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Click to edit Master title style,Michael E.Porter,Harvard Business Review,1987,From,Competitive Advantage,To Corporate Strategy,授課教師：,朱文儀,Corporate Strategy:Darling or Stepchild?,Study on the diversification strategy of 33 leading U.S.firms,1950-1986.,Each firm on average entered 80 new industries:70%are by acquisitions,22%start-up,8%joint ventures.,Corporate Strategy:Darling or Stepchild?,Are they successful,?,-divestment rate:divest more than 60%(unrelated 74%!),-6 firms been taken over before study completed,Benefit Who,?Only the lawyers,investment banks,and original sellers,not the shareholders.,Three Premises of Corporate Strategy,Any successful corporate strategy builds on a number,of premises.These are facts of life about diversification:,Competition occurs at the,business unit,level.,Diversification inevitably adds,costs and constrains,to business units.,Shareholders can readily diversify,themselves,.,Three Essential Tests,The Attractiveness Test,The Cost-Of-Entry Test,The Better-Off Tests,Porters Five Forces Model,SUPPLIERS,POTENTIAL,ENTRANTS,SUBSTITUTES,BUYERS,INDUSTRY,COMPETITORS,Rivalry among,existing,firms,Bargaining power of suppliers,Bargaining power of buyers,Threat of,new entrants,Threat of,substitutes,Passing The Essential Tests,The attractiveness test,Industry which has attractive structure is profitable.,Company must be able to restructure the industry,make it more attractive.,The cost-of-entry test,More attractive,more expensive it is to get into.,Company must be sure the cost of entry not to capitalize all the future profits.,The better-off test,The corporation and new business gain mutually.,Company should be let either the new unit gain CA from its links with the corporation or vice versa.,Four Concepts of Corporate Strategy,1.Portfolio Management,2.Restructuring,3.Transferring Skills,4.Sharing Activities,HIGH,Portfolio Planning Models:BCG Growth-Share Matrix,LOW,LOW,Annual real rate of market growth(%),Relative market share,Earnings:high stable,Cash flow:high stable,Strategy:milk,Earnings:low,unstable,Cash flow:neutral or negative,Strategy:divest,Earnings:high stable,growing,Cash flow:neutral,Strategy:invest for growth,Earnings:low,unstable,growing,Cash flow:negative,Strategy:analyze to determine whether business can be grown into a star,or will degenerate into a dog,HIGH,？,Portfolio Planning Models:The GE/McKinsey Matrix,Business unit position,Industry Attractiveness Criteria Business Unit Position,-Market size -Market share(domestic,-Market growth global,and relative),-Industry profitability -Competitive position,-Inflation recovery -Relative profitability,-Overseas sales ratio,HARVEST,HOLD,BUILD,Low,Medium,High,Low,Medium,High,Industry Attractiveness,Four Concepts of Corporate Strategy,Portfolio Management,Restructuring,Transferring Skills,Sharing Activities,Corporate Restructuring to Create Value:The McKinsey Pentagon,Current,market value,Maximum raider,opportunity,Current,perceptions,gap,Company,value as is,Optimal,restructured,value,Strategic&,operating,opportunities,Potential value,with internal,improvements,Disposal/,acquisition,opportunities,Total company,opportunities,1,2,5,RESTRUCTURING,FRAMEWORK,3,4,Potential value,with external,improvements,Current Trend of Restructuring,From Venture Capital to Private Equity,1997-2001,VCs golden ages,Economist,Nov 25 2004,The New Kings of Capitalism,From commercial banking to VC&PE,From investment banking to VC&PE,Venture Capital&Private Equity,的三大業務,30%,：,Traditional VC,early stage,high-tech oriented,50%,：,Buyout,including:M&A,MBO,turn around,restructuring,etc.,Mid-to-later stage,traditional-industry oriented,20%,：,Special situation investment,(Alternative investment),distress assets,real estate,privatization,etc.,Four Concepts of Corporate Strategy,Portfolio Management,Restructuring,Transferring Skills,Sharing Activities,Transfer Skills&Sharing Activities,Skills of SBU 1,Skills of SBU 2,transfer,Activities of,SBU 1,Activities of,SBU 2,An Action Program,1.Identifying the,interrelationships,among already existing business units,.,2.,Selecting the,core businesses,that will be the foundation,of the corporate strategy,.,3.Creating,horizontal organizational mechanism,to facilitate,interrelationships among the core businesses and lay the,groundwork for future,related,diversification.,4.,Pursuing diversification opportunities that allow,shared activities,.,An Action Program,5.Pursuing diversification through the,transfer of skills,if opportunities for sharing activities are limited or exhausted.,6.,Pursuing a strategy of,restructuring,if this fits the skills of,management or no good opportunities exist for forging,corporate interrelationships.,7.,Paying dividends,so that the shareholders can be the,portfolio managers.,
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