《战略管理》PPT课件.ppt

《战略管理》PPT课件.ppt

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EVALUATINGTHESTRATEGIESOFDIVERSIFIEDCOMPANIES,ChapterOutline,IdentifyPresentCorporateStrategyEvaluateIndustryAttractivenessEvaluateCompetitiveStrengthofBusinessUnitsStrategicFitAnalysisResourceFitAnalysisRankBusinessUnitsBasedonPerformanceDecideonResourceAllocationPrioritiesandGeneralStrategicDirectionCraftingaCorporateStrategyGuidelinesforManagingtheCorporateStrategyProcess,BuildingShareholderValue:

QuestionstoAskAboutaDiversifiedCompany,1.Howattractiveisthegroupofbusinessesthecompanyhasdiversifiedinto?

2.Howgoodisthefirmsoverallperformanceoutlookintheyearsaheadwiththesebusinesses?

3.Ifprevioustwoanswersarentsatisfactory,whatshouldthefirmdotorealignitsbusinesslineup?

Divestunattractivebusinesses?

Strengthenpositionsofremainingones?

Acquirenewbusinesses?

HowtoEvaluateaDiversifiedCompanysStrategy,Step1:

IdentifypresentcorporatestrategyStep2:

Evaluatelong-termattractivenessofeachindustryfirmisinStep3:

EvaluatecompetitivestrengthoffirmsbusinessunitsStep4:

ApplystrategicfittestStep5:

Applyresourcefittest,Step6:

RankbusinessunitsbasedonhistoricalperformanceandfutureprospectsStep7:

RankbusinessunitsintermsofpriorityforresourceallocationanddecideongeneralstrategicpostureStep8:

Craftnewstrategicmovestoimproveoverallcompanyperformance,HowtoEvaluateaDiversifiedCompanysStrategy,Figure10.1:

IdentifyingaDiversifiedCompanysStrategy,CorporateStrategy,Approachtoallocatinginvestmentcapitalandresources,Narroworbroad-baseddiversification,Scopeofgeographicoperations,Movestoaddnewbusinesses,Movestobuildpositionsinnewindustries,Effortstocapturecross-businessstrategicfits,Movestodivestweakbusinessunits,Isdiversificationrelated,unrelatedoramix?

Step1:

IdentifyPresentCorporateStrategy,Extenttowhichfirmisdiversified（broadversusnarrow,%ofsalescontributedbyeachbusiness）Isportfoliokeyedtorelatedorunrelateddiversificationorboth?

Isscopeofoperationsmostlydomestic,increasinglymultinational,orglobal?

Recentmovestoaddnewbusinesses,RecentmovestodivestweakbusinessesActionstoboostperformanceofkeybusinessunitsEffortstocapturecross-businessstrategicfitbenefitsandexploitvaluechainrelationshipstocreatecompetitiveadvantagePercentageofcapitalexpendituresallocatedtoeachbusinessunit,Step1:

IdentifyPresentCorporateStrategy（continued）,Step2:

EvaluateIndustryAttractiveness,Attractivenessofeachindustryinportfolio,Eachindustrysattractivenessrelativetotheothers,Attractivenessofallindustriesasagroup,IndustryAttractivenessFactors,MarketsizeandprojectedgrowthIntensityofcompetitionEmergingopportunitiesandthreatsSeasonalandcyclicalfactorsResourcerequirementsCross-industrystrategicfitsandresourcefitswithpresentbusinessesIndustryprofitabilitySocial,political,regulatory,andenvironmentalfactorsDegreeofriskanduncertainty,Procedure:

RatingtheRelativeAttractivenessofEachIndustry,Step1:

SelectindustryattractivenessfactorsStep2:

Assignweightstoeachfactor（sumofweights=1.0）Step3:

Rateeachindustryoneachfactor（usescaleof1to10）Step4:

Calculateweightedratings;sumtogetanoverallindustryattractivenessratingforeachindustry,Example:

RatingIndustryAttractiveness,RatingScale:

1=Veryunattractive;5=Average;10=Veryattractive,AttractivenessofMixofIndustriesasaWhole,Howappealingisthewholegroupofindustriesinwhichthecompanyisinvested?

Isthecompanyintoomanyrelativelyunattractiveindustries?

Doestheportfolioofindustriesholdpromiseforattractivegrowthandprofitability?

Shouldsomeformofportfoliorestructuringbeconsidered?

Step3:

EvaluateEachBusinessUnitsCompetitiveStrength,ObjectivesDeterminehowwelleachbusinessispositionedinitsindustryrelativetorivalsEvaluatewhetheritisorcanbecompetitivelystrongenoughtocontendformarketleadership,FactorstoUseinEvaluatingCompetitiveStrength,RelativemarketshareCostsrelativetocompetitorsAbilitytomatch/beatrivalsonkeyproductattributesAbilitytoexercisebargainingleveragewithkeysuppliersorcustomersCaliberofalliancesandcollaborativepartnershipsAbilitytobenefitfromstrategicfitswithsisterbusinessesTechnologyandinnovationcapabilitiesHowwellbusinessscompetenciesmatchindustryKSFsBrandnamerecognitionandreputationProfitabilityrelativetocompetitors,Procedure:

RatingtheCompetitiveStrengthofEachBusiness,Step1:

SelectcompetitivestrengthfactorsStep2:

Assignweightstoeachfactor（sumofweights=1.0）Step3:

Rateeachbusinessoneachfactor（usescaleof1to10）Step4:

Calculateweightedratings;sumtogetanoverallstrengthratingforeachbusiness,Example:

RatingaBusinessUnitsCompetitiveStrength,4,7,5,0.40,0.70,0.50,6.30,0.10,0.10,0.10,1.00,7,6,7,0.70,0.60,1.05,0.10,0.10,0.15,StrengthRating,5,8,WeightedStrengthRating,0.75,1.60,Weight,0.15,0.20,CompetitiveStrengthMeasure,Relativemarketshare,Costsrelativetocompetitors,Abilitytomatchrivalsonkeyproductattributes,Bargainingleverage,Strategicfitrelationships,Technologyandinnovationcapabilities,HowwellresourcesmatchKSFs,Degreeofprofitrelativetorivals,Sumofweights,Competitivestrengthrating,RatingScale:

1=Veryweak;5=Average;10=Verystrong,UsingaMatrixtoDisplayIndustryAttractivenessandCompetitiveStrength,UsequantitativemeasuresofindustryattractivenessandbusinessstrengthtoplotlocationofeachbusinessinmatrixEachbusinessunitappearsasacircleAreaofcircleisproportionaltosizeofbusinessasapercentofcompanyrevenuesOrareaofcirclecanrepresentrelativesizeofindustrywithpiesliceshowingthecompanysmarketshare,Figure10.2:

IndustryAttractiveness-CompetitiveStrengthMatrix,StrategyImplicationsofAttractiveness/StrengthMatrix,BusinessesinupperleftcornerAccordedtopinvestmentpriorityStrategicprescription-growandbuildBusinessesinthreediagonalcellsGivenmediuminvestmentpriorityInvesttomaintainpositionBusinessesinlowerrightcornerCandidatesforharvestingordivestitureMay,onoccasion,becandidatesforanoverhaulandrepositionstrategy,AppealoftheAttractiveness/StrengthMatrix,IncorporatesawidevarietyofstrategicallyrelevantvariablesStressesconcentratingcorporateresourcesinbusinessesthatenjoyHighdegreeofindustryattractivenessandHighdegreeofcompetitivestrengthThelessonhereisemphasizebusinessesthataremarketleadersorthatcancontendformarketleadership,Step4:

StrategicFitAnalysis,ObjectiveDeterminecompetitiveadvantagepotentialofvaluechainrelationshipsandstrategicfitsamongsisterbusinessesExaminestrategicfitfromtwoanglesWhetheroneormorebusinesseshavevaluablestrategicfitswithotherbusinessesinportfolioWhethereachbusinessmesheswellwithfirmslong-termstrategicdirection,EvaluatePortfolioforCompetitivelyValuableCross-BusinessStrategicFits,IdentifybusinesseswhichhavevaluechainmatchupsofferingopportunitiestoReducecostsPurchasingE-commercesystemsManufacturingDistributionTransferskills/technology/intellectualcapitalLeverageuseofawell-knownandcompetitivelypowerfulbrandnameCreatevaluablenewcompetitivecapabilitiesortoleverageexistingresources,Figure10.3:

IdentifyCross-BusinessStrategicFits,BusinessA,ValueChainActivities,InboundLogistics,Technology,Operations,SalesandMarketing,Distribution,Service,BusinessB,BusinessC,BusinessD,BusinessE,Opportunitytocombinepurchasingactivitiestogainmoreleveragewithsuppliers,Opportunitytosharetechnology,transfertechnicalskills,combineR&D,Opportunitytocombinesales&marketingactivities,usecommondistributionchannels,leverageuseofacommonbrandname,and/orcombineafter-saleservice,Nostrategicfitopportunities,Step5:

AssessResourceFit,ObjectiveDeterminehowwellfirmsresourcesmatchbusinessunitrequirementsGoodresourcefitexistswhenAbusinessaddstoafirmsresourcestrengths,eitherfinanciallyorstrategicallyFirmhasresourcestoadequatelysupportrequirementsofitsbusinessesasagroup,CheckingforFinancialResourceFit,DeterminecashflowandinvestmentrequirementsofthebusinessunitsWhicharecashhogsandwhicharecashcows?

AssessingcashflowofeachbusinessHighlightsopportunitiestoshiftfinancialresourcesbetweenbusinessesExplainswhyprioritiesforresourceallocationcandifferfrombusinesstobusinessProvidesrationalizationforbothinvest-and-expandstrategiesanddivestiture,CharacteristicsofCashHogs,InternalcashflowsareinadequatetofullyfundneedsforworkingcapitalandnewcapitalinvestmentParentcompanyhastocontinuallypumpincapitalto“feedthehog”StrategicoptionsAggressivelyinvestinattractivecashhogsDivestcashhogslackinglong-termpotential,CharacteristicsofCashCows,GeneratecashsurplusesoverandabovewhatisneededtosustainpresentmarketpositionSuchbusinessesarevaluablebecausesurpluscashcanbeusedtoPaycorporatedividendsFinancenewacquisitionsInvestinpromisingcashhogsStrategicobjectivesFortifyanddefendpresentmarketpositionKeepthebusinesshealthy,Goodvs.PoorFinancialFit,GoodfinancialfitexistswhenabusinessContributestoachievementofcorporateobjectivesEnhancesshareholdervaluePoorfinancialfitexistswhenabusinessSoaksupdisproportionateshareoffinancialresourcesIsaninconsistentbottom-linecontributorIstoosmalltomakeasizablecontributiontototalcorporateearningsExperiencesaprofitdownturnthatcouldjeopardizeentirecompany,CheckingforCompetitiveandManagerialResourceFits,InvolvesdeterminingwhetherResourcestrengthsarewellmatchedtoKSFsofindustriesfirmisinAmpleresourcedepthexiststosupportresourcerequirementsofallthebusinessesAbilityexiststotransfer