公司策略和发展(1).ppt

1,CorporateStrategyandDevelopment,Lecture807/17/2001,2,MainIssues,Ingeneral,corporatestrategybecomesrelevantand/orsalientinamultibusinesscompany.Illustrationofsinglebusinessvs.multiplebusinesses,i.e.businessvaluechainandportfolioplanningCorporatestrategiesVerticalintegrationvs.outsourcing/verticalcooperationDiversificationInternalventuringAcquisitionJointventureStrategicalliancesRestructuringandTurnaround,3,ConcentrationonaSingleBusiness,AdvantagesOperationalfocusonasinglefamiliarindustryormarket.Currentresourcesandcapabilitiesaddvalue.Growingwiththemarketbringscompetitiveadvantage.,DisadvantagesNodiversificationofmarketrisks.Verticalintegrationmayberequiredtocreatevalueandestablishcompetitiveadvantage.Opportunitiestocreatevalueandmakeaprofitmaybemissed.,4,ValueChainonasinglebusiness(Example:PersonalComputerIndustry,5,CorporatePortfolioPerspectiveonMultibusinesscompanies,BostonConsultingGroup(BCG)matrix:IdentifyingtheStrategicBusinessUnits(SBUs)bybusinessareaorproductmarketAssessingeachSBUsprospects(usingrelativemarketshareandindustrygrowthrate)relativetootherSBUsintheportfolio.DevelopingstrategicobjectivesforeachSBUMcKinsey/GEmatrix,6,TheBCGMatrix,Source:Perspectives,No.66,“TheProductPortfolio.”AdaptedbypermissionfromTheBostonConsultingGroup,Inc.,1970.,7,TheBCGMatrix,StarsHighrelativemarketsharesinfastgrowingindustries.QuestionmarksLowrelativemarketsharesinfastgrowingindustries.CashcowsHighrelativemarketsharesinlow-growthindustries.DogsLowrelativemarketsharesinlow-growthindustries.,8,TheStrategicImplicationsoftheBCGMatrix,StarsAggressiveinvestmentstosupportcontinuedgrowthandconsolidatecompetitivepositionoffirms.QuestionmarksSelectiveinvestments;divestitureforweakfirmsorthosewithuncertainprospectsandlackofstrategicfit.CashcowsInvestmentssufficienttomaintaincompetitiveposition.Cashsurplusesusedindevelopingandnurturingstarsandselectedquestionmarkfirms.DogsDivestiture,harvesting,orliquidationandindustryexit.,9,TheMcKinsey/GEMatrix,10,LimitationsonPortfolioPlanning,Flawsinportfolioplanning:TheBCGmodelissimplistic;considersonlytwocompetitiveenvironmentfactorsrelativemarketshareandindustrygrowthrate.Highrelativemarketshareisnoguaranteeofacostsavingsorcompetitiveadvantage.Lowrelativemarketshareisnotalwaysanindicatorofcompetitivefailureorlackofprofitability.MultifactormodelssuchasMcKinsey/GEmatrixarebetterthoughimperfect.,11,VerticalIntegrationforasinglebusiness,IntegrationbackwardintosupplierfunctionsAssuresconstantsupplyofinputs.Protectsagainstpriceincreases.IntegrationforwardintodistributorfunctionsAssuresproperdisposalofoutputs.Capturesadditionalprofitsbeyondactivitycosts.Integrationchoiceisthatofwhichvalue-addingactivitiestocompeteinandwhicharebettersuitedforotherstocarryout.,12,FullandTaperIntegration,13,CreatingValueThroughVerticalIntegration,Advantagesofaverticalintegrationstrategy:Buildsentrybarrierstonewcompetitorsbydenyingtheminputsandcustomers.Facilitatesinvestmentinefficiency-enhancingassetsthatsolveinternalmutualdependenceproblems.Protectsproductqualitythroughcontrolofinputqualityanddistributionandserviceofoutputs.Improvesinternalscheduling(e.g.,JITinventorysystems)responsestochangesindemand.,14,CreatingValueThroughVerticalIntegration,DisadvantagesofverticalintegrationCostdisadvantagesofinternalsupplypurchasing.Remainingtiedtoobsolescenttechnology.Aligninginputandoutputcapacitieswithuncertaintyinmarketdemandisdifficultforintegratedcompanies.,15,BureaucraticCostsandtheLimitsofVerticalIntegration,Thecostsofrunninganorganizationrisewithintegrationdueto:Thelackofanincentiveforinternalsupplierstoreducetheiroperatingcosts.Thelackofstrategicflexibilityintimesofchangingtechnologyoruncertaindemand.Bureaucraticcostsreducethevalueofverticalintegration.,16,AlternativestoVerticalIntegration:CooperativeRelationshipsandStrategicOutsourcing,Short-termcontractsandcompetitivebiddingStrongcompetitorsattempttocontrolsuppliercostswithminimal-lengthcontracts.Poortreatmentofsuppliersraisescompetitorinputcosts.Strategicalliancesandlong-termcontractingLong-termcontractsfostercooperativerelationships.Alliancesreducetheneedforverticalintegration.,17,BuildingLong-TermCooperativeRelationships,HostagetakingBothpartiesarrangetobecomemutuallydependentoneachother,fosteringacooperativerelationship.CrediblecommitmentsAbelievablecommitmenttosupportthelong-termrelationship.Maintainingmarketdisciplinerequires:Periodicrenegotiationofthecontractualrelationship.Developingaparallelsourcingpolicywithtwosuppliersforcriticalinputs.,18,StrategicOutsourcingandtheVirtualCorporation,OutsourcingAllowingsubcontractorstoperformvaluecreationactivities.,OutsourcingadvantagesEfficientsubcontractorsreduceoverallcosts.Betterproductdifferentiation.Allowsfortheconcentrationofavailableresources.Firmbecomesmoreflexibleandresponsive.,OutsourcingdisadvantagesFailuretolearnfromoutsourcedactivity.Toomuchdependenceonasinglesupplier.Dangerofoutsourcingvaluecreationactivitiesleadingtocompetitiveadvantage.,19,Diversificationintomultiplebusinesses,RelateddiversificationEntryintonewbusinessactivitybasedonsharedcommonalitiesinthecomponentsofthevaluechainsofthefirms.UnrelateddiversificationEntryintoanewbusinessareathathasnoobviousrelationshipwithanyareaoftheexistingbusiness.,20,RelatedVersusUnrelatedDiversification,ComparingRelatedandUnrelatedDiversification,21,CreatingValueThroughDiversification:sharingskills,Transferringcompetencies:Lowersthecostofvaluecreationactivitiesinthediversifiedbusinesses.Createsopportunitiesfordifferentiationandpremiumpricingvaluecreationactivities.Addsvaluewherecommonalitiesimportanttocompetitiveadvantageexist.Createsvaluebyapplyingskillsforonebusinessopportunityandapplyingthemtoanother.,22,CreatingValueThroughDiversification:sharingactivities,EconomiesofscopeSharingofresourcesandfunctionsbybusinessunitscreatesvalueinhighassetutilizationandloweroperatingcosts.Economiesofscopeandscalearecloselyrelated.Greateroperationalcapacityandlargermarketscanhelpacompetitorattainlow-costposition.Resourcesharingcreatessignificantcompetitiveadvantagewhenitoutweighscoordinationcosts.,23,CreatingValueThroughDiversification:Restructuring,SuperiorinternalgovernancePlacebusinessunitsinself-containeddivisions.Managedivisionsinadecentralizedmanner.Linkperformancetoincentivepay.AcquisitionandrestructuringstrategyReplacenonperformingtopmanagementteam.Disposeofunproductiveassets.Establishperformancegoalsrequiringsignificantimprovementsinoperatingefficiency.,24,BureaucraticCostsandtheLimitsofDiversification,NumberofbusinessesInformationoverloadcanleadtopoorresourceallocationdecisionsandcreateinefficiencies.CoordinationamongbusinessesAsthescopeofdiversificationwidens,controlandbureaucraticcostsincrease.Resourcesharingandpoolingarrangementsthatcreatevaluealsocausecoordinationproblems.LimitsofdiversificationTheextentofdiversificationmustbebalancedwithitsbureaucraticcosts.,25,StructureofaCompanySharingMarketingBetweenTwoBusinessUnits,26,DiversificationThatDissipatesValue,DiversificationtopoolrisksAnineffectiveattempttooffsetthecyclicaleffectsofbusinessesbymergingtheirincomestreams.Downturnsinonebusinessareintendedtobeoffsetbyupturnsinanotherbusiness.DiversificationtoachievegreatergrowthConceptfocusesongrowth(whichisnormallyaby-productofdiversification)andnotvaluecreation.Usuallythechoiceof“empirebuilders”.,27,StrategicAllianceasAnAlternativetoDiversification,AdvantagesAvoidsbureaucraticcostsofdiversification.Sharedcostsandrisks.Usescomplementaryskillsofeachpartner.Createsvaluethrougheconomiesofscope.DisadvantagesProfitsmustbeshared.Disclosureofcriticalknow-howtopotentialcompetitor.,28,TheCorporationasaPortfolioofCoreCompetencies,EstablishingaCoreCompetenceAgenda,Source:G.HamelandC.K.Prahalad,CompetingfortheFuture(Cambridge,Mass.:HarvardBusinessSchoolPress,1994),p.227.,29,InternalNewVenturing(I),Internalnewventuringisattractivewhen:Enteringasascience-basedcompany.Enteringanemergingindustrywithnoestablishedcompetitors.Pitfallsofnewventuring:ScaleofentryLow-scaleentrycanreducetheprobabilityoflong-termsuccess.CommercializationFailuretodevelopaproductthatmeetsbasiccustomerneeds.PoorImplementationUsing“shotgun”approach,notsettingclearstrategicobjectives,abandoningprojectstoosoon.,30,ScaleofEntry,Profitability,andCashFlow,31,InternalNewVenturing(II),Guide