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Economics of Strategy 3rd Edition

4.3 out of 5 stars 41 customer reviews
ISBN-13: 978-0471212133
ISBN-10: 047121213X
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Editorial Reviews

Review

“…the book seeks to supply an economic lens for viewing the broad sweep of the strategic activities of the firm.” (Times Higher Education Supplement, Thursday 28th February 2008) --This text refers to an alternate Hardcover edition.

From the Publisher

Designed to engage and challenge students, this comprehensive book applies modern economic principles to study a firm's strategic position. The first section focuses on a company's boundaries, economics, transactions costs, economies of scale and scope and diversification. The second part deals with industrial organization economics such as market structure and dynamic price competition and concludes with four detailed industry analyses. The third segment covers strategic positioning and dynamics. The final section offers topics associated with internal organization. Contains hundreds of examples to illustrate how the economic principles of strategy apply to the actual business world. --This text refers to an out of print or unavailable edition of this title.
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Product Details

  • Hardcover: 656 pages
  • Publisher: Wiley; 3 edition (July 22, 2003)
  • Language: English
  • ISBN-10: 047121213X
  • ISBN-13: 978-0471212133
  • Product Dimensions: 8.3 x 1.2 x 10.3 inches
  • Shipping Weight: 3 pounds
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (41 customer reviews)
  • Amazon Best Sellers Rank: #2,498,305 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

By L. Skoufa on September 11, 2006
Format: Hardcover Verified Purchase
I teach strategic management to undergraduates at an Australian university and have used the 2nd and 3rd editions of this book in the past three years to supplement the theory from our prescribed texts. It is heavy going in some places for the students but I like the book's rigour. The only criticism I have is that the 4th edition I just received has some minor errors. For example, pages 20-21 in the "Economic Profit versus Acccounting Profit" section has errors in the figures quoted for economic profit for McDonalds and Starbucks. I think this has occured because the 3rd edition figures have been carried over to the 4th edition without a proper proof-reading. Another minor mistake is that Table 10.2 (page 329) should read "Five-Forces Analysis of the Commercial Aciation Industry" and not "Five-Forces Analysis of the Chicago Hospital Market". Sorry to be pedantic but I guess these things can detract from the perceived quality of an otherwise top-quality text. Please note I will be buying your next edition in a couple of years. Cheers from "DownUnder Australia!"
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By A Customer on March 19, 2002
Format: Hardcover Verified Purchase
Filled with the most current information and packed full of the latest theories, this book delivers on it's promise to deliver an analytical base for economic strategy.
But some sections contain high fog counts and complicated discussions to describe relatively simple concepts.
Some of the examples offered as proof of theory seem forced. Instead of proving the theory, they show that other (undiscussed) strategic influences are at work. While expanded awareness is definitely a good thing, such examples tend to undermine the theories they purport to prove.
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Format: Hardcover
For those who have become disenchanted with the faddish rhetoric of corporate strategy, and seek more rigorous analytical grounding than offered in most "inspirational" business books, this text by three faculty members of Northwestern University and of Purdue University is refreshing.
The text recapitulates the key tools of micreconomic theory in a masterful introductory chapter which covers cost theory and game theory. The rest of the book is structured around the four classes of issues which the authors see as the essence of strategic analysis: firm boundaries, market and competitive analysis, position and dynamics, and internal organization.
The text is full of excellent examples and mini case studies from a wide range of industries.
I have not found it easy to find many other texts which achieve this balance of analytical rigor and practical business-oriented empirical focus.
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Format: Hardcover
It has been years since my macro/micro courses, so I am a bit rusty and slow on the uptake. I find this book very wordy...could be much more concise. And some of the examples are not fully explained. Also, no explanation of some of the chapter end questions are included. Not very good for learning on your own.
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Format: Hardcover Verified Purchase
If it was an option, I wouldn't have bought it!

The book is dense in content about strategy and economics, but I found it a little bit complicated and dry with no concerete numerical exercises. Usually, strategy and economics readings are much more engaging and mind-provoking.
I had to buy it for my Business Processes course at business school (full time MBA program).
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Format: Hardcover
The reviewer L. Skoufa is correct; there's an error on pages 20-21 of the first printing of this text. We're fixing it in subsequent printings. Sorry for the mistake, and thanks for pointing it out. The paragraph should read as follows:

As discussed earlier, an important cost excluded from a firm's
accounting costs is the opportunity cost of its capital assets, such
as its plant and equipment. When a firm's accounting earnings do not
cover this opportunity cost, the firm will earn a positive accounting
profit but a negative economic profit. For example, in 2002
McDonald's had a positive accounting income of more than $2 billion,
but it had a negative economic profit of $124 million. (Table
P.3. shows McDonald's economic profit, and that for other selected
food and beverage chains, between 1997 and 2004.) What does this
negative $124 million mean? Just as with the owner of our software
firm, a negative accounting profit indicates that McDonald's assets,
when liquidated and deployed elsewhere, would have earned $124 million
more in income for its owners than McDonald's earned in 2002. In this
sense, in 2002 McDonald's "destroyed" $124 million of its owners'
wealth because its owners could have earned $124 million more that
year by deploying the funds they had invested in Starbucks in their
best alternative use. Not all firms, of course, make a negative
economic profit. In 2004, Starbucks earned an accounting profit of
slightly over $390 million and a positive economic profit of $151
million.
Read more ›
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Format: Hardcover Verified Purchase
this is the basis of strategic analysis; all competitive strategy & managerial economics courses should use this book as the fundamental theory book. This book lays down the economic perspectives that is used to to understand strategy. After this book comes Porter's trio to lay good foundation on strategic analysis
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