公司层策略

Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,*,Corporate-Level Strategy,Michael A. Hitt,R. Duane Ireland,Robert E. Hoskisson,Chapter 6,1,Strategy Implementation,Chapter 11,Organizational,Structure and,Controls,Chapter 10,Corporate,Governance,Chapter 12,Strategic,Leadership,Strategy Formulation,Strategic,Competitiveness,Above-Average,Returns,Strategic Intent,Strategic Mission,Chapter 2,The External,Environment,Chapter 3,The Internal,Environment,The Strategic ManagementProcess,Chapter 6,Corporate-,LevelStrategy,Feedback,StrategicInputs,StrategicActions,StrategicOutcomes,Chapter 13,Strategic,Entrepreneurship,Chapter5,Competitive Rivalry,and Competitive,Dynamics,Chapter4,Business-Level,Strategy,2,Two Levels ofStrategy,A,diversified company,has twolevelsof strategy,1.,Business-LevelStrategy,(Competitive Strategy),How tocreatecompetitive advantagein each business inwhich the company competes,- low cost -differentiation,- focused lowcost -focused differentiation,- integrated low cost/,differentiation,2.,Corporate-Level Strategy,(Company-wideStrategy),How tocreatevalue for thecorporation asa whole,3,Key Questionsin Corporate Strategy,Business Unit,Business Unit,Business Unit,Business Unit,1.,What businesses,shouldthe corporation be in?,2. Howshouldthe corporateoffice,managethe array of businessunits,?,Corporate Strategy,is whatmakesthe corporatewhole add up to morethan the sum of its businessunit parts,4,Levelsand Types of Diversification,Business Unit,Low Levels ofDiversification,SingleBusiness, 95% of business from a single business unit,Dominant Business,Between70 and95% ofbusiness froma single business unit,Business Unit,5,RelatedConstrained,70% ofrevenues fromdominant business;,all businessesshareproduct, technological and distribution linkages,Levelsand Types of Diversification,Business Unit,Business Unit,Moderate to High Levels of Diversification,Business Unit,6,RelatedLinked(Mixed), 70% of revenues from dominant business,and,only limited links exist,Levelsand Types of Diversification,Business Unit,Business Unit,Moderate to High Levels of Diversification,Business Unit,7,Levelsand Types of Diversification,Unrelated, 70% of revenue comes fromthe dominant business, and there are,no common links between businesses,Business Unit,Business Unit,Very High Levels of Diversification,Business Unit,8,AT&T,的縮小規模,AT&T,曾歷經兩次分割,案,案,1984年非自,願,願性分割,第一次分割後持,續,續購併成長,高估整合的優點,與,與忽略多角化後,的,的經營複雜性,1995年自願,分,分割,分割前的公司旗,下,下有,通訊事業,電腦事業,設備事業,9,電腦事業,由購併,NCR,開始,虧損連連,達80億,設備事業的顧客,與,與通訊事業間的,競,競爭衝突,美國政府放寬對,通,通訊事業的管制,公司決定縮小經,營,營範疇,專心於,核,核心事業,AT&T,的縮小規模,10,多角化企業的演,化,化歷程,單一事業,整合策略,多角化策略,國際化策略,國際化策略,多角化策略,早期,後期,11,Reasonsfor Diversification,Reasonsto,Enhance,Strategic Competitiveness,Economies of,scope(,相關多角化),Marketpower,(,相關多角化),Financial economics,(,不相關多角化),Incentives,Resources,Managerial,Motives,12,Incentives with,NeutralEffects,on Strategic Competitiveness,Anti-trust regulation,Tax laws,Low performance,Uncertain future cashflows,Firm risk reduction,Incentives,Resources,Managerial,Motives,Reasonsfor Diversification,13,Resources withvarying effects on value creationand strategiccompetitiveness,Tangible resources,financial resources,physical assets,Intangible resources,tacit knowledge,customer relations,image and reputation,Incentives,Resources,Managerial,Motives,Reasonsfor Diversification,14,Managerial Motives,(ValueReduction),Diversifying managerial employmentrisk,Increasing managerialcompensation,Incentives,Resources,Managerial,Motives,Reasonsfor Diversification,15,Value-creatingStrategies ofDiversification:,Operational and Corporate Readiness,Related Constrained,Diversification,Vertical Integration,(Market Power),Unrelated,Diversification,(Financial Economies),Both Operational and,Corporate Relatedness,(Rare Capability,and can Create,Diseconomies of,Scope),Related Linked,Diversification,(Economies of,Scope),Corporate Relateness,: TransferringSkillsinto Businesses Through CorporateHeadquarters,Low,High,Sharing,: OperationalRelatedness Between Businesses,Low,High,16,AddingValue by Diversification,Diversification mosteffectively adds value by either oftwo mechanisms:,Economies of scope:,cost savings attributed to transferring the capabilitiesand competencies developedin onebusiness to anew business,Marketpower:,when afirm isable to sellits products above the existing competitive levelor reduce thecostsof itsprimaryand support activities below the competitive level, orboth,17,Alternative DiversificationStrategies,RelatedDiversification Strategies,sharingactivities,transferring core competencies,Unrelated Diversification Strategies,efficient internalcapital market allocation,restructuring,18,AlternativeDiversification Strategies,Related DiversificationStrategies,sharing activities,19,Sharing Activities:,Sharing activitiesoften,lowerscosts,or,raisesdifferentiation,Sharing activitiescan lower costs if it:,achieves economiesof scale,boostsefficiencyof utilization,helpsmove more rapidlydown the LearningCurve,Sharing activitiescan enhancepotential for or,reducethe cost ofdifferentiation,Must involveactivitiesthat are,crucial,to competitive advantage,Key Characteristics,20,Sharing Activities:,Strongsenseof,corporate identity,Clearcorporate missionthat emphasizes the,importance of integrating,business units,Incentive system,that rewardsmorethan just businessunitperformance,Assumptions,21,Related DiversificationStrategies,sharing activities,transferringcorecompetencies,AlternativeDiversification Strategies,22,TransferringCoreCompetencies:,Exploits interrelationships among divisions,Startwith value chain analysis,identify ability to transfer skillsor expertiseamongsimilar value chains,exploit ability totransfer activities,Key Characteristics,23,TransferringCoreCompetencies:,Transferringcorecompetenciesleadsto competitive advantage,only if,the similarities among business units meetthe following conditions:,activities,involved inthe businesses are,similar enough,that sharingexpertise is meaningful,transfer ofskillsinvolves activities which are,important tocompetitiveadvantage,the skills transferred represent significant,sources of competitive advantage,for the receivingunit,Assumptions,24,Related DiversificationStrategies,sharing activities,transferringcorecompetencies,AlternativeDiversification Strategies,Unrelated Diversification Strategies,efficient internalcapital market allocation,25,Efficient InternalCapital Market Allocation:,Firmspursuing this strategy frequently,diversify byacquisition,:,acquire sound, attractive companies,acquired unitsare,autonomous,acquiring corporation,supplies needed capital,portfolio managerstransfer resources fromunitsthatgenerate cash to those with high growth potential andsubstantialcash needs,add,professionalmanagement& control,to sub-units,sub-unit,managers compensation,basedon unit results,Key Characteristics,26,Efficient InternalCapital Market Allocation:,Managers,have more detailedknowledge of firmrelative to,outside investors,Firm need not riskcompetitiveedgeby,disclosing sensitive competitive information,to investors,Firm can,reducerisk,by allocating resourcesamongdiversifiedbusinesses,although,shareholderscan generally diversifymoreeconomicallyon their own,Assumptions,27,Related DiversificationStrategies,sharing activities,transferringcorecompetencies,Unrelated Diversification Strategies,efficient internalcapital market allocation,AlternativeDiversification Strategies,restructuring,28,Restructuring:,Seek out undeveloped,sick or threatenedorganizations orindustries,Parentcompany (acquirer) intervenes,andfrequently:,changessub-unitmanagementteam,shiftsstrategy,infusesfirmwithnewtechnology,enhancesdisciplinebychangingcontrolsystems,divestspartoffirm,makes,additionalacquisitions,toachievecriticalmass,KeyCharacteristics,29,Restructuring:,Frequentlysellunitaftermakingone-timechanges,sinceparentnolongeraddsvaluetoongoingoperations,KeyCharacteristics,30,Restructuring:,Requires,keenmanagementinsight,in selectingfirms with,depressed valuesorunforeseen potential,Mustdomorethan restructure companies,Needto,initiaterestructuring of industries,to create amoreattractiveenvironment,Assumptions,31,Incentives to Diversify,ExternalIncentives:,Relaxation of anti-trustregulation,allows morerelatedacquisitionsthan inthepast,Before 1986,higher taxesondividends,favoredspendingretained earnings on acquisitions,After 1986,firms made feweracquisitions with retainedearnings, shifting to the,useof debtto takeadvantage oftax,deductible interestpayments,32,Incentives to Diversify,InternalIncentives:,Poorperformance,mayleadsome firmsto diversifytoattemptto achieve better returns,Firms may diversifyto,balanceuncertain futurecash flows,Firms may diversifyintodifferent businesses inorder to,reduce risk,33,Resources and Diversification,Besidesstrong incentives, firmsaremore likelytodiversify,if theyhavetheresources,to do so,Value creation is determinedmore byappropriateuseofresources than incentives todiversify,34,Managerial Motives to Diversify,Managershave motives todiversify,diversificationincreases,size,; size is associatedwith,executive compensation,diversificationreduces,employment risk,effective governancemechanisms,mayrestrictsuch motives,35,相關與不,相,相關多角,化,化的比較,策略,創造價值的方式,官僚成本的來源,相關多角化,技術移轉,範疇經濟,事業的數目,事業間的協調,不相關多角化,內部資本市場,重組,事業的數目,36,RelationshipBetweenDiversificationandPerformance,Performance,Level ofDiversification,Dominant,Business,Unrelated,Business,Related,Constrained,37,RelationshipBetweenFirm Performance and Diversification,Incentives,Managerial,Motives,Resources,Diversification,Strategy,Firm,Performance,Internal,Governance,Strategy,Implementation,Capital Market,Intervention and the,Market for,Managerial Talent,38,