ch06Corporate-LevelStrategy(战略管理,英文版)43248.pptx

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1、Ch6-1Chapter 6Chapter 6Corporate-Level StrategyCorporate-Level StrategyMichael A.HittMichael A.HittR.Duane IrelandR.Duane IrelandRobert E.HoskissonRobert E.Hoskisson2000 South-Western College Publishing2000 South-Western College PublishingCh6-2Chapter 3Chapter 3InternalInternalEnvironmentEnvironment

2、Chapter 2Chapter 2ExternalExternalEnvironmentEnvironmentThe StrategicManagementProcessStrategic IntentStrategic IntentStrategic MissionStrategic MissionStrategicStrategicCompetitivenessCompetitivenessAbove AverageAbove AverageReturnsReturnsFeedbackStrategy FormulationStrategy FormulationChapter 4Cha

3、pter 4Business-LevelBusiness-LevelStrategyStrategyChapter 5Chapter 5CompetitiveCompetitiveDynamicsDynamicsChapter 6Chapter 6Corporate-LevelCorporate-LevelStrategyStrategyChapter 8Chapter 8InternationalInternationalStrategyStrategyChapter 9Chapter 9CooperativeCooperativeStrategiesStrategiesChapter 7C

4、hapter 7Acquisitions&Acquisitions&RestructuringRestructuringStrategy ImplementationStrategy ImplementationChapter 10Chapter 10CorporateCorporateGovernanceGovernanceChapter 11Chapter 11StructureStructure&Control&ControlChapter 12Chapter 12StrategicStrategicLeadershipLeadershipChapter 13Chapter 13Entr

5、epreneurshipEntrepreneurship&Innovation&InnovationStrategicInputsStrategicActionsStrategic OutcomesCh6-3How to create value for the corporation as a wholeHow to create value for the corporation as a whole2.Corporate-Level Strategy (Companywide Strategy)(Companywide Strategy)-low cost-low cost-differ

6、entiation-differentiation-integrated low cost/differentiation-integrated low cost/differentiation-focused low cost-focused low cost-focused differentiation-focused differentiationHow to create competitive advantage in each How to create competitive advantage in each business in which the company com

7、petesbusiness in which the company competes1.Business-Level Strategy (Competitive Strategy)(Competitive Strategy)A Diversified CompanyHas Two Levels of StrategyCh6-41.What businesses should the corporation be in?2.How should the corporate office manage the array of business units?Corporate StrategyC

8、orporate Strategy is what makes the corporate whole is what makes the corporate whole add up to more than the sum of its business unit partsadd up to more than the sum of its business unit partsKey Questions of Corporate StrategyLevels and Types of DiversificationLow Levels of DiversificationLow Lev

9、els of DiversificationModerate to High Levels of DiversificationModerate to High Levels of DiversificationVery High Levels of DiversificationVery High Levels of DiversificationRelated linked(mixed)Related linked(mixed)70%of revenues from dominant 95%of revenues from a single 95%of revenues from a si

10、ngle business unitbusiness unitA ADominant businessDominant businessBetween 70%and 95%of revenues Between 70%and 95%of revenues from a single business unitfrom a single business unitB BA AUnrelated-DiversifiedUnrelated-DiversifiedBusiness units not closely related Business units not closely related

11、A AB BC C 70%of revenues from dominant 70%of revenues from dominant business;all businesses share product,business;all businesses share product,technological and distribution linkagestechnological and distribution linkagesRelated constrainedRelated constrainedA AB BC CCh6-6Motives,Incentives,and Res

12、ourcesfor DiversificationMotives to Enhance Motives to Enhance Strategic CompetitivenessStrategic CompetitivenessEconomies of ScopeEconomies of ScopeMarket PowerMarket PowerFinancial EconomiesFinancial EconomiesResourcesResourcesManagerialManagerialMotivesMotivesIncentivesIncentivesCh6-7Incentives a

13、nd Resources Incentives and Resources with Neutral Effects of with Neutral Effects of Strategic CompetitivenessStrategic CompetitivenessAnti-Trust RegulationAnti-Trust RegulationTax LawsTax LawsLow PerformanceLow PerformanceUncertain Future Cash FlowsUncertain Future Cash FlowsFirm Risk ReductionFir

14、m Risk ReductionTangible ResourcesTangible ResourcesIntangible ResourcesIntangible ResourcesManagerialManagerialMotivesMotivesResourcesResourcesIncentivesIncentivesMotives,Incentives,and Resourcesfor DiversificationCh6-8Managerial Motives Managerial Motives Causing Value ReductionCausing Value Reduc

15、tionDiversifying ManagerialDiversifying ManagerialEmployment RiskEmployment RiskIncreasing Managerial Increasing Managerial CompensationCompensationManagerialManagerialMotivesMotivesResourcesResourcesIncentivesIncentivesMotives,Incentives,and Resourcesfor DiversificationCh6-9Summary Model of theRela

16、tionship Between FirmPerformance and DiversificationDiversificationDiversificationStrategyStrategyManagerialManagerialMotivesMotivesResourcesResourcesIncentivesIncentivesCh6-10Adding Value by DiversificationDiversification most effectively adds value by either of two mechanisms:By developing economi

17、es of scope between By developing economies of scope between business units in the firms which leads to business units in the firms which leads to synergistic benefitssynergistic benefitsBy developing market power which leads to By developing market power which leads to greater returnsgreater return

18、sCh6-11Alternative Diversification StrategiesRelated Diversification StrategiesUnrelated Diversification StrategiesSharing ActivitiesSharing ActivitiesTransferring Core CompetenciesTransferring Core CompetenciesEfficient Internal Capital Market AllocationEfficient Internal Capital Market AllocationR

19、estructuringRestructuringCh6-12Key Characteristics:Example:Example:Using a common physical distribution system Using a common physical distribution system and sales force such as Procter&Gambles disposable and sales force such as Procter&Gambles disposable diaper and paper towel divisionsdiaper and

20、paper towel divisionsExample:Example:General Electrics costs to advertise,sell and General Electrics costs to advertise,sell and service major appliances are spread over many different service major appliances are spread over many different productsproductsSharing ActivitiesAlternative Diversificati

21、on StrategiesAchieves economies of scaleAchieves economies of scaleBoosts efficiency of utilizationBoosts efficiency of utilizationHelps move more rapidly down Learning CurveHelps move more rapidly down Learning CurveSharing Activities often lowers costs or Sharing Activities often lowers costs or r

22、aises differentiationraises differentiationSharing Activities can lower costs if it:Sharing Activities can lower costs if it:Ch6-13Example:Example:Shared order processing system may allow new Shared order processing system may allow new features customers value or make more advanced remote features

23、customers value or make more advanced remote sensing technology availablesensing technology availableExample:Example:Procter&Gambles sharing of sales and Procter&Gambles sharing of sales and physical distribution for disposable diapers and paper physical distribution for disposable diapers and paper

24、 towels is effective because these items are so bulky and towels is effective because these items are so bulky and costly to shipcostly to shipKey Characteristics:Sharing ActivitiesAlternative Diversification StrategiesSharing Activities can enhance potential for or Sharing Activities can enhance po

25、tential for or reduce the cost of differentiationreduce the cost of differentiationMust involve activities that are crucial to Must involve activities that are crucial to competitive advantagecompetitive advantageCh6-14Assumptions:Sharing ActivitiesAlternative Diversification StrategiesStrong sense

26、of corporate identityStrong sense of corporate identityClear corporate mission that emphasizes the Clear corporate mission that emphasizes the importance of integrating business unitsimportance of integrating business unitsIncentive system that rewards more than just Incentive system that rewards mo

27、re than just business unit performancebusiness unit performanceCh6-15Alternative Diversification StrategiesRelated Diversification StrategiesUnrelated Diversification StrategiesSharing ActivitiesSharing ActivitiesTransferring Core CompetenciesTransferring Core CompetenciesEfficient Internal Capital

28、Market AllocationEfficient Internal Capital Market AllocationRestructuringRestructuringCh6-16Key Characteristics:Transferring Core CompetenciesAlternative Diversification StrategiesIdentify ability to transfer skills or Identify ability to transfer skills or Identify ability to transfer skills or ex

29、pertise among similar value chainsexpertise among similar value chainsexpertise among similar value chainsExploit ability to Exploit ability to transfer activitiestransfer activitiesExploits Exploits Exploits InterrelationshipsInterrelationshipsInterrelationships among divisions among divisions amon

30、g divisionsStart with Start with Start with Value ChainValue ChainValue Chain analysisanalysisanalysisCh6-17Assumptions:Transferring Core Competencies leads to competitive Transferring Core Competencies leads to competitive advantage only if the similarities among business units advantage only if th

31、e similarities among business units meet the following conditions:meet the following conditions:Activities involved in the businesses are similar Activities involved in the businesses are similar Activities involved in the businesses are similar enough that sharing expertise is meaningfulenough that

32、 sharing expertise is meaningfulenough that sharing expertise is meaningfulTransfer of skills involves activities which are Transfer of skills involves activities which are Transfer of skills involves activities which are important to competitive advantageimportant to competitive advantageimportant

33、to competitive advantageThe skills transferred represent significant sources The skills transferred represent significant sources of competitive advantage for the receiving unitof competitive advantage for the receiving unitTransferring Core CompetenciesAlternative Diversification StrategiesCh6-18Al

34、ternative Diversification StrategiesRelated Diversification StrategiesUnrelated Diversification StrategiesSharing ActivitiesSharing ActivitiesTransferring Core CompetenciesTransferring Core CompetenciesEfficient Internal Capital Market AllocationEfficient Internal Capital Market AllocationRestructur

35、ingRestructuringCh6-19Key Characteristics:Firms pursuing this strategy frequently diversify by Firms pursuing this strategy frequently diversify by acquisition:acquisition:Efficient Internal Capital Market AllocationAlternative Diversification StrategiesAcquire sound,attractive companiesAcquire soun

36、d,attractive companiesAcquired units are autonomousAcquired units are autonomousAcquiring corporation supplies needed capital Acquiring corporation supplies needed capital Portfolio managers transfer resources from units that Portfolio managers transfer resources from units that generate cash to tho

37、se with high growth potential and generate cash to those with high growth potential and substantial cash needssubstantial cash needsAdd professional management&control to sub-unitsAdd professional management&control to sub-unitsSub-unit managers compensation based on unit resultsSub-unit managers co

38、mpensation based on unit resultsCh6-20Assumptions:Efficient Internal Capital Market AllocationAlternative Diversification StrategiesManagers have more detailed knowledge of firm Managers have more detailed knowledge of firm relative to outside investorsrelative to outside investorsFirm need not risk

39、 competitive edge by disclosing Firm need not risk competitive edge by disclosing sensitive competitive information to investorssensitive competitive information to investorsFirm can reduce risk by allocating resources among Firm can reduce risk by allocating resources among diversified businesses,a

40、lthough shareholders can diversified businesses,although shareholders can generally diversify more economically on their owngenerally diversify more economically on their ownCh6-21Alternative Diversification StrategiesRelated Diversification StrategiesUnrelated Diversification StrategiesSharing Acti

41、vitiesSharing ActivitiesTransferring Core CompetenciesTransferring Core CompetenciesEfficient Internal Capital Market AllocationEfficient Internal Capital Market AllocationRestructuringRestructuringCh6-22Key Characteristics:Restructuring-Changes sub-unit management teamChanges sub-unit management te

42、am-Shifts strategyShifts strategy-Infuses firm with new technology Infuses firm with new technology-Divests part of firm Divests part of firm-Makes additional acquisitions to achieve critical mass Makes additional acquisitions to achieve critical mass-Enhances discipline by changing control systems

43、Enhances discipline by changing control systemsAlternative Diversification StrategiesSeek out undeveloped,sick or threatened organizations Seek out undeveloped,sick or threatened organizations or industriesor industriesParent company(acquirer)intervenes and frequently:Parent company(acquirer)interve

44、nes and frequently:Frequently sell unit after making one-time changes since Frequently sell unit after making one-time changes since parent no longer adds value to ongoing operationsparent no longer adds value to ongoing operationsCh6-23Assumptions:RestructuringAlternative Diversification Strategies

45、Requires keen management insight in selecting Requires keen management insight in selecting firms with depressed values or unforeseen potentialfirms with depressed values or unforeseen potentialMust do more than restructure companiesMust do more than restructure companiesNeed to initiate restructuri

46、ng of industries to Need to initiate restructuring of industries to create a more attractive environmentcreate a more attractive environmentCh6-24Internal Incentives:Incentives to DiversifyRelaxation of Anti-Trust regulation allows more Relaxation of Anti-Trust regulation allows more related acquisi

47、tions than in the pastrelated acquisitions than in the pastBefore 1986,higher taxes on dividends favored Before 1986,higher taxes on dividends favored spending retained earnings on acquisitionsspending retained earnings on acquisitionsAfter 1986,firms made fewer acquisitions with After 1986,firms ma

48、de fewer acquisitions with retained earnings,shifting to the use of debt to take retained earnings,shifting to the use of debt to take advantage of tax deductible interest paymentsadvantage of tax deductible interest paymentsExternal Incentives:Poor performance may lead some firms to Poor performanc

49、e may lead some firms to diversify to attempt to achieve better returns diversify to attempt to achieve better returns Ch6-25Value-creating Strategies of DiversificationOperational and Corporate RelatednessSharing:Sharing:OperationalOperationalRelatednessRelatednessBetweenBetweenBusinessBusinessCorp

50、orate Relatedness:Corporate Relatedness:Transferring Skills Into Transferring Skills Into Business Through Corporate HeadquartersBusiness Through Corporate HeadquartersLowLowHighHighHighHighLowLowRelated Linked Related Linked DiversificationDiversification(Economies of Scope)(Economies of Scope)Unre