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BUS 800 Final: tb05

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BUS 800
Phil Walsh

CHAPTER 5 INDUSTRY EVOLUTION AND STRATEGIC CHANGE CHAPTER LEARNING OBJECTIVES 1. Identify the key success factors associated with industries at different stages of their development and the strategies appropriate to different stages in the industry life cycle. During the introduction phase, the emphasis is on product innovation and marketing whereas during the growth phase the key to success is being able to scale up production efficiently and effectively. By the time a market reaches maturity, price competition tends to be intense and successful strategies involve cost efficiency through mass production and low input prices. In the decline phase, firms can still operate profitably if they can rationalize capacity in an orderly way, find protected market niches, or innovate. The alternative is to exit at an appropriate time. 2. Appreciate the sources of organizational inertia and the challenges of managing strategic change and be familiar with different approaches to strategic change, including the use of scenario analysis and the quest for ambidexterity. We have explored a number of different sources of organizational inertia, including competency traps, social and political systems, bounded rationality, and complex organizational configurations that act as barriers to change. We have considered the idea of organizational ambidexterity and some of the tools of strategic change management, including creating perceptions of crisis, establishing stretch targets, creating organizational initiatives, and conducting reorganization. We have also explored how scenario development can be used to avoid surprises and shape the future. 3. Become familiar with the different approaches that firms have taken in developing organizational capabilities. New capabilities may be developed internally or through acquisition, but the main challenge is integrating resources into capabilities and aligning new capabilities with other aspects of the organization. Copyright 2015 John Wiley Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited
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