寻找价值和维护竞争优势

Session8THESEARCHFORVALUEANDSUSTAINABLECOMPETITIVEADVANTAGESustainablecompetitiveadvantage•Theultimatedeterminantsofsuccessandfailureinthefirm’ssearchforvalue.•Arethereanyusefulgeneralisationstobemadewhichcanhelptoguidethestrategyprocess?Sustainablecompetitiveadvantageandresourcebasedtheory•Introduction::anexaminationofthesourcesofsustainabilityofprofits•Whyaresomefirmsabletosustainsuccessoveralongperiod?•Porter’sapproachtobusinessperformance::competitiveadvantage.•Thecapabilitiesapproachtofirmperformance•Thenatureandsignificanceofcapabilities•Architecture,reputation,andinnovation•Thevalueofcapabilities:•Aresourcebasedtheoryoffirmperformance::Peteraf’smodel.•ConclusionsPart1:Porter’sapproachPorter’sfiveforcesapproach(industryattractiveness)seesindustryperformanceasafunctionofindustrystructure/conduct.(P&S,table10.1)BUTwithinindustriesfirmperformancevaries,Sowhatdeterminesrelativefirmperformance?In‘CompetitiveAdvantage’hetriedtoanswerthis?Porter,cont.•‘Competitiveadvantage’arguesthatitdependsonthefirm’sabilitytomanagethecostdrivers/differentiationdriverssoastoproduceacostadvantageoradifferentiationadvantage.•Butthisapproachhasproblemsandisincomplete.SomequestionsaboutPorter•Whydoesthesuccessfulfirmnotbuytheunsuccessfulandteachithowtominimisecosts?•Whydoesthesuccessfulfirmnotsellitsexpertiseincostreducingtolesssuccessfulfirms?•Whydoesthesuccessfulfirmnotcutitspricesanddriveitscompetitorsoutofbusiness?•Whydoestheunsuccessfulfirmnotbidfortheexecutive(s)inchargeofcostdriversfromthesuccessfulfirm?Thesedohappen:e.g.battlebetweenGeneralMotorsandVolkswagenfortheservicesofcostguruMr.Lopez.Porter’srecipeIfitispossibleforMichaelPortertodescribehowtocreateandsustaincompetitiveadvantagethensurelyallfirmshaveequalaccesstothisknowledgeoncePorterhascodifiedit.SocanitbeasourceofSCA?Bewarerecipes!Finally,lowcost/differentiationcan’tbetheultimatesource.Theultimatesourceissurelywhoorwhatproducesthelowcost/differentiationadvantage.BeyondPorter•Doesanyoneofferabetterexplanationoftherootsofbusinessperformance?•Inthe90’sacapabilitiesapproachemergedasa‘neworthodoxy’leadingtoadistinctive‘resourcebasedview’ofthefirmandstrategy.Part2:Thecapabilitiesapproach•Question:Whatcouldgiveaparticularfirmasustainableedgeoveritsrivals?•AseriesofinfluentialarticlesintheHBRduringthe90’ssuggestedanewapproach(althoughitturnedoutitsoriginsweremuchearlier)PrahaladandHamel(1990):corecompetencies•Management’sabilitytoconsolidatetechnologyandproductionskillsintocompetenciessothebusinesscanadaptquicklytochangingopportunities/circumstances.•Corecompetencies=collectivelearningoftheorganisationaboutprod/tech/markets.e.g.Sony’sminiaturisationskills.•Competencieshavetobebuiltoveralongperiod.•Theyaredifficulttoidentifypreciselyandhardtoimitate.•Manyfirmsfailtoidentifytheirowncorecompetenciesandsofailtonurturethemproperlyorexploitthemfully.Stalk,Evans,andShulman(1992):capabilities•Competitiveadvantageisbasedontheabilitytorespondtoevolvingopportunitieswhichdependsonbusinessprocessesorcapabilities.Businesssuccessinvolveschoosingtherightcapabilitiestobuild,managingthemcarefully,andexploitingthemfully.e.g.Honda,Canon.Chandler(1990):initialriskyinvestments•Chandler(1990):successfulgiantssuchasIBMandBayerderivefromtheinitialheavyandriskyinvestmentsinbuildingorganisationalknowledgeandcapabilitieswhichallowedthemtoexploittheopportunitiesavailabletoexploitscaleandscopeeconomies.CollisandMontgomery(1995):competingonresources•Competitiveadvantagederivesultimatelyfromtheownershipofavaluableresource.•Superiorperformancederivesfromdevelopinga‘competitivelydistinct’setofresourcesanddeployingtheminawellconceivedstrategy.•Resourcescanbephysical,intangible,ororganisationalcapabilities.•Example:MarksandSpencer(poortiming!)JohnKay(1993):Distinctivecapabilities.Inhisbestseller,‘Thefoundationsofcorporatesuccess’Kayarguesthatthesourceofcompetitiveadvantageisthecreationandexploitationofdistinctivecapabilities.Thevalueofanyadvantagecreateddependsonitssustainabilityanditsappropriability.Kayprovidesadetailedanalysisofthis(seealsoP&S)DistinctivecapabilitiesKayidentifiesonlythreebasictypesofdistinctivecapability:•CorporateArchitecture•Innovation•Reputation.Distinctivecapabilities•Whatisitaboutthesethingsinparticular?•Difficulttobuildandmaintain.•Difficulttocodify/makeintorecipes.•Difficulttocopy/emulate.•Can’tsimplybebought‘offtheshelf’.Strategicassets•Healsodiscussesmarketdominance(monopoly)basedontheownershipofstrategicassetsasasourceofsuccess.•Naturalmonopoliessuchasutilitynetworks,orlicensedmonopoliessuchasthenationallottery.•Andthosebasedonheavysunkcostswhichdiscouragechallengersforthefirstmover.•Buthearguesthatinthesecaseitisessentiallystructuralfactorsthatcountnotdistinctivecapabilities.•Theremayofcourseberoomfordebateinsomecases.Architectureasadistinctivecapability•Concernsorganisationaleffectivenessinthesearchforvalue.•Connectsbacktothediscussionofcorporateobjectivesandtheco-operationneededtogetthingsdoneinP&Schap4.•Howtofocusindividualsonachievingorganisationalgoals.ArchitectureThen