORATE GOVERNANCE IMPROVEMENTS THROUGHOUT THE WORLD

Trends in Corporate Governance 2.2 The Role of Top Management

105 106

Responsibilities of Top Management 106 Environmental Sustainability Issue: CONFLICT AT THE BODY SHOP 107 2.3 End of Chapter Summary CHAPTER 3 110 118 120 -

Social Responsibility and Ethics in Strategic Management 3.1 Social Responsibilities of Strategic Decision Makers Responsibilities of a Business Firm 120 123

Sustainability: More Than Environmental? Corporate Stakeholders 123

Environmental Sustainability issue: THE DOW JONES SUSTAINABILITY INDEX 124 Strategy Highlight 3.1: JOHNSON & JOHNSON CREDO 126 3.2 Ethical Decision Making 127 127 Some Reasons for Unethical Behavior

Strategy Highlight 3.2: UNETHICAL PRACTICES AT ENRON AND WORLDCOM EXPOSED BY "WHISTLE-BLOWERS" 128 Global Issue: HOW RULE-BASED AND RELATIONSHIP-BASED GOVERNANCE SYSTEMS AFFECT ETHICAL BEHAVIOR 129

Encouraging Ethical Behavior 3.3 End of Chapter Summary 134

131

Ending Case for Part One: BLOOD BANANAS 138

PARTJWO____Scanning_the Environment CHAPTER 4

141 142
146

Environmental Scanning and Industry Analysis
4.1 Environmental Scanning 146 Identifying External Environmental Variables

CONTENTS

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Environmental Sustainability Issue: MEASURING AND SHRINKING YOUR PERSONAL CARBON FOOTPRINT 148 Global Issue: IDENTIFYING POTENTIAL MARKETS IN DEVELOPING NATIONS Identifying External Strategic Factors 156 155

4.2 Industry Analysis: Analyzing the Task Environment Porter's Approach to Industry Analysis Industry Evolution 162 162 158

157

Categorizing International Industries International Risk Assessment Strategic Groups Strategic Types Hypercompetition 163 165 165 163

Using Key Success Factors...
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