Michael A. Hitt

Robert E. Hoskisson

Large, diversified firms face unique challenges as they compete worldwide, and corporate restructuring is one way multinationals strive for competitive advantage. Weighing the pros and cons of a variety of approaches to restructuring, Downscoping offers executives a clear, strategic path through the maze. The authors show that when a multinational conglomerate fails to compete effectively, too much diversification may be the culprit. Whether the result of weak corporate governance or poor corporate strategy, over-diversification can make managers, unfamiliar with some of the markets in which they compete, opt for safety over innovation. This risk-aversion and lack of long-range commitment to innovation lead inevitably to stagnation over the longer term. The answer is not downsizing--closing offices and laying off personnel--but downscoping: a strategic approach to restructuring. The options include incentive and compensation adjustments for executives, leveraged buy-outs and capital structure changes, focusing on core skills, diversifying internationally while focusing on businesses in which a firm has strong competencies, and buying and selling mature businesses where product development is not a great concern. Regardless of the approach, executives must exercise strategic leadership during and after restructuring, including providing strategic direction, exploiting core competencies, developing human capital, and sustaining the corporate culture. Based on systematic research rather than casual observation, Downscoping provides a strong description of restructuring alternatives and their resulting tradeoffs. Its specific guidelines for maintaining competitiveness will be essential reading for managers involved in corporate restructuring.

How to Tame the Diversified Firm

Downscoping

R. Duane Ireland

Discover the knowledge and tools that today's most successful firms use to build business and consistently outperform the competition when you open the latest edition of Ireland/Hoskisson/Hitt's UNDERSTANDING BUSINESS STRATEGY CONCEPTS PLUS, Third Edition. This concise, hands-on approach by recognized leaders in business strategy clearly demonstrates how solid management strategy equals the decisive, responsive action that prosperous firms use to create sustainable competitive advantage. This edition guides you, step-by-step, through creating strong strategy, planning for success, implementing responsive action, competing effectively with strategy, analyzing the environment and firm, and improving upon results. The authors clearly connect strategy concepts to the real business world, giving you the unique opportunity to examine and learn from strategy that has worked as well as strategy that has failed within familiar companies. The latest research and insights from global business leaders, extensive examples, and practical cases help equip you with the hands-on skills and career tools for your own superior performance and strategic management success. Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.

Understanding Business Strategy Concepts Plus

Jeffrey S. Harrison

Discover what it takes to create a sustainable competitive advantage in management and business today with this straightforward, powerful strategic management resource. COMPETING FOR ADVANTAGE, 3E focuses specifically on the issues most important to today's current or future practitioner. The book details the processes and tools you need to better understand and effectively contribute to your organization's strategic management process. Applied examples illustrate the latest thinking, practices, and research in strategic management today with in-depth discussions that examine critical topics such as innovation, professional service and crisis management. Access to relevant cases, a focus on the emerging issues such as ethics, and an emphasis on technology throughout prepare you for success in the fast-paced, ever-changing global economy in which today's firms compete. Take your students to a new level of understanding strategic management concepts and practices with COMPETING FOR ADVANTAGE, 3E. Straightforward, focused, and concise, this edition presents the latest strategic management research and practices, now with more in-depth discussions of the most current strategic topics in business today. Detailed real-life examples and instant access to relevant cases keep the book focused on issues most important to current or future practitioners. Crafted to meet the special needs to MBA and executive MBA students, the book details the processes and tools used in strategic analysis to create a sustainable competitive advantage. Full chapters on strategic leadership, corporate governance, and a new chapter on real options examine issues most critical in today's business environment. Comprehensive new instructor support with electric solutions help you effectively prepare a powerful course that addressed traditional and relevant emerging topics that are shaping strategic management today. Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.

Competing for Advantage

Dallas Hanson

"With an emphasis on global advantage, the text offers a comprehensive examination of regional and international issues to provide a complete, accurate and up-to-date explanation of the strategic management process. New coverage on environmental concerns and emerging technologies as well as examples and cases from Australia, New Zealand and Asia-Pacific serve to engage students while updated international content demonstrates how strategic management is used in the global economy. The text takes a ‘resource-based’ approach, which requires the examining of a firm’s unique bundling of its internal resources." --Publisher's website.

Robert E. Hoskisson

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