周长辉战略管理课件hill7eirmtheorych03Word格式文档下载.docx
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周长辉战略管理课件hill7eirmtheorych03Word格式文档下载.docx
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Thechapteropenswithapresentationofabasicmodelofcompetitivesuccess.Thetextassertsthat,togainacompetitiveadvantage,thefirmmustadoptaneffectivestrategy,whichwillleadtotheformationofdistinctivecompetencies,orfirm-specificstrengths.Thedistinctivecompetenciesarisefromthefirm’sresourcesandcapabilities.Successfulfirmsadoptstrategiesthatbuilduponexistingcompetenciesordevelopnewcompetencies.
Next,thetextexplainsthatcompaniesusetheircompetenciestooffersuperiorvaluetocustomers.Therelationshipbetweenpricing,demand,costs,anddifferentiationisexplored,astheyrelatetothecreationofsuperiorvalue.
Thediscussionofthevaluechainaimstoshowstudentshowthedifferentvaluecreationactivitiesofacompanyfittogether.Apointstronglyemphasizedhereisthateachofthevaluechainactivitiesisapotentialsourceofvaluecreation.
Thechapterthenexaminestheroleofdistinctivecompetenciesinhelpingtoachievethefourgenericbuildingblocksofcompetitiveadvantage:
superiorefficiency,quality,innovation,andcustomerresponsiveness.Companiesthathavesuperiorperformanceinoneormoreoftheseareasareabletodifferentiatetheirproductsand/orreducecosts,whichleadstovaluecreationandhigherprofitability.Thefinancialcalculationofsuperiorvalue(profitability)isexploredindetail.
Thedurabilityofcompetitiveadvantageisthefocusofthenextsection,whicharguesthatthedurabilityofacompany’scompetitiveadvantageisafunctionofthreefactors:
theheightofbarrierstoimitation,thecapabilityofcompetitors,andthegeneraldynamismoftheindustryenvironment.
Finally,thechapteraddressesthereasonswhyformerlysuccessfulcompaniesfail,focusingonorganizationalinertia,paststrategiccommitments,andtheIcarusparadox.Theconcludingsectionofthetextmentionswaysthatcompaniescanavoidcompetitivefailureandsustainacompetitiveadvantage.
TEACHINGOBJECTIVES
1.Examinetheinternalcausesofcompetitivesuccessandfailure.
2.Showhoweffectivestrategiescreatedistinctivecompetencies,includingresourcesandcapabilities,whichthenaidafirminachievingcompetitiveadvantage.
3.Describetheprocessofvaluecreation,usingtheconceptsofpricing,demand,costs,anddifferentiation.
4.Familiarizestudentswiththeconceptofthevaluechain,andshowhowthedifferentvaluecreationactivitiesofacompanyfittogether.
5.Explainhowdistinctivecompetenciesleadtosuperiorefficiency,quality,innovation,andresponsivenesstocustomers,whichinturnallowacompanytodifferentiateitsproductsandloweritscosts.
6.Describehowcompetitiveadvantageleadstohigherprofitability,usingfinancialmeasures.
7.Identifythefactorsthatinfluencethedurabilityofacompany’scompetitiveadvantage,includingtheheightofbarrierstoimitation,thecapabilityofcompetitors,andindustrydynamism.
8.Explaintheroleplayedbyorganizationalinertia,paststrategiccommitments,andtheIcarusparadoxinthefailureofmanyformerlysuccessfulcompanies.
9.Discussthestepsthatcompaniescantaketoavoidfailureandsustainacompetitiveadvantage.
OPENINGCASE:
Dell’sCompetitiveAdvantage
Dellenjoysalow-costcompetitiveadvantage,leadingtoanROICof39percentfrom1998–2003.Dell’scoststructureisthelowestintheindustryduetoDell’suseofadirectsalesmodel,withmuchlowersales,distribution,andretailingexpenses.Inaddition,Dell’sfocusonlow-costPCshelpstokeepitsexpenseslow.Finally,Dell’sinventorymodelreducescostsbyminimizingtheinventorycarried.Dellhassuccessfullyeliminatedwholesalersandretailersfromitsvaluechain.
TeachingNote:
Dell’slow-cost,directsalesbusinessmodelhasbeenremarkablysuccessful,givingthefirmanROICthatisthreetimesgreaterthanthatofitsnearestcompetitor.Dellhasreducedexpensesinmanyareasofitsoperations,asevidencedbythefiguresquotedinthecase.YoucanaskstudentstoconsiderwhetherHewlett-PackardorGatewaywilleverbeabletosuccessfullyimitateDell’slow-coststrategy.Theyarelikelytodecidethattheycannot.Next,askstudentswhetherthatimpliesthatthesecompetitorswillultimatelyfail,orwhethertheycouldsucceedbyadoptingadifferentstrategy.ClassroomdiscussioncouldincludeideasforalternativestrategiesthatmightbeusefulincompetingagainstDell.Thiscase,likeseveralinthischapter,hasanimportantbutveiledmessageabouttheimpactofstrategyonperformance.Youshouldmakesurethatstudentsunderstandthispoint:
Strategiescangivefirmsapowerful,sustainedadvantage;
however,therearealwaysotherstrategiesthatcouldalsoleadtosuccess.Managersmustseekoutalternatestrategiesiftheywanttheirfirmstosucceedagainstpowerfulrivals.
LECTUREOUTLINE
I.Overview
A.Thechoiceofindustryaffectsfirmperformancebut,withinanygivenindustry,somecompaniesaremoreprofitablethanothers.Whydosomecompaniesdobetterthantheircompetitors?
Whatisthebasisofcompetitiveadvantage?
B.Internalanalysisleadstotheidentificationofafirm’sstrengthsandweaknesses,andespeciallyitsdistinctivecompetencies,includingitsresourcesandcapabilities.
C.Distinctivecompetenciesenablefirmstocreatesuperiorvalueforcustomers,byhelpingthemtoachievethefourmainbuildingblocksofcompetitiveadvantage:
efficiency,quality,innovation,andresponsivenesstocustomers.
D.Superiorvaluecreationisdrivenbyafirm’sabilitytodifferentiateitsproductsorreduceitsexpenses.Whenfirmsareabletocreatesuperiorvalue,theyexperiencehigherprofitability.
E.It’salsoimportantforfirmstosustaintheircompetitiveadvantagesovertime,tomaintaintheircompetitiveadvantage,andtotakestepstoavoidcompetitivefailure.
II.Competencies,Resources,andCompetitiveAdvantage
A.Acompanyhasacompetitiveadvantagewhenitsprofitrateishigherthantheaverageforitsindustry,andithasasustainedcompetitiveadvantagewhenitisabletomaintainthishighprofitrateoveranumberofyears.
B.Competitiveadvantagederivesfromafirm’sdistinctivecompetencies,whichareoftwotypes:
resourcesandcapabilities.
1.Resourcesrefertothefinancial,physical,human,technological,andorganizationalresourcesofthecompany.Theycanbedividedintotangibleresources,suchasland,buildings,plant,andequipment;
andintangibleresources,suchasbrandnames,reputation,patents,andtechnologicalormarketingknowledge.
a)Resourcesthatarefirm-specificanddifficulttoimitateareunique.Resourcesthatcreateastrongdemandforthefirm’sproductsarevaluable.
b)Uniqueandvaluableresourcesleadtoadistinctivecompetency.
2.Capabilitiesrefertoacompany’sskillsatcoordinatingitsresourcesandputtingthemtoproductiveuse.
a)Theseskillsresideinthewayacompanymakesdecisionsandmanagesitsinternalprocesses.
b)Capabilitiesare,bydefinition,intangible.Theyresidenotsomuchinindividualsasinthewayindividualsinteract,cooperate,andmakedecisionswithinthecontextofanorganization.
3.Thedistinctionbetweenresourcesandcapabilitiesisoftheutmostimportanceinunderstandingthesourceofadistinctivecompetency.Acompanymayhaveuniqueandvaluableresources,butunlessithasthecapabilitytousethoseresourceseffectively,itmaynotbeabletocreateorsustainadistinctivecompetency.Thus,uniqueandvaluableresourcesarehelpfulincreatingdistinctivecompetencies,butcapabilitiesareessential.
ShowTransparency3.1
Figure3.1:
Strategy,Resources,Capabilities,andCompetencies
C.Acompany’sprofitrateandhencecompetitiveadvantageisdeterminedbythevaluecustomersplaceonthecompany’sgoodsorservices,thepricethecompanychargesfortheproductsorservice,andthecompany’scostsofproduction.
1.Valueisassignedbycustomersbasedonproductattributessuchasperformance,design,andquality.Themorevalueacompanycreates,themoreflexibilityithasinassigningaprice.
2.Thepriceacompanychargesistypicallylessthanthevalueassignedbytheconsumer.Thecustomercapturesthatdifferenceinvalueasaconsumersurplus,whichoccursbecausethecompanyiscompetingwithothercompaniesandsomustchargealowerpricethanitcouldasamonopolysupplier.
3.Anotherfactorthatcausesthepricetobelowerthanthevalueistheimpossibilityofsegmentingthemarketsothatthecompanycanchargeeachcustomerapricethatreflectsthatindividual’sreservationprice(theirassessmentofthevalueofaproduct).
ShowTransparency3.2
Figure3.2:
ValueCreationperUnit
4.LookingatFigure3.3,thecompany’sprofitmarginisequaltothedifferencebetweenpriceandcosts(P–C),whereastheconsumersurplusisequaltothedifferencebetweenvalueandprice(V–P).Thecompanymakesaprofitsolongasthepriceisgreaterthanthecost.Itsprofitratewillbegreaterthelowercostsare,relativetotheprice.Thelowerthecompetitiveintensity,thegreaterthedifferencethatcanexistbetweenpriceandvalue.
5.LookingatFigure3.4,acompanycancreatemorevalu
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