全球战略管理ppt 9

Conglomeration
• Product diversification and firm performance
9–11
Geographic Diversification
• International diversification • Limited international scope
9–7
RENAULT-NISSAN
• Ditched the seniority system
at Nissan • Introduced a performancebased promotion system • Criticised for attacking Japanese culture, but • Over time a new culture emerged • Created 9 cross functional teams with 500 N managers
151% • Nissan’s share price jumped 197% (way beyond average stocks) • Q: Why was Ghosn so successful?9Leabharlann 6RENAULT-NISSAN
• Balance needs for radical
strategic changes and the respect for Nissan’s identity and the self-esteem of its employers (those who were left?) • Knew the difficulties as an outsider – non-Japanese, non-Nissan could not dictate too much, but if too passive Nissan would just spiral down
9–17
Combining Product and Geographic Diversification
• Entertain both dimensions of diversification
simultaneously
• Four possible combinations
Anchored replicators – product-related diversification and a limited geographic scope Multinational replicators – product related diversification and far flung multi-national expansion
9–3
RENAULT-NISSAN
• 2000-2001 Carlos Ghosn –
Brazilian-French-Lebanese – COO then CEO of Nissan • At the time 43 out of 46 Nissan brands sold in Japan unprofitable • Ghosn - ‘Le Cost Cutter’ ruled that there would be no new model unless it made money • Since 2000 shut down 5 Japanese plants
9–8
RENAULT-NISSAN
• Teams came up with new
ideas and watched implementation • Cooperation between Nissan and Renault
Joint engineering, production and distribution globally
diversification • A comprehensive model of diversification • Acquisitions • Restructuring • Debates and extensions • The savvy strategist
Slides are a combination of: Copyright © 2009 Cengage. All rights reserved. And Johnston [2009] 9–2
RENAULT-NISSAN
• 1999 Renault acquired 37%
of Nissan for $5 billion • Allowed Renault to expand into Asia where previously weak • Nissan had awesome debts, a faded brand, and uncertain future • Called an ‘alliance’ but Renault was in charge
9–13
Beatrice: The Rise and Fall of a US Conglomerate • FTC forced B into product –
unrelated diversification • 1975 only 21% earnings in dairy • B’s industry areas: bakeries, beverages, chemicals, cold storage, confectionary, garden, graphic arts, home, printing • All targets were family run and were left alone if targets met
Geographically and culturally adjacent countries
• Extensive international scope
Beyond geographically and culturally neighboring countries
• Geographic diversification and firm performance
9–4
RENAULT-NISSAN
• Since 2000
Reduced workforce by 21000 (14% of the total - all in Japan) Shifted production of new cars to the US
• 2005 Nissan returned to
9–14
Beatrice: The Rise and Fall of a US Conglomerate • No attempt to integrate
businesses • 1952 sales $235 million • 1976 sales $5.6 billion • Shareholder return 14% av. • 1976 B operated in 27 countries • From 76 attempts to centralize (looking for synergies) • Marketing the B brand
9–16
Beatrice: The Rise and Fall of a US Conglomerate • Pre 1976 B created value by
acquisitions • 1976-1985 destroyed value by acquisitions • Post 1986 created values by divestitures • Ethical question – did managers knowingly or unknowingly make mistakes • Final sale value 19% more than equity?
Classic conglomerates – product-unrelated diversification within a small set of countries centred on the home country
Copyright © 2009 Cengage. All rights reserved.
GLOBAL STRATEGIC MANAGEMENT
9 – Diversifying, Acquiring, & Restructuring
1
Outline
• Product diversification • Geographic diversification • Combining product and geographic
9–12
Beatrice: The Rise and Fall of a US Conglomerate • 1891 a small dairy producer
began in Beatrice Nebraska • Through acquisitions over the next 3 decades B. became a major producer • 1956 Federal trade Commission charged B for possessing ‘excessive’ market power, forcing it to divest and preventing further acquisitions
profitability • Ghosn appointed CEO of Renault while still Nissan CEO
9–5
RENAULT-NISSAN
• By 2007 3rd largest group by
volume
After GM, Toyota