COMPETITIVE STRATEGIC MANAGEMENT

Chapter 1:

Identifying a Company’s Strategy—What to Look For, shows what to look for in

identifying the substance of a company’s overall strategy. These are the visible actions
taken that signal what strategy the company is pursuing. The heart and soul of any
strategy is the actions and moves in the market place that managers are taking to
improve the company’s financial performance, strengthen its long-term competitive
position, and gain a competitive edge over rivals. A company achieves a competitive
advantage whenever it has some type of edge over rivals in attracting buyers and
coping with competitive forces. Strategy is about competing differently from rivals or
doing what competitors don’t do or, even better, can’t do. In this sense, every strategy
needs a distinctive element that attracts customers and produces a competitive edge.

BASIC STRATEGIC APPROACHES

Five of the most frequently used strategic approaches to setting a company apart from
rivals and achieving a sustainable competitive advantage are:
a. Low Cost Provider—Achieving a cost-based advantage over rivals.

b. Broad Differentiation—Seeking to differentiate the company’s product or

service from rivals’ in ways that will appeal to a broad spectrum of buyers.

c. Focused Low Cost—Concentrating on a narrow buyer segment (or market

niche) and outcompeting rivals by having lower costs than rivals and thus
being able to serve niche members at a lower priced.

d. Focused Differentiation—Concentrating on a narrow buyer segment (or

market niche) and outcompeting rivals by offering niche members
customized attributes that meet their tastes and requirements better than
rivals’ products.

e. Best Cost Provider—Giving customers more value for the money by satisfying
buyers’ expectations on key quality/features/performance/service attributes,
while beating their price expectations.

A Company’s Strategy is a Blend of Proactive Initiatives and Reactive Adjustments,

illustrates the elements of strategy that become the Realized Strategy. The evolving
nature of a company’s strategy means that the typical company strategy is a blend of (1)
proactive, planned initiatives to improve the company’s financial performance and
secure a competitive edge, and (2) reactive responses to unanticipated developments and
fresh market conditions. The biggest portion of a company’s current strategy flows from
ongoing actions that have proven themselves in the marketplace and newly launched
initiatives aimed at building a larger lead over rivals and further boosting financial
performance.—Deliberate Strategy Managers must always be willing to supplement or
modify the proactive strategy elements with as-needed reactions to unanticipated
conditions.—Emergent Strategy

….

THE RELATIONSHIP BETWEEN A FIRM’S STRATEGY AND ITS BUSINESS MODEL

The figure illustrates the elements of the business model in terms of what is known as
the Value-Price-Cost Framework highlighting the relationship between the Customer’s
Value Proposition (V-P) and the Profit Formula (P-C). A business model is
management’s blueprint for delivering a valuable product or service to customers in a
manner that will generate revenues sufficient to cover costs and yield an attractive
profit. The two elements of a company’s business model are (1) its customer value
proposition and (2) its profit formula. The customer value proposition lays out the
company’s approach to satisfying buyer wants and needs at a price customers will
consider a good value. The profit formula describes the company’s approach to
determining a cost structure that will allow for acceptable profits, given the pricing tied
to its customer value proposition.

….

IS OUR STRATEGY A WINNER?

1. Three questions can be used to test the merits of one strategy versus another and
distinguish a winning strategy from a losing or mediocre strategy:

a. The Fit Test: How well does the strategy fit the company’s situation? To
qualify as a winner, a strategy has to be well matched to industry and
competitive conditions, a company’s best market opportunities, and other
aspects of the enterprise’s external environment.

b. The Competitive Advantage Test: Is the strategy helping the company achieve
a sustainable competitive advantage? The bigger and more durable the
competitive edge that a strategy helps build, the more powerful and
appealing it is.
 c. The Performance Test: Is the strategy producing good company performance?
Two kinds of performance improvements tell the most about the caliber of a
company’s strategy: (1) gains in profitability and financial strength and (2)
gains in the company’s competitive strength and market standing.

2. Strategies that come up short on one or more of the above questions are plainly less
appealing than strategies passing all three test questions with flying colors.

Chapter 2

The Strategy-Making, Strategy-Executing Process

As illustrated in this figure, crafting and executing a company’s strategy is a five-phase

managerial process:

a. Developing a strategic vision of the company’s long term direction, a mission

that describes the company’s purpose, and a set of values to guide the pursuit
of the vision and mission.

b. Setting objectives and using them as yardsticks for measuring the company’s
performance and progress.

c. Crafting a strategy to achieve the objectives and move the company along the
strategic course that management has charted.

d. Executing the chosen strategy efficiently and effectively.

e. Monitoring developments, evaluating performance, and initiating corrective

adjustments in the company’s vision and mission, objectives, strategy, or
execution in light of actual experience, changing conditions, new ideas, and
new opportunities.

….

CONVERTING THE VISION AND MISSION

INTO SPECIFIC PERFORMANCE TARGETS

Well-stated objectives are specific, quantifiable or measurable and contain a deadline

for achievement.

Concrete, measurable objectives are managerially valuable for three reasons: (1) They
focus efforts and align actions throughout the organization, (2) they serve as yardsticks
for tracking a company’s performance and progress, and (3) they motivate employees to
expend greater effort and perform at a high level.
….

A Company’s Strategy Making Hierarchy

The larger and more diverse the operations of an enterprise, the more points of strategic
initiative it will have and the more managers at different organizational levels will have
a relevant strategy-making role. The figure (A Company’s Strategy Making Hierarchy)
illustrates this concept.

In diversified, multi-business companies where the strategies of several different

businesses have to be managed, the strategy-making task involves four distinct types or
levels of strategy, each of which involves different facets of the company’s overall
strategy:

a. Corporate strategy establishes an overall game plan for managing a set of

businesses in a diversified, multi-business company.

b. Business strategy is primarily concerned with strengthening the company’s

market position and building competitive advantage in a single business
company or a single business unit of a diversified multi-business corporation.

c. Functional-area strategies concern the actions related to particular functions or

processes within a business.

d. Operating strategies concern the relatively narrow strategic initiatives and

approaches for managing key operating units.

UNITING THE STRATEGY-MAKING HIERARCHY

Ideally, the pieces and layers of a company’s strategy should fit together like a jigsaw
puzzle. Anything less than a unified collection of strategies weakens company
performance. Achieving unity in strategy making is partly a function of communicating
the company’s basic strategy theme effectively across the whole organization and
establishing clear strategic principles and guidelines for lower-level strategy making.

..

A Strategic Vision + Objectives + Strategy = A Strategic Plan

Developing a strategic vision, setting objectives, and crafting a strategy are basic
direction-setting tasks. Together, they constitute a strategic plan for coping with
industry and competitive conditions, the expected actions of the industry’s key players,
and the challenges and issues that stand as obstacles to the company’s success. In
companies committed to regular strategy reviews and the development of explicit
strategic plans, the strategic plan may take the form of a written document that is
circulated to managers and perhaps, to selected employees. In small, privately owned
companies, it is rare for strategic plans to exist in written form.

Chapter 3

USING THE FIVE-FORCES MODEL

OF COMPETITION

The Five-Forces Model of Competition is a key analytical tool. Using the five forces
model to determine the nature and strength of competitive pressures in a given
industry involves three steps: (1) Step 1: For each of the five forces, identify the different
parties involved, along with the specific factors that bring about competitive pressures.
(2) Step 2: Evaluate how strong the pressures stemming from each of the five forces are
(strong, moderate, or weak). (3) Step 3: Determine whether the strength of the five
forces, overall, is conducive to earning attractive profits in the industry.

Factors Affecting the Strength of Rivalry

The intensity of rivalry among competing sellers within an industry depends on a

number of identifiable factors. These factors affect the Strength of Rivalry. In general:
a. Rivalry increases when buyer demand is growing slowly or declining.

b. Rivalry increases as it becomes less costly for buyers to switch brands.

c. Rivalry increases as the products of rival sellers become less strongly

differentiated.

d. Rivalry is more intense when there is excess supply or unused production

capacity, especially if the industry’s product has high fixed costs or high
storage costs.

e. Rivalry intensifies as the number of competitors increases and they become

more equal in size and capability.

f. Rivalry becomes more intense as the diversity of competitors increases in

terms of long-term directions, objectives, strategies, and countries of
origin.
 g. Rivalry is stronger when high exit barriers keep unprofitable firms from
leaving the industry.

Evaluating the strength of rivalry in an industry is a matter of determining whether the

factors stated here, taken as a whole, indicate that the rivalry is relatively strong,
moderate, or weak. With the analysis complete, rivals must select which competitive
weapons to employ. Competitive weapons used in these highly dynamic contests will
have a primary effect on price (P), cost (C), or value (V).
CHAPTER 4

VRIN: FOUR TESTS OF A RESOURCE’S

COMPETITIVE POWER

The VRIN tests for sustainable competitive advantage In order to test

sustainability of competitive advantage, explore if a resource is Valuable, Rare,
Inimitable, and Non-substitutable. The Four Tests of a Resource’s Competitive
Power:

a. Is the resource or capability competitively valuable—Is it directly relevant

to the company’s strategy.

b. Is the resource or capability rare—Is it something rivals lack.

c. Is the resource or capability hard to copy—Inimitable

d. Is the resource invulnerable to the threat of substitution from different

types of resources and capabilities—Non-substitutable?

How do a Company’s Value Chain Activities Impact its Cost Structure and Customer
Value Proposition? One of the most telling signs of whether a company’s business
position is strong or precarious is whether its prices and costs are competitive with
industry rivals. Regardless of where on the quality spectrum a company competes, it
must remain competitive in terms of its customer value proposition in order to stay in
the game. Two analytical tools are particularly useful in determining whether a
company’s costs and customer value proposition are competitive and thus conducive to
winning in the marketplace: value chain analysis and benchmarking.

A company’s value chain identifies the primary activities that create customer value
and the related support activities. A company’s cost competitiveness depends not only
on the costs of internally performed activities (its own value chain) but also on costs in
the value chain of its suppliers and forward channel allies. The value chain consists of
two broad categories of activities: (1) Primary activities: foremost in creating value for
customers. (2) Support activities: facilitate and enhance the performance of primary
activities.
The Value Chain System

A company’s value chain is embedded in a larger system of activities that includes the
value chains of its suppliers and the value chains of whatever wholesale distributors
and retailers it utilizes in getting its product or service to end users. Accurately
assessing a company’s competitiveness in end-use markets requires that company
managers understand the entire value chain system for delivering a product or service
to end-users, not just the company’s own value chain.

THE COMPETITIVE STRENGTH

ASSESSMENT PROCESS

Comparing the Value Chains of Rival Companies—The primary purpose of value chain
analysis is to facilitate a comparison, activity-by-activity, of how effectively and
efficiently a company delivers value to its customers, relative to its competitors. A
Company’s Primary and Secondary Activities Identify the Major Components of Its
Internal Cost Structure—The combined costs of all the various primary and support
activities comprising a company’s value chain define its internal cost structure.
Assessing a firm’s competitive strength versus rivals

1. List industry key success factors and other relevant measures of competitive strength

2. Rate firm and key rivals on each fact or using rating scale of 1 to 10 (1 = very weak; 5
= average; 10 = very strong)

3. Decide on the weight to give each KSF (a weighted system is usually superior to an
unweighted one because the chosen strength measures are unlikely to be equally
important) as a fraction of 1.0 (the weights must sum to 1)

4. Multiply the weights times the rating &Sum them in the column to get an overall
measure of competitive strength for each rival

5. Determine whether firm enjoys a competitive advantage or suffers from a

competitive disadvantage based on the overall strength ratings

Using a weighted rating system is more effective because the different measures of
competitive strength are unlikely to be equally important. Summing a company’s
weighted strength ratings for all the measures yields an overall strength rating.
Comparisons of the weighted overall strength scores indicate which competitors are in
the strongest and weakest competitive positions and who has how big a net competitive
advantage over whom.
Strategic Implications of Competitive Strength Assessments: The strength ratings
provide guidelines for designing wise offensive and defensive strategies. When a
company has important competitive strengths in areas where one or more rivals are
weak, it makes sense to consider offensive moves to exploit rivals’ competitive
weaknesses. When a company has important competitive weaknesses in areas where
one or more rivals are strong, it makes sense to consider defensive moves to curtail its
vulnerability.
Translating Company Performance of Value Chain Activities into Competitive
Advantage

A company’s value-creating activities can offer a competitive advantage in one of two

ways: They can contribute to greater efficiency and lower costs relative to competitors.
They can provide a basis for differentiation, so customers are willing to pay relatively
more for the company’s goods and services. How Value Chain Activities Relate to
Resources and Capabilities. An organizational capability or competence implies a
capacity for action; in contrast, a value-creating activity initiates the action. There is a
dynamic relationship between a company’s activities and its resources and capabilities;
they contribute to the formation and development of capabilities.
CHAPTER 5

WHY DO STRATEGIES DIFFER?

There are several basic approaches to competing successfully and gaining a competitive
advantage over rivals, but they all involve delivering more value to the customer than
rivals or delivering value more efficiently than rivals (or both). But whatever approach
to delivering value the company takes, it nearly always requires performing value chain
activities differently than rivals and building competitively valuable resources and
capabilities that rivals cannot readily match or trump.

THE FIVE GENERIC COMPETITIVE STRATEGIES

The Five Generic Competitive Strategies—Each Stakes Out a Different Position in

the Marketplace, examines how each of the five strategies stake out a different market
position.

A company’s competitive strategy deals exclusively with the specifics of management’s game
plan for competing successfully—its specific efforts to please customers, strengthen its
market position, counter the maneuvers of rivals, respond to shifting market conditions,
and achieve a particular kind of competitive advantage. The biggest and most
important differences among competitive strategies boil down to: (a) Whether a
company’s market target is broad or narrow (b) Whether the company is pursuing a
competitive advantage linked to low costs or product differentiation Five distinct
competitive strategy approaches stand out:
 a. A low-cost provider strategy: striving to achieve lower overall costs than
rivals and appealing to a broad spectrum of customers, usually by under
pricing rivals.

b. A broad differentiation strategy: seeking to differentiate the company’s

product/service offering from rivals’ in ways that will appeal to a broad
spectrum of buyers

c. A focused low-cost strategy: concentrating on a narrow buyer segment and

outcompeting rivals by serving niche members at a lower cost than rivals

d. A focused differentiation strategy: concentrating on a narrow buyer segment

and outcompeting rivals by offering niche members customized attributes
that meet their tastes and requirements better than rivals products

e. A best-cost provider strategy: giving customers more value for the money by
incorporating good-to-excellent product attributes at a lower cost than rivals;
the target is to have the lowest (best) costs and prices compared to rivals
offering products with comparable attributes

Revamping the Value Chain System to Lower Costs: Dramatic costs advantages can
emerge from finding innovative ways to eliminate or bypass cost-producing value chain
activities. The primary ways companies can achieve a cost advantage by reconfiguring
their value chains include:

a. Selling direct to consumers and bypassing the activities and costs of

distributors and dealers

b. Streamlining operations by eliminating low value-added or unnecessary

work steps and activities.

c. Reducing materials handling and shipping costs by having suppliers locate

their plants or warehouses close to the company’s own facilities

REVAMPING THE VALUE CHAIN SYSTEM

TO INCREASE DIFFERENTIATION

Revamping the Value Chain to Increase Differentiation

Differentiation opportunities can exist in activities all along an industry’s value chain;
possibilities include the following: (1) Coordinating with channel allies to enhance
customer perception of value. (2) Coordinating with suppliers to better address
customer needs. Strong relationships with suppliers can also mean that the company’s
supply requirements are prioritized when industry supply is insufficient to meet overall
demand.

DELIVERING SUPERIOR VALUE VIA

A BROAD DIFFERENTIATION STRATEGY
 Delivering Superior Value via a Broad Differentiation Strategy

1. While it is easy enough to grasp that a successful differentiation strategy must

entail creating buyer value in ways unmatched by rivals, the big question is
which of four basic differentiating approaches to take in delivering unique
buyer value.

2. One route is to incorporate product attributes and user features that lower the
buyer’s overall costs of using the product.

3. A second route is to incorporate tangible features that raise product

performance.

4. A third route is to incorporate intangible features that enhance buyer

satisfaction in noneconomic or intangible ways.

5. A fourth route is to signal the value of the company’s product offering—high

price, packaging, ad content

6. A differentiator’s basis for competitive advantage is either a product/service

offering whose attributes differ significantly from the offering of rivals or a
set of capabilities for delivering customer value that rivals do not have.

WHEN A DIFFERENTIATION STRATEGY

WORKS BEST

When a Differentiation Strategy Works Best

1. Differentiation strategies tend to work best in market circumstance where:

a. Buyer needs and uses of the product are diverse

b. There are many ways to differentiate the product or service and many
buyers perceive these differences as having value.

c. Few rival firms are following a similar differentiation approach

d. Technological change is fast-paced and competition revolves around

rapidly evolving product features

FOCUSED (OR MARKET NICHE) STRATEGIES

Focused (or Market Niche) Strategies

1. What sets focused strategies apart from low-cost leadership or broad

differentiation strategies is concentrated attention on a narrow piece of the
total market.

2. The target segment or niche can be defined by:

 a. Geographic uniqueness

b. Specialized requirements in using the product

c. Special product attributes that appeal only to niche members

BEST-COST PROVIDER STRATEGIES

Best-cost provider strategies stake out a middle ground between pursuing a low-cost
advantage and a differentiation advantage and between appealing to the broad market
as a whole and a narrow market niche From a competitive positioning standpoint, best-
cost strategies are a hybrid, balancing a strategic emphasis on low cost against a
strategic emphasis on differentiation. The competitive advantage of a best-cost provider
is lower costs than rivals in incorporating good-to-excellent attributes, putting the
company in a position to underprice rivals whose products have similar appealing
attributes. A best-cost provider strategy is very appealing in markets where product
differentiation is the norm and there is an attractively large number of value-conscious
buyers who prefer midrange products to cheap, basic products or expensive top-of-the-
line products.

THE BIG RISK OF A BEST-COST PROVIDER STRATEGY—GETTING SQUEEZED ON

BOTH SIDES

The danger of a best-cost provider strategy is that a company using it will get squeezed
between the strategies of firms using low-cost and differentiation strategies. To be
successful, a best-cost provider must offer buyers significantly better product attributes
in order to justify a price above what low-cost leaders are charging.

CHAPTER 6
MAXIMIZING THE POWER OF A STRATEGY

CHOOSING WHICH RIVALS TO ATTACK

DEFENSIVE STRATEGIES—PROTECTING MARKET POSITION AND COMPETITIVE

ADVANTAGE

STRENGTHENING A FIRM’S MARKET POSITION VIA ITS SCOPE OF OPERATIONS

TYPES OF VERTICAL INTEGRATION STRATEGIES

THE ADVANTAGES OF A VERTICAL INTEGRATION STRATEGY

CAPTURING THE BENEFITS
OF STRATEGIC ALLIANCES

ACHIEVING LONG-LASTING STRATEGIC ALLIANCE RELATIONSHIPS

CHAPTER 7

Why companies decide to enter foreign markets

WHY COMPETING ACROSS NATIONAL BORDERS MAKES STRATEGY-MAKING

MORE COMPLEX

CROSS-COUNTRY DIFFERENCES IN DEMOGRAPHIC, CULTURAL, AND MARKET

CONDITIONS

INTERNATIONAL STRATEGY:
THE THREE MAIN APPROACHES

INTERNATIONAL OPERATIONS AND THE QUEST

FOR COMPETITIVE ADVANTAGE

USING LOCATION TO BUILD

COMPETITIVE ADVANTAGE

PROFIT SANCTUARY POTENTIAL OF DOMESTIC-ONLY AND INTERNATIONAL

COMPETITORS

PROFIT SANCTUARY POTENTIAL OF GLOBAL COMPETITORS

USING PROFIT SANCTUARIES TO DEFEND AGAINST INTERNATIONAL RIVALS

CHAPTER 8

WHAT DOES CRAFTING A DIVERSIFICATION STRATEGY ENTAIL?

BUILDING SHAREHOLDER VALUE: THE ULTIMATE JUSTIFICATION FOR

DIVERSIFYING

BETTER PERFORMANCE THROUGH SYNERGY

APPROACHES TO DIVERSIFYING
THE BUSINESS LINEUP

WHEN TO ENGAGE IN INTERNAL DEVELOPMENT

WHEN TO ENGAGE IN A JOINT VENTURE

CHOOSING A MODE OF MARKET ENTRY

CHOOSING THE DIVERSIFICATION PATH:

RELATED VERSUS UNRELATED BUSINESSES

IDENTIFYING CROSS-BUSINESS STRATEGIC FITS ALONG THE VALUE CHAIN

STRATEGIC FIT, ECONOMIES OF SCOPE, AND COMPETITIVE ADVANTAGE

FROM STRATEGIC FIT TO COMPETITIVE ADVANTAGE, ADDED PROFITABILITY

AND
GAINS IN SHAREHOLDER VALUE

DIVERSIFICATION INTO
UNRELATED BUSINESSES

BUILDING SHAREHOLDER VALUE

VIA UNRELATED DIVERSIFICATION

BUILDING SHAREHOLDER VALUE

VIA UNRELATED DIVERSIFICATION

THE PATH TO GREATER SHAREHOLDER VALUE THROUGH UNRELATED

DIVERSIFICATION

THE DRAWBACKS OF UNRELATED DIVERSIFICATION

MISGUIDED REASONS FOR PURSUING UNRELATED DIVERSIFICATION

COMBINATION RELATED-UNRELATED DIVERSIFICATION STRATEGIES

EVALUATING THE STRATEGY

OF A DIVERSIFIED COMPANY

STEP 1: EVALUATING INDUSTRY ATTRACTIVENESS

CALCULATING INDUSTRY ATTRACTIVENESS FROM THE MULTIBUSINESS

PERSPECTIVE
CALCULATING INDUSTRY
ATTRACTIVENESS SCORES

STEP 6: CRAFTING NEW STRATEGIC MOVES

TO IMPROVE OVERALL CORPORATE PERFORMANCE

CHAPTER 9

WHERE DO ETHICAL STANDARDS COME FROM—ARE THEY UNIVERSAL OR

DEPENDENT ON LOCAL NORMS?

EXAMPLES OF ETHICAL RELATIVISM ISSUES

CONSEQUENCES OF ETHICALLY QUESTIONABLE STRATEGIES

DRIVERS OF UNETHICAL STRATEGIES AND BUSINESS BEHAVIOR

CRAFTING CORPORATE SOCIAL RESPONSIBILITY AND SUSTAINABILITY

STRATEGIES

THE MORAL CASE FOR CSR AND ENVIRONMENTALLY SUSTAINABLE

BUSINESS PRACTICES

COMBATING THE EVASION OF CSR AND SOCIALLY HARMFUL BUSINESS

PRACTICES

…………………..

CHAPTER 10

DEVELOPING AND BUILDING CRITICAL RESOURCES AND CAPABILITIES

DEVELOPING CAPABILITIES INTERNALLY

SETTING STRETCH GOALS:

FROM CAPABILITY TO COMPETENCE

ACQUIRING CAPABILITIES THROUGH

MERGERS AND ACQUISITIONS

ACCESSING CAPABILITIES THROUGH COLLABORATIVE PARTNERSHIPS

MATCHING TYPE OF ORGANIZATIONAL STRUCTURE TO STRATEGY
EXECUTION REQUIREMENTS

DETERMINING HOW MUCH AUTHORITY

TO DELEGATE

CAPTURING CROSS-BUSINESS STRATEGIC FIT IN A DECENTRALIZED

STRUCTURE

FACILITATING COLLABORATION WITH

EXTERNAL PARTNERS AND STRATEGIC ALLIES

FURTHER PERSPECTIVES ON
STRUCTURING THE WORK EFFORT

………………………..

CHAPTER 11

ADOPTING BEST PRACTICES AND EMPLOYING PROCESS MANAGEMENT

TOOLS

SIX SIGMA AND NEW PROJECTS: DMADV

EXISTING PROCESSES AND SIX SIGMA: DMAIC

THE DIFFERENCE BETWEEN BUSINESS PROCESS REENGINEERING AND

CONTINUOUS IMPROVEMENT

CAPTURING THE BENEFITS OF INITIATIVES

TO IMPROVE OPERATIONS

INSTITUTING ADEQUATE INFORMATION SYSTEMS, PERFORMANCE

TRACKING, AND CONTROLS

USING REWARDS AND INCENTIVES TO PROMOTE BETTER STRATEGY

EXECUTION

STRIKING THE RIGHT BALANCE BETWEEN REWARDS AND PUNISHMENT

CHAPTER 12

IDENTIFYING THE KEY FEATURES OF A COMPANY’S CORPORATE CULTURE

FORCES THAT CAUSE A FIRM’S CULTURE
TO EVOLVE

DEVELOPMENT OF A STRONG CULTURE

HEALTHY CULTURES THAT AID

GOOD STRATEGY EXECUTION

UNHEALTHY CULTURES THAT IMPEDE GOOD STRATEGY EXECUTION

SYMBOLIC CULTURE-CHANGING ACTIONS

LEADING THE PROCESS OF MAKING CORRECTIVE ADJUSTMENTS