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icon(Animagearepresentation.肖像;代表Theisspecializedintheproductionandmanagementicon(Animagearepresentation.肖像;代表Being ofinnovationforyearsandadominatorofcopiermarket,XeroxexperiencedyearsofAftermassivesales-reorganization,employeemoralehadbeendestroyed.Inyear2001,Xeroxexperiencedanetlossof$293million.Thefailureincludesallofthefollowing:failureofprotectingmarketsharefromcompetition;havingbeenlaggedindeveloproductswithdigitaltechnology;boardirresponsibility;traumatic(受的;外伤的)sales-reorganization;inefficientservice-reorganization;seriousfinancialproblemssuchasheavyshorttermdebts,builtupworkingcapitalandaccumulatedaccountreceivables;ineffectivetransitionfromsellinghigh-techproductstosellinghigh-techsolutionsandserviceswhichresultedinlosingthedirectionofthe.WhatXeroxfacesnowistofindoption(s)thatitshouldadopttoincreaserevenuesandminimizecostsnotonlytorecoveritsnegativenet esbutalsotorebuildemployeemoraleaswellasthebrightprospectofcustomerdemands.Wewillyzetheproblemsandgiveour mendationastowhatXeroxshoulddotocorrectandimprovethesituationofitsbusiness.ysisandEvaluation(估价,评价NorthAmericahasexperiencedtwomajorrecessionssinceTheyears1994-2000witnessedsolidincreasesinrealoutput,lowinflationrates,andadropinunemploymenttobelow5%.However,growthweakenedinthequarterof2000;startedfromSep11,2001,many fellveryrapidly.Especiallyinthetechnologysector,tillMay2002,technologycompanies,especially munication,remaingloomy(阴沉的,令人沮丧的).Thefastdevelopmentofcomputerhardwareandsoftwarehasdramaticimpactinourdailylife.ThelowhardwarecostcontributestothepositiveupwardmovementinmanyDevelopmentofdigitaltechnologycreatesavarietyofnewsolutionstomanyaspectsofourlivessuchascommunication,education,mediaartsandofficeprintingandscanning.Companiesarelearningmoreaboutcustomers'needsandbehavioursinordertodevelopstrongerrelationshipswiththem.Manysuccessfulcompanieshaveadoptedtheirstrategytobemorecustomer-focused.Thefunctionalpartsinthecompanieshavebeenintegratedwithacommonvisiontoservecustomersbetter.Backtothebusinessenvironment,therehavebeentrendsofmergers(合并,归并)acquisitionsandalliancesinhigh-techindustries.Downsizing(andreengineeringarealsothemainstreamintoday’sMoreover,toadoptwiththeneedsofknowledgeeconomy,manycompaniesapplyknowledgemanagementtoenhanceorganizationallearningofthetechnologyefficiency.Deregulations(缩小国家对经济干预的范围)oftradebarrierswereendbytheimplementationoftheWorldTradeOrganizationonJanuary1st,1995.Finally,theenvironmentalconcernisincreasinglyimportantinpeople’smind.implementationofthisconcernrangesfromgreenfoodtopaperlessTheofficeequipmentindustry,whichisamongthetechnologysector,suffersfromthetechnologydownfall.Thecharacteristicsofthisindustryincludeallofthefollowing:Productlifecycle(产品周期)isverycriticaltothesettingofstrategyincompanies.Intheofficeequipmentindustry,theblack-and-whitecopiermarketisinamaturingstageofitslifecycle.However,colorcopierisgrowingalthoughitsmarketisstillrelativelysmallColorprovideshighermargins(利润;(成本与售价的)差额)thanblack-and-whiteproducts.PrintingmarketisgrowingsteadilyasmorecompanieschooselessexpensiveprintersoverernmentThisindustryisalsoinfluencedernmentIn1972,theFederalTradeCommissionofUSAchargedXeroxwithillegalmonopolizingthecopierindustry.Bytheearly1980s,low-costJapanesecompetitors,suchasCanonandRicoh,hadtakenahugechunkoutofXerox’sshareoftheU.S.copiermarket.Theofficeequipmentindustryisatechnologydrivenindustry.Thefastdevelopmentofhardwareandsoftwaredecreasestheproductprice.TherehasbeenincreasingcostpressuresandpricecompetitionsinthisThemarketcanbedividedintolow-endandhigh-endsegments.Inthelow-endsegment,customersaremoreprice-sensitive,drivinguseracceptancearethespaceandcostsavings.Thelow-endbusinessisintenselycompetitiveandtheprofitmarginisOntheotherhand,thecustomersinhigh-endmarketarelessprice-sensitive,andtheyaremoreloyaltobrandname.Theprofitmargininthehigh-endmarketishigh.ThedrivingintheofficeequipmentindustryStartingwiththecomputerizationoftypesetting(排字(排版inthe1960s,followedbythecolorscanningrevolutioninthemid-1970andculminating(达到顶点)withtoday’ssophisticatedfull-colordesktoppublishing,graphicproductionmethodshaveundergoneradicalchange.UnfavourableernmentinterventionsuchastheloweringofimportbarriersofgoodsandservicestotheUnitedStatesinaccordancetothenewGATTagreement,willmakeimportedcopierslessexpensivetobuyinthedomesticmarket.Theuncertaintyintheeconomyiscreatingsignificantchallengesindrivingrevenuegrowth,especiallyinthetechnologysectorwherecustomersaredelayingcapitalspending.However,itfailedtocontinuouslyinnovateandbringtomarketnewproductsandprovidegoodservicestocustomers.Thiswasaproblemthat d(折磨,使苦恼)Xeroxtolagbehindtheircompetitors,becausethecompetitorsdevelopednewandevenbettercopiertechnologywithnewtechnology(withoutinfringing(,)onXerox'spatents),andprovidecustomerswithfasterdeliveryandbetterservice.Now,Xerox’smarketsharedramaticallyreduced;itisjustoneofabout12firmsinthematureglobalcopiermarket.Inthepastthreeyears,itsshareoftheU.S.black-and-whitecopiermarkethasplunged(下降,急降)from27.5%to14.9%asvalue-consciousbuyersabandonedhigh-pricedXeroxforlow-pricedCannonandRicoh.Losingcustomersisadoublewhammy(晦气,剧烈的打击)forthe,whichlosesnotonlynewcopiersalesbutalsotheannuity efromtheservicesandpartsithadbeensupplyingonoldmachines.Oneexamplevividly(生动地,鲜明地showshowthecompetitionThisIllustrateshowinnovation,advancesintechnology,cost-efficientdynamicchangesinthemarketerodeadominantfirm'smarketshare.Threatsofnewentrants(新到者,加入某行业者,参加竞赛者):Forthelowendofofficeequipment,thebarrierisrelativelylowbecauseoflowswitchingcost,productdifferentiationandunfavorableernmentregulatorystothisindustry.Forthehighendofofficeequipment,thebarrierisstillhigh,becauseofhigh,sophisticatedtechnology.Rivalry(竞争;对抗amongcompetitors:therivalrybecameexceptionally(例外地,异常地)Asaresult,thestruggleforleadershipwasfierce,aseachfirmtriedtooutdo(v.胜过)theForthemultifunctionperipherals(n. 设备)(MFP),thecompetitionisinthefollowingthreesegments:1)thealsegment:HPheldthebiggestmarketshare;2)theworkgroupside:thecompetitionisamongXerox,Canon,RicohandPanasonic;3)theproductionsegment:Xeroxonceruled,Canonhasjumpedaheadbyclaiming49%ofthemarket,Xeroxonlyholds45%.Threatsofsubstitutes:withthealcomputer inganeverydaycommodity,theabilitytosimplycopysontoadiskette(软(磁)盘)andprintthemoutonalaserprinter ethesourceofsubstituterecently.However,thecostofprintingonalaserprinterisstilltooprohibitive(非常高的,昂贵的,)comparedtothesamejobonaphotocopier.Thisconceptinvolvedthedistributionofscompleybycomputer,withouttheneedforahardcopy.scanbecreated,edited,distributedelectronically,withouttheneedforasinglepieceofpaper.However,inthehigh-endmarket,customersarelessprice-sensitive,andtheyaremoreloyaltobrandname.Moreover,moretechnologicalsupportsfromrsarerequiredinthissegment;therefore,switchingcostincreases.Accordingtotheindustryysisatmacroandmicrolevel,theattractivenessoftheofficeequipmentindustryisrelativelylow.Theeconomicenvironmentisnotfriendlytothisindustrybecauseeventhoughtheeconomyisgoingtorecover,thetechnologysectorstillhasalongwaytogo.Fiercecompetitionamonggiantyersaroundtheworldmakestheexistingcompaniessufferingandmakesnewentryalmostimpossible.Asaleaderoftheofficeequipmentindustry,Xeroxhasadopteddifferentstrategiesinitsdifferentdevelopmentstages.Thefollowingthreestrategiesarethedominantonestheyuseinthe’sgloryThisstrategyhasitspositiveeffectaswellasnegativeeffect.Ononehand,itmakesXeriodsfeelprideandkeepcooperative,ontheotherhand,ithurtthebyclosingitsdoortonewandoutsideideas.Facingtheturnaround((经济,营业等的)突然好转)phasethemanagementofXeroxdevelopedallofthefollowingstrategies:Strategies1and2havebeenimplementedsuccessfullysofar,thethirdoneisstilladreamofallthecompaniesinthisindustry,andnowXeroxisfocusingonitseffortstomakethisdreamcometrue.Itreacheditspeakpointat1999,thenswitcheditsheadtowarddownWearenotcertaintowhatpointorwhatextentitspricewillcontinuetodeclineAfive-yearfinancialratiosysiscoly(一致地;相符合地)expressesthesameuncertainty.Numerical(数字的,用数表示的)detailswillbeattachedasappendix#4Hernin2002includescontinuingtoimprovethe’scashposition,changing’sstrategyfromfocusingonmarketsharetocashandThecapitalmarkethadslammedthedoorsshuttofurtherXeroxborrowing.Thiscausedthebankruptcyrumours.Infact,thisisthemostimportantissueXeroxfaces.Fromappendix4,weseethatthedecreasingtrendofXerox‘sgrowthratios,from1.06in1996to0.74in2001intermsofsalesgrowthandfrom1.05in1996tonegative0.27in2001interms egrowth,givesusanunoptimisticimpressionthatthebusinessoftheisXeroxhasaverystrongbrandnamesincemorethan30yearshistoryofsupplyingcopiersworldwide,linkedtotheirQualityManagementprogramandfirst-rateCustomerService.Adominanceinthecopiermarketthatprovidesastrongfoothold(据点;立足点)fromwhereitispossibletointroducenewproductsandservices,andinsomesegmentsitshouldbepossibletoharvestwithgoodprofitabilityCEO,AnneM.Mulcahyhasagenuine(真实的,真正的)Xeroxbackgroundinsales,andthereby(因此,从而)hasathoroughunderstandingofthespecificculture,whichmakesemployeesrespecther,andherdecisionswillbeadapted(adj适应的)tothe’swaysofngthingsandeasiertoimplement 用Theorganizationisalsotoolargeandthereby cost 用Moreover,thereisstillaresidue(残余 )of“fatcat?philosophyinthethatchangeandnewInadditionlikeallgiantcompaniesitisdifficultfortalentedinnovatorsandentrepreneurstosurvive,andinsteadthemediocrity(平庸;平庸的人)hastakenoverandthreatensthefromtheinsideThecopierdivisionistooinfluentialandvetoes(否决 )otherprojectsintheTheblackandwhitecopiersarematureproductsandthereisagreatneedforthetofindotherproductsthatcantakeoverwhenphasingout(使逐步淘汰,逐渐停止)theoldtechnique,butthatisofcoursestalled<.(使)停转,(使)停止,迟延>anddisintegrated(使 ,使 使溃散)bythecopierdivision.XeroxsalesorganizationwasunderMr.Thoman’sleadershipreshuffled(改组)andlostitsfocusduetoconservativemanagementstyleandboardirresponsibility,inresultsinmanygoodsalesmenleftforothercompanies.TheexternalopportunitiesthatXeroxcanutilizeincludealloftheAlotofystsbelievetheeconomyisgoingtoboominthecomingfuture,theboomingwillprovideanenvironmentfortechnologysectortorecovertoo.Xeroxdominatesthecopiermarket;ontheotherhand,competitorssuchasHewlett-Packarddominatetheprintermarket.Thedominationofeachcreatesanopportunityforbothiftheycanmergetoprovidecustomersacompletesolution.Hewlett-PackardcangiveXeroxsomecredibilityandbeliefontheITsideoftheTherehavealsobeenindustrytrendsinoutsourcing(外部采办,外购80%ofFortune500companiesoutsourcedsomeoralloftheirinformationmanagementfunctionin1997.ThishasbroughtXeroxgreatopportunities,ifitcouldgetmorecompaniestooutsourcetheircustomprintingandpublishingneedstoXerox.Besidesthegrowingofthemarket,thecharacteristicsofthehigh-endmarketalsoprovideanopportunitytoXerox.Theprofitmargininthehigh-endmarketishigh.Thecustomersinhigh-endmarketarelessprice-sensitive,andtheyaremoreloyaltobrandname.ThebiggestexternaltreatthatXeroxfacesistheintenseFirstly,theweakeconomyisstillanightmareforthecompaniesintechnologysector.Eventhoughttheeconomyisgoingtorecover,thetechnologysectorstillhasalongwaytogo.Theuncertaintyintheeconomyiscreatingsignificantchallengesindrivingrevenuegrowth,especiallyinthetechnologysectorwherecustomersaredelayingcapitalspending.Moreover,themarketforofficeblack-and-whitecopiers,whichisasignificantportionofrevenue,isAmoresignificantthreatisthedevelopmentofInternet/Intranetthatbringsthedevelopment“paperlessoffice?Therearemorewaysforsharingasthenetworkisdevelo.Therefore,thedemandforcopiersandprintermaydecline. ,补足AmergerwithHewlett-Packardcouldcreateamajorcompetitiveadvantage ,补足companieswouldhasweaknesses
eachotherverywellwithstrengthswheretheHugesynergy<协同,配合,企业合并后的协力优势或协合作用>potentialbetweenthebothcompaniescouldcreateoneofthefewend-to-endsolutionsintheindustry.Cannibalism(自相残杀isThegrowthofnewbusinessfromtheirnewisnotgoingtobeinthecopierbusiness,whichismatureandcompetitionisfierce.Thenewenterprisescouldstreamlinetheirdeal-makingandnotworryaboutsofinterestwiththecopierdivisionExploitingandutilizingtheinnovationsandthe intheworldthatPARChas.PARCwillbetodolicensingdealswithoutworryingaboutthecompetitiveconsequencesforXerox.ThismakesitpossibletopursuesmallopportunitiesinbigThenewgrowthgeneratesnewsourcesofrevenueandimprovesXerox’snetprofitExploitingandutilizingXerox’sexcellentbaseoftechnicalresearch,customermarketingexperience,etcPosingproblemsofbalancingcapacityandresourcesatdifferentTakingrisktoinvestinnewproductsthatmaynotbeacceptedintheHugefinancialinvestmentinnewmarketwithadisappointedresultmightleadinpoorliquidityandsolvencypositionBoostingresourceandcapitalMoredifficulttomanagebroaderproductline.DispersingmanagementconcentrationleadtolostsomemarketRiskyofbeingover-aggressive,resultinginlosingsomecontrolAlternative#3:StayindependentandcontinuetheturnaroundstrategyAmorefinanciallystrongXeroxadaptsthetotheirpresentFocusontheprofitableGivestheorganizationandprimarilysalesachancetorecoverandgetbackuptospeedCouldstabilizethecopierDoesnotimproveXeroxsituationforthefuture,whereashiftinthedemand,fromtheoldcopierbusinesstomore andinformationmanagementsolutions,istobeexpectedinthemarketsItismoreaphase-outstrategythanagoodsurvivalstrategyinXeroxpresentsituationAlternative#4:Stayindependentandevolveinto managementsolutionsproviderXeroxcanstayProvidesagoodpotentialforsustainablegrowthandfutureHavingagoodkernelproduct,thentheeasiestwayofexpansionliesinconqueringtheThepotentialsalesinthesurroundingservicesisprobablybiggerthantheexistingcopierGivestheorganizationandprimarilysalesachancetorecoverandgetbackuptospeedCouldstabilizeandmaybeincreasetheDifficultiesinimplementingthisstrategyunderformerCEOThoman.However,thecriticismagainstThomanwasmainlyontheimplementationpartandnotonthestrategyDifficultiesingettingahardwarefocusedsalestolearnhowtosellsolutionspackagesincludingsoftwareandservicesSomeinvestment mendationandnofAction Alternative1isour mendation,eventhoughtherearesomenegativesideswithmergers,therearegoodchancesthatsomepartofXeroxwillcontinuetoexist.Furthermore,theshareholderswillgainfromamerger,andtheemployeeswillstillhaveajobforsomemoretime.Moreover,the
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