烟草会议中欧讲稿.ppt

2020 1 19 WilliamA Fischer 1 LessonsfromCompetitveExperiences W A FischerCEIBS ShanghaiFebruary1 1999 2020 1 19 WilliamA Fischer 2 UnderstandingRivalry TheHeartoftheCompetitiveEquation 2020 1 19 WilliamA Fischer 3 TheNatureofEconomicInquiry thefocusofeconomics fromaWestern market orientedperspective haslargelybeenonhowwellaneconomyallocatesresources givenpreferencesandtechnologies RichardR Nelson especiallywherefirmsaretheprincipalallocatingagents 2020 1 19 WilliamA Fischer 4 TheNatureofthePlayers economiststendtoseefirmsasplayersinamulti actoreconomicgame RichardR Nelson 2020 1 19 WilliamA Fischer 5 TheNatureofRivalry Theessenceofrivalryisastrivingforpotentiallyincompatiblepositions FredericM Scherer thejockeyingforsharebyfirmswithinamarket Besanko Dranove Shanley 2020 1 19 WilliamA Fischer 6 Whoarethese揻irms andwhataretheirroles Somefundamentalassumptions 搮anentityrunbyagentsofthecapital owningprincipalswiththesoleobjectiveofmaximizingtheprofitsofthelatter厰 RonaldDore thus in搈odern marketeconomy wecanseparatemanagementfromownership 2020 1 19 WilliamA Fischer 7 OtherUnderlyingAssumptions profits surpluses beingseenasasignalofperformanceinamarketafaithinmarketallocationofresourcesincomplexsituationsovergovernmentallocation becausethecustomerisvotingwiththeirpurchasesthemaximizationoftheoverallsocialwelfarefunctionbytheaccumulationofnumerouspersonaldecisions thecustomerbeingseenasbeinginthebestpositiontodeterminewhattheywant 2020 1 19 WilliamA Fischer 8 EstablishingtheArena Amarketis thatsetofsuppliersanddemanderswhosetradingestablishesthepriceofagood GeorgeStigler RobertSherwin Customers Suppliers Rivalry 2020 1 19 WilliamA Fischer 9 Insuchaclassicalmarketsetting itisimportanttoconsidereconomiesofscale Thehistoryoftheindustrialrevolutionwasoneofeconomiesofscale 2020 1 19 10 TheCentralityofScaleEconomies TheEconomicsoftheIndustrialRevolution StaticEconomiesDynamicEconomies Costper Unit RatedCapacityofFacility Costper Unit CumulativeProductionof AStandardizedItem Theoretical 2020 1 19 WilliamA Fischer 11 Insuchaclassicalmarketsetting itisimportanttoconsidereconomiesofscale Thehistoryoftheindustrialrevolutionwasoneofeconomiesofscale Inmarketswhereconsumersarepricesensitive largerfirmscanusetheircostadvantagetogainanappreciableadvantageoversmallerfirms IntheUS ithasbeenshownthatfirmsizeispositivelycorrelatedwithprofitability However causeandeffectarenotwell established Also largersharesforsome meanlowersharesforothers 2020 1 19 WilliamA Fischer 12 Insuchaclassicalmarketsetting itisimportanttoconsidereconomiesofscale Thehistoryoftheindustrialrevolutionwasoneofeconomiesofscale Buteveninsuchanon complexsetting biggerwasnotalwaysbetter Infact instudiesintheUS mid century minimumoptimalplant firmsizeappearedtobesmallrelativetomarketsize single digit 2020 1 19 13 TheCentralityofScaleEconomies TheEconomicsoftheIndustrialRevolution StaticEconomiesDynamicEconomies Costper Unit RatedCapacityofFacility Costper Unit CumulativeProductionof AStandardizedItem Theoretical Empirical 2020 1 19 WilliamA Fischer 14 Insuchaclassicalmarketsetting itisimportanttoconsidereconomiesofscale Buteveninsuchanon complexsetting biggerwasnotalwaysbetter OneofthelessonsoftheJapanesemanufacuringtriumphsofthelastthreedecadeshasbeentheimportanceoflearning throughrepetitivemanufacturing whichisdifferentthanjustbeingbiggerorsmarter 2020 1 19 15 TheCentralityofScaleEconomies TheEconomicsoftheIndustrialRevolution StaticEconomiesDynamicEconomies Costper Unit RatedCapacityofFacility Costper Unit CumulativeProductionof AStandardizedItem Theoretical Empirical 2020 1 19 WilliamA Fischer 16 Insuchaclassicalmarketsetting itimportanttoconsidereconomiesofscale OneofthelessonsoftheJapanesemanufacuringtriumphsofthelastthreedecadeshasbeentheimportanceoflearning throughrepetitivemanufacturing Yet learning especiallywhenbasedonrepetition comeswiththeriskofrigidityifthefocusistoo muchonconsistentcost reduction 2020 1 19 WilliamA Fischer 17 TheImportanceofMarketMaturity empiricalresearchon113USmanufacturingfirmsbyCEIBSfaculty nearlyonehalfoftherevenuesgeneratedbythe11mostsuccessfulfirms camefrommaturemarkets However 77percentofrevenuesfor15oftheleastsuccessfulfirmscamefrommaturemarkets Capon Farley Hoenig 2020 1 19 WilliamA Fischer 18 but marketsarechanging theyarenolongerclassicalnorsimple 2020 1 19 WilliamA Fischer 19 TheHistoryofCompetitionwasmarkedbysuccessiveIndustrialRevolutions 2020 1 19 WilliamA Fischer 20 Tomorrow抯Marketswillbecharacterizedby Increasinglydemandingcustomers Anemergingglobalarena Anamalgamationofmarketsandresourcepools EU NAFTA etc Theappearanceofadversarialtrade Neo Kondratieffiantechnologychanges Thequickeningoftheproductlife cycle Theemergenceoftheknowledge basedinformationeconomy Anacceptanceofneworganizationalformats Alliances jvs wofes etc 2020 1 19 WilliamA Fischer 21 TheDeathofFirms Adyingcompanydoesnotlead itfollows Itislosingmarketshare itislosingcapabilities ithasthewrongsetofcompetencies itisdemoralized itsactivitieshavelittleimpact Infact allarounduswecanobservecompaniesthatareinastateworsethandeath theyhavejoinedthelivingdead aware ornot thatwhatevertheydomakeslittledifferencetotheirsituation andyettheyfeelcompelledtokeeponacting producing carryingon Deathismostoftenalongdrawnoutaffair Evenwithineptmanagement itstilltakesalongtimetodestryalargecompanywithoncestrong ifcurrentlyobsoletecapabilities Deathisnostrangertotheranksofoncepowerfulmanufacturingcompanies Everyindustryhasitsshareofthedead aswellastheterminallyillandthewalkingwounded TomVollmann 2020 1 19 WilliamA Fischer 22 DeathSignalsofthenon competitive stayingleveloffallingbehindthecompetitionriskaversionbureaucracylosingcapabilitieserosionofwhatwereoncedistinctivecompetenciesinternalfocusingofcorporateattentionlimitedknowledgeofthecustomerpanicdecisionstoreduceshort runcostsnotdevelopingpeople TomVollmann 2020 1 19 WilliamA Fischer 23 InHyper competitiveMarkets Suchasthosecharacterizingglobalmarketsinthelate20thcentury thatarefilledwith搒urprises 1 theabilitytonavigatefromoneproductgenerationtoanotheristhebasisforsustainedcompetitiveadvantage ThinkaboutWang 2 greatorganizationsarenecessarytoproducegreatproducts morethanonce whilegreatproductsdonotguaranteegreatorganizations 3 揌ighreturnsarenotsustainableinaparticularmarket buttheprocessofgeneratinghighreturnscanbesustainable lastquoteisfrom Capon Farley Hoenig 2020 1 19 WilliamA Fischer 24 EarlyLessonsfromInSearchofExcellence Excellentfirmsarecharacterizedby amongotherthings BiasforActionClosetotheCustomerAutonomy EntrepreneurshipFocusSimpleform Leanstaff Peters Waterman 2020 1 19 WilliamA Fischer 25 MorerecentfindingsfromEurope ExcellentEuropeanfirmsarecharacterizedby amongotherthings Devolvingleadership withoutlosingcontrolordirection Drivingradicalchange intheentirecorporatesystem notjustinitsparts ReshapingcultureDividingtorule winningtherewardsofsmallnesswhilestayingorgrowinglarge Keepingthecompetitiveedge inaworldwheretheoldwaysofwinningnolongerwork Achievingconstantrenewal RobertHeller 2020 1 19 WilliamA Fischer 26 DeterminantsofFinancialPerformance competinginrelativelyconcentratedmarketswithhighermarketsharecompetingingrowingmarketshighinvestmentindevelopingnewproducts serviceshighinvolvementsinmarketsoutsideofUSlowdebtlevelsanentreprenurialatmosphere empiricalresearchon113USmanufacturingfirmsbyCEIBSfaculty Capon Farley Hoenig 2020 1 19 WilliamA Fischer 27 ComparingHigh LowPerformers empiricalresearchon113USmanufacturingfirmsbyCEIBSfaculty High PerformingHigh ShareFocusedInnovators concentratecapitalinvestmentingrowinginternationalmarketsgeneratenewproductsfromhighR Dbudgetsarehighlyverticallyintegratedhavelittlediversificationhavelowdebthighlyspecializedintheirorganization High PerformingFocusedWorldConsumerists focuslessinternationallyspendheavilyonadvertisinghavelowdebtdiversificationalmostnonexistent Capon Farley Hoenig 2020 1 19 WilliamA Fischer 28 ComparingHigh LowPerformers empiricalresearchon113USmanufacturingfirmsbyCEIBSfaculty Low PerformingDiversifiedIndenturedIndustrialists spendlittleonR Dwerefrequentlyinvolvedinmergersconductedunderduressarehighlydiversifiedhavehighdebtonlyaverageoninternationalinvestment Capon Farley Hoenig 2020 1 19 WilliamA Fischer 29 NavigatingResources Information InformationComplexity High Low ResourceScarcity Low High Lawrence Dyer DevelopmentPathsforaTypicalIndustry 2020 1 19 WilliamA Fischer 30 thiswillmeanchangingthewaysinwhichwedobusiness 2020 1 19 WilliamA Fischer 31 DimensionsofTransformation Speed Fast Slow Scope Broad Narrow DoingDifferentThings DoingtheSameThingsBetter Turnaround Transformation Reengineering ContinuousImprovement Source TomVollmann 2020 1 19 WilliamA Fischer 32 and changingthebusinesseswedo 2020 1 19 WilliamA Fischer 33 IndustryRestructuringasValueMigration MarketValueisameasureofthepowerofabusinessdesigntocreateandcapturevalue AdrianJ SlywotzkyCustomersmakechoicesbasedontheirpriorities Thosechoicesdeveloppotentialvalueforthebusinessesfromwhichtheybuy Atanygiventime thepatternofthosechoicesallocatesvaluetovariousbusinessdesigns Ascustomers prioritieschangeandnewdesignspresentcustomerswithnewoptions theymakenewchoices Theyreallocatevalue Thesechangingpriorities andthewayinwhichtheyinteractwithnewcompetitors offerings arewhattrigger enable orfacilitatetheValueMigrationprocess AdrianJ Slywotzky 2020 1 19 WilliamA Fischer 34 ValueMigrationtodayinChina ThefirmsthatarewinningintheChinamarketarethosethatcontroltheirvalue chains especiallydown streamfrommanufacturing Buildingbrandsmakesthedifferenceincompetingonfactorsotherthanprice brand customerservicerequiresvalue chaindiscipline Nationalbrandsarebeingbuilttoday asinthepast byvalue chaincontrol 2020 1 19 WilliamA Fischer 35 inChina valuemigrationresultsin Focusingsolelyontransportcostsmayignore75 ofthedistributioncosts InChina nearly2 3ofdistributioncostscomesinproductloss damage andtheassociatedinventorycosts Customerservice accountsreceivablebothbenefitfromvalue chaincontrol BusinessChina12 07 98 2020 1 19 WilliamA Fischer 36 IndustryRestructuring ValueMigration ValueMigrationisnotnew ValuemigratedawayFord抯verticallyintegrated single car focusedbusinessdesigntowardGM抯price ladderedbusinessdesigninthe1920s Itmovedfromgrocerystorechainstosupermarketsinthe1930s fromfragmentedmerchandiserstonationalcataloguesalesinthe1890s Sears andtonationalmerchandisechainsinthe1920s Searsagain AdrianJ SlywotzkyTherearealwayswinnersandlosersintheValueMigrationprocess 2020 1 19 WilliamA Fischer 37 WeMustRe etablishtheArena thereisabigdifferencebetween definingcompetitorsas搕hosecompaniesthatdothesamethingthatwedo厯 and definingthem instead asthosebusinessdesignsthatcustomerscanchoosefrominsatisfyingtheirpriorities AdrianJ Slywotzky Where abusinessdesignisthetotalityofhowacompanyselectsitscustomers defines differentiatesitsofferings definesthetasksitwillperform configuresitsresources goestomarket createsutilityforitscustomersandearningaprofitfromthatactivity 2020 1 19 WilliamA Fisc