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Ch6-1Chapter6Corporate-LevelStrategyMichaelA.HittR.DuaneIrelandRobertE.Hoskisson©2000South-WesternCollegePublishingCh6-2Chapter3InternalEnvironmentChapter2ExternalEnvironmentTheStrategicManagementProcessStrategicIntentStrategicMissionStrategicCompetitivenessAboveAverageReturnsFeedbackStrategyFormulationChapter4Business-LevelStrategyChapter5CompetitiveDynamicsChapter6Corporate-LevelStrategyChapter8InternationalStrategyChapter9CooperativeStrategiesChapter7Acquisitions&RestructuringStrategyImplementationChapter10CorporateGovernanceChapter11Structure&ControlChapter12StrategicLeadershipChapter13Entrepreneurship&InnovationStrategicInputsStrategicActionsStrategicOutcomesCh6-3Howtocreatevalueforthecorporationasawhole2.Corporate-LevelStrategy(CompanywideStrategy)-lowcost-differentiation-integratedlowcost/differentiation-focusedlowcost-focuseddifferentiationHowtocreatecompetitiveadvantageineachbusinessinwhichthecompanycompetes1.Business-LevelStrategy(CompetitiveStrategy)ADiversifiedCompanyHasTwoLevelsofStrategyCh6-41.Whatbusinessesshouldthecorporationbein?2.Howshouldthecorporateofficemanagethearrayofbusinessunits?CorporateStrategyiswhatmakesthecorporatewholeadduptomorethanthesumofitsbusinessunitpartsKeyQuestionsofCorporateStrategyLevelsandTypesofDiversificationLowLevelsofDiversificationModeratetoHighLevelsofDiversificationVeryHighLevelsofDiversificationRelatedlinked(mixed)70%ofrevenuesfromdominantbusiness,andonlylimitedlinksexistABCSinglebusiness95%ofrevenuesfromasinglebusinessunitADominantbusinessBetween70%and95%ofrevenuesfromasinglebusinessunitBAUnrelated-DiversifiedBusinessunitsnotcloselyrelatedABC70%ofrevenuesfromdominantbusiness;allbusinessesshareproduct,technologicalanddistributionlinkagesRelatedconstrainedABCCh6-6Motives,Incentives,andResourcesforDiversificationMotivestoEnhanceStrategicCompetitivenessEconomiesofScopeMarketPowerFinancialEconomiesResourcesManagerialMotivesIncentivesCh6-7IncentivesandResourceswithNeutralEffectsofStrategicCompetitivenessAnti-TrustRegulationTaxLawsLowPerformanceUncertainFutureCashFlowsFirmRiskReductionTangibleResourcesIntangibleResourcesManagerialMotivesResourcesIncentivesMotives,Incentives,andResourcesforDiversificationCh6-8ManagerialMotivesCausingValueReductionDiversifyingManagerialEmploymentRiskIncreasingManagerialCompensationManagerialMotivesResourcesIncentivesMotives,Incentives,andResourcesforDiversificationCh6-9SummaryModeloftheRelationshipBetweenFirmPerformanceandDiversificationDiversificationStrategyManagerialMotivesResourcesIncentivesCh6-10AddingValuebyDiversificationDiversificationmosteffectivelyaddsvaluebyeitheroftwomechanisms:BydevelopingeconomiesofscopebetweenbusinessunitsinthefirmswhichleadstosynergisticbenefitsBydevelopingmarketpowerwhichleadstogreaterreturnsCh6-11AlternativeDiversificationStrategiesRelatedDiversificationStrategiesUnrelatedDiversificationStrategiesSharingActivitiesTransferringCoreCompetenciesEfficientInternalCapitalMarketAllocationRestructuringCh6-12KeyCharacteristics:Example:UsingacommonphysicaldistributionsystemandsalesforcesuchasProcter&Gamble’sdisposablediaperandpapertoweldivisionsExample:GeneralElectric’scoststoadvertise,sellandservicemajorappliancesarespreadovermanydifferentproductsSharingActivitiesAlternativeDiversificationStrategiesAchieveseconomiesofscaleBoostsefficiencyofutilizationHelpsmovemorerapidlydownLearningCurveSharingActivitiesoftenlowerscostsorraisesdifferentiationSharingActivitiescanlowercostsifit:Ch6-13Example:SharedorderprocessingsystemmayallownewfeaturescustomersvalueormakemoreadvancedremotesensingtechnologyavailableExample:Procter&Gamble’ssharingofsalesandphysicaldistributionfordisposablediapersandpapertowelsiseffectivebecausetheseitemsaresobulkyandcostlytoshipKeyCharacteristics:SharingActivitiesAlternativeDiversificationStrategiesSharingActivitiescanenhancepotentialfororreducethecostofdifferentiationMustinvolveactivitiesthatarecrucialtocompetitiveadvantageCh6-14Assumptions:SharingActivitiesAlternativeDiversificationStrategiesStrongsenseofcorporateidentityClearcorporatemissionthatemphasizestheimportanceofintegratingbusinessunitsIncentivesystemthatrewardsmorethanjustbusinessunitperformanceCh6-15AlternativeDiversificationStrategiesRelatedDiversificationStrategiesUnrelatedDiversificationStrategiesSharingActivitiesTransferringCoreCompetenciesEfficientInternalCapitalMarketAllocationRestructuringCh6-16KeyCharacteristics:TransferringCoreCompetenciesAlternativeDiversificationStrategiesIdentifyabilitytotransferskillsorexpertiseamongsimilarvaluechainsExploitabilitytotransferactivitiesExploitsInterrelationshipsamongdivisionsStartwithValueChainanalysisCh6-17Assumptions:TransferringCoreCompetenciesleadstocompetitiveadvantageonlyifthesimilaritiesamongbusinessunitsmeetthefollowingconditions:ActivitiesinvolvedinthebusinessesaresimilarenoughthatsharingexpertiseismeaningfulTransferofskillsinvolvesactivitieswhichareimportanttocompetitiveadvantageTheskillstransferredrepresentsignificantsourcesofcompetitiveadvantageforthereceivingunitTransferri