资源描述
,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Strategic Management & Competitive Advantage Barney & Hesterly,22,Strategic Alliances,9-,22,Copyright 2006 Pearson Prentice Hall. All rights reserved,.,Chapter 9,Mission,Objectives,External,Analysis,Internal,Analysis,Strategic,Choice,Strategy,Implementation,Competitive,Advantage,The Strategic Management Process,Corporate Level,Strategy,Which Businesses,to Enter?,Vertical Integration,Diversification,Strategic Alliances,mode of entry,Strategic Alliances Defined,Strategic Alliance:,Any cooperative effort between two or more,independent organizations to develop,manufacture, or sell products or services,Motivation for Alliances,Create economic value by:,accessing complementary resources and capabilities,leveraging existing resources and capabilities,An alliance is an organizational form of exchange,that:,should produce a gain from trade due to,some comparative or absolute advantage,Implication:Choose partners that are better at,something than you are (complementary resources),Canada,Mexico,Wheat,bushels/hr.,Bananas,lbs./hr.,6,4,1,5,Exchange,Rate:,1 bu. = 1 lb.,Canada:2 hrs. = 6 bu. Wheat and 4 lbs. Banana, or,2 hrs. = 12 bu. Wheat,By trading, Canada can get:,6 bu. Wheat and 6 lbs. Bananas,Gains from Trade,Motivation for Alliances,A hour gain,from trade!,Canada,Mexico,Wheat,bushels/hr.,Bananas,lbs./hr.,6,4,1,5,Exchange,Rate:,1 bu. = 1 lb.,Mexico:2 hrs. = 1 bu. Wheat and 5 lbs. Bananas, or,2 hrs. = 10 lbs. Bananas,By trading, Mexico can get:,5 bu. Wheat and 5 lbs. Bananas,Gains from Trade,Motivation for Alliances,A 4 hour gain,from trade!,Three Types,Of,Alliances,Nonequity,Alliance,Contracts, licensing,supply &,distribution,agreements,Joint,Venture,Equity,Alliance,Cross Equity,Holdings,partners own,stakes in,eachother,Joint Equity,Holdings,independent,firm is,created,How Strategic Alliances Create Value,Improve Current Operations,Shaping the Competitive Environment,Facilitating Entry and Exit,Value,Creation,How Strategic Alliances Create Value,Improving Current Operations,Exploiting economies of scale,a partner brings increased market share,and/or manufacturing capacity,Learning from partners,a partner brings technology and/or,market knowledge,Risk and cost sharing,a partner bears a portion of the risk and/or,cost of the alliance,How Strategic Alliances Create Value,Shaping the Competitive Environment,Facilitating technology standards,Facilitating tacit collusion,partners may agree on a standard and avoid,a market battle for the standard,partners may communicate within an alliance,in subtle, legal ways whereas the same,communication between competitors outside,an alliance would be illegal,How Strategic Alliances Create Value,Facilitating Entry and Exit,Low-cost entry into new industries,Low-cost exit from industries,Managing uncertainty,Low-cost entry into new geographic markets,a partner provides instant access and legitimacy,a partner is an informed buyer,alliances may serve as real options,partners provide local market knowledge, access,and legitimacy with governments and customers,Challenges to Value Creation and Allocation,Incentives to Misappropriate Value (Cheat),An alliance is an exchange context in which:,partner inputs may be difficult to monitor,actual value creation may be difficult to monitor,value appropriation (allocating the value) may be:,difficult to monitor,subject to power dynamics,Challenges to Value Creation and Allocation,Three Forms,of,Misappropriating,Value,Adverse,Selection,Moral,Hazard,Holdup,misrepresenting,the value of inputs,providing inputs,of lesser value,than promised,exploiting the transaction-,specific investment of partners,Sustained Competitive Advantage,Are strategic alliances rare?,As a form of organizing economic exchange, NO!,The sources of value creation within alliances,may,be rare.,However,firms may form a combination of complementary,resources within an alliance that is rare,the stock of such complementary resources may,be limited so that first movers have a rare combination,Sustained Competitive Advantage,Are strategic alliances costly to imitate?,As a form of organizing economic exchange, NO!,However,The resource combinations that create value in,alliances may be very costly, if not impossible,to imitate if:,the organizational form,per se,is easily duplicated,the value creating combination depends on,social complexity (trust), causal ambiguity,and/or historical uniqueness,Sustained Competitive Advantage,Are strategic alliances substitutable?,Substitutes for,Strategic Alliances,Internal,Development,Mergers &,Acquisitions,If:,no partner,is available,transaction-specific,investment is high,low uncertainty about,the investment,If:,there are no,anti-trust issues,low uncertainty about,the investment,firms can be,integrated easily,value of combined firms is,not tied to independence,Organizing Strategic Alliances,Governance Responses to the Challenges of,Value Creation and Allocation,Explicit Contracts,& Legal Sanctions,Equity Investments,Joint Ventures,Formal/Codified,imposes costs,for cheating,creates mutual,understanding,conflict resolution,aligns interests of,partners through,ownership of,independent firm,aligns interests of,partners through,ownership in,each other,direct effect,indirect effect,Trust,Firm Reputations,Informal,Organizing Strategic Alliances,Governance Responses to the Challenges of,Value Creation and Allocation,the shadow of the,future constrains,cheating,may allow partners,to exploit opportunities,that would be infeasible,with other mechanisms,Organizing Strategic Alliances,Governance Responses to the Challenges of,Value Creation and Allocation,These responses are not mutually exclusive:,contracts may be used with equity investments,and joint ventures along with firm reputation,and trust,reputation and trust come into play in every type,of alliance,Reputation and trust may be sources of competitive,advantage because they are costly to imitate,International Expansion,Alliances may be attractive because:,local market knowledge is usually critical,governments may require a local partner,international expansion may be:,fraught with uncertainty,high risk,expensive,alliance investment may be more easily reversed,than internal development or acquisition,Summary,create alliances that will produce gains,from tradecomplementary resources,identify the sources of value creation,assess the likelihood of challenges to value,creation and allocation,adopt appropriate governance responses to,the challenges to value creation and allocation,Successful alliance managers will:,Summary,Alliances may generate competitive advantage if:,combinations of complementary resources,meet the VRIO criteria,governance responses meet the VRIO criteria,The Big Challenge of Strategic Alliances:,Maximizing gains from trade while,minimizing the threat of cheating,
展开阅读全文