Gary Stockport

Defining Strategic Flexibility

This chapter presents a review of the literature about the term strategic flexibility. It analyzes various components and definitions of strategic flexibility and concludes by defining the term. Using previous research about strategic flexibility, this article discusses the many components and definitions of strategic flexibility. Rather surprisingly, strategic flexibility has been considered by research in a variety of academic disciplines such as strategic management, economics, organization, theory, and marketing, and therefore, there is a diverse array of views about how to define this term. Strategic flexibility is often discussed “alongside” such terms as strategic choice, strategic maneuverability, and strategic options. This chapter found that previous research had developed “operationalized” definitions based upon the specific needs of their studies. Consequently, there has not been a “proven,” agreed definition of strategic flexibility. It is suggested that this chapter adds to our general understanding of the term by advancing a general definition of strategic flexibility.

Business leaders’ views on the importance of strategic and dynamic capabilities for successful financial and non-financial business performance

Purpose - – The purpose of this paper is to report on research that identifies the relationships that senior managers believe exist between capabilities and business success. In doing so, it addresses the need for more empirical research about the role of strategic and dynamic capabilities in organisational performance. It also highlights the critical strategic and dynamic capabilities that are most valuable for practising managers. Design/methodology/approach - – A multi-method study was conducted. Eight types of strategic capability and ten types of dynamic capability commonly found in organisations were identified through consecutive literature review, web site content analysis and interviews with senior executives. A questionnaire survey was then used to ask senior officers of publicly listed Australian firms about the importance of each capability and financial and non-financial performance indicators. The relationship between capabilities and performance was measured by regression modelling. Findings - – Good leadership with an innovative vision and selection and retention of good staff and developing their skills and capabilities were the stand out strategic capabilities. Strategic thinking about the big picture and the long-term and flexible leaders who can lead and manage adaptation to change were considered to be the most important dynamic capabilities. Strategic capabilities were more often associated with indicators of financial success, and dynamic capabilities were more often associated with non-financial measures of organisational performance. Originality/value - – This is the first study to make a distinction between strategic and dynamic capabilities in examining the relationship between capabilities and business success. The results demonstrate that the distinction has both theoretical and practical value.

ANZ Bank: Building a Strategy for Asia

This case considers the Super Regional Strategy adopted by the Australian and New Zealand Banking Group (ANZ) under the leadership of CEO Mike Smith from October 2007 to early 2011. The Super Regional Strategy had the goal of deriving 20 per cent of ANZ’s profit from the Asian region by 2012 and between 25 and 30 per cent of profit by 2017. This strategy was a significant departure from the relative safety of the Australian banking sector and necessitated significant organizational changes. Not without risk or critics, ANZ is still in the formative stages of its strategy which will be a decade or more in the making. This article documents some of the changes to date.

THE RELATIONSHIP OF HYGIENE, MOTIVATOR AND PROFESSIONAL STRATEGIC CAPABILITIES TO THE PERFORMANCE OF AUSTRALIAN MUSIC FESTIVAL EVENT MANAGEMENT ORGANIZATIONS

The Australian music festival event management (AMFEM) industry is situated in a highly competitive industry and dynamic environment. Thus, the purpose of this article is to explain if and how Motivator, Hygiene, and Professional (MHP) strategic capabilities (SCs) are positively associated with the performance of AMFEM companies. A mixed-methods research design comprising a case study of a Western Australian event management company and 12 in-depth interviews with, and a questionnaire survey of, a sample of AMFEM organizations was used to develop and test our proposed MHP model. Fifteen SCs were identified from the academic literature and qualitative research, which were used to construct and measure the variables in the MHP model. The questionnaire survey (sent by e-mail/post to 238 organizations, of which 48 responses were usable) canvassed opinions about the relationships between the MHP SCs and the performance of AMFEM organizations. It was found that all the SCs were related to AMFEM performance; however, only Motivator and Hygiene groupings of strategic capabilities were directly related to organizational performance, while grouped Professional strategic capabilities were indirectly related. Overall, the participants and respondents validated the MHP model. Therefore, managers of events organizations should develop Motivator and Hygiene SCs first and foremost for increased performance of their companies. They should also engage distinguished artists and direct careful attention to planning, customer satisfaction, and innovation in order to ensure a successful outcome. Our findings add to the festival event management literature by demonstrating the importance of Motivator, Hygiene, and additional Professional SCs for the successful performance of music festival event management organizations. All three groups were found to play important, though not equal roles.

Towards an adapted MHP strategic capabilities model for moderating challenges to quality music festival management

Purpose The music festival industry is challenged by intense competition and financial exigency. As a result, many festivals have either folded or are currently struggling. Therefore, the purpose of this paper is to show that motivator-hygiene-professional (MHP) strategic capabilities (SCs) are positively associated with quality music festival management thereby providing a playbook for potentially mitigating these challenges. Design/methodology/approach The mixed methods research design comprised a case study of a leading event management company as well as nation-wide in-depth interviews and questionnaire survey. The authors initially confirmed the nature of the challenges to the industry from the case study and the in-depth interviews. The authors then developed an MHP Model of 15 SCs that were identified from the literature and the qualitative research. The relationship of the MHP SCs model to quality music festival management was tested in the questionnaire survey. Findings The respondents suggested that all the SCs were related to quality music festival management. However, Professional SCs were considered comparatively less important than motivator and hygiene SCs. Across all three groups, interviewees highlighted the significance of artists, site and operational planning, financial and stakeholder management and ticket pricing. In addition, careful planning, delegation and quality focus, problem solving, resolve and flexibility, leadership and vision, communication and innovation were considered conducive to the quality management of music festival organisations. Practical implications The MHP SCs model and dimensions of quality management offer music festival event managers a detailed practical playbook for moderating challenges to music festival management. In essence the authors provide the specific drivers that festival managers should best focus their attention upon. Visionary leadership, artist differentiation, innovation, customer service and flexible management have priority. Originality/value The findings add to the festival management literature by demonstrating the importance of motivator, hygiene and additional professional SCs for moderating challenges to the music festival industry. To the best of authors’ knowledge, no previous studies have directly investigated specific SCs critical for quality event and festival management. In particular, the academic significance of this paper is that the authors have combined Herzberg’s motivator and hygiene factors with SCs, which are in essence success drivers, to create a novel holistic MHP SCs model for quality music festival management. Further explanatory insight is gained by the addition of a third factor of professional SCs.

AirAsia – flying high

This article considers AirAsia (a Malaysian company) under the leadership of Tony Fernandes. AirAsia had very quickly grown to become one of the most successful low cost, short haul airlines in Asia. This article outlines the elements of AirAsias business model which had enabled it to build a sustainable competitive advantage.

Cochlear – hear now. And always?

This article documents the history of Cochlear as it has grown from its first implant in Australia in 1978 to over 120,000 implants across 100 countries by early 2010. It considers Cochlear’s differentiation focus strategy which has positioned Cochlear as the global leader in the profound hearing market segment. The article predominantly considers Cochlear’s strategy since 2004 under CEO Chris Roberts’ tenure. Possible threats and the strategic challenges going forward are considered.

Google: organising the worlds' information

The case study documents the history and growth of Google from its start up to early 2009. A number of important strategic events over its history are considered within the case study such as: its founders Larry Page and Sergey Brin, the struggling early internet search companies, forming a strategic partnership with Yahoo, building a better business model, its reaction to 9/11, and entering China. The case study seeks to address a number of strategy questions such as: How does Google formulate and implement strategy? How did Googles business model evolve? How does Google make ethical strategic decisions within its quest to organise the worlds information?

Prudential Supervision, Banking and Economic Progress: Implementation of Risk Management Procedures in Joint Stock Banks in Vietnam

Classical economic theory suggests that for economic development, a nation needs people, resources and capital. In populous and resource-rich Southeast Asia, capital for investment is the critical ingredient for the transition of underdeveloped nations to more prosperous states. Sound prudential supervision, combining credit, market and operational risk management best practices, can collectively provide adequate levels of investment to sustain rapid economic growth, to improve living standards, and to begin tackling major systemic, infrastructure and environmental challenge. However, in Southeast Asian Transition Economies (SEATE’s), especially Vietnam, these nations remain dependent on foreign capital because reforms of the state-dominated banking system have further to go. This study, undertaken in Vietnam in the 2001-08 period, takes a three step process of reviewing Vietnamese legislation and local best practices at privately held “Joint Stock Banks”, comparisons to best practices such as those promulgated by the Bank for International Settlements and in leading banking journals, followed by a data collection effort involving semi-structured interviews from 28 joint stock bank senior managers in Vietnam from 15 joint stock banking institutions.