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1、EVALUATING THE STRATEGIES OF DIVERSIFIED COMPANIES,舱球厕匙柄冤幼台蔓泳忘食至焊贡爷宰删漓穆较虐陶奉怖出吾酣阅糟款抉战略管理Strategic Management Process,Chapter Outline,Identify Present Corporate Strategy Evaluate Industry Attractiveness Evaluate Competitive Strength of Business Units Strategic Fit Analysis Resource Fit Analysis Rank B
2、usiness Units Based on Performance Decide on Resource Allocation Priorities and General Strategic Direction Crafting a Corporate Strategy Guidelines for Managing the Corporate Strategy Process,宠毒张蔬掠址廖闷渡肤躇糠颊坤屿忠掂产矿余巳碌挞扇友披商委绝琢鬃限战略管理Strategic Management Process,Building Shareholder Value: Questions to A
3、sk About a Diversified Company,1. How attractive is the group of businesses the company has diversified into? 2. How good is the firms overall performance outlook in the years ahead with these businesses? 3. If previous two answers arent satisfactory, what should the firm do to realign its business
4、lineup? Divest unattractive businesses? Strengthen positions of remaining ones? Acquire new businesses?,剖撮酪盎叛膏帽木轧得骸余憎撬右甩呻珊则懊母阔憨什类窿虑恐迫倚照俊战略管理Strategic Management Process,How to Evaluate a Diversified Companys Strategy,Step 1: Identify present corporate strategy Step 2: Evaluate long-term attractivene
5、ss of each industry firm is in Step 3: Evaluate competitive strength of firms business units Step 4: Apply strategic fit test Step 5: Apply resource fit test,挟扁鸥喀祖摇顷李呵钡斥堑卡涛靶龙仪猾阐拾号搬婆珠埃挂谋袁祈妓啮蔽战略管理Strategic Management Process,Step 6: Rank business units based on historical performance and future prospe
6、cts Step 7: Rank business units in terms of priority for resource allocation and decide on general strategic posture Step 8: Craft new strategic moves to improve overall company performance,How to Evaluate a Diversified Companys Strategy,决挡镁辖昔这缩省代摸乎玲冒哦蚀陕疽捷闺会郭污沟赁导街沥柑绿丝斡烧战略管理Strategic Management Proce
7、ss,Figure 10.1: Identifying a Diversified Companys Strategy,Corporate Strategy,Approach to allocating investment capital and resources,Narrow or broad-based diversification,Scope of geographic operations,Moves to add new businesses,Moves to build positions in new industries,Efforts to capture cross-
8、business strategic fits,Moves to divest weak business units,Is diversification related, unrelated or a mix?,峨查池焊讫滋侈囊勇赔盛妙忿奴续壶吕泊韶芍霍泼贼猫寿冕寐篆挤巧帛凛战略管理Strategic Management Process,Step 1: Identify Present Corporate Strategy,Extent to which firm is diversified (broad versus narrow, % of sales contributed by
9、 each business) Is portfolio keyed to related or unrelated diversification or both? Is scope of operations mostly domestic, increasingly multinational, or global? Recent moves to add new businesses,关奖疲尉孰涂殿鹿汪陈咬站或逢雏浙坏枯夜超牛虞货捷吧求录吮胜意尹镐战略管理Strategic Management Process,Recent moves to divest weak businesse
10、s Actions to boost performance of key business units Efforts to capture cross-business strategic fit benefits and exploit value chain relationships to create competitive advantage Percentage of capital expenditures allocated to each business unit,Step 1: Identify Present Corporate Strategy (continue
11、d),窑宾领客宣酗痘捌乓线茎骸糯纂颗赫胁瞎尤赋爆蚕埋茁巴犊氛巾希慷性橙战略管理Strategic Management Process,Step 2: Evaluate Industry Attractiveness,Attractiveness of each industry in portfolio,Each industrys attractiveness relative to the others,Attractiveness of all industries as a group,斯饼溺墨甲雀卒培岗婿根痉邀民秉肯陛洗孝液枝棕摘眩勉贝筒哥噪翟贿擦战略管理Strategic Man
12、agement Process,Industry Attractiveness Factors,Market size and projected growth Intensity of competition Emerging opportunities and threats Seasonal and cyclical factors Resource requirements Cross-industry strategic fits and resource fits with present businesses Industry profitability Social, poli
13、tical, regulatory, and environmental factors Degree of risk and uncertainty,脯咐掷页握职真兼邓纠瞻勿沥激揖缀宗理酉帛绎卤工邪们李兼溃灸峪绊缴战略管理Strategic Management Process,Procedure: Rating the Relative Attractiveness of Each Industry,Step 1: Select industry attractiveness factors Step 2: Assign weights to each factor (sum of wei
14、ghts = 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 each industry,七方嘉臆看芦特绕巩潘影锥古滦痊丹模戎倚选烹俩杭艰蜗梭后牌束缠奥焙战略管理Strategic Management Process,Example: Rating Industry Attractiveness,Rating Scal
15、e: 1 = Very unattractive; 5 = Average; 10 = Very attractive,成柔驻沛荚垣王做测瞳粮污么峪瘤妆委帮僳箱整清稚书知铱撒杨数搁第慌战略管理Strategic Management Process,Attractiveness of Mix of Industries as a Whole,How appealing is the whole group of industries in which the company is invested? Is the company in too many relatively unattract
16、ive industries? Does the portfolio of industries hold promise for attractive growth and profitability? Should some form of portfolio restructuring be considered?,赂佳忙了支墓泅董镐层睁恋退跟届撞邮层圆撕异奢枉清魏逻仑钦血韦彝幢战略管理Strategic Management Process,Step 3: Evaluate Each Business Units Competitive Strength,Objectives Dete
17、rmine how well each business is positioned in its industry relative to rivals Evaluate whether it is or can be competitively strong enough to contend for market leadership,棋阶赢皇裕锻圣师片至厕岂疾丰馈评食斗敞禹星镭吐钝集福声谨段衡重蚌战略管理Strategic Management Process,Factors to Use in Evaluating Competitive Strength,Relative mark
18、et share Costs relative to competitors Ability to match/beat rivals on key product attributes Ability to exercise bargaining leverage with key suppliers or customers Caliber of alliances and collaborative partnerships Ability to benefit from strategic fits with sister businesses Technology and innov
19、ation capabilities How well businesss competencies match industry KSFs Brand name recognition and reputation Profitability relative to competitors,嘛型由滞拱泡裹贷闭竞显隋曳迟胁讯肯钓凄王风衔泪瞬拷是哥调掸容矫圣战略管理Strategic Management Process,Procedure: Rating the Competitive Strength of Each Business,Step 1: Select competitive s
20、trength factors Step 2: Assign weights to each factor (sum of weights = 1.0) Step 3: Rate each business on each factor (use scale of 1 to 10) Step 4: Calculate weighted ratings; sum to get an overall strength rating for each business,技烘汛缆型常蔚疾契秆氖败镜挝博彭崇冬励奖泳晴湿恩紊乘淡捏慧扣柳绘战略管理Strategic Management Process,E
21、xample: Rating a Business Units Competitive Strength,4,7,5,0.40,0.70,0.50,6.30,0.10,0.10,0.10,1.00,7,6,7,0.70,0.60,1.05,0.10,0.10,0.15,Strength Rating,5,8,Weighted Strength Rating,0.75,1.60,Weight,0.15,0.20,Competitive Strength Measure,Relative market share,Costs relative to competitors,Ability to m
22、atch rivals on key product attributes,Bargaining leverage,Strategic fit relationships,Technology and innovation capabilities,How well resources match KSFs,Degree of profit relative to rivals,Sum of weights,Competitive strength rating,Rating Scale: 1 = Very weak ; 5 = Average; 10 = Very strong,艇扮羌咏忘胯
23、连约匪链抡莲诀耘俺漠柳绅义媚滩忠值瞬郊嘿潭繁肾酷啃灰战略管理Strategic Management Process,Using a Matrix to Display Industry Attractiveness and Competitive Strength,Use quantitative measures of industry attractiveness and business strength to plot location of each business in matrix Each business unit appears as a circle Area of
24、circle is proportional to size of business as a percent of company revenues Or area of circle can represent relative size of industry with pie slice showing the companys market share,蘸铡背污匹纱夜止拆蛙癌墅讣鸯沏望榜衅动诱侍萤木阿涩曝皋惋屈乡钧拆战略管理Strategic Management Process,Figure 10.2: Industry Attractiveness-Competitive Str
25、ength Matrix,歼服磷初直钟纷迈喉渡弹蚊逮喜粳枫喀橡担僻边龋瞬散聂迷熊摊宇铀硝硼战略管理Strategic Management Process,Strategy Implications of Attractiveness/Strength Matrix,Businesses in upper left corner Accorded top investment priority Strategic prescription - grow and build Businesses in three diagonal cells Given medium investment pr
26、iority Invest to maintain position Businesses in lower right corner Candidates for harvesting or divestiture May, on occasion, be candidates for an overhaul and reposition strategy,赘淡馅畏供劳沛锁鹃饰奢澡聚战惮滑甸鼻毙滚捶笺苟劝爹础功噶九习侍超战略管理Strategic Management Process,Appeal of the Attractiveness/Strength Matrix,Incorpora
27、tes a wide variety of strategically relevant variables Stresses concentrating corporate resources in businesses that enjoy High degree of industry attractiveness and High degree of competitive strength The lesson here is emphasize businesses that are market leaders or that can contend for market lea
28、dership,谢借撕玉畦酒匠努瓣洞昂缨沏厕苔馆侗御域买哺峦隧鞍疫遏霍从亢俘阜迪战略管理Strategic Management Process,Step 4: Strategic Fit Analysis,Objective Determine competitive advantage potential of value chain relationships and strategic fits among sister businesses Examine strategic fit from two angles Whether one or more businesses hav
29、e valuable strategic fits with other businesses in portfolio Whether each business meshes well with firms long-term strategic direction,匿汞钾巩季佃腥胯唆笑勇竟猜栖氏深贷贮岂夜粒驱土厅由焕哩前军躇辟马战略管理Strategic Management Process,Evaluate Portfolio for Competitively Valuable Cross-Business Strategic Fits,Identify businesses whi
30、ch have value chain matchups offering opportunities to Reduce costs Purchasing E-commerce systems Manufacturing Distribution Transfer skills / technology / intellectual capital Leverage use of a well-known and competitively powerful brand name Create valuable new competitive capabilities or to lever
31、age existing resources,辰警咽福标旬魂妙彝阀娇谓倚禹垒琅怂粕派泳鄙舌褪护鳃赌沪谚僻焕魄扰战略管理Strategic Management Process,Figure 10.3: Identify Cross-Business Strategic Fits,Business A,Value Chain Activities,Inbound Logistics,Technology,Operations,Sales and Marketing,Distribution,Service,Business B,Business C,Business D,Business E,O
32、pportunity to combine purchasing activities to gain more leverage with suppliers,Opportunity to share technology, transfer technical skills, combine R&D,Opportunity to combine sales & marketing activities, use common distribution channels, leverage use of a common brand name, and/or combine after-sa
33、le service,No strategic fit opportunities,士绅虑佛庇润文匿芍透附郡倦蓉西革畦既腆耐故减落傀履继业让遮眠匈倡战略管理Strategic Management Process,Step 5: Assess Resource Fit,Objective Determine how well firms resources match business unit requirements Good resource fit exists when A business adds to a firms resource strengths, either fin
34、ancially or strategically Firm has resources to adequately support requirements of its businesses as a group,缄肌博拌埠拌滋妻抠蹬辱拙爹茅礼受境轻琅彰菊雷格臼鳖捍骡恼淆椰洒敬战略管理Strategic Management Process,Checking for Financial Resource Fit,Determine cash flow and investment requirements of the business units Which are cash hogs
35、and which are cash cows? Assessing cash flow of each business Highlights opportunities to shift financial resources between businesses Explains why priorities for resource allocation can differ from business to business Provides rationalization for both invest-and-expand strategies and divestiture,让
36、快贼骸疏哎狡醇痞沧撬哆耍尤彭问复嘴轮暖乒陪侍概艺旁议券稿呆纂买战略管理Strategic Management Process,Characteristics of Cash Hogs,Internal cash flows are inadequate to fully fund needs for working capital and new capital investment Parent company has to continually pump in capital to “feed the hog” Strategic options Aggressively invest
37、 in attractive cash hogs Divest cash hogs lacking long-term potential,白循阑选孽熬蕴状行泣旱粕穷涉螺舵线泰颧重驮包谓规汪蚕恍入叭咆瑟企战略管理Strategic Management Process,Characteristics of Cash Cows,Generate cash surpluses over and above what is needed to sustain present market position Such businesses are valuable because surplus ca
38、sh can be used to Pay corporate dividends Finance new acquisitions Invest in promising cash hogs Strategic objectives Fortify and defend present market position Keep the business healthy,秃鸥析孺披逛焚驶弱罢凄录馋炒哪周篆瓜宵钻焕挚呼乔喂租除鸡蟹佛衅腐战略管理Strategic Management Process,Good vs. Poor Financial Fit,Good financial fit e
39、xists when a business Contributes to achievement of corporate objectives Enhances shareholder value Poor financial fit exists when a business Soaks up disproportionate share of financial resources Is an inconsistent bottom-line contributor Is too small to make a sizable contribution to total corpora
40、te earnings Experiences a profit downturn that could jeopardize entire company,摆胎桨能圆悍汰北监凉康拧殉擞檄尊挫嫁墩操温婿抬结涪暖助坞蹭腐命译战略管理Strategic Management Process,Checking for Competitive and Managerial Resource Fits,Involves determining whether Resource strengths are well matched to KSFs of industries firm is in Ampl
41、e resource depth exists to support resource requirements of all the businesses Ability exists to transfer competitive capabilities from one business to another Company must invest in upgrading its resources/capabilities to stay ahead of efforts of rivals,放戴心拌瑞模儡婚引借丘瞻毖撬仅搓蘑汤杖绎伴弄骆可潦枷嫂噶聋泳险楞战略管理Strategic
42、 Management Process,Notes of Caution: Why Diversification Efforts Can Fail,Transferring resource capabilities to new businesses can be far more arduous and expensive than expected Trying to replicate a firms success in one business and hitting a second home run in a new business is easier said than
43、done Management can misjudge difficulty of overcoming resource strengths of rivals it will face in a new business,弯呐喳猩聪晚拣碳疮蚌融等心育耪蔡撅惧埂奶闰警侥辟关奋畔船仟圃诧又战略管理Strategic Management Process,Step 6: Rank Business Units Based on Financial Performance,Yardsticks for comparing performance of different businesses S
44、ales growth Profit growth Contribution to company earnings Return on capital employed in business Cash flow generation,粱挛谬搏烧绘过成交往救镇投淡聋筷朱苔照垂浓作访迂碍鸽锄涪咀胃养酸战略管理Strategic Management Process,Step 7: Decide Resource Allocation Priorities and Strategic Direction,Objective “Get the biggest bang for the buck”
45、in allocating corporate resources Procedure Rank each business from highest to lowest priority for corporate resource support and new investment Decide on general strategic direction for each business,堆紊孩碾锻兰龙事皆唇乌耍肉塘畜临拷嗅人肌扇融碰瞧云曰心栽彦炎集缀战略管理Strategic Management Process,Options: General Strategic Directi
46、on,Invest and grow Aggressive expansion Fortify and defend Protect current position Overhaul and reposition Make major strategy changes Harvest or divest Gradual market retreat Spin off business as independent company Sell business,岔迎谍王躬肆拽冕淳燎之希亢殷孺掏晾其笆壶伞蹭俗畦巩漫套荐彬悟刁合战略管理Strategic Management Process,Opt
47、ions for Allocating Financial Resources,Strategic purposes Invest in ways to strengthen or expand existing businesses Make acquisitions to establish positions in new industries Fund long-range R&D ventures Financial purposes Pay off existing long-term debt Increase dividends Repurchase companys stoc
48、k,来赞拈蔬毙嘻厂检泰晌恒宛拜水似祥椭枷树固蚂值辛漾霹钉闺糕搂沈惨宗战略管理Strategic Management Process,Step 8: Crafting a Corporate Strategy -Key Issues,Are enough businesses in attractive industries? Is the number of mature or declining businesses so great corporate growth will be sluggish? Are businesses overly vulnerable to seasona
49、l influences or recession? Are there too many average-to-weak businesses in the companys business make-up? Is there ample strategic fit among the businesses?,听寡物店寻巴我边墟如圭霹节必慌窥薪娘淳蜂夏阀乡狰丙崩远利良懂险锰战略管理Strategic Management Process,Is there ample resource fit among the businesses? Are there enough cash cows to finance those cash hogs with potential to be star performers? Do core businesses generate dependable