讲义一企业战略定位(管理经济学长江商学院,陶志刚)

1、管理经济学陶志刚1企业战略定位企业战略定位Average industry performance 行业平均盈利状况Strategic positioning by individual firms 业内企业的不同定位陶志刚2管理经济学ROE-Ke Spread(15%)(10%)(5%)0%5%10%15%20%01002003004005006007008009001,0001,1001,2001,300Average Invested Equity ($B)Toiletries/CosmeticsSteelPharmaceuticalsSoft DrinkTobaccoFood Proc

2、essingHousehold ProductsElectrical EquipmentFinancial ServicesSpecialty ChemicalsNewspaperBankIntegrated PetroleumTelecomRetail StoreTire & RubberElectric Utility - CentralElectric Utility - EastMedical ServicesMachineryAuto & TruckComputer & PeripheralPaper & ForestAir TransportSour

3、ce: Compustat, Value Line, Marakon Associates AnalysisAverage Economic Profits of U.S. Industry Groups, 1978-19961978至1996年美国各行业平均经济利润率Value Line Industry Groups陶志刚3管理经济学Source: Compustat, Value Line, Marakon Associates AnalysisROE-Key Spread(30%)(20%)(10%)0%10%20%30%40%$0$1$2$3$4$5$6$7$8$9$10$11$12

4、$13$14$15Great Northern IronWorthington IndsNucorSteel TechnologiesOregon MillsCommercial MetalsCarpenterBirminghamBritish Steel PLCCleveland-CliffsQuanexLukensACME MetalsAmpcoUSX-US SteelInland SteelArmcoWHX BethlehemAverage Invested Equity ($B)Average Economic Profits of Individual Firms in the St

5、eel Industry, 1978 1996 1978至1996年美国钢铁行业中各企业的平均利润率陶志刚4管理经济学Source: Compustat, Value Line, Marakon Associates AnalysisROE-Ke Spread(80%)(60%)(40%)(20%)0%20%40%60%$0$5$10$15$20$25$30SmithKlineGlaxoAmericanHomeProductsAmgenMerckSchering PloughWatsonBristolMyersRhone-PoulencMylan LabsWarner LambertEli L

6、illyPfizerPerrigoPharmacia & UpjohnForest LabsAlzaICNSchererIvaxGenetechBiogenRobertsGenzymeDuraChironCephalonGensiaCygnusImmunexAverage Invested Equity ($B)Average Economic Profits of Individual Firms in the Drug Industry, 1978 -19961978至1996年美国制药行业中各企业的平均利润率管理经济学陶志刚5Chinese Fireworks Industry中

7、国烟花行业 Case Study 案例案例陶志刚6管理经济学Basic features of the industry行业基本情况行业基本情况nTypes: display fireworks and consumer fireworks / 80% to 20% in 1999主要产品为烟花(80%)和鞭炮(20%)nMain ingredients by weight: 75% potassium nitrate, 15% charcoal, and 10% sulfur主要原料为： 75硝酸钾； 15木炭； 10硫磺nLow tech, labor-intensive 低技术含量、劳动

8、密集型nLow initial investment: RMB one million for display fireworks, and less than RMB 100,000 for consumer firecrackers and fireworks初始投资低陶志刚7管理经济学Liuyang, Hunan 湖南浏阳湖南浏阳 nClusters: Liu Yang, LiLing (Hunan), Pingxiang, Wanzai (Jiangxi), Dongguan (Guangdong)生产地区集聚化nUp to 400,000 people in Liuyang work

9、ing in the industry (1/3 of the population involved) 40万或者说三分之一人口从事烟花业n500 manufacturers, with only one state-owned (more than 1,000 workers), a dozen medium or large ones (100-500 workers) / only 4 or 5 open all year round500多家工厂，其中最大的为国营，另外有十几家大中型厂家，只有四、五家为全年营运 nLiuYang contributes to 60% of China

10、s exports中国烟花出口的六成来自浏阳陶志刚8管理经济学Safety issues 安全问题安全问题nProduction stage 生产过程nConsumption Stage 消费过程 陶志刚9管理经济学Domestic market 中国的烟花市场中国的烟花市场nEconomic growth 经济增长nGovernment purchase 政府采购nPollution/safety issues 污染及安全问题nCompetition from producers in other provinces 来自其他地区的竞争陶志刚10管理经济学Export market 出口市场

11、出口市场nChina has 80-90% of the worlds fireworks market 中国占全球烟花市场的八至九成nRich in variety, but low in price, due to poor quality control and packaging种类多，但因质量差、包装粗糙而价格低nPart of the vertical chain成为垂直生产链的一环陶志刚11管理经济学Questions 投资决定投资决定nWould you invest in a Liuyang fireworks factory? 是否与浏阳烟花公司合资经营？nHow attr

12、active is the Chinese fireworks industry? 中国烟花行业的平均利润情况如何？陶志刚12管理经济学The “Five Forces” Framework for Industry Analysis “五种竞争力量”的行业分析框架潜在竞争者潜在竞争者供应商供应商行业现有竞争者行业现有竞争者替代品生产商替代品生产商购买者购买者陶志刚13管理经济学Power of Buyers 购买者的砍价能力 Impact on quality/performance 产品质量及性能 Product differences Brand identity 产品差异性 品牌认同度

13、Switching costs Substitute product 客户转移成本 替代产品 Buyer concentration 购买者的集中度 Buyer volume 购买量 Ability to backward integrate 后向一体化的能力 Buyer information 买方信息不对称程度陶志刚14管理经济学Power of Suppliers 供应商的砍价能力Impact of inputs on cost or differentiation 零部件对最终产品的重要程度Substitute suppliers 要素替代品 Product differences 产

14、品差异性 Brand identity 品牌认同度 Switching costs 客户转移成本Supplier concentration 供应商的集中度 Supplier volume 供应量Ability to forward integrate 前向一体化的能力buyer information 买方信息不对称程度陶志刚15管理经济学Degree of Rivalry 行业竞争程度Concentration / 行业集中程度Product differences / 产品差异性 Brand identity / 品牌认同度 Switching costs / 客户转移成本Industr

15、y growth / 行业成长性Sunk Costs / 沉没成本Exit barriers / 退出障碍Diverse stakes / 企业利益取向差异陶志刚16管理经济学Entry Barriers 潜在竞争者的进入障碍Cost advantages 现有生产商的成本优势 - Economies of scale/scope 规模及范围经济 - Learning curve 学习曲线 - Access to necessary inputs 必要生产要素的获得 (including capital and labor) - Access to distribution 营销渠道的获得Pr

16、oduct differences 产品差异性 Brand identity 品牌认同度 Switching costs 客户转移成本Expected retaliation 行业现有竞争者的预期反应Government policy 政府政策陶志刚17管理经济学Threat of Substitution 替代品的威胁 Threat depends onRelative price/performance 替代品的性价比Switching costs客户转移成本 Often an S-curve process 威胁程度往往有漫长的成长过程管理经济学陶志刚181997 and 1999 Ho

17、ng Kong Property Industry1997年前后的香港房地产行业 Case Study 案例案例陶志刚19管理经济学1997 HK Property Industry 1997年香港房地产业年香港房地产业nIn 1997, 39% of the HK population lived in public rental estates and 12% in home ownership scheme flats 1997年，39%的香港人居住在政府建造并廉价出租的公屋里，另有12%生活在政府建造并低价出售的居屋里nHK property industry was dominate

18、d by a few firms: Cheung Kong, Hutchison, Henderson, SHK, SWIRE, and HongKong Land 香港房地产业受控于少数几家公司： 长江实业集团，和记黄埔，恒基兆业，新鸿基， 太古集团和香港置地nFuelled by growing demand, and limited supply, land value had appreciated rapidly in the years running up to 1997. 需求膨胀，供应有限，导致地产在97之前的几年中疯狂涨价陶志刚20管理经济学1997 HK property

19、 industry extremely attractive1997年的香港房地产业赢利极高年的香港房地产业赢利极高nHenderson and SHK announced annual results for the year ending 30 June, 1997, in which their turnover totaled HK$18.9 billion and HK$28.9 billion respectively, and their operating profit amounted to HK$11.1 billion (59%) and HK$15.7 billion

20、(54%). 在1996年7月1日至1997年6月30日这一会计年度,恒基兆业和新鸿基的营业额分别为189亿港元和289亿港元，营运利润分别为111亿港元（利润率59%）和157亿港元（54%）。陶志刚21管理经济学nOn July 1, 1997, Tung Chee-hwa pledged that the government was to tackle the problem of inflating property prices. 1997年7月1日，董建华保证：政府将解决房地产价格飞涨的问题。nCommitment to a supply of at least 85,000 n

21、ew flats per year 承诺每年提供至少八万五千套新公寓Tung Chee-hwas Policy董建华的政策董建华的政策陶志刚22管理经济学Dramatic Changes in the Industry香港房地产业的巨变香港房地产业的巨变nBut the economic environment changed drastically shortly thereafter. In 1998, HKs economy was hit by the Asian financial crisis. The interest rate and unemployment rates we

22、nt up dramatically, and inflation had turned to deflation. 但之后不久，经济环境发生剧烈变化。1998年，香港经济因亚洲金融危机受严重打击。利率和失业率大幅上升，通货膨胀变成了通货紧缩。nProperty prices plummeted by as much as 50% from their peak in 1997. 与1997年巅峰时期相比，房地产价格直线下跌了多达50%陶志刚23管理经济学Types of Competitive Advantage竞争优势的来源Competitive Advantage竞争优势竞争优势Lowe

23、r Cost低成本低成本Differentiation差异化差异化陶志刚24管理经济学Differentiation Strategy差异化道路差异化道路nSelect one or more needs that are valued by buyer, and meet these needs uniquely 瞄准顾客关心的产品或服务，力争成为唯一能提供该类产品或服务的公司nSelectively add costs if necessary to do so 有选择地增加投入nSuccessful differentiation leads to premium prices 出色的表

24、现赖于高出行业平均水平的价格陶志刚25管理经济学But 执行差异化道路需注意的事项执行差异化道路需注意的事项nCost-effective differentiation 成本控制前提下的差异化道路nSustainable differentiation 可持续的差异化道路陶志刚26管理经济学Cost Leadership Strategy 成本成本优势优势策略策略nDeliver a GOOD product or service at the lowest possible cost 以最低成本提供相当不错的产品或服务nTranslates into above-average profi

25、ts with industry-average prices 靠市场平均价格便可获得高于行业平均的利润陶志刚27管理经济学BUT 执行成本优势策略需注意的事项执行成本优势策略需注意的事项nOpen a significant and sustainable cost advantage over all competitors 显著并可持续的成本优势nCost leaders must maintain parity or proximity in satisfying buyer needs 产品或服务质量不能太差nCost leadership often requires trade-

26、offs with differentiation 往往不能兼顾差异化策略Interplay between Cost and Differentiation$IndustryaveragecompetitorSuccessfuldifferentiatedcompetitorCompetitor withdual advantageSuccessfullow-costcompetitor陶志刚29管理经济学Hostesss Cost Components渥太华渥太华Hostess面包房的成本结构面包房的成本结构01020304050607080Cents per unitProfitMark

27、eting: PromotionsMarketing: AdvertisingOutbound logisticsOperations: ManufacturingOperations: PackagingOperations: Ingredients利润广告产品运输费用生产包装原料促销Cost and profit comparison with competitors与竞争对手的成本及利润比较(*)(*)(*)(*)(*)What do customers care the most?顾客关心什么？陶志刚32管理经济学Product differentiation差异化道路管理经济学陶志刚

28、33Levis “Personal Pair”李维斯个性化牛仔裤 Case Study 案例案例陶志刚34管理经济学1995 womens jeans1995年美国女式牛仔裤市场年美国女式牛仔裤市场n$2 billion market 二十亿美元的市场nLevi Strauss was the market leader with 51 size combinations, and $50 per pair；but only 24% of the customers were satisfied in styles / colors / fit“李维斯”是市场的领先者，顾客有51种大小选择，每

29、条裤售价50美元；但只有24的顾客满意。nOriginal Levis retail stores (less profitable), and distributors / independent retailers 自销店及盈利更高的代销店陶志刚35管理经济学“Personal Pair” 个性化产品个性化产品nA customers is measured for her waist / hips / rise / matched to one of the 4,224 possible combinations, subsequently matched to 400 of proto

30、type pairs, and, finally, plus “ length”根据顾客的腰围、臀围及档长，从4224种可能的组合中找出最佳组合，并从400种样衣中挑出最贴近的进行试穿，最后加上身高定样。nCustom Clothing Technology Corp: custom fitting programs to single ply cutting programs / production in Tennessee (3 week) / delivered by FedEx ($5)与CCTC公司合作，该公司有试身软件及相应单件剪裁软件。定做需要三星期时间。选用联邦快递送货需另加

31、5美元。陶志刚36管理经济学Forever: De Beers and U.S. Antitrust Law钻石恒久远，一颗永流传：钻石恒久远，一颗永流传： De Beers 与美国反托拉斯法与美国反托拉斯法 Case Study 案例案例陶志刚37管理经济学Diamonds钻石钻石nwhy is diamond more expensive than water? 为什么钻石比水贵？陶志刚38管理经济学In the Jungle在钻石开发的处女地在钻石开发的处女地naccidental discovery of diamonds in South Africa in 1866, and di

32、amond fever by 1869 1866年在南非偶然发现的钻石带来了1869年的钻石热n1874: Cecil Rhodes sold steam-powered pump, and captured the market in Cape Province within one year 1874年：罗德 (Rhodes) 出售蒸汽动力泵一年内占领Cape Province全部市场nbought claims in diamond mines in the area, and completed consolidation by 1887 在该地区购买钻石矿，并于1887年完成兼并整合

33、陶志刚39管理经济学Two Problems两个问题两个问题nIf all South African gems were to sweep into Europe, the market would be flooded and prices would plummet. 如果所有的南非钻石都涌向欧洲，市场泛滥，价格将直线下降nThe sellers have little control over the types and qualities of stones they produce; thus they need to secure an indiscriminate buyer.

34、 钻石矿对于出产的粗矿石种类和质量几乎没有控制力；因此他们需要好坏都要的购买者nIdeally: a monopoly of distribution as well as of supply 理想状况：供应与分销都实现垄断陶志刚40管理经济学Evolution of Cartel卡特尔的演化卡特尔的演化n1890 Diamond Syndicate: All its members pledged to buy diamonds from Rhodess mines and sell them in specific quantities and at set prices. 1890年成功

35、组织钻石辛迪加：所有成员保证将从罗德(Rhodes)属下的矿中购买粗矿石并以特定的数量和既定的价格销售n1925: Ernst Oppenheimer bought out the old syndicate and replaced it with a new one (Central Selling Organization) joined by corporate links to his own company, Anglo American (a dominant diamond producer). 1925年： Oppenheimer 收购了钻石辛迪加并代以新组织（“中央销售组织

36、”）并同时拥有Anglo American公司（垄断钻石矿行业）陶志刚41管理经济学Central Selling Organization 中央销售组织中央销售组织n10 times per year 每年出售粗矿石10次nPreference indicated by 150 sight-holders 5 weeks before the sale 销售前5周,150位钻胚加工商表明购买意愿nTake it or leave it (no more invitation in the future) 要么全部接收要么全部退回（若退回,将来不会被邀请购买粗矿石）陶志刚42管理经济学U.S.

37、 Antitrust Law美国反托拉斯法美国反托拉斯法n1890 Sherman Act 修曼法案 “every contract or conspiracy, in restraint of trade or commerce.” “任何抑制贸易的合同或预谋”n1914 Clayton Act 克雷顿法案 “substantially lessen competition or tend to create a monopoly in any line of commerce.” “造成竞争大幅度减少、或有导致垄断倾向”nExtraterritoriality 治外法权陶志刚43管理经济学

38、Why Might De Beers Violate U.S. Antitrust Law?De Beers可能触犯反托拉斯法的原因可能触犯反托拉斯法的原因nDe Beers restricts production, fixes prices, and denies competitors access to markets De Beers控制生产量，哄抬价格，阻止竞争者进入本行业n13% margin, rare in a commodity-based industry 13%的利润率，在差异化小的原料行业很少见陶志刚44管理经济学Anti-trust cases against De

39、 Beers反托拉斯法的官司反托拉斯法的官司n1945: U.S. Justice Dept. filed the first anti-trust charges against De Beers. 1945年接受第一个美国官司n1957, 1974 when De Beers left the U.S. market 1974年停止在美国的直接业务n1994: U.S. Justice Dept. charged De Beers and G.E. for fixing industrial diamond prices. 根本没理会1994年的官司陶志刚45管理经济学Does De Be

40、ers Hurt Consumer Welfare?De Beers是否损害了消费者权益？是否损害了消费者权益？陶志刚46管理经济学Challenges挑战挑战nDeclining production in De Beers mines, defections of other major producers, and increasing stockpiling ($4.8 b, end 98) De Beer自产粗矿石减少,其他主要粗矿生产商背叛联盟,储备日益增加(1998年年底高达48亿美元)。nAsian financial crises, and importance of the

41、 U.S. market - But De beers is under indictment in the United States 因亚洲金融危机，美国市场重要性增强；但De Beers在美国遭到指控。陶志刚47管理经济学Cost advantage 低成本策略 Scale economy 规模经济 Scope economy 多元化经营陶志刚48管理经济学Scale Economies规模经济nSources 来源 - large fixed costs 庞大的固定成本 - falling average variable costs 平均变动成本随产量增加而减少Implication

42、s 战略影响 - large-scale production and monopoly 大规模生产及垄断 管理经济学陶志刚49Wal-Mart Stores, Inc.沃尔玛沃尔玛 Case Study 案例案例陶志刚50管理经济学Wal-Mart Stores, Inc.沃尔玛沃尔玛nSet up by Sam Walton in 1962 Sam Walton创立于1962年n2002: $245 billion revenue, and $12 billion imports from China, 10% of total U.S. imports from China, suppr

43、essed inflation 2002年销售额达2,560亿美元，从中国进口120亿美元的货品，抑制了美国的通涨nWorlds largest private employer/1.4 million employees globally, 44% annual turnover/ anti-union 全世界最大的非政府雇主/2002年全球140万雇员以及44%的年流动率/反工会组织陶志刚51管理经济学A Cardinal Principle 选址原则选址原则nlocating stores in isolated rural areas and small towns, usually

44、with populations of 5,000 to 25,000 店址选在偏僻的、人口为5000到25000的农村 区或小城镇陶志刚52管理经济学Merchandiser销售运作销售运作ntailored Wal-Mart merchandise based on a thousand store and market traits / product display based on consumer preferences 不同的分店货品供应不同，这取决于一千多条关于店址和当地市场的信息/商品陈列也是根据消费者偏好决定的n“always low prices, always” / n

45、ationally advertised branded products / 13 major circulars per year / advertising expense: 1.5% of discount store sales /posting their competitors circulars in their stores weekly “永远最低价”/出售已具有全国性品牌的商品/每年仅发行13次广告传单宣布基本销售政策/广告费用占销售额的1.5%/将竞争对手的产品传单贴在自己商店的橱窗上nEvery store worker has the power to lower

46、the price on any Wal-Mart product if he spots it cheaper elsewhere. 每位员工都有调整价格，应对竞争的权力陶志刚53管理经济学Operations运营运营nvendor relationships 与供应商的关系 tough negotiator / one of the 40 interviewing rooms equipped with only one table and four chairs/ no manufacturers representatives since 1992 (3-4% savings) / 3

47、,600 venders (90% dollar volume) to receive orders and interact with Wal-Mart electronically / relations with vendors on Wal-Marts terms 精明的谈判者/40个会议室每间都只配有一张桌子和四把椅子/从1992年起和制造商直接谈判/3600个供应商(占总金额的90%)以电子化的方式接受订单并与沃尔玛发生互动关系/沃尔玛占主导地位nHub-and-spoke distribution network / High back-hauls usage / picking

48、 up goods from U.S. suppliers within their existing distribution network 中心辐射式的分销网络 /卡车回程运载率高/利用美国供应商已有的分销网络运送商品陶志刚54管理经济学HRM人力资源管理人力资源管理nnon-unionized / no superstar / profit sharing / employees totally committed to the company / “live to work for the glory of Wal*Mart” 没有工会/不雇用明星级人物/利润分享/雇员对公司相当忠诚

49、/ “为沃尔玛的繁荣而活”nEach regional VP (200 days/year on the road), manages 11-15 district managers, each of which is in charge of 8-12 stores 每位地区副总(每年外出的时间超过200天) 管理11-15名地方级管理人员,每一位地方级管理人员负责8-12家商店陶志刚55管理经济学Sams Legacy创始人的影响力创始人的影响力nValue of the dollar / making life at the company unpredictable, interest

50、ing and fun / checking out competition, and copying the best ideas / taking care of people who will take care of customers: responsibility, trust, and checkup 注重节俭/让公司生活充满惊奇与乐趣/时常审视竞争对手，模仿最好的理念/要关心员工，才能进一步让员工关怀顾客：培养员工的责任感、信任感并展开时时评定陶志刚56管理经济学QuestionsnThe sources of Wal-Marts competitive advantage 沃

51、尔玛竞争优势的来源nhow sustainable their position in discount retailing will be in the future 竞争优势的可持续性nThe competitive position of Wal-mart in China 沃尔玛中国策略的成败 陶志刚57管理经济学Coors Brewing美国第三大啤酒酿酒厂 Case Study 案例案例陶志刚58管理经济学American Beer Industry in the 1970s: Consolidation行业集中化行业集中化nSlack demand 需求萎缩nShift away

52、 from draft beers, to packaged beers, which reduced perish-ability and permitted firms to concentrate on high throughput 从小规模、散装啤酒向高产量、保质期更长的精装啤酒转型nScale economies in production (packaging inputs and packaging process) 生产具有规模经济(尤其体现在包装原材料及包装过程)nIncreasing scale economies in marketing营销规模经济日益增强陶志刚59管

53、理经济学What was Coors strategy historically?Coors的战略的战略nPlant location 厂址 In 1975 capacity in the ten states west of Colorado was seven million barrels less than consumption in those states. 1975年Colorado西部的十个州啤酒生产能力比消费量少700万桶nPlant scale 工厂规模 Its sole brewery, 15.1 million barrels of capacity in 1977,

54、 was well above the MES 1977年，Coors唯一一家酿酒厂的年生产能力（1510万桶）已远远超出最低有效规模。nCapacity utilization 设备利用率 90-95%, due to the regional vacuum in supply vis-vis demand within which Coors operated 由于Coors经营地区供应短缺，Coors的设备利用率可高达90-95%陶志刚60管理经济学nBackward integration 后向一体化后向一体化 made all its cans and bottles; backwa

55、rd integration into agricultural inputs helped Coors differentiate its beer Coors自产所有包装材料（铝罐和玻璃瓶）并对农业原料实现后向一体化，后者有助于产品差异化nProduction process 生产工艺生产工艺 Aging beer for 70 days rather than 20-30 days; no pasteurization 不采用加热杀菌法，生产期长达70天（加热杀菌法只需20-30天）nMarketing 营销营销 Pricing at a discount to the leading

56、national premium brands, Budweiser and Miller; relied on the distinctiveness of various inputs (Rocky Mountain spring water) and its unique production process to mostly “self-sell” . 定价低于Budweiser和Miller。以其独特的原料（落基山脉的泉水）和生产工艺, 基本实行“自销”。nDistribution 分销分销 Non-pasteurization elevated transportation an

57、d storage costs by requiring continuous refrigeration 由于不采用加热杀菌法，储运要求持续制冷，成本提高What was Coors strategy historically?Coors的战略的战略陶志刚61管理经济学Economies of Scope范围经济nsource - joint cost: cost of inputs that do not change with scope of production范围经济的来源是共同成本: 一种不会随生产种类多少而变动的要素投入成本。nExamples 例如：Qwest的IP网络: 声

58、音+数据有线电视+电话n战略影响生产多样化产品或提供多样化服务。陶志刚62管理经济学Core Competence 核心能力nTechnology 科技 applying basic technology , eg, small LCDs, to multiple products 将核心技术应用到多种产品中，如小型液晶显示器nmarketing - brand extensions 品牌延伸 spreading promotional costs over multiple products/businesses, eg, Disney 通过多样化产品/服务分摊促销的成本, 如迪斯尼陶志刚6

59、3管理经济学Successful examples成功案例nAmazon 1995-2002亚马逊公司的发展轨迹nThe Walt Disney Company 迪斯尼公司的发展轨迹陶志刚64管理经济学Imperial Chemical Industries (ICI) 帝国化学公司帝国化学公司nEstablished in 1926, and encouraged to match its German and U.S. rivals in size, innovation and global reach 于1926年成立, 力争在规模, 创新及全球化等方面与其德国和美国的对手较量nDom

60、inant in Great Britain and the Commonwealth, and expanded into the Continental Europe and U.S. through JVs and Merges and acquisitions 在英国及英联邦占主导地位, 并通过合资和并购在欧洲大陆及美国扩张. 陶志刚65管理经济学Why ICI chose to de-merge?帝国化学公司为何要分拆帝国化学公司为何要分拆?nTwo clusters: pharmaceuticals and other bio-science-related activities, and the tradition