John J. Oliver and Emma Parrett
This paper aims to provide an overview of the role that scenario planning can play in managing the uncertainty caused by changing and unpredictable competitive dynamics.
Abstract
Purpose
This paper aims to provide an overview of the role that scenario planning can play in managing the uncertainty caused by changing and unpredictable competitive dynamics.
Design/methodology/approach
This viewpoint reflects both the practical experience of strategic planners, combined with an academic insight into the advantages of using scenario planning as a management tool.
Findings
Firms can develop corporate level strategy and gain long-term certainty in their strategic approach by using scenario planning to strategize in a way that allows them to prepare for multiple futures, with multiple strategies.
Practical implications
Firms can manage environmental uncertainty and turbulence by being “mentally prepared” to address the future by evaluating the critical uncertainties driving turbulence and the strategic options relevant to a number of possible future outcomes.
Originality/value
A unique combination of practical experience fused with academic knowledge on harnessing the power of scenario planning to manage uncertainty and develop organizational strategy.
Details
Keywords
This paper examines the role that corporate culture plays in shaping firm performance. It specifically examines how a corporate crisis event resulted in adaptive cultural…
Abstract
Purpose
This paper examines the role that corporate culture plays in shaping firm performance. It specifically examines how a corporate crisis event resulted in adaptive cultural responses that may be inhibiting the level of firm innovation.
Design/methodology/approach
The research presents a longitudinal analysis of risk and innovation words contained in Barclays Plc corporate annual reports.
Findings
In the wake of corporate fraud and punitive charges, Barclays Plc introduced a number of new governance structures and a new code of conduct for employees. These initiatives moved the firm away from excessive risk taking, but may have also placed an emphasis on risk aversion at the expense of innovation.
Practical implications
The insight provided by this viewpoint and analysis may help CEOs and their management teams to better understand how changes in strategy, and or new corporate initiatives, create adaptive changes in culture. These changes, whilst making improvements in one area, may detract from performance in other parts of the firm.
Originality/value
This paper provides a highly original look at corporate culture and has employed an innovative methodology to underpin the analysis and subsequent viewpoint.
Details
Keywords
The purpose of this paper is to illustrate how two media firms, Sky Plc and Pearson Plc, adapted, reconfigured, and transformed their businesses to meet the demands of an…
Abstract
Purpose
The purpose of this paper is to illustrate how two media firms, Sky Plc and Pearson Plc, adapted, reconfigured, and transformed their businesses to meet the demands of an operating environment characterized by inexorable changes in digital technologies.
Design/methodology/approach
The over-arching vision, corporate strategies, and financial performance for both firms are examined over two business cycles.
Findings
These findings illustrate why firms need to create a portfolio business that takes advantage of the market opportunities created by innovative digital technologies, while off-setting the risks associated with digital disruption.
Practical implications
Business leaders should not dispense with the basic principles of good strategic business unit portfolio management in their attempts to take advantage of the market opportunities provided by a disruptive digital environment.
Originality/value
This paper provides a highly original insight into how two firms placed ambitious levels of growth at the heart of their corporate strategies to seize the market opportunities provided by an increasingly digital operating environment.
Details
Keywords
John J. Oliver and Newton Velji
This paper aims to discuss the emerging theme of risk aversion in entrepreneurs following high levels of industry consolidation.
Abstract
Purpose
This paper aims to discuss the emerging theme of risk aversion in entrepreneurs following high levels of industry consolidation.
Design/methodology/approach
This paper is a viewpoint on the authors’ opinion and interpretation of industry consolidation.
Findings
The UK Independent TV Production Industry has experienced a remarkable degree of consolidation with corporate acquisitions and mergers changing the size, shape and revenue distribution among firms in the industry. In addition, entrepreneurs appear to be more risk averse in terms of entering the industry.
Practical implications
If the trend in entrepreneurs in the UK TV Production Industry being more risk averse continues, then the number of new startup firms will fall and that could put the future of the industry at jeopardy.
Originality/value
This paper presents an interesting observation on the impact of consolidation of the UK Independent TV Production Industry, in so far as, entrepreneurs appear to be becoming more risk averse.
Details
Keywords
The purpose of this paper is to provide a strategic commentary on the interconnected areas of corporate strategy and employee performance by illustrating how two organizations…
Abstract
Purpose
The purpose of this paper is to provide a strategic commentary on the interconnected areas of corporate strategy and employee performance by illustrating how two organizations adapted and transformed their businesses to the demands of digitalization and new media.
Design/methodology/approach
A longitudinal analysis (1995-2015) of employee productivity was calculated as operating income per employee for each firm and benchmarked against industry data.
Findings
Both firm’s corporate objectives and strategies were focused on ambitious levels of growth and the opportunities provided by an increasingly digital environment. However, the firms had transformed their businesses in different ways with distinct employee productivity performance outcomes.
Practical implications
This paper provides case studies of strategic transformation and argues that HR management strategies and practices need to be continually evaluated to assess their employee productivity in an uncertain digital operating environment.
Originality/value
This paper provides a longitudinal analysis of how media firms, Sky Plc and Pearson Plc, adapted, reconfigured and transformed their businesses to meet the demands of an operating environment characterized by inexorable changes in digital technologies. It presents data and conclusions on how the management of “human resources” had delivered different employee productivity outcomes over the long term.
Details
Keywords
This paper provides further evidence on a thought-provoking idea, Transgenerational Response, which was previously presented in this journal. It argues that a corporate crisis…
Abstract
Purpose
This paper provides further evidence on a thought-provoking idea, Transgenerational Response, which was previously presented in this journal. It argues that a corporate crisis event can create dysfunctional adaptive attitudes and behaviors which subsequently become embedded in the corporate culture of a firm to the detriment of its long-term performance.
Design/methodology/approach
A multi-method approach consisting of longitudinal content analysis of innovation and risk words in corporate annual reports and quantitative financial analysis divided the data into ‘what happened before the crisis event’ and ‘what happen after the crisis event’.
Findings
Case studies for AIG and Yahoo illustrate how a crisis event produced chronic financial performance and adaptive cultural responses that include a fall in innovation and an increased emphasis on risk in the years following the incident.
Research limitations/implications
This paper does not make claims of generalisability of the findings. However, it does provide a platform for future researchers to develop this line of reasoning and perhaps extend it to consider why some organizations demonstrate greater levels of resilience when faced with a crisis.
Practical implications
Identifying a Transgenerational Response means that business leaders can identify how a historic event has affected the performance and cultural dynamics of their firm over time. As such, it will be easier to manage the inherited cultural attitudes and behaviours that have combined to consolidate a firms chronic underperformance.
Originality/value
This highly original, evidence-based idea, has the potential to reshape our current understanding of corporate turnarounds, CEO turnover, underperformance and adaptive cultural change.
Paul Clemens Murschetz, Afshin Omidi, John J. Oliver, Mahyar Kamali Saraji and Sameera Javed
Dynamic capabilities (DCs) help media firms adapt to rapidly changing environments. The purpose of this study is to provide a comprehensive literature review of studies of DCs in…
Abstract
Purpose
Dynamic capabilities (DCs) help media firms adapt to rapidly changing environments. The purpose of this study is to provide a comprehensive literature review of studies of DCs in strategic management research with a view to understanding its implications for the management of media organizations. Essentially, it fertilizes on the idea that the concept of DC is useful and vital for answering various critical questions regarding the challenges that media organizations are currently facing.
Design/methodology/approach
This study builds on a systematic literature reviewing design as the research methodology. It aims to identify, critically evaluate, and integrate factors, dimensions, and findings on studies of DCs in strategic management research and builds knowledge transfers to the field of strategic management research in the media industry.
Findings
The study shows that the DC framework helps media firms effectively respond to changing environments. The conceptual DC framework has implications for media strategy practice. Results indicate a considerable growth in the number of papers published related to the DCs in media organizations from 2003 to 2018.
Originality/value
The study qualifies the relevance and validity of the DC framework in strategic management research for the field of strategic media management. It explores a research agenda in this domain by precisely explaining the significant trends in the theory of DC to shape managerial strategies in the media industry.
Details
Keywords
– This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.
Abstract
Purpose
This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.
Design/methodology/approach
This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.
Findings
The competitive environment is improving, but the high levels of turbulence mean that an increasing number of media firms believe that they are adapting too slowly to change.
Practical implications
The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations.
Originality/value
The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.
Details
Keywords
Many businesses have seen their markets and competitive set transformed over the past decade. This revolutionary context has created many high‐velocity markets, where rapid change…
Abstract
Purpose
Many businesses have seen their markets and competitive set transformed over the past decade. This revolutionary context has created many high‐velocity markets, where rapid change is a constant, and defining the strategic direction of a firm becomes a more complex activity. This paper seeks to argue that organizations can win in high‐velocity markets by adapting their resource base, renewing capabilities and competencies and achieving dynamic capability.
Design/methodology/approach
An extensive review of business and management literature is combined with primary research into a number of large media companies.
Findings
Winning in high‐velocity markets requires organizations to adapt their resource base, in a compressed timescale, due to the fast changing nature of market conditions.
Practical implications
Organizations react differently in the same high‐velocity market conditions. Some will look for opportunities that will provide them with a platform for a step change in their capabilities and competitiveness. Others will batten down the hatches and wait for the storm to pass, and in doing so, will lose their competitive edge.
Originality/value
The knowledge on dynamic capability is fragmented and often untested in practice. This paper consolidates various perspectives and illustrates it in a case study from the media industry. It provides CEOs with a strategic recipe to develop dynamic capability in their organizations.