汇聚资讯《汇聚证券内参》1汇201。。。

GlobalStrategiesandtheMultinationalCorporation•ImplicationsofInternationalCompetitionforIndustryAnalysis•AnalyzingCompetitiveAdvantagewithinanInternationalContext•ApplyingtheFramework(1)Internationallocationofproduction(2)Foreignmarketentrystrategies•MultinationalStrategies:GlobalizationversusNationalDifferentiation•StrategyandOrganizationoftheMultinationalCorporationOUTLINE情趣内衣•Lowerentrybarriersaroundnationalmarkets•Increasedindustryrivalry---lowersellerconcentration---greaterdiversityofcompetitors•Increasedbuyerpower:widerchoicefordealers&consumersCOMPETITION•IncreasedintensityofcompetitionPROFITABILITY•Otherthingsremainingequal,internationalizationtendstoreduceanindustry’smargins&rateofreturnoncapitalCOMPETITIVEADVANTAGETHEINDUSTRYENVIRONMENTKeySuccessFactorsFIRMRESOURCES&CAPABILITIES--Financialresources--Physicalresources--Technology--Reputation--Functionalcapabilities--GeneralmanagementcapabilitiesTHENATIONALENVIRONMENT--Nationalresourcesandcapabilities(rawmaterials;nationalculture;humanresources;transportation,communication,legalinfrastructure--Domesticmarketconditions--Governmentpolicies--Exchangerates--RelatedandsupportingindustriesCompetitiveAdvantagewithinanInternationalContext:TheBasicFrameworkNationalInfluencesonCompetitiveness:TheTheoryofComparativeAdvantageAcountryhasarelativeefficiencyadvantageinthoseproductsthatmakeintensiveuseofresourcesthatarerelativelyabundantwithinthecountry.E.g.•Philippinesrelativelymoreefficientintheproductionoffootwear,apparel,andassembledelectronicproductsthanintheproductionofchemicalsandautomobiles.•U.S.isrelativelymoreefficientintheproductionofsemiconductorsandpharmaceuticalsthanshoesorshirts.Whenexchangeratesarewell-behaved,comparativeadvantagebecomescompetitiveadvantage.RevealedComparativeAdvantageforaCertainBroadProductCategoriesUSACanadaW.GermanyItalyJapanFood,drink&tobacco.31.28-.36-.29-.85Rawmaterials.43.51-.55-.30-.88Oil&refinedproducts-.64.34-.72-.74-.99Chemicals.42-.16.20-.06-.58Machineryandtrans-.12-.19.34.22.80portationequipmentOthermanufacturers-.68-.07.01.29.40Note:Revealedcomparativeadvantageforeachproductgroupismeasuredas:(ExportslessImports)/DomesticproductionPorter’sCompetitiveAdvantageofNationsExtendsandadaptstraditionaltheoryofcomparativeadvantagetotakeaccountofthreefactors:Internationalcompetitiveadvantageisaboutcompaniesnotcountries—theroleofthenationalenvironmentisprovidingahomebaseforthecompany.Sustainedcompetitiveadvantagedependsupondynamicfactors--innovationandtheupgradingofresourcesandcapabilitiesThecriticalroleofthenationalenvironmentisitsimpactuponthedynamicsofinnovationandupgrading.FACTORCONDITIONSDEMANDCONDITIONSRELATINGANDSUPPORTINGINDUSTRIESSTRATEGY,STRUCTURE,ANDRIVALRYPorter’sNationalDiamondFramework1.FACTORCONDITIONS—“Homegrown”resources/capabilitiesmoreimportantthannaturalendowments.2.RELATEDANDSUPPORTINGINDUSTRIES—Keyroleof“industryclusters”3.DEMANDCONDITIONS—Discerningdomesticcustomersdrivequality&innovation4.STRATEGY,STRUCTURE,RIVALRY.E.g.domesticrivalrydrivesupgrading.ConsistencyBetweenStrategyandNationalConditionsInglobally-competitiveindustries,firmstrategyneedstotakeaccountofnationalconditions:–U.S.textilemanufacturersmustcompeteonthebasisofadvancedprocesstechnologiesandfocusonhighquality,lessprice-sensitivemarketsegments–Inthesemiconduictorindustry,CA-basedfirmsconcentratemainlyupondesignofadvancedchips,Malaysianfirmsconcentrateuponfabricationofhighvolume,lesstechnologicallyadvanceditems(e.g.DRAMchips)–Dispersionofvaluechaintoexploitdifferentnationalenvironments(e.g.NikeconductsR&DinUS,componentsinKoreaandThailand,assemblyinIndonesia,China,andIndia,marketinginEuropeandNorthAmerica)PowerdistanceUncertaintyavoidanceKoreaIsraelUSAFranceNationalcultures:“powerdifference”&“uncertaintyavoidance”DenmarkMexicoMalaysiaPhilippinesIndiaJapanIndividualistKoreaIsraelUSAFranceNationalcultures:individualism/collectivismDenmarkMexicoPhilippinesIndiaJapanCollectivistUKAust.GermanyMalaysiaGuatemalaVenezuelaItalyInternationalLocationofProduction3considerations:–Nationalresourceconditions:Whatarethemajorresourceswhichtheproductrequires?Wherearetheseavailableatlowcost?–Firm-specificadvantages:towhatextentisthecompany’scompetitiveadvantagebaseduponfirm-specificresourcesandcapabilities,andarethesetransferable?–Tradabilityissues:Cantheproductbetransportedateconomiccost?Ifnot,oriftraderestrictionsexist,thenproductionmustbeclosetothemarket.TheRoleofLaborCostsHourlyCompensationforProductionWorkers,1999($)Germany26.93Japan20.89U.S.19.20France19.98U.K.16.56Spain12.11Korea6.75Mexico2.12BUT,wagesareonlyone