战略管理10企业层级战略（多角化）课件

Chapter Ten Corporate-Level Strategy: Formulating and Implementing Related and Unrelated Diversification “The very best takeovers are thoroughly hostile. Ive never seen a really good company taken over. Ive only seen bad ones.” - James Goldsmith RoyaltyFree/ Stockdisc/ Getty Images 2 Corporate-Level Strategy should allow a company, or one of its business units, to perform the value-creation functions at lower cost or in a way that allows for differentiation and premium price. Companies must adopt a long-term perspective Consider how changes in the industry and its products, technology, customers, and competitors will affect its current business model and future strategies. Corporate-Level Strategy Corporate strategy is used to identify: v Businesses or industries that the company should compete in v Value creation activities which the company should perform in those businesses v Method to enter or leave businesses or industries in order to maximize its long-run profitability 3 Diversification Strategy is the companys decision to enter one or more new industries (that are distinct from its established operations) to take advantage of its existing distinctive competencies and business model. Corporate-Level Strategy of Diversification Types of diversification: vRelated diversification vUnrelated diversification Methods to implement a diversification strategy: vInternal new ventures vAcquisitions vJoint ventures 4 Expanding Beyond a Single Industry BUT a companys fortunes are tied closely to the profitability of its original industry: v Can be dangerous if the industry matures and goes into decline v May be missing the opportunity to leverage their distinctive competencies in new industries v Tendency to rest on their laurels and not engage in constant learning Staying inside a single industry allows a company to: Focus its resources Stick to its knitting To stay agile, companies must leverage find new ways to take advantage of their distinctive competencies and core business model in new markets and industries. 5 A Company as a Portfolio of Distinctive Competencies vConsider how those competencies might be leveraged to create opportunities in new industries vExisting competencies versus new competencies that would need to be developed vExisting industries in which a company competes versus new industries Reconceptualize the company as a portfolio of distinctive competencies . . . rather than a portfolio of products: 6 Establishing a Competency Agenda Source: Reprinted by permission of Harvard Business School Press. From Competing for the Future: Breakthrough Strategies for Seizing Control of Your Industry and Creating the Markets of Tomorrow by Gary Hamel and C. K. Prahalad, Boston, MA. Copyright 1994 by Gary Hamel and C. K. Prahalad. All rights reserved. Figure 10.1 7 Increasing Profitability Through Diversification Transferring competencies among existing businesses Leveraging competencies to create new businesses Sharing resources to realize economies of scope Using product bundling Managing rivalry by using diversification as a means in one or more industries Exploiting general organizational competencies that enhance performance within all business units A diversified company can create value by: Managers often consider diversification when their company is generating free cash flow with resources in excess of those needed to maintain competitive advantage. 8 Transferring Competencies The competencies transferred must involve activities that are important for establishing competitive advantage Tend to acquire businesses related to their existing activities because of the commonality between one or more value- chain functions Transferring competencies across industries: taking a distinctive competency developed in one industry and implanting it in an EXISTING business unit in another industry For such a strategy to work, the distinctive competency being transferred must have real strategic value. 9 Transfer of Competencies at Philip Morris Figure 10.2 10 The difference between leveraging and transferring competencies is that an entirely NEW business is created Different managerial processes are involved Tend to use R between R&D and manufacturing vSelection process for choosing ventures vMonitor progress Structured approach to managing internal new venturing: 28 The Attractions of Acquisition vUsed to achieve diversification when the company lacks important competencies vEnable a company to move quickly vPerceived as less risky than internal new ventures vAn attractive way to enter a new industry that is protected by high barriers to entry Acquisitions are the principle strategy used to implement horizontal integration: 29 Acquisition Pitfalls v Integrating the acquired company Difficulty in integrating value-chain and management activities High management and employee turnover in acquired company v Overestimating the economic benefits Overestimate the competitive advantages and value-added that can be derived from the acquisition Pay too much for the target company v The expense of acquisitions Premium paid for publicly traded companies Premium cancels out the prospective value-creating gains v Inadequate preacquisition screening Weaknesses of acquisitions business model are not clear There is ample evidence that many acquisitions fail to create value or to realize their anticipated benefits: 30 Guidelines for Successful Acquisition vTarget identification and preacquisition screening for: 1. Financial position 2. Distinctive competencies and competitive advantage 3. Changing industry boundaries 4. Management capabilities 5. Corporate culture vBidding strategy Avoid hostile takeovers and speculative bidding. Encourage friendly takeover with amicable merger. vIntegration Eliminate duplication of facilities and functions. Divest unwanted business units included in acquisition. vLearning from experience Conduct post-acquisition audits. 31 Joint Ventures Attractions: v Helps avoid the risks and costs of building a new operation from the ground floor v Teaming with another company that has complementary skills and assets may increase the probability of success Pitfalls: v Requires the sharing of profits if the new business succeeds v Venture partners must share control conflicts on how to run the joint venture can cause failure v Run the risk of giving critical know-how away to joint venture partner 32 Restructuring Why restructure? Diversification discount: investors see highly diversified companies as less attractive Complexity and lack