hitt-10e-ch01-FINAL-战略分析案例及哈佛商学院9月课件

PART1:STRATEGICINPUTSCHAPTER1:StrategicManagementANDCompetitivenessIRELAND|HOSKISSON|HITTTHEMANAGEMENTOFSTRATEGYCONCEPTSANDCASES10ETHESTRATEGICMANAGEMENTPROCESSFIGURE1.1TheStrategicManagementProcessKNOWLEDGEOBJECTIVES●Definestrategiccompetitiveness,strategy,competitiveadvantage,above-averagereturns,andthestrategicmanagementprocess.●Describethecompetitivelandscapeandexplainhowglobalizationandtechnologicalchangesshapeit.●Usetheindustrialorganization(I/O)modeltoexplainhowfirmscanearnabove-averagereturns.●Usetheresource-basedmodeltoexplainhowfirmscanearnabove-averagereturns.KNOWLEDGEOBJECTIVES●Describevisionandmissionanddiscusstheirvalue.●Definestakeholdersanddescribetheirabilitytoinfluenceorganizations.●Describetheworkofstrategicleaders.●Explainthestrategicmanagementprocess.IMPORTANTDEFINITIONS●STRATEGICCOMPETITIVENESS-

achievedwhenafirmsuccessfullyformulatesandimplementsavalue-creatingstrategy

●STRATEGY-

anintegratedandcoordinatedsetofcommitmentsandactionsdesignedtoexploitcorecompetenciesandgainacompetitiveadvantage●COMPETITIVEADVANTAGE-whenafirmimplementsastrategythatcreatessuperiorvalueforcustomers;competitorsareunabletoduplicateitorfindtoocostlytoimitateitIMPORTANTDEFINITIONS●

RISK-

aninvestor’suncertaintyabouttheeconomicgainsorlossesthatwillresultfromaparticularinvestment

●ABOVE-AVERAGERETURNS-

returnsinexcessofwhataninvestorexpectstoearnfromotherinvestmentswithasimilaramountofrisk●

AVERAGERETURNS-returnsequaltothoseaninvestorexpectstoearnfromotherinvestmentswithasimilaramountofrisk

INABILITYTOEARNAVERAGERETURNSresultedfirstindeclineand,eventually,failure

●Enjoyedconsiderablesuccessearlyon●Triedtoenrichitstraditionalapproachwithmoremarketingandmoreattractivestores,demonstratingalackofmarketunderstanding●

Decliningbooksalesforlargechainstoreretailers●

Shouldhavebeenentrepreneurial,innovative,andmarket-oriented

BORDERS-OPENINGCASE-FAILUREEXAMPLEOPENINGCASEONCEA“GIANT,”BORDERSBECAMEA“WEAKLING”ONITSKNEES

THESTRATEGICMANAGEMENTPROCESS

■FIRST:

Externalenvironmentandinternalorganizationareanalyzedtodetermineresources,capabilities,andcorecompetencies—thesourcesof“strategicinputs.”■NEXT:

Visionandmissionaredeveloped;strategiesareformulated.■THEN:

Strategiesareimplementedwiththegoalofachievingstrategiccompetitivenessandabove-averagereturns.■DYNAMICPROCESS:Continuouslychangingmarketsandindustryconditionsmustmatchevolvingstrategicinputs.

THESTRATEGICMANAGEMENTPROCESS

Rational:theapproachfirmsusetoachievestrategiccompetitivenessandearnabove-averagereturnsFORMULATIONandIMPLEMENTATION:thetwotypesofstrategicactionsthatmustbesimultaneouslyintegratedtosuccessfullyemploythestrategicmanagementprocess

THESTRATEGICMANAGEMENTPROCESS

PARTI:STRATEGICINPUTSChapters2,3Vision/MissionPARTII:STRATEGICACTIONS-STRATEGYFORMULATIONChapters4,5,6,7,8&9PARTIII:STRATEGICACTIONS-STRATEGYIMPLEMENTATIONChapters10,11,12&13Thetextisdividedintothreeparts.

THECOMPETITIVELANDSCAPE■GLOBALIZATION-emergenceofaglobaleconomy■TECHNOLOGY-rapidtechnologicalchanges■INDUSTRYBOUNDARIESBLURRING

■EXAMPLES-

computernetworksandtelecommunicationshaveblurredtheboundariesoftheentertainmentindustry

■MSNBCisco-ownedbyNBCUniversalandMicrosoft

■GeneralElectricowns49percentofNBCUniversalandComcastownstheremaining51percent

■

STRATEGICMANAGEMENTPROCESS-effectiveuseofthestrategicmanagementprocessreducesthelikelihoodoffailureforfirmsastheyencountertheconditionsoftoday’scompetitivelandscape

THECOMPETITIVELANDSCAPE■HYPERCOMPETITION-characterizedby

■Marketinstabilityandchange

■Rapidlyescalatingcompetition ■Aggressivechallengers

■Strategicmaneuveringtoestablishfirst- mover advantage

■Technologyindustries

■TWODRIVERS -GLOBALIZATION -TECHNOLOGY

■Strategicflexibility-importanttool

■Goods,services,people,skills,andideasmovefreelyacrossgeographicborders■Newopportunitiesandchallengesemerge

■

Competitiveenvironmentsarebroaderandincreasinglymorecomplex

THECOMPETITIVELANDSCAPETHEGLOBALECONOMY

THECOMPETITIVELANDSCAPETHEGLOBALECONOMY

■TheEuropeanUnionhasbecomeoneoftheworld’slargestmarkets,with700millionpotentialcustomers■ChinahasbecomethesecondlargesteconomyintheworldsurpassingJapan

■

India,theworld’slargestdemocracy,hasaneconomythatnowranksasthefourthlargestintheworld

HuaweialsoneedsGuanxiintheUnitedStatesTHECOMPETITIVELANDSCAPESTRATEGICFOCUS

GUANXI■Strongrelationshipsinwhicheachpartyfeelsobligatedtohelptheother■KeyelementofdoingbusinessinChina■BuildingstrongrelationshipsisanimportantdimensionofChineseculture;GuanxiisalsoimportantwhenconductingbusinessintheUnitedStates

THECOMPETITIVELANDSCAPETHEGLOBALECONOMY

■Hypercompetitivebusinessenvironmentchallengesfirmstoreconsiderwhichmarketstocompetein;thispositioningismorecriticalthanever■GE

-headquarteredintheU.S.,yetupto60%ofitsrevenuegrowththrough2015willbegeneratedfromrapidlydevelopingeconomiessuchasChinaandIndia■JeffreyImmelt-suggeststhatwehaveenteredaneweconomicerainwhichtheglobaleconomywillbemorevolatileandemergingeconomiessuchasBrazil,China,andIndiawillbethemajordriversofgrowth

Globalizationisincreasingeconomicinterdependenceamongcountriesandtheirorganizationsasreflectedintheflowofgoodsandservices,financialcapital,andknowledgeacrosscountryborders.Globalizationistheproductofalargenumberoffirmscompetingagainstoneanotherinanincreasingnumberofglobaleconomies.Highlyglobalizedfirmsmustanticipateever-increasingcomplexitiesintheiroperationsasgoods,services,people,etc.movefreelyacrossgeographicborders.THECOMPETITIVELANDSCAPETHEMARCHOFGLOBALIZATION

Globalizationhasledtohigherperformancestandardsinquality,cost,productivity,productintroductiontime,andoperationalefficiency.Thesestandardstranslateandimpactdomestic-onlyfirmsaswell.Freeflowofresourcesamongglobaleconomies,globalsourcingforfirms,globalpurchasingforcustomers,andaglobalforumforworkersallserveasakeysourceofcompetitiveadvantageforfirms.Firmsmustlearnthatinthistwenty-firstcenturycompetitivelandscape,onlyfirmscapableofmeeting,ifnotexceeding,globalstandards,havethecapabilitytoearnabove-averagereturns.THECOMPETITIVELANDSCAPETHEMARCHOFGLOBALIZATION

Significanttimeisrequiredforfirmstolearnhowtocompeteinnewmarkets,andperformancemaysufferduringthistime.Withglobalization,firmsmayover-diversifyinternationally,whichcanhavestrongnegativeeffectsonafirm’soverallperformance.Itiscriticalforfirmscompetinggloballytoremainstrategicallycommittedtoandcompetitiveinbothdomesticandinternationalmarkets.THECOMPETITIVELANDSCAPETHERISKSOFGLOBALIZATION

THREECATEGORIESforTECHNOLOGYTRENDSTechnologyissignificantlyalteringthenatureofcompetitionandenablingunstablecompetitiveenvironments■TechnologyDiffusion&DisruptiveTechnologies■

InformationAge■IncreasingKnowledgeIntensity

THECOMPETITIVELANDSCAPETECHNOLOGYANDTECHNOLOGICALCHANGES

TechnologyDiffusion-Category1■TechnologyDiffusion–thespeedatwhichnewtechnologiesbecomeavailableandareused;hasincreasedsubstantiallyoverthepast15to20year.■Examplesoftechnologydiffusion:Howlongittooktogetthefollowinginto25percentofU.S.homes:

●Telephone—35years

●TV—26years

●Radio—22years

●PCs—16years

●Internet—7years

THECOMPETITIVELANDSCAPETECHNOLOGYANDTECHNOLOGICALCHANGES

TechnologyDiffusion-Category1PerpetualInnovation■

PerpetualInnovation-describeshowrapidlyandconsistentlynew,information-intensivetechnologiesreplaceolderones■CompetitivePremium-theshorterproductlifecyclesresultingfromrapiddiffusionsofnewtechnologiesplaceacompetitivepremiumonbeingabletoquicklyintroducenew,innovativegoodsandservices■CompetitiveAdvantage-speedtomarketwithinnovativeproductsisaprimarysourceofcompetitiveadvantage

THECOMPETITIVELANDSCAPETECHNOLOGYANDTECHNOLOGICALCHANGES

TechnologyDiffusion-Category1PerpetualInnovation■

Innovationsmustbederivedfromanunderstandingofglobalstandardsandglobalexpectationsintermsofproductfunctionality■Apple-anexcellentexampleofradicalinnovationbyalargeestablishedfirm■TechnologyDiffusion-todiffusethetechnologyandenhancetheinnovationvalue,firmsneedtobeinnovativeinincorporatingthenewtechnologyintotheirproduct

THECOMPETITIVELANDSCAPETECHNOLOGYANDTECHNOLOGICALCHANGES

TechnologyDiffusion-Category1PerpetualInnovation■

RapidTechnologyDiffusion-nowmaytakeonly12to18monthsforfirmstogatherinformationaboutresearchanddevelopmentandproductdecisionsfortheircompetitors■Patents-maybeaneffectiveprotectionofproprietarytechnologyinasmallnumberofindustries,e.g.,pharmaceuticals■ProprietaryStrategies-manyfirmsoftendonotapplyforpatentstopreventcompetitorsfromgainingaccesstothetechnologicalknowledgeincludedinthepatentapplication,e.g.,theelectronicsindustry

THECOMPETITIVELANDSCAPETECHNOLOGYANDTECHNOLOGICALCHANGES

TechnologyDiffusion-Category1DisruptiveTechnologies

■

DisruptiveTechnologies-technologiesthatdestroythevalueofanexistingtechnologyandcreatenewmarkets,manytimesrepresentingradicalorbreakthroughinnovation■Examples:iPods,iPads,WiFi,andthebrowser■IndustryIncumbentsHarmedorDestroyed–adisruptiveorradicaltechnologycreatesanewindustry,therebydestroyingtheexistingindustry;withsuperiorresources,experience,andaccesstothenewtechnology,someincumbentsmaybeabletoadapt

THECOMPETITIVELANDSCAPETECHNOLOGYANDTECHNOLOGICALCHANGES

TechnologyDiffusion-Category1TechnologyandInnovation

StrategicFocus:Apple■Apple’s“legendary”marketpower,phenomenalgrowthrate,andimpressivefinancialperformancestemfromitsnewtechnologydevelopmentandinnovation■Imitators-Appleisexpectedtoretainatleast80%ofthetabletcomputermarketevenwiththemanyimitativeproductsonthemarket■International-Apple’sstoresinChinahandle40,000peopledaily,fourtimestheaverageflowofU.S.customers

THECOMPETITIVELANDSCAPETECHNOLOGYANDTECHNOLOGICALCHANGES

TechnologyDiffusion-Category1TechnologyandInnovation

StrategicFocus:Apple■Versatility-Appleprovidesanexampleoftechnologicalentrepreneurshipacrossmultipleindustries■DisruptiveTechnologies

●Innovationandindustrytransformation,e.g.,iPod,iPad,andtheiPhone

●iPodandthecomplementaryiTuneshaverevolutionizedhowmusicissoldandusedbyconsumers

●iPad,inconjunctionwithAmazon’sKindle,ischangingthepublishingindustry;movingtoelectronicbooks

THECOMPETITIVELANDSCAPETECHNOLOGYANDTECHNOLOGICALCHANGES

TheInformationAge-Category2

■DramaticChanges-ininformationtechnologyhaveoccurredinrecentyears,e.g.,personalcomputers,cellularphones,artificialintelligence,virtualreality,massivedatabases,andmultiplesocialnetworkingsites■CompetitiveAdvantage-theabilitytoeffectivelyandefficientlyaccessanduseinformationhasbecomeanimportantsourceofcompetitiveadvantageinvirtuallyallindustries■InformationTechnology-enablessmallfirmstobeflexibleandcompetitiveintheglobalarena

THECOMPETITIVELANDSCAPETECHNOLOGYANDTECHNOLOGICALCHANGES

TheInformationAge-Category2

■Change-boththepaceofchangeininformationtechnologyanditsdiffusionwillcontinuetoincrease■Cost-thedecliningcostsofinformationtechnologiesandtheincreasedaccessibilitytothemareevidentinthecurrentcompetitivelandscape■Internet-contributingfactortohypercompetition

■SpeedandDiffusion-theglobalproliferationofcomputersincreasesthespeedanddiffusionofinformationtechnologiesandenablesalevelplayingfield

THECOMPETITIVELANDSCAPETECHNOLOGYANDTECHNOLOGICALCHANGES

IncreasingKnowledgeIntensity-Category3

■Knowledge-information,intelligence,andexpertisearethebasisoftechnologyanditsapplication■CompetitiveAdvantage-inthe1980s,thebasisofcompetitionshiftedfromhardassetstointangibleresources;knowledgeisacriticalorganizationalresourceandanincreasinglyvaluablesourceofcompetitiveadvantage■IntangibleResource–knowledgegainedthroughexperience,observation,andinferenceisanintangibleresource;thevalueofintangibleresourcesisgrowingasaproportionoftotalshareholdervalue.

THECOMPETITIVELANDSCAPETECHNOLOGYANDTECHNOLOGICALCHANGES

IncreasingKnowledgeIntensity-Category3■StrategicCompetitiveness-enhancedforthefirmthatdevelopstheabilitytocaptureintelligence,transformitintousableknowledge,anddiffuseitrapidlythroughoutthefirm■CompetitiveAdvantage-firmsmustdevelop(e.g.,throughtrainingprograms)andacquire(e.g.,byhiringeducatedandexperiencedemployees)knowledge,integrateitintotheorganizationtocreatecapabilities,andthenapplyittogainacompetitiveadvantage

THECOMPETITIVELANDSCAPETECHNOLOGYANDTECHNOLOGICALCHANGES

IncreasingKnowledgeIntensity-Category3■KnowledgeSpillovers-knowledgefallsintocompetitor’shands,e.g.,hiringofprofessionalstaff/managersbycompetitors■

KnowledgeDiffusion-becauseofthepotentialforspillovers,firmsmustactquicklytousetheirknowledgeinproductiveways

■StrategicFlexibility-facilitatesknowledgediffusiontowhereithasvalue

THECOMPETITIVELANDSCAPETECHNOLOGYANDTECHNOLOGICALCHANGES

IncreasingKnowledgeIntensity-Category3

STRATEGICFLEXIBILITY

■Setofcapabilitiesusedtorespondtovariousdemandsandopportunitiesexistinginadynamicanduncertaincompetitiveenvironment

■Enablesthecapacitytolearn■Facilitatescopingwithhypercompetition,uncertainty,andrisk

■Firmsshouldtrytodevelopstrategicflexibilityinallareasofoperations

THECOMPETITIVELANDSCAPETECHNOLOGYANDTECHNOLOGICALCHANGES

TWOMODELSOFSTRATEGICDECISIONMAKINGFirmsusetwomajormodelstohelpdeveloptheirvisionandmissionandthenchooseoneormorestrategiesinpursuitofstrategiccompetitivenessandabove-averagereturns.

EXTERNALI/OMODELINTERNALRESOURCE-BASEDMODEL

THEI/OMODELOFABOVE-AVERAGERETURNSGroundedineconomics,theI/Omodelhas

First,theexternalenvironmentisassumedtoimposepressuresandconstraintsthatdeterminethestrategiesthatwouldresultinabove-averagereturns.Second,mostfirmscompetingwithinanindustryorwithinasegmentofthatindustryareassumedtocontrolsimilarstrategicallyrelevantresourcesandtopursuesimilarstrategiesinlightofthoseresources.

FourUnderlyingAssumptionsThird,resourcesusedtoimplementstrategiesareassumedtobehighlymobileacrossfirms,soanyresourcedifferencesthatmightdevelopbetweenfirmswillbeshort-lived.Fourth,organizationaldecision-makersareassumedtoberationalandcommittedtoactinginthefirm’sbestinterests,asshownbytheirprofit-maximizingbehavior.

THEI/OMODELofABOVE-AVERAGERETURNSTheFiveForcesModelofcompetitionisananalyticaltoolusedtohelpfirmsfindtheindustrythatisthemostattractive,asmeasuredbyitsprofitabilitypotential.TheFiveForcesModelsuggeststhatanindustry’sprofitability(i.e.,itsrateofreturnoninvestedcapitalrelativetoitscostofcapital)isafunctionofinteractionsamongtheFiveForces:suppliers,buyers,rivalry,productsubstitutes,andpotentialentrantstotheindustry.THEI/OMODELofABOVE-AVERAGERETURNS

FIRMSCANEARNABOVE-AVERAGERETURNS:●CostLeadershipStrategy–producingstandardizedgoodsorservicesatcostsbelowthoseofcompetitors●DifferentiationStrategy-

producingdifferentiatedgoodsorservicesforwhichcustomersarewillingtopayapricepremiumTheI/Omodelsuggeststhatabove-averagereturnsareearnedwhenfirmsareabletoeffectivelystudytheexternalenvironmentasthefoundationforidentifyinganattractiveindustryandimplementingtheappropriatestrategy.

THEI/OMODELofABOVE-AVERAGERETURNS

THEI/OMODELOFABOVE-AVERAGERETURNS

ResearchfindingssupporttheI/Omodel,inthatapproximately20%ofafirm’sprofitabilityisexplainedbytheindustryinwhichitchoosestocompete.However,thisresearchalsoshowsthat36%ofthevarianceinfirmprofitabilitycanbeattributedtothefirm’scharacteristicsandactions.ThesefindingssuggestthattheExternalANDInternalenvironmentsinfluencethecompany’sabilitytoachievestrategiccompetitivenessandearnabove-averagereturns.

THEI/OMODELOFABOVE-AVERAGERETURNSFIGURE1.2TheI/OModelofAboveAverageReturns

THERESOURCE-BASEDMODELOFABOVE-AVERAGERETURNSTheresource-basedmodelassumesthateachorganizationisacollectionofuniqueresourcesandcapabilities.Theuniquenessofitsresourcesandcapabilitiesisthebasisofafirm’sstrategyanditsabilitytoearnabove-averagereturns.Thecoreassumptionoftheresource-basedmodelisthatthefirm’suniqueresources,capabilities,andcorecompetencieshavemoreinfluenceonselectingandusingstrategiesthandoesthefirm’sexternalenvironment.

THERESOURCE-BASEDMODELOFABOVE-AVERAGERETURNSThereareFOURcomponentstotheResource-BasedModel:●Resources●Capabilities●CoreCompetencies●CompetitiveAdvantageThereareFOURcriteriathatifresourcesandcapabilitiesfulfill,thentheybecomeCoreCompetencies:●Valuable●Rare●CostlytoImitate●Nonsubstitutable

THERESOURCE-BASEDMODELOFABOVE-AVERAGERETURNSResources

areinputsintoafirm’sproductionprocess,suchascapitalequipment,theskillsofindividualemployees,patents,finances,andtalentedmanagers.Afirm’sresourcesareeithertangibleorintangibleandareclassifiedintothreecategories:physical,human,andorganizationalcapital.Resourcesalonemaynotyieldacompetitiveadvantage.Manyresourcescaneitherbeimitatedorsubstitutedovertime,therefore,itisdifficulttoachieveandsustainacompetitiveadvantagebasedonresourcesalone.

THERESOURCE-BASEDMODELofABOVE-AVERAGERETURNSA

capabilityisthecapacityforasetofresourcestoperformataskoranactivityinanintegrativemanner.Capabilitiesevolveovertimeandmustbemanageddynamicallyinpursuitofabove-averagereturns.

Corecompetenciesareresourcesandcapabilitiesthatserveasasourceofcompetitiveadvantage.

KEYWORD:INTEGRATIVE

THERESOURCE-BASEDMODELOFABOVE-AVERAGERETURNSWhenthesefourcriteriaaremet,resourcesandcapabilitiesbecomecorecompetencies:

VALUABLETheyarevaluablewhentheyallowafirmtotakeadvantageofopportunitiesorneutralizethreats.RARETheyarerarewhenpossessedbyfew,ifany,currentandpotentialcompetitors.COSTLYTOIMITATEResourcesarecostlytoimitatewhenotherfirmscannotobtainthemorareatacostdisadvantage.NON-SUBSTITUTABLETheyarenonsubstitutablewhentheyhavenostructuralequivalents.

THERESOURCE-BASEDMODELOFABOVE-AVERAGERETURNS

First,differencesinfirms’performancesacrosstimearedueprimarilytotheiruniqueresourcesandcapabilitiesratherthantheindustry’sstructuralcharacteristics.Second,firmsacquiredifferentresourcesanddevelopuniquecapabilitiesbasedonhowtheycombineandusetheresources.

FourUnderlyingAssumptions

THERESOURCE-BASEDMODELofABOVE-AVERAGERETURNSThird,thatresourcesandcapabilitiesareNOThighlymobileacrossfirms.Fourth,thatthedifferencesinresourcesandcapabilitiesarethebasisofcompetitiveadvantages.

Above-averagereturnsareearnedwhenthefirmusesitsvaluable,rare,costly-to-imitate,andnon-substitutableresourcesandcapabilitiestocompeteagainstitsrivalsinoneormoreindustries.

THERESOURCE-BASEDMODELOFABOVE-AVERAGERETURNS

FIGURE1.3TheResource-BasedModelofAboveAverageReturns

TWOMODELSOFSTRATEGICDECISIONMAKINGEvidenceindicatesthatbothmodelsyieldinsightsthatarelinkedtosuccessfullyselectingandusingstrategies.

EXTERNALI/OMODELINTERNALRESOURCE-BASEDMODELVISIONVisionisapictureofwhatthefirmwantstobeand,inbroadterms,whatitwantstoultimatelyachieve.Avisionstatementisshortandconcise,makingiteasytoremember.Itarticulatestheidealdescriptionoftheorganizationandgivesshapetoitsintendedfuture.

Afirm’svisiontendstobeenduring,whereasitsmissioncanchangeinlightofchangingenvironmentalconditions.visionstatementsreflectafirm’svaluesandaspirationsandareintendedtocapturetheheartandmindofeachstakeholder.Executives

andtop-levelmanagersmustformulateandimplementstrategiesconsistentwiththevision.

VISION

Examples:Ourvisionistobetheworld’sbestquickservicerestaurant.(McDonald’s)TomaketheautomobileaccessibletoeveryAmerican.(FordMotorCompany’svisionwhenestablishedbyHenryFord)

VISIONMISSION

Thevisionisthefoundationforthefirm’smission.Thefirm’smissionismoreconcretethanitsvision.A

missionspecifiesthebusinessorbusinessesinwhichthefirmintendstocompeteandthecustomersitintendstoserve.

MISSIONExamples:Bethebestemployerforourpeopleineachcommunityaroundtheworldanddeliveroperationalexcellencetoourcustomersineachofourrestaurants.(McDonald’s)Ourmissionistoberecognizedbyourcustomersastheleaderinapplicationsengineering.Wealwaysfocusontheactivitiescustomersdesire;wearehighlymotivatedandstrivetoadvanceourtechnicalknowledgeintheareasofmaterial,partdesign,andfabricationtechnology.(LNP,aGEPlasticsCompany)

MISSIONSimilartothevision,amissionshou