企业战略管理_第6章

Chapter 6Strategy Analysis&ChoiceStrategic Management:Concepts&Cases11th EditionFred David1Chapter OutlineThe Nature of Strategy&ChoiceA Comprehensive Strategy-Formulation FrameworkThe Input Stage2Chapter Outline(contd)The Matching StageThe Decision StageCultural Aspects of Strategy Choice3Chapter Outline(contd)The Politics of Strategy ChoiceGovernance Issues4To acquire or not to acquire,that is the question Robert J.TerryStrategy Analysis&ChoiceLife is full of lousy options General P.X.Kelley5-Establishing long-term objectives-Generating alternative strategies-Selecting strategies to pursue-Best alternative-achieve mission&objectivesNature of Strategy Analysis&ChoiceStrategy Analysis&Choice6nVisionnMissionnObjectivesnExternal auditnInternal auditnPast successful strategiesStrategy Analysis&ChoiceAlternative Strategies Derive From-7Strategy Analysis&ChoiceGenerating Alternatives-Participation in generating alternative strategies should be as broad as possible8Comprehensive Strategy-Formulation FrameworkStage 1:The Input StageStage 2:The Matching StageStage 3:The Decision Stage9Strategy-Formulation Analytical FrameworkInternal Factor EvaluationMatrix(IFE)External Factor EvaluationMatrix(EFE)Competitive Profile Matrix(CPM)Stage 1:The Input Stage10Stage 1:The Input StageBasic input information for the matching&decision stage matricesRequires strategists to quantify subjectivity early in the processGood intuitive judgment always needed11Strategy-Formulation Analytical FrameworkSWOT MatrixSPACE MatrixBCG MatrixIE MatrixGrand Strategy MatrixStage 2:The Matching Stage12Stage 2:The Matching StageMatch between organizations internal resources&skills and the opportunities&risks created by its external factors13Stage 2:The Matching StageStrengthsWeaknessesOpportunitiesThreatsSWOT Matrix14SWOT MatrixStrengths-Opportunities(SO)Weaknesses-Opportunities(WO)Strengths-Threats(ST)Weaknesses-Threats(WT)Four Types of Strategies15SO StrategiesUse a firmsinternal strengthsto take advantageof external opportunitiesSOStrategiesStrengthsWeaknessesOpportunitiesThreatsSWOT16WO StrategiesImproving internalweaknesses bytaking advantageof externalopportunitiesWOStrategiesStrengthsWeaknessesOpportunitiesThreatsSWOT17ST StrategiesUse a firms strengthsto avoid orreduce the impactof externalthreatsSTStrategiesStrengthsWeaknessesOpportunitiesThreatsSWOT18WT StrategiesDefensive tacticsaimed at reducinginternal weaknesses&avoidingenvironmentalthreatsWTStrategiesStrengthsWeaknessesOpportunitiesThreatsSWOT19SWOT MatrixDeveloping the SWOT List firms key internal StrengthsList firms key internal WeaknessesList firms key external OpportunitiesList firms key external Threats20SWOT MatrixLeave BlankStrengths SList StrengthsWeaknesses W List WeaknessesOpportunities O List OpportunitiesSO StrategiesUse strengths to take advantage of opportunitiesWO StrategiesOvercoming weaknesses by taking advantage of opportunitiesThreats T List ThreatsST StrategiesUse strengths to avoid threatsWT Strategies Minimize weaknesses and avoid threats21Develop a new employee benefits package=Strong union activity(threat)+Poor employee morale(weakness)Develop new products for older adults=Decreasing numbers of young adults(threat)+Strong R&D(strength)Pursue horizontal integration by buying competitors facilities=Exit of two major foreign competitors from the industry(opportunity)+Insufficient capacity(weakness)Acquire Cellfone,Inc.=20%annual growth in the cell phone industry(opportunity)+Excess working capacity(strength)Key Internal FactorKey External FactorResultant StrategyMatching Key Factors to Formulate Alternative Strategies22Limitations with SWOT MatrixnDoes not show how to achieve a competitive advantagenProvides a static assessment in timenMay lead the firm to overemphasize a single internal or external factor in formulating strategies23Strategy-Formulation Analytical FrameworkSWOT MatrixSPACE MatrixBCG MatrixIE MatrixGrand Strategy MatrixStage 2:The Matching Stage24SPACE MatrixStrategic Position&Action Evaluation MatrixAggressiveConservativeDefensiveCompetitive25SPACE MatrixTwo Internal DimensionsFinancial Strength(FS)Competitive Advantage(CA)26SPACE MatrixTwo External DimensionsEnvironmental Stability(ES)Industry Strength(IS)27SPACE FactorsEnvironmental Stability(ES)Technological changesRate of inflationDemand variabilityPrice range of competing productsBarriers to entryCompetitive pressurePrice elasticity of demandEase of exit from market Risk involved in businessFinancial Strength(FS)Return on investmentLeverageLiquidityWorking capitalCash flowExternal Strategic PositionInternal Strategic Position28SPACE FactorsIndustry Strength(IS)Growth potentialProfit potentialFinancial stabilityTechnological know-howResource utilizationEase of entry into marketProductivity,capacity utilizationCompetitive Advantage CAMarket shareProduct qualityProduct life cycleCustomer loyaltyCompetitions capacity utilizationTechnological know-howControl over suppliers&distributorsExternal Strategic PositionInternal Strategic Position29Steps to Developing a SPACE Matrix1.Select a set of variables to define FS,CA,ES,&IS2.Assign a numerical value:1.From+1 to+6 to each FS&IS dimension2.From-1 to-6 to each ES&CA dimension3.Compute an average score for each FS,CA,ES,&IS30Steps to Developing a SPACE Matrix1.Plot the average score on the appropriate axis2.Add the two scores on the x-axis and plot the point.Add the two scores on the y-axis and plot the point.Plot the intersection of the new xy point3.Draw a directional vector from the origin through the new intersection point.31SPACE MatrixFS+6+1+5+4+3+2-6-5-4-3-2-1-6-5-4-3-2-1+1+2+3+4+5+6ESCAISConservativeAggressiveDefensiveCompetitive32Strategy-Formulation Analytical FrameworkSWOT MatrixSPACE MatrixBCG MatrixIE MatrixGrand Strategy MatrixStage 2:The Matching Stage33BCG MatrixBoston Consulting Group MatrixEnhances multi-divisional firm in formulating strategiesAutonomous divisions=business portfolioDivisions may compete in different industriesFocus on market-share position&industry growth rate34BCG MatrixRelative Market Share PositionRatio of a divisions own market share in an industry to the market share held by the largest rival firm in that industry35BCG MatrixDogsIVCash CowsIIIQuestion MarksIStarsIIRelative Market Share PositionHigh1.0Medium.50Low0.0Industry Sales Growth RateHigh+20Low-20Medium036BCG MatrixQuestion MarksLow relative market share compete in high-growth industryCash needs are highCase generation is lowDecision to strengthen(intensive strategies)or divest37BCG MatrixStarsHigh relative market share and high growth rateBest long-run opportunities for growth&profitabilitySubstantial investment to maintain or strengthen dominant positionIntegration strategies,intensive strategies,joint ventures38BCG MatrixCash CowsHigh relative market share,competes in low-growth industryGenerate cash in excess of their needsMilked for other purposesMaintain strong position as long as possibleProduct development,concentric diversificationIf weakensretrenchment or divestiture39BCG MatrixDogsLow relative market share&compete in slow or no market growthWeak internal&external positionLiquidation,divestiture,retrenchment40Strategy-Formulation Analytical FrameworkSWOT MatrixSPACE MatrixBCG MatrixIE MatrixGrand Strategy MatrixStage 2:The Matching Stage41The Internal-External MatrixnPositions an organizations various divisions in a nine-cell displaynSimilar to BCG Matrix except the IE Matrix:qRequires more information about the divisionsqStrategic implications of each matrix are different4243IE MatrixnBased on two key dimensionsqThe IFE total weighted scores on the x-axisqThe EFE total weighted scores on the y-axisnDivided into three major regionsqGrow and build Cells I,II,or IVqHold and maintain Cells III,V,or VIIqHarvest or divest Cells VI,VIII,or IX4445Strategy-Formulation Analytical FrameworkSPACE MatrixBCG MatrixIE MatrixStage 2:The Matching StageSWOT MatrixGrand Strategy Matrix46Grand Strategy MatrixTool for formulating alternative strategiesBased on two dimensionsCompetitive positionMarket growth47Quadrant IV1.Concentric diversification2.Horizontal diversification3.Conglomerate diversification4.Joint venturesQuadrant III1.Retrenchment2.Concentric diversification3.Horizontal diversification4.Conglomerate diversification5.LiquidationQuadrant I1.Market development2.Market penetration3.Product development4.Forward integration5.Backward integration6.Horizontal integration7.Concentric diversificationQuadrant II1.Market development2.Market penetration3.Product development4.Horizontal integration5.Divestiture6.LiquidationRAPID MARKET GROWTHSLOW MARKET GROWTHWEAK COMPETITIVE POSITIONSTRONGCOMPETITIVE POSITION48Grand Strategy MatrixExcellent strategic positionConcentration on current markets/productsTake risks aggressively when necessaryQuadrant I 49Grand Strategy MatrixEvaluate present approachHow to improve competitivenessRapid market growth requires intensive strategyQuadrant II50Grand Strategy MatrixCompete in slow-growth industriesWeak competitive positionDrastic changes quicklyCost&asset reduction(retrenchment)Quadrant III51Grand Strategy MatrixStrong competitive positionSlow-growth industryDiversification to more promising growth areasQuadrant IV52Strategy-Formulation Analytical FrameworkStage 3:The Decision StageQuantitative StrategicPlanning Matrix(QSPM)53QSPMTechnique designed to determine the relative attractiveness of feasible alternative actionsQuantitative Strategic Planning Matrix54QSPMKey Internal FactorsManagementMarketingFinance/AccountingProduction/OperationsResearch and DevelopmentComputer Information SystemsStrategy 3Strategy 2Strategy 1WeightKey External FactorsEconomyPolitical/Legal/GovernmentalSocial/Cultural/Demographic/EnvironmentalTechnologicalCompetitiveStrategic Alternatives55Steps to Develop a QSPM1.Make a list of the firms key external opportunities/threats and internal strengths/weaknesses in the left column2.Assign weights to each key external and internal factor3.Examine the Stage 2(matching)matrices,and identify alternative strategies that the organization should consider implementing56Steps to Develop a QSPM4.Determine the Attractiveness Scores5.Compare the Total Attractiveness Scores6.Compute the Sum Total Attractiveness Score57建立建立QSPM的六步骤的六步骤 n在QSPM的左栏列出公司的关键外部时机与威胁、内部优势与弱点 n给每个外部及内部关键因素赋予权重。n考察匹配阶段各矩阵并确认企业可考虑实施的备选战略。n确定吸引力分数(AS):Attractiveness Scores n计算吸引力总分(TAS):Total Attractiveness Scores n计算吸引力总分和(STAS)。58QSPMRequires intuitive judgments&educated assumptionsOnly as good as the prerequisite inputsLimitations59QSPMSets of strategies considered simultaneously or sequentiallyIntegration of pertinent external&internal factors in the decision making processAdvantages60Cultural Aspects of Strategy ChoiceSuccessful strategies depend on the degree of consistency with the firms cultureOrganization Culture61Politics of Strategy ChoiceManagement hierarchyCareer aspirationsAllocation of scarce resourcesPolitics in Organizations62Politics of Strategy ChoiceEquifinalitySatisfyingGeneralizationHigher-order issuesPolitical access on important issuesPolitical Tactics for Strategists63Governance IssuesControl&oversight over managementAdherence to legal prescriptionsConsideration of stakeholder interestsAdvancement of stockholder rightsBoard of Directors Roles&Responsibilities64Corporate Governance Issues1.No more than 2 directors are current or former company 2.executives3.2.No directors do business with the company4.3.Audit,compensation,and nominating committees made upof outside directors5.4.Each director owns a large equity stake in the company 6.5.At least one outside director with extensive experience 7.6.Fully employed directors sit on no more than 4 boards 8.Retirees on no more than 7 9.7.Each director attends at lest 75%of all meetings Business Weeks“Principles of Good Governance65Corporate Governance Issues8.Board meets regularly without management present9.Audit committee meets at least four times a year 10.Board is frugal on executive pay,diligent in CEO succession,and prompt to act when trouble arises 11.CEO is not also the Chairperson of the Board12.Shareholders have considerable power and information to choose&replace directors13.Stock options are considered a corporate expense14.No interlocking directorshipsBusiness Weeks“principles of good governance66Key Terms&ConceptsFor Review(Chapter 6)Aggressive QuadrantBusiness PortfolioAttractiveness Scores(AS)Cash CowsBoards of DirectorsCompetitive Advantage(CA)Boston ConsultingGroup(BCG)MatrixCompetitive Quadrant67Key Terms&ConceptsFor Review(Chapter 6)Conservative QuadrantDogsCultureEnvironmental Stability(ES)Defensive QuadrantFinancial Strength(FS)Directional VectorGovernance68Key Terms&ConceptsFor Review(Chapter 6)Grand Strategy MatrixInternal-External(IE)MatrixHalo ErrorMatchingIndustry Strength(IS)Matching StageInput StageQuantitative StrategicPlanning Matrix(QSPM)69Key Terms&ConceptsFor Review(Chapter 6)Question MarksStarsRelative Market SharePositionStrategic Position&ActionEvaluation(SPACE)SO StrategiesSum Total AttractivenessScore(STAS)ST StrategiesSustainability70Key Terms&ConceptsFor Review(Chapter 6)Total AttractivenessScores(TAS)WO StrategiesWT StrategiesStrengths,WeaknessesOpportunities,Threats SWOT71