Strategic Management (4th ed.)

Citation

Chan, C.C.A. (2003), "Strategic Management (4th ed.)", Leadership & Organization Development Journal, Vol. 24 No. 2, pp. 112-113. https://doi.org/10.1108/lodj.2003.24.2.112.5

Given the number of strategic management textbooks on the market, when I received this book I had to ask the question “What sets this book apart from other strategic management texts?” Well, a wonderful feature of this one is the inclusion of numerous mini‐cases in each chapter. These mini‐cases highlight the main points in the text, making learning easier. In addition, the use of Strategy in Action boxes to help readers see the application of ideas and concepts is laudable. Although most of these illustrations are taken from US and UK multinational corporations, the author has included some examples from other European countries and Asia‐Pacific. The longer cases at the end of the book tend to be useful for dissecting organizational problems. A lot of effort has been invested in making this edition current.

The book is organized into five major parts. Part I includes five chapters: introducing strategy and strategic management, strategic management process, organizational mission and objectives, measuring success, culture and values. In Part II the broad concepts of strategic thinking and synergy, environmental analysis and strategic positioning, dynamics of competition, and strategic resources are presented. Next, in Part III, a comprehensive discussion of strategy creation, strategic planning, strategic leadership and entrepreneurship, and emergent strategy and intrapreneurship is provided. Part IV presents, in painstaking detail, the strategic alternatives, market entry strategies, diversification, acquisitions, alliances, joint ventures, business failures, consolidation, recovery, evaluation, and decision making. Finally, in Part V, the implementation stage of the strategic process is included, which includes issues about organizational structure, corporate strategy and style, strategic resources, risk and crisis management, and change management.

The fourth edition of Strategic Management may appeal to a variety of readers. Clearly, the book is suitable for a capstone unit with an aim of educating students to think strategically. Students will be encouraged to approach issues and problems by considering the major functional areas of marketing, management, finance, accounting, and human resource management. Accordingly, educators will find this book an appropriate text or an alternative text for students who are undertaking MBAs, executive programmes and undergraduate business programmes at the advanced stage. The numerous case examples will be handy for supplementing lecture notes and class discussions. Longer cases may be fitting for assessment purposes and in‐depth discussions. However, the facilitator needs to have experience in using the case study method for instruction and applying accounting information for analysis and decision making. Although the book is largely designed for a formal course in college or university, business development executives and consultants who specialize in corporate strategy, change management, performance management, training, and organizational development may also find this book a useful “companion” to their practices. There is also an accompanying Web site for people to explore additional materials and test their knowledge.