6公司層策略

©2003SouthwesternPublishingCompany1Corporate-LevelStrategyMichaelA.HittR.DuaneIrelandRobertE.HoskissonChapter62StrategyImplementationChapter11OrganizationalStructureandControlsChapter10CorporateGovernanceChapter12StrategicLeadershipStrategyFormulationStrategicCompetitivenessAbove-AverageReturnsStrategicIntentStrategicMissionChapter2TheExternalEnvironmentChapter3TheInternalEnvironmentTheStrategicManagementProcessChapter6Corporate-LevelStrategyFeedbackStrategicInputsStrategicActionsStrategicOutcomesChapter13StrategicEntrepreneurshipChapter5CompetitiveRivalryandCompetitiveDynamicsChapter4Business-LevelStrategy3TwoLevelsofStrategyAdiversifiedcompanyhastwolevelsofstrategy1.Business-LevelStrategy(CompetitiveStrategy)Howtocreatecompetitiveadvantageineachbusinessinwhichthecompanycompetes-lowcost-differentiation-focusedlowcost-focuseddifferentiation-integratedlowcost/differentiation2.Corporate-LevelStrategy(Company-wideStrategy)Howtocreatevalueforthecorporationasawhole4KeyQuestionsinCorporateStrategy1.Whatbusinessesshouldthecorporationbein?2.Howshouldthecorporateofficemanagethearrayofbusinessunits?CorporateStrategyiswhatmakesthecorporatewholeadduptomorethanthesumofitsbusinessunitparts5LevelsandTypesofDiversificationLowLevelsofDiversificationSingleBusiness95%ofbusinessfromasinglebusinessunitDominantBusinessBetween70and95%ofbusinessfromasinglebusinessunit6RelatedConstrained70%ofrevenuesfromdominantbusiness;allbusinessesshareproduct,technologicalanddistributionlinkagesLevelsandTypesofDiversificationModeratetoHighLevelsofDiversification7RelatedLinked(Mixed)70%ofrevenuesfromdominantbusiness,andonlylimitedlinksexistLevelsandTypesofDiversificationModeratetoHighLevelsofDiversification8LevelsandTypesofDiversificationUnrelated70%ofrevenuecomesfromthedominantbusiness,andtherearenocommonlinksbetweenbusinessesVeryHighLevelsofDiversification9AT&T的縮小規模AT&T曾歷經兩次分割案–1984年非自願性分割–第一次分割後持續購併成長–高估整合的優點與忽略多角化後的經營複雜性–1995年自願分割分割前的公司旗下有–通訊事業–電腦事業–設備事業10電腦事業–由購併NCR開始–虧損連連,達80億設備事業的顧客與通訊事業間的競爭衝突美國政府放寬對通訊事業的管制公司決定縮小經營範疇,專心於核心事業AT&T的縮小規模11多角化企業的演化歷程單一事業整合策略多角化策略國際化策略國際化策略多角化策略早期後期12ReasonsforDiversificationReasonstoEnhanceStrategicCompetitiveness•Economiesofscope(相關多角化)•Marketpower(相關多角化)•Financialeconomics(不相關多角化)IncentivesResourcesManagerialMotives13IncentiveswithNeutralEffectsonStrategicCompetitiveness•Anti-trustregulation•Taxlaws•Lowperformance•Uncertainfuturecashflows•FirmriskreductionIncentivesResourcesManagerialMotivesReasonsforDiversification14Resourceswithvaryingeffectsonvaluecreationandstrategiccompetitiveness•Tangibleresourcesfinancialresourcesphysicalassets•IntangibleresourcestacitknowledgecustomerrelationsimageandreputationIncentivesResourcesManagerialMotivesReasonsforDiversification15ManagerialMotives(ValueReduction)•Diversifyingmanagerialemploymentrisk•IncreasingmanagerialcompensationIncentivesResourcesManagerialMotivesReasonsforDiversification16Value-creatingStrategiesofDiversification:OperationalandCorporateReadinessRelatedConstrainedDiversificationVerticalIntegration(MarketPower)UnrelatedDiversification(FinancialEconomies)BothOperationalandCorporateRelatedness(RareCapabilityandcanCreateDiseconomiesofScope)RelatedLinkedDiversification(EconomiesofScope)CorporateRelateness:TransferringSkillsintoBusinessesThroughCorporateHeadquartersLowHighSharing:OperationalRelatednessBetweenBusinessesLowHigh17AddingValuebyDiversificationDiversificationmosteffectivelyaddsvaluebyeitheroftwomechanisms:–Economiesofscope:costsavingsattributedtotransferringthecapabilitiesandcompetenciesdevelopedinonebusinesstoanewbusiness–Marketpower:whenafirmisabletosellitsproductsabovetheexistingcompetitivelevelorreducethecostsofitsprimaryandsupportactivitiesbelowthecompetitivelevel,orboth18AlternativeDiversificationStrategiesRelatedDiversificationStrategies–sharingactivities–transferringcorecompetenciesUnrelatedDiversificationStrategies–efficientinternalcapitalmarketallocation–restructuring19AlternativeDiversificationStrategiesRelatedDiversificationStrategies–sharingactivities20SharingActivities:SharingactivitiesoftenlowerscostsorraisesdifferentiationSharingactivitiescanlowercostsifit:–achieveseconomiesofscale–boostsefficiencyofutilization–helpsmovemorerapidlydowntheLearningCurveSharingactivitiescanenhancepotentialfororreducethecostofdifferentiationMustinvolveactivitiesthatarecrucialtocompetitiveadvantageKeyCharacteristics21SharingActivities:StrongsenseofcorporateidentityClearcorporatemissionthatemphasizestheimportanceofintegratingbusinessunitsIncentivesystemthatrewardsmorethanjustbusinessunitperformanceAssumptions22RelatedDiversificationStrategies–sharingactivities–transferringcorecompetenciesAlternativeDiversificationStrategies23TransferringCoreCompetencies:ExploitsinterrelationshipsamongdivisionsStartwithvaluechainanalysis–identifyabilitytotransferskillsorexpertiseamongsimilarvaluechains–exploitabilitytotransferactivitiesKeyCharacteristics24TransferringCoreCompetencies:Transferringcorecompetenciesleadstocompetitiveadvantageonlyifthesimi