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1、,主讲教师：李 平 英,“Without a strategy the organization is like a ship without a rudder,going around in circles.”,1.Where are we now?2.Where do we want to go?Business(es)to be in and market positions to stake out?Buyer needs and groups to serve?Outcomes to achieve?3.How do we get there?,Thinking Strategica
2、lly:The Three Big Strategic Questions,A companys strategy consists of the set of competitive moves and business approaches that management is employing to run the companyStrategy is managements“game plan”toAttract and please customers Stake out a market positionConduct operationsCompete successfully
3、Achieve organizational objectives,What is Strategy?,Figure 1-1:The Five Tasks of Strategic Management,Developing a Strategic Vision,Involves thinking strategically aboutFirms future business plansWhere to“go”Tasks includeCreating a roadmap of the futureDeciding future business position to stake outP
4、roviding long-term directionGiving firm a strong identity,First Task of Strategic Management,Missions vs.Strategic Visions,A mission statement focuses on current business activities-“who we are and what we do”Current product and service offeringsCustomer needs being servedTechnological and business
5、capabilities,A strategic vision concerns a firms future business path-“where we are going”Markets to be pursuedFuture technology-product-customer focusKind of company that management is trying to create,Our vision:Getting to a billion connected computers worldwide,millions of servers,and trillions o
6、f dollars of e-commerce.Intels core mission is being the building block supplier to the Internet economy and spurring efforts to make the Internet more useful.Being connected is now at the center of peoples computing experience.We are helping to expand the capabilities of the PC platform and the Int
7、ernet.,Intel,Our business is renting cars.Our mission is total customer satisfaction.,Avis Rent-a-Car,Setting Objectives,Converts strategic vision and mission into specific performance targetsCreates yardsticks to track performancePushes firm to be inventive and focused on resultsHelps prevent compl
8、acency and coasting,Second Task of Strategic Management,objectives,All manager at every levels need to set objectivesCompany wide objective need to be broken down specific target for each organizational units and lower level managersThe broken objectives should be consistent with each other and with
9、 the whole companys objective,Types of Objectives Required,Outcomes focused on improving financial performance,Outcomes focused on improving long-term,competitive business position,Financial Objectives,Strategic Objectives,Examples of Financial Objectives,Grow earnings per share 15%annuallyBoost ann
10、ual return on investment(or EVA)from 15%to 20%within three yearsIncrease annual dividends per share to stockholders by 5%each yearStrive for stock price appreciation equal to or above the S&P 500 averageMaintain a positive cash flow every yearAchieve and maintain a AA bond rating,Examples of Strateg
11、ic Objectives,Increase firms market share Overtake key rivals on quality or customer service or product performanceAttain lower overall costs than rivalsBoost firms reputation with customersAttain stronger foothold in international marketsAchieve technological superiorityBecome leader in new product
12、 introductionsCapture attractive growth opportunities,Crafting a Strategy,Strategy involves determining whether toConcentrate on a single business or several businesses(diversification)Cater to a broad range of customers or focus on a particular nicheDevelop a wide or narrow product linePursue a com
13、petitive advantage based onLow cost orProduct superiority orUnique organizational capabilities,Third Task of Strategic Management,Companys Strategy-What to Look For,Patternof ActionsThat DefineStrategy,Actions to strength resources&capabilities,Actions to diversif,Actions to outcompete rivals,Respon
14、ses tochanging externalcircumstances,Actions to alter geographic coverage,Actions to form strategic alliances and collaborative partnerships,How functional activities are managed,Efforts to pursue new opportunities or defend against threats,Actions to merge or acquire rival companies,Implementing an
15、d Executing Strategy,Taking actions to put a freshly-chosen strategy into placeSupervising the ongoing pursuit of strategy Improving the competence and efficiency with which the strategy is being executedShowing measurable progress in achieving the targeted results and objectives,Fourth Task of Stra
16、tegic Management,Monitoring,Evaluating,and Taking Corrective Actions as Needed,The tasks of crafting,implementing,and executing a strategy are not a one-time exercise-evaluating the companys performance and progressCustomer needs and competitiveconditions changeNew opportunities appear;technology ad
17、vances;any number of other outside developments occurOne or more aspects of executing thestrategy may not be going wellNew managers with different ideas take overOrganizational learning occursAll these trigger the need for corrective actions and adjustments,Fifth Task of Strategic Management,Who Per
18、forms the FiveStrategic Management Tasks?,Senior Corporate ExecutivesManagers of Subsidiary Business UnitsFunctional Area ManagersOperating Managers,Strategic Role of a Board of Directors,Critically appraise and ultimately approve strategic action plansEvaluate strategic leadership skills of the CEO
19、 and candidates to succeed the CEO,MACROENVIRONMENT,Legislation and Regulation,Societal Values and Lifestyles,Population Demographics,Technology,The Economy at Large,COMPANY,Suppliers,Substitutes,Buyers,NewEntrants,Rival Firms,IMMEDIATE INDUSTRY AND COMPETITIVE ENVIRONMENT,INDUSTRY AND COMPETITIVE A
20、NALYSIS,Methods of Industry and Competitive AnalysisIndustrys Dominant Economic TraitsIndustrys Competitive ForcesDrivers of Industry ChangeCompetitive Positions of RivalsCompetitive Moves of Rivals Key Success FactorsConclusions:Overall Industry Attractiveness,Question 1:What are theIndustrys Domin
21、ant Economic Traits?,Market size and growth rateScope of competitive rivalryNumber of competitors and their relative sizesPrevalence of backward/forward integrationEntry/exit barriersNature and pace of technological changeProduct and customer characteristicsScale economies and experience curve effec
22、tsCapacity utilization and resource requirementsIndustry profitability,Cost Advantages ofDifferent Experience Curve Effects,$1,$1,.90,.80,.70,.81,.64,.49,.729,.512,.343,10%CostReduction,20%CostReduction,30%CostReduction,1MillionUnits,2MillionUnits,4MillionUnits,8MillionUnits,Cost per Unit,Question 2
23、:What Is Competition Like and How Strong Are the Competitive Forces?,To identifyMain sources of competitive forcesStrength of these forcesKey analytical toolFive Forces Model of Competition,Five ForcesModel of Competition,Substitute Products(of firms inother industries),Suppliers of Key Inputs,Buyer
24、s,PotentialNewEntrants,RivalryAmongCompetingSellers,What Forces Change Industry Conditions?,Internet and e-commerce opportunitiesIncreasing globalization of industryChanges in long-term industry growth rateChanges in who buys the product and how they use itProduct innovationTechnological change/proc
25、ess innovationMarketing innovation,Question 4:Which Companies are in Strongest/Weakest Positions?,Types of Video Game Suppliers/Distribution Channels,Overall Cost to Players of Video Games,Low(Coin-operated equipment),Medium(Video players cost$100-$300),High(Use PC),Video arcades,coin-operated machi
26、nes,Home PCs,Video game consoles,Online game sites,Sony,Sega,Nintendo,several others,Arcade operators,Publishers of games on CD-ROMs,MSN Gaming Zone,P,America Online,HEAT,Engage,Oceanline,TEN,Question 5:What Strategic Moves Are Rivals Likely to Make Next?,A firms own best strategic moves are affecte
27、d byCurrent strategies of competitorsFuture actions of competitors Profiling key rivals involves gathering competitive intelligence about theirCurrent strategiesMost recent movesResource strengths and weaknessesAnnounced plans,Question 6:What are the Key Factors for Competitive Success?,Competitive
28、elements most affecting every industry members ability to prosper Specific strategy elementsProduct attributesResourcesCompetenciesCompetitive capabilitiesKSFs spell the difference betweenProfit and lossCompetitive success or failure,Example:KSFs for Beer Industry,Utilization of brewing capacity-to
29、keep manufacturing costs lowStrong network of wholesale distributors-to gain access to retail outletsClever advertising-to induce beer drinkers to buy a particular brand,Example:KSFs for Apparel Manufacturing Industry,Fashion design-to create buyer appealLow-cost manufacturing efficiency-to keep sel
30、ling prices competitive,Example:KSFs for Tin andAluminum Can Industry,Locating plants close to end-use customers-to keep costs of shipping empty cans lowAbility to market plant output within economical shipping distances,Question 7:Is the IndustryAttractive or Unattractive and Why?,Develop conclusio
31、ns about whether the industry and competitive environment is attractive or unattractive,both near-and long-term,for earning good profits,Objective,Principle,A firm uniquely well-suited in an otherwise unattractive industry can,under certain circumstances,still earn unusually good profits,EVALUATING
32、COMPANY RESOURCES AND COMPETITIVE CAPABILITIES,Company Situation Analysis:,1.How well is firms present strategy working?2.What are the firms resource strengths and weaknesses and its external opportunities and threats?3.Are firms prices and costs competitive?,Question 1:How Well is thePresent Strate
33、gy Working?,Two steps involvedDetermine current strategy of companyExamine key indicators of strategic and financial performance,Trend in sales and market shareAcquiring and/or retaining customersTrend in profit marginsTrend in net profits,ROI,and EVAOverall financial strength and credit rankingEffo
34、rts at continuous improvement activitiesTrend in stock price and stockholder valueImage and reputation with customersLeadership role(s)-technology,quality,innovation,e-commerce,etc.,Question 2:What Are the Firms S W O T?,S W O T represents the first letter inS trengthsW eaknessesO pportunitiesT hrea
35、tsFor a companys strategy to be well-conceived,it must be matched to bothResource strengths and weaknessesBest market opportunities and external threats to its well-being,Figure 4.1:Mobilizing Company Resources to Produce Competitive Advantage,A company competence is the product of organizational le
36、arning and experience and represents real proficiency in performing an internal activityA core competence is a well-performed internal activity that is central(not peripheral or incidental)to a companys competitiveness and profitabilityA distinctive competence is a competitively valuable activity th
37、at a company performs better than its rivals,Question 3:Are the CompanysPrices and Costs Competitive?,Assessing whether a firms costs are competitive with those of rivals is a crucial part of company analysisKey analytical toolsStrategic cost analysisValue chain analysisBenchmarking,Prices paid for
38、raw materials,component parts,energy,and other supplier resourcesBasic technology and age of plant&equipmentEconomies of scale and experience curve effectsWage rates and productivity levelsMarketing,promotion,and administration costsInbound and outbound shipping costsForward channel distribution cos
39、ts,Figure 4.2:Typical Company Value Chain,Example:Key Value Chain Activities,Timber farmingLoggingPulp millsPapermakingPrinting&publishing,PULP&PAPER INDUSTRY,Benchmarking,Focuses on cross-company comparisons of how certain activities are performed and the costs associated with these activitiesPurch
40、ase of materialsPayment of suppliersManagement of inventoriesTraining of employeesProcessing of payrollsGetting new products to marketPerformance of quality controlFilling and shipping of customer orders,STRATEGY AND COMPETITIVE ADVANTAGE,Market Target,Type of Advantage Sought,Overall Low-CostProvid
41、erStrategy,BroadDifferentiationStrategy,FocusedLow-CostStrategy,FocusedDifferentiationStrategy,Best-CostProviderStrategy,Lower Cost,Differentiation,BroadRange of Buyers,Narrow Buyer Segmentor Niche,Low-Cost Leadership,Make achievement of low-cost relative to rivals the theme of firms business strate
42、gyFind ways to drive costs out of business year-after-year,Low-cost leadership means lowOVERALL costs,not just lowmanufacturing or production costs!,Low-cost leadership means lowoverall costs,not just lowmanufacturing or production costs!,Keys to Success,Approach 1:Controlling the Cost Drivers,Captu
43、re scale economies;avoid scale diseconomiesCapture learning and experience curve effectsManage costs of key resource inputsConsider linkages with other activities in value chainFind sharing opportunities with other business unitsCompare vertical integration vs.outsourcingAssess first-mover advantage
44、s vs.disadvantagesControl percentage of capacity utilizationMake prudent strategic choices related to operations,Approach 2:Revamping the Value Chain,Abandon traditional business methods and shift to e-business technologies and use of InternetUse direct-to-end-user sales/marketing methodsSimplify pr
45、oduct designOffer basic,no-frills product/serviceShift to a simpler,less capital-intensive,or more flexible technological processFind ways to bypass use of high-cost raw materialsRelocate facilities closer to suppliers or customersDrop“something for everyone”approach and focus on a limited product/s
46、erviceReengineer core business processes,Differentiation Strategies,Incorporate differentiating features that cause buyers to prefer firms product or service over brands of rivalsFind ways to differentiate that create value for buyers and that are not easily matched or cheaply copied by rivalsNot sp
47、ending more to achieve differentiation than the price premium that can be charged,Keys to Success,Objective,Unique taste-Dr.PepperMultiple features-Microsoft Windows and OfficeWide selection and one-stop shopping-Home Depot and ASuperior service-FedEx,Ritz-CarltonSpare parts availability-Caterpillar
48、More for your money-McDonalds,Wal-MartPrestige-RolexQuality manufacture-Honda,ToyotaTechnological leadership-3M Corporation,IntelTop-of-the-line image-Ralph Lauren,Chanel,Focus/Niche Strategies,Involve concentrated attention on a narrow piece of the total market Serve niche buyers better than rivals
49、Choose a market niche where buyers have distinctive preferences,special requirements,or unique needsDevelop unique capabilities to serve needs of target buyer segment,Objective,Keys to Success,Big enough to be profitable and offers good growth potentialNot crucial to success of industry leadersCostl
50、y or difficult for multi-segment competitors to meet specialized needs of niche membersFocuser has resources and capabilities to effectively serve an attractive nicheFew other rivals are specializing in same nicheFocuser can defend against challengers via superior ability to serve niche members,Vert
