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1、White Goods Competitor Assessment Haier Samsung Electronics China(SEC China)August,2001CONFIDENTIALThis report is solely for the use of client personnel.No part of it may be circulated,quoted,or reproduced for distribution outside the client organization without prior written approval from McKinsey&
2、Company.This material was used by McKinsey&Company during an oral presentation;it is not a complete record of the discussion.CONTENTS 1.Background informationLocationStarting yearIPO date Number of employeesBrand valueMarket shareSales revenue Equity structureEra analysis4.Value chain strategy5.Orga
3、nization and ownership6.Financial performanceFocus onMarketing,advertising and promotionDistribution(channel and sales force)Organization structureSales Profit 2.Strategy 3.Product/market Corporate strategyKey product offeringsMarket position Key customersValue propositionGeographic focusPricingCONT
4、ENTS 1.Background informationLocationStarting yearIPO date Number of employeesBrand valueMarket shareSales revenue Equity structureEra analysis4.Value chain strategy5.Organization and ownership6.Financial performanceFocus onMarketing,advertising and promotionDistribution(channel and sales force)Orga
5、nization structureSales Profit 2.Strategy 3.Product/market Corporate strategyKey product offeringsMarket position Key customersValue propositionGeographic focusPricingBACKGROUND INFORMATION Source:Annual report;analyst reports;web site;Yuegang Information Daily Location:QingdaoStarting year:1984IPO
6、date:Listed refrigerator business in November,1993Brand value(2000):RMB 30 billionMarket share:Refrigerator:31%;Washing machine:29%;Air Conditioner:20%;Microwave:2%Number of employees:30,000Equity structure:Key shareholdersPercentageHaier GroupHaier Electronic International Co,.Ltd 31.44%17.93%Sales
7、 Revenue(2000):RMB 40.6 billionHAIERs DEVELOPMENT WENT THROUGH THREE STAGESSource:Haiers website,literature searchBrandingDiversification and expansionGlobalization1984-19911992-19981998-Key initiativeBuilt a strong brand name in refrigerators through a well deve-loped TQC systemDiversified the prod
8、uct portfolio to avoid having all the com-panys eggs in one basket through mer-gers and acquisitionsTo build an international brand name Aspires to become fortune 500Key resultsWon the first prize in the most favorite light industry products refrigerators”5 years in a rowWon the state prize for qual
9、ity managementPresented with the customer satisfaction cup by Chinas customer satisfaction movement congressAcquired 14 enterprises under the eating dormant fish strategy.Successfully turned these businesses around by leveraging Haiers brand and introducing Haiers OEC managementExpanded product port
10、folio from 1 product to over 9,000 products in 42 categoriesSold products to over 160 countries and regions and established more than 38,000 sales outlets across the worldHaiers brand value in 2000:RMB 30 billionHAIERs BRAND BECAME TREMENDOUS INTANGIBLE ASSETSource:Literature search,web siteExamples
11、 of Haiers successful investment with its brandAcquired Qingdao Red Star Electronic Company and changed its washing machines brand into Haier.With the help of OEC management,quickly turned the company into a profitable business.Haier became the No.1 brand for washing machine the next year and enjoye
12、d the highest market shareAcquired controlling shares of Shunde Washing Machine Factory with Haier brand and quickly turned around the businessTook controlling shares of Hangzhou Haier Electronic Company with Haier brand and developed Haier series of color TV Source:WebsiteKitchen appliances Refrige
13、ratorFreezerMicrowaveGas range Small appliances Electric ironVacuum cleaner Ventilating appliancesAir conditionerRange hoodAir purifier Cleaning appliancesWashing machineElectric water heater HAIER OFFERS BROAD RANGE OF PRODUCTS Haiers key product offerings Mobile handset Telecommunications Brown go
14、ods Color TVVCDTelephonePCPDA ITHAIER HAS SUCCESSFULLY EXPANDED INTO GLOBAL MARKETSource:Annual reportDevelop global distribution network62 distributors and around 38,000 outlets across the worldSet up production facilities overseasSet up plants in Indonesia,Philippines,Malaysia,East Europe,US1999 e
15、xportsRefrigerator:568,000 unitsAir conditioner:200,000 unitsWashing machine:190,000 unitsRefrigerator market share in US(2000)124 L:30.1%183-266L:35.88%CONTENTS 1.Background informationLocationStarting yearIPO date Number of employeesBrand valueMarket shareSales revenue Equity structureEra analysis
16、4.Value chain strategy5.Organization and ownership6.Financial performanceFocus onMarketing,advertising and promotionDistribution(channel and sales force)Organization structureSales Profit 2.Strategy 3.Product/market Corporate strategyKey product offeringsMarket position Key customersValue propositio
17、nGeographic focusPricingHAIERs STRATEGIC FOCUS IN 2001 Source:Haiers annual report Value war instead of price warFocus on improving technical contents in products Produce individualized productsGlobal competitive advantageArrange all business processes around order flow Build competitive advantage i
18、n quality,cost and lead time through OEC management Product development Develop products that are tailored for different countries and regions Improve technology in large capacity refrigerators and network refrigerators Improve production capability for special refrigerators Human resource Provide r
19、igorous trainings to employees and develop them into industry experts and management experts ServiceBuild extensive and exclusive service network to ensure strong reputation of being a service leaderCONTENTS 1.Background informationLocationStarting yearIPO date Number of employeesBrand valueMarket s
20、hareSales revenue Equity structureEra analysis4.Value chain strategy5.Organization and ownership6.Financial performanceFocus onMarketing,advertising and promotionDistribution(channel and sales force)Organization structureSales Profit 2.Strategy 3.Product/market Corporate strategyKey product offering
21、sMarket position Key customersValue propositionGeographic focusPricingHAIERSs KEY WHITE GOODS OFFERING Source:Literature searchWhite goods Wide range of typesSide-by-side Refrigerator Washing machine Air conditioner Microwave Product type Double chamberDrum Pulsator WindowSplit Packaged Central airG
22、rill and non-grillMechanic and electronicHAIER WHITE GOODS MARKET SHARE,2000 Refrigerator Washing machine Air conditioner Percent Source:LIICMicrowave*Rongsheng and Kelon combined Source:SINO-MR,GfK,LIIC100%=1998Others 1999200037.415.58.72.732.435.713.88.25.95.728.030.912.38.610.08.826.1Samsung Elec
23、trolux Meiling Kelon*Haier Siemens 8.69.19.4Haier and Kelon are the leading players.However,their market shares are decreasing Although latecomers to the market,Electrolux and Siemens are quickly building up their positions by focusing on mid-to high-end and high-end markets Compared to other MNC pl
24、ayers,Samsungs growth in the market is rather slow Millions units,percent Refrigerator market share of major players in major cities4.5-6.215.6270.7101.23.9-6.9-5.0CAGR(98-00)PercentSamsungHaier/Kelon/Meiling Siemens/Electrolux2.63.32.70.7HAIER IS A LEADING PLAYER IN MOST OF WHITE GOODS MARKETSREFRI
25、GERATOR EXAMPLE*Kelon and Rongsheng combined Source:SINO-MR,GfK,LIIC100%=North China Others Samsung Electrolux Meiling Kelon*Haier Siemens 2.33.50.5Electrolux and Siemens are doing particularly well in Southwest Apart from Southwest,MNC players are doing better in east China and South China,relative
26、ly more affluent areas Samsung is relatively strong in East China and South China North East East China Central South South West North West 0.90.71.432.011.68.59.85.31.730.836.616.111.57.65.90.421.926.06.29.79.48.210.130.331.014.36.99.710.53.324.420.411.09.819.218.50.320.833.818.29.68.60.124.15.6Ref
27、rigerator market share in major cities by geography,2000Million units,percentSamsungHaier/Kelon/Meiling Siemens/ElectroluxHAIER HAS DEMONSTRATED STRENGTH IN MOST GEOGRAPHIC REGIONSREFRIGERATOR EXAMPLE*Another Kelons brand Source:SINO-MR,GfK,LIIC100%=4,0002.01.92.024.112.51.217.819.624.80016.012.60.1
28、7.74.145.713.828.316.50.18.510.031.51.93.447.39.71.15.98.87.21.318.736.32.03.82.919.326.09.40.429.80.14.34.70.348.10.312.5Rongsheng*0Refrigerator market share in major cities by price band,2000Million units,percentElectroluxKelon/RongshengSiemensSamsungHAIERS PRODUCTS COVER ALMOST ALL PRICE SEGMENTS
29、REFRIGERATOR EXAMPLE*Another Kelons brand Source:SINO-MR,GfK,LIIC100%=100LOthers Samsung Electrolux Meiling Kelon*Haier Siemens 0.21.00.7Haier is leading in most markets Electrolux and Siemens have strong position in mid-to-large capacity markets Samsung is very strong in small capacity(300L2.60.03R
30、ongsheng*40.47.8036.90.119.851.213.401.49.602.821.424.823.30.59.07.76.51.127.129.89.10.813.75.27.54.229.735.511.70.85.911.010.12.922.123.45.41.17.824.12.61.234.417.28.55.25.013.730.419.90.125.1019.02.61.152.00.20Refrigerator market share in major cities by product type,2000SamsungHaier/Rongsheng/Kel
31、on Siemens/ElectroluxHAIERS PRODUCTS COVER BROAD RANGE OF TYPESREFRIGERATOR EXAMPLECONTENTS 1.Background informationLocationStarting yearIPO date Number of employeesBrand valueMarket shareSales revenue Equity structureEra analysis4.Value chain strategy5.Organization and ownership6.Financial performa
32、nceFocus onMarketing,advertising and promotionDistribution(channel and sales force)Organization structureSales Profit 2.Strategy 3.Product/market Corporate strategyKey product offeringsMarket position Key customersValue propositionGeographic focusPricingAPART FROM STRONG BRAND,HAIERS KEY STRENGTHS L
33、IE IN STRONG ATTENTION TO R&D,SUCCESSFUL SUPPLY CHAIN AND LOGISTICS MANAGEMENT,WIDE DISTRIBUTION NETWORKS AND QUALITY AFTER-SALES SERVICES Key strengths R&DLeading technologies in high efficiency,inverter,energy-saving,environmental protection,etc.Strong R&D resource(R&D spending accounts for 45%of
34、revenue)Quick commercialization of new technologies(75%commercialization rate)Product design reflecting individualization Founded Haier Central Institute of Research with partners from US,Japan,Germany,etc.Set up 48 R&D entities world wide Set up new product experiment center in each key business un
35、it Build technology alliance with 15 research institutes including Philips,C-Mold and Netscreen Recent development Logistics Sophisticated supply chain management and highly efficient logistics management Launched“I design my own refrigerator marketing strategy Built ERP,BPP and CRM systems Built Ch
36、inas largest and most advanced logistics center in Qingdao Sales and marketing Strong brand recognition Invested RMB 0.5 billion in A&P Distribution Highly efficient distribution network(42 distribution centers,and over 9,000 sales outlets)Improved delivery time to 8 hours in hub cities,24 hours in
37、surrounding areas,4 days anywhere in the country After-sales service Strong reputation in offering excellent after-sales service Continue promote the concept customers are always rightHAIER LOGISTICS HAS GAINED RICH EXPERIENCE IN SOPHISTICATED SUPPLY CHAIN MANAGEMENT Source:Literature researchOptimi
38、zed supply chain managementHaiers operating objectiveZero inventoryZero distanceZero working capitalHaier logistics management model:“one-flow and three-net”One flow:order information flowThree netGlobal supplier resource networkGlobal customer resource networkIT networkCurrent capabilitiesHaiers or
39、der flow6,000 orders/month15,000 sourcing partsSupplier base978 supplier(58%lower than before)20%international suppliers include GE,Emmerson,etc.Internet usage 100%purchasing orders online20%online paymentPurchasing lead time 3 days comparing with 10 days beforeHAIERs DISTRIBUTION CENTER HAS A LARGE
40、 GEOGRAPHY COVERAGE IN CHINAHaiers distribution networkHaier logistics center(Qingdao)42 distribu-tion centers1,550 specialty stores and 9,000 sales outletsDistribution network in ChinaInternational presence:DG for air-con related products at Hamburger Harbor,Germany,partnering with HHLAShanghaiBeij
41、ingWith established network,Haier has promised a competitive time of delivery8 hours within core cities24 hours in adjacent areas of core cities4 days for nationwide distributionTransportation equipment:over 10,000 trucks in China Haiers facilitiesHAIER HAS A DISTINCTIVE DISTRIBUTION APPROACH WHICH
42、IS HEAVILY FOCUSING ON DIRECT RETAIL SALES FOR BASE AND HUB CITIES.Source:Field interview;McKinsey analysisSpecialty shoresFirst tier citySecond tier cityThird tier cityHaier shop-in-shopsRetailers in first tier citiesRetailers in some large second tier citiesSpecialty storeHaier shop in shopsRetail
43、ers in second tier citiesSpecialty storeHaier shop in shopsRetailers in third tier citiesSpecialty storesHaier A/C sales Co.Haier sales branches in small second tier citiesWholesales in some third tier citiesHaier sales center in first tier citiesHaier sales center in some large second tier citiesHa
44、ier sales centers in first and second tier citiesHaier sales branches in big third tier citiesEast regionNorth regionWest regionSouth regionCONTENTS 1.Background informationLocationStarting yearIPO date Number of employeesBrand valueMarket shareSales revenue Equity structureEra analysis4.Value chain
45、 strategy5.Organization and ownership6.Financial performanceFocus onMarketing,advertising and promotionDistribution(channel and sales force)Organization structureSales Profit 2.Strategy 3.Product/market Corporate strategyKey product offeringsMarket position Key customersValue propositionGeographic f
46、ocusPricingHAIERS ORGANIZATION STRUCTUREBODCEOPresidentExecutive VPVPVPPromotionProductFunctionOver-seas Prom-otionBusi-NessFlowProm-otionLogis-TicsProm-otionCashFlowProm-otionRefri-geratorBGA/C BGBusi-nessA/CBGFree-zerBGWarshingMachineBGITBGTech-nicalEquip-mentBGImme-diateBUsTech-nologyCenterPlann-
47、ing AndDevel-opmentCenterH/RDevel-opmentCenterLegalCenterCorpo-rateCultureCenterSecu-rityCenterAmerica BUEast ChinaPurcha-sing BUCash In-flow BUEurope BUMiddle-East BUAsia-Pacific BUEast ChinaEastChinaStorage&Transp-ortation BUCash out-flow BU Accoun-tingBUAsset audix-Ing BURefrig-erator BUA/CBUHefe
48、iBUMitsubi-Shi BUWuhanBUW/MBUHefei W/MShundeHaierElectro-nicsBUHefeiElectro-nicsHaimei BUTourism BUSuper Market BUTelecom BUComputer BUDish washer BUElectric Heating BUMold BUCapital Operation BUBiology BUTest&Measurement BU.OverseasRefriger-ator BUGuizhouHaierSpecialRefriger-ator BUU.S.HaierExperi-
49、mentBUEquip-mentBUEnergyBUSpecialSteelBUSource:WebsiteCONTENTS 1.Background informationLocationStarting yearIPO date Number of employeesBrand valueMarket shareSales revenue Equity structureEra analysis4.Value chain strategy5.Organization and ownership6.Financial performanceFocus onMarketing,advertis
50、ing and promotionDistribution(channel and sales force)Organization structureSales 2.Strategy 3.Product/market Corporate strategyKey product offeringsMarket position Key customersValue propositionGeographic focusPricingHISTORICAL REVENUECAGR=57%RMB billions199519961997199819992000 Source:Mechanics Ye