Entrepreneurial Strategic Management

BLAWATT THE BUSINESS Entrepreneurial Strategic Strategic Management Collection EXPERT PRESS William Q. Judge, Editor DIGITAL LIBRARIES Management EBOOKS FOR Ken R. Blawatt BUSINESS STUDENTS This managerial book goes beyond the traditional Curriculum-oriented, born- thoughts on this subject. It brings you a challenging di- digital books for advanced mension: Create an entrepreneurial organization and you business students, written will exceed in the realization of your goals and objectives. by academic thought Entrepreneurial The entrepreneurial organization thrives on developing leaders who translate real- world business experience innovation, customer retention, productivity, and growth. into course readings and Your role and that of other managers has changed dramat- Strategic reference materials for ically in the last decade because two powerful new forces students expecting to tackle have joined in the environment. A new social awareness ENTREPRENEURIAL STRATEGIC MANAGEMENT ENTREPRENEURIAL STRATEGIC management and leadership and demographic shift in the work force coupled with a challenges during their shrinking of markets in a technological and global land- Management professional careers. scape demands new ways of planning, organizing, and POLICIES BUILT directing organizations. ESM argues the need for imple- BY LIBRARIANS mentation as the force majeure in fulfilling strategic plans • Unlimited simultaneous and the engagement of the whole organization in strate- usage gic management to achieve organizational goals. • Unrestricted downloading Inside, you’ll be introduced to a new approach to un- and printing derstanding the economic marketplace in four quadrants • Perpetual access for a or fields where each determines what strategic responses one-time fee are needed to thrive in those fields and which direction • No platform or maintenance fees the organization is to go if it is to survive and grow. This • Free MARC records book lays out the cycle of corporate products and services • No license to execute from profitable innovation to decline and failure and of- The Digital Libraries are a fers the executive a road map to renovate and build the comprehensive, cost-effective organization. way to deliver practical Ken R. Blawatt is a Corporate Educator and Adviser. He treatments of important is also adjunct professor in the Arthur Lok Jack Graduate Ken R. Blawatt business issues to every School of Business, St. Augustine’s Campus, University of student and faculty member. the West Indies in Trinidad, W. I. He is the author of texts in entrepreneurship and marketing and has published numerous papers on entrepreneurship and economic For further information, a development with emphasis on the manufacturing sector. free trial, or to order, contact: [email protected] www.businessexpertpress.com/librarians Strategic Management Collection William Q. Judge, Editor ISBN: 978-1-60649-866-8 www.businessexpertpress.com www.businessexpertpress.com Entrepreneurial Strategic Management Entrepreneurial Strategic Management Ken R. Blawatt Entrepreneurial Strategic Management Copyright © Business Expert Press, LLC, 2014. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means—electronic, mechanical, photocopy, recording, or any other except for brief quotations, not to exceed 400 words, without the prior permission of the publisher. First published in 2014 by Business Expert Press, LLC 222 East 46th Street, New York, NY 10017 www.businessexpertpress.com ISBN-13: 978-1-60649-866-8 (paperback) ISBN-13: 978-1-60649-867-5 (e-book) Business Expert Press Strategic Management Collection Collection ISSN: 2150-9611 (print) Collection ISSN: 2150-9646 (electronic) Cover and interior design by Exeter Premedia Services Private Ltd., Chennai, India First edition: 2014 10 9 8 7 6 5 4 3 2 1 Printed in the United States of America. Abstract Entrepreneurial Strategic Management (ESM) is a managerial book that goes beyond the verge of traditional texts on the subject. It brings to management a challenging dimension: Create an entrepreneurial organization and you will exceed in the realization of your goals and objectives. The entrepreneurial organization thrives on developing innovation, customer retention, productivity, and growth. The role of management has changed dramatically in the last decade with the joining of powerful new forces in the environment. A new social awareness and demographic shift in the workforce coupled with a shrinking of markets in a technological and global landscape demands new ways of planning, organizing, and directing organizations. ESM argues the need for implementation as the force majeure in fulfilling strategic plans and the engagement of the whole organization in strategic management to achieve organizational goals. The text also introduces a new approach to understanding the economic marketplace in four quadrants or fields that each determine what strategic responses are needed to thrive in those fields and which direction the organization is to go if it is to survive and grow. It lays out the cycle of corporate products and services from profitable innovation to decline and failure and offers the executive a road map to renovate and build the organization. Keywords corporate culture, employee engagement, entrepreneurial employees, entrepreneurial management, entrepreneurial mindset, innovation, marconomics, organic organization, performance expectation, price-cost leadership, strategic management, value perception Contents Preface ..................................................................................................ix Part 1: Where Are You Now? ��1 Chapter 1 Introduction to Entrepreneurial Strategic Management ��3 Chapter 2 Foundation for the Entrepreneurial Model ��23 Part 2: Where Do You Want to Go? ��41 Chapter 3 Business Conditions: The Way Ahead ��43 Chapter 4 The verE Changing Customer and Strategic Planning ��63 Chapter 5 Creating Strategies in the Innovation Quad ��89 Chapter 6 Product Line Strategies ��109 Chapter 7 Brand Strategies ��129 Chapter 8 Cost-Price Leadership Quad ��145 Part 3: How Will You Get There?��167 Chapter 9 Strategic Management in Four Quads and Resources ��169 Chapter 10 Putting the Entrepreneur Into the Strategy: The People in Your Organization ��193 Notes..................................................................................................221 References ...........................................................................................229 Index .................................................................................................239 Preface The challenge in business today is to survive. The happy constancy of economic growth, during the previous few decades, created a comfortable complacency in managers who spent more time massaging past strategies that seemingly worked than worrying about change and the sharp fea- tures of a looming crisis. While there have been bumps every decade or so, on the road to higher revenues and profits, these were seen more as business cycles rather than indicators of a system starting to come apart at the seams. The global meltdown was a failure of economics as much as bad decision making. It was also due to the flawed structure of financial markets still in need of much repair. The economic system ignored the real economy, which is based on the linkage between jobs, production, and customer demand. It encouraged the giveaway of the productive soul of the nation as it farmed out the basic jobs and assumed, since these were low level functions, there would be no loss. But along with this fundamental element of economic strength, corporate America gave away basic technologies, marketing, and organizational skills; and it is now surprised to no end that not only has it created astounding losses within the economy but also promises an intense flow of highly competitive goods and services surging out from low-cost nations in the future. Those nations will enjoy for some years to come the cost-price leadership that will take market share from estab- lished domestic companies. Companies in North America will need to rebuild their organizations, but unlike General Motors, they will need to do so without the largesse from government bailouts. They will need to find new ways to survive in a globalized world so that perhaps one day they may grow and regain the capital value they had lost. They will need to become more creative as never before. It is the major thesis of this book that we need entrepreneurial thinking and action to do that. There is an entrepreneurial revolution sweeping the globe and those not riding the crest will surely tumble in its wake. New technologies in IT x PReface have opened new doors of opportunities for smaller companies to reach a global community and a broader customer base. Yet even as technology opens new opportunities, other issues are adding to the dynamics of change taking place. The classical lines of authority are dissolving with the growing ability of employees to do the job on the

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