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1、CONFIDENTIALBrown Goods and PC Competitor Analysis: ToshibaSAMSUNG ELECTRONICS CHINA (SEC China)August 20, 2001This 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

2、 from McKinsey & Company. This material was used by McKinsey & Company during an oral presentation; it is not a complete record of the discussion.OVERVIEW OF COMPETITOR ANALYSIS FRAMEWORK1. Background informationLocationRegistered capitalManagementteamEquitystructureStarting yearNumber of employeesE

3、ra analysis4. Value chain strategy5. Organization and ownership6. Financial performanceFocus onMarketing, advertising and promotionDistribution (channel and sales force)Organization structureOwnership structureSales Profit 2. Strategy 3. Product/market MissionVisionCorporate strategyKey product offe

4、ringsMarket positionBACKGROUND INFORMATION1. Background informationLocationRegistered capitalManagementteamEquitystructureStarting yearNumber of employeesEra analysis4. Value chain strategy5. Organization and ownership6. Financial performanceFocus onMarketing, advertising and promotionDistribution (

5、channel and sales force)Organization structureOwnership structureSales Profit 2. Strategy 3. Product/market MissionVisionCorporate strategyKey product offeringsMarket positionSource: Toshiba website, Lit searchBACKGROUND INFORMATION TOSHIBAEstablished:1875 by Hisashige TanakaPresident & CEO:Tadashi

6、OkamuraTotal Assets:US$51,578 millionShareholders Equity: US$10,054 millionNumber of employees: 190,000 worldwide(As of September 30, 2000)Domestic Plants, Branches OfficesAnd Other Facilities:Production facilities: 25Branch offices: 35Sales offices: 23Overseas Plants, Branches Officesand Other Faci

7、lities:Offices: 10Manufacturing companies: 42Subsidiaries & affiliates: 72Source: Company website, Lit searchBACKGROUND INFORMATION DALIAN TOSHIBA TELEVISION, LTDLocation:Dalian, Liaoning ProvinceStarting year:1996Registered Capital:US$30 millionUnit Sold: color TV 1 million sets, 50% export (Year 2

8、000)Joint Venture PartnersTypeForeign Juristic Persons SharesForeign Juristic Persons SharesToshibaToshiba (China) Co.Dalian Daxian (Group) Co., Ltd.Number of employees: 2,000Products: 21 34 color TV (CRT, Projection, Flat)Domestic Juristic Persons SharesSource: Company Report, Lit searchTOSHIBAS CO

9、RPORATE MANAGEMENT TEAMPresident & CEOTadashi OkamuraCorporate projectCorporate staffCorporate support services iValue Creation Company CEO: Tsutomu Kawada e-Solutions Company CEO: Hiroo Okuhara Social Infrastructure Systems Company CEO: Tsuyoshi Kimura Digital Media Network Company CEO: Atsutoshi N

10、ishida Mobile Communications Company CEO: Tetsuya Mizoguchi Power Systems & Services Company CEO: Toshiyuki Oshima Semiconductor Company CEO: Takeshi Nakagawa Display Devices & Components Company CEO: Eisaburo Hamano Medical Systems Company CEO: Masamichi Katsurada Home Appliances Company CEO: Makot

11、o NakagawaSource: Company website, Literature SearchHISTORY OF TOSHIBASource: Literature Search; McKinsey AnalysisTOSHIBAS DEVELOPMENT WENT THROUGH THREE STAGESOrganization structureCorporate strategyProduct Development & Technology1875-1939Two Japanese electrical equipment manufacturers merged in 1

12、939 to create Toshiba. Technological innovation accounted for the companies successes. One of the founders was the so-called Edison of Japan.Main products included transformers, electric motors, light bulbs, radio receivers, and cathode-ray tubes.1978- PRESENT1939-1978The company grew rapidly and be

13、came a market leader in the electrical and electronic industry. However, the organization became more bureaucratic.The company continued to be innovative in the early years, producing many firsts in the industry. However, It lost its innovator image in the 70s .Numerous leading products in the elect

14、rical and electronics areas. Examples includes Japans first vacuum cleaner, first fluorescent lamp, first radar, etc.Toshiba shifted direction by investing heavily in IT segment. The organization became increasingly global, employing 190,000 employees world-wide with annual sales over 5 trillion.IT

15、focus, diversification, innovation and globalization are four key elements of Toshibas corporate strategy. Toshiba is intensively focusing on IT-related business (i.e. telecom and internet), meanwhile, leveraging its legacy businesses to generate stable incomeBusiness Building Becoming Industry Lead

16、erMeeting worldwide competitionSource:Literature Search; McKinsey AnalysisDEVELOPMENT OF DALIAN TOSHIBAS TV BUSINESS IN CHINAKey initiativeKey results1996-1997Founded as a joint venture in 1996, construction was completed in 1997. Conducted accurate market forecast and implemented just in order inve

17、ntory management. Inventory turn-over less than two days.Made profit the next year.20011998-2000Focused on high profit margin PJTV segment, and competed on technology, service and management rather than price.Strengthened customer serviceRevenue and profit grew 50% annually. Became the No. 1 market

18、share leader in PJTV segment. Toshiba decided to relocate its digital TV production to Dalian and invested 300 million to expand capacity from one million units to 1.5 million unitsexported 800,000 units to Japan. Business Building Establishing Leadership in PJTV MarketBecoming Toshibas Key Global T

19、V Production BaseTOSHIBA WILL FURTHER INVEST IN IT INDUSTRY IN CHINABackground informationSource: Literature research, interviewTo support Chinas 10th 5-year plan, we will enlarge our investment in IT industry. Toshiba has the world-leading LCD related and semiconductor technology. The amount of eac

20、h investment will exceed I billion USD.“Apart from Japan, Toshiba divides global market into four regions, America, Europe, China and the rest of Asia. China is the only region made up of one single countryChief representative of Toshiba in ChinaInvested companies in ChinaTotal investmentChief repre

21、sentativeTotal number of employeesImportance of ChinaFuture investment plan23RMB 6 billionPintianxinzheng (pinyin)over 10,000Chief representative of Toshiba in ChinaSource:literature research, interviewTOSHIBA IS THE LEADING PLAYER IN NOTEBOOK MARKET BOTH IN CHINA AND GLOBALLYTimeKey milestones19851

22、9901993199419992000Introduced the first notebook in the worldIntroduced STN notebookIntroduced color TFT notebookIntroduced Pentium-empowered notebookRanked number one in China notebook market for 4 yearsRanked number one in world wide notebook market for 7 yearsEra analysis of Toshiba in NotebookSo

23、urce:literature research, interviewSTRATEGY1. Background informationLocationRegistered capitalManagementteamEquitystructureStarting yearNumber of employeesEra analysis4. Value chain strategy5. Organization and ownership6. Financial performanceFocus onMarketing, advertising and promotionDistribution

24、(channel and sales force)Organization structureOwnership structureSales Profit 2. Strategy 3. Product /marketMissionVisionCorporate strategyMarket positionKey product offeringsTOSHIBAS MISSION AND VISIONCorporate mission“We, the Toshiba Group companies, based on our total commitment to people and to

25、 the future, are determined to help create a higher quality of life for all people, and to do our part to help ensure that progress continues within the world communityCorporate vision“To grow with excellence as the leading-edge, internet-ready enterprise globally by accelerating innovation with agi

26、lity, and to create a 21st century of success hand in hand with our customersSource: Company website, Lit search.THREE STRATEGIES PROPEL TOSHIBA TO BECOME A GLOBAL HI-TECH LEADER IN THE NEW MELLIMUMToshiba as a leading-edge, internet-ready global leader in hi-techAccelerate the speed of innovationMa

27、nagement Innovation (MI2001) is a major initiative being promoted throughout Toshiba Group. It is aimed at advancing creative destruction and competitive superiorityChampion market-centric managementCustomer Relationship Management and Supply Chain Management systems will be deployed to cover compan

28、y-wide operations.Be internet-readyDigital Manufacturing, a new system, will be introduced throughout the Toshiba GroupAn IT infrastructure for collaborative engineering will be established Source: Lit search, external interviews: Toshiba Annual Report ASSESSMENT OF TOSHIBAS CURRENT STRATEGIC POSITI

29、ON SWOTStrengthsBroad and diversified product portfolioStrong presence in AsiaStrong R&D and manufacturing capabilitiesWeaknessesLess customer focusedWeak brand name in cutting-edge information technologiesUnbalanced global presenceOpportunitiesGlobal digital convergenceEmerging technologies, i.e.,

30、Internet, 3GChina joining WTO opens doors to foreign companiesThreatsBureaucratic management styleIts core semiconductor business is a cyclical commodity businessBehind the curve in key IT developmentsTHERE ARE TWO SUCCESSFUL MODELS IN THE CHINA CTV MARKET, DALIAN TOSHIBA FOLLOWS THE SONY MODELThe K

31、onka ModelCapital intensive, aggressive growth through economies of scale in manufacturing and in the sales forceFrom 1993 to 1998 Konka acquired TV manufacturers: North east Du Dan Jian, San Xi, An Suo, Chong Qing factories to bulk upGrew capacity by 2 million units from 1993 to 1998Through economi

32、cs of scale and aggressive pricing Konka was able to grow market share from 3% to 11% from 1995 to 2000The Sony ModelZero in on the high end, high profit segment of CRT TV market with a strong brand able to command price premiumsNot in a strong presence in unit market share, but the top brand when c

33、onsumers respond for the brand quality and reliabilityCorporate philosophy unwilling to sacrifice profits for larger market share (vast different from Chinese players)Future target focused on higher end, cutting edge technology TVs e.g. PJTV, Digital TV, LCD and PDP which have significantly higher p

34、rofit margins. Source: Lit search, McKinsey analysis TOSHIBA SHIFTS ITS STRATEGIC FOCUS TO APPLICATION SOLUTION AND CUSTOMER SERVICE IN CHINA NOTEBOOK MARKETMissionTo be the most responsible IT product application solution and service providerTimeStrategic focus1996199719981999Product itselfChannel

35、developmentApplicationCustomer service2000VIP certification focusing on core customersChannel development into 2nd tier geographiesApplication solution of mobile office conceptToshiba notebook strategy* in ChinaStrategy evolvement * Toshiba notebook strategy in China is co-developed by Digital China

36、, Toshibas exclusive notebook chief-distributor in ChinaSource:literature research, interviewPRODUCT/MARKET1. Background informationLocationRegistered capitalManagementteamEquitystructureStarting yearNumber of employeesEra analysis4. Value chain strategy5. Organization and ownership 6. Financial per

37、formanceFocus onMarketing, advertising and promotionDistribution (channel and sales force)Organization structureOwnership structureSales Profit 2. Strategy 3. Product /marketMissionVisionCorporate strategyKey product offeringsMarket positionTOSHIBAS GLOBAL NET SALES BY BUSINESS SEGMENTSource:Toshiba

38、 web site, Lit SearchYea 2000 ( billion)Information & Communications & Industrial Systems 1,858Power Systems 571Electronic Devices & Components 1,477Digital Media 1,518Home Appliances 660Others 473DALIAN TOSHIBAs KEY TV PRODUCT OFFERINGSColor TVs (inch, model no.)Projection TV Series: 43 6161D9UXC50

39、D9UXC43D9UXC50D8UXC43D8UXC Source:Company website, Lit searchCRT TV Series: 21 2929D2DC29D2XC25D2XC25E3DC321D2NC Flat TV Series: 21 3434D8UXC34D6DC29D8UXC29D6DC29D3XC25D6XC21AF6C DALIAN TOSHIBAS MARKET POSITION IN CHINAS CONVENTIONAL CRT TV MARKET: NO. 5 MARKET SHARE LEADERMarket share by sales, %So

40、urce:GFK, McKinsey Analysis, External interviews: Konka, Sony, Toshiba19992000Others 100%100%Key trends Rationale Industry undergoes further consolidation Foreign players lose market share to local playersTop five players in the market Changhong, TCl, Konka, Hisense, Skyworth,controlled 41.6% of the

41、 market in 1999 grew to 43.7% in 2000 Local players increased market share from 65% in 1999 to 67% in 20001.92.0RowaLGPanda Jinxing Skyworth-RGBXoceco Philips Haier Panasonic Hisense Toshiba TCLChanghongKonka Sony DALIAN TOSHIBAS MARKET POSITION IN CHINAS PJTV MARKET: NO. 1 MARKET SHARE LEADERSource

42、:GFK, internal interview, literature search, external interviews: Sony, Panasonic, ToshibaKey trendsRationale Established MNCs, Toshiba, Sony will continue to dominate market Local players start establishing themselves by 2005High-end producers with superior technology in pixel resolution and bright

43、nessLocal players expected to acquire key PJTV technologies as of 2003As comparison, Changhong alone now controls 20% of large screen CRTV market, local players likely to gain similar share in PJTV market Market share by salesPercent Local (KonkaChanghong, etc)Other MNCsHitachi PanasonicSamsungSonyT

44、oshiba19992000100%100%PJTV PLAYERS STRENGTHS AND WEAKNESSESCompanyStrengths/weaknessesToshibaStrong brand nameAggressive sales and marketingSonyNo. 1 brand namePremium market with highest industry profitsSamsungStrong quality in resolution and brightnessSolid position in the marketComparable technol

45、ogy with Japanese counterpartsOther MNCs: Panasonic, Philips, etc.Possess the technology, but yet to establish themselves in marketLocal companies: TCL, Konka, Hinsense, Haier, ChanghongLack the key technologies for PJTV components tubes and screenLow-end brand have resulted in low sales volumeWill

46、fill up the technology gap by about 2003 Source: Lit search, McKinsey analysisTOSHIBA HAS A FULL-LINE PROUCT OFFERING IN NOTEBOOK, COVERING LOW-END TO PREMIUM SEGMENT Source:Literature researchKey product offeringsSatellite Series 2800 (13.3, 14.1, 15.0)Portege Series (7220CT, 3480CT, 3490CT)Tecra S

47、eries (8100H, 8000J, 8200)Satellite 1750 (13.3)New satellite 2800 (13.3, 14.1,15.0)Satellite Pro 4600 (13.3, 14.1, 15.0)New Satellite Pro 4600 (14.1)Satellite 3000 (13.3)Source:literature researchTOSHIBA IS STRONG IN EDUCATION, LARGE AND MEDIUM BUSINESS, BUT PARTICULARLY WEAK IN GOVERNMENTSource: ID

48、CSmall office Home 100% =ToshibaMarket average73484Education Government Large businessSmall businessMedium business 3.83.53.7Sales by customer segmentsPercent of units shipment (000s), 2000TOSHIBA IS GENERALLY A MEDIUM TO HIGH-END PLAYER, PARTICULARLY STRONG IN USD 2.5-3.5K PRICE BRANDSource: IDC0.9

49、Low(0-2k)Medium (2-2.5k)High (2.5-3.5k)100% = 0.110.120.170.73.51.40.10.08Premium (3.5K)2.2Toshibas market share0.1Sales by customer segmentsPercent of units shipment (M), 2000Others DellIBMFounderLegend AcerToshibaVALUE CHAIN STRATEGY1. Background informationLocationRegistered capitalManagementteam

50、EquitystructureStarting yearNumber of employeesEra analysis4. Value chain strategy5. Organization and ownership 6. Financial performanceFocus onMarketing, advertising and promotionDistribution (channel and sales force)Organization structureOwnership structureSales Profit 2. Strategy 3. Product/marke

51、t MissionVisionCorporate strategyKey product offeringsMarket positionSource: Literature Search, Konka web site, team analysis R&DManufacturingMarketing& SalesDistribution After-Sales ServicesToshiba Digital Media Network Company is responsible for Color TV R&DDalian Toshiba is responsible for TV pro

52、duction. 30% parts come from ChinaDalian Toshiba and its 4 subsidiaries in Dalian, , Shanghai and Guangzhou are responsible for marketing and salesDalian Toshiba primarily uses sales forces in its four subsidiaries to sell TV products directly to retailers. It also uses distributors in certain regio

53、ns such as Chongqing.Toshiba (China) helped set up the after-sales service network, and Dalian Toshiba is running the network and responsible for PNL.Digital mediaDigital MediaNetwork Co.Dalian Toshiba TV Co.TOSHIBA CHINA TV BUSINESS HAS A PRODUCT LINE ORIENTED VALUE DELIVERY SYSTEMDALIAN TOSHIBAS T

54、V DISTRIBUTION CHANNELSource: McKinsey Literature Search, external interviews, McKinsey analysisDalian Toshiba TV Co.Manufacturing PlantDalian Subsidiary SubsidiaryShanghai SubsidiaryGuangzhou SubsidiaryDistributorsRetailers:Hyper/super-market: 10%Designated Stores: 25%Dept. Stores: 30%Specialty Sto

55、res: 35%Consumers Subsidiary Sales Force70%30%TOSHIBA ADOPTS THE NATIONAL CHIEF-DISTRIBUTOR PRACTICE IN NOTEBOOK BUSNIESS IN CHINA R&DManufacturingMarketing and brandingSales and distributionAfter-sales serviceToshiba R&DToshiba SHOEM: Renbao, a Taiwanese OEM playerDigital ChinaDigital China (for To

56、shiba notebook only)ToshibaDigital ChinaCentralize key accounts across different productsCentralize SI for key accounts (banking, tax)Be in charge of channel develop-ment and managementDigital ChinaMajor responsibilityToshiba SH factoryParts inventoryAncillary hotlineToshibaToshiba SHOEMToshibaToshi

57、ba SHDealersDigital ChinaSource: interviewTOSHIBA HAS POSITIONED CHINA AS A KEY R&D BASE *The other two R&D centers are in the UK and the US respectivelySource:Literature researchThree-layer structure of Toshiba R&DFirst layer focusing on technology trends in the next 3-5 yearsSecond layer focusing

58、on multi-media technology and technology trends in the next 2-3 yearsThird layer focusing on product developmentToshiba R&D in ChinaEstablished R&D department in , April 2001Plan to develop it into Toshiba (China) R&D center in October 2001 which will be the third overseas R&D center of ToshibaPlan

59、to have 250 people this year and expand to 500 people in R&D center in 2005R&DTOSHIBA HAS OUTSOURCED THE MAJOR PART OF NOTEBOOK MANU-FACTURING AND ITS DISTRIBUTOR IS CAPABLE OF CUSTOMIZATION IN CONFIGURATION Source:Literature research, interviewManufacturingParties involvedResponsibilitiesToshiba SH

60、Assembling production to cover total volume sold in ChinaAssembling production for expertOEM (Renbao)Major part of notebook manufacturingDigital ChinaCustomization for big-batch order according to customers individualized demand for hardware configurationUNDER STRONG COST PRESSURE, DIGITAL CHINA AND