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Richard Rumelt | |
|---|---|
 Rumelt in 2011 | |
| Born | November 10, 1942 |
| Alma mater | University of California, Berkeley Harvard Business School |
| Occupation | Academic |
| Employer | University of California, Los Angeles |
Richard Post Rumelt (born November 10, 1942) [1] is an American emeritus professor at the University of California, Los Angeles Anderson School of Management. He joined the school in 1976 from Harvard Business School. [2] [3] [4]
Richard Rumelt earned Bachelor's and Master's of Science degrees in Electrical Engineering from UC Berkeley. He worked as a systems design engineer at the Jet Propulsion Laboratory in 1963-65. He received his doctorate from the Harvard Business School in 1972 and joined the Harvard Business School faculty as an Assistant Professor. On leave from HBS, he helped found and teach at the Iran Center for Management Studies during 1972-74. In 1976 he joined the faculty of Management at the UCLA school of business. In 1993 he was appointed to the Harry and Elsa Kunin Chair in Business and Society. During 1993-96 he taught at INSEAD (France), where he received the Shell Chair in Management. Rumelt was a founding member of the Strategic Management Society and served as its president in 1995-98. [5] [6]
He is noted for having made several key contributions to the study of business and corporate strategy. His 1974 study of diversification strategy inaugurated a stream of work on the performance implications of diversification. His 1982 paper with Steven Lippman showed how classical industrial organization results—profitability being related to concentration and to market share—could arise under perfect competition if there was uncertainty in the sources of efficiency. This result was key in the development of the "resource-based view" of strategic success. Rumelt's 1991 empirical follow-on (How Much Does Industry Matter?) showed that the most of the dispersion of profit rates in the economy was between business units rather than between industries. His 2011 book (Good Strategy/Bad Strategy) redefined strategy as a form of problem solving. It was chosen one of six finalists for the Financial Times & Goldman Sachs Business Book of the Year award for 2011. His book The Crux: How Leaders Become Strategists was published in 2022 and was selected as one of the top business books of 2022 by the Financial Times and by the Globe & Mail.
Rumelt is married to Kate Rumelt; the couple enjoys hiking and skiing. [2] They live in Bend, Oregon. His daughter Cassandra Clare is the author of The Shadowhunter Chronicles .
Strategy is a general plan to achieve one or more long-term or overall goals under conditions of uncertainty. In the sense of the "art of the general", which included several subsets of skills including military tactics, siegecraft, logistics etc., the term came into use in the 6th century C.E. in Eastern Roman terminology, and was translated into Western vernacular languages only in the 18th century. From then until the 20th century, the word "strategy" came to denote "a comprehensive way to try to pursue political ends, including the threat or actual use of force, in a dialectic of wills" in a military conflict, in which both adversaries interact.
In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates. Strategic management provides overall direction to an enterprise and involves specifying the organization's objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans. Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision-making in the context of complex environments and competitive dynamics. Strategic management is not static in nature; the models can include a feedback loop to monitor execution and to inform the next round of planning.
Marketing strategy is an organization's promotional efforts to allocate its resources across a wide range of platforms, channels to increase its sales and achieve sustainable competitive advantage within its corresponding market.
Michael Eugene Porter is an American academic known for his theories on economics, business strategy, and social causes. He is the Bishop William Lawrence University Professor at Harvard Business School, and was one of the founders of the consulting firm The Monitor Group and FSG, a social impact consultancy. He is credited for creating Porter's five forces analysis, which is instrumental in business strategy development at present. He is generally regarded as the father of the modern strategy field. He is also regarded as one of the world's most influential thinkers on management and competitiveness as well as one of the most influential business strategists. His work has been recognized by governments, non governmental organizations and universities.
Alfred DuPont Chandler Jr. was a professor of business history at Harvard Business School and Johns Hopkins University, who wrote extensively about the scale and the management structures of modern corporations. His works redefined business and economic history of industrialization. He received the Pulitzer Prize for History for his work, The Visible Hand: The Managerial Revolution in American Business (1977). He was a member of both the American Academy of Arts and Sciences and the American Philosophical Society. He has been called "the doyen of American business historians".
The resource-based view (RBV) is a managerial framework used to determine the strategic resources a firm can exploit to achieve sustainable competitive advantage.
David John Teece is a New Zealand-born US-based organizational economist and the Professor in Global Business and director of the Tusher Center for the Management of Intellectual Capital at the Walter A. Haas School of Business at the University of California, Berkeley.
In organizational theory, dynamic capability is the capability of an organization to purposefully adapt an organization's resource base. The concept was defined by David Teece, Gary Pisano and Amy Shuen, in their 1997 paper Dynamic Capabilities and Strategic Management, as the firm’s ability to engage in adapting, integrating, and reconfiguring internal and external organizational skills, resources, and functional competences to match the requirements of a changing environment.
Richard A. D'Aveni is an American academic, thought leader, business consultant, bestselling author and the Bakala Professor of Strategy at the Tuck School of Business at Dartmouth College. He is best known for creating a new paradigm in business strategy and coining the term “hypercompetition” which led Fortune to liken him to a modern version of Sun Tzu.
Kenneth Richmond Andrews, was an American academic who, along with H. Igor Ansoff and Alfred D. Chandler, was credited with the foundational role in introducing and popularizing the concept of business strategy.
A chief strategy officer (CSO) is an executive that usually reports to the CEO and has primary responsibility for strategy formulation and management, including developing the corporate vision and strategy, overseeing strategic planning, and leading strategic initiatives, including M&A, transformation, partnerships, and cost reduction. Some companies give the title of Chief Strategist or Chief Business Officer to its senior executives who are holding the top strategy role.
Competitive heterogeneity is a concept from strategic management that examines why industries do not converge on one best way of doing things. In the view of strategic management scholars, the microeconomics of production and competition combine to predict that industries will be composed of identical firms offering identical products at identical prices. Deeper analyses of this topic were taken up in industrial organization economics by crossover economics/strategic-management scholars such as Harold Demsetz and Michael Porter. Demsetz argued that better-managed firms would make better products than their competitors. Such firms would translate better products or lower prices into higher levels of demand, which would lead to revenue growth. These firms would then be larger than the more poorly managed competitors.
Geoffrey P. Chamberlain's theory of strategy was first published in 2010. The theory draws on the work of Alfred D. Chandler, Jr., Kenneth R. Andrews, Henry Mintzberg and James Brian Quinn but is more specific and attempts to cover the main areas they did not address. Chamberlain analyzes the strategy construct by treating it as a combination of four factors.
In management, the relational view by Jeffrey H. Dyer and Harbir Singh is a theory for considering networks and dyads of firms as the unit of analysis to explain relational rents, i.e., superior individual firm performance generated within that network/dyad. This view has later been extended by Lavie (2006).
Boyd Cohen is an urban and climate strategist working in the area of sustainable development and smart cities. Currently he is Dean of Research at EADA Business School and co-founder of IoMob. Cohen received a PhD in Strategy & Entrepreneurship from the University of Colorado (2001). Along with Hunter Lovins, he co-authored Climate Capitalism: Capitalism in the Age of Climate Change in 2011. In recent years, Cohen has become most recognized for his work in smart cities, beginning with his Smart Cities Wheel framework and associated annual rankings of smart cities. In 2016, he published his second book, The Emergence of the Urban Entrepreneur, followed by the publication of his 3rd book, Post-Capitalist Entrepreneurship in 2017.
Yves Doz is a French academic. He is a professor of strategic management at INSEAD, where he holds the Solvay Chaired Professorship of Technological Innovation, and is a Fellow of CEDEP. His research interests focus on innovation, the strategy and organization of multinational corporations, strategic alliances, and on how business organizations can develop the capability to adapt quickly to changes in competitive environments. More recently, he has been working with a number of national governments on strategic adaptability and agility. He is the author of numerous books and articles, which include the first comprehensive book on strategic alliances, co-authored with Gary Hamel, and the Multinational Mission, co-authored with CK Prahalad.
Jay B. Barney is an American professor in strategic management at the University of Utah.
Michael G. Jacobides is a British economist and public speaker. His main areas of interest are digital platforms and ecosystems, financial services and turnarounds. He is the Sir Donald Gordon Chair of Entrepreneurship & Innovation at London Business School. He is Academic Advisor to the Boston Consulting Group, Chief Expert Advisor on Digital Economy to the Hellenic Competition Commission, visiting scholar at the New York Fed, and visiting fellow at Cambridge University.
Strategy researchers want to understand differences in firm performance. For example, what can explain performance differences between Toyota’s cars business and Samsung’s mobile phones business? Studies show that just three effects account for most performance differences between such businesses: the industry to which a business belongs, the corporation it is part of, and the business itself.
Giovanni Battista Dagnino is an Italian economist and academic. He is the Chair of Management and Professor of Digital Strategy at the Libera Università Maria SS. Assunta University of Rome, where he is the Founding Director of the MSc Degree in Economics and Management.
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