公司層策略二

Corporate-LevelStrategyMichaelA.HittR.DuaneIrelandRobertE.HoskissonChapter61StrategyImplementationChapter11OrganizationalStructureandControlsChapter10CorporateGovernanceChapter12StrategicLeadershipStrategyFormulationStrategicCompetitivenessAbove-AverageReturnsStrategicIntentStrategicMissionChapter2TheExternalEnvironmentChapter3TheInternalEnvironmentTheStrategicManagementProcessChapter6Corporate-LevelStrategyFeedbackStrategicInputsStrategicActionsStrategicOutcomesChapter13StrategicEntrepreneurshipChapter5CompetitiveRivalryandCompetitiveDynamicsChapter4Business-LevelStrategy2TwoLevelsofStrategyAdiversifiedcompanyhastwolevelsofstrategy1.Business-LevelStrategy

(CompetitiveStrategy)Howtocreatecompetitiveadvantageineachbusinessinwhichthecompanycompetes-lowcost -differentiation-focusedlowcost -focuseddifferentiation -integratedlowcost/ differentiation2.Corporate-LevelStrategy

(Company-wideStrategy)Howtocreatevalueforthecorporationasawhole3KeyQuestionsinCorporateStrategyBusinessUnitBusinessUnitBusinessUnitBusinessUnit1.Whatbusinessesshouldthecorporationbein?2.Howshouldthecorporateofficemanagethearrayofbusinessunits?CorporateStrategyiswhatmakesthecorporatewholeadduptomorethanthesumofitsbusinessunitparts4LevelsandTypesofDiversificationBusinessUnitLowLevelsofDiversificationSingleBusiness>95%ofbusinessfromasinglebusinessunitDominantBusinessBetween70and95%ofbusinessfromasinglebusinessunitBusinessUnit5RelatedConstrained<70%ofrevenuesfromdominantbusiness;allbusinessesshareproduct,technologicalanddistributionlinkagesLevelsandTypesofDiversificationBusinessUnitBusinessUnitModeratetoHighLevelsofDiversificationBusinessUnit6RelatedLinked(Mixed)<70%ofrevenuesfromdominantbusiness,andonlylimitedlinksexistLevelsandTypesofDiversificationBusinessUnitBusinessUnitModeratetoHighLevelsofDiversificationBusinessUnit7LevelsandTypesofDiversificationUnrelated<70%ofrevenuecomesfromthedominantbusiness,andtherearenocommonlinksbetweenbusinessesBusinessUnitBusinessUnitVeryHighLevelsofDiversificationBusinessUnit8AT&T的縮小規(guī)模AT&T曾歷經(jīng)兩次分割案1984年非自願(yuàn)性分割第一次分割後持續(xù)購(gòu)併成長(zhǎng)高估整合的優(yōu)點(diǎn)與忽略多角化後的經(jīng)營(yíng)複雜性1995年自願(yuàn)分割分割前的公司旗下有通訊事業(yè)電腦事業(yè)設(shè)備事業(yè)9電腦事業(yè)由購(gòu)併NCR開始虧損連連,達(dá)80億設(shè)備事業(yè)的顧客與通訊事業(yè)間的競(jìng)爭(zhēng)衝突美國(guó)政府放寬對(duì)通訊事業(yè)的管制公司決定縮小經(jīng)營(yíng)範(fàn)疇,專心於核心事業(yè)AT&T的縮小規(guī)模10多角化企企業(yè)的演演化歷程程單一事業(yè)業(yè)整合策略略多角化策策略國(guó)際化策策略國(guó)際化策策略多角化策策略早期後期11ReasonsforDiversificationReasonstoEnhanceStrategicCompetitivenessEconomiesofscope(相關(guān)多角角化)Marketpower(相關(guān)多角角化)Financialeconomics(不相關(guān)多多角化)IncentivesResourcesManagerialMotives12IncentiveswithNeutralEffectsonStrategicCompetitivenessAnti-trustregulationTaxlawsLowperformanceUncertainfuturecashflowsFirmriskreductionIncentivesResourcesManagerialMotivesReasonsforDiversification13ResourceswithvaryingeffectsonvaluecreationandstrategiccompetitivenessTangibleresourcesfinancialresourcesphysicalassetsIntangibleresourcestacitknowledgecustomerrelationsimageandreputationIncentivesResourcesManagerialMotivesReasonsforDiversification14ManagerialMotives(ValueReduction)DiversifyingmanagerialemploymentriskIncreasingmanagerialcompensationIncentivesResourcesManagerialMotivesReasonsforDiversification15Value-creatingStrategiesofDiversification:OperationalandCorporateReadinessRelatedConstrainedDiversificationVerticalIntegration(MarketPower)UnrelatedDiversification(FinancialEconomies)BothOperationalandCorporateRelatedness(RareCapabilityandcanCreateDiseconomiesofScope)RelatedLinkedDiversification(EconomiesofScope)CorporateRelateness:TransferringSkillsintoBusinessesThroughCorporateHeadquartersLowHighSharing:OperationalRelatednessBetweenBusinessesLowHigh16AddingValuebyDiversificationDiversificationmosteffectivelyaddsvaluebyeitheroftwomechanisms:Economiesofscope:costsavingsattributedtotransferringthecapabilitiesandcompetenciesdevelopedinonebusinesstoanewbusinessMarketpower:whenafirmisabletosellitsproductsabovetheexistingcompetitivelevelorreducethecostsofitsprimaryandsupportactivitiesbelowthecompetitivelevel,orboth17AlternativeDiversificationStrategiesRelatedDiversificationStrategiessharingactivitiestransferringcorecompetenciesUnrelatedDiversificationStrategiesefficientinternalcapitalmarketallocationrestructuring18AlternativeDiversificationStrategiesRelatedDiversificationStrategiessharingactivities19SharingActivities:SharingactivitiesoftenlowerscostsorraisesdifferentiationSharingactivitiescanlowercostsifit:achieveseconomiesofscaleboostsefficiencyofutilizationhelpsmovemorerapidlydowntheLearningCurveSharingactivitiescanenhancepotentialfororreducethecostofdifferentiationMustinvolveactivitiesthatarecrucialtocompetitiveadvantageKeyCharacteristics20SharingActivities:StrongsenseofcorporateidentityClearcorporatemissionthatemphasizestheimportanceofintegratingbusinessunitsIncentivesystemthatrewardsmorethanjustbusinessunitperformanceAssumptions21RelatedDiversificationStrategiessharingactivitiestransferringcorecompetenciesAlternativeDiversificationStrategies22TransferringCoreCompetencies:ExploitsinterrelationshipsamongdivisionsStartwithvaluechainanalysisidentifyabilitytotransferskillsorexpertiseamongsimilarvaluechainsexploitabilitytotransferactivitiesKeyCharacteristics23TransferringCoreCompetencies:Transferringcorecompetenciesleadstocompetitiveadvantageonlyifthesimilaritiesamongbusinessunitsmeetthefollowingconditions:activitiesinvolvedinthebusinessesaresimilarenoughthatsharingexpertiseismeaningfultransferofskillsinvolvesactivitieswhichareimportanttocompetitiveadvantagetheskillstransferredrepresentsignificantsourcesofcompetitiveadvantageforthereceivingunitAssumptions24RelatedDiversificationStrategiessharingactivitiestransferringcorecompetenciesAlternativeDiversificationStrategiesUnrelatedDiversificationStrategiesefficientinternalcapitalmarketallocation25EfficientInternalCapitalMarketAllocation:Firmspursuingthisstrategyfrequentlydiversifybyacquisition:acquiresound,attractivecompaniesacquiredunitsareautonomousacquiringcorporationsuppliesneededcapitalportfoliomanagerstransferresourcesfromunitsthatgeneratecashtothosewithhighgrowthpotentialandsubstantialcashneedsaddprofessionalmanagement&controltosub-unitssub-unitmanagerscompensationbasedonunitresultsKeyCharacteristics26EfficientInternalCapitalMarketAllocation:ManagershavemoredetailedknowledgeoffirmrelativetooutsideinvestorsFirmneednotriskcompetitiveedgebydisclosingsensitivecompetitiveinformationtoinvestorsFirmcanreduceriskbyallocatingresourcesamongdiversifiedbusinesses,althoughshareholderscangenerallydiversifymoreeconomicallyontheirownAssumptions27RelatedDiversificationStrategiessharingactivitiestransferringcorecompetenciesUnrelatedDiversificationStrategiesefficientinternalcapitalmarketallocationAlternativeDiversificationStrategiesrestructuring28Restructuring:Seekoutundeveloped,sickorthreatenedorganizationsorindustriesParentcompany(acquirer)intervenesandfrequently:changessub-unitmanagementteamshiftsstrategyinfusesfirmwithnewtechnologyenhancesdisciplinebychangingcontrolsystemsdivestspartoffirmmakesadditionalacquisitionstoachievecriticalmassKeyCharacteristics29Restructuring:Frequentlysellunitaftermakingone-timechangessinceparentnolongeraddsvaluetoongoingoperationsKeyCharacteristics30Restructuring:RequireskeenmanagementinsightinselectingfirmswithdepressedvaluesorunforeseenpotentialMustdomorethanrestructurecompaniesNeedtoinitiaterestructuringofindustriestocreateamoreattractiveenvironmentAssumptions31IncentivestoDiversifyExternalIncentives:Relaxationofanti-trustregulationallowsmorerelatedacquisitionsthaninthepastBefore1986,highertaxesondividendsfavoredspendingretainedearningsonacquisitionsAfter1986,firmsmadefeweracquisitionswithretainedearnings,shiftingtotheuseofdebttotakeadvantageoftaxdeductibleinterestpayments32IncentivestoDiversifyInternalIncentives:PoorperformancemayleadsomefirmstodiversifytoattempttoachievebetterreturnsFirmsmaydiversifytobalanceuncertainfuturecashflowsFirmsmaydiversifyintodifferentbusinessesinordertoreducerisk33ResourcesandDiversificationBesidesstrongincentives,firmsaremorelikelytodiversifyiftheyhavetheresourcestodosoValuecreationisdeterminedmorebyappropriateuseofresourcesthanincentivestodiversify34ManagerialMotivestoDiversifyManagershavemotivestodiversifydiversificationincreasessize;sizeisassociatedwithexecutivecompensationdiversificationreducesemploymentriskeffectivegovernancemechanismsmayrestrictsuchmotives35相關(guān)與不相關(guān)關(guān)多角化的比比較策略創(chuàng)造價(jià)值的方式官僚成本的來源相關(guān)多角化技術(shù)移轉(zhuǎn)範(fàn)疇經(jīng)濟(jì)事業(yè)的數(shù)目事業(yè)間的協(xié)調(diào)不相關(guān)多角化內(nèi)部資本市場(chǎng)重組事業(yè)的數(shù)目36RelationshipBetweenDiversificationandPerformancePerformanceLevelofDiversificationDominantBusinessUnrelatedBusinessRelatedConstrained37RelationshipBetweenFirmPerformanceandDiversificationIncentivesManagerialMotivesResourcesDiversificationStrategyFirmPerformanceInternalGovernanceStrategyImplementationCapitalMarketInterventionandtheMarketforManagerialTalent389、靜夜四四無鄰，，荒居舊舊業(yè)貧。。。1月-231月-23Sunday,January1,202310、雨雨中中黃黃葉葉樹樹，，燈燈下下白白頭頭人人。。。。20:45:5020:45:5020:451/1/20238:45:50PM11、以我獨(dú)沈久久，愧君相見見頻。。1月-2320:45:5020:45Jan-2301-Jan-2312、故人人江海海別，，幾度度隔山山川。。。20:45:5020:45:5020:45Sunday,January1,202313、乍見翻疑夢(mèng)夢(mèng)，相悲各問問年。。1月-231月-2320:45:5020:45:50January1,202314、他他鄉(xiāng)鄉(xiāng)生生白白發(fā)發(fā)，，舊舊國(guó)國(guó)見見青青山山。。。。01一一月月20238:45:50下下午午20:45:501月月-2315、比不了得就就不比，得不不到的就不要要。。。一月238:45下下午1月-2320:45January1,202316、行動(dòng)動(dòng)出成成果，，工作作出財(cái)財(cái)富。。。2023/1/120:45:5120:45:5101January202317、做前，能能夠環(huán)視四四周；做時(shí)時(shí)，你只能能或者最好好沿著以腳腳為起點(diǎn)的的射線向前前。。8:45:51下下午8:45下下午20:45:511月-239、沒有失敗，，只有暫時(shí)停停止成功！。。1月-231月-23Sunday,January1,202310、很多多事情情努力力了未未必有有結(jié)果果，但但是不不努力力卻什什么改改變也也沒有有。。。20:45:5120:45:5120:451/1/20238:45:51PM11、成功功就是是日復(fù)復(fù)一日日那一一點(diǎn)點(diǎn)點(diǎn)小小小努力力的積積累。。。