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Chapter 9-Cooperative Strategy Xingyi He 1 Knowledge Objectives oStudying this chapter should provide you with the strategic management knowledge needed to: nDefine cooperative strategies and explain why firms use them. nDefine and discuss three types of strategic alliances. nName the business-level cooperative strategies and describe their use. nDiscuss the use of corporate-level cooperative strategies in diversified firms. nUnderstand the importance of crossborder strategic alliances as an international cooperative strategy. 2 Knowledge Objectives (contd) oStudying this chapter should provide you with the strategic management knowledge needed to: Describe cooperative strategies risks. Describe two approaches used to manage cooperative strategies. 3 Figure 1.1Figure 1.1 Copyright 2004 South-Western. All rights reserved. * The Strategic Management Process 4 Cooperative Strategy oCooperative Strategy nA strategy in which firms work together to achieve a shared objective oCooperating with other firms is a strategy that: nCreates value for a customer nEstablishes a favorable position relative to competitors 5 Strategic Alliance oA primary type of cooperative strategy in which firms combine some of their resources and capabilities to create a mutual competitive advantage nInvolves the exchange and sharing of resources and capabilities to co-develop or distribute goods and services nRequires cooperative behavior from all partners 6 Strategic Alliance Behaviors oExamples of cooperative behavior known to contribute to alliance success: nActively solving problems nBeing trustworthy nConsistently pursuing ways to combine partners resources and capabilities to create value oCompetitive advantage developed through a cooperative strategy is called a collaborative or relational advantage 7 Strategic Alliance CombinedCombined ResourcesResources CapabilitiesCapabilities Core CompetenciesCore Competencies ResourcesResources CapabilitiesCapabilities Core CompetenciesCore Competencies ResourcesResources CapabilitiesCapabilities Core CompetenciesCore Competencies Firm AFirm AFirm BFirm B Mutual interests in designing, manufacturing,Mutual interests in designing, manufacturing, or distributing goods or servicesor distributing goods or services 8 Three Types of Strategic Alliances oJoint Venture nTwo or more firms create a legally independent company by sharing some of their resources and capabilities oEquity Strategic Alliance nPartners who own different percentages of equity in a separate company they have formed oNonequity Strategic Alliance nTwo or more firms develop a contractual relationship to share some of their unique resources and capabilities 9 Reasons for Strategic Alliances MarketReason Slow Cycle Gain access to a restricted market Establish a franchise in a new market Maintain market stability (e.g., establishing standards) 10 MarketReason Fast Cycle Speed up development of new goods or service Speed up new market entry Maintain market leadership Form an industry technology standard Share risky R&D expenses Overcome uncertainty Reasons for Strategic Alliances (contd) 11 MarketReason Standard Cycle Gain market power (reduce industry overcapacity) Gain access to complementary resources Establish economies of scale Overcome trade barriers Meet competitive challenges from other competitors Pool resources for very large capital projects Learn new business techniques Reasons for Strategic Alliances (contd) 12 Business-Level Cooperative Strategies oComplementary strategic alliances nVertical nHorizontal oCompetition response strategy oUncertainty reducing strategy oCompetition reducing strategy 13 Business-Level Cooperative Strategies Figure 9.1Figure 9.1 14 Business-Level Cooperative Strategies oCombine partner firms assets in complementary ways to create new value oInclude distribution, supplier or outsourcing alliances where firms rely on upstream or downstream partners to build competitive advantage ComplementaryComplementary AlliancesAlliances 15 Vertical Complementary Strategic Alliances Firms agree to use their skills and capabilities in different stages of the value chain to create value for both firms Outsourcing Adapted from Figure 9.2Adapted from Figure 9.2 16 Adapted from Figure 9.2Adapted from Figure 9.2 Horizontal Complementary Strategic Alliances Partners combine resources and skills to create value in the same stage of the value chain Focus is on long-term product development and distribution opportunities Partners may become competitors 17 Competition Response Strategy oOccur when firms join forces to respond to a strategic action of another competitor oBecause they can be difficult to reverse and expensive to operate, strategic alliances are primarily formed to respond to strategic rather than tactical actions ComplementaryComplementary AlliancesAlliances Competition Competition Response AlliancesResponse Alliances 18 Uncertainty Reducing Strategy oAre used to hedge against risk and uncertainty oThese alliances are most noticed in fast-cycle markets oAn alliance may be formed to reduce the uncertainty associated with developing new product or technology standards ComplementaryComplementary AlliancesAlliances Competition Competition Response AlliancesResponse Alliances UncertaintyUncertainty Reducing AlliancesReducing Alliances 19 Competition Reducing Strategy oCreated to avoid destructive or excessive competition oExplicit collusion: when firms directly negotiate production output and pricing agreements in order to reduce competition (illegal) oTacit collusion: when firms in an industry indirectly coordinate their production and pricing decisions by observing other firms actions and responses ComplementaryComplementary AlliancesAlliances Competition Competition Response AlliancesResponse Alliances UncertaintyUncertainty Reducing AlliancesReducing Alliances CompetitionCompetition Reducing AlliancesReducing Alliances 20 Assessment of Cooperative Strategies oComplementary business-level strategic alliances, especially the vertical ones, have the greatest probability of creating a sustainable competitive advantage oHorizontal complementary alliances are sometimes difficult to maintain because they are often between rival competitors oCompetitive advantages gained from competition and uncertainty reducing strategies tend to be temporary 21 Corporate-Level Cooperative Strategies Figure 9.3Figure 9.3 22 Corporate-Level Cooperative Strategy oCorporate-level strategies nHelp the firm diversify in terms of: oProducts offered to the market oThe markets it serves nRequire fewer resource commitments nPermit greater flexibility in terms of efforts to diversify partners operations 23 Diversifying Strategic Alliances oExpand into new product or market areas without completing a merger or an acquisition oSynergistic benefits of a merger or acquisition nless risk ngreater flexibility oAssess benefits of future merger between the partners DiversifyingDiversifying Strategic AllianceStrategic Alliance 24 Synergistic Strategic Alliances oJoint economies of scope between two or more firms oSynergy across multiple functions or multiple businesses between partner firms DiversifyingDiversifying Strategic AllianceStrategic Alliance SynergisticSynergistic Strategic AllianceStrategic Alliance 25 Franchising oSpreads risks and uses resources, capabilities, and competencies without merger or acquisition oA contractual relationship (the franchise) is developed between the franchisee and the franchisor oAlternative to growth through mergers and acquisitions DiversifyingDiversifying Strategic AllianceStrategic Alliance SynergisticSynergistic Strategic AllianceStrategic Alliance FranchisingFranchising 26 Assessment of Corporate-Level Cooperative Strategies oCompared to business-level strategies nBroader in scope More complex nMore costly oCan lead to competitive advantage and value when: nSuccessful alliance experiences are internalized nThe firm uses such strategies to develop useful knowledge about how to succeed in the future 27 International Cooperative Strategies oCross-border Strategic Alliance nA strategy in which firms with headquarters in different nations combine their resources and capabilities to create a competitive advantage nA firm may form cross-border strategic alliances to leverage core competencies that are the foundation of its domestic success to expand into international markets 28 Network Cooperative Strategy oA cooperative strategy wherein several firms agree to form multiple partnerships to achieve shared objectives nStable alliance network nDynamic alliance network oKeys to a successful network cooperative strategy nEffective social relationships nInteractions among partners 29 Network Cooperative Strategies (contd) oLong term relationships nmature industries where demand is nrelatively constant npredictable oStable networks exploit economies (scale and/or scope) available between the firms Stable AllianceStable Alliance NetworkNetwork 30 Network Cooperative Strategies (contd) oEvolve in industries with rapid technological change leading to short product life cycles oPrimarily used to stimulate rapid, value-creating product innovation and subsequent successful market entries oPurpose is often exploration of new ideas Stable AllianceStable Alliance NetworkNetwork Dynamic AllianceDynamic Alliance NetworkNetwork 31 Competitive Risks of Cooperative Strategies oPartners may act opportunistically oPartners may misrepresent competencies brought to the partnership oPartners fail to make committed resources and capabilities available to other partners oOne partner may make investments that are specific to the alliance while its partner does not 32 Managing Cooperative Strategies oCost minimization management approach nFormal contracts with partners nSpecify oHow strategy is to be monitored oHow partner behavior is to be controlled nGoals that minimize costs and prevent opportunistic behavior by partners 33 Managing Cooperative Stra