bluuebunny/crossref_metadata_2025 huggingface dataset:
Nurturing the new: patterns for innovation
Authors: von Oetinger Bolko
Published: January 2007

Purpose

To blend the wide business experience of Bolko von Oetinger with the interdisciplinary expertise in the articles and interviews in A Passion for Ideas, a book coedited by Dr von Oetinger. Oetinger developed five guidelines for behavior that have been discussed serially through three journal articles. The goal is to increase creativity and innovation among businesspeople and beyond.

Findings

The five guidelines are: finding something new is not the problem; getting rid of the old presents the real challenge; since innovation creates anxiety, you have to open up your organization; since our rules limit our actions, we have to break our own rules; the new needs the right context in order to blossom; and never stop asking “why?” and “for what?”

Research limitation/implications

We intentionally limited the scope of the research to Oetinger's experience and the selections in the book. The interdisciplinary nature of the research recognizes that important processes can be found outside one's sphere of familiarity.

Practical implications

Readers who conscientiously consider our ideas should influenced by processes for creating the new that that they have not previously encountered.

Originality/value

Oetinger is a highly respected international consultant who has not previously organized his thoughts about creativity and innovation for the public.
Traps in diagnosing organization failure
Authors: Barker Vincent L.
Published: January 2007

Purpose

To provide practicing managers and consultants with advice about common pitfalls encountered in diagnosing the causes of organizational decline. Hopefully, the paper will help managers and their advisors avoid these pitfalls.

Design/methodology/approach

Reviews common problems that the author and other researchers have documented in their research examining how firms and organizations respond to poor performance.

Findings

Shows how managers naturally have “blind spots” in perceiving and interpreting the sources of organizational problems.

Originality/value

Provides managers with explanations for why they may have a difficult time spotting organizational problems. Also, gives practical tips for avoiding the pitfalls encountered in diagnosing decline.
The forgivable sin
Authors: Marren Patrick
Published: January 2007

Purpose

To provide the author's opinions about key issues in strategy and the future to the readership.

Design/methodology/approach

Opinion column.

Findings

Discussion of the difficulty of getting organizations to prepare for catastrophic events.

Research limitations/implications

Speculative, and based not on rigorous research but on the author's experience of planning engagements across a wide variety of private and public enterprises.

Practical implications

Warns strategists about the difficulties inherent in planning for catastrophes.

Originality/value

Expresses several opinions that the author believes have not been expressed (or adequately appreciated) elsewhere.
On the decision to reprice stock options: almost never
Authors: Dalton Dan R. , Dalton Catherine M.
Published: January 2007

Purpose

Looks at the issue of repricing stock options for CEOs and other senior managers when existing option are under water. The board of directors has the option of exchanging existing options (i.e. the underwater options) for new options with a lower exercise price.

Design/methodology/approach

Opinion piece.

Findings

There is no evidence that repricing reduces CEO or top management turnover. In fact, top executives left a firm at a much higher rate than their counterparts in firms that did not reprice. Moreover, whether relying on accounting returns (ROA) or market returns (returns on common stock), there is no evidence that repricing firms perform better after the repricing.

Practical implications

Provides boards and senior managers with information with information showing that repricing of options is almost never justified except possibly when hiring a new CEO.

Originality/value

Of particular value to CEOs and other board members
Strategy maps: a step‐by‐step guide to measuring, managing and communicating the plan
Authors: Scholey Cam
Published: January 2007

Purpose

To demonstrate a step‐by‐step model of strategy mapping for improving strategy communication in today's organization. The work is based on experience gained while consulting in a myriad of organizations adopting strategy mapping as a strategic initiative.

Design/methodology/approach

Over the past few years since strategy mapping was introduced in literature, the author found that clients in the organizations with which they consulted were often struggling with how to go about implementing a strategy mapping initiative. It became clear that what was needed what a systematic, step‐by‐step framework that was easy to understand and follow. The author developed and refined a six‐step strategy‐mapping framework, which has proven both efficient and effective in practice.

Findings

The recent literature in the area of strategy mapping has proven very useful in terms of explaining what strategy maps are, and why organizations should adopt. The author demonstrates a proven strategy‐mapping model and provides a context through which it can be understood and successfully applied (i.e. how to implement strategy mapping). Validation of the framework is anecdotal and strongly suggests that the framework is both efficient and effective in applying strategy maps in organizations.

Practical implications

The six‐step strategy‐mapping model provides a clear and dynamic blueprint for all people wanting to implement this very useful tool for communicating strategy. The case study provided in the article provides a clear, hands‐on example that will encourage organizations to undertake their own strategy mapping initiative.

Originality/value

This paper fulfills a need for a sound, step‐by‐step, real‐world, grounded guide for implementing a strategy map in any organization.
Creative errors and heroic failures: capturing their innovative potential
Authors: Kriegesmann Bernd , Kley Thomas , Schwering Markus G.
Published: January 2007

Purpose

To highlight an unconventional way out of the “innovation dilemma,” relevant to many business organizations, innovative management and risk friendliness are necessary, but the way in which failure is handled and the resulting fear of making mistakes block the (innovative) efforts of specialists and managers.

Design/methodology/approach

The paper draws on theoretical as well as empirical work: first, the seemingly crystal‐clear concept of “error” is elaborated and the rare category of “creative errors” is introduced. Second, illustrative findings from a case study in the automotive sector are reported.

Findings

Suggests that a culturally exacerbated antipathy towards errors leads ultimately to a situation of pronounced innovational incompetence in which creative behavior is avoided. Points out, that not an “absolution of mistakes” is required, but a tolerance for legitimate errors which should only occur under exceptional circumstances. Underlines, that fairness in dealing with errors is considerably more important than a misguided attempt to create or maintain harmony. In addition to the philosophy and potential of this unusual incentive system, possible practical implementation problems are considered.

Research limitations/implications

Generalization is limited because the findings are based on only one case study. However, because of the vital importance of the so‐called “innovation dilemma,,” the exploratory findings of the study may trigger further empirical research on “creative errors.”

Practical implications

An initiative like the “Creative Error of the Month” may help to bring about cultural change towards a climate of trust and confidence in which innovative commitment is treated fairly even if it does not in fact succeed.

Originality/value

Common approaches to enhance organizational innovativeness reward “success stories” or praise “zero‐based cultures.” This case study suggests that a sophisticated initiative revolving around the “hidden” innovative potential of “creative errors” and “tragic failures” might prove to be a successful off‐beat attempt at stimulating creativity and innovative behavior in enterprises.
Finding new paths to growth by managing brand portfolios well
Authors: Wise Richard , Pierce Andrew
Published: January 2007

Purpose

Looks at which brands are best positioned for growth and why it is important to actively manage brands as a cohesive portfolio.

Design/methodology/approach

Lists four key principles that the best practitioners of brand portfolio management should follow.

Findings

The best practitioners of brand portfolio management follow four key principles: push sleeper brands to their full potential; launch new brands or acquire strategically; rationalize overlapping brands; shut down the weakest brands.

Practical implications

Provides managers with guidelines for managing brand portfolios.

Originality/value

Of particular benefit to strategic planners, CEOs, senior executives, brand managers and marketing managers.
A short, practical guide to implementing strategy
Authors: Allio Michael K.
Published: January 2007

Purpose

Most strategies stumble in the implementation phase. This article outlines a market‐validated process, and practical guidelines, for optimizing implementation. The primary audience is mid‐level and senior executives charged with the responsibility for implementing strategy.

Design/methodology/approach

This implementation process focuses on the critical timeframe immediately following formal strategy selection, when broad objectives need to be translated into specific actions, schedules, budgets, and metrics. The approach is to capture the key decisions in an accessible, common format, and to deploy this tool consistently throughout the organization to monitor and guide implementation. Dozens of firms across a wide array of industries have used the methodology, which derives from two decades of senior operating and strategy consulting experience.

Findings

Strategy development receives significant attention and resources, but implementation is often neglected, with disastrous consequences. Using a straightforward approach, format, and process, managers can bridge the gap between rhetoric and reality; they can succeed in accomplishing what they set out to do, and think and act strategically.

Research limitations/implications

The approach and logic described are universal, but the actual format may need to be adapted to fit the planning cycle and technology of each firm, and refined over time to dovetail with the firm's budgetary process.

Practical implications

Strategy programs need to be expanded to focus on the implementation process. More attention should be given to breaking down lofty statements into practical, actionable, measurable activities. The language and methods used to implement need to be simplified, and consistently deployed. Success in implementation is critical to validating the investment in strategy in the first place.

Originality/value

The rational, practical approach described offers middle and senior managers a toolkit for bringing strategies to life – for bridging the gap between aspirations and real performance. It outlines a practical process, providing hands‐on guidelines for optimizing performance, and galvanizing the management team.
Segment and destroy: the missing capabilities of knowledge management
Authors: Desouza Kevin C. , Awazu Yukika
Published: January 2007

Purpose

To draw management and scholarly attention to two missing capabilities in a knowledge management program: segmentation capability and destruction capability.

Design/methodology/approach

An opinion paper based on consulting and research experiences of the authors.

Findings

Organizations that consider the two missing capabilities have witnessed significantly improved knowledge management programs compared with when the capabilities were missing from their agenda. In addition to the two missing capabilities, the third capability – protection capability – may need due attention.

Research limitations/implications

The two missing capabilities can be further investigated as important constructs. The two capabilities complement and augment their peer capabilities (creation, transfer, storing, retrieving and applying). The intricacies of the missing capabilities and the known capabilities need to be further studied.

Practical implications

If an organization neglects the two capabilities, the benefits of their knowledge management program will be limited. Organizations can cultivate the two missing capabilities effectively and efficiently by following the suggestions of the paper.

Originality/value

This is the first paper that discusses the two missing knowledge management capabilities exclusively and connects their role and importance to known capabilities.
Why old tools won't work in the “new” knowledge economy
Authors: Sheehan Norman T.
Published: January 2007

Purpose

Knowledge‐intensive firms are growing in importance yet there are few tools to help managers to analyze and improve their performance, which this paper aims to describe.

Design/methodology/approach

This paper builds on Michael Porter's strategic frameworks for industrial firms. It outlines how his frameworks, in particular the five forces and value chain, need to be modified if they are to be effectively applied to knowledge‐intensive firms.

Findings

Managers of knowledge‐intensive firms need to use the old tools in new ways, if they are to improve their business models and ultimately increase their profitability.

Practical implications

The paper outlines ways for managers of knowledge‐intensive firms to improve their firm's performance. First, managers using a revised five forces can improve their value capture by reducing bargaining power of its experts, making outsourcing of expert services more attractive, or improving their reputational status. Second, the paper outlines a continuum of business models and suggests that the appropriate choice of business model depends on the firm's problem‐solving expertise, its target clients, desired risk level and aspirations. The paper elaborates on the business model by examining choices surrounding the scope of the firm's problem‐solving activities, suggesting that these allow the firm to find profitable niches.

Originality/value

This is one of the first attempts to develop strategic tools that managers of knowledge‐intensive firms can used to increase their firm's profitability.
Parables of consulting
Authors: Marren Patrick
Published: January 2007

Purpose

To provide the author's opinions about key issues in strategy and the future to the readership.

Design/methodology/approach

Opinion column.

Findings

Discussion of how each consultant believes he/she is a God‐like oracle who represents the only way to do something.

Research limitations/implications

Speculative, and based not on rigorous research but on the author's experience of planning engagements across a wide variety of private and public enterprises.

Practical implications

Warns strategists about the difficulties of ascertaining whether a consultant has the “right” approach.

Originality/value

Expresses several opinions that the author believes have not been expressed (or adequately appreciated) elsewhere.
In defense of the individual: the CEO as board chairperson
Authors: Dalton Catherine M. , Dalton Dan R.
Published: January 2007

Purpose

Looks at group decision making by Boards and impact of diversity on effectiveness.

Findings

Extensive research fails to demonstrate the superiority of the separate board leadership structure. Other factors supersede the need for independence where board leadership is concerned. There is no substitute for a single strong leader who is accountable.

Practical implications

Provides executives with information on important factors to consider when determining board structure.

Originality/value

Of particular value to CEOs and other board members
Aspiration alignment: a hidden key to competitive advantage
Authors: Maira Arun
Published: January 2007

Purpose

To highlight weaknesses in typical analytical approaches to developing strategy and suggest ways of overcoming them

Design/methodology/approach

Explain some typical problems by examples; analyse their causes; describe an approach to resolve them by changing the approach to developing strategy

Findings

Broadening the approach to strategy by systematically including an analysis of emotional and political forces, and recognising that ”blinkers” are an integral feature of any ”rational” model, enable the development of more effective strategies.

Originality/value

A tested approach for overcoming problems of misalignment in strategy.
Corporate governance in Europe: current status and future trends
Authors: Albert‐Roulhac Catherine , Breen Peter
Published: January 2007

Purpose

To provide a comprehensive overview of corporate governance practices in the top listed companies in ten European countries.

Design/methodology/approach

Presents comparative empirical research based on public data from public companies. This survey has been published biennially ever since 1999. We selected the top companies by market capitalization from national indexes (e.g. CAC 40, DAX 30). Each of the 294 companies was rated individually in order to produce a country average, from which we generate a European average. The weighted rating criteria as the same as in our 3 previous surveys, and take into account the working and composition of the board, and disclosure levels.

Findings

The study shows significant progress and more convergence in corporate governance practices. The best‐performing countries in the three previous surveys – the UK, the Netherlands and France – are still at the top, and there is a reduced variance within countries. Boards also continue to work harder, partly explaining the rise in Directors' compensation. Committees are almost universal, although their composition could be improved. Boards are gradually becoming more independent but remain more domestic than the companies themselves. International directors (16 percent) and women directors (now 7 percent) are still not enough in evidence. More progress in corporate governance practices can be expected in the future as we can expect an even greater convergence of board practices between and within European countries.

Originality/value

This study is unique as it provides a reliable comparative picture of board practices across ten European countries and ever since 1999, with the comments of local experts of corporate governance in each market.
The real role of corporate directors: balancing prudence with progress
Authors: Garratt Bob
Published: January 2007

Purpose

This essay argues that many directors are never inducted and developed into their board directoral roles. By not understanding their legal roles and tasks as a director, as distinct from a manager, they can rarely extract themselves for long enough to become skilled at thinking strategically, assessing risks, and taking wise decisions for the future health of their company

Design/methodology/approach

The paper draws on many years experience of working with boards. It advocates the use of the Learning Board model, the Thinking Intentions Profile psychometric, reading newspapers and journals systematically and getting out more, as ways of creating the conditions in which strategic thinking can be developed effectively.

Findings

Three key conditions must be met before it is possible to achieve an effective board. First, agreement around the boardroom table that they will accept as essential board selection, induction, training and development, annual appraisal of the board and each director. Second, that the board chairman is fully committed to these, including his or her own 360 degree annual appraisal and is backed strongly by a truly independent company secretary or legal counsel. Third, that all directors have the same annual contract for services which spells out the time they need to devote to their crucial direction‐giving role.

Originality/value

This paper is of particular value to Boards in the UK, Europe and the USA and to senior executives.
A strategic response to Friedman's critique of business ethics
Authors: Gallagher Scott
Published: January 2007

Purpose

This paper is designed to provide a practical response to the question of “why be ethical in business” framed around the classic critique of business ethics and corporate social responsibility penned by Milton Friedman.

Design/methodology/approach

The primary method is logical reasoning along the following line: Social Environment – > Ethical Norms – > Legal (and especially future legal requirements or consequences). While Friedman argues that the key is to focus on current legal requirements this paper argues that strategic advantages are gained by being ethical and going beyond legal requirements since a firm insulates itself from changes that can result in new or even retroactive legal requirements.

Findings

Based on its reasoning the paper argues that acting ethically can serve as a form of insurance or a “strategic shock absorber” for firms. Examples are cited.

Practical implications

The problems of Enron and other firms have increased attention on the role of business ethics. However, since Enron appears to have engaged in illegal conduct, it does not serve as a strong example to be ethical, rather it reinforces the need to simply obey the law. This paper provides a motivation for ethical behavior encapsulated in a framework that managers are likely to already be familiar with based on strategic planning.

Originality/value

While Friedman's critique is over 30 years old and there have been many responses to it, none have been as tightly integrated to extant strategy frameworks as the central argument of this paper.
Far from the blinking crowd
Authors: Marren Patrick
Published: January 2007

Purpose

To provide the author's opinions about key issues in strategy and the future to the readership, in a humorous way.

Design/methodology/approach

Opinion column.

Findings

Review of three recent books relevant to critical business issues

Research limitations/implications

Speculative, and based not on rigorous research but on the author's experience of planning engagements across a wide variety of private and public enterprises.

Practical implications

Alerts readers to three good books.

Originality/value

Expresses opinions that the author believes have not been expressed in quite this way before.
A health audit for corporate entrepreneurship: innovation at all levels: part I
Authors: Duane Ireland R. , Kuratko Donald F. , Morris Michael H.
Published: January 2007

Purpose

Identifies issues to consider when designing a corporate entrepreneurship strategy, discuss the triggers of corporate entrepreneurship, and describe an internal work environment that supports corporate entrepreneurship.

Design/methodology/approach

Based on the extant literature, case studies, and the authors' experiences with a diverse mix of companies, the nature and importance of a corporate entrepreneurship strategy is described, together with insights into the internal and external factors that facilitate corporate entrepreneurship and a strategy used to support it.

Findings

The ability to foster high levels of entrepreneurial intensity and formulate effective corporate entrepreneurship strategy is associated with key elements of the organizational climate. Four major climate variables are assessed. Conclusions are drawn regarding the value an entrepreneurial mindset creates when used in established firms.

Research implications

Raises a number of questions regarding the role of strategic versus non‐strategic approaches to encouraging entrepreneurship and innovation in larger, established companies, as well as the relative importance of differing triggering events and various climate variables in influencing a successful corporate entrepreneurship strategy.

Practical implications

Demonstrates to managers how to strategically approach the concept of entrepreneurship within a larger organization, including how to design an internal work environment that is conducive to encouraging employees to act on their innate entrepreneurial potential.

Originality/value

Fulfills a missing gap in terms of how established firms can make entrepreneurship a core element of their approaches to strategic management and offers practical insights into some of the more vital factors that contribute to sustainable levels of entrepreneurship in established firms.
The logic of Chinese business strategy: East versus West: Part I
Authors: Haley Usha C.V. , Haley George T.
Published: January 2007

Purpose

Despite close to two decades of foreign direct investment in China, and the country's enormous market potential, most US and European multinational corporations have never made a profit in that country. The distribution of profits among multinationals also seems highly skewed. The latest survey on profitability showed that five US companies accounted for one‐third of equity profits among US‐based multinationals in China. This research proposes explanations for why multinationals fail in China and strategic solutions for profitable operations.

Design/methodology/approach

Through in‐depth interviews with 29 CEOs and directors of major, profitable US and European multinationals, overseas Chinese companies and People's Republic of China companies, this paper proposes a model of strategic convergence for successful operations in China. The first part discusses cultural and cognitive differences between Westerners and Chinese that affect the strategies they choose. The second part proposes a strategic model of convergence, fusing the best of both Western and Chinese business practices, for strategic success in China.

Findings

Profitable foreign multinationals in China appeared to modify their management practices on eight dimensions, often adopting traditional Chinese methods of strategic planning and evaluations of effectiveness, as well as relations with key stakeholders, especially the government. Yet, these multinationals continued to retain their Western norms and values in business dealings. Conversely, profitable Chinese companies that competed with these multinationals also modified their management practices in line with Western norms

Originality/value

The study has implications for the management of foreign subsidiaries in China as well as the successful management of Chinese foreign direct investment in the US and Europe.
Critical tactics for implementing Porter's generic strategies
Authors: Akan Obasi , Allen Richard S. , Helms Marilyn M. , Spralls Samuel A.
Published: January 2007

Purpose

To identify and cite examples of critical tactics for implementing Porter's generic strategies.

Design/methodology/approach

A survey of over 200 organizations was conducted to determine their relative use of tactics and organizational performance. Factor analysis and regression analyses were used to identify tactics that were strongly related to organizational performance. Examples of implementation are presented to illustrate use of the critical tactics.

Findings

A list of ten tactics were identified as significantly related with the generic strategies and higher levels of organizational performance.

Research limitations/implications

As is typical with survey research, the convenience sample of organizations used in this survey may or may not be representative of all organizations. Also, when using regression analysis it is important to keep in mind that correlation does not necessarily mean causation. Therefore we are not certain that the significant tactics caused the higher levels of organizational performance.

Practical implications

Managers will gain the knowledge of how to better tailor their strategy implementation to more effectively implement whatever generic strategy they attempt to use. Managers should pay particular attention to the critical tactics associated with their generic strategy.

Originality/value

This article is a practitioner‐oriented translation of an academic research study. The value of the current article is to share our findings with a more practitioner‐oriented community and present the implications of our findings to managers and decision‐makers in a less technical format.
Driving growth with new products: common pricing traps to avoid
Authors: Hogan John , Lucke Tom
Published: January 2007

Purpose

The purpose of this article is to reveal several issues surrounding old style twentieth century pricing traps that need to be overcome in the twenty‐firt century global economy and expanding internet marketplace.

Design/methodology/approach

The information on which this article is based derives from the authors' experience and expertise advising and supporting companies of all sizes over many years. There is further evidence from surveys done by a professional association.

Findings

Pricing is vital component to revenue and profit success and needs to be a functional lever for every company.

Practical implications

Whether introducing new products/services or upgrades to existing products/services, better revenue/profit margins can be accomplished by establishing a viable and value‐based pricing strategy.

Original/value

Pricing strategy is an essential element for doing business successfully in the global marketplace.
Related party transactions: too close for (shareholders') comfort
Authors: Dalton Catherine M. , Dalton Dan R.
Published: January 2007

Purpose

Looks at increasing number of related party transactions despite regulatory scrutiny.

Findings

Although related party transactions per se are not illegal or underhanded, they have the potential to raise red flags more readily than other transactions.

Practical implications

Provides executives with information on related party transactions and how to avoid impropriety.

Originality/value

Of particular value to CEOs and other board members
How managers generate ideas and why it matters
Authors: Vandenbosch Betty , Saatcioglu Argun
Published: January 2007

Purpose

The purpose of the paper is to describe a study of the styles and patterns people use to recognize the need for ideas, and generate and evaluate them to determine if understanding those patterns can help executives improve creativity and innovation in their organizations. People generally assume that good ideas are the result of good management and bad management leads to a dearth of them. But it might not be that simple.

Design/methodology/approach

We talked with 49 senior executives about their process for generating and implementing ideas. Their approaches to information, problem solving, and interacting with people both inside and outside their organizations determined the kinds of ideas they generate and consider.

Findings

We identified five distinct strategies or idea management types among the executives with whom we spoke: Incrementalists who take small steps and whose ideas are usually modest changes; Consensus builders who focus on agreement among stakeholders rather than ideas, per se; Searchers who combine information from diverse places and whose ideas result from unusual associations; Debaters who argue with themselves to develop ideas; and Assessors who are constantly revisiting their approaches and choices.

Research limitations/implications

While our research is limited by the small number of executives with which we interacted, it points to the implication that to develop organizations that foster creativity, it is important to understand the ways that people engage in idea generation and evaluation. It may be fruitful to focus on how people inquire about the world around them and to select people with behaviour patterns that fit with the requirements of the task at hand.

Originality/value

Shows that understanding idea management inclinations may improve organizational creativity and innovation, and performance of management in general.
New paradigm for the Asian boardroom – brand equity
Authors: Roll Martin
Published: January 2007

Purpose

The main purpose of this paper is to bring to the fore the strategic importance of branding as managed by the boardrooms, so that Asian companies can realize their full potential by inculcating right branding practices.

Design/methodology/approach

The paper methodically dissects the reasons for the lack of branding in the Asian region. It analyzes the societal factors that have shaped the Asian management mindset. Then, the paper takes up some of the Asian pioneers in the field to demonstrate the practical viability of what the author argues.

Findings

It has been found that Asian companies do not realize the importance of branding. Asian business leaders treat branding as an expense and not an investment. Further, many Asian companies still prefer building up tangible assets rather than strategic intangibles such as brand equity.

Practical implications

The important implication of this paper is that branding should no longer be delegated to the lower echelons of the company but rather managed by the CEO. Companies must focus on building long‐term strategic assets such as brand equity rather than tangible assets such as buildings, factories and the like.

Originality/value

Branding has always been mistaken for a fancy arm of advertising that is practised by the elite. By explaining the strategic importance of branding through concepts and case studies, this paper disseminates the emerging role of branding in the Asian corporate landscape. Specifically, this paper will be of a great value to Asian businessmen/women who can, by reading this paper, realize the growing significance of branding in their businesses.
Integrating strategic management and budgeting
Authors: Blumentritt Tim
Published: January 2007

Purpose

This article examines the relationship between budgeting and strategic management, especially in terms of strategic planning. Strategic management presents managers with a process for making decisions and guiding a firm's actions, while budgeting provides information on funding and accountability. The article takes the position that the two processes should be tightly integrated as they serve complimentary but distinct purposes.

Design/methodology/approach

The article develops a model of how strategic management and budgeting should be intertwined. The model describes a cascading process by which a firm's general strategic direction and financial condition drive tactical decisions and resources allocations at lower organizational levels.

Findings

The article discusses ideas on how the budgeting and strategic management might be administered so as to have the best impact on firm performance. A key observation in the article is that overall firm performance is likely to be improved when the two types of planning are use properly. The article argues that disconnections between the two will result in budgets that hinder implementation of the firm's strategies or strategies which cannot be supported by the firm's finances.

Originality/value

The article provides several ideas for managers on how to achieve better integration between strategic planning and budgeting. They include creating a cascading planning process, in which strategic and financial decisions progressive move down through an organization's hierarchy, establishing standing strategic review committees, using rolling budgets, and the proper application of available technological tools.
Losing the bubble
Authors: Marren Patrick
Published: January 2007

Purpose

The purpose of the paper is to provide the author's opinions about key issues in strategy and the future to the readership.

Design/methodology/approach

The study is based on the author's experience of planning engagements across a wide variety of private and public enterprises.

Findings

The paper finds that often the strategy process can produce results that are the opposite of what the organization either expects or needs.

Practical implications

The paper illustrates a couple of points that are perhaps insufficiently appreciated.

Originality/value

The study expresses opinions that the author believes have not been expressed in quite this way before.
Market share is not enough: why strategic market positioning works
Authors: Jackson Stuart
Published: January 2007

Purpose

The author and his colleagues at LEK Consulting LLC have helped hundreds of firms over the years to achieve higher growth, increase their profit margins in existing businesses, add scores of new services and products, and make hundreds of successful M&A transactions while using strategic market positioning principles. This article has been written by the author with the aim of making the principles better known to others after having seen these principles work for his clients.

Design/methodology/approach

Research conducted by the author's firm, LEK Consulting LLC, combined with experience gained from hundreds of client engagements, has shown that while average shareholder returns for most industries tend to cluster in the 0 percent to 20 percent range with amazing consistency, there can be spectacular differences among companies within almost every industry sector. A top performer in a particular sector can be 200, 300, or even 1,000 percent better than the sector's worst performer. The research and experience with clients show that high‐performing companies have learned how to determine their strategic market position, or SMP, and how to make investments that increase overall SMP and drive long‐term value.

Findings

Traditional strategic thinking argues that greater market share equals greater profit. But bigger is not necessarily better; in many cases, it can actually be worse. As most companies use it, market share can be a misleading and dangerous measure. The trick lies in being able to identify the right market segments in which to focus efforts and improve one's share. Successful companies understand where growth will build competitive strength and profitability and where it will not.

Originality/value

Strategic market positioning is a tool for decision‐making shared by management functions throughout an organization that can be applied in a broad range of situations. Examples include prioritizing sales or development efforts, finding new and profitable markets, improving low‐growth or low‐margin businesses, and identifying acquisition opportunities.
Telling the corporate story: vision into action
Authors: Marzec Morgan
Published: January 2007

Purpose

The “Corporate Story” was written to provide organizations with a starting block for developing their company's strategic message. This paper aims to address this issue.

Design/methodology/approach

The paper presents an ideological framework for developing your corporate story, and provides recommendations for ensuring that it rings true. It uses organizational action as proof that a company is living its story, rather than just saying it is so.

Findings

The concept of using leadership to develop organizational messaging draws on research of human memory capabilities to identify structures for messaging that are both meaningful and memorable. The “Corporate Story” identifies means for ensuring that your strategy resonates with targeted groups.

Practical implications

The “Corporate Story” proposes the concept of employees acting as characters in a plot, and seeks to align leadership around consistent messaging.

Originality/value

The story is ultimately intended to engage employees in the company vision and result in a more productive workforce. The concept of a “corporate story” is new in as much as this paper seeks to define the values that a company's story reflects, and develops a framework for how to bring your story to life within a company. Creating employee “buy‐in” in an organization is no easy task, this paper discusses how not to detract from the meaning of your story by living the ideals which it presents.
Aspiration and leadership
Authors: Klaas Jagersma Pieter
Published: January 2007

Purpose

Management needs an aspiration as to how the company will work in the future. It needs a guide for corporate priorities. Any company ‐ local or global ‐ must be driven by an aspiration that energizes and motivates the company from top to bottom. Yet very few managers and executives know how a corporate aspiration can help to bring about focus and direction, or how to develop or execute one. This article attempts to fill some of those gaps.

Design/methodology/approach

The author has been systematically researching the question of what makes successful corporate aspirations tick. During March 2005‐January 2006, 51 (former) CEOs, presidents, chairmen, and managing directors of a diverse array of global companies were interviewed. The executives represented a wide diversity of nationalities and industries.

Findings

The article finds that, first of all, a shared corporate aspiration can help unite a large, scattered workforce. An effective corporate aspiration sets the stage for the values and norms that drive most excellent companies. Second, there is no single right way to develop and execute corporate aspirations. They are not all things to all people. Since cultures, market segments and competitors change constantly, so too do winning corporate aspirations. Third, corporate aspirations require effective execution, and, therefore, leadership. The challenge is to move from the rhetoric of aspiration to the reality of action. Fourth, the formulation of an effective corporate aspiration is a recurring senior executive challenge that entails careful timing and analysis, close interaction with employees and other stakeholders, and a certain amount of experimentation. Last, but not least, companies with serious problems should focus on solving their problems before embarking on a time‐consuming corporate aspiration‐setting exercise. However, once the house is in order, aspiration‐setting is the greatest possible lever for increasing shareholder and stakeholder value.

Originality/value

A corporate aspiration is key to the continuity and organizational morale of the company. It helps create economic and cultural value necessary for continuity and focuses the energy of the employees in the organization. Therefore, it is important to know how to develop, execute and realize a corporate aspiration. Management needs an aspiration as to how the company will work in the future. It needs a guide for corporate priorities. A corporate aspiration is key to the continuity and organizational morale of the company. It helps create economic and cultural value necessary for continuity and focuses the energy of the employees in the organization. Any company ‐ local or global ‐ must be driven by an aspiration that energizes and motivates the company from top to bottom. Yet very few managers and executives know how a corporate aspiration can help to bring about focus and direction, or how to develop or execute one. This article attempts to fill some of those gaps.
Transnational mergers and acquisitions: how to beat the odds of disaster
Authors: Firstbrook Caroline
Published: January 2007

Purpose

The aim of this paper is to discuss the trend towards cross‐border mergers and acquisitions (M&A) and review best practices for successful cross‐border M&A transactions (and how they differ from executing national deals).

Design/methodology/approach

The objectives are achieved through a review of four best practices for successful planning, implementation and execution of cross‐border deals. Also, a March 2006 Accenture/Economist Intelligence Unit survey is used which highlights trends towards cross‐border deals and common pitfalls in the successful execution of deals – in particular the difficulties in addressing cultural issues and local due diligence.

Findings

The paper finds that executives believe in their M&A strategy but doubt their organizational ability to successfully implement and execute and to realize financial gains and cross‐border deals offer a different mix of opportunities and risks, which need to be understood and managed if the deals are to be successful. The key to success lies in understanding exactly what makes cross‐border deal making different, and in developing the skills needed to create value.

Practical implications

There are four key drivers of success in cross‐border M&A: start with a clear and compelling strategy – the most successful cross‐border acquirers begin with a clear view of both the role that cross‐border acquisitions will play in their strategy and the type of companies best equipped to fill that role; do your homework – the greatest risks in cross‐border transactions arise from the failure to understand the culture, regulatory structure or competitive environment – and sometimes all three considerations – in the target market; value your new people – regardless of the rationale for the acquisition, a key asset – many would argue the most important one – in a cross‐border acquisition is people; and execution, execution, execution – successful execution begins early – in some cases, long before the deal is done.

Originality/value

A recent survey (Accenture/Economist Intelligence Unit, March 2006) shows for the first time that among global M&A deals, cross‐border transactions now exceed domestic transactions – and this trend is likely to continue. Yet for many c‐level executives, the prospect of acquiring or merging with a company in an unfamiliar market is daunting – and cross‐border M&A is considered more difficult than executing on domestic deals. This paper is intended to give c‐level executives practical, hands‐on advice for conducting cross‐border M&A as well as publicizing survey results specifically on the cross‐border M&A trend.
Review of the proposed interoperation of InforM25 and AIM25
Authors: Nicolaides Fraser
Published: January 2007

Purpose

This paper seeks to document the initial attempt to effect interoperation between a virtual (distributed) union catalogue of bibliographical records and a centralised catalogue of archival collection descriptions. Its specific purpose is to discuss the proposed technical solution and the anticipated usage and usability of the resultant service.

Design/methodology/approach

The paper's research subjects were the M25 Consortium's InforM25 union catalogue and the Archives in London and the M25 Area's dual AIM25 databases. The architectural model to effect their interoperation utilised the Z39.50 (information‐retrieval protocol) functionality of the two services plus the latter's separate web application database.

Findings

Two core findings are reported. First, that technical interoperability between the Z39.50 elements of the nascent system was successfully achieved. Second, however, that semantic interoperability was significantly impaired by inconsistencies in the interpretation and processing of search types by the two AIM25 databases.

Research limitations/implications

This exploratory research project was concluded in 2003. Since then, what might be termed the next‐generation Z39.50 protocol, Search & Retrieve Web Service (SRW), has been developed. The paper would suggest that the interoperation of InforM25 and AIM25 forms a test‐bed application scenario for SRW.

Practical implications

Regardless of which information‐retrieval protocol is used, a model for controlling semantic interoperability will be an essential requirement. It is recommended that this model be derived from the ISO‐registered Bath Profile.

Originality/value

This paper reiterates the central importance of the need to achieve semantic interoperability in distributed search environments, and should therefore be of interest to those concerned with the funding and creation of any such regional, national or international initiatives.