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CONTEMPORARY
STRATEGY
ANALYSIS
ELEVENTH EDITION
ROBERT M. GRANT
WILEYSegment ae mr cgec tes cece meee
BRIEF CONTENT
sco
‘tee an
1 The Concept of Satay
[PART I THE TOOLS OF STRATHGY ANALYSIS
8 Analysing Resuron and Capabiiien
{6 OramietionGrecar and Smagenent sea
‘he Pundnmontas of Statens Impomentaen
[PARTI BUSINESS STRATEGY AND THE QUEST
OR COMPETITIVE ADVANTAGE
1 indy Evoation nd Sao Change
PARTIV CORPORATESTRATEGY
10 Verte Integration and he Spe oft Fim
eo kek
sase 8Pa norstey iy
14 Caren Trend n Serta Management
‘CASES TO ACCOMPANY CONTHOMPORARY STRATEGY
‘ANALYSIS ELEVENTH EDITION
=”
‘roe i tn
SC cher
PARTI INTRODUCTION
1 The Concept ot tates
[PART II THE TOOLS OF STRATEGY ANALYSIS
1 Goat an Performance
ediciones
So iet Gene
Se
‘ee eran apt Sos Ropaty
SS ys re
SES ccs
4 Andry Anse The Fondamentae
Beene ee ENE
wuts:
ouas £ eeesseses BOSInplemting Congrats Maoaing
‘Bere cee
SeeeueEs P auue &
BSeEEBegeyE &
geeeewe @
1 evng ey te erm Compare
8 tot Godt Te US La Marsan ndatey
4 Te thinner Indy
5 Sevaming War: Nettie vem Disney
1 P-Onpaicaton! Sructare and Manogement Sten
1 ruchs Corporation Sting Compete
asman Kodi Quet for Digital Future
Toye Secing Putare in Hyrogen
10 arm Ae Tro Verte Integration
1 Gy Petal Groupe uldiog «Mutational Sacer
Etsy
1 Gol a Now Aipaet—ut Wha the Corporate
Senter?
18 How Bo You Sve a Problem ike General cre?
14 tae Group Reinventing the natal Corporation
me”AUTHOR BIOGRAPHYPREFACE TO THE
ELEVENTH EDITIO.
‘+ Agree on needing mle me pig
‘Bate aneg iano andor ces cy cage
ce aa
+ Mowe ee now apg ae eg ane
‘hou dey ay metersMATCHING CASES
Gye Meh ew oh ty
i
INTRODUCTION
1 The Concept of Strategy1 The Concept of Strategy
Sytner ch TS
aerataan tec santaSastnmamaandanaetssujegheneaescrcrsese ih
Seeetacastataae mee arma ee eae
‘Sorority raya ars a eta eee Tochnuymecottnenrindtes hep nme wey pay
‘TSprarnetmarsanrtdcpes nl pn ene a sag we 4 Secoy Ciccone eee eines wo ecaeind eh as yrs ees
ehdbaste tetany datenerretrogrimr ston ona ‘serncrm tan tn oer tat ssa feng a
Son ui aS rate any noe ne
yen eumecnped capo wed Santana name antennae
+ ieramoncretunntnneganrantanesietimeiins, ‘yeoeve nein male ransom Susan sok nro
«+ Campetend te bri aectc rg ays ate ek, ‘Somiunravasrgietatecrmetdne nemndectu nmr es
1 bane eines anata nteamemesyirvarons Woe
1 ew lone nemeny tees ie Novmenesenccuadeyeussit Gammusiyan wine nae fat
{fg ean Ses of Bg meen eng ek pepe ae apg edie il od
a eg See ae
‘surgy Capea 12 se ce mod, Ques eb ee eee ae
imigu iheey cote ee Seema isin tne
icon ssa sees Saree eng tee earees
Sea eee el crore ieee See
Sire eee eeeen omen
“Yaaness as an exceptcnally lemed vocalt, musi, ce songwtie. oeec bal pan carpal anda DD chums a
z a ‘tpt ihe eons ne ere sls er pA
(Poe nga re mn etd si say
‘fed a and cle dan cpt a ena
tr gr om tp ms at ate ld 5) esses ace hg 3-22 feces he
ag nee ee teppei yore
a wae Soames ely
Serene teenie oes Ta
endure t cat ints fr coms ae aon OSE
ee iimvanaacndnie amasueerme pura
ttoneegetnetecscmsian eee oem Rae 1 cua ham cmt and Be ie hd a
BE encewceece | ammnenraarcre Sire doen oe psy pay
TagStrcar inten soomcts “Alanna tee ie + ba asmagaeompenee atap nes,
“Sicwcmespetechioote wnnere he nen ee Sten as eS ps es
ete Feldonemere arent tela dopant iapenece he cca cote s thch
etcetera See ti rset econ
eae ot ee are SSE pw iy tes mn
‘esas mse he itt cre et rei mt ATO ‘turing psec tween she sesh lens
SOROS SS Moeecnoentanrgantnnesinnt + ie a ror: as uc cts Ose
Sovmsemmmnna mares teen! Soiemm tahun stride ‘Seino ong sarangi mon ce a
“ncteomsenmactastounarer usm ha ‘lhe meter een ar te
Siecceonaana caret Sicimermauntnncnoo thal ade pa Sl penn
Srscnoccnoey Scrergrsseueme sn tases vans at en
Terman tintin Moron mma a + Bong ee enn a
fore ect etal apo ltpmcioaiy Pronto rae
hoticwmaycaranene Sauemrteat tice onset Spa
Seana ROURE 11, Ganon st nl et
ssrto nent pty ne hte i na
Ee A ae ren coratcet & et
SRS See coe — =
oes ==
HY‘pein ean on
‘cinch tpt nated of ee
pete fe ong at aso tse ha eee
"Ref ana
Tr igh acne, Whe ete na
te ae three certs
moter n sr cin la e
ei peace neces han em tae vom
Senate pany snc src ey
‘oveieact acura pany seh er
SSIES ie ence rome rel enc ber
esate al re hig as pein The ve ire
‘Sul th'Sey sad adn ram rs ting ale
Dic ite theese mie eg
Ser Rah een po ce mat oh
ae Pongo elm ad w og
eid yl it cere ie oy eo
SERS PREY UoTiace eines ype ii
‘sos Et ad sr! posal ewtept Tes oe md
espn etc ed eis
are ae a pom ie
‘Ea tts ae tan mony cet
Tecan a atl seme go tesa
coca tetas tha ee tT
aman arti es
‘The Basi Framework for Strategy Analysis
‘ees tam aes See te cen we
eee gee lander cent eh sm
‘gt RTE tush ese men ones
entangle seu anon Cae et
(msc sites ys tee na. ey
SS ahah nn weet ene
Sune ls ani wh comet, Ss
‘rae
TE raya ek ec te om ory ene ot
parang Seo se
este nla sot sagem anton no
‘SETS imcsc tomer
dommes
Stratogio Fit
ETS tm el ommend i ol cesSPogeLMTLAAE gy etcetera
‘Sony ar apenas och = Rod
Reraee ser eeaes
Zeer mn
‘ricci arian eho mel res ang ile
‘Snead wh onan cae sm
eens
artic eet
Soares
ee
SS oe me ye em
ees ems nes
Fr
ie eee
‘What Strategy? Why Do Firms Need 10
What Is Strategy?
af mode se, emg he an yw mal oes
Say CELESTE aon Sac te are on
Ting ives adres anon
es CS cana Ps 2)
sy eon ey
“Sinblee Tedeaantuk amemathnee ma
tag ees ast cen sd he ans dc
oem th ent cmcamen bce ee ol pe,
‘Thence wa aul pas nh pols fa
‘STi ecamenry wee meno cg to uN Qo
‘Bie ee ew i lone a ot
‘ty cd ote a oy we he Ts ese
seg ny wc soy ering
Siig segment pay mise ce
‘come uso taper ee td pres
‘Soeemdchon or pyran ow cmt opcn es ar ore
State tara a ce
‘Why Do Firms Need Stratery?
‘hy er cr er apna ml my Sey a eee
‘po nc cig uy of ene
SSE cn oo ig i he
‘Shag x Denon apparent te a ge sce
‘tthe Seno nan ops Baty cnn oc
‘sept Seinet tne h's t
‘nme machi cho pet ory no eed
npn owas Soy apo steel age an
tee arte noe ec cs genus et heal
‘Snir dose a on eto hcp ons a asaSsowseeneetetoine Spe oem tony oe
a uma ee! ox in,» oe ll nce sid poston
Hepes cpoanice tay pms css a
sng don ling by obi te age fee see
‘ena praesent nr
‘Sie at Sep ous ace pin
eaten nope once ee
‘gy mange meh oe ao
Si sa on te“Sone Torat_ Sey ne kine. ies dion
ip Saat da Sie at on ut and ope membon
{Dj try onl so © Pan he em seg net
sr ed amit ep nage ts cen eas
TELE Rp olka ee forte sangeet tt
‘Sty sallow atc ce ere ey nd
Ste teh oc 3 ee eee at er
ican beth stig iy, Ae Cons Sm,
‘Spat trun meena ance io el
tit ec acundoy soon tS al eg
efit teeee wl oe scot sey nr
‘Shen td's ore nme ey ao
‘ster eget ese
“Locating and Deseibing Strategy
‘Where Do We Find Strateny?
Suns esomcee
in i nepal hc nea anf,
FORPL ea Sno ee Sean ch oe ar oe
‘tty te emg cmp cco sn nc
ore
Sass
heen ee non pan one Wy
+ te apart ow wet aoe
‘hemo mnie pes Wha ne ae
{Tie Sing seomatanies copy compete an in, ih
‘sab aocrber sees ome pl erate
cd ae stein alae we nti mem
{Shy ncn ops cy oes ee me
SPSS cera es me
st itd mney, ry bea on Hee, ey ee
‘onaLntexttoNs we.tn whee and ow atu conc cmp Fale oat ca em
SS peti sl se Repent one
* jt Medowm of cpr Soca eons
«Sorgen ech ete pt
ate Ge ing coy atom sancng
7 nee i la
1 sy i ty, acy ee spl oes
{eee eum sstnngc wien we Sos compte ior Chase
Corporate and Busines Strategy
mew ange
Tie copee |
ery go nnd te
poe een
oleae ean
‘gcc tg ers Hens nes ooo net
‘econ beeen cope se pi tay cones
eer erat
Siictieetoematedes ny renee
ilar ae at Stan ee toca
Henoneceosarare
Seate ee mare
ann seree eee
SE aware
=
SS =;
Motte
"Sn eae pron fm ten sk dea oh en an
eset: ee peso a ge
SE ent te renee cea ret ge
Desertbing Strategy
re eee
necentn nigh omern teeters
Pay ocrenne ete gence tae
sree aean annette ane ae
Sasso
=
SI Teer te reese
Saverectete caccereroet
Eo pe
oo
re ister Sls eee ee”
See SseROURE 6 Deng re gt ee en
oa tetegy Made? The Stratgy Process
ve com no pl nee ee
Sameera
Pee eater
ES Sle eae
Ercan cement ge as
‘atiegy fatty, cel compete a on he poco
Sepcrane ce nectar
Eee oer emcee
SSSR SE ee ei seer Seep eet
Saenger eciaee
SS
deere lag encom
Saar eerenees
pose Sears
Design verre Emergence
hy Mint stein ei of aod ap proce se es.
OGL ns lid ser nde ewe
‘oc Reames Se Ss rym ene td
SoC tor lens poor sal sean ad mm ice of
Ire fgets Eu Sed omgrsn one om ede
‘MBtpray peat mers mcg ac ot =
ESR ach led wan tr ese es ae
ty 020% of ay esl Te pia deena of mans
‘Shear wn nesoy ts tenon yh dst og es
Ese Peete hh men spn ay
‘cn Se tn gn et ny ct ca tow
hn ese sc ee
shes a pe
‘Tun nang tne 9 wich ey by cy ace
“Tee tt hn ew engin oa ai
Sct ei aides a ig
‘Wine ton ng et se aa
‘Bibl sey toe ce expr crnces ole dwar i
‘it cal Hones nse a rms
inches matt en ed ee ne
‘th wird sin nl sa
‘SI Wane nt ay em over eed ons ea as
gin of ag buts med pe da Ree ed
‘Snowing Mi doncrcd apace
+i eps pss tg it
‘Re Temenge mp ion pre ee es
Baten itn peer yo
+ er ny hy aay ange eg
Flo nny ane esp
JSce vores
See
See enone
EEkiaravimumaesense
SS
Serena eran
Ss
Sama areasmem es tego ie ad cape i nie
‘aru agi opens Sate ws ene
Sipe oth he tera toe he oy a bee
Fein ping ct ke “se a ee >
few a ne og "sae cea
Appling Strategy Analysis
Sas SSE gin aaa wo ter
‘oe qlee eos ingen ef esl eg Neeley
‘Sc mulater oma fra deere ee oa sm
EES Saat eae ge fc pret,
‘SiC inn tal eng Cy eee an art com
ere ast i se ho
“wenn someon tos yan ake man he ab
iedtenigas ating omer ton recs ane
Seg nt nein essen ore tal w pney
SERS pape ove le nao pve mene lp
Eo tna ea stl nee nn, ey
CEs rate anen bet mee aa ong
‘TEs oa yan pe oct mae The
‘Seu sneamrasl me ape oi ae
“Sih 6 we pou apsg arte cys ae oa
ey shes ety ses ran nae Tw a see
REE
+ am a ymin crt at iy >
GUE 17 Aging mae
SS @ Oe
Sass
| ty heures tl pti i oe
«Ao fone ow nelson se ete be
‘hq eke ow opr son aoe om
rronin
2 Ana esti
+ Cage pan ing emi eden tes
Petar ms eget ne et pon nm,
‘Sc the santa ged
ean, ar =e tes eee a Cpe es pc on
Fevemane ed ue ot ees mney eo
tory st th rg
«+ ta an To greene htt et me
‘ewe mca ok mx tne at
Saljodinae cones et ng be ee
fos nur athena Cs Sta anys
+ atc aa cpt ng xed ace ne,
SES Sema ts ee ee te
manag: ome en, ney sane
‘deapy es ps per ge on not
nest a cb dcop tr cde a Ra
Sake awe tom tar ey
‘Boel mee seid "aera cc ts ee eae
4 Sater ut ew ao eee exe
‘nea inpormag ty signees al
eS ise mp ee
‘Strategie Mangement of N-For Profit Organizations
‘Pen cs si mat opr, eg nin nse
‘Sets tutes tn capable pe Scions ieee
‘Stace punt acai ne sep ete se
‘Seco sd be se oc of
‘ise sac out oh ee nn a he coe
‘ke wept dmesg ap ropes
‘sine isthe ec hat baad gegen no
“ioe ote min samen. per essi oe teers rt nt
Syne steecaeenenaame
evasintss ceemesecsem
Seakeinee acme
Sere ie sya eaance mana = ona
=a SaaS Ee
acta te tedraaciotal aia mete elaneercece
ay neice fee
= =. = ae Rae cee ete ae
Segeune ‘once tee sves compet nach —o
= a te Se ee ee
mata, trem rine rice =o. SS, Soom.
ome eee
So eee pee eee er
sanes taegelepyetetomecead fron sbeiteae’ Soemeare ueh
= Seep ce =esith tte plot ny lence—crcl
si coool tat agent ts cane pan
‘crea che atypia
een tes ch ene envi, a ie ere Be
TISLENST afar ha Cope cans hee re
‘Siem my see spar cs, orm en ors
‘SCESjCADM encompassed rho ype
‘ible dirs en se epee
ini ne tart aot oe ne fs hy fe
‘Seether tecce cern bat neopets one
(iia celts se png oa om
a te at na ste nt nega
‘ating truer aye crore
“rel women pins pontoons
"svc bp mies ses
‘spar seme alia pt
Tenino am iced sagan es sn pa
Summary
‘ished ge de cmos castrate em gett
‘ievcaienwnanetna waninasusewnens
+ Sanpete ani hana
‘ceultcicred ancien eco npanran
‘hamra myerenancnocpsine sian enn
«inmate cent hg nae eb trp he
igpabaraucsn soon menses caer
Smscmennonsccangeng sameeren aeons
+ Shuusigr sng trea nes cnaraen espe rn
Giutenewneneungncnsaas renee
«Tepito amperage om te Ste ay bane
Ponte nittaioniennsiromdrtcea ope
crows yeoman od opt
SCectonmaerettrcnamessangen steady eeey Pel ed
(ennew ancora many ht one sometanck rere
Sat Questions
1. lone ut ches ol sper Fg Li, mee Pn
ont ho ean ceo
earache erent sad ur ors ge
(ee sonten lamar“ cana she tna fe en eh
‘Seat vn Wy ms ae ad a eeaa
THE TOOLS
OF STRATEG2 Goals, Values,
and Performance
‘rein an a iy tr ey neces
oc sbazed brome oeene
poe tng my pan esas eho
thoy senses eee
i acess + tatgioenepecinee
‘imonecans a
+ be Ceren ante —
oar tesco
preewaniane
woirerttatomne Ta
1 stn |efor nag ry ip i a ce eo tr
‘etme at bnfutnan so errant
‘egnetnaasnavaune tetas
seit varus Connor taste rete ce eh at ea
‘rm nantes ur tc tasna bask ten ees
Soocantnaytaamatesinacngemponeancrneiny ha
‘Seu er imac cnet
ope cap sr trae cease enseg oan
{slniysta ovat or egos onze osc crow on
‘Teneensctaccu sus tturpatptomacstpab tema a
“itnah pute cd neni dan nfo cece
seule acts asenan ent pe eee See
‘Shoal saan sn enema sinters
‘Sinicanwaloe sr mq sanres soph mse aed
Oo fetrehancontencnn yi eae
1 toms my on ie nt cog ra tei
‘Sepa seeron ew tat
1 untre mh oral sp mn fm prin g e uco
‘Seater sede
+ fei src op end man
«Unter ap rte fo on cee ig en
‘Strategy ata Quest for Value
‘Tee om omen ae ming man Ft he ie we
‘Sept reson defor latent fr ac ic a
{i Bescon agp ster owed The eee ora
(perongnmeced sof mts sl ce om
{ip dn anes eeu a oe ema a en
elope es cen oa Cah yy
SEES elie rl spd
SEIGI Fin init greens ta
seme nese ene tho
Soa eee
Se Bees = Ses
Eats wontenaemt vires
“cecil CDOs pa ac
Ny mice toa eo nd ean eal
‘Se ge me bayou em wae
‘Value Creston
{iin tp f mpm ep den con er
teamed een nie uke is wesc tare
iceman ep Sea ens
Seopa tinel tronic ee pe
“Ghia rs by once en
gyi at dei eh ee a pcs
‘et hte ony ce Ee one eye se
‘Same sw a net pay same pode ay pee
tngihn mage sca omnes ad
Ibe ey en abe anc or we ye
‘tbe Sony pets snes tnonty nhc mr poe ces
pmdon we imion pune shen faseow owe mae le ced i i he a ga
stats ons sre alot pgp
ie orton Tl caer ee ate ee
Se aime pl Ne ig 21 ame, rae cae ly
‘SS emay pct be ome dy pow eed yw
‘Sewer wa cy cy a Teor end ems ra
‘Sg val ot phen’ ey tun he yang,
‘hot ot pce us say meee ly mae ee
SERRE sia inc ene a a ape an
{cata en ome
ie Cog st ofS he tl came Wc
SesNovmbe wicca aoc he Sy, scnmng ct ee
sian oo nl my eos ms a ein
Eee it we wry ge eb
‘Valu for Whom? Shareholders versus Stakeholders
[rine cases ace cea: iphone fee pei ep
EDSe tmact oie met rosea cst sot eauceten wes
‘Smolen ctiang wich ope ac wpa
+ Ste ng aint oii ery pe a
‘stele a he pt en tteo ma
SECO Oe ead per ting
Selina wcll
‘Seta pon see pense esse ea,
Serie ent en eee
se re eh term oem
SS Sies cereeereen wees
Sameera aresee tne Saas
a
Roane tn tagger ce
SS aoe cae ae eae ne
Se eens
Seco ee arenes
Sete seg shee se ootece
Sei Sa eaeeeeerers
ielecenceteereeeavarer
ee geet rs om
‘ranma th bess m mens ee ese
po eerie pared
4 Aopen mia et oes nam et
‘iy be poles iis nds eh ice ppt
_, Wc ete
Silas tow coal poles arene ay tt
{he ase aos ap aeTat in rami en, me tng
‘Sheu mma rete eid sm
(Sipe cea scinae kot ceenioe Ss cg oo
‘Somme te es
+ gt cmt i iy etn omen
‘em rh oem nt pes hare
(Grell lage coups dente ne a
‘Sed tines enemy sp cl sc eon
irs Boxe ny og
«Thaxton Meee i a mnie en
‘Src ml tomy a th oe a
(ise a oupans ttc nm ree
‘Sie prs sean sagtce er psa pre
‘suns Doge he ae mo ef at hie mie bry
‘Sel cong cto ca ee
‘pan rn map fos tn ee ee
ryan aha sto shar tae So vata
«Coupe laa Tl ey De ee can of
>is aera sme meres
Sees
Se
Pro, Cash Flow and Baierpese Value
2, ok ity wy a ow
he apf sa cn aie eto bowen
ie thf pt meen rtm pl he ha a
Sletten Wt vc st mn poor
omeny “Gonew” "Soman noe) soe nowy“
a pe a td ne ae a at pt
‘te Seca ys oy a a es eke
{my meme tp hee psmeocopanee Te 3 sos
SE Lp Ss ett pc nt cr
‘Typeset Prost
Acne oc
5 Spt pti nen ep oe pa
Shon ose te etn aimee
‘ett ena ne pa arnt ci
‘Soa nt cramer ch ep sc
‘Sener on ome a
conic = Opening Pt WAC apa pled)
(oe WE ie mei serge oftmr accreer reine ncts
‘Sere igi me el Eo
Sine Wester
Soar eeeaee t e erence
(heh aC ow mmx i ca nn ing ft
‘Senay a opera ess oper ow a
‘meson 2 peste nc as ea ob ee)
Soochow ess
Linking Prof to Enterprise Value
‘tea he pn of Ons we cn nt ee of te
moun ee nin so pe
sri ces i ae wy a er i tg
oot i Ne i ae ad ie se et ie DEY
‘Sevepese conned ye owe spr de
‘icp costo pal The man ot ef capt the ee ange a
‘Sp Wacom ene cote guy sd cae
Ea weT
s=by aurning nto one nce Sc Seaeet o cp ee
‘mel te ines: ch fom appt ds apna he se he he
‘Seal candi vad te cone pe yp fo te sg
‘Senna chrpy tei a tune ie
our wr ano es RA He DCF ef
sift ype mt oe ora ten eae
‘Sel arth At abate ypc py Sey oe
‘rose ca own one ied NED ado
Druthobmme bak wha ces at ho
interprae Value and Shareholder Value
ow os rnin thee he fn ee it) ee te a
ihn eyed go ef mtn sot a es
‘Ere ii ey Sih hn ro a po
epi re =r apni fay Mav i
ena oe
eee neeecaee eee enna
See pane oecermeecmreme
SSS
Giaey senha meeeceance es
ithe tereeeeeeenes
Sse enna
Sede sia ile
= et
‘nas sled de othe psec a pecetene ck comer sd
Ste suimetotersinee SammmraraneePattng Peformance Analysis into Practice
panies wun ss hoaness cen needa
SV
Sh wap te ep na en es rt
‘net we aay ee sue ps pte mae
At fi pve
rn ete ae |
Appraising Curent and Past Performance
SS Stedagem shies
‘St esc rmsoceny promo Sou ah shoal cal
aaa
inwant Lining Prbemans Mere Steck Mar Vue a gl
Emaradistaitrimemal trons oboe ete Re
‘Son Stat ate mci ieee oA
‘unre cath flows ot of rere pen). Tas, w ene the pera
‘fn evga wen ne he ogee me he
fie lett of wot re pt rey oe ya be
SEAS SANE Se yee et serene rt
‘Sih cpt nd cen Oar ar eb les Com
(eras ands UP apes arte pt
"Sn Faience os te ae
‘Shot thee inf atc pein sere Phir eat mee
‘Sse ested gh alr ne he ee
‘Ste Allugh nck muds abe an np cao
‘Sle Sli rng cer gy simepeon
reer sg cd pat ns
ard LtingRrrmance Mere counting Rate Sas be
‘Reach ens se fn ts pst
‘Reem mess piss cc eva sn eal pre
ppesrm ea tee nets afer he pv nh hey ew Tat a a
‘itm ass ec a rhe
ae oa
onet emcee, Shag’ ae
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