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General open and closed queueing networks with blocking: A unified framework for approximation
Vroblefski, Mark; Ramesh, R.; Zionts, Stanley (INFORMS, 2000)
In this paper, we develop a unified framework for approximating open and closed queueing networks under any general blocking protocol by extending and generalizing the approximation algorithm for open tandem queues under minimal blocking presented in Di Mascolo et al. (1996). The proposed framework is based on decomposition. We develop decomposition structures and analysis algorithms for any general blocking system using the framework. The proposed algorithms have been extensively tested using simulations as a benchmarking device. The results show that the proposed framework yields robust, reliable, and accurate estimates of system characteristics, such as throughput and Work-in-process inventory in a wide range of system configurations. The computational load is minimal. The unified framework presents a highly useful set of tools of analysis for queueing-system designers to use in evaluating the performance under numerous design alternatives. Directions for future research are presented, with a focus on critical application areas such as packet-switching-network design and cellular manufacturing.
7th Annual Mid-Atlantic Strategy Colloquium and Doctoral Workshop
(Virginia Tech. Department of Management, 2013)
A program for the colloquium hosted by the Department of Management and held at The Inn at Virginia Tech on February 15-16, 2013.
Preference-driven biases in decision makers’ information search and evaluation
Chaxel, Anne-Sophie; Russo, J. Edward; Kerimi, Neda (Society for Judgment and Decision Making (SJDM) and the European Association for Decision Making (EADM), 2013-09)
While it is well established that the search for information after a decision is biased toward supporting that decision, the case of preference-supporting search before the decision remains open. Three studies of consumer choices consistently found a complete absence of a pre-choice bias toward searching for preference-supporting information. The absence of this confirming search bias occurred for products that were both hedonic and utilitarian, both expensive and inexpensive, and both high and low in expected brand loyalty. Experiment 3 also verified the presence of the expected post-choice search bias to support the chosen alternative. Therefore the absence of a pre-choice search bias in all three studies was not likely to be due to our using a method that was so insensitive that a search bias would not be observed under any circumstances. In addition to the absence of an effect of prior preferences on information selection, subjects’ self-reported search strategies exhibited a clear tendency toward a balance of positive and negative information. Across the three studies, we also tested for the presence of a preference-supporting bias in the evaluation of the information acquired in the search process. This evaluation bias was found both pre- and post-choice.
Fundamentals of Business
Skripak, Stephen J. (Virginia Tech, 2016-05)
Fundamentals of Business (2016) is an openly licensed (CC BY NC SA 3.0) textbook designed for use in Virginia Tech’s Pamplin College of Business introductory level business course, MGT1104 Foundations of Business. A new version of this book was released in August 2018. See http://hdl.handle.net/10919/84848 for more details. If you are an instructor reviewing, adopting, or adapting this textbook, please help us understand a little more about your use by filling out this form http://bit.ly/business-interest. Share and find ancillary resources for this book at OER Commons. Questions? Comments? Did you adopt this book? Please contact the project manager at openeducation@vt.edu. A testbank is now available by request for this book. The testbank is available to any instructor who has adopted Fundamentals of Business in their course. This work is a project of University Libraries and the Pamplin College of Business, Virginia Tech. Lead: Stephen J. Skripak (adapter)
Contributors: Richard Parsons, Anastasia Cortes, Anita Walz
Layout: Anastasia Cortes
Selected graphics: Brian Craig http://bcraigdesign.com
Cover design: Trevor Finney
Student Reviewers: Jonathan De Pena, Nina Lindsay, Sachi Soni
Project Manager: Anita Walz Editable files are available in MSWord in the .zip folder. Please view the README.txt file within this zipped collection. Print-on-demand softcover versions of this work are available at the cost of manufacturing and shipping from Lulu Press: color | black & white. Selected graphics produced by Brian Craig are available CC BY 4.0 via WikimediaCommons. ISBN: (B&W): 978-0-9979201-1-6
ISBN: (Color): 978-0-9979201-0-9 Table of Contents
Preface: Teamwork in Business
Chapter 1: The Foundations of Business
Chapter 2: Economics and Business
Chapter 3: Ethics and Social Responsibility
Chapter 4: Business in a Global Environment
Chapter 5: Forms of Business Ownership
Chapter 6: Entrepreneurship: Starting a Business
Chapter 7: Management and Leadership
Chapter 8: Structuring Organizations
Chapter 9: Operations Management
Chapter 10: Motivating Employees
Chapter 11: Managing Human Resources
Chapter 12: Union/Management Issues
Chapter 13: Marketing: Providing Value to Customers
Chapter 14: Pricing Strategy
Chapter 15: Hospitality and Tourism
Chapter 16: Accounting and Financial Information
Chapter 17: Personal Finances To request access to the permissions files, please contact vtechworks@vt.edu.
Local Reasons to Give Globally: Identity Extension and Global Cooperation
Buchan, Nancy R.; Jeong, Sophia Soyoung; Ward Bartlett, Anna Katherine (Springer Nature, 2017-11-14)
Recent political events across the world suggest a retrenchment from globalization and a possible increase in parochialism. This inward-looking threat from parochialism occurs just as the global community faces growing challenges that require trans-national cooperation. In this research, we question if strong identification with an in-group necessarily leads to parochialism and ultimately is detrimental to global cooperation. Building on research on global social identification, we explore whether strong local identification can expand in inclusiveness to global identification, and among whom this is likely to happen. The results of our global public goods study - conducted in South Korea and the United States - show that high levels of social identification with a local group can extend to the global collective, particularly for individuals who are also high in concern-for-others. Furthermore, this identification translates into behavior that benefits the global, anonymous group at a cost to oneself. These results shed light on how to avoid the trap of parochialism and instead engender cooperative behavior with the broader global community.
Fundamentals of Business, Second Edition
Skripak, Stephen J.; Cortes, Anastasia; Walz, Anita R.; Parsons, Richard; Walton, Gary (VT Publishing, 2018-08-31)

Fundamentals of Business, Second Edition (2018) is an 372-page open education resource intended to serve as a no-cost, faculty customizable primary text for one-semester undergraduate introductory business courses. It covers the following topics in business: Teamwork; economics; ethics; entrepreneurship; business ownership, management, and leadership; organizational structures and operations management; human resources and motivating employees; managing in labor union contexts; marketing and pricing strategy; hospitality and tourism, accounting and finance, and personal finances. The textbook was designed for use in Virginia Tech’s Pamplin College of Business introductory level business course, MGT1104 Foundations of Business and is shared under a Creative Commons Non-Commercial ShareAlike 4.0 license. NOTE: A third edition of this book was released in 2020. See http://hdl.handle.net/10919/99283 for more details and to freely access the third edition. If you are an instructor reviewing, adopting, or adapting this textbook, please help us understand your use by filling out this form http://bit.ly/business-interest. If you are an instructor seeking supplementary resources for teaching, please join the listserv for this book and the resource sharing portal. A testbank is now available by request for this book. The testbank is available to any instructor who has adopted Fundamentals of Business in their course. Permanent handle: http://hdl.handle.net/10919/84848 (PDF, epub, and other versions)
DOI: https://doi.org/10.21061/fundamentals-of-business-vtechworks (PDF, epub, and other versions)
Online book: https://oen.pressbooks.pub/fundamentalsofbusiness (eBook-Pressbooks)
ISBN (print-color): 9780997920178 Available on Amazon
ISBN (print-black & white): 9781949373981 Available on Amazon
ISBN (ebook-PDF): 9781949373905
ISBN (eBook-Pressbooks): 97809979201-3-0 Instructors reviewing, selecting or adapting the text are encouraged to register their use with VT Publishing at in order to stay up to date regarding new volumes and editions, supplements, newly issued print versions, errata, and collaborative development or research opportunities. You may submit comments or report errors using this form. Additional suggestions or feedback may be submitted via email at: publishing@vt.edu Errors, omissions, and additions This work is a project of the Pamplin College of Business and University Libraries at Virginia Tech. This work is published by VT Publishing. What’s new?
This version of the book, the second edition, improves upon the 2016 edition. Improvements include: - Correction of errata identified in the 2016 compilation and many minor improvements. - Renumbering of chapters and added front matter. - Addition of new content: the PESTEL model in Chapter 2, Qualtrax case study in Chapter 7, and substantive revision of Chapter 16 Hospitality and Tourism. - Addition of desktop and mobile friendly navigation features and interactive self-quizzing (Pressbooks version only). - Addition of links to related external videos. - Addition of a low-resolution version. - Addition of accessibility features. Accessible PDFs: Figures now include alternative text (AltText) which enables access by users of screen reader software. - Broader format availability: PDF, epub, mobi, html, PressbooksXML, and OpenDocument (ODF) which is unformatted text editable with MSWord. - Addition of a feedback form for reporting errata - Addition of a faculty listserv and sharing portal. - Errata and corrections made to the Pressbooks version. No changes made to other formats. Features of the book
Each chapter lists learning objectives at the beginning of the chapter and key takeaways at the end of the chapter. The Pressbooks version of this book also includes interactive self-quizzing. Editable files are available in HTML, Open Document, PressBooks XML, ePub, MOBI, and PDF. Selected graphics produced by Brian Craig are available CC BY 4.0 via WikimediaCommons. Table of contents
Chapter 1: Teamwork in Business
Chapter 2: The Foundations of Business
Chapter 3: Economics and Business
Chapter 4: Ethics and Social Responsibility
Chapter 5: Business in a Global Environment
Chapter 6: Forms of Business Ownership
Chapter 7: Entrepreneurship: Starting a Business
Chapter 8: Management and Leadership
Chapter 9: Structuring Organizations
Chapter 10: Operations Management
Chapter 11: Motivating Employees
Chapter 12: Managing Human Resources
Chapter 13: Union/Management Issues
Chapter 14: Marketing: Providing Value to Customers
Chapter 15: Pricing Strategy
Chapter 16: Hospitality and Tourism
Chapter 17: Accounting and Financial Information
Chapter 18: Personal Finances Suggested citation
Skripak, Stephen J. (2018). Fundamentals of Business, 2nd Edition, Blacksburg, VA: VT Publishing. http://hdl.handle.net/10919/84848. Licensed with CC BY-NC-SA 4.0 https://creativecommons.org/licenses/by-nc-sa/4.0. Contributors: Anastasia Cortes, Gary Walton, Richard Parsons, Anita Walz
Digital and print production: Corinne Guimont with Robert Browder
Alternative text and accessibility: Stephanie Edwards and Christa Miller
Selected graphics: Brian Craig
Cover design: Trevor Finney
Student reviewers: Jonathan De Pena, Nina Lindsay, Sachi Soni
Project manager / editor: Anita Walz About the author
About the Previous Author
Fundamentals of Business, 2nd edition is adapted from a work produced and distributed under a Creative Commons license (CC BY-NC-SA 3.0) by a publisher who has requested that they and the original author not receive attribution. We wish to extend our gratitude to the original author for portions of her book which were remixed and adapted to form portions of Chapters 1-15 and 17-18 of Fundamentals of Business. If the publisher and author are both willing to allow us to provide attribution to the author while retaining use of the Creative Commons license and continuing to provide free public access, we will gladly and publicly thank the original author here.

About Stephen Skripak
Stephen J. Skripak is Professor of Practice in Management at Pamplin College of Business, Virginia Tech and former Associate Dean for Graduate Programs (2006-2014). He is a senior executive with 25 years of business leadership experience, including positions as General Manager and Chief Financial Officer with divisions of Fortune 500 companies. His background includes financial services, consumer packaged goods, apparel, and industrial companies, with emphasis in turnaround situations.
Nuances in the Interplay of Competition and Cooperation: Towards a Theory of Coopetition
Gnyawali, Devi R.; Charleton, Tadhg Ryan (SAGE, 2018-09-01)
Progress in coopetition research is impeded by two problems in the literature: (a) superficial conceptualization of simultaneity and outcomes and (b) lack of theorizing about core properties of coopetition and how they influence outcomes. This paper addresses these interrelated problems and charts a path towards a theory of coopetition. We systematically analyze competition and cooperation and illuminate how the interplay between specific aspects of competition and cooperation manifests through unique coopetition mechanisms. We explicate a range of possible outcomes from coopetition—joint value creation for all firms, value creation for individual firms, and value destruction—and suggest that coopetition mechanisms help explain how and why coopetition may lead to varying outcomes. Furthermore, we explain how effective navigation of simultaneity and value creation intent, two fundamental elements of coopetition, may be instrumental in deriving beneficial outcomes. Navigating simultaneity involves balancing competition and cooperation and maintaining both at moderately strong levels, and navigating value creation consists of managing the trade-off between joint value creation and firm value creation without compromising overall value creation. By explaining how coopetition manifests, what its unique underlying properties are, and how such properties influence outcomes, our paper provides a deeper understanding of the phenomenon and progresses the literature towards a theory of coopetition.
Testbank for Fundamentals of Business
Bamgarner, Sarah; Cortes, Anastasia; Futyma, Frank; Goodwin, Thomas; Hertweck, Bryan; Manfred, Michelle; Poff, Ron; Tuttle, Mallory; Watters, Sheila; Walz, Anita R. (2019-01)

About the test bank
The test bank includes 377 peer-reviewed, multiple-choice questions which correspond to topics taught in introductory-level business open textbook, Fundamentals of Business (2018) and (2020) which are freely available. Between 11-29 multiple-choice items are available for each of the following topics: Teamwork in Business, Foundations of Business, Economics and Business, Ethics and Social Responsibility, Business in a Global Environment, Forms of Business Ownership, Entrepreneurship: Starting a Business, Management and Leadership, Structuring Organizations, Operations Management, Motivating Employees, Managing Human Resources, Union/Management Issues, Marketing: Providing Value to Customers, Pricing Strategy, Hospitality and Tourism, Accounting and Financial Information, and Personal Finances. Requirements for test bank access
The test bank is available to any instructor who has adopted Fundamentals of Business in their course. It is NOT available to students for self-study nor is it available for research purposes. Please complete steps 1-3 below. STEP 0 (optional): View and test the "sample" files in the left hand column to determine which format works best for you. Additional information about each format type is available below under the formats section.
STEP 1 (required): Indicate requested files by clicking on any of the test bank files on the left (marked "permission required") add a note and press submit to request access.
STEP 2 (required): Email a copy of your course syllabus to openeducation@vt.edu
STEP 3 (required): Complete and submit the User Verification Process Form linked here. You will receive a copy of your request via email. Requested files will be released via email when steps two through four have been completed and reviewed. Note that access approvals are processed only during regular business hours. PLEASE NOTE that some campus emails block messages with zip files (which is the format of the test bank.) If you know your campus email does this, please indicate this and include an alternate email when you request the test bank. If you have submitted all required documentation and not heard anything after 3-5 business days, please contact openeducation@vt.edu as our email to you may have been blocked. Sample questions
Sample questions are available for those who wish to test various formats and assess the suitability of the test bank as part of their course material adoption decision-making process. Sample questions are provided in the same formats (XLS, Canvas IMS QTI 1.1.3, XML QTI, and Blackboard formats) as the permission-only test bank files. Sample questions have been removed from the electronically secure test bank. Formats
The test bank and portions thereof are available in multiple formats. Links to external sites regarding uploading different types of QTI files are here: Canvas | Blackboard or on the help pages for your respective learning management system by searching for "QTI". Files marked "IMS QTI 1.1.3" and have been tested to successfully import into Canvas but may work with other LMS/VLE systems. Please use the sample files to determine if one of the export formats will work for your specific situation. Please note that we are unable to provide additional file types, support for uploading, or assistance with reformatting files. Please contact your local learning management system (LMS) manager for additional support. 1. XLS (377 items): - Question and up to four multiple choice answers with the answer marked, - Question numbers, and - Chapter name, question type (factual or applied/conceptual), and level of difficulty information (Levels 1-3, with 1 being the easiest and 3 being the most difficult) are included on the item level. 2. Canvas IMS QTI 1.1.3 (377 items or 18 chapter-by chapters files containing 377 items): - Question and up to four multiple choice answers with the answer marked, - Question numbers, and - Chapter name, question type, and level of difficulty information are NOT included on the item level. 3. XML QTI (individual chapter-level test banks - 18 zip files): - Question and up to four multiple choice answers with the answer marked, - Question numbers, and - Chapter name, question type, and level of difficulty information are NOT included on the item level. 4. Blackboard (377 items or 18 chapter-by-chapter files containing 377 items): - Question and up to four multiple choice answers with the answer marked, - Question numbers, and - Chapter name, question type, and level of difficulty information are NOT included on the item level. Terms of use
Test bank questions and answers are the Copyrighted property of their creators.
Verified users are responsible for secure handling of the test bank. While every effort is given to ensure security of test bank questions or answers and release only to verified users, no warranties are given regarding the security of the test bank. Virginia Tech and the test bank authors can authorize and require, but cannot control what you or any other verified user does.
Privileges and responsibilities of verified users
Verified users may: - reproduce, - modify, and - redistribute
test bank questions and answers in the context of educational exams, quizzes, and assessments only.
Verified users must: - take reasonable measures to prevent students from duplicating and redistributing questions and answers
Verified users must not: - share test bank questions and answers beyond the institution with which the verified user reported an affiliation; - give exams back to students to keep or otherwise distribute; - release the test bank or answers to students as a self study-tool; - publicly post any portions of the test bank; - allow students to retain permanent or long-term access to exam materials.
Test bank access is limited to only those instructors who intend to use Fundamentals of Business in their course. In order to be verified, an instructor must: - Agree to the Terms of Use - Submit a copy of their course syllabus to openeducation@vt.edu (you retain all rights) - Confirm intent to adopt Fundamentals of Business for their course - Use an .edu address and provide verifiable information of their status as a business instructor
To be verified or to provide alternate credentials, please follow the "instructions for test bank access" above. Contact us
Errata | Report an error or omission Distribution
The information in the test bank is of a proprietary nature, produced by or for faculty of public institutions of higher education as a result of collaborative study, research, and peer review. Because it is intended to be used in student assessment the information has not been publicly released or published. If you become aware of public distribution of the test bank or portions thereof shared outside of a secure electronic environment, assessment context, or other security breach please inform us at: openeducation@vt.edu. Liability
The test bank and test bank items are provided "as is." Users of this resource assume all risks and further agree to hold Virginia Tech, the Commonwealth of Virginia and their employees and agents, and project contributors harmless from any and all actions related to use of this program.
The PESTEL Model
Duong, Alyssa (2019-02-16)
This video was created by Alyssa Duong for the Pamplin College of Business 2018 "Fundamentals of Business" video contest. It covers the sectors that make of the six macro environmental influences within the PESTEL model. Viewers can expect to learn what these macro environmental influences consist of and encompass by watching the video. The video was designed for student use in with the open textbook, "Fundamentals of Business," which can be found at: http://hdl.handle.net/10919/84848
Corporate entrepreneurship as a strategic approach for internal innovation performance
Tseng, Chien-Chi; Tseng, Cheng (2019-04-15)
Purpose – The purpose of this paper is to explore corporate entrepreneurship and the relationship between intrapreneurship and the proposed strategic models through a literature review. This paper reviews the strategic approach for increasing internal innovation performance at corporations. Design/methodology/approach – Key words were identified to use in the literature search: corporate entrepreneurship, innovation performance and entrepreneurial environment. Then, all of the several electronic databases available in the university’s electronic library, including Harvard Business Review and The University of Chicago Press, as well as journals, books, Google Scholar and other institutional resources. Findings – The six innovative outcomes are motivating individuals to engage in innovative behavior, concentrating entrepreneurial ventures through a newly minted organization within a corporation, helping innovative-minded people to reach their full potential, rewarding a corporate entrepreneur, encouraging people to look at the organization from a broad perspective and educating employees about corporate entrepreneurship. Research limitations/implications – The study was exploratory, based on a literature review. Further studies are needed using empirical research to examine why corporate entrepreneurship was attributed to be the strategic approach for internal innovation performance. Practical implications – By implementing the strategic approaches, corporate management professionals can realize their entrepreneurial intentions for the firm and maintain their responsibility to shareholders in terms of other business and development goals. Originality/value – The research constructs an input-process-output framework that minimizes external mergers and acquisitions and maximizes internal innovation performance. Value was created when corporate entrepreneurship was identified as a strategic approach for internal innovation performance.
A Testbank Sprint for Fundamentals of Business
Walz, Anita R. (2019-06-28)
During two days in January 2019, nine business faculty from seven institutions and three states (VA, NC, OH) worked together to develop a testbank for the open textbook, Fundamentals of Business. This library-planned and facilitated work sprint was designed as a productive, capacity-building, and network-enriching event for college and university instructors who use the open textbook Fundamentals of Business in introductory-level business courses. It was also held to explore and build capacity among librarians regarding the use of work sprint methods as a method for creation of scholarly works, encouraging multi-institutional collaboration, and creating opportunities for in-situ faculty (and librarian) development. This seven-minute lightning talk presents the rationale, planning process, collaborative model, schedule, resources used, and outcomes of the testbank sprint. The test bank for Fundamentals of Business is available by request at: http://hdl.handle.net/10919/93404. Note: Fundamentals of Business is an open educational resource (OER) freely available at: http://hdl.handle.net/10919/84848 (2018) and http://hdl.handle.net/10919/70961 (2016). Editable formats are also available. Instructors reviewing, adopting, or adapting the text should indicate their interest at: http://bit.ly/business-interest.
Killing Me Softly: Organizational E-mail Monitoring Expectations' Impact on Employee and Significant Other Well-Being
Becker, William J.; Belkin, Liuba Y.; Conroy, Samantha A.; Tuskey, Sarah (SAGE, 2019-12-12)
This paper tests the relationship between organizational expectations to monitor work-related electronic communication during nonwork hours and the health and relationship satisfaction of employees and their significant others. We integrate resource-based theories with research on interruptions to position organizational expectations for e-mail monitoring (OEEM) during nonwork time as a psychological stressor that elicits anxiety due to employee attention allocation conflict. E-mail–triggered anxiety, in turn, negatively affects the health and relationship quality of employees and their significant others. We conducted three studies to test our propositions. Using the experience sampling method with 108 working U.S. adults, Study 1 established within-employee effects of OEEM on anxiety, employee health, and relationship conflict. Study 2 used a sample of 138 dyads of full-time employees and their significant others to replicate detrimental health and relationship effects of OEEM through anxiety. It also showed crossover effects of OEEM on partner health and relationship satisfaction. Finally, Study 3 employed a two-wave data collection method with an online sample of 162 U.S. working adults to provide additional support for the OEEM construct as a distinct and reliable job stressor and replicated findings from Studies 1 and 2. Taken together, our research extends the literature on work-related electronic communication at the interface of work and nonwork boundaries, deepening our understanding of the impact of OEEM on employees and their families’ health and well-being.
Adapting Pink Time to promote self-regulated learning across course and student types
Baird, Timothy D.; Kniola, David J.; Hartter, Joel; Carlson, Kimberly; Rogers, Sarah; Russell, Don; Tise, Joseph (2020)
To explore new opportunities to promote self-regulated learning (SRL) across a variety of contexts, this study applies a novel assignment called Pink Time in seven different courses at two universities. The assignment asks students to “skip class, do anything you want, and give yourself a grade.” In each case, instructors adapted Pink Time to fit the needs of their course. Altogether, 165 students completed 270 self-directed projects and self-assessments targeting five component behaviors of SRL. Findings show that: (1) students were more likely to perceive success in certain behaviors of SRL than in others; (2) students’ perceptions across courses were similar for some behaviors but not others; and (3) subsequent iterations of the assignment supported higher perceived measures of some SRL behaviors but not others. Together these findings illustrate the value and flexibility of this progressive assignment as well as persistent challenges in supporting students’ SRL.
Strategic Management
Kennedy, Reed; Jamison, Eli; Simpson, Joseph; Kumar, Pankaj; Kemp, Ayenda; Awate, Kiran; Manning, Kathleen (Pamplin College of Business in association with Virginia Tech Publishing, 2020-08)

Strategic Management (2020) is a 343-page open educational resource designed as an introduction to the key topics and themes of strategic management. The open textbook is intended for a senior capstone course in an undergraduate business program and suitable for a wide range of undergraduate business students including those majoring in marketing, management, business administration, accounting, finance, real estate, business information technology, and hospitality and tourism. The text presents examples of familiar companies and personalities to illustrate the different strategies used by today’s firms and how they go about implementing those strategies. It includes case studies, end of section key takeaways, exercises, and links to external videos, and an end-of-book glossary. The text is ideal for courses which focus on how organizations operate at the strategic level to be successful. Students will learn how to conduct case analyses, measure organizational performance, and conduct external and internal analyses. If you are an instructor reviewing, adopting, or adapting this textbook, please help us understand your use by filling out this form http://bit.ly/strategy-interest. How to access this book
This text is available in multiple formats including PDF, a low-resolution PDF which is faster to download, Open Document Format (ODT), and ePub found on the left side of your screen. It is also available online in Pressbooks at https://pressbooks.lib.vt.edu/strategicmanagement. Softcover print versions are available at the manufacturer's lowest price in color interior or black & white interior. The main landing page for this book is: https://doi.org/10.21061/strategicmanagement. Attribution
This textbook was adapted for use in Virginia Tech’s Pamplin College of Business capstone course, MGT 4394 Strategic Management, and is shared under a Creative Commons Attribution Non-Commercial ShareAlike 3.0 license. It is adapted without attribution to the original 2010 author or publisher at their request. It is adapted from Mastering Strategic Management which was published by the University of Minnesota Publishing in 2015 as an adaptation of the 2010 version. University of Minnesota Publishing reformatted the original text, and replaced some images and figures to make the resulting whole more shareable but did not otherwise significantly alter or update the original 2010 text. Instructor ancillaries
Powerpoint slides are available at http://hdl.handle.net/10919/102735. A test bank only for instructors is also available at http://hdl.handle.net/10919/104179. Find, adapt and share resources
Instructor Resource Portal in OER Commons Errata and error reporting
Errata
Report an Error Table of contents
Chapter 1: Mastering Strategy: Art and Science
Chapter 2: Assessing Organizational Performance
Chapter 3: Evaluating the External Environment
Chapter 4: Evaluating the Internal Environment
Chapter 5: Synthesis of Strategic Issues and Analysis
Chapter 6: Selecting Business-Level Strategies
Chapter 7: Innovation Strategies
Chapter 8: Selecting Corporate-Level Strategies
Chapter 9: Competing in International Markets
Chapter 10: Executing Strategy through Organizational Design
Chapter 11: Leading an Ethical Organization: Corporate Governance, Corporate Ethics, and Social Responsibility
About the Author / Editorial and Production Teams
Version Notes
Glossary This work is published by Virginia Tech’s Pamplin College of Business in association with Virginia Tech Publishing. Suggested citation
Kennedy, Reed. (2020) Strategic Management. Blacksburg, VA: Virginia Tech Publishing. https://doi.org/10.21061/strategicmanagement CC BY NC-SA 3.0 Contributors
About the previous author
The publisher of the 2010 version of this book requested that they and the original author not receive attribution.
This Version
Primary contributor: Reed B. Kennedy
Reviewers / contributors: Eli Jamison, Joseph Simpson, Pankaj Kumar, Ayenda Kemp, Kiran Awate, and Kathleen Manning
Cover design, illustration, and alternative text; student reviewer: Kindred Grey
Research and editorial assistant; student reviewer: Kathleen Manning
Managing editor: Anita Walz
Production editor: Robert Browder
Copyeditors: Grace Baggett, Lauren Holt DOI: https://doi.org/10.21061/strategicmanagement
ISBN 978-1-949373-94-3 (print-color)
ISBN 978-1-949373-89-9 (print-black & white)
ISBN 978-1-949373-96-7 (ebook-PDF)
ISBN 978-1-949373-95-0 (ebook-Pressbooks) https://pressbooks.lib.vt.edu/strategicmanagement Accessibility
Virginia Tech Publishing is committed to making its publications accessible in accordance with the Americans with Disabilities Act of 1990. The HTML and screen reader–friendly PDF versions of this book utilize header structures and include alternative text which allow for machine-readability.
COVID-19 and the importance of space in entrepreneurship research and policy
Korsgaard, Steffen; Hurt, Richard A.; Townsend, David M.; Ingstrup, Mads Bruun (2020-10-15)
Given the COVID-19 crisis, the importance of space in the global economic system has emerged as critical in a hitherto unprecedented way. Even as large-scale, globally operating digital platform enterprises find new ways to thrive in the midst of a crisis, small and medium-sized enterprises (SMEs) nestled in local economies have proven to be fragile to shocks, causing countless local economies to unravel in the face of severe challenges to survival. Here, we discuss the role of entrepreneurship in re-building local economies that are more resilient. Specifically, we take a spatial perspective and highlight how the COVID-19 crisis has uncovered problems in the current tendency for thin contextualisation and promotion of globalisation. Based on this critique, we outline new perspectives for thinking about the relationship between entrepreneurship, resilience and local economies. Here, a particular emphasis is given to resilience building through deeply contextualised policies and research, localised flows of products and labour, and the diversification of local economies.
Red Giants or Black Holes? The Antecedent Conditions and Multi-Level Impacts of Star Performers
Asgari, Elham; Hunt, Richard A.; Lerner, Daniel A.; Townsend, David M.; Hayward, Mathew L. A.; Kiefer, Kip (Academy of Management, 2020-10-29)
High-achieving employees, the “stars” of an organization, are widely credited with producing indispensable, irreplaceable, value-enhancing contributions. From the recruitment of celebrity CEOs to the fierce competition for star scientists, and from lucrative contracts for sports icons to out-sized bonuses for top salespeople, human capital strategies have long promoted the importance of star performers. Sixty years of research on stars has witnessed a wide array of contexts, levels of analysis, and sub-dimensions, much of which is focused on the accomplishments of these alphatail individuals. More recently, however, scholars have begun to draw varied conclusions regarding both the favorable and unfavorable impacts of star performers, leading to a balkanization of the perspectives comprising the stream. Our review of the multi-disciplinary work on stars synthesizes disparate studies, settles definitional problems, and integrates complementary factors into a coherent formative construct. Through this, we foster the development of a research agenda concerning the manner in which star performers are, by their very nature, simultaneously red giants and black holes, the precise balance of which is fertile soil for future inquiry.
Value Creation and Tension in Coopetition: The Emergence of Virtuous and Vicious Cycles
Ryan-Charleton, Tadhg; Gnyawali, Devi R. (Academy of Management, 2021-08)
Literature on tension in coopetition has focused almost exclusively on ‘simultaneity tension’, which is rooted in the interplay of simultaneous competition and cooperation. Our paper identifies and unpacks a distinct ‘value tension’ which occurs due to simultaneous firm value creation and joint value creation in coopetition. We layout incompatibilities between firm value creation, which is collaborative, and joint value creation, which is cooperative, and articulate the inherent challenges of pursuing both simultaneously. Efforts to pursue both can pull resources in opposing directions, forego scale and scope advantages, and undermine isolating mechanisms that are at odds with each other. We illuminate positive and negative synergies depending on the extent to which firm value creation and joint value creation are pursued simultaneously and how the ensuing tension is managed. We suggest that subsequent behaviors may reinforce the positives, leading to virtuous cycles, or negatives, leading to vicious cycles. Our integration of the coopetition literatures on tension and value with broader strategic management discourse regarding value creation provides novel future-focused insights concerning coopetition and interorganizational relationships.
Surviving remotely: How job control and loneliness during a forced shift to remote work impacted employee work behaviors and well-being
Becker, William J.; Belkin, Liuba Y.; Tuskey, Sarah E.; Conroy, Samantha A. (Wiley, 2022)
This paper investigates the impact of job control and work-related loneliness on employee work behaviors and well-being during the massive and abrupt move to remote work amid the COVID-19 pandemic. We draw on job-demands control and social baseline theory to link employee perceived job control and work-related loneliness to emotional exhaustion and work-life balance and posit direct and indirect effects on employee minor counterproductive work behaviors, depression, and insomnia. Using a two-wave data collection with a sample of U.S. working adults to test our predictions, we find that high job control was beneficially related to emotional exhaustion and work-life balance, while high work-related loneliness showed detrimental relationships with our variables of interest. Moreover, we find that the beneficial impact of high perceived job control was conditional on individual segmentation preferences such that the effects were stronger when segmentation preference was low. Our research extends the literature on remote work, job control, and workplace loneliness. It also provides insights for human resource professionals to manage widespread remote work that is likely to persist long after the COVID-19 pandemic.
Entrepreneurship, Innovation, and Technology Management Program at Virginia Tech: Nomination for USASBE 2022 Model Program Award
Tseng, Chien-Chi; Townsend, David M.; Poff, Ron (2022-01-07)
How much does the firm's alliance network matter?
Kumar, Pankaj; Liu, Xiaojin; Zaheer, Akbar (Wiley, 2022-01-10)
Research Summary Extant empirical work partitioning the variance in firm (business segment) profitability has identified industry, corporate parent, business segment, and time as key sources. However, this variance decomposition research stream has treated firms as atomistic, autonomous entities. We employ a fast-unfolding community-detection algorithm to detect firms' network memberships and use the Shapley Value method to isolate the effect of the firm's alliance network, in addition to industry, corporate parent, business segment, and year effects, on the variance in business unit performance. Our findings demonstrate that the effect of the firm's alliance network explains 11% of the variance in firm ROA among 16,381 business segments from 1979 through 1996. We also extend the time period through 2018 and find that our results broadly hold. Managerial Summary In the search for superior firm performance, managers typically focus their attention externally on profitable industries in which to operate, as well as internally on their firms' idiosyncratic and valuable resources and capabilities. In addition to these profitability sources, our work suggests another important, but heretofore overlooked, factor in the managerial quest for competitive advantage: the value-creating potential of alliance networks. We employ a machine-learning algorithm to detect firms' network memberships. Our findings indicate that as much as 11% of the variance in firm profitability (ROA) is explained by the network of alliances of which the firm is a part. Our study also implies that the emphasis on networks continues to be relevant in a technology age in which industry boundaries are blurring.

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