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1、Redefi ning Global Strategy Crossing Borders in a World Where Differences Still Matter Pankaj Ghemawat H A R VA R D B U S I N E S S S C H O O L P R E S S B O S T O N , M A S S A C H U S E T T S GhemawatFM.qxp 7/2/07 11:45 PM Page iii Copyright 2007 Harvard Business School Publishing Corporation All
2、rights reserved Printed in the United States of America 111009080754321 No part of this publication may be reproduced, stored in or introduced into a retrieval system, or transmitted, in any form, or by any means (electronic, mechanical, photo- copying, recording, or otherwise), without the prior pe
3、rmission of the publisher. Requests for permission should be directed to permissionshbsp.harvard.edu, or mailed to Permissions, Harvard Business School Publishing, 60 Harvard Way, Boston, Massachusetts 02163. Library of Congress Cataloging-in-Publication Data Ghemawat, Pankaj. Redefi ning global str
4、ategy: crossing borders in a world where differences still matter / Pankaj Ghemawat. p.cm. Includes bibliographical references and index. ISBN-13: 978-1-59139-866-0 (hardcover: alk. paper) 1. International business enterprisesManagement. 2. Strategic planning. 3. Intercultural communication. I. Titl
5、e. HD62.4.G474 2007 658.4012dc22 2007009124 The paper used in this publication meets the requirements of the American National Standard for Permanence of Paper for Publications and Documents in Libraries and Archives Z39.481992 GhemawatFM.qxp 7/2/07 11:45 PM Page iv Contents Forewordix Acknowledgmen
6、tsxi Introduction1 Part OneValue in a World of Differences 1Semiglobalization and Strategy9 2Differences Across Countries33 The CAGE Distance Framework 3Global Value Creation65 The ADDING Value Scorecard Part TwoStrategies for Global Value Creation 4Adaptation107 Adjusting to Differences 5Aggregatio
7、n139 Overcoming Differences 6Arbitrage169 Exploiting Differences 7Playing the Differences197 The AAA Triangle 8Toward a Better Future219 Getting Started Notes231 Selected Resources247 Index249 About the Author259 GhemawatFM.qxp 7/2/07 11:45 PM Page vii Introduction MY FIRST INTERNATIONALcase-writing
8、 experience, in the early 1990s, had me visit a Pepsi plant in the strife-torn Indian state of Punjab. Given the political environmenta low-grade civil warmany workers were militants who arrived at the plant each day toting their AK-47s. Pepsi had set up a system whereby these could be checked in an
9、d then re- trieved at the end of a shift. Absolutely no AK-47s inside the building, the HR director explained forcefullyintroducing me to the large differences with which international business must contend. This sense of differences has been sharpened by the years I have spent since then working on
10、 globalization and global strategy. As a result, in- stead of focusing on market size and the illusion of a borderless world, this book reminds managers that if their businesses want to cross borders successfully, they need to pay serious attention to the sustained differ- ences between countries in
11、 developing and evaluating strategies. And it provides them with the insights and tools necessary to do so. To illustrate this perspective on globalizationor what I call semiglob- alizationIll use football as a metaphor.1U.S. readers may be disap- pointed that the kind of football that I have in min
12、d is what they refer to as soccer, but that itself makes a useful point about the differences be- tween countries. Although football is supposed to be a global phenome- nonformer UN secretary general Kofi Annan noted enviously that more countries belong to FIFA, footballs governing body, than to the
13、 United Nationsits hold on sports fans is very uneven, and the United States constitutes the single largest exception to its general appeal.2 That said, the game has come a long way since English villagers began kicking around pigs bladders in the Middle Ages. Football began to spread internationall
14、y during the heyday of the British Empire, but the sports globalization went into reverse in the interlude between World Wars I and II, as authorities restricted the international transfer of players. Ghemawat00.qxp 7/2/07 11:46 PM Page 1 The years after World War II saw escalating international riv
15、alry, partic- ularly around the World Cup. In the late 1950s and early 1960s, Real Madrid emerged as the fi rst great European club, with players from a number of countries.3But until the late 1980s, West European leagues continued to limit the number of foreign players to between one and three per
16、team. East European countries, meanwhile, restricted the “export” of their players. And increasing international rivalry did not supersede intense local com- petition. Thus, matches between Real Madrid and FC Barcelona reenacted the Spanish Civil Warand continue to do so to this day, as I can testif
17、y from living in Barcelona and going to watch them play. The barriers to labor mobility largely disappearedfor club play but not country playin the 1990s. Economic pressures in East Europe and other poorer parts of the world led to the abandonment of restrictions and the adoption of export-oriented
18、strategies by many local clubs, as well as by football academies established for that purpose. And on the de- mand side, a ruling by the European Court of Justice in 1995 lifted restric- tions on the number of foreign players allowed in European club play. In 1999, Chelsea F.C. became the fi rst clu
19、b in the history of the English Pre- miership to start a game without a single English player on the fi eld.4By 20042005, an estimated 45 percent of the players in that leagues starting lineups consisted of foreigners.5Similar internationalization is evident in other European clubs. But for World Cu
20、p play between countries, FIFA continues to restrict players to representing their countries of origin or citizenship. Different degrees of cross-border labor mobility have led to very differ- ent outcomes. More or less free cross-border movement of players at the club level has concentrated quality
21、 and success at the national and regional levels among the richest clubs.6In the European Champions League, for example, the number of different teams that qualifi ed for the top eight slots has decreased signifi cantly in the last twenty years. And a recent report by the accounting fi rm Deloitte t
22、hat is, the poorer clubs assist in arbitrage. Arbitrage is also prominent in at least some cross-border investments and in the manufacture of a specialized input, footballs: the Pakistani city of Sialkot has been a famous production hub for close to one hun- dred years and still accounts for the bul
23、k of world production.10 The strategies of adaptation to adjust to differences, aggregation to overcome differences, and arbitrage to exploit differences are the 4Introduction Ghemawat00.qxp 7/2/07 11:46 PM Page 4 topics of chapters 4, 5, and 6, respectively. Chapter 7 is integrative: it examines th
24、e extent to which it is possible to mix and match across these AAA strategies for dealing with differences, given their different requirements. Finally, the description of football has focused on the state of play as of the end of 2006. But changes cannot be ruled out. For example, FIFA president Se
25、pp Blatter has railed against the dominance of the richest European clubs and, relatedly, the free transfer of players across clubs, comparing the latter to slavery.11Analogously, there are always negative portents about globalization to fuel debates about whether it will stall or go into reverse. C
26、hapter 8 uses the insights developed in the earlier chapters to discuss how you should think about such debatesand what your company can do now to build a path to a better future. To recap, what is different about this book about global strategy is its focus on the differences across countries. The
27、idea is to help businesses cross borders profi tably by seeing the world as it really is, rather than in idealized terms. To achieve this objective, the book embodies what might be called the three Rs. First, the book is readable because of its unifi ed point of view, its concision, the provision of
28、 boxed summaries for each chapter, and its use of numerous examples. (Additional examples and discussion can be found on my Web site, http:/www.ghemawat.org.) Second, the book is relevant for business policymakers because I have written it around their needs (al- though it may also interest public p
29、olicymakers or others seeking to un- derstand cross-border business) and have kept the discussion grounded in reality by focusing on value creation and capture. Also important in this regard is the ease with which companies from different parts of the world can customize the frameworks presentedwhic
30、h suggests some obvious follow-on exercises. And third, the book is rigorous in the sense of drawing on research in a variety of fi eldsincluding international economics, in- dustrial organization, business strategy, and international businessas well as extensive interactions with practitioners. Int
31、roduction5 Ghemawat00.qxp 7/2/07 11:46 PM Page 5 PART 1 Value in a World of Differences CHAPTER 1 SUMMARIZESevidence that the current state of the world is one of semiglobalization: levels of cross-border integration are generally increasing and, in many instances, setting new records, but fall far
32、short of complete integration and will continue to do so for decades. The chapter goes on to explain why semiglobalization is essential for cross-border strategies to have distinctive contentas well as why failing to keep it in view can be a recipe for poor performance. Chapter 2 collects the reason
33、s that borders still matter and classifi es them in terms of the cultural, administrative, geographic, and economic (CAGE) distances between countries. This framework is usually best ap- plied at the industry level because different types of distance vary greatly in importance from industry to indus
34、try. But in most industries, countries of origin do have important implications for destinationsa point that mostly eludes more established frameworks for country analysis. Chapter 3 discusses whyif at allfi rms should globalize in a world in which distance still matters. It presents a scorecard for
35、 tracking value cre- ation that includes but goes beyond the familiar components of size and economies of size. It also supplies a set of analytical guidelines and a list of specifi c questions to askand answer. The aim is to foster more realism about how cross-border strategies will add value in th
36、e face of large cross- border differences. Such strategies themselves are the topic of part 2 of this book. Ghemawat01.qxp 7/2/07 11:49 PM Page 7 1 Semiglobalization and Strategy The globalization of markets is at hand. With that, the multinational commercial world nears its end, and so does the mul
37、tinational corporation . . . The multinational corporation operates in a number of countries, and adjusts its products and processes in each, at high relative cost. The global corporation operates with resolute constancy . . . it sells the same things in the same way everywhere. Ted Levitt, “The Glo
38、balization of Markets,” 1983 A QUARTER OF A CENTURYafter Ted Levitts bold pronouncements, excitement about the globalization of markets has given way to excite- ment about the globalization of production.1But what has remained con- stant is the vision of a globalization apocalypse, sweeping all befo
39、re it. And this apocalyptic vision leads to a focus on strategies for a post- apocalyptic, integrated worldstrategies that inevitably have a one-size- fi ts-all character. That is why Levitts defi nition of global strategy as a strategy for an integrated world still reigns.2 And, with apologies to m
40、y late colleague at the Harvard Business School, that defi nition is still as wrongheaded. In this book, I redefi ne global strat- egy to describe a broader set of strategic possibilities. I argue that differ- ences between countries are larger than generally acknowledged. As a result, strategies th
41、at presume complete global integration tend to place far too much emphasis on international standardization and scalar expansion. Ghemawat01.qxp 7/2/07 11:49 PM Page 9 While it is, of course, important to take advantage of similarities across borders, it is also critical to address differences. In t
42、he near and medium term, effective cross-border strategies will reckon with both, that is, with the reality that I call semiglobalization. The primary goal of this book is to stretch our thinking about cross-border strategies for a semiglobalized world. This chapter begins by establishing that semig
43、lobalization is, in fact, the real state of the world todayand tomorrow. It does so by taking some data on board, because, as the late Daniel Patrick Moynihan observed, we are all entitled to our own opinions, but not our own facts. The chapter then starts to address the implications for company str
44、ategy, using the ex- ample of one of the great border-crossing companies, Coca-Cola. Around the time that Levitts article appeared, Coke embarked on a global strategy of the sort that he recommended. The problems with that strategy took a while to surface, but by the millennium, Coke was adrift in a
45、 sea of trou- bles. Only recently has it started to regain its bearings. Other companies can either learn from Cokes experience or rediscover the same lessons about semiglobalization the hard way, through trial and error. Apocalypse Now? According to the Library of Congress catalog, we are positivel
46、y awash in books on globalization. More than fi ve thousand such books were pub- lished between 2000 and 2004, compared with fewer than fi ve hundred in the whole of the 1990s. In fact, between the mid-1990s and 2003, the rate of increase in globalization-related titlesmore than doubling every eight
47、een monthssurpassed the celebrated Moores Law! Amid all this clutter, the books on globalization that have managed to attract signifi cant attention have done so by painting visions of a “global- ization apocalypse.” These volumes tend to exhibit what scholars cite as general characteristics of apoc
48、alyptic argumentation: emotional rather than cerebral appeals, reliance on prophecy, semiotic arousal (i.e., treat- ing everything as a sign), an emphasis on creating “new” people, and, perhaps above all, a clamor for attention.3The Flattening of the Earth is the globalization apocalypse that occupi
49、es center stage as of this writing.4 Thus, during a recent TV interview, the fi rst question I was askedquite earnestlywas why I still thought the world was round!5But other visions of the globalization apocalypse have been propounded as well: the Death of Distance, the End of History, or Levitts own favorite, the Convergence of Tastes. Some writers in this vein view the apocalypse as a good thingan escape from the ancient tribal rifts that have divided humans, or an opportunity to sell the same thing to everyone on earth. 10VALUE IN A WORLD OF DI
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