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1、Chapter5 Strategic Generation, Evaluation, and Selection,Chapter Outline,Michael Porters Generic Strategies,Types of Strategies,Integration Strategies,Chapter Outline (contd),Intensive Strategies,Diversification Strategies,Defensive Strategies,Corporate Level-Concentration strategy,A firm directs it
2、s resources to the profitable growth of a single product, in a single market, with a single dominant technology The firm thoroughly develops and exploits its expertise in a delimited competitive arena,Corporate Level- Concentration strategy,Concentrated growth strategies lead to enhanced performance
3、. The ability to assess market needs, knowledge of buyer behavior, customer price sensitivity and effectiveness of promotion Concentrating in the product-market segment it knows best Growth that results from increased productivity, better coverage of its actual product-market segment, and more effic
4、ient use of its technology,Risk and rewards of concentrated growth,Under stable conditions, concentrated growth poses lower risk than any other grand strategy, but in a changing environment, a firm committed to concentrated growth faces high risks a single product market makes a firm particularly vu
5、lnerable to changes in that segment High opportunity costs that result from remaining in a specific market and ignoring other options that could employ the firms resources more profitable,Corporate Level Integration Strategies,Vertical Integration Strategies,Forward Integration,Backward Integration,
6、Horizontal Integration,Integration Strategies,Gain Control Over -,Distributors Suppliers Competitors,Forward Integration Strategies,Gain Control Over -,Distributors Retailers,gaining ownership or increased control over distributors or retailers,Forward Integration Strategies,Guidelines -,Current dis
7、tributors expensive or unreliable Availability of quality distributors limited Firm competing in industry expected to grow markedly Firm has both capital & HR to manage new business of distribution Current distributors have high profit margins,Backward Integration Strategies,Ownership or Control -,F
8、irms suppliers,Backward integration is a strategy of seeking ownership or increased control of a firms suppliers. This strategy can be especially appropriate when a firms current suppliers are unreliable, too costly, or cannot meet the firms needs,Backward Integration Strategies,Guidelines -,Current
9、 suppliers expensive or unreliable The number of suppliers is small; The number of competitors is large High growth in industry sector Firm has both capital & HR to manage new business Stable prices (raw materials & products) are important Current suppliers have high profit margins,Horizontal Integr
10、ation Strategies,Ownership or Control -,Firms competitors,Horizontal integration refers to a strategy of seeking ownership of or increased control over a firms competitors. The increased use of horizontal integration as a growth strategy Mergers, acquisitions, and takeovers among competitors allow f
11、or increased economies of scale and enhanced transfer of resources and competencies,Horizontal Integration Strategies,Guidelines -,Gain monopolistic characteristics Competes in growing industry Increased economies of scale major competitive advantages Faltering due to lack of managerial expertise or
12、 need for particular resource,Diversification Strategies,Less Popular -,More difficult to manage diverse business activities,However -,The greatest risk of being in a single industry is having all your eggs in one basket,Copyright 2005 Prentice Hall,Types of Strategies,Diversification Strategies,Con
13、centric Diversification,Conglomerate Diversification,Horizontal Diversification,Copyright 2005 Prentice Hall,Diversification Strategies,Less Popular -,More difficult to manage diverse business activities,Copyright 2005 Prentice Hall,Ch 5 -18,Concentric Diversification Strategies,Addition -,New & rel
14、ated products/services Dell computer pursed concentric diversification by manufacturing and marketing consumer electronics products such as flat-panel televisions and MP3 players,Copyright 2005 Prentice Hall,Concentric Diversification Strategies,Guidelines -,Compete in no/slow growth industry New &
15、related products increases sales of current products New & related products offered at competitive prices Current productsdecline stage of product life cycle Strong management team,Copyright 2005 Prentice Hall,Horizontal Diversification Strategies,Addition -,New & unrelated products/services for cur
16、rent customers Not as risky as conglomerate diversification because a firm already should be familiar with its present customers Hospitals create miniature malls by offering banks, bookstores, coffee shops, restaurants, and other retail stores within their buildings,Copyright 2005 Prentice Hall,Ch 5
17、 -21,Horizontal Diversification Strategies,Guidelines -,Adding new products/services would significantly increase revenues Highly competitive and/or no-growth industry; low margins & returns Current distribution channels can be used New products have counter cyclical sales patterns,Copyright 2005 Pr
18、entice Hall,Ch 5 -22,Conglomerate Diversification Strategies,Addition -,New & unrelated products/services Battery company Energizer Holdings, acquired the Schick-Wilkinson Sword razor businessthe second largest shaving products company with 18% global market share in the wet-shaving business,Copyrig
19、ht 2005 Prentice Hall,Ch 5 -23,Conglomerate Diversification Strategies,Guidelines -,Declining annual sales & profits Capital & managerial ability to compete in new industry Financial synergy between acquired and acquiring firms Current markets for present products - saturated,Mergers & Acquisitions,
20、A merger in business or economics refers to the combination of two companies into one larger company. Such actions are commonly voluntary and often involve stock swap. In many instances a merger resembles a takeover Acquisitions : A corporate action in which a company buys most, if not all, of the t
21、arget companys ownership stakes in order to assume control of the target firm. A takeover is technically the same as an acquisition, but the term is often taken to mean that the approach of the larger acquiring company is unwelcome from the point of view of the smaller target company,Mergers & Acqui
22、sitions,Provide improved capacity utilization Better use of existing sales force Reduce managerial staff Gain economies of scale Smooth out seasonal trends in sales Gain new technology Access to new suppliers, distributors, customers, products, creditors,Risks for M & As,Not all M & As are effective
23、 and successful About half of mergers produced negative returns to shareholders-by Business Week and the Wall street Journals study Too-high purchase price for the stock of an excellent company can undo the effects of a subsequent decade of favorable business development-Warren Buffett,Reasons why M
24、ergers and Acquisitions Fail,Integration difficulties Inadequate evaluation of target Large or extraordinary debt Inability to achieve synergy Too much diversification Managers overly focused on acquisition Too large an acquisition,Reasons why Mergers and Acquisitions Fail,Difficult to integrate dif
25、ferent organizational cultures Reduced employee moral due to layoffs and relocations M & As can yield great benefits, but the price and reasoning must be right,CO-OPETITION,Game theory :A branch of applied mathematics that provides a systematic way to develop strategies when one persons fortune depe
26、nds on what other people do,CO-OPETITION,CO-OPETITION is a new way of thinking about business. Some people see business entirely as competition. They think doing business is waging war and assume they cant win unless somebody else loses. Other people see business entirely as co-operation-teams and p
27、artnerships. But business is both co-operation and competition,CO-OPETITION,Strategic Alliance is a formal relationship between two or more parties to pursue a set of agreed upon goals or to meet a critical business need while remaining independent organizations,CO-OPETITION,Partners may provide the
28、 strategic alliance with resources such as products, distribution channels, manufacturing capability, project funding, capital equipment, knowledge, expertise, or intellectual property. The alliance is a cooperation or collaboration which aims for a synergy where each partner hopes that the benefits
29、 from the alliance will be greater than those from individual efforts. The alliance often involves technology transfer (access to knowledge and expertise) shared expenses and shared risk.,CO-OPETITION,Equity strategic alliance is an alliance in which two or more firms own different percentages of th
30、e company they have formed by combining some of their resources and capabilities to create a competitive advantage. Nonequity strategic alliance is an alliance in which two or more firms develop a contractual-relationship to share some of their unique resources and capabilities to create a competiti
31、ve advantage,CO-OPETITION,Joint venture is a strategic alliance in which two or more firms create a legally independent company to share some of their resources and capabilities to develop a competitive advantage Increasingly globalization in many industry may require greater consideration of the jo
32、int venture approach, if the historical national firms are to remain viable, Joint ownership has become increasingly appealing for domestic firms to join foreign firms,CO-OPETITION,Joint ventures present opportunities with risks Limiting discretion, control, and profit potential of partners,Corporat
33、e level -Strategies,Defensive Strategies,Retrenchment,Divestiture,Liquidation,Retrenchment Strategies,Regrouping -,Cost & asset reduction to reverse declining sales & profit,Divestiture Strategies,Selling a division or part of an organization,Liquidation Strategies,Companys assets, in parts, for the
34、ir tangible worth,Selling,Liquidation Strategies,Guidelines -,Retrenchment & divestiture failed Only alternative is bankruptcy Minimize stockholder loss by selling firms assets,Generic Strategies,According to Michael Porter, strategies allow organizations to gain competitive advantage from three dif
35、ferent bases: cost leadership, differentiation, and focus. So he calls these bases generic strategy,Generic Strategies,Lower cost,Differentiation / premium price,Cost Leadership,Differentiation,Focus,Broad,Narrow,Scope,Adapted from Porter 1985,Stuck in the middle,Cost leadership,Cost leadership: bei
36、ng the lowest cost producer of a product or service to earn above average profits,Cost Leadership,Ways of ensuring total costs across value chain are lower than competitors total costs Perform value chain activities more efficiently than rivals and control factors that drive costs Revamp the firms o
37、verall value chain to eliminate or bypass some cost-producing activities,Cost Leadership,The way to pursue cost leadership successfully copying rather than originating designs using cheaper materials and other resources producing products with no “frills” reducing labour costs and increasing labour
38、productivity achieving economies of scale high volume sales by advertising and promotion, investment in modern technology using high volume purchasing to obtain discounts for bulk buying locating activities where costs are low or government help is available obtaining learning curve economies,Cost L
39、eadership,Can be especially effective when: The market is composed of many price-sensitive buyers and the price competition among rivals is vigorous Rivals products are identical and supplies are readily available There are few ways to achieve differentiation Most buyers use the product in the same
40、way Buyers have low switching costs Buyers are large and have significant power Industry newcomers use low prices to attract buyers,E,Differentiation,Creating a customer perception that a product or service is superior so that a premium price can be charged,Differentiation,The way to pursue differen
41、tiation successfully creating products which are superior to competitors by virtue of design, technology, performance etc offering superior after sales service superior distribution channels creating a strong brand name through design, innovation, advertising, and so on by product packaging,Differen
42、tiation,Can be especially effective when: There are many ways to differentiate and many buyers, who are price-insensitive perceive, and consider the value of the differences Buyer needs and uses are diverse Few rival firms are following a similar differentiation approach Technology change is fast pa
43、ced and competition revolves around evolving product features,Focused Strategies,Concerned with the scope of the strategy，use differentiation or cost leadership in narrow scope segment or niche,Focused Strategy,Can be especially effective when: The target market niche is large, profitable, and growi
44、ng Industry leaders do not consider the niche crucial Industry leaders consider the niche too costly or difficult to meet The industry has many different niches and segments Few, if any, other rivals are attempting to specialize in the same target segment,E,A firm that engages in each generic strate
45、gy but fails to achieve any of them is “ stuck in the middle”. It possesses no competitive advantage A firm that is stuck in the middle will be much less profitable than rivals achieving one of the generic strategies Achieving cost leadership and differentiation are usually inconsistent, differentia
46、tion is usually costly, conversely, cost leadership often requires a firm to forego some differentiation by standardizing its products, reducing marketing overhead, and the like Usually a firm must make a choice among them, or it will become stuck in the middle,Stuck in the middle,Criticisms of Port
47、er,successful firms can be stuck in the middle (e.g. Toyota, Tesco) low cost does not sell products (low price may) differentiation may be used to increase sales rather than charging a premium price price may be used to differentiate（but only a very few of leading firms in an industry could be the c
48、ost leadership）,Hybrid strategy,Value chain and generic strategy,Present Products目前产品,New Products新产品,Present Markets 当前市场,New markets 新市场,Market Penetration 市场渗透,Market Development 市场开拓,Product Development 产品开发,Diversification 多元化,Consolidation Withdrawal Privatisation,Unrelated diversification New
49、 Competences 非相关多元化,Related diversification Existing Competences 相关多元化,New segments New areas New uses,Based on Ansoff, and Johnson and Scholes,The market / product development matrix市场/产品发展矩阵,Market Penetration,A market-penetration strategy seeks to increase market share for present products or services in present markets through greater marketing efforts Consolidation, withdrawal, demerger - decline phase of product lifecycle, raise funds etc. Develop competences marketing, quality, services etc