公司層策略二

Corporate-LevelStrategyMichaelA.HittR.DuaneIrelandRobertE.HoskissonChapter61StrategyImplementationChapter11OrganizationalStructureandControlsChapter10CorporateGovernanceChapter12StrategicLeadershipStrategyFormulationStrategicCompetitivenessAbove-AverageReturnsStrategicIntentStrategicMissionChapter2TheExternalEnvironmentChapter3TheInternalEnvironmentTheStrategicManagementProcessChapter6Corporate-LevelStrategyFeedbackStrategicInputsStrategicActionsStrategicOutcomesChapter13StrategicEntrepreneurshipChapter5CompetitiveRivalryandCompetitiveDynamicsChapter4Business-LevelStrategy2TwoLevelsofStrategyAdiversifiedcompanyhastwolevelsofstrategy1.Business-LevelStrategy

(CompetitiveStrategy)Howtocreatecompetitiveadvantageineachbusinessinwhichthecompanycompetes-lowcost -differentiation-focusedlowcost -focuseddifferentiation -integratedlowcost/ differentiation2.Corporate-LevelStrategy

(Company-wideStrategy)Howtocreatevalueforthecorporationasawhole3KeyQuestionsinCorporateStrategyBusinessUnitBusinessUnitBusinessUnitBusinessUnit1.Whatbusinessesshouldthecorporationbein?2.Howshouldthecorporateofficemanagethearrayofbusinessunits?CorporateStrategyiswhatmakesthecorporatewholeadduptomorethanthesumofitsbusinessunitparts4LevelsandTypesofDiversificationBusinessUnitLowLevelsofDiversificationSingleBusiness>95%ofbusinessfromasinglebusinessunitDominantBusinessBetween70and95%ofbusinessfromasinglebusinessunitBusinessUnit5RelatedConstrained<70%ofrevenuesfromdominantbusiness;allbusinessesshareproduct,technologicalanddistributionlinkagesLevelsandTypesofDiversificationBusinessUnitBusinessUnitModeratetoHighLevelsofDiversificationBusinessUnit6RelatedLinked(Mixed)<70%ofrevenuesfromdominantbusiness,andonlylimitedlinksexistLevelsandTypesofDiversificationBusinessUnitBusinessUnitModeratetoHighLevelsofDiversificationBusinessUnit7LevelsandTypesofDiversificationUnrelated<70%ofrevenuecomesfromthedominantbusiness,andtherearenocommonlinksbetweenbusinessesBusinessUnitBusinessUnitVeryHighLevelsofDiversificationBusinessUnit8AT&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,專心於核心事業AT&T的縮小規模10多角化企企業的演演化歷程程單一事業業整合策略略多角化策策略國際化策策略國際化策策略多角化策策略早期後期11ReasonsforDiversificationReasonstoEnhanceStrategicCompetitivenessEconomiesofscope(相關多角角化)Marketpower(相關多角角化)Financialeconomics(不相關多多角化)IncentivesResourcesManagerialMotives12IncentiveswithNeutralEffectsonStrategicCompetitivenessAnti-trustregulationTaxlawsLowperformanceUncertainfuturecashflowsFirmriskreductionIncentivesResourcesManagerialMotivesReasonsforDiversification13ResourceswithvaryingeffectsonvaluecreationandstrategiccompetitivenessTangibleresourcesfinancialresourcesphysicalassetsIntangibleresourcestacitknowledgecustomerrelationsimageandreputationIncentivesResourcesManagerialMotivesReasonsforDiversification14ManagerialMotives(ValueReduction)DiversifyingmanagerialemploymentriskIncreasingmanagerialcompensationIncentivesResourcesManagerialMotivesReasonsforDiversification15Value-creatingStrategiesofDiversification:OperationalandCorporateReadinessRelatedConstrainedDiversificationVerticalIntegration(MarketPower)UnrelatedDiversification(FinancialEconomies)BothOperationalandCorporateRelatedness(RareCapabilityandcanCreateDiseconomiesofScope)RelatedLinkedDiversification(EconomiesofScope)CorporateRelateness:TransferringSkillsintoBusinessesThroughCorporateHeadquartersLowHighSharing:OperationalRelatednessBetweenBusinessesLowHigh16AddingValuebyDiversificationDiversificationmosteffectivelyaddsvaluebyeitheroftwomechanisms:Economiesofscope:costsavingsattributedtotransferringthecapabilitiesandcompetenciesdevelopedinonebusinesstoanewbusinessMarketpower:whenafirmisabletosellitsproductsabovetheexistingcompetitivelevelorreducethecostsofitsprimaryandsupportactivitiesbelowthecompetitivelevel,orboth17AlternativeDiversificationStrategiesRelatedDiversificationStrategiessharingactivitiestransferringcorecompetenciesUnrelatedDiversificationStrategiesefficientinternalcapitalmarketallocationrestructuring18AlternativeDiversificationStrategiesRelatedDiversificationStrategiessharingactivities19SharingActivities:SharingactivitiesoftenlowerscostsorraisesdifferentiationSharingactivitiescanlowercostsifit:achieveseconomiesofscaleboostsefficiencyofutilizationhelpsmovemorerapidlydowntheLearningCurveSharingactivitiescanenhancepotentialfororreducethecostofdifferentiationMustinvolveactivitiesthatarecrucialtocompetitiveadvantageKeyCharacteristics20SharingActivities:StrongsenseofcorporateidentityClearcorporatemissionthatemphasizestheimportanceofintegratingbusinessunitsIncentivesystemthatrewardsmorethanjustbusinessunitperformanceAssumptions21RelatedDiversificationStrategiessharingactivitiestransferringcorecompetenciesAlternativeDiversificationStrategies22TransferringCoreCompetencies:ExploitsinterrelationshipsamongdivisionsStartwithvaluechainanalysisidentifyabilitytotransferskillsorexpertiseamongsimilarvaluechainsexploitabilitytotransferactivitiesKeyCharacteristics23TransferringCoreCompetencies:Transferringcorecompetenciesleadstocompetitiveadvantageonlyifthesimilaritiesamongbusinessunitsmeetthefollowingconditions:activitiesinvolvedinthebusinessesaresimilarenoughthatsharingexpertiseismeaningfultransferofskillsinvolvesactivitieswhichareimportanttocompetitiveadvantagetheskillstransferredrepresentsignificantsourcesofcompetitiveadvantageforthereceivingunitAssumptions24RelatedDiversificationStrategiessharingactivitiestransferringcorecompetenciesAlternativeDiversificationStrategiesUnrelatedDiversificationStrategiesefficientinternalcapitalmarketallocation25EfficientInternalCapitalMarketAllocation:Firmspursuingthisstrategyfrequentlydiversifybyacquisition:acquiresound,attractivecompaniesacquiredunitsareautonomousacquiringcorporationsuppliesneededcapitalportfoliomanagerstransferresourcesfromunitsthatgeneratecashtothosewithhighgrowthpotentialandsubstantialcashneedsaddprofessionalmanagement&controltosub-unitssub-unitmanagerscompensationbasedonunitresultsKeyCharacteristics26EfficientInternalCapitalMarketAllocation:ManagershavemoredetailedknowledgeoffirmrelativetooutsideinvestorsFirmneednotriskcompetitiveedgebydisclosingsensitivecompetitiveinformationtoinvestorsFirmcanreduceriskbyallocatingresourcesamongdiversifiedbusinesses,althoughshareholderscangenerallydiversifymoreeconomicallyontheirownAssumptions27RelatedDiversificationStrategiessharingactivitiestransferringcorecompetenciesUnrelatedDiversificationStrategiesefficientinternalcapitalmarketallocationAlternativeDiversificationStrategiesrestructuring28Restructuring:Seekoutundeveloped,sickorthreatenedorganizationsorindustriesParentcompany(acquirer)intervenesandfrequently:changessub-unitmanagementteamshiftsstrategyinfusesfirmwithnewtechnologyenhancesdisciplinebychangingcontrolsystemsdivestspartoffirmmakesadditionalacquisitionstoachievecriticalmassKeyCharacteristics29Restructuring:Frequentlysellunitaftermakingone-timechangessinceparentnolongeraddsvaluetoongoingoperationsKeyCharacteristics30Restructuring:RequireskeenmanagementinsightinselectingfirmswithdepressedvaluesorunforeseenpotentialMustdomorethanrestructurecompaniesNeedtoinitiaterestructuringofindustriestocreateamoreattractiveenvironmentAssumptions31IncentivestoDiversifyExternalIncentives:Relaxationofanti-trustregulationallowsmorerelatedacquisitionsthaninthepastBefore1986,highertaxesondividendsfavoredspendingretainedearningsonacquisitionsAfter1986,firmsmadefeweracquisitionswithretainedearnings,shiftingtotheuseofdebttotakeadvantageoftaxdeductibleinterestpayments32IncentivestoDiversifyInternalIncentives:PoorperformancemayleadsomefirmstodiversifytoattempttoachievebetterreturnsFirmsmaydiversifytobalanceuncertainfuturecashflowsFirmsmaydiversifyintodifferentbusinessesinordertoreducerisk33ResourcesandDiversificationBesidesstrongincentives,firmsaremorelikelytodiversifyiftheyhavetheresourcestodosoValuecreationisdeterminedmorebyappropriateuseofresourcesthanincentivestodiversify34ManagerialMotivestoDiversifyManagershavemotivestodiversifydiversificationincreasessize;sizeisassociatedwithexecutivecompensationdiversificationreducesemploymentriskeffectivegovernancemechanismsmayrestrictsuchmotives35相關與不相關關多角化的比比較策略創造價值的方式官僚成本的來源相關多角化技術移轉範疇經濟事業的數目事業間的協調不相關多角化內部資本市場重組事業的數目36RelationshipBetweenDiversificationandPerformancePerformanceLevelofDiversificationDominantBusinessUnrelatedBusinessRelatedConstrained37RelationshipBetweenFirmPerformanceandDiversificationIncentivesManagerialMotivesResourcesDiversificationStrategyFirmPerformanceInternalGovernanceStrategyImplementationCapitalMarketInterventionandtheMarketforManagerialTalent389、静夜四四无邻，，荒居旧旧业贫。。。1月-231月-23Sunday,January1,202310、雨雨中中黄黄叶叶树树，，灯灯下下白白头头人人。。。。20:45:5020:45:5020:451/1/20238:45:50PM11、以我独沈久久，愧君相见见频。。1月-2320:45:5020:45Jan-2301-Jan-2312、故人人江海海别，，几度度隔山山川。。。20:45:5020:45:5020:45Sunday,January1,202313、乍见翻疑梦梦，相悲各问问年。。1月-231月-2320:45:5020:45:50January1,202314、他他乡乡生生白白发发，，旧旧国国见见青青山山。。。。01一一月月20238:45:50下下午午20:45:501月月-2315、比不了得就就不比，得不不到的就不要要。。。一月238:45下下午1月-2320:45January1,202316、行动动出成成果，，工作作出财财富。。。2023/1/120:45:5120:45:5101January202317、做前，能能够环视四四周；做时时，你只能能或者最好好沿着以脚脚为起点的的射线向前前。。8:45:51下下午8:45下下午20:45:511月-239、没有失败，，只有暂时停停止成功！。。1月-231月-23Sunday,January1,202310、很多多事情情努力力了未未必有有结果果，但但是不不努力力却什什么改改变也也没有有。。。20:45:5120:45:5120:451/1/20238:45:51PM11、成功功就是是日复复一日日那一一点点点小小小努力力的积积累。。。