《6公司層策略(3).pptx》由会员分享，可在线阅读，更多相关《6公司層策略(3).pptx（39页珍藏版）》请在taowenge.com淘文阁网|工程机械CAD图纸|机械工程制图|CAD装配图下载|SolidWorks_CaTia_CAD_UG_PROE_设计图分享下载上搜索。
1、Corporate-Level StrategyMichael A.HittR.Duane IrelandRobert E.HoskissonChapter 6Chapter 612003 Southwestern Publishing CompanyStrategy ImplementationStrategy ImplementationChapter 11Chapter 11OrganizationalOrganizationalStructure and Structure and ControlsControlsChapter 10Chapter 10CorporateCorpora
2、teGovernanceGovernanceChapter 12Chapter 12StrategicStrategicLeadershipLeadershipStrategy FormulationStrategy FormulationStrategicStrategicCompetitivenessCompetitivenessAbove-AverageAbove-AverageReturnsReturnsStrategic IntentStrategic IntentStrategic MissionStrategic MissionChapter 2Chapter 2The Exte
3、rnalThe ExternalEnvironmentEnvironmentChapter 3Chapter 3The InternalThe InternalEnvironmentEnvironmentThe Strategic Management ProcessChapter 6Chapter 6Corporate-Corporate-Level StrategyLevel StrategyFeedbackFeedbackStrategic InputsStrategic InputsStrategic ActionsStrategic ActionsStrategic Outcomes
4、Strategic OutcomesChapter 13Chapter 13StrategicStrategicEntrepreneurshipEntrepreneurshipChapter 5Chapter 5Competitive RivalryCompetitive Rivalryand Competitiveand CompetitiveDynamics Dynamics Chapter 4Chapter 4Business-LevelBusiness-LevelStrategyStrategy2Two Levels of StrategyA A diversified company
5、diversified company has two levels of strategy has two levels of strategy1.1.Business-Level StrategyBusiness-Level Strategy(Competitive Strategy)(Competitive Strategy)How to create competitive advantage in each How to create competitive advantage in each business in which the company competesbusines
6、s in which the company competes-low cost-low cost-differentiation-differentiation-focused low cost-focused low cost -focused differentiation-focused differentiation-integrated low cost/-integrated low cost/differentiation differentiation2.2.Corporate-Level StrategyCorporate-Level Strategy(Company-wi
7、de Strategy)(Company-wide Strategy)How to create value for the corporation as a wholeHow to create value for the corporation as a whole3Key Questions in Corporate Strategy1.1.What businessesWhat businesses should the corporation should the corporation be in?be in?2.How should the corporate office 2.
8、How should the corporate office manage manage the array of business unitsthe array of business units?Corporate StrategyCorporate Strategy is is what makes the what makes the corporate whole add up corporate whole add up to more than the sum of to more than the sum of its business unit partsits busin
9、ess unit parts4Levels and Types of DiversificationLow Levels of DiversificationSingle BusinessSingle Business 95%of business from a single 95%of business from a single business unitbusiness unitDominant BusinessDominant BusinessBetween 70 and 95%of business Between 70 and 95%of business from a singl
10、e business unitfrom a single business unit5Related ConstrainedRelated Constrained70%of revenues from dominant 70%of revenues from dominant business;business;all businesses share all businesses share product,technological and product,technological and distribution linkagesdistribution linkagesLevels
11、and Types of DiversificationModerate to High Levels of Diversification6Related Linked(Mixed)Related Linked(Mixed)70%of revenues from dominant 70%of revenues from dominant business,and business,and only limited links only limited links existexistLevels and Types of DiversificationModerate to High Lev
12、els of Diversification7Levels and Types of DiversificationUnrelatedUnrelated 70%of revenue comes from the 70%of revenue comes from the dominant business,and there are dominant business,and there are no common links between no common links between businessesbusinessesVery High Levels of Diversificati
13、on8AT&T的縮小規模lAT&T曾歷經兩次分割案曾歷經兩次分割案1984年非自願性分割年非自願性分割第一次分割後持續購併成長第一次分割後持續購併成長高估整合的優點與忽略多角化後的經營複雜性高估整合的優點與忽略多角化後的經營複雜性1995年自願分割年自願分割l分割前的公司旗下有分割前的公司旗下有通訊事業通訊事業電腦事業電腦事業設備事業設備事業9l電腦事業電腦事業由購併由購併NCR開始開始虧損連連虧損連連,達達80億億l設備事業的顧客與通訊事業間的競爭衝突設備事業的顧客與通訊事業間的競爭衝突l美國政府放寬對通訊事業的管制美國政府放寬對通訊事業的管制l公司決定縮小經營範疇公司決定縮小經營範疇,專心
14、於核心事業專心於核心事業AT&T的縮小規模10多角化企業的演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11Reasons for DiversificationReasons to Reasons to EnhanceEnhance Strategic Strategic CompetitivenessCompetitivenessEconomies of scope(相關多角化)Market power(相關多角化)Financial economics(不相關多角化)IncentivesIncentivesResourcesResourcesManagerial
15、ManagerialMotivesMotives12Incentives with Incentives with Neutral Neutral EffectsEffects on Strategic on Strategic CompetitivenessCompetitivenessAnti-trust regulationTax lawsLow performanceUncertain future cash flowsFirm risk reductionIncentivesIncentivesResourcesResourcesManagerialManagerialMotives
16、MotivesReasons for Diversification13Resources with varying Resources with varying effects on value creation and effects on value creation and strategic competitivenessstrategic competitivenessTangible resources-financial resources-physical assetsIntangible resources-tacit knowledge-customer relation
17、s-image and reputationIncentivesIncentivesResourcesResourcesManagerialManagerialMotivesMotivesReasons for Diversification14Managerial Motives Managerial Motives(Value(Value Reduction)Reduction)Diversifying managerial employment riskIncreasing managerial compensationIncentivesIncentivesResourcesResou
18、rcesManagerialManagerialMotivesMotivesReasons for Diversification15Value-creating Strategies of Diversification:Operational and Corporate ReadinessOperational and Corporate ReadinessRelated ConstrainedRelated ConstrainedDiversificationDiversificationVertical IntegrationVertical Integration(Market Po
19、wer)(Market Power)UnrelatedUnrelatedDiversificationDiversification(Financial Economies)(Financial Economies)Both Operational andBoth Operational andCorporate RelatednessCorporate Relatedness(Rare Capability(Rare Capabilityand can Createand can CreateDiseconomies ofDiseconomies ofScope)Scope)Related
20、LinkedRelated LinkedDiversificationDiversification(Economies of(Economies ofScope)Scope)Corporate RelatenessCorporate Relateness:Transferring Skills into:Transferring Skills into Businesses Through Corporate HeadquartersBusinesses Through Corporate HeadquartersLowLowHighHighSharingSharing:Operationa
21、l:Operational Relatedness Between BusinessesRelatedness Between BusinessesLowLowHighHigh16Adding Value by DiversificationDiversification most effectively adds value Diversification most effectively adds value by either of two mechanisms:by either of two mechanisms:Economies of scope:Economies of sco
22、pe:cost savings attributed cost savings attributed to transferring the capabilities and competencies to transferring the capabilities and competencies developed in one business to a new businessdeveloped in one business to a new businessMarket power:Market power:when a firm is able to sell its when
23、a firm is able to sell its products above the existing competitive level or products above the existing competitive level or reduce the costs of its primary and support reduce the costs of its primary and support activities below the competitive level,or bothactivities below the competitive level,or
24、 both17Alternative Diversification StrategiesRelated Diversification Strategiessharing activitiessharing activitiestransferring core competenciestransferring core competenciesUnrelated Diversification Strategiesefficient internal capital market allocationefficient internal capital market allocationr
25、estructuringrestructuring18Alternative Diversification StrategiesRelated Diversification Strategiessharing activitiessharing activities19Sharing Activities:l lSharing activities often Sharing activities often lowers costslowers costs or or raises differentiationraises differentiationl lSharing activ
26、ities can lower costs if it:Sharing activities can lower costs if it:achieves economies of scaleachieves economies of scale boosts efficiency of utilizationboosts efficiency of utilization helps move more rapidly down the Learning helps move more rapidly down the Learning CurveCurvel lSharing activi
27、ties can enhance potential Sharing activities can enhance potential for or for or reduce the cost of differentiationreduce the cost of differentiationl lMust involve activities that are Must involve activities that are crucialcrucial to to competitive advantagecompetitive advantageKey Characteristic
28、s20Sharing Activities:l lStrong sense of Strong sense of corporate identitycorporate identityl lClear corporate mission that emphasizes Clear corporate mission that emphasizes the the importance of integratingimportance of integrating business business unitsunitsl lIncentive systemIncentive system t
29、hat rewards more than that rewards more than just business unit performancejust business unit performanceAssumptions21Related Diversification Strategiessharing activitiessharing activitiestransferring core competenciestransferring core competenciesAlternative Diversification Strategies22Transferring
30、 Core Competencies:l lExploits interrelationships among Exploits interrelationships among divisionsdivisionsl lStart with value chain analysisStart with value chain analysis identify ability to transfer skills or expertise identify ability to transfer skills or expertise among similar value chainsam
31、ong similar value chains exploit ability to transfer activitiesexploit ability to transfer activitiesKey Characteristics23Transferring Core Competencies:l lTransferring core competencies leads to Transferring core competencies leads to competitive advantage competitive advantage only ifonly if the t
32、he similarities among business units meet similarities among business units meet the following conditions:the following conditions:activitiesactivities involved in the businesses are involved in the businesses are similar enoughsimilar enough that sharing expertise is that sharing expertise is meani
33、ngfulmeaningful transfer of skills involves activities which are transfer of skills involves activities which are important to competitive advantageimportant to competitive advantage the skills transferred represent significant the skills transferred represent significant sources of competitive adva
34、ntagesources of competitive advantage for the for the receiving unitreceiving unitAssumptions24Related Diversification Strategiessharing activitiessharing activitiestransferring core competenciestransferring core competenciesAlternative Diversification StrategiesUnrelated Diversification Strategiese
35、fficient internal capital market allocationefficient internal capital market allocation25Efficient Internal Capital Market Allocation:l lFirms pursuing this strategy frequently Firms pursuing this strategy frequently diversify by acquisitiondiversify by acquisition:acquire sound,attractive companies
36、acquire sound,attractive companies acquired unitsacquired units are are autonomousautonomous acquiring corporationacquiring corporation supplies needed capitalsupplies needed capital portfolio managers transfer resources from portfolio managers transfer resources from units that generate cash to tho
37、se with high units that generate cash to those with high growth potential and substantial cash needsgrowth potential and substantial cash needs add add professional management&controlprofessional management&control to to sub-unitssub-units sub-unit sub-unit managers compensationmanagers compensation
38、 based on based on unit resultsunit results Key Characteristics26Efficient Internal Capital Market Allocation:l lManagersManagers have more detailed knowledge have more detailed knowledge of firm relative to of firm relative to outside investorsoutside investorsl lFirm need not risk competitive edge
39、 by Firm need not risk competitive edge by disclosing sensitive competitive disclosing sensitive competitive informationinformation to investors to investorsl lFirm can Firm can reduce riskreduce risk by allocating by allocating resources among diversified businesses,resources among diversified busi
40、nesses,although although shareholders can generally shareholders can generally diversify more economically on their owndiversify more economically on their ownAssumptions27Related Diversification Strategiessharing activitiessharing activitiestransferring core competenciestransferring core competenci
41、esUnrelated Diversification Strategiesefficient internal capital market allocationefficient internal capital market allocationAlternative Diversification Strategiesrestructuringrestructuring28Restructuring:l lSeek out undeveloped,Seek out undeveloped,sick or threatened sick or threatened organizatio
42、ns or industriesorganizations or industriesl lParent company(acquirer)intervenesParent company(acquirer)intervenes and and frequently:frequently:changes sub-unit management teamchanges sub-unit management team shifts strategyshifts strategy infuses firm with new technologyinfuses firm with new techn
43、ology enhances discipline by changing control enhances discipline by changing control systemssystems divests part of firmdivests part of firm makes makes additional acquisitionsadditional acquisitions to achieve to achieve critical masscritical massKey Characteristics29Restructuring:l lFrequently se
44、ll unit after making one-time Frequently sell unit after making one-time changes changes since parent no longer adds since parent no longer adds value to ongoing operationsvalue to ongoing operationsKey Characteristics30Restructuring:l lRequires Requires keen management insightkeen management insigh
45、t in in selecting firms with selecting firms with depressed values or depressed values or unforeseen potentialunforeseen potentiall lMust do more than restructure companiesMust do more than restructure companiesl lNeed to Need to initiate restructuring of industriesinitiate restructuring of industri
46、es to create a more attractive environmentto create a more attractive environmentAssumptions31Incentives to DiversifyExternal Incentives:External Incentives:l lRelaxation of anti-trust regulationRelaxation of anti-trust regulation allows more allows more related acquisitions than in the pastrelated
47、acquisitions than in the pastl lBefore 1986,Before 1986,higher taxes on dividendshigher taxes on dividends favored favored spending retained earnings on acquisitionsspending retained earnings on acquisitionsl lAfter 1986,firms made fewer acquisitions with After 1986,firms made fewer acquisitions wit
48、h retained earnings,shifting to the retained earnings,shifting to the use of debt to use of debt to take advantage of taxtake advantage of tax deductible interest deductible interest paymentspayments32Incentives to DiversifyInternal Incentives:Internal Incentives:l lPoor performancePoor performance
49、may lead some firms to may lead some firms to diversify to attempt to achieve better returnsdiversify to attempt to achieve better returnsl lFirms may diversify to Firms may diversify to balance uncertain future balance uncertain future cash flowscash flowsl lFirms may diversify into different busin
50、esses in Firms may diversify into different businesses in order to order to reduce riskreduce risk33Resources and Diversificationl lBesides strong incentives,firms are more Besides strong incentives,firms are more likely to diversify likely to diversify if they have the if they have the resourcesres