寻找价值和维护竞争优势.ppt

Session8,THESEARCHFORVALUEANDSUSTAINABLECOMPETITIVEADVANTAGE,Sustainablecompetitiveadvantage,Theultimatedeterminantsofsuccessandfailureinthefirmssearchforvalue.Arethereanyusefulgeneralisationstobemadewhichcanhelptoguidethestrategyprocess?,Sustainablecompetitiveadvantageandresourcebasedtheory,Introduction:anexaminationofthesourcesofsustainabilityofprofitsWhyaresomefirmsabletosustainsuccessoveralongperiod?Portersapproachtobusinessperformance:competitiveadvantage.ThecapabilitiesapproachtofirmperformanceThenatureandsignificanceofcapabilitiesArchitecture,reputation,andinnovationThevalueofcapabilities:Aresourcebasedtheoryoffirmperformance:Peterafsmodel.Conclusions,Part1:Portersapproach,Portersfiveforcesapproach(industryattractiveness)seesindustryperformanceasafunctionofindustrystructure/conduct.(P&S,table10.1)BUTwithinindustriesfirmperformancevaries,Sowhatdeterminesrelativefirmperformance?InCompetitiveAdvantagehetriedtoanswerthis?,Porter,cont.,Competitiveadvantagearguesthatitdependsonthefirmsabilitytomanagethecostdrivers/differentiationdriverssoastoproduceacostadvantageoradifferentiationadvantage.Butthisapproachhasproblemsandisincomplete.,SomequestionsaboutPorter,Whydoesthesuccessfulfirmnotbuytheunsuccessfulandteachithowtominimisecosts?Whydoesthesuccessfulfirmnotsellitsexpertiseincostreducingtolesssuccessfulfirms?Whydoesthesuccessfulfirmnotcutitspricesanddriveitscompetitorsoutofbusiness?Whydoestheunsuccessfulfirmnotbidfortheexecutive(s)inchargeofcostdriversfromthesuccessfulfirm?Thesedohappen:e.g.battlebetweenGeneralMotorsandVolkswagenfortheservicesofcostguruMr.Lopez.,Portersrecipe,IfitispossibleforMichaelPortertodescribehowtocreateandsustaincompetitiveadvantagethensurelyallfirmshaveequalaccesstothisknowledgeoncePorterhascodifiedit.SocanitbeasourceofSCA?Bewarerecipes!Finally,lowcost/differentiationcantbetheultimatesource.Theultimatesourceissurelywhoorwhatproducesthelowcost/differentiationadvantage.,BeyondPorter,Doesanyoneofferabetterexplanationoftherootsofbusinessperformance?Inthe90sacapabilitiesapproachemergedasaneworthodoxyleadingtoadistinctiveresourcebasedviewofthefirmandstrategy.,Part2:Thecapabilitiesapproach,Question:Whatcouldgiveaparticularfirmasustainableedgeoveritsrivals?AseriesofinfluentialarticlesintheHBRduringthe90ssuggestedanewapproach(althoughitturnedoutitsoriginsweremuchearlier),PrahaladandHamel(1990):corecompetencies,Managementsabilitytoconsolidatetechnologyandproductionskillsintocompetenciessothebusinesscanadaptquicklytochangingopportunities/circumstances.Corecompetencies=collectivelearningoftheorganisationaboutprod/tech/markets.e.g.Sonysminiaturisationskills.Competencieshavetobebuiltoveralongperiod.Theyaredifficulttoidentifypreciselyandhardtoimitate.Manyfirmsfailtoidentifytheirowncorecompetenciesandsofailtonurturethemproperlyorexploitthemfully.,Stalk,Evans,andShulman(1992):capabilities,Competitiveadvantageisbasedontheabilitytorespondtoevolvingopportunitieswhichdependsonbusinessprocessesorcapabilities.Businesssuccessinvolveschoosingtherightcapabilitiestobuild,managingthemcarefully,andexploitingthemfully.e.g.Honda,Canon.,Chandler(1990):initialriskyinvestments,Chandler(1990):successfulgiantssuchasIBMandBayerderivefromtheinitialheavyandriskyinvestmentsinbuildingorganisationalknowledgeandcapabilitieswhichallowedthemtoexploittheopportunitiesavailabletoexploitscaleandscopeeconomies.,CollisandMontgomery(1995):competingonresources,Competitiveadvantagederivesultimatelyfromtheownershipofavaluableresource.Superiorperformancederivesfromdevelopingacompetitivelydistinctsetofresourcesanddeployingtheminawellconceivedstrategy.Resourcescanbephysical,intangible,ororganisationalcapabilities.Example:MarksandSpencer(poortiming!),JohnKay(1993):Distinctivecapabilities.,Inhisbestseller,ThefoundationsofcorporatesuccessKayarguesthatthesourceofcompetitiveadvantageisthecreationandexploitationofdistinctivecapabilities.Thevalueofanyadvantagecreateddependsonitssustainabilityanditsappropriability.Kayprovidesadetailedanalysisofthis(seealsoP&S),Distinctivecapabilities,Kayidentifiesonlythreebasictypesofdistinctivecapability:CorporateArchitectureInnovationReputation.,Distinctivecapabilities,Whatisitaboutthesethingsinparticular?Difficulttobuildandmaintain.Difficulttocodify/makeintorecipes.Difficulttocopy/emulate.Cantsimplybeboughtofftheshelf.,Strategicassets,Healsodiscussesmarketdominance(monopoly)basedontheownershipofstrategicassetsasasourceofsuccess.Naturalmonopoliessuchasutilitynetworks,orlicensedmonopoliessuchasthenationallottery.Andthosebasedonheavysunkcostswhichdiscouragechallengersforthefirstmover.Buthearguesthatinthesecaseitisessentiallystructuralfactorsthatcountnotdistinctivecapabilities.Theremayofcourseberoomfordebateinsomecases.,Architectureasadistinctivecapability,Concernsorganisationaleffectivenessinthesearchforvalue.Connectsbacktothediscussionofcorporateobjectivesandtheco-operationneededtogetthingsdoneinP&Schap4.Howtofocusindividualsonachievingorganisationalgoals.,Architecture,Thenetworkofcontractualrelationshipswhichdefinesthefirm.Thecapacityoforganisationsto:1.Createandstoreorganisationalknowledgeandroutines2.Promotemoreeffectiveco-operationbetweenthemembers.3.Achieveanopenandeasyflowofinformationbetweenmembers.4.Adaptrapidlyandflexibly.,Architecture,Architectureislargelyabouthowyouorganisetogetthingsdoneaseffectivelyaspossible.ButNBitalsoinfluenceswhatyouchoosetodo(strategy)inthefirstplace.Because?Architectureisaboutorganisationalform,incentivemechanisms,workorganisation,performanceevaluation,andgovernance.,Architecture,e.g.IBMinitsheyday,MarksandSpencer(backwhen!),LiverpoolFootballClub.e.g.ManyJapanesefirms:theJapaneseemploymentsystem,itssuppliernetworks,thecloserelationsbetweenindustryandfinance,thegreatemphasisonco-operationandcollaboration,thedevelopmentoflongtermcommercialrelationships,andthegenerallyhigherleveloftrustwhichencouragesco-operation,Architecture,Nowaspecialisedstudyarea.Seeforexample,Brickley,Smith,andZimmerman:EconomicsandOrganisationalArchitecture.,Reputationasadistinctivecapability,Thisisaboutconveyinginformationtoconsumersaboutquality.Butitisntequallyimportantforallgoodsandservices.Itappliestoaparticularcategoryofgoodscalled,Longtermexperiencegoods.Thesearegoodswhereproductqualityisvitaltotheconsumerbutwhereitisdifficultfortheconsumertoestablishqualityexceptthroughtimeandexperience.,Reputation,Kaymentionscarhireservices,legalservices,accountancyservices,funeralservices(?),consumerdurables.Addvitaminpills,roofingservices,pensionfunds,andAllstudentsareveryfamiliarwiththeprobleminvolved.,Reputation,Problemisthatyouwantquality,butthatqualitytakestimetomanifestitself.Allsupplierswillguaranteesatisfaction.Howcanyoudistinguishbetweenthem?Ifdifficultthenconsumerswillassumelowqualityandpayonlylowprices.Ifyoucanconvincethemyoucanobtainapremiumpriceforqualityassurance.,Reputation,Sellingonreputationissayingwehavemadeaninvestmentinanassetsowehavealottoloseifwefailtosatisfy.Soyoucantrustus,butnotthehitandrunsupplierswhosellon(low)pricealone.Howmightitbedone.Longevity(est.1768sortofthing).Warranties.Advertising?,Advertisingandreputation,Heavyadvertisingmaybeaway.Advisasunkcostwhichimpliescommitmenttotheservice.Thereissomethingtolose.Evidenceisthatlongtermexperiencegoodsdohavethehighestadv/salesratio(5%).(B.S.R.1992).,Reputationanddiversification,Noteforlater,ReputationmightbeabasisforgrowththroughdiversificationbutKaynotesthatanexpensivelycreatedreputationcanbedamagedbyunwisediversificationwhenfirmsstrayintoareastheydontfullyunderstand.,Innovationasadistinctivecapability,Acapacityforloweringcostsorimprovingitsproductsorintroducingnewproductsaheadofitscompetitors.Innovationbyitselfasasourceofcompetitiveadvantageisactuallyquiterare.Innovationisverydifficult.Itisuncertain,anditishardtomanageproperly.Therearenorecipes.ItcanbedifficultforfirmswhichinvestinR&Dtosecureorappropriateallthereturns.Sobeingabletodoitwellwillundoubtedlygiveyouagoodedge.Howevermanyfirmswhichseekcompetitiveadvantagebythisroutefail.Oftenwhatappearstobecompetitiveadvantagebasedonacapabilityforinnovationisactuallybasedultimatelyonarchitecture.e.g.SonyandGlaxo,TheValueofCapabilities,Distinctivecapabilitiesgeneratesuccesswhichattractscompetitors.Theirvaluedependsontheirsustainabilityandtheappropriabilityofthevaluetheygenerate.(seealsoCollisetalHBR95)Theseinturndependonthefollowingfactors:,TheValueofCapabilities,Transparency:howeasyisittoidentifyandunderstand?J.managementtechniques?Replicability:howeasytoimitate/replicate?Ateamformationsuchas4-4-2iseasy,butGermanefficiencyorBrazilianflairismoredifficult.Substitutability:Howeasytofindasubstitutefor.Sonyo/mofinnovation,M&Ssupplychainorganisation.,TheValueofCapabilities,Whocapturestheincomestreamfromthecapability?Theorganisationortheunderlyingresources.Thisistheissueofappropriability.Tobevaluabletotheorganisationthecapabilityhastobeimmobile/organisationallyspecific.Notabletowalk!,Appropriability,Resourcessuchaspeoplearemarketableandcancapturetheirfullmarketvalue.Sotheorganisationscapabilityhastobemorethanthesumofits(marketable)parts.TakeManchesterUnitedandtheRoyKeaneeffect(50,000perweek!).TobeavaluablebusinessMUmustproduceateamcapabilitybeyondthemarketvalueofitsexpensiveplayersandcoaches.,Tosumup,Thevalueoftheorganisationscapabilityrequiresthatthecompetition:Cantseeiteasily.Cantimitateit.Cantfindasubforit.Cantjustbuyit.,Isolatingmechanisms,Namegiventobarrierspreventingthereplicationoforganisationscapabilities.Causalambiguity.Timecompressiondiseconomies.Extracostsofaccumulatingresourcesandcapabilitiesquicklytotakeonafirstmover.,PART3:RESOURCEBASEDTHEORYOFTHEFIRM,Adistinctiveresourcebasedtheoryofthefirmhasemergedtryingtoformalisethecapabilitiesapproach.The“resource-based”approachisconcernedwiththenatureofthefirmsresourcesandhowtheseresourcesarecombinedintocapabilities.KeyexampleisPeteraf(1993).Herapproachisoutlinedbelowandsummedupinthisfigure.NotesheusesthetermRENTcommoninUSwritingtoconnotetheresultofsustainablecompetitiveadvantage.TheLinnexampleisfromastudentcasestudy.,Peterafmodel,CompetitiveAdvantage,Ex-postlimitstocompetition,Ex-antelimitstocompetition,Heterogeneity,ImperfectMobility,Theindustryismadeoffirmswithaccesstodifferentresourcesandskills.Linnhasparticulardistinctivecompetencies.,Specialistknowledgeandreputation,Sharedspecialistknowledgeandreputation,Linnhasdemonstratedanabilitytoleveragethepotentialofexistingtechnologies,Peterafsmodel-LinnProducts,ALLTHESELEADTOSUSTAINABLECOMPETITIVEADVANTAGETHROUGHDIFFERENTATION,CompetitiveAdvantagealaPeteraf,Afirmissaidtohaveacompetitiveadvantagewhenitcan:achieverents:whichrequiresresourceheterogeneitybetweenfirms(somebetterbundlesthanothers).enjoyrentsthatarenotoffsetbythecostsofachievingasuperiorsetofresources:whichrequiresexantelimitstocompetitionforthoseresources.appropriatethoserentsforthefirm:whichrequiresimperfectresourcemobility.sustainthoserents:whichrequiresex-postlimitstocompetition.,Heterogeneity:,Bundlesofresourcesandcapabilitiesareheterogeneousacrossfirms.Heterogeneityimpliesthatfirmswithsuperiorresources/capabilitieswillearnsuperiorreturns.Animportantclassofresourcesarethosewhicharelimitedintheshortrunbutmayberenewedandexpandedwithinfirmsthatusethem.PrahaladandHamel(1990)arguethatcorecompetencies-particularlyknowledge-basedresources-areenhancedastheyareusedbecauseoflearning.,Ex-postlimitstocompetition,Forceswhichlimitcompetitionfromimitators.Thesearisefromsourcesalreadydiscussed:Imperfectimitability,replicability,andsubstitutabilityofresources/capabilitiesisolatingthefirmfromchallengers.,Exantelimitstocompetition,Thesourceofafirmsrentsisasuperiorresourceposition.Butimaginethesituationbeforeanyfirmhasachievedthisposition.Ifmanyfirmsrecogniseditspotential,acompetitivestrugglewouldensuetoobtaintheresourcesandbuildthecapabilitiestooccupythatposition.Thisprocesswouldcompeteawayallrentsthatcouldbeobtainedfromoccupyingtheposition.Forexample,NorthSeaOilfields.ManchesterUnitedteam!NationalLotterylicence.Sonylicencefortransistor.ThescriptforFourweddingsandaFuneral,Entrepreneurshipandrent,Soafirmneedstheforesighttoacquireresourcesandbuildcapabilitiesintheabsenceofsuchcompetition.Thisrequiresthepresenceofuncertaintyandincompleteinformationandawillingnesstotakerisks.TheessenceofsuccessfulENTREPRENEURSHIPisofcourseforesightandtakingadvantageofuncertaintyandincompleteinformationbeforesomeoneelsedoes.SowhatPeterafseemstobesayinghereissimplythatallrentsbeginwithanentre