ROBERT M. GRANT is Eni Professor of Strategy Management at Bocconi University in Milan and a Visiting Fellow at Georgetown University, Washington and City London University.

JUDITH JORDAN is Teaching Associate in Management at the University of Bristol.

Preface to 2nd edition ix

Preface to 1st edition x

Online teaching and learning resources xi

Case list xii

1 The concept of strategy 1

The role of strategy in success 6

A brief history of strategy 8

Strategy today 11

Strategic management of not‐for‐profit organizations 25

The approach taken in this book 27

2 Industry analysis 39

From environmental analysis to industry analysis 42

The determinants of industry profit: Demand and competition 45

Analysing industry attractiveness 47

Applying industry analysis to forecasting industry profitability 57

Using industry analysis to develop strategy 60

Defining an industry 62

Reviewing the five forces of competition framework 64

Segmentation analysis 66

Dealing with dynamic competition 68

From industry attractiveness to competitive advantage: Identifying key success factors 68

3 Resources and capabilities 81

The role of resources and capabilities in strategy formulation 87

Identifying the organization’s resources and capabilities 89

Appraising resources and capabilities 100

Developing strategy implications 106

4 The nature and sources of competitive advantage 119

How competitive advantage emerges and is sustained 123

Types of competitive advantage: Cost and differentiation 131

Porter’s generic strategies and being ‘stuck in the middle’ 140

5 Industry evolution and strategic change 151

The industry lifecycle 157

Managing organizational adaptation and strategic change 167

Managing strategic change 170

6 Technology‐based industries and the management of innovation 193

Competitive advantage in technology‐intensive industries 198

Strategies to exploit innovation: How and when to enter 204

Competing for standards 210

Implementing technology strategies: Creating the conditions for innovation 215

7 Corporate strategy 233

The scope of the firm 238

Key concepts for analysing firm scope 239

Diversification 241

Vertical integration 249

Managing the corporate portfolio 258

8 Global strategies and the multinational corporation 271

The implications of international competition for industry analysis 277

Analysing competitive advantage in an international context 280

The international location of production 285

How should firms enter foreign markets? 288

Multinational strategies: Global integration vs. national differentiation 292

Strategy and organization within the multinational corporation 297

9 Realizing strategy 309

From strategy to execution 313

Organizational design: The fundamentals of organizing 318

Organizational design: Choosing the right structure 325

Organizational culture 332

10 Current trends in strategic management 343

The new environment of business 344

New directions in strategic thinking 349

Redesigning organizations 354

The changing role of managers 358

Glossary 365

Index 371

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