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BUStrategicPlanBasicsJune2001Thispresentationcontainsdetailed
notestotheslides.Ifyouareviewingthedownloadedversion,pleaseclickonNotesPageintheViewmenutoseebothslidesandcommentary511246DESCRIPTIONOFMATERIALSThisdocumentwasdevelopedasatrainingpresentationforthenewlyappointedbusinessunitCEOsofanAsianfamily-ownedconglomerateThepurposeofthisdocumentistoguidenewCEOsthroughthebasicelementsofdevelopingaBU-levelstrategicplanThispackincludesacompaniondocument,“BUStrategicPlanTemplateBook,”whichprovidescompletenessandconsistencyofBUstrategicplansubmissions.ThesetemplatesarenotintendedtoreplaceorconstrainBUstrategicthinkingandshouldbeadaptedtoreflectaparticularBU’ssectoralcontextasrequired2WHATISABUSTRATEGY?Astrongbusinessconceptthatdrivesanintegratedsetofactionsthatcreatesvalueby:Creatingproducts/serviceswhosevalueexceedsthecostofprovidingthemCapturingvaluefromcompetitors,customers,distributors,suppliers,andproducersofsubstituteproductsandservices3RATIONALEFORPROPOSEDDEFINITIONAstrongbusinessconceptthatdrivesanintegratedsetofactionsthatcreatesvalueby:Creatingproducts/serviceswhosevalueexceedsthecostofprovidingthemCapturingvaluefromcompetitors,customers,distributors,suppliers,andproducersofsubstituteproductsandservices1. Recognizesdualroleofcreatingandcapturingvalueinallelementsofbusinesssystem2. Forceschoices6. Competitive7. Externallyoriented,customerdriven4. Recognizesimportanceofcostascompetitivetool5. Considerstrade-offsbetweenbenefitprovidedtocustomersandcoststheyincur3. Givesconsiderationtoallelementsof
thebusinesssystem4COMMONELEMENTSOFREAL-LIFESTRATEGIESVisionWhere?Strongbusiness
concept
comprising:Howto
compete?Integrated
setofactionsDevelopedhighqualitystandardsandexcellentoperationalproceduresFocusondevelopingcriticalmassofstoresandestablishingmarketdominanceMcDonald’sexperiencedphenomenalsuccessinglobalizationdueto:SuccessfullyscreeningfranchiseesandadedicationtointenseinitialandongoingtrainingConsistentdeliveryofhigh-qualityfoodandservicearoundtheworldHugeeconomiesofscaleandpowerfulsupplierleverageCapitalizationof“American”appealofMcDonald’sSuccessintailoringassortmentmixtomeetlocalneeds“Wewanttobetheworld’sbestquick-servicerestaurantexperience”“Wewillofferconsistentlyexcellentqualityacrosstheworld”Targetingabroadsetoftheurbanpopulation,increasinglyofferingabundledproduct(meals)atalowpriceinmajorcitiesaroundtheworldMcDONALD’SEXAMPLE5BUSTRATEGYREVIEWINTERACTIONSHighlyinteractivedebatedrivenbyfact-basedunderstandingofenvironmentandinternalcapabilitiesHowdoyouexpectCompetitorAtoreact?Howsustainable
isyourbusinessmodel?Canitbeeasilyduplicated?Howrobustareyourcontingencyplans?Howquicklycanyoushiftyourbusinessemphasistocaptureindustryopportunities?BUCEO6BUSTRATEGICPLANDEVELOPMENTIndustrydynamicsandimplicationsEnvironmentalandinternalassessmentCompetitiveassessmentInternalassessmentWhatarethemajorchangesinindustrydynamicsandresultingopportunitiesandrisks?Whatareyourcompetitivestrengthsandweaknesses?Howdoesyourcurrentbusinessemphasisfitwithindustryopportunityandcompetitivelandscape?StrategyarticulationStrategicdefinitionandimplicationsStrategicinitiativesFinancialprojectionsWhatstrategywillyourBUpursueoverthenext3years?Whatwillbetheimpactofmajorstrategicinitiatives?Whataretheexpectedfinancialreturnsofyourstrategy?++++Risk/contingen-cies&strategicalternativesWhatstrategicalternativeshaveyouconsidered?+7INDUSTRYDYNAMICSANDIMPLICATIONSEconomicsofdemandBysegmentSubstitutes,abilitytodifferentiateVolatility,cyclicalityEconomicsofsupplyProducerconcentrationanddiversityImportcompetitionCapacityutilizationEntry/exitbarriersCoststructure(fixedandvariable)IndustrychaineconomicsCustomerandsupplierbargainingpowerWhatarethe
majorchangesinindustrydynamicsandtheresultingopportunitiesandrisks?Howisindustrystructurechangingwithrespecttodemand,supply,andindustrychaineconomics?Whataretheresultingopportunitiesandrisks?Whatistheexpectedcompetitorconduct?Whataretheresultingopportunitiesandrisks?Whatarethepresentandfutureexternalfactorsthatcouldpresentnewopportunitiesandrisks?MajorindustrycompetitormovesMarketinginitiativesIndustrycapacitychangesM&As,divestituresVerticalintegration/disaggregationAlliancesandpartnershipsCostcontrolandefficiencyimprovementsImpactandlikelihoodofmajorindustrydiscontinuitiesChangesinregulation/governmentpolicyTechnologicalbreakthroughsKeyquestionSubquestionsIssuestobeconsidered** MayormaynotbeapplicabletoallBUsWhatindustryareyoucompetingin?Whatarethevarioussegmentsintheindustry?IndustrydefinitionIndustrysegmentationDefinitionSizing8SEGMENTANALYSISILLUSTRATIVEIndustryboundariesSegmentsIndustrysegmentsRelativelydistinctsubgroupingswithintheindustryMarketisrelativelysimilarwithinthesegmentbutdifferentacrosssegmentsDifferentindustrydynamicsmayvaryinimportanceindifferentsegments9ProducersIndustrySTechnologybreakthroughsChangesingovernmentpolicy/regulationsDomesticInternationalEconomicsofdemandAvailabilityofsubstitutesDifferentiabilityofproductsRateofgrowthVolatility/cyclicalityEconomicsofsupplyConcentrationofproducersImportcompetitionDiversityofproducersFixed/variablecoststructureCapacityutilizationEntry/exitbarriersIndustrychaineconomicsBargainingpowerofinputsuppliersBargainingpowerofcustomersMarketingPricingVolumeAdvertising/promotionNewproducts/R&DDistributionCapacitychangeExpansion/contractionEntry/exitAcquisition/merger/divestitureVerticalintegrationForward/backwardintegrationVerticaljointventuresLong-termcontractsInternalefficiencyCostcontrolLogisticsProcessR&DOrganizationaleffectivenessFinanceProfitabilityValuecreationTechnologicalprogressEmploymentobjectivesExternalshocksFeedbacktructureConductPerformanceSTRUCTURE-CONDUCT-PERFORMANCE(SCP)MODEL101.DeterminantsofsupplierpowerDifferentiationofinputsSwitchingcostsofsuppliersandfirmsintheindustryPresenceofsubstituteinputsSupplierconcentrationImportanceofvolumetosupplierCostrelativetototalpurchasesintheindustryImpactofinputsoncostordifferentiationThreatofforwardintegrationrelativetothreatofbackwardintegrationbyfirmsintheindustry2.DeterminantsofbarrierstoentryEconomiesofscaleProprietaryproductdifferencesBrandidentitySwitchingcostsCapitalrequirementsAccesstodistributionAbsolutecostadvantagesProprietarylearningcurveAccesstonecessaryinputsProprietary,low-costproductdesignGovernmentpolicyExpectedretaliation5. DeterminantsofrivalryIndustrygrowthFixed(orstorage)cost/valueaddedIntermittentovercapacityProductdifferencesBrandidentitySwitchingcostsConcentrationandbalanceInformationalcomplexityDiversityofcompetitorsCorporatestakesExitbarriers3. DeterminantsofbuyingpowerBargainingleverageBuyerconcentrationvs.firmconcentrationBuyervolumeBuyerswitchingcostsrelativetofirmswitchingcostsBuyerinformationAbilitytobackward-integrateSubstituteproductsPull-through4. DeterminantsofsubstitutionthreatRelativepriceperformanceofsubstitutesSwitchingcostsBuyerpropensitytosubstitute2.Newentrants3.Buyers4.SubstitutesIntensityofrivalry1.SuppliersPricesensitivityPrice/totalpurchasesProductdifferencesBrandidentityImpactonqualityperceptionBuyerprofitsDecision-makers'incentives5.Industrycompetitors"FORCESATWORK"FRAMEWORK11OpportunitiesandthreatsHowaredemandandsupplyexpectedtoevolve?Howdoyouexpecttheindustrychaineconomicstoevolve?Whatarethepotentialmajorindustrydiscontinuities?Whatcompetitoractionsdoyouexpect?YourBUSWOTANALYSISConvertopportunitiesBuildonstrengthsNeutralizethreatsAddressweak-nessesStrengthsandweaknessesWhatareyourBU’sassets/competenciesthatsolidifyyourcompetitiveposition?WhatareyourBU’sassets/competenciesthatweakenyourcompetitiveposition?Canbeusedasathought-starterforcompetitiveanalysisandinternalassessmentDiscoverspotentialopportunities/threatsarisingfromfactorsexternaltotheBU12SCPAPPLIEDTOLEXMARKRapidlychangingtechnology,e.g.,birthofportable,handheld,wirelesscomputersRapidlychangingcustomerpreferencesPossibilityofapaperlesssociety,givenincreasingenvironmentalconcernandriseoftheInternetEconomicsofdemandInk-jetprintersreplacinglaserinnonnetworkenvironmentHighpricesensitivity;minimalopportunityformajorproductdifferentiationGrowthoflaserandink-jetprintermarketsstablebutdependentonPCsalesanddegreeofreplacementEconomicsofsupplyHPholdslion’sshareofprintermarketIndustrycapacityexceedsmarketdemandPresenceofcounterfeitandrecycledproductsupply,especiallyinconsumablesHighexitbarriersduetoassetintensityIndustrychaineconomicsBargainingpowerofsupplierslowBargainingpowerofdistributorshighLittleintegration(forwardorbackward)MarketingManufacturerscompetingmainlyonpriceRetaildominantdistributionchannelAggressivedevelopmentandreleaseofnewproductsMovestoincreasebrandawarenessviamarketingcampaignsCreativefinancingpackagesInternalefficiencyRelentlessdrivetolow-costmanufacturingContinuouseffortstocreatemorespecializedfeaturesand/orfunctionsOthersEntryofPCandperipheralsplayersClampdownoncounterfeitandrecycledconsumablessuppliersFinancePricecompetitiononprinterhardwaredrivesmarginsdownandforcesplayerstorelyonprofitsfromconsumableproducts(goodmargins)andhighvolumecaptureonhardwareSExternalshocksFeedbacktructureConductPerformanceSource:LexmarkCasePresentationassociatetrainingmaterials13RESULTINGOPPORTUNITIESANDRISKSFORLEXMARKOpportunitiesRisksBecomethefirstmoverinprintersforportable,handheld,wirelesscomputermarketGrowdemandbaseviauseofcreative,nontraditionalchannelsandalternativefinancing/paymentmethodsGrowdemandforconsumablesviaprogramstoincreaseprintingusageBethesupplierofprintersforPC/peripheralplayershopingtotheexpandintoprintermarketExpandleadershipincorporateinstitutionalaccountsIncreasingdemandforcustomizationmayincreasecostsanderodemarginsAnydeclineinPCsalesmaysignificantlydecreaserevenuesMarketsharemaybeerodedascompetitionintensifiesBranding/marketingpushfromestablishedplayersPricingpushfromlow-costmanufacturersMarginsatriskifprintingusagedeclineswithpushforpaperlesssocietyNOTEXHAUSTIVESource:Teamanalysis14COMPETITIVEASSESSMENTPrivilegedassetsthatcreatecompetitiveadvantage,e.g.,physicalassets,location/space,distribution/salesnetworkDistinctiveskillsandcompetenciesthatcreatecompetitiveadvantage,e.g.,innovation,talentdevelopmentWhatareyour
competitivestrengthsandweaknesses?Whatarethecapabilitiesrequiredtosucceedinthisindustry?Howdoyoucompareagainstthesenecessarycapabilities?Strengthsandweaknessesofyourcompetitivepositionvs.necessarycapabilitiesBenchmarkperformanceagainsttheindustry’srelevantkeyperformanceindicators(KPIs),*withmarginandmarketshareastherequiredminimumKeyquestionSubquestionsIssuestobeconsidered* KPIsareahandfulofleversthatdrivethevalueoftheindustryorbusiness15CAPABILITYPLATFORM:ASSESSINGSOURCESOFCOMPETITIVEADVANTAGEPhysicalassetLocation/spaceDistribution/salesnetworkBrand/reputationPatentRelationshipwith‘license’allocatorBHP’slow-costminesTelecom/mediacompanywithrightsto
radiospectrumAvon’srepresentativesCoca-ColaPharmaceuticalcompanywitha‘‘wonderdrug’‘Favorednation’’statuswithakeyministerinliberalizingeconomyInnovationCross-functionalcoordinationMarketpositioningCost/efficiencymanagementTalentdevelopment3MwithnewproductsMcDonald’’swithQSC&VJ&JbrandedconsumerhealthproductsEmersonElectric’’sBestCostProducerprogramP&GbrandmanagementprogramPrivilegedassetsDistinctivecompetenciesCapabilitiesneededtosucceedinindustryExample16Step1:Ensurethatthesearethecapabilitiesrequiredtosucceedintheindustry.Usethislistasathoughtstarter,andaddanddeleteasyouseeappropriateBUOverallSegmentsABCStep2:Assessyouroverallpositionrelativetothecapabilitiesrequiredtosucceedintheindustry.Also,determinewhetherthesecapabilitiesarerelevanttothesegmentsyouservePhysicalassetLocation/spaceDistribution/salesnetworkBrand/reputationPatentRelationshipwith‘‘license’’allocatorInnovationCross-functionalcoordinationMarketpositioningCost/efficiencymanagementTalentdevelopmentPrivilegedassetsDistinctivecompetenciesCapabilitiesneededtosucceedinindustryCAPABILITYPLATFORM:ASSESSINGSOURCESOFCOMPETITIVEADVANTAGE(CONT.)ILLUSTRATIVEExtremelyrelevantSomewhatrelevantIrrelevant17RANKINGYOURSELFAGAINSTTHECOMPETITIONKeymidmarketbuyingfactorsExplanationConvenientlocationOfferPrice*CustomerserviceShoppingenvironment**CompetitivepositioningofDepartmentStore2(DS2)vs.DS1MuchworseWorseRDSpositionBetterMuchbetter-2-1012DS2islocatedinmajorthoroughfaresandisaccessibleviapublictransport,resultinginhighertrafficDS2isconsideredadestinationDS2andDS1havethesamecategoriesexceptforsnacksandappliancesDS2hashistoricallybeenviewedasthelow-priceplayer.ThisisreinforcedbycontinuouscustomerexperienceaswellasthecontinuousreminderofthelowpricesviastoresignsandthestrategicplacementoflossleadersallaroundthestoresBothprovidethestandardofferingRangeDS2hasitallX* Best/lowestprice,promotions** Cleanliness,ambience,signageSource:TeamanalysisXXXXX18BENCHMARKPERFORMANCEAGAINSTRELEVANTINDUSTRYKPIsKPIs(examples)FinancialindicatorsMarginNetincomeROCEOperatingindicatorsAdvertisingeffectivenessUtilizationrateStrategicindicatorsMarketsharePercentofrevenuefromnewproductsWorkingcapitaltrendExternalindicatorsMarketpricesofrawmaterialsBUCompetitorACompetitorBCompetitorC19KPIsFinancialindicators*OperatingincomeMarginsROCE**OperatingindicatorsDistributionreachCycletimeStrategicindicatorsMarketshareBrandawarenessLexmarkHPEpsonBENCHMARKINGAPPLIEDTOLEXMARKStrongMediumWeak*Includesotherinformationequipment(e.g.,scanners,projectors)**Returnoncapitalemployed$457million12%29%$1,573million9%11%$583million6%N/A12%47%17%Source:LexmarkCasePresentationassociatetrainingmaterials20INTERNALASSESSMENTRelevantBUsegments(basedoncustomer,product,geography,distributionchannel)OperatingcontributionestimatesforeachsegmentHowdoesyourcurrentbusinessemphasisfitwiththeindustryopportunitiesandthecompetitivelandscape?Whichsegmentsofthebusinessareprovidingthehighestreturns?*WhathavebeentheperformancetrendsalongmajorBUKPIs?KPIperformancetrendsoverthelast3-5years,e.g.,returnoncapitalemployed(ROCE),**operatingincome,margins,capitalemployedAssessmentofunderlyingtrenddriversExpectedevolutionKeyquestionSubquestionsIssuestobeconsideredWhichintangibleassetscouldbenear-termsourcesofvalue?Identificationofin-houseintellectualproperty,talent,networks,brand/imageConversionintosourcesofvalue* Basedonlatestavailable,1-to2-yearhistoricalfinancialstatements** ROCE=Operatingincomex(1-taxrate)Allinterest-bearingdebt(shortandlong)+minorityinterest+stockholders’equity21SEGMENTANALYSISRevenueGrossprofitOperatingprofitAssetsemployedPeopleemployedOperating
profitmarginGrossprofitmarginROCEStep1:IdentifytherelevantsegmentsStep2:Provideasegmentanalysisbasedonthefollowingminimumfinancialmetrics:revenue,grossprofitandmargin,operatingprofitandmarginStep3:Totheextentassetsandpeoplecanbedisaggregatedbysegment,analyzedeploymentofassetsagainstreturns%%oftotalSegment1%oftotalSegment2%oftotalSegment3%oftotalSegment4%oftotalTotal%%%%Segment1Segment2Segment3Segment4Total22SEGMENTANALYSISAPPLIEDTOLEXMARKPrintersandsuppliersOtherofficeimagingKeyboardsandotherRestofworldEuropeU.S.Product%Geography%oftotalrevenues,1995100%=$3,807million100%=$2,494m100%=$895m11414864846100%=$3,021m100%=$1,024m14355184646100%=$3,452m100%=$1,031m1428584060100%=$3,807m100%=$1,164m9236832671GrossprofitRev1992GrossprofitRev1993GrossprofitRev1994GrossprofitRev19950Source:LexmarkCasePresentationassociatetrainingmaterials;McKinseydatabase23TRENDANALYSIS:RETURNONCAPITALEMPLOYED(ROCE)TheROCEtreecanbedisaggregatedtoshowtheotherrelevantKPIsofaBUROCE%Operatingincomex(1-taxrate)PHPmillionCapitalemployedPHPmillion÷RevenuePHPmillionOperatingmargin%x(1-taxrate)%xMarketshare%IndustrysalesPHPmillionxILLUSTRATIVE24TRENDANALYSIS:CASHThecashflowtreecanbedisaggregatedtoshowtheotherrelevantKPIsofaBUCashflowgeneratedPHPmillionOperatingcashflowPHPmillionInvestingcashflowPHPmillion+NetincomePHPmillionNoncashexpensesPHPmillion+ChangeinworkingcapitalPHPmillion+FinancingcashflowPHPmillion+NOTEXHAUSTIVE25ROCE%Operatingincomex(1-taxrate)$millionCapitalemployed$million÷Revenue$millionOperatingmargin%x(1-taxrate)%xMarketshare%Industrysales$millionxNOTEXHAUSTIVESource:LexmarkCasePresentationassociatetrainingmaterials;McKinseydatabaseTRENDANALYSISAPPLIEDTOLEXMARK26INTANGIBLE-ASSETCHECKLISTIntangibleassetsWaystoextractnear-termvalueTalentHighlymotivatedandcompetentworkforceleveragingspecificskillsetstoGenerategrowthImprove/increasecompanyintangiblesIntellectualpropertyPatentsgeneratinglicensingfeesUnderstandingofcustomerbehaviorRiskmanagementSoftwareNetworkInterconnectedwebsofpartiesNonexclusiveAdditionalmemberlowerscosts,increasesbenefitsBrand/imageInherentimageorbrandbuiltuponexcellentserviceandproductofferingsLowersearchcostsforcustomers27TechnologyforproductsNetworkingsoftwareINTANGIBLE-ASSETASSESSMENTAPPLIEDTOLEXMARKIntangibleassetsWaystoextractnear-termvalueCustomizetosuitindustrysegmentscurrentlynotservedDeveloprelatedproductsthatmayusenetworkingsoftwarein-houseorviapartnershipSalesforceengineersDevelopthebestproducttosuitidentifiedcustomerneedsTalentRelationshipwithsuppliersGoodworkingrelationshipallowsbettercaptureofproductionefficienciesthatimproveproductcycletimeandcost-efficiencyNetworkIntellectualpropertyNOTEXHAUSTIVESource:Teamanalysis28STRATEGYARTICULATIONWhereareyougoingtocompetealongthesedimensionsandwhy?TargetmarketDistributionchannelsProduct(breadthanddepth)GeographicscopeTargetcustomerdefinitionBenefitsthatyouwillofferthecustomersProductpricingPositionagainstcompetitionvis-àà-visthebenefitsprovidedandthepricechargedDeliveryandcommunicationofcustomervalueproposition(valuedeliverysystem)CompetitiveadvantageindeliveringthesebenefitstothecustomerWheretocompete?Whatisyourcustomervaluepropositionforthedifferentsegmentsyouaregoingtoserve?Whatisyourbusinessmodel?WhatstrategywillyourBUpursueoverthenext3
years?KeyquestionSubquestionsIssuestobeconsideredIndustryattractivenessandimplicationreviewAlignmentofchosenstrategyandenvironmentalrealitiesHowdoesyourchosenstrategyexploittheindustryopportunitiesandaddresstheindustry/competitivethreats?29WHERETOCOMPETE?CustomersChannelsProductsGeographicmarketsTargetcustomersandsegmentsWhichcustomersareyoutryingtotargetorattract?Whichareyouwillingtoserve,butwillnotspendresourcestoattract?Whichwouldyouprefernottoserve?WaystheentityreachesitstargetcustomersWhichdistributionchannelswillyouuse?Whatcustomersegmentscantheyreach?GeographicalscopeofbusinessactivitiesGeographiclimitstothebusiness?Local,regional,multilocal,national,international,orglobalplayer?Iflocal,whichlocalities?QualityandbreadthoftheproductlineQualityoftheproductline?Breadthoftheproductline?Productbundlesoraseriesofunrelatedproducts?30WHERETOCOMPETE?LEXMARKEXAMPLEStagedexpansion:national,theninternationalFortune1000companiesinbanking,insurance,retail/pharmacyindustriesforlaserprintersHaveuniquenetworkprintingneedsLargeprinterusersValue-(notprice-)orientedsegmentsConsumermassmarketforink-jetprintersUsedbroadestrangeofchannelsforcustomerfreedomTraditionalretailchannels(i.e.,dealernetwork,value-addedresellers,about5,000retailoutlets)OwnaccountmarketingteamstoselldirecttocustomersLaserprintersColorink-jetprintersAssociatedconsumablesuppliesMarkVisioncompleteprintermanagementsystemCustomersChannelsProductsGeographicmarkets31VALUEPROPOSITIONAcompany’sspecificpromisetoitstargetcustomersofthebenefitsitwillprovideatanexplicitprice.Itanswersthefollowingquestions:Whoisyourtargetcustomer?Whatexplicitbenefitsdoyouprovidetoyourcustomer?Whatperceivedvaluedoyouprovidetothecustomerbetterthancompetition?Howmuchvaluedoyourcustomersattachtothebenefitsyouprovide?32‘Wewillservethefast-growingsegmentsofthenetworkprintermarketwithhigh-quality,technologicallyadvancedproductstargetedtocustomerneedsatamoderatelyhigherpricethanundifferentiatedlaserprinters.’LEXMARK'SVALUEPROPOSITIONFORLASERPRINTERSSource:LexmarkCasePresentationassociatetrainingmaterials33FlashmemoryallowinginstantaneousprintingandupdatingofformsinmultiplelocationsDuplexprinting––abilitytoprintonbothsidesofpaperPapertraystohandlethreeormoresizesofpaperandformsTechnicalservicesupporttohelpwithsystemsdesignandproductproblemsTargetedtosegmentneedsHighqualityTechnologicallyadvancedCompetitivepriceSlightpremiumBankingPriceBenefitsWhychooseLexmark?SlightpremiumPharmacyTAILORVALUEPROPOSITIONTOVARIOUSCUSTOMERSEGMENTSAbilitytoprintprescriptionlabelswithoutjamming(duetospacingofrollers)TechnicalservicesupporttohelpwithsystemdesignandproductproblemsLEXMARKEXAMPLESegmentSource:Teamanalysis34BUSINESSMODELUnderstandvaluedesiresSelecttargetChoosethevalueValuepropositionDesignproduct/processProcure,manu-factureDistri-buteProvidethevalueServicePriceDefinebenefits/priceSalesmessageCommunicatethevalueBusinessmodel:IntegratedsetofactionstoprovideandcommunicatethevaluepropositiontocustomersSegmentationValuepropositionAdver-tisingPromo-tion/PRValuedeliverysystem(VDS)EachBUmustaddressthese2issuestodefinetheirbusinessmodelIllustrationofhowthevaluepropositionwillbeprovidedandcommunicatedIdentificationofexistingstrengthsthatcanbeleveragedandofthecapabilitiesthatneedtobebuilttobedistinctiveinchosenvaluedeliverysystem1235LEXMARKLINKEDVALUEPROPOSITIONTOCHANGESINBUSINESSSYSTEMProductdesignprocessProcurementManu-facturingDistributionMarketing&salesAfter-saleserviceProvidethevalueCommunicatethevalueHighlycustomizedtocustomersegments12-monthdesigncycleFullycross-functionalLimitedtospecifictargetsegmentsIn-housecontrolofcriticaltechnologiesOutsourcedonlynon-criticalcomponentsUtilizedpreferredsuppliersKepthigh-value-addedprocessesin-houseImprovedflexibilityandreducedproductcycletimeMinimizedchangesinproductionfornewproductsMultiplechannelsSmallchannelsalesforceProvidedincentivestoretailersviahighermarginsPartnershipswithkeymanufacturersfor““private-label””brandsLargesalesforcetargetedatendusersinspecificindustriesSophisticatedorderfulfillmentsystemMonthlycustomerindexrankingpersalesteamRetrainingtoallowmoreend-usersalesapproachDedicatedtechnicalpeopleperindustrysalesgroupRapidcustomerresponse(<3hr)Multiplechannels,e.g.,phone,InternetLexExpressovernightexchangeifrepaircannotbedoneStrengths
toleverageCapabilitiestobuildRelationshipsoftheaccountteamswithendusersR&DtalentRelationshipswithsuppliersProductionknow-howRelationshipsinheritedfromIBMBrandstrengthBettersystemstoallowanevensmootherflowofinformationSources:LexmarkCasePresentationassociatetrainingmaterials;teamanalysis36STRATEGICINITIATIVESFinancialimpactfromeachstrategicinitiativeExpectedfinancialoutlayforeachinitiativeHowmuchvaluewillbecreatedfromeachstrategicinitiative?ResourcesrequiredAvailabilityofresourcesintheorganizationPlanforfillingresourcegapsWhatresourceswilleachstrategicinitiativerequire?Whatwillbetheimpactofmajorstrategicinitiatives?KeyquestionSubquestionsIssuestobeconsideredPossiblestrategicinitiativeslistWhatmajorstrategicinitiativesarerequiredtosuccessfullyimplementyourselectedbusinessmodel?Sourcesofvaluefromeachstrategicinitiative(e.g.,EBIT,capitalemployed)Whatarethesourcesofvaluecreatedfromeachstrategicinitiative?37STRATEGICINITIATIVES:SOURCESOFVALUEILLUSTRATIVEInitiatives(examples)1. CapturegreatermarketshareVolumeincreaseEBITimpactviaPriceincreaseCostreductionOtherInvest-mentCapitalemployedimpactviaDivest-mentCapitalefficiency*Otherü2. Costreduction(e.g.,effectivechannelmanagement)3. Obtainhigherprices4. Createnewmarketdemand5. Formstrategicalliancesorpartnershipsüüüüüüüüüüü*Forexample,improvedworkingcapitalemployment,increasedassetutilization,changestoassetownership.Sub-initiatives38STRATEGICINITIATIVES:VALUEQUANTIFICATIONILLUSTRATIVEEstimateoftotal
ongoingoperatingincomeand
capitalemployedimpactfromsuccessfulimplementationofstrategicinitiativesOperatingincomeongoingimpact2001-2004PHPmillionCapitalemployedongoingimpact2001-2004PHPbillionPresentoperatingincomeVolumeincreasePriceincreaseCostreductionbenefitAdditionalcostsTotalongoingoperatingincomePresentcapitalemployedImprovedcapitalefficiencyDivestmentsAcquisitionsTotalongoingcapitalemployedOne-timeoperatingincomeimpact=One-timecosts=+++–=––+=39InitiativesSubinitiativesPeople/skillsResourcerequirementsFundingSr.mgmt.involvement1.Capturegreatermarketshare2.Reducecosts3.Achievehigherprices4.Createnewmarketdemand5.Formstrategicalliancesorpartner-shipsILLUSTRATIVESTRATEGICINITIATIVES:RESOURCINGREQUIREMENTS40FINANCIALPROJECTIONSKeyquestionSubquestionsIssuestobeconsideredIncomestatementforecastCashflowforecastWhatarethekeyassumptions?Whatisyourprojectednetincomegrowthinthenextfewyears?Whatisyourexpectedcashgenerationabilityoverthemediumterm?Whatisyourexpectedcapitalproductivity?Whataretheexpectedfinancialr
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