STRATEGIC MANAGEMENT- CHAPTER FOUR讲义 - Wikispaces

Strategy 2005
外 部 环 境
弱点W W1 W2 W3 WO组合方案： 组合方案： 组合方案 （1） O1 W1 ） （2） O2 W2 W3 ）
WT组合方案： 组合方案： 组合方案 （1） T2 W1 ）
copyright © Cui Shijuan
优势——S 优势
弱势——W 弱势
W1：近海渔业资源枯竭 W2：渔轮设备陈旧 W3：单一捕捞经营 W4：经济效益差
copyright © Cui Shijuan
Strategy 2005
- strategic choice to purchase some activities from outside suppliers
Outsourcing
Firm Resource Management Infrastructure Human
名次
品牌价 值（亿 美圆）
1
2
3
4
5
6
7
8
9
10
690 641 512 413 309 300 293 264 242 210
• 全球前100个品牌中，亚洲7个，其中日本6个，韩国 三星1个，中国一个都没有。 copyright © Cui Shijuan
Strategy 2005
某餐厅的资源— 某餐厅的资源—为顾客提供愉快服务
Procurement Operations
Marketing & Sales
Outbound Logistics
Service Service
Inbound Logistics
Service
Inbound Logistics
OperationsFra bibliotekOutbound Logistics

© 2006 by Nelson, a division of Thomson Canada Limited.
4-10 *
an
The Resource-Based Model of Superior Returns Action required:
Resources Capability Competitive Inputs to a firm’s Advantage Attractive Capacity for an An production process. integrated set of Strategy Industry resourcesAbility of a firm to Formulation and to Location of outperform its integratively perform a rivals an ind. with opportunities Implementation task or activity. Select strategy that best exploits res.& capabilities relative to opportunities in environments.
© 2006 by Nelson, a division of Thomson Canada Limited.
4-4
The Resource-Based model of Above Average Returns
• Capabilities evolve and must be managed dynamically in pursuit of above-average returns.
• Firms acquire different resources and develop unique capabilities. These resources may not be mobile across firms and that the differences in resources are the basis of competitive advantage.

Chapter 1 Strateg ic Ma n a gem e nt a nd Str a tegic Com pe titiven e ss (3)1.1Strategic Management Process (3)1.1.1 The Rational Model (3)1.1.2 The critique of the rational model (4)1.2 The New Competitive Landscape (5)1.2.1The Globalized Competition (5)1.2.2Technological Changes (5)1.3The I/O model of Above-average Returns (7)1.4The Resource-based Model of Above-average Returns (8)1.5Strategic Intent and Strategic Mission (9)1.6Stakeholders (10)1.7Organizational Strategists (10)复习题 (11)Chapter 2 The External Environment: Opportunities, Threats, Industry Environment, and Competitor Analysis (12)2.1External Environmental Analysis (12)2.2 Segments of the General Environment: The PEST Analysis (13)2.3 Industry Environment Analysis: The Five Forces Model (14)2.4 Strategic Group Analysis (17)2.5 Competitor Analysis (17)复习题 (17)Chapter 3 The Internal Environment: Resources, Capabilities, and Core Competencies (19)3.1 The importance of Internal Analysis (19)3.2 Resources, Capabilities, and Core Competencies (20)3.2.1 Resources (20)3.2.2 Capabilities (21)3.2.3 Core Competencies (22)3.3 Steps in a Resource-based Strategic Analysis (22)3.4 Value Chain Analysis (25)复习题 (26)Chapter 4 Business-Level Strategy (27)4.1 Customers: Who, What, and How (27)4.1.1 Who: Determining the customers to serve (27)4.1.2 What: Determining the customer needs to satisfy (28)4.1.3 How: Determining core competencies necessary to satisfy customers’ needs (28)4.2 Types of Business-level Strategy (28)4.3 Cost Leadership Strategy (29)4.4 Differentiation Strategy (30)4.5 Focus Strategies (31)4.6 Integrated Low-Cost/Differentiation Strategy (32)复习题 (33)Chapter 5 Corporate-Level Strategy (35)5.1 Corporate-level Strategy and Levels of Diversification (35)5.2 Reasons for Diversification (36)5.3 Techniques for Analyzing Diversified Companies’ Portfolios (36)复习题 (37)Chapter 6 Acquisition and Restructuring Strategies (38)6.1 Reasons for Acquisitions and Problems in Achieving Success (38)6.2 Attributes of Successful Acquisitions (38)6.3 Restructuring (39)复习题 (39)Chapter 7 International Strategy (41)7.1 Opportunities and Outcomes of International Strategy (41)7.2 International Business-level Strategy (43)复习题 (44)Chapter 8 Cooperative Strategy (45)8.1Types of and Reasons for Cooperative Strategies (45)8.2Business-level and Corporate-level Cooperative Strategies (46)8.2.1 Business-Level Cooperative Strategies (46)8.2.2 Corporate-Level Cooperative Strategies (47)8.3Network Strategies (47)8.4Competitive Risks with Cooperative Strategies (48)Chapter 9 Corporate Governance (50)9.1 Corporate Governance Mechanisms (50)9.2 Separation of Ownership and Managerial Control (51)9.3 Five Governance Mechanisms (53)9.3.1 Ownership Concentration (53)9.3.2 Board of Directors (54)9.3.3 Executive Compensation (54)9.3.4 The Multidivisional Structure (55)9.3.5 Market for Corporate Control (56)复习题 (56)Chapter 10 Organizational Structure and Controls (57)10.1 Evolutionary Patterns of Strategy and Organizational Structure (57)10.1.1 Simple Structure (58)10.1.2 Functional Structure (59)10.1.3 Multidivisional Structure (60)10.2 Implementing International Strategies: Organizational Structure and Control (64)10.2.1 Using the Worldwide Geographic Area Structure to Implement theMulti-domestic Strategy (64)10.2.2 Using the Worldwide Product Divisional Structure to Implement the GlobalStrategy (66)复习题 (67)Chapter 11 Corporate Entrepreneurship and Innovation (67)11.1 Innovation and Corporate Entrepreneurship (67)11.2Internal Corporate V enturing (69)复习题 (71)Chapter 1 Strateg ic Ma n a gem e nt a nd Str a tegic Com pe titiven e ssLea r n i ng Objec t ivesAfter reading t h i s chapter, you should be a ble to·Defining strategic competitiveness, competitive advantage, and above-average returns.·Discuss the challenge of strategic management.·Describe the new competitive landscape and how it is being shaped by global and technological changes.·Use the industrial organization(I/O) model to explain how firms can earn above-average returns.·Use the resource-based model to explain how firms can earn above-average returns.·Describe strategic intent and strategic mission and discuss their value to the strategic management process.·Define stakeholders and describe the three primary stakeholder groups’ability to influence organizations.·Describe the work of strategists.·Explain the strategic management process.1.1Strategic Management Process1.1.1 The Rational ModelStrategic competitiveness(战略竞争力)is achieved when a firm successfully formulates and implements a value-creating strategy. When a firm implements a value-creating strategy of which other companies are unable to duplicate the benefits or find it too costly to imitate, this firm has a sustained or sustainable competitive advantage(持续的或可持续的竞争优势). The speed with which competitors are able to acquire the skills needed to duplicate the benefits of a firm’s value-creating strategy determines how long a competitive advantage will last. Understanding how to exploit its competitive advantage is necessary for a firm to earn above-average returns. Above-average returns(高于平均的或超额回报) are returns in excess of what an investor expects to earn from other investment with a similar amount of risk. Risk(风险) is an investor’s uncertainty about the economic gains or losses that will result from a particular investment. Firms that are without a competitive advantage or that are not competing in an attractive industry earn, at best, only average returns. Average returns（平均回报）are returns equal to those an investor expects to earn from other investments with a similar amount of risk. In the long run, an inability to earn at least average returns results in failure. Failure occurs because investors will choose to invest in firms that earn at least average returns and will withdraw their investments from firms that earn less.Dynamic in nature, the strategic management process (战略管理过程)is the full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns. It is used to match the conditions of an ever-changing market and competitive structure with a firm’s continuously evolving resources, capabilities, and competencies.Figure 1.1 The Strategic Management ProcessNotes:the letter S in SWOT denotes strengths, W weaknesses, O opportunities, T threats.1.1.2 The critique of the rational model1.Setting objectives is the cornerstone of strategic planning. But, incentive un-compatibility（激励不相容） usually leads to inconsistency between objectives that the firm has stated and objectives that the managers are actually pursuing.2.The predictability of the environment is the core assumption of strategic planning. But, irreversibility and uncertainty（不确定性）usually lead to the unpredictability of the environment.3.Another assumption of strategic planning is that strategists are rational. Virtually,strategists’ rationality is bounded(战略家的理性是有限的)and strategic formulation reflects the internal politics of the organization.1.2 The New Competitive Landscape1.2.1The Globalized CompetitionThe fundamental nature of competition in many of the world’s industries is changing. The pace of this change is relentless and is increasing. Even determining the boundaries of an industry or a firm（行业或企业的边界）has become challenging. Consider, for example, how advances in interactive computer networks and telecommunications have blurred the definition of the “television”industry. Conventional sources of competitive advantage(传统的竞争优势的源泉) such as economies of scale(规模经济) and huge advertising budgets(巨额广告预算) are not as effective in the new competitive landscape. Moreover, the traditional managerial mind-set(传统的管理者心态) cannot lead a firm to strategic competitiveness in the new competitive landscape. In its place, managers must adopt a new mind-set——one that values flexibility, speed, innovation, integration, and the challenges that evolve from constantly changing conditions(看重灵活性、速度、创新、整合和从不断变化的环境中产生的挑战的心态). Strategic flexibility(战略的敏捷性) is a set of capabilities firms use to respond to various demands and opportunities that are a part of dynamic and uncertain competitive environments. Such flexibility means that a firm can match quickly its resources with an environmental opportunity(快速地使其资源与环境的机遇匹配).A global economy(全球经济) is one in which goods, services, people, and ideas move freely across geographic borders. It significantly expands and complicates a firm’s competitive environment. To achieve strategic competitiveness in the global economy, a firm must view the world as its marketplace.In globalized markets(全球化的市场) and industries, financial capital might be obtained in one national market and used to buy raw materials in another one. Manufacturing equipment bought from a third national market can be used to produce products that are sold in a fourth market. Thus, globalization increases the range of opportunities for firms competing in the new competitive landscape.The internationalization of markets and industries makes it increasingly difficult to think of some firms as domestic companies(本国公司).Global competition has increased performance standards(绩效标准) in many dimensions, including those of quality, cost, productivity, production introduction time, and smooth, flowing operations.The development of newly industrialized countries(新兴工业化国家) is changing the global competitive landscape and significantly increasing competition in global markets. The economic development of Asian countries outside of Japan is increasing the significance of Asian markets.In the new competitive landscape, firms are challenged to develop the optimal level of globalization(最优的全球化水平).1.2.2Technological ChangesThere are three categories of technological trends and conditions through which technology is significantly altering the nature of competition(竞争的性质).·Increasing rate of technological change and diffusion(不断上升的技术变迁率和扩散率) Both the rate of technology changes and the speed at which new technologies become available and are used have increased substantially over the last 20 years. Perpetual innovation(持续的创新) is a term used to describe how rapidly and consistently new, information-intensive technologies （信息密集的技术）replace older ones. The shorter product life cycles(产品生命周期) resulting from these rapid diffusions of new technologies place a competitive premium on being able to quickly introduce new goods and services into the marketplace. In fact, when products become somewhat indistinguishable because of the widespread and rapid diffusion of technologies, speed to market(产品进入市场的速度) may be the only source of competitive advantage. Some evidence suggests that after only 12 to 18 months, companies likely will have gathered information about their competitors’R&D and product decisions. Often, merely a few weeks pass before a new American-made product introduced in U.S. markets is copied, manufactured, and shipped to the United States by one or more companies in Asia.Today’s rate of technological diffusion stifles the protection firms possessed previously through their patents(专利). Patents are now thought by many to be an effective way of protecting proprietary technology(专利技术) primarily in the pharmaceutical and chemical industries only. Many firms competing in the electronics industry often do not apply for patents to prevent competitors from gaining access to the technological knowledge included in the patent application(包含在专利申请中的技术知识).·The Information Age(信息时代)Dramatic changes in information technology have occurred in recent years. Personal computers, cellular phones, artificial intelligence（人工智能）, virtual reality(虚拟现实), and massive databases are a few examples of how information is used differently as a result of technological developments. Someone believes that electronic mail (E-mail) systems are the first manifestation of a revolution in the flow and management of information in companies throughout the world. An important outcome of these changes is that the ability to access and effectively use information has become an important source of competitive advantage in virtually all industries.·Increasing Knowledge Intensity(不断提高的知识密度)Knowledge is the basis of technology. In the new competitive landscape, knowledge is a critical organizational resource and is increasingly a valuable source of competitive advantage. Because of this, many companies now strive to transmute the accumulated knowledge of individual employees into a corporate asset(把个体性员工积累起来的知识转变成公司的资产).Figure 1.2 The New Competitive Landscape1.3The I/O model of Above-average ReturnsFrom the 1960s through the 1980s, the external environment was thought to be the primary determinants of strategies firms selected. The industrial organization model explains the dominant influence of the external environment on firms’strategic actions. This model specifies that the industry chosen in which to compete has a stronger influence on a firm’s performance than do the choices managers make inside their organizations. Firm performance is believed to be predicted primarily by a range of an industry’s properties(行业属性), including economies of scale（规模经济）, barriers to entry(进入壁垒), diversification(产品多元化), product differentiation(产品差异), and the degree of concentration(行业集中度).The I/O model has four underlying assumptions. First, the external environment is assumed to impose pressures and constraints that determine the strategies that would result in above-average returns. Second, most firms competing within a particular industry are assumed to control similar strategically relevant resources and pursue similar strategies. Third, it is assumed that resources used to implement strategies are highly mobile across firms. Because of resource mobility, any resource differences that might develop between firms will be short lived. Fourth, organizational decision makers are assumed to be rational and committed to acting in the firm’s best interests as shown by their profit maximizing behavior(利润最大化行为).The I/O model challenges firms to locate the most attractive industry in which to compete. Competitiveness generally can be increased only when firms find the industry with the highest profit potential(具有最高的利润潜能的行业) and learn how to use their resources to implement the strategy required by the structural characteristics in that industry(行业的结构特征所要求的战略). The five forces model of competition(竞争的五力模型) is an analytical tool used to help firms with this task. This model suggests that an industry’s potential profitability(行业的潜在的赢利性) is a function of interactions among five forces. A firm can use this model to understand an industry’s profit potential and the strategy that should be implemented to establish a defensible competitive position(可防卫的竞争位置). Typically, this model suggests that firms can earn above-average returns by implementing a cost leadership strategy(成本领先战略) or a differentiation strategy(差异化战略).Figure 1.3 The I/O Model of Superior Returns1.4The Resource-based Model of Above-average ReturnsThe resource-based model(基于资源的模型) assumes that each organization is a bundle of unique resources and capabilities that provides the basis for its strategy and is the primary source of its returns. According to this model, differences in firms’performances across time are driven primarily by organization’s unique resources and capabilities rather than by an industry’s structural characteristics(企业绩效的跨时差异主要是由组织的独特的资源的能力而非行业的特征驱动的).This model also assumes that over time, firms acquire different resources and develop unique capabilities. As such, all firms competing within a particular industry may not possess the same strategically relevant resources and capabilities. Another assumption of this model is that resources may not be highly mobile across firms. The differences in resources(资源上的差异) form the basis of competitive advantage.Resources (资源)are inputs into a firm’s production process, such as capital equipment, the skills of individual employees, patents, finance, and talented managers. In general, a firm’s resources can be classified into three categories: physical, human, and organizational capital(实物资本、人力资本和组织资本). Individual resources alone may not yield a competitive advantage. In general, it is through the combination and integration of sets of resources that competitive advantages are formed(竞争优势是通过组合和整合资源集形成的). A capability(能力) is the capacity for a set of resources to integratively perform a task or an activity. Through continued use, capabilities become stronger and more difficulty for competitors to understand and imitate(通过持续的使用，能力变得更强和更加难以被对手理解和模仿). As a source of competitive advantage, a resource should be valuable, rare, costly to imitate, and non-substitutable. Resources are valuable(有战略价值的) when they allow a firm to exploit opportunities and or/neutralize threats in its external environment; they are rare（稀有的）when possessed by few, if any, current and potential competitors; they are costly to imitate（模仿代价高昂的）when other firms either cannot obtain them or at a cost disadvantage to obtain them compared to the firm that already possesses them; they are non-substitutable（不可替代的）when they have no structural equivalents.The resource-based model of competitive advantage suggests that a firm’s unique resources and capabilities provide the basis for a strategy. The strategy chosen should allow the firm to best exploit its core competencies(最佳地利用其核心竞争力) relative to opportunities in the external environment. Core competencies(核心竞争力) are resources and capabilities that serve as a source of competitive advantage.Figure 1.4 The Resource-based Model of Superior Returns1.5Strategic Intent and Strategic MissionStrategic intent(战略意图) is the leveraging of a firm’s internal resources, capabilities, and core competencies to accomplish the firm’s goals in the competitive environment. Strategic intent reflects what a firm is capable of doing as a result of its core competencies and the unique ways they can be used to exploit a competitive advantage. The following examples are expression of strategic intent.“To become a high-performance multinational energy company——not the biggest, but the best.”“Its our strategic intent that customers worldwide view us as their most valued pharmaceutical partner.”“To be the top performer in everything.”“To catch up with and beat Caterpillar.”Strategic mission(战略使命) is a statement of a firm’s unique purpose and the scope of its operations in product and market terms. An effective strategic mission establishes a firm’s individuality and is exciting, inspiring, and relevant to all stakeholders(利害相关者). Together, strategic intent and strategic mission yield the insights required to formulate and implement the firm’s strategies(制定和执行企业战略所要求的洞见). When a firm is strategically competitive and earning above-average returns, it has the capacity to satisfy its stakeholders’interests(满足其利害相关者的利益).1.6StakeholdersStakeholders(企业的利害相关者) are the individuals and groups who can affect and are affected by the strategic outcomes achieved and who have enforceable claims on a firm’s performance(对企业绩效的可实施的要求权). Claims against an organization’s performance are enforced through a stakeholder’s ability to withhold participation essential to a firm’s survival, competitiveness, and profitability. Stakeholders continue to support an organization when its performance meets or exceeds their expectations. However, every stakeholder does not have the same level of influence. The more critical and valued a stakeholder’s participation is, the greater a firm’s dependency on it. Greater dependence, in turn, results in more potential influence for the stakeholder over a firm’s commitments, decisions, and actions.The stakeholders involved with a firm’s operations can be separated into three groups. Each of these stakeholder groups expects those making strategic decisions in a firm to provide the leadership through which their valued objectives will be accomplished(提供有助于实现他们看重的目标的领导). But these groups’objectives often differ from one another, sometimes placing managers in situations where trade-offs have to be made(有时置经理于必须作出二难选择的情形中). It is important that those responsible for managing stakeholder relationships in a country outside their native land use a global mind-set. A global mind-set(全球心态) is the capacity to appreciate the beliefs, values, behaviors, and business practices of individuals and organizations from a variety of regions and cultures.The firm’s st akeholders and their interestsCapital market stakeholders Goals and Objectives•Shareholders dividends, profit rate•Creditors security of loanProduct market stakeholders:•Customers perceived value of the good or the service •Suppliers profitable sales, payment for goods, long-term relationship •Host communities pollution, employment, aids, taxinside-organization stakeholders•Employees monetary and non-monetary interests•Managers monetary and non-monetary interests1.7Organizational StrategistsSmall organizations may have a single strategist. In many cases, this person owns the firm and is deeply involved with its daily operations. At the other extreme, large, diversified firms(多元化的企业) have many top-level managers. In addition to the CEO and other top-level officials(e.g., chief operating officer and chief financial officer操作总监和财务总监), they have managers who are responsible for the performance of individual business units(个体性业务单位）.Typically, stakeholders have high expectations of top-level managers, particularly the CEO. Some believe that every organizational failure is actually a failure of those who hold the final responsibility for the quality and effectiveness of a firm’s decisions and actions.复习题1.解释下列概念：战略竞争力、高于平均的回报、平均回报、风险、战略管理过程、激励不相容、有限理性、战略的敏捷性、资源、能力、核心竞争力、战略意图、战略使命、企业的利害相关者2. 战略竞争力概念中所隐含的前提性假设是什么？企业获取可持续的战略竞争力的关键或曰前提是什么？什么决定着企业的战略竞争力可维持的时间的长短？3.战略管理过程的理性模型有何不足？为什么各国战略管理教材仍把它作为主要内容进行讲授？4.传统的企业竞争优势的源泉是什么？在新竞争情景中什么更重要？5.为什么说市场和行业的国际化使要把某些公司看成本国公司越来越困难？6.为什么说在技术快速扩散和传播的情况下，产品进入市场的速度或许是竞争优势的唯一源泉？7.为什么药品行业和化学行业的企业比较愿意申请专利，而电子行业的企业一般不愿意申请专利？8.为什么说获取和有效利用信息的能力已成为所有行业中的竞争优势的重要源泉？9.试述塑造新竞争情景的主要力量。

Focused Strategies
Competitive risks
Outfocused by competition Industry-wide player decides to compete in niche Niche loses itsategy
Focused Strategies
Serve industry segment or niche
Buyer group Segment of product line Geographic market
Types
Focused cost leadership Focused differentiation
Business Level Strategy
Integrated set of actions Used to gain competitive advantage Exploits core competencies Applied in specific product markets
Managing Customer Relationships
Types of Business Level Strategies
Cost leadership Focused cost leadership Differentiation Focused differentiation Integrated cost leadership/differentiation
Advantages
Adapt to environmental changes Learn new skills and technologies Effectively leverage core competencies