Strategy(商务战略,澳大利亚纽卡斯尔大学)

BrendanBoyle2007InternationalBusinessStrategyLecture2:TheIndustry-BasedViewsofStrategy&TheResources-BasedViewofStrategyBrendanBoyle2007PrincipleLearningObjectivesDevelopanunderstandingofwhatthetermstrategymeansinpracticalandtheoreticalterms.Developanunderstandingoftheindustry-basedviewofstrategyandthefiveforcesframeworkofindustryanalysis.Developanunderstandingoftheresource-basedviewofstrategyanditsimplicationsforIBstrategyformulation.Developanunderstandingoftheimplicationsoftheaboveforthestrategyformulationandimplementationinmultinationalenterprises.BrendanBoyle2007WhatisStrategy?•Strategyishowfirmssustainandrenewtheircompetitiveadvantagesinanexternalcompetitiveenvironment•Strategyisafitbetweenthefirm’sexternalsituationanditsinternalresourcesandcapabilities•Fundamentalquestions-Whydofirmsdiffer?-Howdofirmsbehave?-Whatdeterminesthescopeofthefirm?-Whatdeterminestheinternationalsuccessorfailureoffirms?BrendanBoyle2007TheEssenceofStrategyBrendanBoyle2007KeyquestionsinthestudyofInternationalBusinessStrategy•WhatDeterminestheInternationalSuccessorFailureofFirms?–IntheWest-Inthe1960sand1970s:Conglomeration–Sincethe1980s:Diversificationthatfocusedoncorecompetencies•WhyDoFirmsDiffer?–Westernfirms(US/UKvs.German/French)–Havedifferent(shorter-versuslonger-term)planninghorizons.–Emergingeconomies(China,Korea,Russia)Thechallengeistounderstandtherootsofthesedifferences.•WhatDeterminestheInternationalSuccessorFailureofFirms?–Acquiringandleveragingcompetitiveadvantage–TheKey:Sustainingsuchanadvantageovertimeandacrosscountries(regions)throughreplicationandinnovation.•Howdofirmsbehave?BrendanBoyle2007HowDoFirmsBehave?BrendanBoyle2007IndustryCompetitionandtheIOModel•Industry:–Agroupoffirmsproducingproducts(goodsand/orservices)thataresimilartoeachother.•Structure-Conduct-Performance(SCP)model–TheprimarycontributionoftheIndustrialOrganization(IO)economicsmodelStructure:StructuralattributesofanindustryConduct:Thefirm’sactionsPerformance:Theresultofthefirm’sconductinresponsetoindustrystructureBrendanBoyle2007TheprofitabilityofindustriesvariesgreatlyPharmaceuticals26.8Gas&ElectricUtilities10.5Tobacco22.0FoodandDrugStores10.3Household&PersonalProducts20.5MotorVehicles&Parts9.8FoodConsumerProducts20.3HomeEquipment9.5MedicalProducts&Equipment18.8Railroads9.0Beverages18.8Hotels,Casinos,Resorts8.0Scientific&PhotographicEquipt.16.5Insurance:LifeandHealth7.6CommercialBanks16.0BuildingMaterials,Glass7.0Publishing,Printing14.3Metals6.0PetroleumRefining14.3Semiconductors&Apparel14.3ElectronicComponents5.8ComputerSoftware13.5Insurance:Property&Casualty5.3Electronics,ElectricalEquipment13.3FoodProduction5.3Furniture13.3Telecommunications3.5Chemicals12.8ForestandPaperProducts3.5Computers,OfficeEquipment11.8CommunicationsEquipment(4.0)HealthCare11.5Airlines(34.8)Medianreturnonequity(%),1999-2002BrendanBoyle2007FiveForcesModelandFirmStrategy•TheFiveForcesFramework–“Translated”andextendedfromtheSCPmodelin1980byMichaelPorter.–Akeyproposition:Thefocalfirmperformancecriticallydependsonthedegreeofcompetitivenessofthefiveforceswithinanindustry.Thestrongerandmorecompetitivetheseforcesare,thelesslikelythefocalfirmisabletoearnabove-averagereturn,andviceversa.•AlthoughfirmsbenefitfromafavorableFiveForcesenvironmentintheirindustry,theyarenotsimplypassiverecipientsofthosecompetitiveforces.–FirmscanusetheFiveForcesModeltoevaluatewhatnewindustriestoenter.–FirmscanalsousetheFiveForcesModeltocompetemoreeffectivelywithintheirindustryBrendanBoyle2007SUPPLIERSPOTENTIALENTRANTSSUBSTITUTESBUYERSINDUSTRYCOMPETITORSRivalryamongexistingfirmsBargainingpowerofsuppliersBargainingpowerofbuyersThreatofnewentrantsThreatofsubstitutesFiveForcesFrameworkBrendanBoyle2007ThreatsoftheFiveForcesThreatsindicativeofstrongcompetitiveforcesthatcanFiveforcesdepressindustryprofitabilityRivalryamongAlargenumberofcompetingfirmscompetitorsRivalsaresimilarinsize,influence,andproductofferingsHigh-price,low-frequencypurchasesIndustryslowgrowthordeclineHighexitcostsThreatofLittlescale-basedlow-costadvantagespotentialentry(economiesofscale)InsufficientproductdifferentiationLittlefearofretaliationNogovernmentpolicybanningordiscouragingentryBrendanBoyle2007ThreatsoftheFiveForces(cont’d)ThreatsindicativeofstrongcompetitiveforcesthatcanFiveforcesdepressindustryprofitabilityBargainingpower•Asmallnumberofsuppliersofsuppliers•Suppliersprovideunique,differentiatedproducts•Focalfirmisnotanimportantcustomerofsuppliers•SuppliersarewillingandabletoverticallyintegrateforwardBargainingpower•Asmallnumberofbuyersofbuyers•Productsprovidelittlecostsavingsorqualityoflifeenhancement•Buyerspurchasestandard,undifferentiatedproductsfromfocalfirm•Buyersarehavingeconomicdifficulties•BuyersarewillingandabletoverticallyintegratebackwardBrendanBoyle2007ThreatsoftheFiveForces(cont’d)ThreatsindicativeofstrongcompetitiveforcesthatcanFiveforcescandepressindustryprofitabilityThreatof•Substitutessuperiortoexistingproductsinqualityandofsubstitutesqualityandfunction•SwitchingcoststousesubstitutesarelowBrendanBoyle2007Comp