6公司層策略(3)

1、Corporate-Level StrategyMichael A. HittR. Duane IrelandRobert E. HoskissonChapter 6Strategy ImplementationChapter 11OrganizationalStructure and ControlsChapter 10CorporateGovernanceChapter 12StrategicLeadershipStrategy FormulationStrategicCompetitivenessAbove-AverageReturnsStrategic IntentStrategic

2、MissionChapter 2The ExternalEnvironmentChapter 3The InternalEnvironmentThe Strategic Management ProcessChapter 6Corporate-Level StrategyFeedbackStrategic InputsStrategic ActionsStrategic OutcomesChapter 13StrategicEntrepreneurshipChapter 5Competitive Rivalryand CompetitiveDynamics Chapter 4Business-

3、LevelStrategy2Two Levels of StrategyA diversified company has two levels of strategy1. Business-Level Strategy (Competitive Strategy)How to create competitive advantage in each business in which the company competes- low cost - differentiation- focused low cost - focused differentiation - integrated

4、 low cost/ differentiation2. Corporate-Level Strategy (Company-wide Strategy)How to create value for the corporation as a whole3Key Questions in Corporate StrategyBusiness UnitBusiness UnitBusiness UnitBusiness Unit1. What businesses should the corporation be in?2. How should the corporate office ma

5、nage the array of business units?Corporate Strategy is what makes the corporate whole add up to more than the sum of its business unit parts4Levels and Types of DiversificationBusiness UnitLow Levels of DiversificationSingle Business 95% of business from a single business unitDominant BusinessBetwee

6、n 70 and 95% of business from a single business unitBusiness Unit5Related Constrained70% of revenues from dominant business; all businesses share product, technological and distribution linkagesLevels and Types of DiversificationBusiness UnitBusiness UnitModerate to High Levels of DiversificationBus

7、iness Unit6Related Linked (Mixed) 70% of revenues from dominant business, and only limited links existLevels and Types of DiversificationBusiness UnitBusiness UnitModerate to High Levels of DiversificationBusiness Unit7Levels and Types of DiversificationUnrelated 70% of revenue comes from the domina

8、nt business, and there are no common links between businessesBusiness UnitBusiness UnitVery High Levels of DiversificationBusiness Unit8AT&T的縮小規模AT&T曾歷經兩次分割案1984年非自願性分割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1995年自願分割分割前的公司旗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通訊事業間的競爭衝突美國政府放寬對通訊事業的管制公司決定縮小經營範疇,專心於核心

9、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 Enhance Strategic CompetitivenessEconomies of scope(相關多角化)Market power (相關多角化)Financial economics(不相關多角化)IncentivesResourcesManagerialMotives12Incentives with Neutral Effects on Strategic CompetitivenessAn

10、ti-trust regulationTax lawsLow performanceUncertain future cash flowsFirm risk reductionIncentivesResourcesManagerialMotivesReasons for Diversification13Resources with varying effects on value creation and strategic competitivenessTangible resourcesfinancial resourcesphysical assetsIntangible resour

11、cestacit knowledgecustomer relationsimage and reputationIncentivesResourcesManagerialMotivesReasons for Diversification14Managerial Motives (Value Reduction)Diversifying managerial employment riskIncreasing managerial compensationIncentivesResourcesManagerialMotivesReasons for Diversification15Value

12、-creating Strategies of Diversification: Operational and Corporate ReadinessRelated ConstrainedDiversificationVertical Integration(Market Power)UnrelatedDiversification(Financial Economies)Both Operational andCorporate Relatedness(Rare Capabilityand can CreateDiseconomies ofScope)Related LinkedDiver

13、sification(Economies ofScope)Corporate Relateness: Transferring Skills into Businesses Through Corporate HeadquartersLowHighSharing: Operational Relatedness Between BusinessesLowHigh16Adding Value by DiversificationDiversification most effectively adds value by either of two mechanisms:Economies of

14、scope: cost savings attributed to transferring the capabilities and competencies developed in one business to a new businessMarket power: when a firm is able to sell its products above the existing competitive level or reduce the costs of its primary and support activities below the competitive leve

15、l, or both17Alternative Diversification StrategiesRelated Diversification Strategiessharing activitiestransferring core competenciesUnrelated Diversification Strategiesefficient internal capital market allocationrestructuring18Alternative Diversification StrategiesRelated Diversification Strategiess

16、haring activities19Sharing Activities:Sharing activities often lowers costs or raises differentiationSharing activities can lower costs if it:achieves economies of scaleboosts efficiency of utilizationhelps move more rapidly down the Learning CurveSharing activities can enhance potential for or redu

17、ce the cost of differentiationMust involve activities that are crucial to competitive advantageKey Characteristics20Sharing Activities:Strong sense of corporate identityClear corporate mission that emphasizes the importance of integrating business unitsIncentive system that rewards more than just bu

18、siness unit performanceAssumptions21Related Diversification Strategiessharing activitiestransferring core competenciesAlternative Diversification Strategies22Transferring Core Competencies:Exploits interrelationships among divisionsStart with value chain analysisidentify ability to transfer skills o

19、r expertise among similar value chainsexploit ability to transfer activitiesKey Characteristics23Transferring Core Competencies: Transferring core competencies leads to competitive advantage only if the similarities among business units meet the following conditions:activities involved in the busine

20、sses are similar enough that sharing expertise is meaningfultransfer of skills involves activities which are important to competitive advantagethe skills transferred represent significant sources of competitive advantage for the receiving unitAssumptions24Related Diversification Strategiessharing ac

21、tivitiestransferring core competenciesAlternative Diversification StrategiesUnrelated Diversification Strategiesefficient internal capital market allocation25Efficient Internal Capital Market Allocation:Firms pursuing this strategy frequently diversify by acquisition:acquire sound, attractive compan

22、iesacquired units are autonomousacquiring corporation supplies needed capitalportfolio managers transfer resources from units that generate cash to those with high growth potential and substantial cash needsadd professional management & control to sub-unitssub-unit managers compensation based on uni

23、t results Key Characteristics26Efficient Internal Capital Market Allocation:Managers have more detailed knowledge of firm relative to outside investorsFirm need not risk competitive edge by disclosing sensitive competitive information to investorsFirm can reduce risk by allocating resources among di

24、versified businesses, although shareholders can generally diversify more economically on their ownAssumptions27Related Diversification Strategiessharing activitiestransferring core competenciesUnrelated Diversification Strategiesefficient internal capital market allocationAlternative Diversification

25、 Strategiesrestructuring28Restructuring:Seek out undeveloped, sick or threatened organizations or industriesParent company (acquirer) intervenes and frequently:changes sub-unit management teamshifts strategyinfuses firm with new technologyenhances discipline by changing control systemsdivests part o

26、f firmmakes additional acquisitions to achieve critical massKey Characteristics29Restructuring:Frequently sell unit after making one-time changes since parent no longer adds value to ongoing operationsKey Characteristics30Restructuring:Requires keen management insight in selecting firms with depress

27、ed values or unforeseen potentialMust do more than restructure companiesNeed to initiate restructuring of industries to create a more attractive environmentAssumptions31Incentives to DiversifyExternal Incentives:Relaxation of anti-trust regulation allows more related acquisitions than in the pastBef

28、ore 1986, higher taxes on dividends favored spending retained earnings on acquisitionsAfter 1986, firms made fewer acquisitions with retained earnings, shifting to the use of debt to take advantage of tax deductible interest payments32Incentives to DiversifyInternal Incentives:Poor performance may lead some firms to diversify to attempt to achieve better returnsFirms may diversify to balance uncertain future cash flowsFirms may diversify into differe