Economics of Strategyby David Besanko, David Dranove, Mark Shanley, Scott Schaefer Published 01 Aug 2006
|Economics of Strategy.pdf|
|Publisher||John Wiley & Sons|
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Discover the art of strategic thinking
Revised and updated to reflect the cutting edge of academic thinking about business strategy, the Fourth Edition of Besanko, Dranove, Shanley, and Schaefer's highly acclaimed text offers a solid economic foundation for strategic analysis. By presenting basic concepts of economic theory with ideas in modern strategy literature, the book provides an economic lens for viewing the broad sweep of the strategic activities of the firm.
The book begins by focusing on the boundaries of the firm and examines competitive strategy from the perspective of industrial organization (IO) economics, particularly Porter's Five Forces. It then explores strategic positioning and dynamics as well as topics associated with internal organization, including personnel economics, organization structure, and strategic fit.
Features of the Fourth Edition
* Chapters on human resources management, entry, positioning, dynamics, technological change, and organizational structure are substantially revised.
* An updated chapter on business history covers the recent dot-com bubble.
* Presents economic principles without overemphasizing the math.
* Rigorous treatment of organizational topics such as structure and culture enables you to experience the full scope of strategic thinking.
* The authors use Porter's Five Forces as a tool for organizing industry analysis, building on the coverage of industrial organization and game theory. The text also considers the Value Net, another tool for organizing industry analysis.
* Includes coverage of make or buy decisions (Chapters 2-4) and benefit and cost advantage and sustaining advantage (Chapters 11-13).
* Fascinating examples, including many new to this edition, bring the economic models to life. Many of the examples involve businesses outside of the United States.
"Economics of Strategy" Reviews
This textbook is comprehensive and well-written, over viewing a lot of ground about how firms and markets organize and evolve.
A big highlight for me were the "green boxes" -- the sidebar examples, many of which were interesting and surprising (did you know that cement industry is organized differently in US, Mexico, and Brazil? Did you know Samsung evolved from a very top-down organization focused on volume to much more innovative, risk-taking producer of quality goods?)
Being a textbook, the book provides questions at the end of each chapter, which were helpful in deepening one's understanding and suggesting connections between topics in the text.
Without getting overly theoretical, the book does provide simple economic models -- which are useful in shedding light on topics such as pricing and profit levels in oligopolies. Perhaps the most valuable parts to me were the treatment of oligopoly and discussion of market structure -- including the role of endogenous costs in giving rise to soft-drink-like markets with few dominant forms and many small entrants.
As the title would suggest, the book offers an economics perspective on structure of markets, role of differentiation in strategy, and even internal structure of the firm. Also useful was the treatment of micro and macro dynamics of competition -- both are important to understand if one wants to pick firms which are likely to, for example, attain and retain market dominance, or coexist profitably with other market powers.
Weighing in at around 500 pages of dense network of theories and data, this book took considerable effort to work through, but it amply rewards the effort invested.
This book provides valuable theoretical and practical information on strategy. Well structured and understandable. I read it as a part from preparation of my Strategic course for Graduate School. If you are a grad student, go for it.
Brilliant book that outlines various different concepts of strategies that can be found in any firm.
The star factor for me are the real-life/anecdotal examples that are given to help readers apply these concepts to real issues amongst firms, and hence improve their understanding.
Worth every penny.
The book can be used as a starter for understanding a concept of business competition, competitive environment and strategy. It contains numerous case studies and provides a useful framework for further readings on the topic.
I read it as a part from my study for EMBA at Manchester business school, great and easy to understand
Good book on Organizational Economics driven strategy