文本课件综合ebd notes rbv yolanda

EBDnotes①DS:ch9(part:②BDSS:③BSZ:ResourceBasedTheory/Views(RBV)andvalue①DS:ch②BDSS:③BSZ:④U-※DS(ch9):EconomiccontributionstostrategicTwolevelsofstrategyinamulti-businessCompetitivestrategy(businessForasinglebusinessunit—itspecifieshowthebusinessunit’smanagerscompeteinagivenindustryCorporateForaportfolioofbusinessunits—itspecifieswhere(inwhichindustriesandcountries)amulti-businessfirmcompetesThe tureonstrategic management managementNormativequestions:dealwithwhatfirmsshouldDescriptivequestions:dealwithwhatfirmsactuallyStrategicnningisthecomponentofstrategicmanagementthataimsattheformulationofafirm’sstrategy.Theprocessofstrategicnningshouldconsistofalogicalsequenceofsteps(e.g.figure9.1inPP195):①Formulategoals→②yzetheenvironment/③Assess strengthsandweakness→④Formulatecompetitivestrategy→⑤FormulatecorporateImplementstrategy→⑦EvaluatestrategyTheeconomiccontributionstostrategicnningandstrategicmanagementfocusmainlyonissuesofcontent,notofprocess(mainlyfocusonsteps2-5) Theeconomiccontributionstoindustry ysisstemfromthefieldofindustrial·Themainparadigmofindustrialorganization:thestructure-conduct-(orS-C-P)·’Structure’referstocharacteristicsofthe①Numberofsize,distributionofsellersand②Barriersto③Production④Cost⑤Priceelasticityof·‘Conduct’referstothebehavior(orstrategies)offirmsinthe①②Price③Product④Researchand⑤·‘Performance’referstoperformanceofthe①Industry②Growthin③e.g.Intheauto industry,1)economiesofscaleconstituteabarriertoentry:Inthisindustry,Economiesofscaleisveryimportant→Ifanewcompetitorenters,wouldhavetoenteronalargescale→Createovercapacity→Pricesfallandnowouldmakeaprofit.2)Anotherbarriertoentryisthetechnologicalknow-howrequiredtodevelopanewTacitcollusionisgreatlyfacilitatedifthereareonlyafewsellersofunequalsizeandtherearesignificantbarrierstoentry.1)AccordingtotheS-C-Pparadigm,structuredeterminesconductandconductdeterminesperformance.2）IntheS-C-Pparadigm,theconductoffirmsc soaffectindustrystructureandtheperformanceofanindustryc soaffecttheconductoffirmsinthatindustry.e.g.Patentsareanexampleofstrategicbarrierstoentrye.g.IndustryprofitabilityaffectstheamountofR&Dcarriedout(performance→[Figure9.2,WecouldignoreconductandlookdirectlyatindustrystructuretotrytoexinNotallindustriesareequalintermsofDifferencesinprofitabilitybetweenindustriescanbeexinedinlargemeasurebytheelementsofstructureAsaresult,theprofitabilityofamulti-businessfirmisdetermined,toacertainextent,bythechoiceofwhichindustriestocompetein. Intensityofrivalrybetweenexistingfirmsdependsin sizeanddistributionoffirms,levelofproductdifferentiationandcoststructures.ThethreatofnewentrantsdependsonbarrierstoThebargainingpowerofbuyersandrsdependin anddistributionofbuyersandlevelofproductdifferentiation.·Theindustry’sstructuredeterminestheintensityofcompetitionand,thus,theindustry’sprofitability(structure→performance) Intheindustry ysisparadigm,industrystructure→thefirm’sconduct→industry’sperformance.Afirm’sconductcannotcomple ydeterminedbyindustrystructure(otherwisetherecouldbenodifferencesbetweentheconductoffirmsinthesameindustry)Differencesbetweenfirmsinthesameindustryarefarmoreimportantthandifferencesbetweenindustries.FirmsinthesameindustrycanstilldifferinmanyDimensions:pricingstrategy,advertisinglevels,R&Dlevels,degreeofverticalintegration,breadthofproductline,costposition,etc.Suchdisparities(不一致)maybeduetodifferencesinFirmsmayperceivedifferentprofitopportunitieswhentheyenterthee.g.FirmA:heavilyadvertiseahighqualityproduct→buildabran FirmB:pursueahigh-volumelineOncefirmshavemadesuchdecisions, ecommittedtoa--firmshavetoinvestinassetsthatprobablydeclineinvalueifthefirmschangetheirReasonswhyfirms’strategiesareliketobe‘sticky’anddifficulttoalterFirmshavetoinvestinassetsthatprobablydeclineinvalueiftheychangetheirstrategy(asmentionedabove)Firmsuseorganizationalroutinestomakestrategic--Aslongasprofitperformanceissatisfactory,firmstendtofollowthesameruleofthumb(e.g.advertisinglevels,R&D)thattheyhaveusedinthepast.Firmsdonot izebutsatisfice:aslongastheirroutinesleadtosatisfactoryresults,firmshavefew entivestosearchforbetterroutines.Firmsinthesameindustrydifferalongcertainkeyvariables.(Thosekeyvariables=thestrategicdimensionsofthatindustry)--Thosedifferences(variables)persistforseveralyearsbecauseofmobilitybarriersbetweenthestrategicgroups. Thecompetitivestrategyofafirmisthatfirm’schoicewithregardtothestrategicdimensionsofitsparticularindustry.--examplesofstrategicdimensions:①advertisinglevels,②R&Dlevels,③costposition,④productdifferentiation,⑤breathofproductlineand⑥degreeofverticalStrategicgroups:groupsoffirmsfollowingsimilarcompetitive·Strategicgroupscanbeidentifiedinmany·Moreover,theytendtobestableover Strategicmap:strategicnnersusetheconceptofstrategicgroupstoconstructamapshowingthecompetitivestrategiesoftheirown andthoseoftheirstrategicdimensionsCompetitive Acompetitivestrategyreflectsthefirm’schoicesconcerningthestrategicdimensionsofitsindustry.[So-calledgeneric(一般的)competitivestrategies(Porter,1980)]Underastrategyofcostleadership,thefirmtriestomanufactureanddistributeproductsatthelowestpossibleunitcost.--canbeobtainedthroughlarge-scaleproduction(economiesofscale)orexperience→bothofthemcanareeasiertoattainifthefirmhasalargemarketUnderastrategyofproductdifferentiation,thefirmcompetesbyofferingaproductthatthecustomersperceiveasmorevaluablethanthecompetitors’--Additionalvalue:quality,safety,design,reliability,easeofrepair,durability,tasteorwhatever.--Branmerecognitionisusuallyveryimportant→advertisinglevelstendtohighforfirmsusingthatstrategy.Firm’sstrategiesarelikelytobestickyasaresult①thenecessarycommitmenttoachosen②thedevelopmentofsuccessfulcomparethestandardlow-costproductswiththedifferentiatedproductsofferedbyitscompetitors.--Aselevelriseordemandpatternschange,customersmayreasinglydemandanumberofdifferentiatingfeatures.--Problemwiththefirmspursuingastrategyofproductdifferentiation:costsaretoohigh(buyersdonotsimplyseekhighvalue,theyseekvalueformoney)Resource-basedViewoftheAccordingtotheresource-basedviewofthefirm,acompetitiveadvantageisalwaysbasedonthepossessionof(accessto)certainresources.e.g.alarge-scalentorTheextenttowhichacompetitiveadvantageissustainabledependsonhowdifficultorcostlyitisforotherfirmstoobtainthesameresource.Intheresource-basedviewofthefirm(RBV),resourcesludehuman,financial,tangible(nts,equipment,buildings)andintangible(patents,know-how,brandnames,experienceandorganizationalroutines)resources.AccordingtoRBV,aresourcecanbethebasisofacompetitiveadvantageonlyifresourcehascertainAccordingtoRBV,resourceshavetosatisfyfourproperties/conditionstocontributetowardscompetitiveadvantages:Valuable—itmustbedifficulttobuyand·Itismuoredifficultto‘buy’intangibleresourcessuchasskillsorexperiencethanitistobuytangibleassetssuchasequipment.·Itisusefultomakeadisttionbetweenresourcesforwhichpropertyrightsarewelldefinedandthoseareilldefined.Rare—Theadvantagethattheresourcemayyieldmustnotbecompetedawaybyexante(事先)competition.e.g.Supposeonlyonefirmwillbeallowedbytheernmenttousearadiofrequencyfor Inimitable(独特的，无法仿效的)—theresourcemustbedifficulttoe.g.highlycomplexorganizationalNon-substitutable—itmustbedifficulttosubstitutetheresourcewithanotherThosefourconditionsarereferredtoastheVRIN-frameworkofcompetitiveadvantage(resourcesmeetthoseconditionstoserveasabasisforsustainablecompetitiveadvantage)TheRBVofthefirmarguesthatthecompetitiveadvantageofafirmdependsontheresourcesatitsdisposal.--Forsustainablecompetitiveadvantage,difficultorcostlyforotherfirmstoobtainsimilarresources→leadtosuperioreconomicperformanceoveraperiodoftime.Instandardeconomictheory,theresourcesatthefirm’sdisposalweretraditionallyclassifiedasfollows:Land ludingnaturalLabor(humanCapital(financialandphysical--adebateineconomics:shouldinformationbethetypeofresource(‘factorofholisticentities—thatistosay:economictheorydidnotlookintofirms(theywereregardedasblackboxes).RBVisaneconomictheorythatdoeslookinsidefirms(aclearimprovementoverstandardmicroeconomics)TwocriticismsabouttheRBV’soriginalRBVistoacertainextenttautological(theargumentis--exinssuperiorperformanceresultedfromtheuseofvaluable--atthesametime,whetherornotresourcesarevaluablehastobeexaminedbyreferencetotheperformancetheyenable.RBVis--RBVneitheraskedwheretheseresourcescamefromnorhowtheydevelopedandmaintainedover Theconceptofdynamiccapabilitiesaddressesthedevelopmentofafirm’scapabilitiesasthebasisforsustainablecompetitiveadvantage.--addressesthesecondcriticismabove(RBVis--enquiresdeeperintothenatureoftheresourcesandcapabilitiesthatgeneratecompetitiveadvantage. Theselectionmechanismintroducedtoaddressthefirstcriticism,isevolutionary--dynamiccapabilities,provideabridgebetweenstrategicandevolutionaryapproachestoorganizations.DynamicAdynamiccapabilitycanbedefinedas‘thecapacityofanorganizationtopurposefullycreate,extend,ormodifyitsresourcebase’.--The‘resourcebase’ofanorganization ludestangible,intangibleandhumanassets(orresource),asintheRBV.--Italso ludescapabilitiesthattheorganizationowns,controlsorhasaccesstoonapreferentialbasis.e.g.theprocessofnewproductDynamiccapabilitiescanbedistinguishedfromoperationalcapabilities,whichpertaintothecurrentoperationsofanorganization--organizationsuseoperationalcapabilitiesinitsefforttoearnalivingintheOperationallyorientated①currentproductionmethods,②existingmarketingpoliciesand③customaryHRrecruitingns.Dynamiccapabilitiesareaimedat--theyaltertheresourcebaseofan--e.g.forgingalliance,making--e.g.thecapabilitiesofStarbuckstoopennewoutletsatanamazingratebothindomesticandforeignmarketsextendedormodified.Thatmeans:Theremustbesomedegreeofintent,eitheronthepartoftopmanagementoratlowerlevelsintheorganization.TheremustbeasearchandselectionprocesstoidentifytherightallianceTheremustbeacapability(somealliancemanagementskills)toworkwithanalliancepartnerThestrategicmanagementoftheorganizationentailsthepurposefulapplicationofdynamiccapabilitiestochangetheresourcebaseoftheorganization.TheextensionofRBVwiththeconceptofdynamiccapabilities:allowsforthepossibilityofdelving(探索)deeperintothenatureoftheresourcesandcapabilitiesthatgeneratesustainablecompetitiveadvantage.Somefeaturesthatcontributetodynamiccapabilitiesbeingvaluable,rareandinimitableare:e.g.astart-up involvinginthedevelopmentofnewbiotech-baseddrugsthent,patentsandresearchersareco-specialized,meaningthattheyareuniquelyvaluableonlywhenusedombination.--maycostaconsiderableamountoftimeandinvestmenttobuildsuchacomplementarycombinationofassets--co-specializationmaycontributetothevalueofthetermdenotesthemanagerialsearch,selectionandconfiguration/coordinationofresourcesandcapabilities.--capabilitiesaredependentonco-specializedassets→itmakesthecoordinationtaskofmanagementparticularlydifficult.--Managerialdecisionsshouldtaketheoptimalconfiguration(结构)ofassetsintoaccount→inanoptimalconfigurationofassetsthewholeismorevaluablethansumofitsparts.Thecapabilityispartlybasedontacitknowledge→impossibletomakeitfully--itpartlyresidesinpeople’sheadsandbehaviors→makesitdifficultcompetitorstofullyimitateit.Firm·Dynamiccapabilitiesareoftendependentonthefirm’shistoricaldevelopmentanduniquecircumstances·Pathdependence—theparticularpathstakenbyafirmhaveshapedtheopportunitiesforitsspecificlearning-by-ng.·Consequently,firmspecificitymakesadynamiccapabilityrareandimitationIsolating·Adynamiccapabilityisalsoinimitableifitissurroundedbyeffective‘isolating·Capabilitiesarehighlyfirm-specificandpartlydependontacitknowledge→Itevendifficultforthefirm’smanagertoarticulatethecausalconnectionbetweencapabilityandcompetitiveadvantage.TheconceptofdynamiccapabilitiesisausefulextensionoftheRBV(ItaddressesthecritiquethatRBVprovidedonlyastatic)Dynamiccapabilitiesareaimedatchangeintheresourcebaseof①choosefromamong‘existing’②engageinactivesearch,selection,configurationandorchestrationofresourcesandcapabilities.·Resourcesandcapabilitiesareco-specializedandconfiguredwell→contributetheirvalue;withoutsuchfeatures.CompetitionisanenvironmentalselectionMoveandCounterThefactweignore:companieschoosingacompetitivestrategyusuallytakeintoaccounthowcompetitorsarelikelytoreact(likeyingchess).Whenafirmchoosesacompetitivestrategy,itchoosesvaluesforthestrategicdimensionsofitsindustry.Thissection:showhowa whenconsideringastrategicmove,cantakeintoaccountpossiblecountermovesbyacompetitor.--weshalldothisbydiscussinghowamonopolistcanimpedeentryintoitsindustrybyapotentialentrant.--Chooseice-creamindustryasan→Twointerestingfeaturesofthis①Blanketingstrategy:theessenceofthisstrategyistoblanketpotential②Firstmover→anexampleofanentry-deterringstrategy:MrSuncandeterentrybyusingstandonlegsratherthanastandonwheels.--MrSunshowsthatheiscommittedtohisceonthebeach.ThatspatialcommitmentdetersMrsOrangefromentering.thanforaday,MrSuncommitshimselftotheice-cream-sellingbusinessandsodetersentry.Lessonsfromtheice-creamTwoimportantlessonsfromtheice-creamMrSuncanblockentrybyemployinostandsratherthanMrSuncandeterentrybymakingacredibleMakingacrediblethreat:itiseasiertoconv esomeoneofsomethingthatisquitetruethanofsomethingthatmightnotbetrue.·Strategicflexibilityisalwaysanadvantagewhenyouy·However,itmayb tertocommityourselfratherthanretainflexibilityifyouyahumanopponent.Commitmentsareessentialtomanagement.Theyarethemeansbywhichasecurestheresourcesnecessaryforitssurvival.Commitmentscanbepowerfultoolsthathelpa tobeatthe--Sometimes,justthesignalsentbyamajorcommitmentcan competitorsintheirtracks.e.g.When announcesacomingproductlaunch,would-berivalsrethinktheirns.SpatialExamplesofspatialSelectinglocationsforice-creamstandsonaThecompetitionbetweensupermarketchainsfornewProductInmostreal-lifecases,firmscompeteinseveraldimensions.e.g.thetasteoftheirproducts,branding,distributionchannels,price,etc.--theimportanceofthosedimensionsmayvaryperregionandchangeovertime,whichaddsfurthercomplexitytothecompetitivegameofmoveandcountermoveintheindustry.FirstmoverFirstmoveradvantagesmayariseinthefollowingThefirstmoverisabletocapturearesourcethatgivescompetitiveadvantageVRIN:aValuableresourcethatisRare,InimitableandNon-substitutable.e.g.AlocationonthebeachconformstotheVR onditionsforcompetitiveadvantage.Butthatadvantageistemporary.e.g.miningcompaniesacquirethebestlocationstofin tureresourcesandbuildtheresourcebaseforsustainablecompetitiveadvantages.e.g.auniquepatentedThefirstmoverisableto‘lockin’customersor Thefirstmoverisabletobenefitfrom·Theproductioncostsperunitdecreaseovertimeasaresultof·ThefirstmovermaythereforehavelowercostsperunitthanThefirstmoverisableto reasing①Normally,economicsworkswithdecreasingreturns:thefirstproductisabletofetchahigherpricethanlatercopies.②However,sometimesproduct reasingreturns—called effect,orapositiv workexternality.e.g.Thefaxmachine:eachadditionalfaxmachine reasesthevalueofallotherfixmachinese.g.Thecreationofstandards(Windowsstandard)ordominantdesigns(Inhasestablishedformicroprocessors)=>Itisusuallyverydifficultforafirstmoverorpioneertostartaprocessofreasingreturnsandappropriatethosereturns.Tworeasonswhy‘firstto es‘firstto·Thepioneerhastogainacceptanceofthenewproduct—thatprocessissubjecttohighfailurerateand,eveninthecaseofasuccess,tolongtimedelays(‘liabilityofnewness’)·Theskillsandcompetencesnecessaryforinvention(d