戰(zhàn)略管理課件1

THINKING

STRATEGICALLY:

TheConceptofStrategyandthePursuitofCompetitiveAdvantage.ThinkingStrategically2WhatisStrategy?1980’sViewOperationaleffectivenessisperformingbusinessactivitiesbetterthanothers-Manybusinessconsultantsinthe1980’s.ThinkingStrategically3BCGExperienceCurvefor

SemiconductorFirmsPriceperbit(millicents)Cumulatedoutput(bitsx1012)Source:

IntegratedCircuitEngineeringCorporation197619771978197919801981198219831984100101.00.110257510050.Reverse:LearningCurveThinkingStrategically4.ThinkingStrategically5BCG’sGrowth-ShareMatrix?HighShareLowShareHighGrowthSlowGrowth“Star”“QuestionMark”“CashCow”“Dog”.ThinkingStrategically6TheIndustryAttractiveness-BusinessStrengthMatrixInvestmentandGrowthHighHighLowLowMediumMediumSelectivityHarvest/DivestHarvest/DivestSelectivitySelectivityIndustryAttractivenessBusinessStrengthSelectiveGrowthSelectiveGrowthHarvest/DivestHarvest/DivestHarvest/Divest.ThinkingStrategically7WhatisStrategy?PositioningViewStrategyistheattempttoachievesustainablecompetitiveadvantagebycreatingdistinction

-Porter1980Creatingaunique&valuablepositionby

performingdifferentactivitiesMakingtrade-offs;choosingwhatnottodoCreatingfitamongtheseactivities.ThinkingStrategically83SourcesofStrategicPositioningServefewneedsofmanyServemanyneedsoffewServemanyneedsofmany Afunctionofdifferencesonthesupplyside:whatproducttoprovide.ThinkingStrategically9WhatisStrategy?Industrial-OrganizationalViewStructure-Conduct-PerformanceParadigmIndustryStructuredictatesfirmConductwhichdeterminesfirmPerformanceFocusesonindustry

characteristicsastheprimarydriverofperformanceViewsresourcesasmobile,identical,andreplicableGOAL:Locateinthemostattractiveindustries.ThinkingStrategically10AboveNormalProfits

(inExcessoftheCompetitiveLevel)Avoid

CompetitorsBeBetterThan

CompetitorsAttractive

IndustryAttractive

NicheCost

AdvantageDifferentiation

AdvantageAttractive

StrategicGroupEntryBarriersMobilityBarriersIsolatingMechanismsSourcesofSuperiorPerformanceinIndustrialOrganizationView.ThinkingStrategically11WhatisStrategy?Resource-basedViewInternalfocusEnvironmentisNOTviewedasdeterministicFirmresourcesandcapabilitiesthatdrivecompetitiveadvantagearenotmobileAfirm’sresourcesdrivechoiceofindustryResourcesvaryfromcompanytocompany.ThinkingStrategically12VRIOValuable:Canthefirmusetheresourcetoexploitopportunityortoneutralizeathreat?Rare:Isresourceaccessibletomanyfirmsoronlyafew?Inimitable:Canothersimitateitcostlesslyoreasily?Organization:Cantheorganizationsupporttheexploitationofthisresource?.ThinkingStrategically13WhatisStrategy?IntegrativeDefinitionsAnintegratedandcoordinatedsetofcommitmentsandactionsdesignedtoexplorecorecompetenciesandgainacompetitiveadvantage.

-IHH2009Strategyisatheoryabouthowtogaincompetitiveadvantagethatisbasedonasetofassumptionsandhypothesesaboutthewaycompetitioninthisindustryislikelytoevolve,andhowthatevolutioncanbeexploitedtoearnaprofit.

-Barney&Hesterly2009.ThinkingStrategically144ComponentsofStrategyFormulationMarketopportunityCorporatecompetenceandresourcesPersonalvaluesandaspirationsAcknowledgedobligationstosegmentsofsocietyotherthanstockholders.ThinkingStrategically15StrategyastheLinkGoalsandValuesResourcesandCapabilitiesStructureandSystemsCompetitorsCustomersSuppliersStrategyTheFirmTheIndustryEnvironmentSource:Grant,1998.ThinkingStrategically16CommonElementsinSuccessfulStrategySuccessfulStrategyProfoundunderstandingofthecompetitiveenvironmentObjectiveappraisalofresourcesLong-term,simpleandagreeduponobjectives$EFFECTIVEIMPLEMENTATIONSource:AdaptedfromRobertS.Grant,1991.ThinkingStrategically17WhatisCompetitiveAdvantage?Competitiveadvantageistheabilitytocreatemoreeconomicvaluethanrivalfirms.Whenafirmimplementsastrategy,itscompetitorsareunabletoduplicateorfindittoocostlytotrytoimitate..ThinkingStrategically18MeasuringCompetitiveAdvantageFirmsurvivalAccountingprofits(ROA,ROE,ROS)SurplusofrevenuesoverexpensesEconomicprofit/rent(economicvalueadded,positiveNPV)NormalreturnoncapitalAbnormalreturn-surplusafterallinputsShareholdervalue/marketvalue(EVA,Tobin’sq)Changeinmarketvalueovertime.ThinkingStrategically19TypesofCompetitiveAdvantageFirmA:FirmB:FirmC:FirmD:PricePricePricePriceTotalcosttobuyerFirmAhasa

costadvantageFirmChasa

differentiationadvantageProducer’scost Producer’smargin.ThinkingStrategically20WhenisaDecisionStrategic?InvolvesirreducibleuncertaintyRequiresirreversiblecommitments/sunkinvestments($,time,resources)InvolvestradeoffsHasmulti-functionalconsequences

Isfuture-orientedAreinfrequentandnon-recurringInvolvesdealingwithcompetitionConcernstheexternalenvironment.Levelsof

StrategyDivisionAR&D

Personnel

Finance

Production

Marketing/SalesDivisionBR&D

Personnel

Finance

Production

Marketing/SalesSource:RobertM.Grant,ContemporaryStrategyAnalysis,BasilBlackwell,1991.FUNCTIONALSTRATEGIESBUSINESSSTRATEGYCORPORATESTRATEGYCORPORATEHEADOFFICE.ThinkingStrategically22StrategicThinkingStrategicPlanningOpportunistDecisionMakingMarketUnderstandingMajorEnvironmentalTrendsCompetitiveAnalysisStrategyCreative,entrepreneurialinsightsintoacompany,itsindustry,andenvironmentSystematic,comprehensiveapproachestodevelopingstrategiesEffectiveresponsestounexpectedopportunitiesandproblemsSource:FrederickGluck,StephenKaufmanandA.StevenWalleck,"TheFourPhasesofStrategicManagement,"

JournalofBusinessStrategy,Winter1982.MoreThanOneWaytoFormulateStrategy.ThinkingStrategically23StrategyFormulation:

IntendedandEmergentStrategiesIntendedStrategyRealizedStrategyDeliberateStrategyUnrealizedStrategyEmergentStrategySource:MintzbergandMcHugh,1985.ThinkingStrategically24IntendedStrategyMissionandGoalsExternalAnalysisInternalAnalysisStrategicChoiceImplementationINTENDEDSTRATEGY.ThinkingStrategically25EmergentStrategyMissionandGoalsExternalAnalysisInternalAnalysisStrategicChoice:

Doesitfit?OrganizationalGrassrootsEMERGENTSTRATEGY.ThinkingStrategically26StartingOverAgainShocksandtrends,eveninadjacentmarkets,maycreateuncertaintiesthatallow/forcefirmstochangetheirstrategiesChangesinconsumertastesChangesintechnologyChangesinrelativepricesofinputsChangesinlaws,regulations,andtaxpolicyInventionsanddiscoveriesChangesinglobalsupplyanddemandconditionsUncertaintyandmarketchangescreatetheopportunityforfirmstoreformulatetheirstrategies.ThinkingStrategically27ElementsofaStrategy1. BUSINESSDEFINITION

CustomerNeeds Technology Products GeographicScope2. STRATEGICINTENT

Direction Rate Priorities.ThinkingStrategically28ElementsofaStrategy3. FINANCIALTARGETS Short-term Long-term ROA ROE ROS4. SOURCESOFCOMPETITIVEADVANTAGE

ReputationandConsumerLoyalty BrandName ProducerLearning EconomiesofScaleand/orScope Location Accesstolowercostfactorsofproduction DistributionandShelf-space ProprietaryIntellectualProperty.ThinkingStrategically29ElementsofaStrategy5. KEYSTRATEGICDIMENSIONS