烟草会议中欧讲稿(英文)课件

书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难08 七月 2024烟草会议中欧讲稿烟草会议中欧讲稿(英文英文)书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难Understanding Rivalry:The Heart of the Competitive Equation7/8/20242William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难The Nature of Economic Inquiry?the focus of economics from a Western,market-oriented perspectivehas largely been on how well an economy allocates resources,given preferences and technologies.Richard R.Nelsonespecially where firms are the principalallocating agents 7/8/20243William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难The Nature of the Players?economists tend to see firms asplayers in a multi-actor economic game.Richard R.Nelson7/8/20244William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难The Nature of RivalryThe essence of rivalry is a strivingfor potentially incompatible positions?Frederic M.Scherer?the jockeying for share by firms within a market.Besanko,Dranove&Shanley7/8/20245William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难Who are these 揻irms?and what are their roles?Some fundamental assumptions搮搮 an entity run by agents of thecapital-owning principals with thesole objective of maximizing the profits of the latter 厰厰Ronald Dorethus,in 搈odern?market economy,we can separate management from ownership.7/8/20246William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难Other Underlying Assumptionsprofits surpluses being seen as a signal of performance in a marketa faith in market allocation of resources in complex situations over government allocation -because the customer is voting with their purchasesthe maximization of the overall social welfare function by the accumulation of numerous personal decisions-the customer being seen as being in the best position to determine what they want7/8/20247William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难Establishing the ArenaA market is that set of suppliers anddemanders whose trading establishesthe price of a good.George Stigler&Robert SherwinCustomersSuppliersRivalry7/8/20248William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难In such a classical market setting,it is important to consider economies of scaleThe history of the industrial revolution was one of economies of scale.7/8/20249William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难The Centrality of Scale EconomiesThe Economics of the Industrial RevolutionStatic Economies Dynamic EconomiesCost per UnitRated Capacity of FacilityCost per UnitCumulative Production of A Standardized ItemTheoretical7/8/202410书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难In such a classical market setting,it is important to consider economies of scaleThe history of the industrial revolution was one of economies of scale.In markets where consumers are price sensitive,larger firms can use their cost advantage to gain an appreciable advantage over smaller firms.In the US,it has been shown that firm size is positively correlated with profitability.However,cause and effect are not well-established.Also,larger shares for some,mean lower shares for others.7/8/202411William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难In such a classical market setting,it is important to consider economies of scaleThe history of the industrial revolution was one of economies of scale.But even in such a non-complex setting,bigger was not always better.In fact,in studies in the US,mid-century,minimum optimal plant/firm size appeared to be small relative to market size single-digit.7/8/202412William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难The Centrality of Scale EconomiesThe Economics of the Industrial RevolutionStatic Economies Dynamic EconomiesCost per UnitRated Capacity of FacilityCost per UnitCumulative Production of A Standardized ItemTheoretical&Empirical7/8/202413书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难In such a classical market setting,it is important to consider economies of scaleBut even in such a non-complex setting,bigger was not always better.One of the lessons of the Japanese manufacuring triumphs of the last three decades has been the importance of learning,through repetitive manufacturing,which is different than just being bigger or smarter.7/8/202414William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难The Centrality of Scale EconomiesThe Economics of the Industrial RevolutionStatic Economies Dynamic EconomiesCost per UnitRated Capacity of FacilityCost per UnitCumulative Production of A Standardized ItemTheoretical&Empirical7/8/202415书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难In such a classical market setting,it important to consider economies of scaleOne of the lessons of the Japanese manufacuring triumphs of the last three decades has been the importance of learning,through repetitive manufacturing.Yet,learning,especially when based on repetition,comes with the risk of rigidity if the focus is too-much on consistent cost-reduction.7/8/202416William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难The Importance of Market Maturityempirical research on 113 US manufacturing firms by CEIBS faculty?nearly one half of the revenues generatedby the 11 most successful firms?came from mature markets.However,77 percent of revenuesfor 15 of the least successful firms came from mature markets.Capon,Farley&Hoenig7/8/202417William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难but,markets are changing;they are no longer classical nor simple7/8/202418William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难The History of Competition was marked by successive Industrial Revolutions7/8/202419William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难Tomorrow抯抯 Marketswill be characterized by:*Increasingly demanding customers*An emerging global arena*An amalgamation of markets and resource pools EU,NAFTA,etc.*The appearance of adversarial trade*Neo-Kondratieffian technology changes*The quickening of the product life-cycle*The emergence of the knowledge-based information economy*An acceptance of new organizational formats Alliances,jvs,wofes,etc.7/8/202420William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难The Death of FirmsA dying company does not lead;it follows.It is losing market share,it is losing capabilities,it has the wrong set ofcompetencies,it is demoralized,its activities have little impact.In fact,all around us we can observe companies that are in a state worse than death-they have joined the living dead,aware(or not)that whatever they do makes little difference to theirsituation,and yet they feel compelled to keep on acting,producing,carrying on.Death is most often a long drawn out affair.Even withinept management,it still takes a long time to destry a largecompany with once strong,if currently obsolete capabilities.Death is no stranger to the ranks of once powerful manufacturing companies.Every industry has its share ofthe dead,as well as the terminally ill and the walking wounded.Tom Vollmann:7/8/202421William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难Death Signals of the non-competitivestaying level of falling behind the competitionrisk aversionbureaucracylosing capabilitieserosion of what were once distinctive competenciesinternal focusing of corporate attentionlimited knowledge of the customerpanic decisions to reduce short-run costsnot developing people?Tom Vollmann 7/8/202422William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难In Hyper-competitive MarketsSuch as those characterizing global markets in the late20th century,that are filled with 搒urprises?1.the ability to navigate from one product generationto another is the basis for sustained competitive advantage.Think about Wang!2.great organizations are necessary to produce greatproducts(more than once),while great products do notguarantee great organizations.3.揌揌igh returns are not sustainable in a particular market,but the process of generating high returns can be sustainable.last quote is from:Capon,Farley&Hoenig7/8/202423William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难Early Lessons from In Search of ExcellenceExcellent firms are characterized by(among otherthings:Bias for ActionClose to the CustomerAutonomy&EntrepreneurshipFocusSimple form,Lean staffPeters&Waterman7/8/202424William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难More recent findings from EuropeExcellent European firms are characterized by(among otherthings):Devolving leadership(without losing control or direction)Driving radical change(in the entire corporate system,not just in its parts)Reshaping cultureDividing to rule(winning the rewards of smallness whilestaying or growing large)Keeping the competitive edge(in a world where the old waysof winning no longer work)Achieving constant renewalRobert Heller7/8/202425William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难Determinants of Financial Performancecompeting in relatively concentrated markets with higher market sharecompeting in growing marketshigh investment in developing new products&serviceshigh involvements in markets outside of USlow debt levelsan entreprenurial atmosphereempirical research on 113 US manufacturing firms by CEIBS facultyCapon,Farley&Hoenig7/8/202426William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难Comparing High&Low Performersempirical research on 113 US manufacturing firms by CEIBS facultyHigh-Performing High-Share Focused Innovatorsconcentrate capital investment in growing international marketsgenerate new products from high R&D budgetsare highly vertically integrated have little diversification have low debthighly specialized in their organizationHigh-Performing Focused World Consumeristsfocus less internationally spend heavily on advertisinghave low debt diversification almost nonexistentCapon,Farley&Hoenig7/8/202427William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难Comparing High&Low Performersempirical research on 113 US manufacturing firms by CEIBS facultyLow-Performing Diversified Indentured Industrialistsspend little on R&Dwere frequently involved in mergers conducted under duressare highly diversifiedhave high debtonly average on international investmentCapon,Farley&Hoenig7/8/202428William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难Navigating Resources&InformationInformationComplexityHighLowResource ScarcityLowHighLawrence&DyerDevelopment Paths fora Typical Industry7/8/202429William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难this will mean changing the ways in which we do business7/8/202430William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难Dimensions of TransformationSpeedFastSlowScopeBroadNarrowDoingDifferentThingsDoing theSameThingsBetterTurnaroundTransformationReengineeringContinuousImprovementSource:Tom Vollmann7/8/202431William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难and,changing the businesses we do7/8/202432William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难Industry Restructuring as Value MigrationMarket Value is a measure of the power of a business design to create and capture value.Adrian J.SlywotzkyCustomers make choices based on their priorities.Those choices develop potential value for the businessesfrom which they buy.At any given time,the pattern of those choices allocates value to various business designs.As customers?priorities change and new designs presentcustomers with new options,they make new choices.Theyreallocate value.These changing priorities,and the way inwhich they interact with new competitors?offerings,are what trigger,enable,or facilitate the Value Migration process.Adrian J.Slywotzky7/8/202433William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难Value Migration today in China?.The firms that are winning in the China market are those that control their value-chains,especially down-stream from manufacturing!Building brands makes the difference in competing on factors other than price:brand&customer service requires value-chain discipline.National brands are being built today,as in the past,by value-chain control.7/8/202434William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难in China,value migration results in.Focusing solely on transport costs may ignore 75%of the distribution costs.In China,nearly 2/3 of distribution costs comes in product loss&damage,and the associated inventory costs.Customer service&accounts receivable both benefit from value-chain control.Business China 12/07/987/8/202435William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难Industry Restructuring&Value MigrationValue Migration is not new.Value migrated away Ford抯抯 vertically integrated,single-car-focused businessdesign toward GM抯抯 price-laddered business design in the1920s.It moved from grocery store chains to supermarketsin the 1930s,from fragmented merchandisers to nationalcatalogue sales in the 1890s(Sears),and to national merchandise chains in the 1920s(Sears again).Adrian J.SlywotzkyThere are always winners and losers in the ValueMigration process.7/8/202436William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难We Must Re-etablish the Arenathere is a big difference between defining competitors as 搕搕hose companies that do the same thing that we do 厯厯 and defining them instead as those business designs that customers can choose from in satisfying their priorities.Adrian J.SlywotzkyWhere a business design is the totality of how a companyselects its customers,defines&differentiates its offerings,defines the tasks it will perform?configures its resources,goes to market,creates utility for its customers and earninga profit from that activity.7/8/202437William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难The Broader Version of RivalryThreat of New EntrantsCustomersSuppliersSubstitutesRivalrymore of 搕搕hose companies that do the same thing that we do 厯厯those other business designs that customers can choose from in satisfying their priorities.7/8/202438William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难Industry Policy&Organizational ChoicesMuch of the present-day debate over industrial policy is implicitly a debate over organizational patterns and structures.Richard N.Langlois&Paul L.Robertson7/8/202439William A.Fischer书山有路勤为径，书山有路勤为径，学海无涯苦作舟学海无涯苦作舟书到用时方恨少，书到用时方恨少，事非经过不知难事非经过不知难Determining Organizational Forms?devising and learning to use effectively a significantly new organizational form involves much thesame kind of uncertainty,experimental groping,and learning by making mistakes and correcting them that marks technological?innovation.New modes oforganization aren抰抰 simply 揷揷hosen?when circumstancesmake them appropriate.They?evolve in a manner thatis foreseen only dimly.And even when a firm makes aconscious decision to change organization,it may take a long time before it is comfortable and effective in its newsuit of clothes.Richard R.Nelson 7/8/202440William A.Fischer