chCororaeLevelSraegy战略管理,英文版

Chapter6Corporate-LevelStrategyMichaelA.HittR.DuaneIrelandRobertE.Hoskisson©2000South-WesternCollegePublishingChapter3InternalEnvironmentChapter2ExternalEnvironmentTheStrategicManagementProcessStrategicIntentStrategicMissionStrategicCompetitivenessAboveAverageReturnsFeedbackStrategyFormulationChapter4Business-LevelStrategyChapter5CompetitiveDynamicsChapter6Corporate-LevelStrategyChapter8InternationalStrategyChapter9CooperativeStrategiesChapter7Acquisitions&RestructuringStrategyImplementationChapter10CorporateGovernanceChapter11Structure&ControlChapter12StrategicLeadershipChapter13Entrepreneurship&InnovationStrategicInputsStrategicActionsStrategicOutcomesHowtocreatevalueforthecorporationasawhole2.Corporate-LevelStrategy

(CompanywideStrategy)-lowcost-differentiation-integratedlowcost/differentiation-focusedlowcost-focuseddifferentiationHowtocreatecompetitiveadvantageineachbusinessinwhichthecompanycompetes1.Business-LevelStrategy

(CompetitiveStrategy)ADiversifiedCompanyHasTwoLevelsofStrategy1.Whatbusinessesshouldthecorporationbein?2.Howshouldthecorporateofficemanagethearrayofbusinessunits?CorporateStrategyiswhatmakesthecorporatewholeadduptomorethanthesumofitsbusinessunitpartsKeyQuestionsofCorporateStrategyLevelsandTypesofDiversificationLowLevelsofDiversificationModeratetoHighLevelsofDiversificationVeryHighLevelsofDiversificationRelatedlinked(mixed)<70%ofrevenuesfromdominantbusiness,andonlylimitedlinksexistABCSinglebusiness>95%ofrevenuesfromasinglebusinessunitADominantbusinessBetween70%and95%ofrevenuesfromasinglebusinessunitBAUnrelated-DiversifiedBusinessunitsnotcloselyrelatedABC<70%ofrevenuesfromdominantbusiness;allbusinessesshareproduct,technologicalanddistributionlinkagesRelatedconstrainedABCMotives,Incentives,andResourcesforDiversificationMotivestoEnhanceStrategicCompetitivenessEconomiesofScopeMarketPowerFinancialEconomiesResourcesManagerialMotivesIncentivesIncentivesandResourceswithNeutralEffectsofStrategicCompetitivenessAnti-TrustRegulationTaxLawsLowPerformanceUncertainFutureCashFlowsFirmRiskReductionTangibleResourcesIntangibleResourcesManagerialMotivesResourcesIncentivesMotives,Incentives,andResourcesforDiversificationManagerialMotivesCausingValueReductionDiversifyingManagerialEmploymentRiskIncreasingManagerialCompensationManagerialMotivesResourcesIncentivesMotives,Incentives,andResourcesforDiversificationSummaryModeloftheRelationshipBetweenFirmPerformanceandDiversificationDiversificationStrategyManagerialMotivesResourcesIncentivesAddingValuebyDiversificationDiversificationmosteffectivelyaddsvaluebyeitheroftwomechanisms:BydevelopingeconomiesofscopebetweenbusinessunitsinthefirmswhichleadstosynergisticbenefitsBydevelopingmarketpowerwhichleadstogreaterreturnsAlternativeDiversificationStrategiesRelatedDiversificationStrategiesUnrelatedDiversificationStrategiesSharingActivitiesTransferringCoreCompetenciesEfficientInternalCapitalMarketAllocationRestructuringKeyCharacteristics:Example:UsingacommonphysicaldistributionsystemandsalesforcesuchasProcter&Gamble’’sdisposablediaperandpapertoweldivisionsExample:GeneralElectric’’scoststoadvertise,sellandservicemajorappliancesarespreadovermanydifferentproductsSharingActivitiesAlternativeDiversificationStrategiesAchieveseconomiesofscaleBoostsefficiencyofutilizationHelpsmovemorerapidlydownLearningCurveSharingActivitiesoftenlowerscostsorraisesdifferentiationSharingActivitiescanlowercostsifit:Example:SharedorderprocessingsystemmayallownewfeaturescustomersvalueormakemoreadvancedremotesensingtechnologyavailableExample:Procter&Gamble’’ssharingofsalesandphysicaldistributionfordisposablediapersandpapertowelsiseffectivebecausetheseitemsaresobulkyandcostlytoshipKeyCharacteristics:SharingActivitiesAlternativeDiversificationStrategiesSharingActivitiescanenhancepotentialfororreducethecostofdifferentiationMustinvolveactivitiesthatarecrucialtocompetitiveadvantageAssumptions:SharingActivitiesAlternativeDiversificationStrategiesStrongsenseofcorporateidentityClearcorporatemissionthatemphasizestheimportanceofintegratingbusinessunitsIncentivesystemthatrewardsmorethanjustbusinessunitperformanceAlternativeDiversificationStrategiesRelatedDiversificationStrategiesUnrelatedDiversificationStrategiesSharingActivitiesTransferringCoreCompetenciesEfficientInternalCapitalMarketAllocationRestructuringKeyCharacteristics:TransferringCoreCompetenciesAlternativeDiversificationStrategiesIdentifyabilitytotransferskillsorexpertiseamongsimilarvaluechainsExploitabilitytotransferactivitiesExploitsInterrelationshipsamongdivisionsStartwithValueChain

analysisAssumptions:TransferringCoreCompetenciesleadstocompetitiveadvantageonlyifthesimilaritiesamongbusinessunitsmeetthefollowingconditions:ActivitiesinvolvedinthebusinessesaresimilarenoughthatsharingexpertiseismeaningfulTransferofskillsinvolvesactivitieswhichareimportanttocompetitiveadvantageTheskillstransferredrepresentsignificantsourcesofcompetitiveadvantageforthereceivingunitTransferringCoreCompetenciesAlternativeDiversificationStrategiesAlternativeDiversificationStrategiesRelatedDiversificationStrategiesUnrelatedDiversificationStrategiesSharingActivitiesTransferringCoreCompetenciesEfficientInternalCapitalMarketAllocationRestructuringKeyCharacteristics:Firmspursuingthisstrategyfrequentlydiversifybyacquisition:EfficientInternalCapitalMarketAllocationAlternativeDiversificationStrategiesAcquiresound,attractivecompaniesAcquiredunitsareautonomousAcquiringcorporationsuppliesneededcapitalPortfoliomanagerstransferresourcesfromunitsthatgeneratecashtothosewithhighgrowthpotentialandsubstantialcashneedsAddprofessionalmanagement&controltosub-unitsSub-unitmanagerscompensationbasedonunitresultsAssumptions:EfficientInternalCapitalMarketAllocationAlternativeDiversificationStrategiesManagershavemoredetailedknowledgeoffirmrelativetooutsideinvestorsFirmneednotriskcompetitiveedgebydisclosingsensitivecompetitiveinformationtoinvestorsFirmcanreduceriskbyallocatingresourcesamongdiversifiedbusinesses,althoughshareholderscangenerallydiversifymoreeconomicallyontheirownAlternativeDiversificationStrategiesRelatedDiversificationStrategiesUnrelatedDiversificationStrategiesSharingActivitiesTransferringCoreCompetenciesEfficientInternalCapitalMarketAllocationRestructuringKeyCharacteristics:Restructuring-Changessub-unitmanagementteam-Shiftsstrategy-Infusesfirmwithnewtechnology-Divestspartoffirm-Makesadditionalacquisitionstoachievecriticalmass-EnhancesdisciplinebychangingcontrolsystemsAlternativeDiversificationStrategiesSeekoutundeveloped,sickorthreatenedorganizationsorindustriesParentcompany(acquirer)intervenesandfrequently:Frequentlysellunitaftermakingone-timechangessinceparentnolongeraddsvaluetoongoingoperationsAssumptions:RestructuringAlternativeDiversificationStrategiesRequireskeenmanagementinsightinselectingfirmswithdepressedvaluesorunforeseenpotentialMustdomorethanrestructurecompaniesNeedtoinitiaterestructuringofindustriestocreateamoreattractiveenvironmentInternalIncentives:IncentivestoDiversifyRelaxationofAnti-TrustregulationallowsmorerelatedacquisitionsthaninthepastBefore1986,highertaxesondividendsfavoredspendingretainedearningsonacquisitionsAfter1986,firmsmadefeweracquisitionswithretainedearnings,shiftingtotheuseofdebttotakeadvantageoftaxdeductibleinterestpaymentsExternalIncentives:PoorperformancemayleadsomefirmstodiversifytoattempttoachievebetterreturnsValue-creatingStrategiesofDiversificationOperationalandCorporateRelatednessSharing:OperationalRelatednessBetweenBusinessCorporateRelatedness:TransferringSkillsIntoBusinessThroughCorporateHeadquartersLowHighHighLowRelatedLinkedDiversification(EconomiesofScope)UnrelatedDiversification(FinancialEconomies)BothOperationalandCorporateRelatedness(RareCapabilityandCanCreateDiseconomiesofScope)RelatedConstrainedDiversificationVerticalIntegration(MarketPower)PerformanceLevelofDiversificationDiversificationandFirmPerformanceDominantBusinessUnrelatedBusinessRelatedConstrainedIncentivestoDiversifyInternalIncentives:PoorperformancemayleadsomefirmstodiversifytoattempttoachievebetterreturnsFirmsmaydiversifytobalanceuncertainfuturecashflowsFirmmaydiversifyintodifferentbusinessesinordertoreduceriskManagersoftenhaveincentivestodiversifyinordertoincreasetheircompensationandreduceemploymentrisk,althougheffectivegovernancemechanismsmayrestrictsuchabusesSummaryModeloftheRelationshipBetweenFirmPerformanceandDiversificationResourcesDiversificationStrategyFirmPerformanceInternalGovernanceStrategyImplementationCapitalMarketInterventionandMarketforManagerialTalentIncentivesManagerialMotives9、静夜四无无邻，荒居居旧业贫。。。12月-2212月-22Tuesday,December20,202210、雨中黄叶树树，灯下白头头人。。17:11:1817:11:1817:1112/20/20225:11:18PM11、以以我我独独沈沈久久，，愧愧君君相相见见频频。。。。12月月-2217:11:1817:11Dec-2220-Dec-2212、故人人江海海别，，几度度隔山山川。。。17:11:1817:11:1817:11Tuesday,December20,202213、乍见翻翻疑梦，，相悲各各问年。。。12月-2212月-2217:11:1817:11:18December20,202214、他乡生白发发，旧国见青青山。。20十二月月20225:11:18下午17:11:1812月-2215、比比不不了了得得就就不不比比，，得得不不到到的的就就不不要要。。。。。。十二二月月225:11下下午午12月月-2217:11December20,202216、行行动动出出成成果果，，工工作作出出财财富富。。。。2022/12/2017:11:1817:11:1820December202217、做前前，能能够环环视四四周；；做时时，你你只能能或者者最好好沿着着以脚脚为起起点的的射线线向前前。。。5:11:18下下午5:11下下午午17:11:1812月月-229、没没有有失失败败，，只只有有暂暂时时停停止止成成功功！！。。12月月-2212月月-22Tuesday,December20,202210、很多事情努努力了未必有有结果，但是是不努力却什什么改变也没没有。。17:11:1817:11:1817:1112/20/20225:11:18PM11、成功就是是日复一日日那一点点点小小努力力的积累。。。12月-2217:11:1817:11Dec-2220-Dec-2212、世间成事事，不求其其绝对圆满满，留一份份不足，可可得无限完完美。。17:11:1817:11:1817:11Tuesday,December20,202213、不知香香积寺，，数里入入云峰。。。12月-2212月-2217:11:1817:11:18December20,202214、意志坚坚强的人人能把世世界放