HITT, IRELAND, HOSKISSON, HARRISON, STRATEGIC MANAGEMENT: CONCEPTS AND CASES:

Strategic Management Concepts and Cases Competitiveness and Globalization, 14e Michael Hitt, Duane Ireland, Robert Hoskisson, Jeffrey Harrison (Instructor Manual, All Chapters. 100% Original Verified, A+ Grade)

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Instructor Manual:Hitt, Ireland, Hoskisson, Harrison, Strategic Management: Concepts and Cases: Competitiveness and Globalization, 14th Edition. © 2024 Cengage. 9780357716830; Chapter 1:Strategic Management and Strategic Competitiveness 1 © 2024 Cengage Learning, Inc. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.Instructor Manual

HITT, IRELAND, HOSKISSON, HARRISON, STRATEGIC MANAGEMENT: CONCEPTS AND CASES:

COMPETITIVENESS AND GLOBALIZATION, 14

TH

EDITION ©2024, ISBN: 9780357716830;

CHAPTER 1: STRATEGIC MANAGEMENT AND STRATEGIC COMPETITIVENESS

TABLE OF CONTENTS

Purpose and Perspective of the Chapter .......................................................................... 2 Chapter Objectives ............................................................................................................. 3 Complete List of Chapter Activities and Assessments .................................................... 3 Key Terms ........................................................................................................................... 4 What's New in This Chapter ............................................................................................... 5 Chapter Outline ................................................................................................................... 6 Review Questions ............................................................................................................. 27 Additional Activities and Assignments ............................................................................ 30 Appendix ............................................................................................................................. 31 Generic Rubrics ....................................................................................................................... 31 Standard Writing Rubric ......................................................................................................... 31 Standard Discussion Rubric ................................................................................................. 32 2 / 4

Instructor Manual: Hitt, Ireland, Hoskisson, Harrison, Strategic Management: Concepts and Cases: Competitiveness and Globalization, 14th Edition. © 2024 Cengage. 9780357716830; Chapter 1: Strategic Management and Strategic Competitiveness

2 © 2024 Cengage Learning, Inc. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

PURPOSE AND PERSPECTIVE OF THE CHAPTER

This chapter is an introductory chapter. Its purpose is to define critical concepts and introduce students to the concepts that will be covered in this book. This chapter serves to establish the context within which subsequent chapters fit and lays the foundation for the rest of the text.Chapter 1 begins by introducing several key concepts that will be woven throughout the text. The most important of these is the strategic management process, which is the set of commitments, decisions, and actions firms take to achieve strategic competitiveness so they can earn above-average returns. The process begins with performing both internal and external analyses, after which a firm can determine how to create superior value for customers in ways that cannot be imitated, thus creating a competitive advantage.The strategic management process is influenced by the competitive landscape, or the nature of competition within any given industry. Digitalization is among the factors that have recently influenced the competitive landscape, as are hypercompetition, technology, and knowledge. Another important factor is globalization, the increasing economic interdependence among countries and their organizations as reflected in the flow of products, financial capital, and knowledge across borders.The next sections of the chapter explore the different models firms can use to determine the best strategies for achieving above-average returns. The older industrial organization model, or I/O model, assumes that the external environment imposes pressures and constraints that determine the best strategies. This model is also based on the idea that firms possess the same types of resources and can thus choose to compete in the most attractive industries. A more contemporary model is the resource-based model, which is based on the idea that every firm has unique resources, capabilities, and core competencies, thus the internal environment has greater impact on a firm’s selection of the best strategies. Last, the stakeholder model is one in which individuals, groups, and organizations that have enforceable claims on a firm’s performance both affect a firm’s vision and mission and are affected by a firm’s strategic outcomes. Stakeholders can be classified into primary stakeholders and secondary stakeholders.After analyzing the external environment and the internal organization, a firm can then develop its vision, mission and values, which are covered in the following section of the chapter. Vision is the broad-strokes picture of what a firm wants to be and to achieve. Mission is a specific statement of the industry in which the firm intends to compete and the customers it intends to serve. Values define what should matter most to managers and employees when they make and implement strategic decisions.The final two sections wrap up the chapter with a discussion of how strategic leaders, at all levels and in all areas of a firm, can help drive the strategic direction of 3 / 4

Instructor Manual: Hitt, Ireland, Hoskisson, Harrison, Strategic Management: Concepts and Cases: Competitiveness and Globalization, 14th Edition. © 2024 Cengage. 9780357716830; Chapter 1: Strategic Management and Strategic Competitiveness

3 © 2024 Cengage Learning, Inc. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.the organization. The text then goes on to detail how each subsequent chapter of the

book will reveal various aspects of the strategic management process: Part 1,

analyses used to develop strategies; Part 2, strategies firms choose to use; and Part 3, the implementation of strategies.

CHAPTER OBJECTIVES

The following objectives are addressed in this chapter:

1.1 Define strategic competitiveness, strategy, competitive advantage, above- average returns, and the strategic management process.

1.2 Describe the competitive landscape and explain how globalization, technological changes, and expectations of socially responsible behavior shape it.

1.3 Use the industrial organization (I/O) model to explain how firms can earn above-average returns.

1.4 Use the resource-based model to explain how firms can earn above-average returns.

1.5 Use the stakeholder model to explain how firms can earn above-average returns.

1.6 Describe vision, mission, and values, and explain why they are important.

1.7 Describe strategic leaders and what they do.

1.8 Explain the strategic management process.

COMPLETE LIST OF CHAPTER ACTIVITIES AND ASSESSMENTS

For additional guidance refer to the Teaching Online Guide.Chapter Objective PPT slide Activity/Assessment Duration 1.1–1.8 3 Chapter 1 Objectives 10 min 1.1 11 Knowledge Check < 5 min 1.2 24 Polling Activity < 10 min 1.3 30 Knowledge Check < 5 min 1.4 36 Knowledge Check < 5 min 1.5 45 Polling Activity < 10 min 1.6 51–52 Discussion Activity < 15 min 1.7 56 Knowledge Check < 5 min

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