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1、1 2 Chapter OutlineuIdentify Present Corporate StrategyuEvaluate Industry AttractivenessuEvaluate Competitive Strength of Business UnitsuStrategic Fit AnalysisuResource Fit AnalysisuRank Business Units Based on PerformanceuDecide on Resource Allocation Priorities and General Strategic DirectionuCraf

2、ting a Corporate StrategyuGuidelines for Managing the Corporate Strategy Process 3 Building Shareholder Value: Questions to Ask About a Diversified Company1. How attractive is the group of businesses the company has diversified into?2. How good is the firms overall performance outlook in the years a

3、head with these businesses?3. If previous two answers arent satisfactory,what should the firm do to realign its business lineup?Divest unattractive businesses?Strengthen positions of remaining ones? Acquire new businesses? 4 How to Evaluate aDiversified Companys Strategy: Identify present corporate

4、strategy: Evaluate long-term attractiveness of each industry firm is in: Evaluate competitive strength of firms business units: Apply strategic fit test: Apply resource fit test 5 Rank business units based on historical performance and future prospects Rank business units in terms of priority for re

5、source allocation and decide on general strategic posture Craft new strategic moves to improve overall company performanceHow to Evaluate aDiversified Companys Strategy 6 Figure 10.1: Identifying a Diversified Companys StrategyCorporateStrategyApproach toallocating investment capital and resources N

6、arrow or broad-based diversification Scope ofgeographicoperations Moves to addnew businessesMoves to build positionsin new industriesEfforts to capturecross-businessstrategic fitsMoves to divestweak business units Is diversificationrelated, unrelatedor a mix? 7 Step 1: Identify PresentCorporate Stra

7、tegyuExtent to which firm is diversified (broad versus narrow, % of sales contributed by each business)uIs portfolio keyed to related or unrelated diversification or both?uIs scope of operations mostly domestic, increasingly multinational, or global?uRecent moves to add new businesses 8 uRecent move

8、s to divest weak businessesuActions to boost performance of key business unitsuEfforts to capture cross-business strategic fit benefits and exploit value chain relationships to create competitive advantageuPercentage of capital expenditures allocated to each business unitStep 1: Identify PresentCorp

9、orate Strategy (continued) 9 Step 2: Evaluate Industry AttractivenessAttractiveness of eachindustry in portfolioEach industrys attractiveness relative to the othersAttractiveness of allindustries as a group 10 Industry Attractiveness FactorsuMarket size and projected growthuIntensity of competitionu

10、Emerging opportunities and threatsuSeasonal and cyclical factorsuResource requirementsuCross-industry strategic fits and resource fits with present businessesuIndustry profitabilityuSocial, political, regulatory, and environmental factorsuDegree of risk and uncertainty 11 Procedure: Rating the Relat

11、ive Attractiveness of Each IndustryStep 1: Select industry attractiveness factors Step 2: Assign weights to each factor (sum of weights = 1.0)Step 3: Rate each industry on each factor (use scale of 1 to 10)Step 4: Calculate weighted ratings; sum to get an overall industry attractiveness rating for e

12、ach industry 12 Example: Rating Industry Attractiveness4 25 0.200.200.505.800.050.100.101.00 576 0.751.050.600.150.150.10 AttractivenessRating58 Weighted Industry Rating0.502.00Weight0.100.25Industry Attractiveness FactorMarket size and projected growthIntensity of competitionStrategic fits and reso

13、urce fits with other industries in portfolioResource requirementsEmerging industry opportunities and threatsSeasonal and cyclical influencesSocial, political, regulatory, and environmental factorsIndustry uncertainty and business risk Sum of weightsIndustry attractiveness ratingRating Scale: 1 = Ver

14、y unattractive; 5 = Average; 10 = Very attractive 13 Attractiveness of Mix ofIndustries as a WholeuHow appealing is the whole group of industries in which the company is invested?Is the company in too many relatively unattractive industries?Does the portfolio of industries hold promise for attractiv

15、e growth and profitability?Should some form of portfolio restructuring be considered? 14 Step 3: Evaluate Each BusinessUnits Competitive StrengthuObjectivesDetermine how well each business is positioned in its industry relative to rivalsEvaluate whether it is or can be competitively strong enough to

16、 contend for market leadership # 1 ! 15 Factors to Use inEvaluating Competitive Strengthu Relative market shareu Costs relative to competitorsu Ability to match/beat rivals on key product attributesu Ability to exercise bargaining leverage with key suppliers or customersu Caliber of alliances and co

17、llaborative partnershipsu Ability to benefit from strategic fits with sister businessesu Technology and innovation capabilitiesu How well businesss competencies match industry KSFs u Brand name recognition and reputationu Profitability relative to competitors 16 Procedure: Rating the Competitive Str

18、ength of Each BusinessStep 1: Select competitive strength factorsStep 2: Assign weights to each factor (sum of weights = 1.0)Step 3: Rate each business on eachfactor (use scale of 1 to 10)Step 4: Calculate weighted ratings; sum to get an overall strength rating for each business 17 Example: Rating a

19、 Business Units Competitive Strength 475 0.400.700.506.300.100.100.101.00 767 0.700.601.050.100.100.15 StrengthRating58 Weighted Strength Rating0.751.60Weight0.150.20Competitive Strength MeasureRelative market shareCosts relative to competitorsAbility to match rivals on key product attributesBargain

20、ing leverageStrategic fit relationshipsTechnology and innovation capabilitiesHow well resources match KSFsDegree of profit relative to rivalsSum of weights Competitive strength ratingRating Scale: 1 = Very weak ; 5 = Average; 10 = Very strong 18 Using a Matrix to Display Industry Attractiveness and

21、Competitive StrengthuUse quantitative measures of industry attractiveness and business strength to plot location of each business in matrixuEach business unit appears as a circleArea of circle is proportional to size of business as a percent of company revenuesOr area of circle can represent relativ

22、e size of industry with pie slice showing the companys market share 19 Figure 10.2: Industry Attractiveness-Competitive Strength Matrix LowHighMedium AverageStrong Weak6.73.310.01.0 1.03.36.7High priority for investment Medium priority for investmentLow priority for investmentBusiness Unit Competiti

23、ve StrengthIndustry Attractiveness 20 Strategy Implications of Attractiveness/Strength MatrixuBusinesses in upper left cornerAccorded top investment priorityStrategic prescription - grow and builduBusinesses in three diagonal cellsGiven medium investment priorityInvest to maintain positionuBusinesse

24、s in lower right cornerCandidates for harvesting or divestitureMay, on occasion, be candidates for an overhaul and reposition strategy 21 Appeal of theAttractiveness/Strength MatrixuIncorporates a wide variety of strategically relevant variablesuStresses concentrating corporate resources in business

25、es that enjoy High degree of industry attractiveness and High degree of competitive strengthuThe lesson here is emphasize businesses that are market leaders or that can contend for market leadership 22 Step 4: Strategic Fit AnalysisuObjectiveDetermine competitive advantage potential of value chain r

26、elationships and strategic fits among sister businessesuExamine strategic fit from two anglesWhether one or more businesses have valuable strategic fits with other businesses in portfolioWhether each business meshes well with firms long-term strategic direction 23 Evaluate Portfolio for Competitivel

27、y Valuable Cross-Business Strategic Fits uIdentify businesses which have value chain matchups offering opportunities toReduce costsl Purchasingl E-commerce systemsl Manufacturingl DistributionTransfer skills / technology / intellectual capitalLeverage use of a well-known and competitively powerful b

28、rand name Create valuable new competitive capabilities or to leverage existing resources 24 Figure 10.3: Identify Cross-Business Strategic FitsBusiness A Value Chain ActivitiesInbound Logistics Technology Operations Sales and Marketing Distribution ServiceBusiness BBusiness CBusiness DBusiness E Opp

29、ortunity to combine purchasing activities to gain more leverage with suppliersOpportunity to share technology, transfer technical skills, combine R&DOpportunity to combine sales & marketing activities, use common distribution channels, leverage use of a common brand name, and/or combine after-sale s

30、erviceNo strategic fit opportunities 25 Step 5: Assess Resource FituObjectiveDetermine how well firms resources match business unit requirementsuGood resource fit exists whenA business adds to a firms resource strengths, either financially or strategicallyFirm has resources to adequately support req

31、uirements of its businesses as a group 26 Checking for FinancialResource FituDetermine cash flow and investment requirements of the business unitsWhich are cash hogs and which are cash cows?uAssessing cash flow of each businessHighlights opportunities to shift financial resources between businesses

32、Explains why priorities for resource allocation can differ from business to businessProvides rationalization for both invest-and-expand strategies and divestiture 27 Characteristics of Cash HogsuInternal cash flows are inadequate to fully fund needs for working capital and new capital investmentPare

33、nt company has to continually pump in capital to “feed the hog”uStrategic optionsAggressively invest in attractive cash hogsDivest cash hogs lacking long-term potential 28 Characteristics of Cash CowsuGenerate cash surpluses over and above what is needed to sustain present market positionuSuch busin

34、esses are valuable because surplus cash can be used to Pay corporate dividendsFinance new acquisitionsInvest in promising cash hogsuStrategic objectivesFortify and defend present market position Keep the business healthy 29 Good vs. Poor Financial Fitu Good financial fit exists when a businessContri

35、butes to achievement of corporate objectivesEnhances shareholder valueu Poor financial fit exists when a businessSoaks up disproportionate share of financial resourcesIs an inconsistent bottom-line contributorIs too small to make a sizable contribution to total corporate earnings Experiences a profi

36、t downturn that could jeopardize entire company 30 Checking for Competitiveand Managerial Resource FitsuInvolves determining whetherResource strengths are well matched to KSFs of industries firm is inAmple resource depth exists to support resource requirements of all the businessesAbility exists to

37、transfer competitive capabilities from one business to anotherCompany must invest in upgrading its resources/capabilities to stay ahead of efforts of rivals 31 Notes of Caution: WhyDiversification Efforts Can FailuTransferring resource capabilities to new businesses can be far more arduous and expen

38、sive than expecteduTrying to replicate a firms success in one business and hitting a second home run in a new business is easier said than done uManagement can misjudge difficulty of overcoming resource strengths of rivals it will face in a new business 32 Step 6: Rank Business Units Basedon Financi

39、al Performance uYardsticks for comparing performance of different businessesSales growthProfit growthContribution to company earningsReturn on capital employed in businessCash flow generation 33 Step 7: Decide Resource Allocation Priorities and Strategic DirectionuObjective“Get the biggest bang for

40、the buck”in allocating corporate resources uProcedure Rank each business from highest to lowest priority for corporate resource support and new investment Decide on general strategic direction for each business 23 564 34 Options: General Strategic DirectionuInvest and growAggressive expansionuFortif

41、y and defendProtect current positionuOverhaul and repositionMake major strategy changesuHarvest or divestGradual market retreat Spin off business as independent companySell business Our direction will be. . 35 Options for Allocating Financial Resourcesu Strategic purposes Invest in ways to strengthe

42、n or expand existing businesses Make acquisitions to establish positions in new industries Fund long-range R&D venturesu Financial purposes Pay off existing long-term debt Increase dividends Repurchase companys stock Stockcertificate 36 Step 8: Crafting a Corporate Strategy -Key IssuesuAre enough bu

43、sinesses in attractive industries?uIs the number of mature or declining businesses so great corporate growth will be sluggish?uAre businesses overly vulnerable to seasonal influences or recession?uAre there too many average-to-weak businesses in the companys business make-up?uIs there ample strategi

44、c fit among the businesses? 37 uIs there ample resource fit among the businesses?uAre there enough cash cows to finance those cash hogs with potential to be star performers?uDo core businesses generate dependable profits and/or cash flow?uDoes makeup of business portfolio put firm in good future pos

45、ition?Step 8: Crafting a Corporate Strategy -Key Issues (continued) 38 The Performance TestuCan the companys performance targets be reached with the current businesses?If yes, no major corporate strategy changes are indicatedIf a performance gap is likely, actions can be taken to close the gap 39 Op

46、tions for Addressing aPerformance ShortfalluAlter strategic plans for some, or all, of businessesuAdd new businessesuDivest weak-performing businessesuForm cooperative alliancesuUpgrade firms resource baseuLower corporate performance objectives 40 Identifying AdditionalDiversification Opportunitiesu

47、Related DiversificationIdentify businesses whose value chains have fits with value chains of present businessesIdentify businesses whose resource requirements are well-matched to firms corporate resource capabilities uUnrelated DiversificationFind firms offering attractive financial returns regardle

48、ss of industry 41 How Do Corporate Strategies Form?u In diversified companies corporate strategy tends to emerge incrementally As internal and external events unfold As managersl Probe the futurel Experimentl Gather more informationl Sense problemsl Build awareness of optionsl Spot new opportunities

49、l Develop ad hoc responses to unexpected crises l Acquire a feel for strategically relevant factors and their importance and interrelationshipsl Develop consensus of how to proceed Our strategy will be . . . 42 Managing the Process ofCrafting Corporate StrategyuNot done all at once in comprehensive fashionuApproached a step at a time, emerging graduallyuBegin with broad, intuitive concepts and then fine-tune and embellish them as More information is gatheredFormal analysis confirms or modifies emerging judgments about situationConfidence and consensus build for the proposed strategic moves