“One of these days,things are going to change!” How do you make sense of market disruption?

The significance of mindsets is apparent in everyday business life. As today’s managers and companies face uncertainty and disruptive change in the business environment and markets, there is a growing need to understand and strategically address such change. This becomes challenging when disruptive market forces confront the institutional logic or rules of the game based on collectively acquired experience of doing business in the given field. In overcoming such challenges, managers’ hidden reasoning remains an untapped potential while their existing mindset influences what they attend to and what they decide to do. This article elaborates a diagnostic framework, accompanied by a tool to help managers make sense of disruptive markets and reflect individually and collectively on possible courses of action. The framework has two principal dimensions—strategic scope and focus—that are further divided into three business elements of strategic market-oriented management: offering, customer, and market. The tool offers a practical means of profiling individuals’ mindsets. In increasingly dynamic business environments, reflection capabilities represent a new source of competitive advantage.     

Strategic management in Latin America: Issues and assessment

This paper summarizes the best papers of the Strategic Management in Latin America (SMLA) conference which took place in January 2009 in Sao Paulo. Within a context of economic crisis that started in 2008 the authors find that the matters of business strategy within Latin America, addressed in the paper of this special issue, are relevant today just as when the authors submitted their papers. The strategic choices made by individual firms independent of the ever changing economic climate in which they find themselves is the key to the firm. The papers in this special issue cover a variety of topics encompassed within the area of strategic management: competitiveness, strategy formulation and execution, functional business disciplines and institutional strength in Latin America.     

信息集成环境下集团财务战略执行系统研究——基于价值链视角

我国企业集团在发展壮大过程中,财务战略执行力薄弱成为集团最高管理者面临的最重要和最紧迫的问题之一。本文首次将研究重点集中在战略管理、财务管理和企业战略执行力三个领域的交集,通过价值链分析得出结论,集团财务执行力弱化的原因主要源于信息集成的缺失,只有信息资源有效集成才能为财务战略执行提供必要保障,这一结论为研究我国企业集团的发展提供了新的视角。并在价值链优化与信息集成技术相融合的IT平台上,设计出由战略共识、战略协同和战略评价三大要素构成的集团财务战略执行系统框架。     

Variations in Strategic Philosophy among American and Mexican Managers

Strategic managers today are faced with five critical judgment calls when formulating strategies for their companies: (1) Approaching strategy as an art or as a science, (2) publicizing the strategy or maintaining its secrecy, (3) seeking strategic consistency over the long term or maintaining flexibility, (4) embracing strategic risk or avoiding it, and (5) adopting a top-down or a bottom-up approach to strategic planning. This paper compares American and Mexican managers along these five areas. Findings suggest that conventional wisdom on differences between American and Mexican managers in strategy formulation may not be true. Future research directions are also provided.     

Through the looking glass: Strategic organizational practices in strategic management

The field of strategic management indicates that there is no ‘one best way’ to manage strategy over time, leaving researchers with a pluralistic research setting. The findings here suggest that strategic organizational practices, a construct from the international business literature, can provide insight into the strategy formation process. I argue that strategic organizational practices, which are actor‐centered and embedded with values and beliefs, reflect both the content and process of strategy, and the organizational environment itself, thereby providing a pluralistic context of theoretical study. Through the exploration of four practices implemented by a large Canadian‐based multinational enterprise, the paper encourages a more explicit integration of strategic organizational practices, as a unit of analysis, into the field of strategic management. Copyright © 2017 ASAC. Published by John Wiley & Sons, Ltd.     

Managing future uncertainty: Reevaluating the role of scenario planning

The business environment for many firms is changing rapidly and is becoming increasingly uncertain due to the disruption caused by new digital technologies, deregulation, new business models, and the threat of new competitive entrants. This dynamic competitive environment increases the level of uncertainty for senior executives and strategic planning teams who bear responsibility for the strategic development of the firm, particularly in terms of the future direction, scope, and the strategy required to deliver on corporate objectives. This in turn, places increased scrutiny on the strategic planning tools that are used to undertake a rational and comprehensive analysis of the competitive dynamics that inform strategy formulation. This article presents empirical findings and reflections on a scenario-planning project that sought to develop a long-term corporate level strategy. While scenario planning is an established constituent of the strategist’s toolbox, the increasing level of dynamism and uncertainty in many markets has meant that it has seen a resurgence. This article presents empirical findings on how the scenario-planning tool was selected and applied before reflecting on the individual and organizational outcomes of using scenario planning to develop an organizational strategy in uncertain market conditions.     

Enterprise logic vs product logic: the development of GE’s computer product line

The following article focuses on corporate strategies at General Electric (GE) and how corporate-level interventions impacted the market performance of the firm’s general purpose commercial mainframe product set in the period 1960–1968. We show that in periods of both divisional independent planning and corporate-level planning strategic governance, central decisions interfered in the execution of GE’s product strategy. GE’s institutional ‘enterprise logic’ negatively impacted the ‘product logic’ of its computer product line leading to a weakened position in the market for these systems.     

Management framework guiding strategic thinking in rapidly changing markets

Developing a management framework to guide strategic thinking in changing markets is increasingly critical for researchers and executives in coping with the complex and rapidly changing global business environment. Conventional training and practices have too often led strategy researchers and executives to assume a stable competitive box around existing businesses, not recognising the effects of radical and increasingly disruptive change on markets and competitive space. New strategic thinking logic and initiatives require a conceptual framework to guide obtaining information, perceptive interpretation of strategic issues and trends, and choice of the right strategic initiatives. The conceptualisation begins by determining the market-based strategic capabilities needed to identify the nature and scope of determinants of market changes. These changes must be identified, driven by new competition, new business models, and creativity and innovation. Understanding fast changing markets requires identifying new market space, conducting strategic segmentation analysis, and determining customer value requirements. Finally, this knowledge guides strategic vision and formulation and implementation of market-driven strategies for changing markets. The framework is based on conceptual logic and empirical findings from multiple disciplines including marketing strategy and strategic management     

管理会计在VBSE实践教学平台中的创新应用研究--基于高职会计技能大赛管理会计赛项视角

数字经济时代下各行业经营环境愈加复杂,传统的财务会计已经无法有效满足企业内部管理的需要,急需向管理会计方向转型。VBSE实践教学平台通过模拟企业真实经营环境让更多学生有机会感受和体验公司财务工作,但其内容仍然以会计核算、纳税申报、报表编制等传统知识点为主,缺少管理会计方面的分析、预测、战略制定等经营管理决策活动的内容设计。以高职会计技能大赛管理会计赛项为视角,分别从资金、营运、成本和绩效四个岗位研究管理会计在VBSE实践教学平台中的融入和创新应用,旨在完善VBSE实践教学平台中的管理会计建设,培养更多管理会计人才。     

Corporate environmental sustainability reporting in the context of national cultures: A quantile regression approach

This work, based on previous evidence within international business management research, aims to test the influence of communities’ culture features on corporate environmental sustainability reporting (CESR) practices. To overcome some limitations of conventional statistical approaches applied by previous research, a quantile regression (QR) model is implemented which allows setting a framework to test the working hypotheses in different scenarios that cover divergent firms’ commitment levels to stakeholder engagement and CESR practices development. Our central results addresses that different national culture dimensions present a non-monotonic influence on CESR practices. This result, which is analyzed through the Stakeholder Theory proposals, can be explained because corporate sustainability behaviors are highly sensitive to stakeholders’ pressures and demands which are ultimately conditioned by the cultural environment. Some interesting recommendations for companies’ strategic management and governmental policy-making processes are reported.     

Are key marketing topics adequately covered in strategic management?

Most business schools have a capstone course called strategic management. Students in these courses are often required to assess organizations’ functional areas of business, including marketing. Students determine marketing strengths and weaknesses of firms, and develop strategic plans for case companies. Students formulate strategies, make recommendations, and determine the expected marketing impact of those recommendations. Although marketing plays an important role in strategic planning, the present research shows that most strategic-management textbooks provide little to no marketing coverage. In study 1, a content analysis of six leading strategic-management textbooks reveals 10 marketing topics being discussed, although scantly. In study 2, a survey of 167 business students nearing graduation examines the relative importance of the identified topics in strategic planning. Findings of this research suggest that the capstone business course needs to be more integrative. Implications for business courses, faculty, textbook authors, as well as practicing marketers and managers are discussed.     

Market orientation and design orientation: a management model

Market orientation and design orientation as strategic concepts have a proven impact on business results, but the direct relationship between these concepts has not yet been analysed. This research attempts to prove the relationship by studying the managerial implication of design orientation as it relates to market orientation. After analysing 28 case studies of Spanish companies well-known for their business excellence and their design orientation, a management model is proposed. The model is a management tool that offers companies a scheme for auto-diagnosis and a review of best-in-class design practices that have shown to improve business results.     

Strategic Goals and Practices of Innovative Family Businesses

A profile of 231 Washington state family businesses is presented. This article focuses on the business strategies of these firms, analyzing the relationship between strategy, performance, and business practices. Firms categorized as Prospector firms reported more gains in their current market position than all other strategic types. These firms were more likely to value an effective management and employee team and to develop new quality products and services and career development plans for non-family employees. Implications for family businesses are discussed.     

Examining the impetus for internal CSR Practices with digitalization strategy in the service industry during COVID-19 pandemic

The year 2020 began with a glimpse into the darkness with the onset of the worldwide COVID-19 pandemic. An invisible, threatening virus has forced many countries to practice restricted movement and impose lockdowns for the sake of their citizens’ safety and well-being. In response, many business organizations have implemented various remote-work arrangements. These arrangements have spurred the use of digitalization strategies and have landed many employees in the vulnerable virtual workplace. With employees facing all these uncertainties and vulnerabilities, their commitment to their workplace could come into question. At the same time, organizations facing tremendous challenges are searching for committed employees to navigate through this turbulent time. From a strategic management perspective, organizations could revisit their internal core competencies to prevail through internal corporate social responsibility (CSR) practices. Meanwhile, the rapidly growing pace of digitalization could further augment organizations’ survival and resilience. This research paper showcases the empirical outcomes of the promising match between internal CSR practices and digitalization strategy; and employees’ organizational commitment during times of crisis. The results reveal that internal CSR practices positively stimulate employees’ organizational commitment, while digitalization strategy intercedes in the nexus between internal CSR practices and affective commitment. The empirical outcomes shed light on business organizations and their ability to take a frugal approach in turbulent times.     

The challenges of and solutions for implementing enterprise risk management

Enterprise risk management (ERM) began to take root in the late 1990s and has since become generally recognized as an expectation of good management and corporate governance. However, as evidenced by surveys and research, many companies still struggle with ERM implementation. This article explores the challenges companies face when implementing ERM and offers solutions for firms struggling with the concepts and execution. We draw upon Hydro One's experience in achieving ERM maturity as a best practice case study. The company's ERM methods have been researched and documented extensively. With over 15 years of ERM success, Hydro One is an excellent organization to benchmark for ERM best practices.     

供应链环境下电子采购管理浅析

当今商务环境中的激烈竞争和市场不确定性的增加为企业带来了越来越大的压力。企业纷纷转向战略供应管理,加强与供应链上、下游企业的合作,改善与供应商的关系,使供应链流程自动化以降低成本、缩短采购提前期,最终赢得市场竞争优势。电子采购则是企业实现上述运营目标的关键管理模式。本文简要论述了基于供应链管理思想的电子采购的基本内涵及实施必要性,并提出了实施电子采购的基本理论模型。     

Designing a tool for service-dominant strategies using action design research

Both academic research and industrial practice recognize difficulties in translating the principles of service-dominant (S-D) business logic into actionable insights for practitioners, particularly when considering S-D logic at the strategic level. To address this problem, this paper focuses on the conceptualization, formulation, and communication of an S-D business strategy. From the theoretical standpoint, we conceptualize the elements of an S-D strategy by filtering the scattered literature about S-D strategy and business models through the lenses of traditional views of business strategy. From the practical standpoint, we develop a tool embedding our conceptual development to support practitioners in the formulation and communication of S-D strategy. While traditional strategy tools take a value chain perspective, our tool helps to position the focal organization at the center of a complex ecosystem of partners who are co-creating value. Following the principles of action design research, the tool is developed and evaluated in close collaboration with practice in a case study in the financial services industry. Consequently, this paper contributes both to the conceptual and the practical operationalization of S-D logic at the strategic level.     

French multinational companies' HRM in China: strategic orientation and integration approaches

The purpose of this qualitative study is to identify strategic orientation and integration approaches of French companies in implementing the headquarters-based human resource management (HRM) practices in their Chinese subsidiaries. Through a study of 16 French multinationals’ HRM, our findings reveal that a majority of sample companies tend to standardize the HRM practices in their Chinese subsidiaries to a great extent. This strategic orientation is supported by a combination of specific integration approaches at the subsidiary level. The results add knowledge to international management theory and allow us to develop implications in managing employees in China.     

Incubator mediation in commercialising disruptive innovation

One of the parameters supporting an innovation-based economy in an age of technological development is the formation of business incubators. This study focuses on disruptive innovation and the support of a business incubator through network and institutional mediation. Relevant literature shows limited research in this area. This paper brings a deeper understanding of the influences of business incubation on disruptive innovation with an in-depth investigation into four participant companies. Using comparative case analysis, mediation similarities and differences were examined throughout the cases’ innovation identification, planning and development and implementation process. Four themes emerged: mediation influences the disruptive mind-set, interdisciplinary input, financial support and technology and business uncertainty. The findings extend the literature; provide practical guidance for incubator management and allocation of resources in disruptive innovation.     

Corporate Social Responsibility and Psychosocial Risk Management in Europe

Corporate social responsibility (CSR) is a comprehensive concept that aims at the promotion of responsible business practices closely linked to the strategy of enterprises. Although there is no single accepted definition of CSR, it remains an inspiring, challenging and strategic development that is becoming an increasingly important priority for companies of all sizes and types, particularly in Europe. Promotion of well-being at work is an essential component of CSR; however, the link between CSR, working conditions and work organisation is still found to be unfamiliar to stakeholders. As CSR is strategic and is regarded by many companies and corporate leaders as an important development, it offers opportunities for psychosocial risk management, an area that is currently among the top priorities in working environment and well-being at work debates. However, the link between CSR and psychosocial risk management has not been addressed clearly before. This paper aims to explore the potential role of CSR in promoting well-being at work through the development of a framework for the management of psychosocial risks. As part of the research, key stakeholders [including the World Health Organization (WHO), the International Labour Organization (ILO), the European Agency for Safety and Health at Work (EU-OSHA), the European Commission (EC), employers’ associations, trade unions and other policy experts] across Europe participated in a survey, interviews and focus groups to assess and clarify the link between CSR and psychosocial risk management. On the basis of the findings, a CSR-inspired approach to the management of psychosocial issues at work is proposed. Such an approach can be a useful tool in contexts where, up until now, expertise and tradition in dealing with psychosocial issues have been lacking.