CorporateStrategy.docx
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CorporateStrategy.docx
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CorporateStrategy
Chapter5CorporateStrategy
VisionandMissionStatementandObjective
Vision:
theleveragingofafirm’sinternalresources,capabilities,andcorecompetencetoaccomplishthefirm’sgoalsincompetitiveenvironment.
MissionStatement:
astatementoffirm’suniquepurposeandscopeofitsoperationsinproductandserviceterms.Itshouldindicate:
●Whatbusinessyouarein
●Whatyouwanttoachieve
●Whatareyourvalueandstandards
StrategicChoice
DonothingalternativeNosignificantchanges
Marketpenetration
Productdevelopment
Marketdevelopment
Verticalintegration
Relateddiversification
Unrelateddiversification
Retrenchment
DisinvestmentTurnaround
Divestment
Liquidationofthebusiness
AlternativeMethodsforGrowingStrategy
Internal/organicgrowth
Acquisition/merge
Strategicalliance
Jointventure
Franchising
Licensing
Advantages
Lowerrisk
Allowsforon-goinglearning
Morecontrol
Fast
Buyspresence,marketshare,andexpertise
Cheaperthantake-over
Accesstomarketknowledge
Asforaboveand
Greaterincentive&closercontact
Canlockoutothercompetitorsbetter
Lessinvestment
Lowerrisk
Alleviationofsomeneedsforthedevelopmentofmanagers,skillsandcapabilityrequiredforalarge,growinganddispersedcompany.
Avoidproductionandlaborrelationproblems
Lessinvestmentandlowerrisk
Possibledrawbacks
Slow
Lackofearlyknowledge-maybemisjudgement
Premiumpricehastobepaid
Highrisk
Difficulttosellunwantedassets
Possiblelackofcontrol
Potentialmanagerialdifferencesandproblems
Asforabove
Franchiseesunabletoprovidenecessarylevelofqualityandservices
Needstrongmonitoringandcontrolsystem
Lesscontrol
Imitation
DisinvestmentStrategies
Retrenchment(紧缩)remedialactionisrequiredwhenacompanyexperiencesdecliningprofitsasaresultofeconomicrecession,productioninefficiencyorcompetitorinnovation.Theassumptionwouldbethatthefirmcansurvive.Inordertoimproveefficiencythreeaspectsareinvolved,eitherindividuallyorincombination:
Costreduction
Assetreduction
Revenuegeneration
Turnaround(调整)strategiesinvolvetheadoptionofanewstrategicpositionforaproductorservice,andtypicallyleadonfromretrenchment.Resourceswhicharefreeduparere-allocatedfromonestrategicthrusttoanother.
Cuttinginthe“right”areasandnotdestroyimportantcompetence
Creatingnewcompetitiveadvantageandgeneratingnewgrowth
Divestment(放弃)whereretrenchmentfails,orisnotregardedasfeasible,apartofbusinessislikelytobesold.Basicallythecompanyishopingtocreateamoreeffectiveandprofitableportfolioofproductsandservices.
Symptomsofdecline
Fallingofprofitability
Reduceddividends
Fallingofsales
Increasingofdebt
Decreasingliquidity
Delaysinpublishingfinancialreport
Decliningmarketshare
Highturnoverofmanagers
Lackofcleardirection
Possiblereasons
Overextended
Economicproblems
Demanddecline
Synergyelusive
EffectiveAcquisitionStrategies
Concentrateordiversifyeffort
Strengthstobuildonandusetocreatesynergy
Opportunities
Matchingresourcesandopportunities
Positivesearchprocess
Lookingbehindfigures
Evaluation—shareresources
transferofskills
economiesofscale
Valuation
Negotiation
Takingover
People
Culture
Structures
Systemsandprocedures
AnalyticalTechniques
Growth—sharematrix
1n1970,BruceHenderson(founderofBCG)firstlysuggested:
1.Marginearnedbyaproductandcashgeneratedbyitarefunctionofmarketshare.Thehigherthemarketshareis,relativelytocompetitors,thegreateristheearningpotential.
2.Salesandrevenuegrowthrequireinvestmentinadvertising,distributionanddevelopment.
3.Highermarketshareneedsextrainvestment.
4.Nobusinesscangrowindefinitely,productswillattimesnotbeprofitablebecausetheamountofinvestmentexceedsearningpotential.
1.MaintainbalancebetweenCashCowandStars
2.AllocatedsomeresourcestofeedStars
3.Dogsweretobesold
Notice:
●Wheretodrawhorizontaldividinglinetoseparatehighgrowthfromlowgrowth
●Giveexecutivesareadyexcusetogetridofunder-performedbusinessanddirectingmorefundstoStars
GE/McKinseyNineblockMatrix/Industryattractiveness—businessstrengthmatrix
In1971,GEaskedMcKinseytoevaluatedstrategicplans,McKinseywantedtouseBCGmatrix.However,GEcouldnotsetprioritiesbasedontwomeasures,sothattheydevelopedamethod,namely,GE/McKinseyNineblockMatrix/Industryattractiveness—businessstrengthmatrix.
Thematrixisconstructedwithintwoaxes:
thehorizontalaxisrepresentsindustryattractiveness;theverticalaxisindicatesthecompany’sexistingcompetitivepositioninrelationtoothercompaniesintheindustry.
Eachfactorwouldbegivenaweightingrelativetoitsperceivedimportance,andeachproductbeingevaluatedwouldbegivenascoreforeveryfactor.Theaggregateweightedscoresforbothaxesdeterminethefinalpositioninthematrix.
ShellimprovedtheGE/McKinseyNineblockMatrix/Industryattractiveness—businessstrengthmatrixanddevelopedanewmatrixwhichiscalledDirectionalPolicyMatrix.
DirectionalPolicyMatrix
FactorsintheDirectionalPolicyMatrix
Industryattractiveness
●Marketgrowth
●Marketability
●Supplierpressure
●Customerpressure
●Substituteproducts
●Governmentaction
●Entrybarrier
●Competitivepressure
Competitiveposition
●Competition
●Relativemarketshare
●Competitivepostureandopportunities
●Productioncapacity
●R&Drecordandstrengths
●Successratetodate(measuredintermsofmarketshareandfinancialsuccess.
Thedirectionalpolicymatrix,likeothermatrix,isonlyatechniquewhichassistindeterminingwhichindustryandproductsectorsaremostworthyofadditionalinvestmentcapital.Issuesofsynergyandoverallstrategicfitrequiredfurthermanagerialjudgementbeforefinaldecisionsarereached.
IgorAnsoff’sGrowthVector
Thishasbeenextendedasillustratedbelow.
ExtendedGrowthVector
SPACE(StrategicPositionandActionEvaluation)
RoweA.J.,MasonR.O.,DickelK.EandSnyderN.H(1989)havedevelopedamodelbasedonfourimportantvariables:
1.Therelativestability/turbulenceofenvironment
2.Industryattractiveness
3.Theextentofanycompetitiveadvantage
4.Thecompany’sfinancialstrengths—incorporatingprofitability,liquidity,andcurrentexposuretorisk.
Scoresareawardedforeachfactor,andthendiagrammed.
StrategicthrustAggressiveCompetitiveConservativeDefensive
Features:
EnvironmentStableUnstableStableUnstable
IndustryAttractiveAttractiveUnattractiveUnattractive
CompetitivenessStrongStrongWeakWeak
FinancialstrengthHighWeakHighWeak
Appropriate
Strategy
Growth-------possiblybyacquisition
Costreduction
Productivity
Costreductionandproduct/
Rationalization
Divestmentas
Appropriate
Strategy
Capitalizeonopportunities
Innovatetosustaincompetitiveadvantage
improvement,
raisingmorecapitaltofollowopportunitiesandstrengthenadvantages
Possiblemergewithlesscompetitivebutcash-rich
company
service
rationalization
Investinsearchfornewproducts,serviceandcompetitiveopportunities
appropriate
Thisparticularillustrationfeaturesafinanciallystrongcompanyenjoyingcompetitiveadvantageinanattractiveindustrywithrelativelystableenvironment.Theappropriatestrategyinanaggressiveone.Thetableshowstheappropriatestrategiesforfourclearlydelineatedpositions,andjudgementhastobeappliedwhenthesituationislessclearcut.
Thistechniqueusefullyincorporatesfinance,whichwillaffectthefeasibilityofparticularstrategicalternativeandtheabilityofacompanytoimplementthem.IthassimilarlimitationstoDirectionalPolicyMatrix.
Arguments
Inlate1979,asasurveyofthefortune500industrialcompaniesconcluded45%ofthosefirmshadintroducedsometypeofportfolioanalysistechniques.However,oneproblemwasthatthestrategicrecommendationsforanSBUwereofteninordinatelysensitivetothespecificportfolioanalytictechniqueemployed.In1983,anotheracademicstudyappliedfourdifferentportfolioanalysistechniquestoagroupof15SBUsownedbythesameFortune500corporation,itfoundthatonlyoneoutof15SBUsfellinthesameareaofeachofthefourmatricesandonlyfiveofSBUswereclassifiedsimilarlyinthreeofthefourmatrices.
ThemoststingingattackontheanalyticaltechniquespopularizedbystrategyconsultantswasofferedbytwoHarvardprofessorsofproduction,RobertHaysandWilliamAbernathy.In1980,theyarguedthat“thesenewprinciples(ofmanagement),despitetheirsophisticationandwidespreadusefulness,encouragepreferencefor1)analyticdetachmentratherthantheinsightthatcomesfrom“handsonexperience”and2)short-termcostreductionratherthanlong-termdevelopmentoftechnologicalcompetitiveness.”HaysandAbernathycriticizedportfolioanalysisespeciallyasatoolthatledmanagerstofocusonminimizingfinancialriskratherthaninvestinginnewopportunitiesthatrequireslong-termcommitmentofresources.
Theseandothercriticismsgraduallydiminishedthepopularityofportfolioanalysis.Itsriseandfalldidhavealastinginfluenceonsubsequentworkoncompetitionandbusiness
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