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1、CONFIDENTIALBrown Goods and PC Competitor Analysis: ToshibaSAMSUNG ELECTRONICS CHINA (SEC China)August 20, 2001This report is solely for the use of client personnel. No part of it may be circulated, quoted, or reproduced for distribution outside the client organization without prior written approval

2、 from McKinsey & Company. This material was used by McKinsey & Company during an oral presentation; it is not a complete record of the discussion.SEC China010821BJ-ToshibaOVERVIEW OF COMPETITOR ANALYSIS FRAMEWORK1. Background informationLocationRegistered capitalManagementteamEquitystructure

3、Starting yearNumber of employeesEra analysis4. Value chain strategy5. Organization and ownership6. Financial performanceFocus onMarketing, advertising and promotionDistribution (channel and sales force)Organization structureOwnership structureSales Profit 2. Strategy 3. Product/market MissionVisionC

4、orporate strategyKey product offeringsMarket position1SEC China010821BJ-ToshibaBACKGROUND INFORMATION1. Background informationLocationRegistered capitalManagementteamEquitystructureStarting yearNumber of employeesEra analysis4. Value chain strategy5. Organization and ownership6. Financial performanc

5、eFocus on Marketing, advertising and promotion Distribution (channel and sales force)Organization structureOwnership structureSales Profit 2. Strategy 3. Product/market MissionVisionCorporate strategyKey product offeringsMarket position2SEC China010821BJ-ToshibaSource: Toshiba website, Lit searchBAC

6、KGROUND INFORMATION TOSHIBAEstablished:1875 by Hisashige TanakaPresident & CEO:Tadashi OkamuraTotal Assets:US$51,578 millionShareholders Equity: US$10,054 millionNumber of employees: 190,000 worldwide(As of September 30, 2000)Domestic Plants, Branches OfficesAnd Other Facilities:Production facil

7、ities: 25Branch offices: 35Sales offices: 23Overseas Plants, Branches Officesand Other Facilities:Offices: 10Manufacturing companies: 42Subsidiaries & affiliates: 723SEC China010821BJ-ToshibaSource: Company website, Lit searchBACKGROUND INFORMATION DALIAN TOSHIBA TELEVISION, LTDLocation:Dalian,

8、Liaoning ProvinceStarting year:1996Registered Capital:US$30 millionUnit Sold: color TV 1 million sets, 50% export (Year 2000)Joint Venture PartnersTypeForeign Juristic Persons SharesForeign Juristic Persons SharesToshibaToshiba (China) Co.Dalian Daxian (Group) Co., Ltd.Number of employees: 2,000Prod

9、ucts: 21 34 color TV (CRT, Projection, Flat)Domestic Juristic Persons Shares4SEC China010821BJ-ToshibaSource: Company Report, Lit searchTOSHIBAS CORPORATE MANAGEMENT TEAMPresident & CEOTadashi OkamuraCorporate projectCorporate staffCorporate support services iValue Creation Company CEO: Tsutomu

10、Kawada e-Solutions Company CEO: Hiroo Okuhara Social Infrastructure Systems Company CEO: Tsuyoshi Kimura Digital Media Network Company CEO: Atsutoshi Nishida Mobile Communications Company CEO: Tetsuya Mizoguchi Power Systems & Services Company CEO: Toshiyuki Oshima Semiconductor Company CEO: Tak

11、eshi Nakagawa Display Devices & Components Company CEO: Eisaburo Hamano Medical Systems Company CEO: Masamichi Katsurada Home Appliances Company CEO: Makoto Nakagawa5SEC China010821BJ-ToshibaSource: Company website, Literature SearchHISTORY OF TOSHIBA6SEC China010821BJ-ToshibaSource: Literature

12、Search; McKinsey AnalysisTOSHIBAS DEVELOPMENT WENT THROUGH THREE STAGESOrganization structureCorporate strategyProduct Development & Technology1875-1939 Two Japanese electrical equipment manufacturers merged in 1939 to create Toshiba. Technological innovation accounted for the companies successe

13、s. One of the founders was the so-called Edison of Japan. Main products included transformers, electric motors, light bulbs, radio receivers, and cathode-ray tubes.1978- PRESENT1939-1978 The company grew rapidly and became a market leader in the electrical and electronic industry. However, the organ

14、ization became more bureaucratic. The company continued to be innovative in the early years, producing many firsts in the industry. However, It lost its innovator image in the 70s . Numerous leading products in the electrical and electronics areas. Examples includes Japans first vacuum cleaner, firs

15、t fluorescent lamp, first radar, etc. Toshiba shifted direction by investing heavily in IT segment. The organization became increasingly global, employing 190,000 employees world-wide with annual sales over 5 trillion. IT focus, diversification, innovation and globalization are four key elements of

16、Toshibas corporate strategy. Toshiba is intensively focusing on IT-related business (i.e. telecom and internet), meanwhile, leveraging its legacy businesses to generate stable incomeBusiness Building Becoming Industry LeaderMeeting worldwide competition7SEC China010821BJ-ToshibaSource:Literature Sea

17、rch; McKinsey AnalysisDEVELOPMENT OF DALIAN TOSHIBAS TV BUSINESS IN CHINAKey initiativeKey results1996-1997 Founded as a joint venture in 1996, construction was completed in 1997. Conducted accurate market forecast and implemented just in order inventory management. Inventory turn-over less than two

18、 days. Made profit the next year.20011998-2000 Focused on high profit margin PJTV segment, and competed on technology, service and management rather than price. Strengthened customer service Revenue and profit grew 50% annually. Became the No. 1 market share leader in PJTV segment. Toshiba decided t

19、o relocate its digital TV production to Dalian and invested 300 million to expand capacity from one million units to 1.5 million units exported 800,000 units to Japan. Business Building Establishing Leadership in PJTV MarketBecoming Toshibas Key Global TV Production Base8SEC China010821BJ-ToshibaTOS

20、HIBA WILL FURTHER INVEST IN IT INDUSTRY IN CHINABackground informationSource: Literature research, interviewTo support Chinas 10th 5-year plan, we will enlarge our investment in IT industry. Toshiba has the world-leading LCD related and semiconductor technology. The amount of each investment will ex

21、ceed I billion USD.“Apart from Japan, Toshiba divides global market into four regions, America, Europe, China and the rest of Asia. China is the only region made up of one single countryChief representative of Toshiba in ChinaInvested companies in ChinaTotal investmentChief representativeTotal numbe

22、r of employeesImportance of ChinaFuture investment plan23RMB 6 billionPintianxinzheng (pinyin)over 10,000Chief representative of Toshiba in ChinaSource: literature research, interview9SEC China010821BJ-ToshibaTOSHIBA IS THE LEADING PLAYER IN NOTEBOOK MARKET BOTH IN CHINA AND GLOBALLYTimeKey mileston

23、es198519901993199419992000Introduced the first notebook in the worldIntroduced STN notebookIntroduced color TFT notebookIntroduced Pentium-empowered notebookRanked number one in China notebook market for 4 yearsRanked number one in world wide notebook market for 7 yearsEra analysis of Toshiba in Not

24、ebookSource: literature research, interview10SEC China010821BJ-ToshibaSTRATEGY1. Background informationLocationRegistered capitalManagementteamEquitystructureStarting yearNumber of employeesEra analysis4. Value chain strategy5. Organization and ownership6. Financial performanceFocus on Marketing, ad

25、vertising and promotion Distribution (channel and sales force)Organization structureOwnership structureSales Profit 2. Strategy 3. Product /marketMissionVisionCorporate strategyMarket positionKey product offerings11SEC China010821BJ-ToshibaTOSHIBAS MISSION AND VISIONCorporate mission“We, the Toshiba

26、 Group companies, based on our total commitment to people and to the future, are determined to help create a higher quality of life for all people, and to do our part to help ensure that progress continues within the world communityCorporate vision“To grow with excellence as the leading-edge, intern

27、et-ready enterprise globally by accelerating innovation with agility, and to create a 21st century of success hand in hand with our customersSource: Company website, Lit search.12SEC China010821BJ-ToshibaTHREE STRATEGIES PROPEL TOSHIBA TO BECOME A GLOBAL HI-TECH LEADER IN THE NEW MELLIMUMToshiba as

28、a leading-edge, internet-ready global leader in hi-techAccelerate the speed of innovationManagement Innovation (MI2001) is a major initiative being promoted throughout Toshiba Group. It is aimed at advancing creative destruction and competitive superiorityChampion market-centric managementCustomer R

29、elationship Management and Supply Chain Management systems will be deployed to cover company-wide operations.Be internet-readyDigital Manufacturing, a new system, will be introduced throughout the Toshiba GroupAn IT infrastructure for collaborative engineering will be established Source: Lit search,

30、 external interviews: Toshiba Annual Report 13SEC China010821BJ-ToshibaASSESSMENT OF TOSHIBAS CURRENT STRATEGIC POSITION SWOTStrengthsBroad and diversified product portfolioStrong presence in AsiaStrong R&D and manufacturing capabilitiesWeaknessesLess customer focusedWeak brand name in cutting-e

31、dge information technologiesUnbalanced global presenceOpportunitiesGlobal digital convergenceEmerging technologies, i.e., Internet, 3GChina joining WTO opens doors to foreign companiesThreatsBureaucratic management styleIts core semiconductor business is a cyclical commodity businessBehind the curve

32、 in key IT developments14SEC China010821BJ-ToshibaTHERE ARE TWO SUCCESSFUL MODELS IN THE CHINA CTV MARKET, DALIAN TOSHIBA FOLLOWS THE SONY MODELThe Konka ModelCapital intensive, aggressive growth through economies of scale in manufacturing and in the sales forceFrom 1993 to 1998 Konka acquired TV ma

33、nufacturers: North east Du Dan Jian, San Xi, An Suo, Chong Qing factories to bulk upGrew capacity by 2 million units from 1993 to 1998Through economics of scale and aggressive pricing Konka was able to grow market share from 3% to 11% from 1995 to 2000The Sony ModelZero in on the high end, high prof

34、it segment of CRT TV market with a strong brand able to command price premiumsNot in a strong presence in unit market share, but the top brand when consumers respond for the brand quality and reliabilityCorporate philosophy unwilling to sacrifice profits for larger market share (vast different from

35、Chinese players)Future target focused on higher end, cutting edge technology TVs e.g. PJTV, Digital TV, LCD and PDP which have significantly higher profit margins. Source: Lit search, McKinsey analysis 15SEC China010821BJ-ToshibaTOSHIBA SHIFTS ITS STRATEGIC FOCUS TO APPLICATION SOLUTION AND CUSTOMER

36、 SERVICE IN CHINA NOTEBOOK MARKETMissionTo be the most responsible IT product application solution and service providerTimeStrategic focus1996199719981999Product itselfChannel developmentApplicationCustomer service2000VIP certification focusing on core customersChannel development into 2nd tier geog

37、raphiesApplication solution of mobile office conceptToshiba notebook strategy* in ChinaStrategy evolvement * Toshiba notebook strategy in China is co-developed by Digital China, Toshibas exclusive notebook chief-distributor in ChinaSource: literature research, interview16SEC China010821BJ-ToshibaPRO

38、DUCT/MARKET1. Background informationLocationRegistered capitalManagementteamEquitystructureStarting yearNumber of employeesEra analysis4. Value chain strategy5. Organization and ownership 6. Financial performanceFocus on Marketing, advertising and promotion Distribution (channel and sales force)Orga

39、nization structureOwnership structureSales Profit 2. Strategy 3. Product /marketMissionVisionCorporate strategyKey product offeringsMarket position17SEC China010821BJ-ToshibaTOSHIBAS GLOBAL NET SALES BY BUSINESS SEGMENTSource: Toshiba web site, Lit SearchYea 2000 ( billion)7%10%23%9%23%28%Informatio

40、n & Communications & Industrial Systems 1,858Power Systems 571Electronic Devices & Components 1,477Digital Media 1,518Home Appliances 660Others 47318SEC China010821BJ-ToshibaDALIAN TOSHIBAs KEY TV PRODUCT OFFERINGSColor TVs (inch, model no.)Projection TV Series: 43 61 61D9UXC 50D9UXC 43D

41、9UXC 50D8UXC 43D8UXC Source: Company website, Lit searchCRT TV Series: 21 29 29D2DC 29D2XC 25D2XC 25E3DC3 21D2NC Flat TV Series: 21 34 34D8UXC 34D6DC 29D8UXC 29D6DC 29D3XC 25D6XC 21AF6C 19SEC China010821BJ-ToshibaDALIAN TOSHIBAS MARKET POSITION IN CHINAS CONVENTIONAL CRT TV MARKET: NO. 5 MARKET SHAR

42、E LEADERMarket share by sales, %Source: GFK, McKinsey Analysis, External interviews: Konka, Sony, Toshiba9.711.79.69.37.47.57.07.37.05.76.65.04.24.94.23.94.04.63.03.32.22.22.02.413.013.711.210.96.46.3%19992000Others 100%100%Key trends Rationale Industry undergoes further consolidation Foreign player

43、s lose market share to local playersTop five players in the market Changhong, TCl, Konka, Hisense, Skyworth,controlled 41.6% of the market in 1999 grew to 43.7% in 2000 Local players increased market share from 65% in 1999 to 67% in 20001.92.0RowaLGPanda Jinxing Skyworth-RGBXoceco Philips Haier Pana

44、sonic Hisense Toshiba TCLChanghongKonka Sony 20SEC China010821BJ-ToshibaDALIAN TOSHIBAS MARKET POSITION IN CHINAS PJTV MARKET: NO. 1 MARKET SHARE LEADERSource: GFK, internal interview, literature search, external interviews: Sony, Panasonic, ToshibaKey trendsRationale Established MNCs, Toshiba, Sony

45、 will continue to dominate market Local players start establishing themselves by 2005High-end producers with superior technology in pixel resolution and brightnessLocal players expected to acquire key PJTV technologies as of 2003As comparison, Changhong alone now controls 20% of large screen CRTV ma

46、rket, local players likely to gain similar share in PJTV market Market share by salesPercent Local (KonkaChanghong, etc)Other MNCsHitachi PanasonicSamsungSonyToshiba19992000100%353233327101514615343100%21SEC China010821BJ-ToshibaPJTV PLAYERS STRENGTHS AND WEAKNESSESCompanyStrengths/weaknessesToshiba

47、Strong brand nameAggressive sales and marketingSonyNo. 1 brand namePremium market with highest industry profitsSamsungStrong quality in resolution and brightnessSolid position in the marketComparable technology with Japanese counterpartsOther MNCs: Panasonic, Philips, etc.Possess the technology, but

48、 yet to establish themselves in marketLocal companies: TCL, Konka, Hinsense, Haier, ChanghongLack the key technologies for PJTV components tubes and screenLow-end brand have resulted in low sales volumeWill fill up the technology gap by about 2003 Source: Lit search, McKinsey analysis22SEC China0108

49、21BJ-ToshibaTOSHIBA HAS A FULL-LINE PROUCT OFFERING IN NOTEBOOK, COVERING LOW-END TO PREMIUM SEGMENT Source: Literature researchKey product offeringsSatellite Series 2800 (13.3, 14.1, 15.0)Portege Series (7220CT, 3480CT, 3490CT)Tecra Series (8100H, 8000J, 8200)Satellite 1750 (13.3)New satellite 2800

50、 (13.3, 14.1,15.0)Satellite Pro 4600 (13.3, 14.1, 15.0)New Satellite Pro 4600 (14.1)Satellite 3000 (13.3)Source: literature research23SEC China010821BJ-ToshibaTOSHIBA IS STRONG IN EDUCATION, LARGE AND MEDIUM BUSINESS, BUT PARTICULARLY WEAK IN GOVERNMENTSource: IDC17.831.423.528.827.422.28.410.98.44.

51、85.5Small office Home 100% =ToshibaMarket average73484Education Government Large businessSmall businessMedium business 3.83.53.7Sales by customer segmentsPercent of units shipment (000s), 200024SEC China010821BJ-ToshibaTOSHIBA IS GENERALLY A MEDIUM TO HIGH-END PLAYER, PARTICULARLY STRONG IN USD 2.5-

52、3.5K PRICE BRANDSource: IDC48.822.712.110.411.156.513.324.516.110.417.924.212.213.57.19.23.89.813.96.626.620.20.9Low(0-2k)Medium (2-2.5k)High (2.5-3.5k)100% = 0.110.120.170.73.51.40.10.08Premium (3.5K)2.2Toshibas market share0.1Sales by customer segmentsPercent of units shipment (M), 2000Others Dell

53、IBMFounderLegend AcerToshiba25SEC China010821BJ-ToshibaVALUE CHAIN STRATEGY1. Background informationLocationRegistered capitalManagementteamEquitystructureStarting yearNumber of employeesEra analysis4. Value chain strategy5. Organization and ownership 6. Financial performanceFocus on Marketing, adve

54、rtising and promotion Distribution (channel and sales force)Organization structureOwnership structureSales Profit 2. Strategy 3. Product/market MissionVisionCorporate strategyKey product offeringsMarket position26SEC China010821BJ-ToshibaSource: Literature Search, Konka web site, team analysis R&

55、;DManufacturingMarketing& SalesDistribution After-Sales ServicesToshiba Digital Media Network Company is responsible for Color TV R&DDalian Toshiba is responsible for TV production. 30% parts come from ChinaDalian Toshiba and its 4 subsidiaries in Dalian, Beijing, Shanghai and Guangzhou are

56、responsible for marketing and salesDalian Toshiba primarily uses sales forces in its four subsidiaries to sell TV products directly to retailers. It also uses distributors in certain regions such as Chongqing.Toshiba (China) helped set up the after-sales service network, and Dalian Toshiba is runnin

57、g the network and responsible for PNL.Digital mediaDigital MediaNetwork Co.Dalian Toshiba TV Co.TOSHIBA CHINA TV BUSINESS HAS A PRODUCT LINE ORIENTED VALUE DELIVERY SYSTEM27SEC China010821BJ-ToshibaDALIAN TOSHIBAS TV DISTRIBUTION CHANNELSource: McKinsey Literature Search, external interviews, McKins

58、ey analysisDalian Toshiba TV Co.Manufacturing PlantDalian SubsidiaryBeijing SubsidiaryShanghai SubsidiaryGuangzhou SubsidiaryDistributorsRetailers:Hyper/super-market: 10%Designated Stores: 25%Dept. Stores: 30%Specialty Stores: 35%Consumers Subsidiary Sales Force70%30%28SEC China010821BJ-ToshibaTOSHI

59、BA ADOPTS THE NATIONAL CHIEF-DISTRIBUTOR PRACTICE IN NOTEBOOK BUSNIESS IN CHINA R&DManufacturingMarketing and brandingSales and distributionAfter-sales serviceToshiba R&DToshiba SHOEM: Renbao, a Taiwanese OEM playerDigital ChinaDigital China (for Toshiba notebook only)ToshibaDigital China Ce

60、ntralize key accounts across different products Centralize SI for key accounts (banking, tax) Be in charge of channel develop-ment and managementDigital China Major responsibilityToshiba SH factory Parts inventory Ancillary hotlineToshibaToshiba SHOEMToshibaToshiba SHDealersDigital ChinaSource: interview29SEC China010821BJ-ToshibaTOSHIBA HAS POSITIONED CHINA AS A KEY R&D BASE *The other