战略工具方法rosrms

Author: GiseleGarrawayROS/RMSMarch19981Agenda

ROS/RMSoverviewApplicationsROS/RMSstepsClientexampleswirelessinfrastructuredrugretailingChallengesKeytakeaways2Agenda

ROS/RMSoverviewApplicationsROS/RMSstepsClientexampleswirelessinfrastructuredrugretailingChallengesKeytakeaways3ROS/RMSGraphROS/RMSisadiagnostictoolusedtocompareabusinessunit’sactualprofitabilitytoitspotentialprofitability.0%5%10%15%20%25%30%125DunsterEliotCurrierCabotProfitability$150MMRevenueNormativeband(Predictedpotentialprofitability)RelativeMarketShare4ROS/RMSComponents

Whatismeasured:Howitismeasured?Scale:TherearethreemaincomponentsofanROS/RMSgraph:profitability,relativemarketshareandthenormativeband.*ThistoolistypicallycalledROS/RMSsinceROSisthemostcommonprofitabilitymeasureused**AllowsforeasyviewingofadoublinginrelativemarketshareProfitability(y-axis)Currentprofitabilityreturnoncapitalemployedreturnonequityreturnonassetsreturnonsales*LinearRMS

(x-axis)

AccumulatedexperienceandstrategicpositionRelativemarketshare(RMS)Logarithmic**Normativeband

Rangeofpredictedprofitability

Plusandminusonestandarddeviationfromregressionline-------5ROS/RMSRelationship

Companieswithhigherrelativemarketsharetendtohavemoreaccumulatedexperience.Higheraccumulatedexperiencegivesthepotentialforlowercostsandhigherprofitability.HigheraccumulatedexperienceispositivelycorrelatedwithRMSHigheraccumulatedexperienceprovidesanopportunityforlowercostsandhigherprofitsRMSisaproxyforaccumulatedexperience.RMSispositivelycorrelatedwithprofitabilityAccumulatedExperienceRMSRMSProfitabilityAccumulatedExperienceCostperunit6ImportanceofMarketShareSource:PIMS(Datafrom1970tothepresentof3,200businesses-66%manufacturing,20%consumerbusinesses,14%services)Usingrelativemarketshareasapredictorofprofitabilityissupportedbyempiricalevidence.ThePIMSdatabasedemonstratesthat,onaverage,acrossindustries,companieswithgreatermarketsharehavehigherprofitability.7Agenda

ROS/RMSoverviewApplicationsROS/RMSstepsClientexampleswirelessinfrastructuredrugretailingChallengesKeytakeaways8ApplicationsBainhasusedROS/RMSeffectivelyformanyclients.ExamplesofBainworkare:Computers&OfficeEquipmentElectric&PowerEquipmentSituation:Result:AmajorPCmanufacturerrecentlysufferedsignificantoperatinglossesandwasexperiencingseverecashflowproblems

Anelectric&powerequipmentcompanywasevaluatingamanufacturerofdiscretesemiconductorsforpurchase.Theclientwasconcernedaboutindustrycyclicalityandwhetherthetarget’sprofitmarginswereunsustainablyhighBainusedROS/RMSanalysistoexaminethePCindustryandfoundthatmovingtheclientintothenormativebandthroughoperationalimprovementswouldresultina$174MMprofitbeforetaximprovementRMS/ROSanalysisrevealedthatthetarget’smarginsreflecteditsmarketsharepositionandaccumulatedexperienceandwerethereforesustainable;thetarget’shighRMShelpeddriveEBITmarginsinexcessof20%9Agenda

ROS/RMSoverviewApplicationsROS/RMSstepsClientexampleswirelessinfrastructuredrugretailingChallengesKeytakeaways10ROS/RMSSteps

TherearefivebasicstepsinvolvedinROS/RMSanalysis:DefinethebusinessCalculateprofitabilityCalculaterelativemarketsharesDrawnormativebandDetermineactionimplicationsKeySuccessFactorsDeterminetheeconomicboundariesofthebusinessIdentifyrelevantcompetitorsAchievecomparabilityacrosscompetitorsIncludeanysharedexperienceIfbusinessislocalorregional,weightmarketsharesCalculatethenormativebandusingregressionanalysisDetermineifstrategicoroperationalimprovementsarerequired11ROS/RMSStepsDefinethebusinessCalculateprofitabilityCalculaterelativemarketsharesDrawnormativebandDetermineactionimplicationsDeterminetheeconomicboundariesofthebusinessIdentifyrelevantcompetitorsKeySuccessFactors12DefiningtheBusiness

EffectiveROS/RMSanalysisdependsoncorrectlydefiningtheeconomicboundariesofabusiness.Costsharingandcustomersharingaretheprimarydeterminantsofbusinessdefinition.HighCostsharingLowLowHighCustomersharingOnebusiness

(chargecardsandcreditcards)Onebusinesswithpotentialfordifferentiationornicheposition

(CrosspensandBICpens)Separatebusinesswithpotentialforcostleadership(oilandrefineryby-products)Separatebusinesses(beeranddistilledspirits)Separatebusinesseswithpotentialforbundling(touringqualitymicrophonesandspeakers)Onebusinesswithpotentialforsubstitution(milkcartonsandglassmilkbottles)13CorrectMarketShareMeasure*StatisticalmarketareasDeterminingwhetherabusinessislocal,regional,ornationalisalsoimportant.Incorrectlydefinedbusiness

Nationaldiscountdepartmentstore

Correctlydefinedbusiness

Regionaldiscountdepartmentstores0.310.96R-squared:Whenbusinessdefinitioniscorrect,thereisameaningfulpredictiverelationship14RelevantCompetitors-IncorrectBusinessDefinition

AnincorrectbusinessdefinitionmayexcluderelevantcompetitorsfromROS/RMSanalysis.NationalTextileLaunderingItappearsGibbhasthreemajorcompetitorsandisunderperforming15RelevantCompetitors-CorrectBusinessDefinition

RegionalhealthcarelaunderingRegionalindustriallaunderingGibbhassixcompetitors.Gibbisinthreeseparatebusinesses,allofwhichareregional.Thecorrectbusinessdefinitionwillensurethatallrelevantcompetitorsareconsidered.Regionallinenlaundering16ROS/RMSSteps

DefinethebusinessCalculateprofitabilityCalculaterelativemarketsharesDrawnormativebandDetermineactionimplicationsKeySuccessFactorsAchievecomparabilityacrosscompetitors17NetincomeaftertaxSalesAftertaxoperatingprofitAverageassetsNetincomeaftertaxesAverageequityNetincomeaftertaxesCapitalemployed*Pre-taxprofitabilitymeasuresarepreferablebecausetheyexcludeanyfirm-specifictaxissuesROCE

(Returnoncapitalemployed)ROE

(Returnonequity)Disadvantages:DifficulttomakecomparableacrosscompaniesDifficulttomakecomparableacrosscompaniesNotalwaysclearwhichassetmeasurestouse(Bookvalue?Beforedepreciationorafter?)ROA

(Returnonassets)Advantages:Bestproxyforreturn

oninvestmentsBestproxyforreturnonshareholders’investmentsEasytocollectcomparablemeasuresacrosscompetitorsBainexample:DrugstorechainsRetaildepartment

storesBeverageindustryCalculation:*ROS

(Returnonsales)Theprofitabilitymeasureusedvariesfromcasetocase.Thekeyistouseameasurethatwillallowforanapples-to-applescomparisonacrossrelevantcompetitors.EliminatestheeffectsofhowassetsarefinancedResultsaresometimesunclearwhensomecompetitorscommandalargepricepremiumBuildingproductsCalculatingProfitability18ROS/RMSSteps

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