corporate-strategy.doc

01. PESTEL Model词汇：Model：模型Macro environment： 宏观环境Political：政治的Taxation policy：税收政策Government stability：政府稳定性Foreign trade：外贸Regulation：法规Economic：经济的Environment：环境Interest rate：利率Inflation：通货膨胀Business cycle：商业周期；经济周期Unemployment：失业Disposable income：可支配收入；disposable：可处置的Social：社会的Culture：文化；Cultural，文化的Demographics：人口统计资料Mobility：流动性；移动性；Income distribution：收入分配Lifestyle：生活方式Attitude：态度attitude to：的态度Leisure：闲暇，休闲；Consumerism：消费主义（一种以消费来刺激经济的主张；亦指专心于或倾向于购买消费品）Technological：技术的，科技的Influence：（及物动词）影响Government spending：政府支出R&D：Research and Development研究与发展Focus：聚焦；焦点Obsolescence：过时；rate of obsolescence：淘汰速度，更新换代速度Ecological：生态的，生态学的Monopoly：垄断Legislation：立法Environment protection law：环境保护法The PESTEL model studies the macro environment in the following aspects: PESTEL模型主要从以下几方面来研究宏观环境：1. Political. The political environment includes taxation policy, government stability and foreign trade regulations.政治环境。政治环境包括税收政策、政府稳定性和外贸法规等因素。2. Economic. The economic environment includes interest rates, inflation, business cycles, unemployment, disposable income and energy availability and cost. 经济环境。经济环境包括利率、通货膨胀水平、商业周期、失业水平、可支配收入和能源供应及成本等因素。3. Social. The social/cultural environment includes population demographics, social mobility, income distribution, lifestyle changes, attitudes to work and leisure, levels of education and consumerism.社会文化环境。社会文化环境包括人口统计情况、社会流动性、收入分配、生活方式变迁、工作休闲态度、教育水平和消费理念等因素4. Technological. The technological environment is influenced by government spending on research, new discoveries and development, government and industry focus of technological effort, speed of technological transfer and rates of obsolescence.技术环境。科技环境通常受政府在研发方面支出水平的影响，同时也受政府、行业确定的科技发展方向以及技术转移及淘汰速度的影响。5. Ecological/environmental. The ecological environment, sometimes just referred to as the environment, considers ways in which the organization can produce its goods or services with the minimum environmental damage. 生态环境。生态环境通常就是指我们生活的这个环境，在此通常要考虑的是组织要以对环境产生最小破坏的方式来生产商品或提供劳务。6. Legal. The legal environment covers influences such as taxation, employment law, monopoly legislation and environmental protection laws.法律环境。法律环境通常考虑税法、劳动法、垄断法、环境保护法等法律对组织的影响。02. 行业生命周期Industry Life Cycle词汇：Introduction, growth, maturity and decline：起步/成长/成熟/衰退期Characteristics：特色，特点Prospective：（名词）预期，展望（形容词）未来的，预期的Feature：特征Position：（动词）定位Awareness：意识，知道，认识Market growth rate：市场增长率Patent：专利Intensive：集中的，加强的Well-informed：消息灵通的，见多识广的Shake-out：摇动，抖动，动荡Industry concentration：行业集中Market segmentation：市场细分Grab：（动词）攫取，抓住，抢得M&A（Mergers and Acquisitions）：并购Overcapacity：产能过剩Dramatically：剧烈地Die out：消失，灭绝Competitive advantage：竞争优势行业生命周期Industry Life Cycle阶段stages 特征characteristics起步期Introduction The entity is usually small.There exists different prospective for the future.Marketing strategy should focus on correcting product problems in design, features, and positioning so as to establish a competitive advantage and develop product awareness through advertising, promotion and personal sales techniques.The profitability is relatively low.Market growth rate is high.The management of the entity should carry out corresponding strategies to support the launch of the new products and monitor the competitors latest progress.企业规模较小；对未来发展有不同的看法；营销策略主要关注于产品设计、特征及定位的修正以建立起竞争优势，同时通过广告、促销、个人销售手段来增强消费者对产品的认知度；盈利性较低；市场增长率较高。管理层要采取相应的战略来支持新品上市，同时关注竞争对手的最新动态。成长期Growth The industry grows quickly.The entity needs to finance for the market expansion and always faces the shortage of cash.The management of the entity must achieve the target market share by increasing the production. And at the same time the entity can also establish the “industry barrier” by the patents, low costs and any other methods.成长期：行业增长迅速；企业需要大量资金来实现市场扩张，因此面临资金的短缺。管理层必须通过扩大产量来达到公司设定的目标市场份额。同时通过专利、低成本及其他方法来建立阻止竞争者进入的“行业壁垒”。成熟期Maturity The growth rate of the industry declines and becomes stable gradually.There exists intensive competition in the market.The customers are well-informed.Only a few larger players remain in the industry after the shake-out of industry in the late maturity which leads to increased industry concentration.The entity should focus on the efficiency, cost control and market segmentation. In the late maturity, the entity should grab the opportunity for M&A and focus on the R&D for the further development of new markets and new technologies.成熟期：行业增长率降低趋于稳定；市场竞争更加激烈；消费者见多识广；成熟期后期行业剧烈动荡仅留下较大的企业，从而导致较高的行业集中度。企业应重点关注效率、成本控制和市场细分。在成熟期后期，企业应抓住兼并机会，重点关注研发以开拓新市场和获取新技术。衰退期Decline The industry suffers from overcapacity.Market growth rate declines dramatically.There exist fewer kinds of products and entities in the industry. Even finally the industry will die out.The management of the entity should continue to keep the competitive advantage in such situation. So in this stage strategy management is very important to the entity.衰退期：行业产能过剩；市场增长率大幅下降；产品品种和企业数量进一步减少，行业甚至有可能消亡。管理层在这样一个环境下，应继续保持竞争性优势。因此在这个阶段战略管理显得尤为重要。03. Five Forces Model of Competition 波特的五力模型波特的五力模型 Five Forces Model of CompetitionNotesEntrant：进入者Extra：额外的Capacity：能力，容量，资格，地位，生产力Intensify：加剧Competition：竞争Barriers to entry：进入壁垒Foothold：立足处，据点，立锥之地The threat of new entrantsNew entrants into an industry will bring extra capacity and intensify competition. The strength of this threat depends upon the strength of the barriers to entry and the likely response of existing competitors to the new entrant. Barriers to entry are unfavorable factors that make it difficult for a new entrant to gain an initial foothold in a market.新进入者的威胁新进入者为市场带来了额外的生产能力，进而加剧了市场的竞争。来自新进入者的威胁大小取决于行业壁垒高低和现有企业对新进入者的反应。所谓的进入壁垒就是指那些使新进入者难于在市场立足的不利因素。NotesEconomics of scale：规模经济Unit cost：单位成本Decline：下降Significantly：显著地，大幅度地Volume：量，卷CVP analysis：本量利分析Increase：增加Decrease：减少Such that/so that：如此以致于Be able to do sth：有能力去做某事On the basis of：在的基础上Comparable：可比较的Differentiation：差异Brand image：品牌形象Customer loyalty：客户忠诚度Overcome：克服Prohibitive：禁止的，（费用，价格等）过高的Transport：交通，运输Switching cost：转换成本One-off：一次性的Access to：接近，有权使用Distribution channel：分销渠道Cost advantage：成本优势Disadvantage：不利，劣势Independent：独立的，不依赖的，不受支配的Subsidy：补贴Know-how：专有技术Barriers to entry 1Economies of scale. The industry is one where unit costs decline significantly as volume increases, so that a new entrant will be unable to start on a comparable cost basis.Product differentiation. Established firms in an industry may have built up a good brand image and customer loyalty. The costs of overcoming this barrier to entry for a new entrant can be prohibitive.Capital requirements. Where capital investment requirements are high, the barrier against new entrants will be strong. （e.g. steel industry, rail transport）.Barriers to entry 2Switching costs. Switching costs refer to the one-off costs （time, money and convenience） that a customer would have to incur by switching from one supplier to another.Access to distribution channels. Distribution channels carry a manufacturers product to end-buyer. For new entrants, new distribution channels are difficult to establish, and existing distribution channels are hard to gain access to.Cost advantages of existing producers, independent of economies of scale include: （i） Patent rights; （ii） Experience and know-how; （iii） Government subsidies; （iv） Laws and regulations; （v） Favored access to suppliers常见的进入壁垒有：规模经济。规模经济表现为在一定时间内产品的单位成本随总产量的增加而降低，而新进入者则不能一开始就达到此成本水平。产品差异性。行业内已建立的公司拥有较好的品牌形象和客户忠诚度。如果行业新进入者想克服这个壁垒，则代价是巨大的。资本金投入要求。某些行业需要前期投入较大的资本金，则给新进入者设置的进入壁垒较高，比如说钢铁行业、铁路运输等。转换成本。即从一个供应商转换到另一个供应商的一次性成本（包括时间、金钱和便利）。对分销渠道的使用权。分销渠道使生产商的产品被运往终端消费者。对新进入者来说，新的分销渠道难以建立，并且现有的分销渠道难以获得。现有产品的成本优势（与规模经济无关）包括：（i） 专利权; （ii） 经验和专有技术; （iii） 政府补贴; （iv） 法律法规; （v） 最优惠供给资源04. Porters Value Chain波特的价值链模型NotesValue chain：价值链Identify：识别Contribute to：有助于Competitive advantage：竞争优势Approach：方法论，方法；靠近（vt.）Break downinto：分解成Primary：基本的，主要的Firm infrastructure：企业的基础设施建设Human resource management：人力资源管理Technology development：技术开发Procurement：采购Porter developed the value chain to help identify which activities within the firm were contributing to a competitive advantage and which were not.The approach involves breaking down the firm into five “primary” and four “support” activities, and investigating each to see if they give a cost advantage or quality advantage.波特提出了价值链模型，借此识别哪些活动会给公司带来竞争优势，哪些则不能。该理论将公司划分为五种基本活动和四种辅助活动，并对每一种活动进行考察，以确定其是否可以为公司带来成本优势或质量优势。05. SWOT Model/SWOT模型Notes:SWOT即Strength, Weakness, Opportunity, Threat的缩写， 优势、劣势、机会、威胁Internal/External：内部的/外部的Unique：唯一的，独一无二的Favorable：有利的Unfavorable：不利的（un为前缀，表示否定）The SWOT analysis includes four elements - strengths, weaknesses, opportunities and threats.Strength. It means the positive factors or unique capabilities which result in the competitive advantages.Weakness. It means the factors which restrict the development of the firm.Opportunity. It means the circumstances which are favorable to the development of the firm as the external environment is changing.Threat. It means the circumstances which are unfavorable to the development of the firm as the external environment is changing.SWOT分析的四要素为优势、劣势、机会与威胁。优势:是指能为企业带来重要竞争优势的积极因素或独特能力。劣势:是指限制企业发展且有待改正的消极方面。机会:是随着企业外部环境的改变而产生的有利于企业的时机。威胁:是随着企业外部环境的改变而产生的不利于企业的时机。06. Generic StrategiesNotesGeneric strategy：一般战略Cost leadership：成本领先战略Differentiation：差异化战略Focus：集中化战略Niche：壁龛Learning curve：学习曲线Premise：前提，地基，场地Segment：段，部分；分割Fallback：可依靠的东西，撤退，退却Entrepreneurial flair：企业家的才智Stuck in：陷入，插入Upmarket：以高消费者为对象的，高级的; 高档地， 高级地Downmarket：面向低收入消费者的面向低收入阶层Professor Michael Porter identified three generic strategies through which an organization could achieve competitive advantages.Cost leadershipDifferentiationFocus迈克尔波特教授指出有三种一般战略可帮助一家企业获得竞争优势。成本领先战略差异化战略集中化战略07. Corporate StrategyNotesHorizontal integration：横向一体化Alliance strategy：联盟战略Vertical integration：纵向一体化Backwards vertical integration：后向一体化Forwards vertical integration：前向一体化adaptability：适应性，适合性Horizontal integration means the M&A or alliance strategies carried out by the entity. The key reason for adopting such strategy by the entity is to achieve the competitive advantages by reducing competition intensity, realizing economics of scale and increasing strength.Vertical integration occurs when a company expands backwards or forwards within its existing value network and thus becomes its own supplier or distributor.Vertical integration can be divided into backwards vertical integration and forwards vertical integration.Advantages of vertical integration:A secure supply of components or materials lower suppliers bargaining powerStronger relationships with the final consumer of the productA share of the profits at all stages of the value networkMore effective pursuit of a differentiation strategyCreation of barriers to entryDisadvantages of vertical integrationOver concentration. A company places “more eggs in the same end market basket”. Such a policy is fairly inflexible, more sensitive to instabilities and increases the firms dependence on a particular aspect of economic demand.The firm fails to benefit from any economies of scale or technical advances in the industry into which it has diversified.Increase internal management cost.Advantages of forwards vertical integrationUnderstand and control the marketSensitive to the consumer demandsIncrease the adaptability of products to the marketIncrease the competitive advantagesAdvantages of backwards vertical integrationControl the cost and quality of substantial raw materials and ensure their supply.Make the companys operation smoothly.Advantages of backwards vertical integrationControl the cost, quality of key materials and secure the supplyStabilize the operation横向一体化战略是指企业收购、兼并或联合竞争企业的战略。企业用横向一体化战略的主要目的是减少竞争压力、实现规模经济和增强自身实力以获取竞争优势。纵向一体化是指公司沿其现有价值网络向后或向前延伸以成为自己的供货商或分销商。纵向一体化战略可以分为后向一体化战略和前向一体化战略。纵向一体化的优点：原材料、零部件的稳定供应，降低了供货商的议价能力与产品的最终用户建立更强有力的关系可获得价值网络各阶段的有关利润可有效执行差异化战略创建进入壁垒纵向一体化的缺点：过于集中。公司将更多的“鸡蛋”放在同一市场中。该政策十分缺乏弹性，易受外界不稳定因素的影响，增加了公司对特定经济需求的依赖。公司未能从其进入行业的规模经济或科技进步中受益。增加内部管理成本。前向一体化的优点：了解和控制市场对消费者需求更为敏感提高产品的市场适应性增强竞争优势后向一体化的优点：控制关键原材料成本和质量，确保供应使经营平稳进行08. Strategy DevelopmentNotesOrganic growth：有机增长，也称为内生增长（internal development）Acquisition：兼并Strategic alliance：战略联盟Pursue：追求，寻求Sensible：明智的，明显的Genuine：真实的，真正的Meticulous：一丝不苟的，小心翼翼的Disruption：破坏，分裂，瓦解Learning curve：学习曲线，经验曲线There are three methods for strategic development:Organic growthAcquisitionStrategic allianceOrganic growthOrganic growth （sometimes referred to as internal development） is the primary method of growth for many organizations. Organic growth is achieved through the development of internal resources.Reasons for pursuing organic growth：Learning. The process of developing a new product gives the firm the best understanding of the market and the product.Innovation. It might be the only sensible way to pursue genuine technological innovations, and exploit them.There is no suitable target for acquisition.Organic growth can be planned more meticulously and offers little disruption.It is often more convenient for managers, as organic growth can be financed easily from the companys current cash flows, without having to raise extra money.The same style of management and corporate culture can be maintained.Hidden or unforeseen losses are less likely to happen in the mode of organic growth than acquisition.Economies of scale can be achieved by more effective and efficient use of central head office functions such as finance, purchasing, personnel and management services.Problems with organic growth：Sometimes it takes a long time to obtain a learning curve.Barriers to entry are difficult to overcome.The firm will have to acquire the resources independently.Organic growth may be too slow for the dynamics of the market.Organic growth is probably ideal for market penetration, and suitable for product and market development, but there might be a problem with diversification.战略发展有三种类型：有机增长并购战略战略联盟有机增长有机增长（通常也称作“内部发展”）对于许多组织来说是发展壮大的主要方法。有机增长通常通过内部资源来实现。采用有机增长（内生发展）的原因：学习的过程。开发新产品的过程使企业能最深刻地了解市场及产品。创新。这可能是唯一合理的、实现真正技术创新的方法。不存在合适的收购对象。内生增长可以精心谋划，以便持续进行。对于组织管理者来说，内生增长较为容易实施，这是因为内生增长所需融资可由组织当前现金流来满足而无需额外筹资。保持同样的管理风格和企业文化。收购中通常会产生隐藏的或无法预测的损失，而内生增长不太可能产生这种情况。通过总部各职能部门，诸如财务部、采购部、人力资源部和管理服务部等的更为有效的使用，可取得规模经济效益。内生增长的局限性：有时会花相当长的时间才能取得学习曲线效应。进入壁垒可能难以克服。组织不得不独立地获取某些资源。当市场发展得非常快时，内部发展会显得过于缓慢。内生增长的方法可能非常适用于市场渗透战略，也适合产品开发和市场开发战略，但若用于多元化战略时，则会存在问题。09. BCGNotesEmpirical research：实证研究，经验研究Explosively：爆发地Squeeze out：排挤出Ex：以前的（附在名词前，用于带连词号的复合词）Trap：陷阱Niche：壁龛，利基divest：剥夺，撤退，出让The Boston Consulting Group （BCG） developed a matrix based on empirical research that assesses businesses in terms of potential cash generation and cash expenditure requirements. SBUs are categorized in terms of market growth rate and relative market share.Assessing market growth rate as high or low depends on the conditions in the market. No single percentage rate can be set, since new markets may grow explosively while mature ones grow hardly at all. High market growth rate can indicate good opportunities for profitable operations.However, intense competition in a high growth market can erode profit, while a slowly growing market with high barriers to entry can be very profitable.Relative market share is assessed as a ratio that is the market share compared with the market share of the largest competitor. Thus a relative market share greater than unity indicates that the SBU is the market leader. Relative market share high lowmarket growth high stars question mark low cash cows dogsStarIn the short-term, stars require capital expenditure in excess of the cash they generate, in order to maintain the position in their competitive growth market, but promise high returns in the future.Strategy: buildCowsIn due course, stars will become cash cows. Cash cows need very little capital expenditure and they generate high levels of cash income. Cash cows can be used to finance the stars.Strategy: hold or harvest if weakQuestion markQuestion mark must be assessed whether they justify considerable capital expenditure in the hope of increasing their market share, or should they be allowed to die quietly as they are squeezed out of the expanding market by rival products?Strategy: build or harvestDogsDogs may be ex-cash cows that have now fallen on hard times. Although they will show only a modest cash inflow or outflow, they are cash traps which tie up funds and provide a poor return on investment. However, they may have a useful role, either to complete a product range or to keep competitors out.Strategy: divest or hold根据潜在的现金产生能力和现金支出需要的实证研究，波士顿咨询集团提出了一个矩阵模型。