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Chapter4Business-LevelStrategyMichaelA.HittR.DuaneIrelandRobertE.Hoskisson©2000South-WesternCollegePublishingChapter4BusinessLevelStrategySustainableCompetitiveAdvantageChapter2ExternalEnvironmentChapter3InternalEnvironmentCoreCompetencyTheresourcesandcapabilitiesthathavebeendeterminedtobeasourceofcompetitiveadvantageforafirmoveritsrivals.StrategyAnintegratedandcoordinatedsetofactionstakentoexploitcorecompetenciesandgainacompetitiveadvantage.CoreCompetencyTheresourcesandcapabilitiesthathavebeendeterminedtobeasourceofcompetitiveadvantageforafirmoveritsrivals.StrategyAnintegratedandcoordinatedsetofactionstakentoexploitcorecompetenciesandgainacompetitiveadvantage.BusinessLevelStrategyActionstakentoprovidevaluetocustomersandgainacompetitiveadvantagebyexploitingcorecompetenciesinspecific,individualproductmarkets.CoreCompetencyTheresourcesandcapabilitiesthathavebeendeterminedtobeasourceofcompetitiveadvantageforafirmoveritsrivals.GenericBusinessLevelStrategiesCostUniquenessSourceofCompetitiveAdvantageBreadthofCompetitiveScopeBroadTargetMarketNarrowTargetMarketFocusedDifferen-tiationCostLeadershipDifferen-tiationFocusedLowCostCostLeadershipKeyCriteria:CostLeadershipBusinessLevelStrategyRelativelystandardizedproductsFeaturesacceptabletomanycustomersLowestcompetitivepriceRequirements:Constantefforttoreducecoststhrough:BuildingefficientscalefacilitiesStateoftheartmanufacturingfacilitiesSimplificationofprocessesMinimizingcostsofsales,R&DandserviceMonitoringcostsofactivitiesprovidedbyoutsidersTightcontrolofproductioncostsandoverheadCostLeadershipBusinessLevelStrategyPrimaryActivitiesSupportActivitiesTechnologicalDevelopmentHumanResourceManagementFirmInfrastructureProcurementInboundLogisticsOperationsOutboundLogisticsMarketing&SalesServiceMARGINMARGINValueCreatingActivitiesCommontoaCostLeadership
BusinessLevelStrategyPrimaryActivitiesSupportActivitiesTechnologicalDevelopmentHumanResourceManagementFirmInfrastructureProcurementInboundLogisticsOperationsOutboundLogisticsMarketing&SalesServiceMARGINMARGINCostEffectiveMISSystemsRelativelyFewManagementLayerstoReduceOverheadSimplifiedPlanningPracticestoReducePlanningCostsConsistentPoliciestoReduceTurnoverCostsEffectiveTrainingProgramstoImproveWorkerEfficiencyandEffectivenessHighlyEfficientSystemstoLinkSuppliers’ProductswiththeFirm’sProductionProcessesTimingofAssetPurchasesEfficientPlantScaletoMinimizeManufacturingCostsSelectionofLowCostTransportCarriersDeliverySchedulethatReducesCostsNationalScaleAdvertisingProductsPricedtoGenerateSalesVolumeSmall,HighlyTrainedSalesForceEffectiveProductInstallationstoReduceFrequencyandSeverityofRecallsEasy-to-UseManufacturingTechnologiesInvestmentsinTechnologyinordertoReduceCostsAssociatedwithManufacturingProcessesSystemsandProcedurestofindtheLowestCostProductstoPurchaseRawMaterialsFrequentEvaluationProcessestoMonitorSuppliers’PerformancesLocatedinCloseProximitywithSuppliersPolicyChoiceofPlantTechnologyOrganizationalLearningEfficientOrderSizesInterrelationshipswithSisterUnitsValueCreatingActivitiesCommontoaCostLeadership
BusinessLevelStrategyHowtoObtainaCostAdvantage1.DetermineandControlCostDrivers2.ReconfiguretheValueChainasneededAlterproductionprocessChangeinautomationNewdistributionchannelDirectsalesinplaceofindirectsalesNewadvertisingmediaNewrawmaterialBackwardintegrationForwardintegrationChangelocationrelativetosuppliersorbuyersReconfiguringtheValueChainofIowaBeefPackers(IBP)RanchCattleShip“ontheHoof”toRailCenter(Chicago)Slaughterintosidesofbeef“BoxedCuts”atMarketsOldWay:SaveonshippingandcattleweightlossUtilizecheapernon-unionrurallaborNewWayNewWay:LocatelargeautomatedplantsnearranchesProcessinto“BoxedCuts”atplantsShipcutsalready“Boxed”toMarketsChoicesThatDriveCostsEconomiesofscaleAssetutilizationCapacityutilizationpatternValuechainlinkagesInterrelationships-Advertising&Sales-Logistics&Operations-Seasonal,cyclical-OrderprocessinganddistributionProductfeaturesProductfeaturesPerformanceMix&varietyofproductsServicelevelsSmallvs.largebuyersProcesstechnologyWagelevelsHiring,training,motivationThreeKeyQuestions2.Howcanagroupoflinkedvalueactivitiesberegroupedorreordered?3.Howmightcoalitionswithotherfirmsloweroreliminatecosts?Gallosoldwinethroughgrocerystoresratherthanliquorstoresbecausetheyweremoreefficientdistributors1.Howcananactivitybeperformeddifferentlyoreveneliminated?EffectiveCostLeaderscanremainprofitableevenwhentheFiveForcesappearunattractiveCanfrightenoffNewEntrantsduetotheneedto:EnteratlargescaletobeCostCompetitive*Taketimetomovedownthe“LearningCurve”*EffectiveCostLeaderscanremainprofitableevenwhentheFiveForcesappearunattractiveThreatofNewEntrantsCanfrightenoffNewEntrantsduetotheneedto:EnteratLargeScaletobeCostCompetitive*Taketimetomovedownthe“LearningCurve”*BargainingPowerofBuyersThreatofNewEntrantsCanmitigateBuyerPowerby:*DrivingpricesfarbelowcompetitorsmaycauseexitandshiftpowerbacktofirmEffectiveCostLeaderscanremainprofitableevenwhentheFiveForcesappearunattractiveCanfrightenoffNewEntrantsduetotheneedto:EnteratLargeScaletobeCostCompetitive*Taketimetomovedownthe“LearningCurve”*CanmitigateBuyerPowerby:ThreatofNewEntrantsBargainingPowerofBuyersDrivingpricesfarbelowcompetitorswhichmaycauseexitandshiftpowerbacktofirmWellpositionedrelativeto
Substitutesinorderto:Makeinvestmentstocreatesubstitutesfirst*Buypatentsdevelopedbypotentialsubstitutes*Lowerpricestomaintainvalueposition*ThreatofSubstituteProductsEffectiveCostLeaderscanremainprofitableevenwhentheFiveForcesappearunattractiveCanfrightenoffNewEntrantsduetotheneedto:EnteratLargeScaletobeCostCompetitive*Taketimetomovedownthe“LearningCurve”*WellpositionedrelativetoSubstitutesinorderto:Makeinvestmentstocreatesubstitutes*Canbuypatentsdevelopedbypotentialsubstitutes*Lowerpricestomaintainvalueposition*BargainingPowerofSuppliersThreatofNewEntrantsThreatofSubstituteProductsCanmitigateBuyerPowerby:BargainingPowerofBuyersDrivingpricesfarbelowcompetitorswhichmaycauseexitandshiftpowerbacktofirmCanmitigateSupplierPowerby:Lowcostpositionmakesthembetterabletoabsorbcostincreases*Morelikelytomakeverylargepurchaseswhichreduceschanceofsupplierpower*EffectiveCostLeaderscanremainprofitableevenwhentheFiveForcesappearunattractiveEffectiveCostLeaderscanremainprofitableevenwhentheFiveForcesappearunattractiveThreatofNewEntrantsBargainingPowerofSuppliersThreatofSubstituteProductsCanfrightenoffNewEntrantsduetotheneedto:EnteratLargeScaletobeCostCompetitive*Taketimetomovedownthe“LearningCurve”*WellpositionedrelativetoSubstitutesinorderto:Makeinvestmentstocreatesubstitutes*Canbuypatentsdevelopedbypotentialsubstitutes*Lowerpricestomaintainvalueposition*CompetitorsavoidpricewarswithCostLeaders,whichcreateshigherprofitsforentireindustryRivalryAmongCompetingFirmsinIndustryCanmitigateBuyerPowerby:BargainingPowerofBuyersDrivingpricesfarbelowcompetitorswhichmaycauseexitandshiftpowerbacktofirmCanmitigateSupplierPowerby:Lowcostpositionmakesthembetterabletoabsorbcostincreases*Morelikelytomakeverylargepurchaseswhichreduceschanceofsupplierpower*MajorRisksofCostLeadershipBusinessLevelStrategyDramatic
technologicalchangecouldtakeawayyourcostadvantageCompetitorsmaylearnhowto
imitateValueChainFocusonefficiencycouldcauseCostLeaderto
overlookchangesincustomerpreferencesBreadthofCompetitiveScopeSourceofCompetitiveAdvantageBroadTargetMarketNarrowTargetMarketCostCostLeadershipUniquenessGenericBusinessLevelStrategiesBreadthofCompetitiveScopeSourceofCompetitiveAdvantageBroadTargetMarketNarrowTargetMarketCostCostLeadershipDifferen-tiationGenericBusinessLevelStrategiesUniquenessKeyCriteria:DifferentiationBusinessLevelStrategyValueprovidedbyuniquefeaturesandvaluecharacteristicsCommandpremiumpriceSuperiorqualityRapidinnovationPrestigeorexclusivityHighcustomerserviceDifferentiationBusinessLevelStrategyRequirements:Constantefforttodifferentiateproductsthrough:DevelopingnewsystemsandprocessesQualityfocusMaximizeHumanResourcecontributionsthroughlowturnoverandhighmotivationCapabilityinR&DShapingperceptionsthroughadvertisingPrimaryActivitiesSupportActivitiesTechnologicalDevelopmentHumanResourceManagementFirmInfrastructureProcurementInboundLogisticsOperationsOutboundLogisticsMarketing&SalesServiceMARGINMARGINValueCreatingActivitiesCommontoaDifferentiationBusinessLevelStrategyTechnologicalDevelopmentHumanResourceManagementFirmInfrastructureProcurementInboundLogisticsOperationsOutboundLogisticsMarketing&SalesServiceMARGINMARGINAcompanywideemphasisonproducinghighqualityproductsHighlyDevelopedInformationSystemstobetterunderstandcustomers’purchasingpreferencesCompensationprogramsintendedtoencourageworkercreativityandproductivityExtensiveuseofsubjectiveratherthanobjectiveperformancemeasuresSuperiorhandlingofincomingrawmaterialstominimizedamageandimprovethequalityofthefinalproductRapidresponsestocustomersuniquemanufacturingspecificationsConsistentmanufacturingofattractiveproductsAccurateandresponsiveorderprocessingproceduresCompletefieldstockingofreplacementpartsStrongcapabilityinbasicresearchInvestmentsintechnologiesthatwillallowthefirmtoconsistentlyproducehighlydifferentiatedproductsSystemsandproceduresusedtofindthehighestqualityrawmaterialsPurchaseofhighestqualityreplacementpartsRapidandtimelyproductdeliveriestocustomersSuperiorpersonneltrainingCoordinationamongR&D,productdevelopmentandmarketingExtensivepersonalrelationshipswithbuyersStrongCoordin-ationamongfunctionsinR&D,MarketingandProductDevelopmentPremiumPricingPrimaryActivitiesSupportActivitiesValueCreatingActivitiesCommontoaDifferentiationBusinessLevelStrategyEffectivenesswithDifferentiationgrowsoutofValueChainactivitiesExamples:HeinekenbeerRawmaterialsCaterpillartractorsServicebuyers’needsquicklyanywhereintheworldIntelmicroprocessorsTechnologicalsuperioritySteinwaypianosRawmaterials&WorkmanshipMercedesBenzautosTechnologyandWorkmanshipDifferentiationBusinessLevelStrategyCreatingbarriersbyperceptionsofuniquenessCreatingswitchingcoststhroughdifferentiationRaisingBuyers’’PerformanceLoweringBuyers’’CostsCreatingSustainabilitythrough:CreateValuewithDifferentiationby:DriversofDifferentiationUniqueproductfeaturesUniqueproductperformanceExceptionalservicesQualityofinputsNewtechnologiesExceptionalskillorexperienceDetailedinformationExamples:EffectiveDifferentiatorscanremainprofitableevenwhentheFiveForcesappearunattractiveEffectiveDifferentiatorscanremainprofitableevenwhentheFiveForcesappearunattractiveThreatofNewEntrantsCanfendoffNewEntrantsbecause:Newproductsmustsurpassprovenproducts*Orbeequaltoperformanceatlowerprices*CanmitigateBuyerPowerbecause:WelldifferentiatedproductsreducecustomersensitivitytopriceincreasesBargainingPowerofBuyersThreatofNewEntrantsCanfendoffNewEntrantsbecause:Newproductsmustsurpassprovenproducts*Orbeequaltoperformanceatlowerprices*EffectiveDifferentiatorscanremainprofitableevenwhentheFiveForcesappearunattractiveThreatofNewEntrantsCanfendoffNewEntrantsbecause:Newproductsmustsurpassprovenproducts*Orbeequaltoperformanceatlowerprices*BargainingPowerofSuppliersWellpositionedrelativeto
Substitutesbecause:Brandloyaltytendstoreducenewproducttrialandbrandswitching*ThreatofSubstituteProductsCanmitigateBuyerPowerbecausewelldifferentiatedproductsreducecustomersensitivitytopriceincreasesEffectiveDifferentiatorscanremainprofitableevenwhentheFiveForcesappearunattractiveBargainingPowerofSuppliersThreatofNewEntrantsCanfendoff
NewEntrantsbecause:Newproductsmustsurpassprovenproducts*Orbeequaltoperformanceatlowerprices*BargainingPowerofSuppliersCanmitigateBuyerPowerbecausewelldifferentiatedproductsreducecustomersensitivitytopriceincreasesEffectiveDifferentiatorscanremainprofitableevenwhentheFiveForcesappearunattractiveThreatofSubstituteProductsWellpositionedrelativeto
Substitutesbecause:Brandloyaltytendstoreducenewproducttrialandbrandswitching*CanmitigateSupplierPowerby:Absorbingpriceincreasesduetohighermargins*Passingonhighersupplierpricesbecausebuyersarebrandloyal*RivalryAmongCompetingFirmsinIndustryThreatofNewEntrantsBargainingPowerofSuppliersBargainingPowerofBuyersThreatofSubstituteProductsWellpositionedrelativeto
Substitutesbecause:Brandloyaltytendstoreducenewproducttrialandbrandswitching*CanmitigateSupplierPowerby:**AbsorbingpriceincreasesduetohighermarginsPassingonhighersupplierpricesbecausebuyersarebrandloyalCanmitigateBuyerPowerbecausewelldifferentiatedproductsreducecustomersensitivitytopriceincreasesEffectiveDifferentiatorscanremainprofitableevenwhentheFiveForcesappearunattractiveCanfendoffNewEntrantsbecause:Newproductsmustsurpassprovenproducts*Orbeequaltoperformanceatlowerprices*BrandloyaltyovercomesmuchpricecompetitionCustomersmaydecidethatthecostof“uniqueness”istoogreatThemeansofuniquenessmay
nolongerbevaluedbycustomersCompetitorsmaylearnhowtoimitateValueChainMajorRisksofaDifferentiationBusinessLevelStrategyBreadthofCompetitiveScopeSourceofCompetitiveAdvantageBroadTargetMarketNarrowTargetMarketCostCostLeadershipDifferen-tiationUniquenessGenericBusinessLevelStrategiesBreadthofCompetitiveScopeSourceofCompetitiveAdvantageBroadTargetMarketNarrowTargetMarketCostCostLeadershipDifferen-tiationFocusedDifferen-tiationFocusedLowCostUniquenessGenericBusinessLevelStrategiesFocusedBusinessLevelStrategiesinvolvethesamebasicapproachasBroadMarketStrategies.However,opportunitiesmayexistbecause:FocusedBusinessLevelStrategiesLargefirmsmayoverlooksmallnichesFirmmaylackresourcestocompeteindustry-wideMaybeabletoserveanarrowmarketsegmentmoreeffectivelythanindustrywidecompetitorsFocuscanallowyoutodirectresourcestocertainvaluechainactivitiestobuildcompetitiveadvantageBang&OlufsenUpscaleelectroniccomponentsIamsCompanyPremiumpetfoodsSnap-ontoolsHighqualitymechanics’toolsFocusedBusinessLevelStrategiesFocusedBusinessLevelStrategiesinvolvethesamebasicapproachasBroadMarketStrategies.Howeve
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