Strategic Change

Strategic Change is the movement of a company away from its present state towards some desired future state to increase its competitive advantage.
A company goes through some kind of strategic change as its managers try to strengthen their existing core competencies (=ability of acquiring rare resources + distinctive capabilities) and build new ones to compete more effectively.
Most of these companies pursue one of three major types of strategic changes for high value creation at low cost if possible.
(1) Re-engineering and e-engineering
(2) Restructuring
(3) Innovation

(1) Re-engineering is the fundamental redesign of organizational structure and/or business processes to achieve dramatic improvement in competitiveness
For examples, the fundamental redesign the manufacturing processes of Fuji Films is shifting to Fujifilm digital camera; Brother Co is shifting the production of typewriter to photo copier and computer printer.

(2) Restructuring is to alter the form and/or management processes used within a business, or in a corporate setting. Sometimes reducing divisions, departments or functional areas, as well as employees, that all result to the reduction of operation costs
For examples, Toyota's lean factory, the workflow of TPS designed in U-shaped one-piece-flow cell system that has greatly eliminated many non-value added activities and production lead time

(3) Innovation is the process by which companies use their skills and resources to create new technologies or goods and services to change and respond better to the needs of their customers. Innovation can bring a company spectacular success.
For examples, I-pod by Apple Computer; LCD panel by Sharp, and numerous innovative ideas and products by 3M

Does it require the company to do another strategic planning with different mission or objective? Any Hong Kong examples?

Thanks.