公司層戰(zhàn)略多元化戰(zhàn)略課件

TwoLevelsofStrategyAdiversifiedcompanyhastwolevelsofstrategy1.Business-LevelStrategy

(CompetitiveStrategy)Howtocreatecompetitiveadvantageineachbusinessinwhichthecompanycompetes-lowcost -differentiation-focusedlowcost -focuseddifferentiation -integratedlowcost/ differentiation2.Corporate-LevelStrategy

(Company-wideStrategy)HowtocreatevalueforthecorporationasawholeKeyQuestionsinCorporateStrategyBusinessUnitBusinessUnitBusinessUnitBusinessUnit1.Whatbusinessesshouldthecorporationbein?2.Howshouldthecorporateofficemanagethearrayofbusinessunits?CorporateStrategyiswhatmakesthecorporatewholeadduptomorethanthesumofitsbusinessunitparts多元化戰(zhàn)略的類型BusinessUnitLowLevelsofDiversificationSingleBusiness>95%ofbusinessfromasinglebusinessunitDominantBusinessBetween70and95%ofbusinessfromasinglebusinessunitBusinessUnitRelatedConstrained（集中多元化）>70%ofrevenuesfromdominantbusiness;allbusinessesshareproduct,technologicalanddistributionlinkages多元化戰(zhàn)略的類型BusinessUnitBusinessUnitModeratetoHighLevelsofDiversificationBusinessUnitRelatedLinked(Mixed)(橫向多元化)>70%ofrevenuesfromdominantbusiness,andonlylimitedlinksexist多元化戰(zhàn)略的類型BusinessUnitBusinessUnitModeratetoHighLevelsofDiversificationBusinessUnit多元化戰(zhàn)略的類型Unrelated（非相關(guān)多元化）>70%ofrevenuecomesfromthedominantbusiness,andtherearenocommonlinksbetweenbusinessesBusinessUnitBusinessUnitVeryHighLevelsofDiversificationBusinessUnit多元化戰(zhàn)略的類型RelatedConstrainedDiversificationVerticalIntegration(MarketPower)UnrelatedDiversification(FinancialEconomies)BothOperationalandCorporateRelatedness(RareCapabilityandcanCreateDiseconomiesofScope)RelatedLinkedDiversification(EconomiesofScope)CorporateReadiness:TransferringSkillsintoBusinessesThroughCorporateHeadquartersLowHighSharing:OperationalRelatednessBetweenBusinessesLowHigh相關(guān)多元化戰(zhàn)略相關(guān)多元化戰(zhàn)略（Relateddiversificationstrategy）是通過創(chuàng)建或擴展公司的資源、能力和核心能力以增強競爭優(yōu)勢的一系列承諾與行動。相關(guān)多元化戰(zhàn)略相關(guān)多元化戰(zhàn)略的實現(xiàn)兩種方式：形成范圍經(jīng)濟

Economiesofscope增強市場力量

Marketpower相關(guān)多元化戰(zhàn)略Economiesofscope（范圍經(jīng)濟）arecostsavingsthatthefirmcreatesbysuccessfullytransferringsomeofitscapabilitiesandcompetenciesthatweredevelopedinoneofitsbusinessestoanotherofitsbusinesses.相關(guān)多元化戰(zhàn)略范圍經(jīng)濟一般通過兩種途徑來創(chuàng)造價值：sharingactivitiestransferringcorecompetenciesSharingActivities:SharingactivitiesoftenlowerscostsorraisesdifferentiationSharingactivitiescanlowercostsifit:achieveseconomiesofscaleboostsefficiencyofutilizationhelpsmovemorerapidlydowntheLearningCurveSharingactivitiescanenhancepotentialfororreducethecostofdifferentiationMustinvolveactivitiesthatarecrucialtocompetitiveadvantageKeyCharacteristicsSharingActivities可以共享的活動：主要價值鏈活動內(nèi)部物流（可共享同一倉儲系統(tǒng)、倉庫設(shè)施等）生產(chǎn)管理（可共享組裝設(shè)備、質(zhì)量控制體系、維護保養(yǎng)體系）外部物流（可共享銷售隊伍和銷售渠道等）售后服務(wù)（可共享售后服務(wù)隊伍）輔助價值鏈活動各事業(yè)部可共享采購、研發(fā)、信息等SharingActivities:StrongsenseofcorporateidentityClearcorporatemissionthatemphasizestheimportanceofintegratingbusinessunitsIncentivesystemthatrewardsmorethanjustbusinessunitperformanceAssumptionsTransferringCoreCompetencies:

ExploitsinterrelationshipsamongdivisionsStartwithvaluechainanalysisidentifyabilitytotransferskillsorexpertiseamongsimilarvaluechainsexploitabilitytotransferactivitiesKeyCharacteristicsTransferringCoreCompetencies:

Transferringcorecompetenciesleadstocompetitiveadvantageonlyifthesimilaritiesamongbusinessunitsmeetthefollowingconditions:activitiesinvolvedinthebusinessesaresimilarenoughthatsharingexpertiseismeaningfultransferofskillsinvolvesactivitieswhichareimportanttocompetitiveadvantagetheskillstransferredrepresentsignificantsourcesofcompetitiveadvantageforthereceivingunitAssumptions相關(guān)多元化戰(zhàn)略實現(xiàn)相關(guān)多元化戰(zhàn)略的另一種途徑是增強市場力量。Marketpower:whenafirmisabletosellitsproductsabovetheexistingcompetitivelevelorreducethecostsofitsprimaryandsupportactivitiesbelowthecompetitivelevel,orboth相關(guān)多元化戰(zhàn)略O(shè)neapproachtogainingmarketpowerthroughdiversificationismultipointcompetition.Multipointcompetitionexistswhentwoormorediversifiedfirmssimultaneouslycompeteinthesameproductareasorgeographicmarket.Counterattacksarenotcommoninmultipointcompetitionbecausethethreatofacounterattackmaypreventstrategicactionsfrombeingtaken,ormorelikely,firmsmayretracktheirstrategicactionswhenfacedwiththethreatofcounterattack.相關(guān)多元化戰(zhàn)略Anotherapproachtogainingmarketpowerthroughdiversificationisverticalintegration.Verticalintegrationexistswhenacompanyproducesitsowninputs(backwardintegration)orownsitsownsourceofdistributionofoutputs(forwardintegration).相關(guān)多元化戰(zhàn)略Verticalintegrationiscommonlyusedinthefirm’scorebusinesstogainmarketpoweroverrivals.Marketpowerisgainedasthefirmdevelopstheabilitytosaveonitsoperations,avoidmarketcosts,improvedproductquality,and,possibly,protectitstechnologyfromimitationbyrivals.相關(guān)多元化戰(zhàn)略Marketpoweralsoiscreatedwhenfirmshavestrongtiesbetweentheirassetsforwhichnomarketpricesexist.Establishingamarketpricewouldresultinhighsearchandtransactioncosts,sofirmsseektoverticallyintegrateratherthanremainingseparatebusinesses.相關(guān)多元化戰(zhàn)略Therearealsolimitstoverticalintegration:Internaltransactionsfromverticalintegrationmaybeexpensiveandreduceprofitabilityrelativetocompetitors.Becauseverticalintegrationcanrequiresubstantialinvestmentsinspecifictechnologies,itmayreducethefirm’sflexibility,especiallywhentechnologychangesquickly.Changesindemandcreatecapacitybalanceandcoordinationproblems.非相關(guān)多元化戰(zhàn)略AnunrelatedDiversificationStrategycancreatevaluethroughtwotypesoffinancialeconomies.Financialeconomiesarecostsavingsrealizedthroughimprovedallocationsoffinancialresourcesbasedoninvestmentsinsideoroutsidethefirm.非相關(guān)多元化戰(zhàn)略Thefirsttypeoffinancialeconomyresultsfromefficientinternalcapitalmarketallocations.Thesecondtypeoffinancialeconomyisconcernedwithpurchasingothercorporationsandrestructuringtheirassets.EfficientInternalCapitalMarketAllocation:Firmspursuingthisstrategyfrequentlydiversifybyacquisition:acquiresound,attractivecompaniesacquiredunitsareautonomousacquiringcorporationsuppliesneededcapitalportfoliomanagerstransferresourcesfromunitsthatgeneratecashtothosewithhighgrowthpotentialandsubstantialcashneedsaddprofessionalmanagement&controltosub-unitssub-unitmanagerscompensationbasedonunitresultsKeyCharacteristicsEfficientInternalCapitalMarketAllocation:ManagershavemoredetailedknowledgeoffirmrelativetooutsideinvestorsFirmneednotriskcompetitiveedgebydisclosingsensitivecompetitiveinformationtoinvestorsFirmcanreduceriskbyallocatingresourcesamongdiversifiedbusinesses,althoughshareholderscangenerallydiversifymoreeconomicallyontheirownAssumptionsRestructuring:Seekoutundeveloped,sickorthreatenedorganizationsorindustriesParentcompany(acquirer)intervenesandfrequently:changessub-unitmanagementteamshiftsstrategyinfusesfirmwithnewtechnologyenhancesdisciplinebychangingcontrolsystemsdivestspartoffirmmakesadditionalacquisitionstoachievecriticalmassFrequentlysellunitaftermakingone-timechangessinceparentnolongeraddsvaluetoongoingoperationsKeyCharacteristicsRestructuring:RequireskeenmanagementinsightinselectingfirmswithdepressedvaluesorunforeseenpotentialMustdomorethanrestructurecompaniesNeedtoinitiaterestructuringofindustriestocreateamoreattractiveenvironmentAssumptionsIncentivesResourcesManagerialMotivesAnti-trustregulationTaxlawsLowperformanceUncertainfuturecashflowsFirmriskreductionTangibleresourcesfinancialresourcesphysicalassetsIntangibleresourcestacitknowledgecustomerrelationsimageandreputationDiversifyingmanagerialemploymentriskIncreasingmanagerialcompensation多元化戰(zhàn)略的誘因多元化戰(zhàn)略誘因ExternalIncentivesRelaxationofanti-trustregulationallowsmorerelatedacquisitionsthaninthepastBefore1986,highertaxesondividendsfavoredspendingretainedearningsonacquisitionsAfter1986,firmsmadefeweracquisitionswithretainedearnings,shiftingtotheuseofdebttotakeadvantageoftaxdeductibleinterestpayments