Competitive Strategy in Emerging Industries(英文版)(ppt 19页).ppt

2020/5/16,JiaLiangding,1,第十六讲CompetitiveStrategyinEmergingIndustries,1.1TheStructuralEnvironmentinEmergingIndustries1.2ProblemsConstrainingIndustryDevelopment1.3ToAdoptNewProductsEarlyorLate?1.4StrategicChoicesinEmergingIndustries,2020/5/16,JiaLiangding,2,1.1新兴产业的结构,EmergingIndustriesarenewlyformedorreformedindustriesthathavebeencreatedbytechnologicalinnovations,shiftsinrelativecostrelationships,emergenceofnewconsumerneeds,orothereconomicandsociologicalchangesthatelevateanewproductorservicetothelevelofapotentiallyviablebusinessopportunity.EmergingIndustriesarebeencreatedallthetime.,2020/5/16,JiaLiangding,3,TheessentialcharacteristicofanEmergingIndustryfromtheviewpointofformulatingstrategyisthattherearenorulesofthegame.ThecompetitiveprobleminanEmergingIndustryisthatalltherulesmustbeestablishedsuchthatthefirmcancopewithandprosperunderthem.Theabsenceofrulesisbothariskandasourceofopportunity.,2020/5/16,JiaLiangding,4,COMMONSTRUCTURALCHARACTERISTICS:,TechnologicalUncertainty.Whatproductconfigurationwillultimatelyprovetobethebest?Whatproductiontechnologywilltobethemostefficient?StrategicUncertainty.Awidevarietyofstrategicapproachesoftenaretriedbyindustryparticipants.No“right”strategyhasbeenclearlyidentified.Firmsoftenhavepoorinformationaboutcompetitors,characteristicsofcustomers,andindustryconditions.,2020/5/16,JiaLiangding,5,HighInitialCostsbutSteepCostReduction.Smallproductionvolume;Increasingscales;Steeplearningcurves;Decliningcosts.EmbryonicCompanies(newlyformedcompanies)andSpin-offs.Withoutestablishedrulesofthegameorscaleeconomiesasdeterrents,newlyformedcompaniesareinpositiontogetintoEmergingIndustries.First-TimeBuyers.Thebuyermustbeinformedaboutthebasicnatureandfunctionsofthenewproductorservice,beconvincedthatitcanactuallyperformthesefunctions,andbepersuadedthattherisksofpurchasingitarerationallybornegiventhepotentialbenefits.,2020/5/16,JiaLiangding,6,ShortTimeHorizon.Subsidy.,2020/5/16,JiaLiangding,7,EARLYMOBILITYBARRIERS,ProprietaryTechnology;Accesstodistributionchannel;Accesstorawmaterialandotherinputsofappropriatecostandquality;Costadvantagesduetoexperience,mademoresignificantbythetechnologicalandcompetitiveuncertainties;Risk,whichraisestheeffectiveopportunitycostofcapitalandtherebyeffectivecapitalbarriers;,2020/5/16,JiaLiangding,8,1.2ProblemsConstrainingIndustryDevelopment,InabilitytoObtainRawMaterialsandComponentssevereshortagesPeriodofRapidEscalationofRawMaterialsPricesburgeoningdemandandinadequatesupplyAbsenceofInfrastructuredistributionchannels,servicefacilities,trainedmechanics,complementaryproducts,etc.Perceivedlikelihoodofobsolescencesecond-orthird-generation,2020/5/16,JiaLiangding,9,CustomersConfusionresultingfromthepresenceofamultiplicityofproductapproaches,technologicalvariations,conflictingclaimsandcounterclaimsbycompetitors).Erraticproductquality.ImageandCredibilitywiththeFinancialCommunitypoorRegulatoryApproval.HighCosts.cost-volumecycleResponseofThreatenedEntities.,2020/5/16,JiaLiangding,10,1.3ToAdoptNewProductsEarlyorLate?,Oneofthecrucialquestionsforstrategicpurposesinanemergingindustryisoftentheassessmentofwhichmarketsforthenewindustrysproductwillopenearlyandwhichwillcomelate.,2020/5/16,JiaLiangding,11,NatureoftheBenefit.Perhapsthesinglemostimportantdeterminantofthereceptivityofthebuyertoanewproductorserviceisthenatureoftheexpectedbenefit.Wecanimagineacontinuumofbenefitsrangingfromanewproductthatoffersaperformanceadvantageunachievablethroughothermeanstoonethatofferssolelyacostadvantage.Betweenthetwo,wecangetmanycasesmixingperformanceadvantagewithcostone.Thereceptivityofthebuyerdependsonanumberofotheraspectsofthenatureofthebenefitsitoffers:,2020/5/16,JiaLiangding,12,performanceadvantage,Howlargeistheperformanceadvantagefortheparticularbuyers?Howobviousistheadvantage?Howpressingistheneedforthebuyertoimprovealongthedimensionofferedbythenewproduct?Doestheperformanceadvantageimprovethecompetitivepositionofthebuyer?Howstrongiscompetitivepressuretocompelchangeover?Howpriceand/orcostsensitiveisthebuyer,iftheaddedperformanceentailshighercost?,2020/5/16,JiaLiangding,13,costadvantage,Howlargeisthecostadvantagefortheparticularbuyers?Howobviousistheadvantage?Canalastingcompetitiveadvantagebegainedfromloweringcosts?Howmuchcompetitivepressurecompelschangeover?Howcost-orientedistheprospectivebuyersbusinessstrategy?,2020/5/16,JiaLiangding,14,StateoftheArtRequiredtoYieldSignificantBenefits.Asecondkeyfactoristhetechnologicalperformanceabouttheirapplicationdemandsoftheproduct.CostofProductFailure.IntroductionorSwitchingCosts.SupportService.CostofObsolescence.Somebuyerscanobtainallthebenefitstheyreallyneedfromthefirstgeneration,whereasotherswillbeforcedtoacquiresuccessivegenerationsofthenewproducttoremaincompetitive.Dependingontheirchangeovercosts,thelatterbuyersmaybemoreorlesstobuyearly.,2020/5/16,JiaLiangding,15,AsymmetricGovernment,Regulatory,orLaborBarriers.ResourcestoChange.PerceptionofTechnologicalChange.PersonalRisktotheDecisionMaker.,2020/5/16,JiaLiangding,16,1.4StrategicChoicesinEmergingIndustries,Formulationofstrategyinemergingindustriesmustcopewiththeuncertaintyandriskofthisperiodofanindustrysdevelopment.Therulesofthecompetitivegamearelargelyundefined,thestructureoftheindustryunsettledandprobablychanging,andcompetitorshardtodiagnose.ShapingIndustryStructure(theoverridingstrategicissue).ExternalitiesinIndustryDevelopment.ChangingRoleofSuppliersandChannels.ShiftingMobilityBarriers.,2020/5/16,JiaLiangding,17,STRATEGICCHOICESOFTIMIMGENTRY,Earlyentryisappropriateinthefollowingcircumstances:imageandreputationofthefirmareimportanttothebuyer;thelearningcurveisimportant,experienceisdifficulttoimitate,anditwillbenotnullifiedbysuccessivetechnologicalgenerations;customerloyaltywillbegreat;absolutecostadvantagecanbegainedbyearlycommitmenttosuppliersofrawmaterials,distributionchannels,andsoon.,2020/5/16,JiaLiangding,18,Earlyentryisriskyinthefollowingcircumstances:Earlycompetitionandmarketsegmentationareonabasisdifferenttothatwhichwillbeimportantlaterinindustrydevelopment