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1、What is strategy?,Whats this?- Tiger dog (half white half brown),阿弥陀佛,What does this mean?,We know what it is, but we dont know what it is called? We know what it is called, but defining what it is is difficult.,The IBM-Lenovo Deal,On Dec 7, 2004, IBMs PC division was sold to Lenovo Group. According
2、 to the acquisition agreement signed between Lenovo Group and IBM, Lenovo has paid 1.25 billion US dollars for all the PC business of IBM, including 650 million US dollars in cash and Lenovos shares valued at 600 million US dollars. After the trade, IBM will hold 18.9 percent of Lenovos shares and L
3、enovo will assume about 500 million US dollars net debt of IBM.,Legend to Invest in Real Estate,Legend, now renamed as Lenovo, Chinas leading personal computer manufacturer, has announced that it intends to invest three billion yuan (about 363 million U.S. dollars) in the burgeoning real estate sect
4、or, as part of attempts to readjust its overall business structure. The company will make the investment through its holding company which has started real estate business already in Huizhou and Shenzhen cities, in south Chinas Guangdong Province.,Changhong net drops 24% amid price competition,Sichu
5、an Changhong Electric recorded a net profit of RMB88.5m in 2001. The result represents a decrease of 24% for the Chinese-based appliance manufacturer. Close to 75% of the revenue of Sichuan Changhong Electric is generated by its television sets. An 11% decrease in core revenue to RMB9.5bn was record
6、ed for the year.,Haier excels in all these areas!,As one of Chinas fastest-growing companies, Haier Group is widely regarded as a successful company. Customer service, product quality, operating efficiency, innovation, and speed to market are among the top seven factors for success. Haier CEO Zhang
7、Ruimin and President Yang Mianmian say the firm developed three major strategies over three stages: brand building or recognition strategy, expansion or diversification strategy, and globalization strategy,Adidas China Distribution Center Opens in Suzhou,On Sept 23, 2005, Adidas has opened a distrib
8、ution center in China in Suzhou ProLogis Logistics Park of the Suzhou Industrial Park, east Chinas Jiangsu Province. The distribution center to be built by Adidas will have a space of 60,000 square meters. When completed, it will serve not only its factory in Suzhou, but also the whole Chinese marke
9、t.,Levels of Strategy-Making in a Diversified Company,Adidas,Haier Changkong,IBM Lenovo,Corporate Strategy for a Diversified Company,Corporate Strategy,Approach to capital allocation,Narrow or broad-based diversification,Scope of geographic operations,Moves to add new new businesses,Moves to build p
10、ositions in new industries,Efforts to capture cross-business strategic fits,Moves to divest weak business units,Is diversification related, unrelated or a mix?,Identifying the Components of a Single-Business Companys Strategy,Efforts to build competitive advantage,Planned, proactive moves to outcomp
11、ete rivals,Responses to changing conditions,Scope of geographic coverage,Collaborative partnerships and strategic alliances,R&D strategy,Supply chain management strategy,Manufacturing strategy,Human resources strategy,Finance strategy,Business Strategy,Marketing strategy,Functional Strategies,Game p
12、lan for a strategically-relevant function, activity, or business process Details how key activities will be managed Provide support for business strategy Specify how functional objectives are to be achieved,Chapter 1 Knowledge Objectives,Studying this chapter should provide you with the strategic ma
13、nagement knowledge needed to: Define strategic competitiveness competitive advantage, and above-average returns. Describe the 21st-century competitive landscape and explain how globalization and technological changes shape it. Use the industrial organization (I/O) model to explain how firms can earn
14、 above-average returns.,Chapter 1 Knowledge Objectives (contd),Studying this chapter should provide you with the strategic management knowledge needed to:,Use the resource-based model to explain how firms can earn above-average returns. Describe strategic intent and strategic mission and discuss the
15、ir value. Define stakeholders and describe their ability to influence organizations. Describe the work of strategic leaders. Explain the strategic management process.,Definitions,Strategic Competitiveness When a firm successfully formulates and implements a value-creating strategy Sustainable Compet
16、itive Advantage When competitors are unable to duplicate a companys value-creating strategy Strategic Management Process The full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns,Definitions (contd),Risk An investors u
17、ncertainty about the economic gains or losses that will result from a particular investment Average Returns Returns equal to those an investor expects to earn from other investments with a similar amount of risk Above-average Returns Returns in excess of what an investor expects to earn from other i
18、nvestments with a similar amount of risk,Figure 1.1,The Strategic Management Process,Current Competitive Landscape,A Perilous Business World Investments required to compete on a global scale are enormous Consequences of failure are severe Important Elements of Success Developing strategy Implementin
19、g strategy,Global economy Rapid technological change,Competitive Landscape,Strategic maneuvering among global and innovative combatants,Competitive Landscape: Hypercompetition,Hypercompetition,Hypercompetition A condition of rapidly escalating competition based on,Price-quality positioning Competiti
20、on to create new know-how and establish first-mover advantage Competition to protect or invade established product or geographic markets,Global Economy,Global Economy Goods, people, skills, and ideas move freely across geographic borders Movement is relatively unfettered by artificial constraints Ex
21、pansion into global arena complicates a firms competitive environment,Global Economy (contd),Globalization Increased economic interdependence among countries as reflected in the flow of goods and services, financial capital, and knowledge across country borders Increased range of opportunities for c
22、ompanies competing in the 21st-century competitive landscape,Country Competitiveness Rankings (Population over 20 Million),Country 2002 2003 United States 1 2 Australia 2 3 Canada 3 2 Malaysia 4 6 Germany 5 4 Taiwan 6 7 United Kingdom 7 5 France 8 9 Spain 9 8 Thailand 10 10 Japan 11 11 China 12 12 B
23、razil 13 0 China 14 0 Korea 15 10,Country 2002 2003 Colombia 16 20 Italy 17 14 South Africa 18 16 India 19 0 India 20 17 Brazil 21 15 Philippines 22 18 Romania 23 0 Mexico 24 19 Turkey 25 23 Russia 26 21 Poland 27 22 Indonesia 28 25 Argentina 29 26 Venezuela 30 24,Technology and Technological Change
24、s,Rate of change of technology and speed at which new technologies become available Perpetual innovationhow rapidly and consistently new, information-intensive technologies replace older ones The development of disruptive technologies that destroy the value of existing technology and create new mark
25、ets,Technological Change,The Information Age The ability to effectively and efficiently access and use information has become an important source of competitive advantage Technology includes personal computers, cellular phones, artificial intelligence, virtual reality, massive databases, electronic
26、networks, internet trade,Technological Changes,Increasing Knowledge Intensity Strategic flexibility: set of capabilities used to respond to various demands and opportunities in dynamic and uncertain competitive environments Organizational slack: slack resources that allow the firm flexibility to res
27、pond to environmental changes Capacity to learn,Five Forces Model of Competition,An industrys profitability results from interaction among Suppliers Buyers Competitive rivalry among firms currently in the industry Product substitutes Potential entrants to the industry,Five Forces Model of Competitio
28、n (contd),Firms earn above average returns by Producing standardized products or services Manufacturing differentiated products for which customers are willing to pay a price premium,Two Models of Strategic Planning,I/O Model of Above Average Returns Industrial/organizational focus Dominant influenc
29、e on organization is external environment Resource-Based Model of Above Average Returns Organizational resources focused Dominant influence on organizational success is the organizations unique set of resources and capabilities,I/O Model of Above-Average Returns,The industry in which a firm competes
30、 has a stronger influence on the firms performance than do the choices managers make inside their organizations Industry properties include economies of scale barriers to market entry diversification product differentiation degree of concentration of firms in the industry,Four Assumptions of the I/O
31、 Model,External environment imposes pressures and constraints that determine strategies leading to above-average returns,Most firms competing in an industry control similar strategically relevant resources and pursue similar strategies,Resources used to implement strategies are highly mobile across
32、firms,Organizational decision makers are assumed to be rational and committed to acting in the firms best interests (profit-maximizing),I/O Model of Above-Average Returns,Strategy dictated by the external environment of the firm (what opportunities exist in these environments?) Firm develops interna
33、l skills required by external environment (what can the firm do about the opportunities?),External Environments,General Environment,1. Study the external environment, especially the industry environment The general environment The industry environment The competitor environment 2. Locate an attracti
34、ve industry with a high potential for above-average returns An industry whose structural characteristics suggest above-average returns 3. Identify the strategy called for by the attractive industry to earn above-average returns Selection of a strategy linked with above-average returns in a particula
35、r industry 4. Develop or acquire assets and skills needed to implement the strategy Assets and skills required to implement a chosen strategy 5. Use the firms strengths (its developed or acquired assets and skills) to implement the strategy Selection of strategic actions linked with effective implem
36、entation of the chosen strategy 6. Superior returns: earning of above-average returns,Superior Returns,The I/O Model of Above-Average Returns,The External Environment,An Attractive Industry,Strategy Formulation,Assets and Skills,Strategy Implementation,Resource-Based Model of Above-Average Returns,E
37、ach organization is a collection of unique resources and capabilities that provides the basis for its strategy and that is the primary source of its returns Capabilities evolve and must be managed dynamically,Resource-Based Model of Above-Average Returns (contd),Differences in firms performances are
38、 due primarily to their unique resources and capabilities rather than structural characteristics of the industry Firms acquire different resources and develop unique capabilities,Resource-Based Model of Above-Average Returns (contd),1. Strategy dictated by the firms unique resources and capabilities
39、 2. Find an environment in which to exploit these assets (where are the best opportunities?),Firms Resources,Resources and Capabilities,Resources Inputs into a firms production process Capital equipment Skills of individual employees Patents Finances Talented managers,Capabilities Capacity of a set
40、of resources to perform in an integrative manner A capability should not be So simple that it is highly imitable So complex that it defies internal steering and control,The Resource-Based Model of Above-Average Returns,Superior Returns,Strategy Implementation,An Attractive Industry,Competitive Advan
41、tage,Capability,Resources,Identify the firms resources. Study its strengths and weaknesses compared with those of competitors Inputs into a firms production process,Determine the firms capabilities. What do the capabilities allow the firm to do better than its competitors. Capacity of an integrated
42、set of resources to integratively perform a task or activity,Determine the potential of the firms resources and capabilities in terms of a competitive advantage. Ability of a firm to outperform its rivals,Locate an attractive industry. An industry with opportunities that can be exploited by the firm
43、s resources and capabilities,Superior returns: earning of above-average returns,Select a strategy that best allow the firm to utilize its resources and capabilities relative to opportunities in the external environment. Strategic actions taken to earn above-average returns,Key Criteria of Resources
44、and Capabilities,Valuable Resources and capabilities are valuable when they allow a firm to take advantage of opportunities or neutralize threats in external environment Rare Resources and capabilities are rare when possessed by few, if any, current and potential competitors,Key Criteria of Resource
45、s and Capabilities,Costly to Imitate Resources and capabilities are costly to imitate when other firms either cannot obtain them or are at a cost disadvantage in obtaining them Nonsubstitutable Resources and capabilities are nonsubstitutable when they have no structural equivalents,Core Competencies
46、,When the four key criteria of resources and capabilities are met, they become core competencies Core competencies serve as a source of competitive advantage Managerial competencies are especially important,How Resources and Capabilities Provide Competitive Advantage,The firm is organized appropriat
47、ely to obtain the full benefits of the resources in order to realize a competitive advantage,Valuable,Allow the firm to exploit opportunities or neutralize threats in its external environment,Rare,Possessed by few, if any, current and potential competitors,Costly to imitate,When other firms cannot o
48、btain them or must obtain them at a much higher cost,Nonsubstitutable,Resources and Capabilities, Core Competencies, and Outcomes,Developing a Strategic Vision: Delineates managements future aspirations for the business to its stakeholders. Provides direction“where we are going.” Sets out the compel
49、ling rationale,rnl (strategic soundness) for the firms direction. Uses distinctive and specific language to set the firm apart from its rivals.,Strategic Vision,Examples of Strategic Visions,Caterpillar Be the global leader in customer value.,eBay Provide a global trading platform where practically anyone can trade practically anything.,2-43,Capturing the Vision in a Slogan,FedEx “Satisfying worldwide demand for fast, time-definite, reliable distribution.”,Home Depot “Helping people improve the places where they live
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