Strategic management: Creating competitive advantages

Strategic management: Creating competitive advantages

BOOK REVIEW Strategic Management: Creating Competitive Advantages Gregory G. Dess, G. T. Lumpkin, Published by McGraw-Hill Higher Education/2003/455 ...

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Strategic Management: Creating Competitive Advantages Gregory G. Dess, G. T. Lumpkin, Published by McGraw-Hill Higher Education/2003/455 pp

Howard B. Fleishon, MD The target audiences for this book are management students and leaders involved in strategic decision making and planning. The basis is to explore why some firms are able to develop and maintain competitive advantages in the marketplace. It is not specifically for medicine or Radiology. However, the principles in the text are applicable to both academic and private-practice radiologists who are facing leadership and management issues. The concepts are presented in a format that is very organized and coherently structured. One of the values of this book is that it can be read by those with varying levels of either didactic or practical knowledge and experience. Although a novice can capture key elements being offered, those with greater experience in accounting, finance, and operational management will gain

additional insights. The text presents established principles along with proposed progressive theories of strategic management. There are numerous examples of real-life applications and results throughout the book. An example is chapter 11, “Effective Strategic Leadership.” The principles presented center on the vital role leaders must play in strategic management: setting the direction, designing an organization, and nurturing a culture committed to excellence and ethical behavior. Integral to this is developing a “learning” organization. This latter concept is not new. Dess and Lumpkin, however, deftly integrate it into the context of strategic management. The book is organized into five sections. The first section reviews the question, “Why do some firms outperform others?” The focus is

on how an organization creates and sustains competitive advantages. The second section examines the strategic management process itself. The third section discusses the importance and relevance of managing the interests of other stakeholders, such as owners, customers, and employees. The next section involves the interrelation of globalization, technology, and intellectual capital in the current business environment. The final section emphasizes the need for organizations to maintain consistency in their visions, missions, and strategic objectives. This is not a medical or science text. Nor is it light reading material. However, for those who are interested in management issues, this is a worthwhile addition to your library. It can be appreciated by those having only novice skills or experience as well as those with established leadership credentials. I found it to be very well written, with recommendations and guidelines that can be applied to both short-term and long-term strategic management issues. For those who are interested or involved in leadership roles, I would highly recommend this book.

Howard B. Fleishon, MD, MMM, Valley Radiologists Ltd., Department of Radiology, 5322 W. Northern Ave., Glendale, AZ 85301-1400; e-mail: [email protected].

© 2004 American College of Radiology 0091-2182/04/$30.00 ● DOI 10.1016/j.jacr.2004.01.003