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Amity Center for eLearning

Amity Center for eLearning

Strategic Management

Dr R.Shankar

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1
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Global Considerations
Impact Virtually All
Strategic Decisions
Should
Should II
Should
Should we
we learn
learn aa foreign
foreign
import?
import? language?
language?

Will
Will NAFTA
NAFTA Should
Should we
we
affect
affect our
our firm?
firm? export?
export?

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Information Technology Has Become


A Vital Strategic Management Tool

Should
Should we
we
Should
Should we
we set
set upgrade
upgrade our
our
up
up aa Web
Web site?
site? PCs?
PCs?

Should
Should wewe buy
buy
Should
Should we
we our
our sales
sales staff
staff
outsource
outsource MIS?
MIS? laptops?
laptops?

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Preserving the Natural


Environment is an Important
Strategic Issue
Is
Is our
our firm
firm Should
Should wewe
environmentally
environmentally burn
burn low-sulfur
low-sulfur
friendly?
friendly? coal?
coal?

Should Will
Will Congress
Congress
Should we
we
recycle? pass
pass tougher
tougher
recycle?
laws?
laws?

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TT
heheSS
tag esesanan
tag ddAA
ctiv
ctivities
itiesininthth
eeSS
trateg
trategicicM
Mananagagemenen
em ttPP
rorocess
cess

Stages Activities
Strategy Conduct Integrate Make
formulation research intuition with decisions
analysis

Strategy Establish Devise Allocate


implementation annual policies resources
objectives

Review internal Measure Take


Strategy and external performance
evaluation corrective
factors action
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The
The Basis
Basis for
for Good
Good
Strategic
Strategic Decisions
Decisions
Intuition + Analysis

Effective Strategic Decisions


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TTen
enKK
ey
eyEExxtern
ternalalFFoorces
rces
Competitive
Economic Technological

Social Governmental

Cultural Political

Demographic Environmental
Legal
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FFoouurteen
rteenKK
ey
eyInIntern
ternalalFFoorces
rces
Management
Marketing Manufacturing

Research & Production/


Development Operations

Purchasing Distribution
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Key
Key Internal
Internal Forces (cont.)
ForcesAmity
(cont.)
Center for eLearning

Finance/Accounting

Packaging Promotion

Human Employee/
Resource Manager
Management Relations

Computer
Vendor Information
Relations Systems
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Keys to Formulating Strategies
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Business
Business Mission
Mission

External Internal
Internal
External
Opportunities Strengths
Strengthsand
and
Opportunities
and Weaknesses
andThreats
Threats Weaknesses

Strategy
Strategy Formulation
Formulation
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A
A Comprehensive
Comprehensive Strategic
Strategic Management
Management Model
Model
Feedback Amity Center for eLearning

Perform
Perform
External
External
Audit
Audit

Generate,
Generate,
Establish
Establish Establish
Establish Measure
Measure
Develop
Develop Evaluate,
Evaluate,
Long-
Long- Policies
Policiesand
and Allocate
Allocate and
and
Mission
Mission and
and
term
term Annual
Annual Resources
Resources Evaluate
Evaluate
Statement
Statement Select
Select
Objectives
Objectives Objectives
Objectives Performance
Performance
Strategies
Strategies

Perform
Perform
Internal
Internal
Audit
Audit

Strategy Formulation ©1999 Prentice Hall Strategy Implementation Strategy Evaluation


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Benefits
Benefits of
of
Strategic
Strategic Management
Management

- Improved Communication - Greater Productivity


- Increased Understanding - More Effective Strategies
- Enhanced Commitment - Higher Productivity
- Allow Firm to Influence, Initiate, and Anticipate
- Be Proactive Rather Than Reactive
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The
The Communications
Communications Benefits
Benefits of
of
Engaging
Engaging In
In Strategic
Strategic Management
Management

Managersfromallfunctional areaslistenand

discusstheirviewsinstrategicmanagement

meetings. Thisinteractionyieldslearning,

appreciation, andunderstandingamongmanagers

whootherwisedonotcommunicatewitheach

other

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PPoorter’s
rter’sGG
eneneric
ericSStrateg
trategies
iesDD
efin
efineded
Cost Leadership
A Strategy Aimed at Producing Standardized
Products at Low Per-Unit Cost for Consumers
Who are Price-Sensitive

Differentiation
A Strategy Aimed at Producing Products and
Services Considered Unique Industrywide
and Directed at Consumers Who are
Relatively Price-Insensitive

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Porter’s
Porter’s Generic
Generic Strategies
Strategies (cont.)
(cont.)
Focus
A Strategy Aimed at Producing Products and
Services That Fulfill the Needs of Small Groups
of Customers

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Why
Why is
is aa Mission
Mission Statement
Statement Important?
Important?
- To Insure Unanimity of Purpose
- To Provide a Basis for Allocating Resources
- To Serve as a Focal Point for Individuals
- To Reconcile Differences Among Stakeholders
- To Resolve Divergent Views Among Managers
- To Arouse Positive Feelings About the Firm
- To Provide a Basis for Goals and Strategies
- To Provide Direction

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Vision Versus Mission


Mission
Mission Statement
Statement Vision
Vision Statement
Statement
Answers
Answers the
the Question
Question Answers
Answers the
the Question
Question

“What
“What isis Our
Our “What
“What Do
Do We
We Want
Want
Business?”
Business?” to
to Become?”
Become?”

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Components
Components of
of aa Mission
Mission Statement
Statement

Customers

ProductsorServices

Markets

Technology

ConcernforSurvival andGrowth

Philosophy

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Self-Concept
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Key
Key External
External Forces
Forces
Technological Social
Economic

Competitive Cultural

Legal Political

Governmental Demographic
Environmental
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Importance of External
Environment on Firm Behavior

Changes
Changesin
inthe
the Changes Changes
Changesininthe
the
Changesin
in
External
External Consumer Products
Productsand
and
Consumer
Environment
Environment Demand Services
ServicesaaFirm
Firm
Demand
Offers
Offers

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RelationshipBetweenKeyExternalForcesandanOrganization
Competitors
Competitors
Suppliers
Suppliers
Creditors
Creditors
Customers
Customers
Economic
EconomicForces
Forces Employees
Employees
Social, Communities
Communities
Social,cultural,
cultural,
demographic, Managers
demographic,and and Managers AN
ANORGANIZATION’S
ORGANIZATION’S
environmental Stockholders
environmentalforces
forces Stockholders OPPORTUNITIES
OPPORTUNITIESAND
AND
Labor
Laborunions
unions THREATS
THREATS
Technological forces
Technological forces Governments
Governments
Competitive forces Trade
Competitive forces Tradeassociations
associations
Special
Specialinterest
interestgroups
groups
Products
Products
Services
Services
Markets
Markets
Natural
Naturalenvironment
environment
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KeyQuestionsAboutCompetitors
What
What are
are
Who
Who are
are our
our Competitors’
Competitors’
competitors?
competitors? Objectives?
Objectives?

Where
Where are
are our
our What
What are
are
competitors
competitors Competitors’
Competitors’
located?
located? Strengths?
Strengths?

How
How Vulnerable
Vulnerable
What
What are
are are
are we
we to
to our
our
Competitors’
Competitors’ Competitors’
Competitors’
Weaknesses?
Weaknesses? Strategies?
Strategies?
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Porter’s “Five-Forces” Model of Competition


Potential
Potential
development
development
of
ofsubstitute
substitute
products
products

Rivalry
Rivalry
Bargaining among Bargaining
Bargaining
Bargaining among
power competing power
powerof
of
powerofof competing
suppliers firms consumers
consumers
suppliers firms

Potential
Potential
entry
entry
of
ofnew
new
competitors
competitors
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ADefinitionofDistinctiveCompetencies
A firm’s strengths that cannot be easily
matched or imitated by competitors

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FormulatingStrategiesBasedonKeyInternal Factors

Developing Strategies That Use An


Organization’s Strengths To

Take full Improve an


Reduce the effects
advantage of organization’s
of external threats
external weaknesses
opportunities
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The
The Management
Management Functions
Functions
Planning Organizing
Motivating Staffing
Controlling

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The Three Levels of Planning Typical Planning


Top Horizon
Management
CEO
President
Vice-Presidents Two to five years
General Managers
Division Managers

Middle Management
Divisional Managers
Product Line Managers Six months to
Department Managers two years
Plant Managers

Lower Management
Functional Managers One week to six
months
Unit Managers
Supervisors
Foreman
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Why
Why Are
Are Clear
Clear Objectives Needed?
ObjectivesAmity
Needed?
Center for eLearning

To Provide Direction To Provide Purpose


To Allow Synergy To Aid in Evaluations
To Establish Priorities To Reduce Uncertainty
To Minimize Conflicts To Stimulate Exertion
To Allocate Resources To Design Jobs
To Motivate Managers & Employees

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The TOWS Matrix (Figure 6-3)
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STRENGTHS - S WEAKNESSES - W

List strengths List weaknesses

OPPORTUNITIES - O SO STRATEGIES WO STRATEGIES

Use strengths to take Overcome weaknesses


List opportunities advantage of by taking advantage
opportunities of opportunities

THREATS - T ST STRATEGIES WT STRATEGIES

List threats Use strengths to avoid Minimize weaknesses


threats and avoid threats

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The
The BCG
BCG Matrix
Matrix
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Relative Market Share Position in the Industry

High Medium
Low
1.0 .50 0.0
High +20
Stars (II) Question Marks (I)
Industry

?
Sales
Growth
Rate
(Percent) Medium 0
Cash Cows (III) Dogs (IV)

Low -20

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Why
Why Should
Should We
We Begin
Begin of
of Expand
Expand Our
Our Foreign
Foreign
Operations?
Operations? Amity Center for eLearning
95% of the world’s population lives
outside the U.S.

Gain economies of scale

Use excess capacity

Capitalize on lower taxes, wage rates,


inflation

Locate near natural resources

NAFTA., GATT, NATO

English Channel tunnel is completed


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Some
Some Attributes
Attributes of
of American Managers
AmericanAmity
Managers
Center for eLearning
Compared
Compared toto Foreign
Foreign Managers
Managers

- Have a Lower Tolerance for Silence


- Are More Action-Oriented
- Place Greater Emphasis on Short-Term Results
- Use First Names More Quickly in Doing Business
- Place a Higher Priority on Time
- Place More Significance on Material Wealth
- Emphasize Competitiveness and Individualism
More than Modesty, Team Spirit, & Patience

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Comparing
Comparing Management
Management Styles
Styles Across
Across
Countries
Countries Amity Center for eLearning

West Germany High Conformity


Switzerland
Spain
Italy
Denmark
Japan
France
Netherlands
India
United States
Great Britain High Individualism
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Marketing
Marketing Variables
Variables of
of Central
Central Importance
Importance to
to
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Strategy
Strategy Implementation
Implementation

Market Segmentation
The subdividing of a market into distinct subsets of customers
according to need and buying habits.

Product Positioning
Entails developing schematic representations that reflect how a
firm’s products or services compare to competitors’ on
dimensions most important to success in its industry.

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Information
Information Technology
Technology Perspective
Perspective --
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Three
Three Ways
Ways toto Advertise
Advertise on
on thethe
Internet
Internet
Establish a World
Wide Web Site

Use Newsgroups

Use E-Mail

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Financial
Financial Implementation Tools
ImplementationAmity
ToolsCenter for eLearning

Pro Forma Financial Statements


Pro forma (projected) financial statement analysis is a
central strategy-implementation technique because it allows an
organization to examine the expected results of various actions
and approaches

Financial Budgets
A financial budget is a document that details how funds
will be obtained and spent for a specific period of time.

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A Strategy-Evaluation Framework
Activity One: Review Underlying Bases of Strategy
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Prepare revised Internal Factor Evaluation Prepare revised External Factor
Matrix Matrix
Compare revised versus existing Internal Compare revised versus existing External
Evaluation Matrix Evaluation Matrix

Do significant Yes
differences occur?
Activity
Three:
No

Activity Two: Measure Organizational Performance:


Take
Compare planned versus actual progress toward meeting
stated objectives

Corrective
Do significant Yes
differences occur?

Actions
No

Continue present course


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Information Technology Perspective on


How to Change Your Business Location
Using the Internet
1. Establish a World Wide Web Site
2. Join a Cybermall

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Measure Organizational Performance


By
By Product
Product
Make
Make
Comparisons By
By Division
Division
Comparisons
to
to Past
Past By
By Department
Department
Periods
Periods and
and By
By Geographic
Geographic Area
Area
to
to Industry
Industry
Averages By
By Salesperson
Salesperson
Averages for for
the
the Company
Company By
By Strategic
Strategic Business
Business
Unit
Unit

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Chapter 6

Corporate-Level Strategy

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Knowledge Objectives

• Studying this chapter should provide you with the strategic management knowledge needed to:
– Define corporate-level strategy and discuss its importance to the diversified firm.

– Describe the advantages and disadvantages of single- and dominant- business strategies.

– Explain three primary reasons why firms move from single- and dominant-business strategies to more diversified strategies.

– Describe how related diversified firms create value by sharing or transferring core competencies.

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Knowledge Objectives (cont’d)


• Studying this chapter should provide you with
the strategic management knowledge needed
to:
 Explain the two ways value can be created with an
unrelated diversification strategy.
 Discuss the incentives and resources that encourage
diversification.
 Describe motives that can encourage managers to
overdiversify a firm.

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eLearning
Strategic
Managemen
t Process

Figure 1.1

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The Role of Diversification


• Diversification strategies play a major role in the behavior of large firms

• Product diversification concerns:

– The scope of the industries and markets in which the firm competes

– How managers buy, create and sell different businesses to match skills and strengths with opportunities presented to the firm

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Two Strategy Levels


• Business-level Strategy (Competitive)
– Each business unit in a diversified firm chooses a
business-level strategy as its means of competing
in individual product markets
• Corporate-level Strategy (Companywide)
– Specifies actions taken by the firm to gain a
competitive advantage by selecting and managing
a group of different businesses competing in
several industries and product markets
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Corporate-Level Strategy: Key


• Questions
Corporate-level Strategy’s Value
– The degree to which the businesses in the
portfolio are worth more under the
management of the company than they
would be under other ownership
– What businesses should
the firm be in?
– How should the corporate
office manage the
group of businesses?
Business Units

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LevelsandTypesof Diversification

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DiversifyingtoEnhanceCompetitiveness

• Related Diversification
– Economies of scope
– Sharing activities
– Transferring core competencies
– Market power
– Vertical integration
• Unrelated Diversification
– Financial economies
• Efficient internal capital allocation
• Business restructuring

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Reasons for Diversification


• Incentives and Resources with Neutral
Effects on Strategic Competitiveness:
– Antitrust regulation
– Tax laws
– Low performance
– Uncertain future cash flows
– Risk reduction for firm
– Tangible resources
– Intangible resources

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ReasonsforDiversification(cont’d)

• Managerial Motives (Value Reduction)


– Diversifying managerial employment risk
– Increasing managerial compensation

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StrategicMotivesforDiversification

ToEnhanceStrategicCompetitiveness:

• Economiesofscope(relateddiversification)

Sharingactivities

Transferringcorecompetencies

• Marketpower(relateddiversification)

Blockingcompetitorsthroughmultipoint competition

Vertical integration

• Financial economies(unrelateddiversification) Efficient internal

capital allocation
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IncentivesandResourcesforDiversification

Incentives and Resources with Neutral


Effects on Strategic Competitiveness
• Antitrust regulation
• Tax laws
• Low performance
• Uncertain future cash flows
• Risk reduction for firm
• Tangible resources
• Intangible resources
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Managerial Motives for


Diversification
Managerial Motives (Value Reduction)
• Diversifying managerial employment risk
• Increasing managerial compensation

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Value-creating

Strategiesof

Diversification:

Operational and

Corporate
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Related Diversification
• Firm creates value by building upon or
extending its:
– Resources
– Capabilities
– Core competencies
• Economies of scope
– Cost savings that occur when a firm transfers
capabilities and competencies developed in one of
its businesses to another of its businesses

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RelatedDiversification: Economiesof Scope


• Value is created from economies of scope
through:
– Operational relatedness in sharing activities
– Corporate relatedness in transferring skills or
corporate core competencies among units
• The difference between sharing activities and
transferring competencies is based on how
the resources are jointly used to create
economies of scope

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Sharing Activities
• Operational Relatedness
– Created by sharing either a primary activity such
as inventory delivery systems, or a support activity
such as purchasing
– Activity sharing requires sharing strategic control
over business units
– Activity sharing may create risk because business-
unit ties create links between outcomes

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TransferringCorporateCompetencies
• Corporate Relatedness
– Using complex sets of resources and
capabilities to link different businesses
through managerial and technological
knowledge, experience, and expertise

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Corporate Relatedness
• Creates value in two ways:
– Eliminates resource duplication in the need to
allocate resources for a second unit to develop a
competence that already exists in another unit
– Provides intangible resources (resource
intangibility) that are difficult for competitors to
understand and imitate
• A transferred intangible resource gives the unit
receiving it an immediate competitive
advantage over its rivals

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RelatedDiversification: Market Power

• Market power exists when a firm can:


– Sell its products above the existing
competitive level and/or
– Reduce the costs of its primary and
support activities below the competitive
level

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RelatedDiversification: Market Power


• Multipoint Competition
– Two or more diversified firms simultaneously
compete in the same product areas or geographic
markets
• Vertical Integration
– Backward integration—a firm produces its own
inputs
– Forward integration—a firm operates its own
distribution system for delivering its outputs

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RelatedDiversification: Complexity
• Simultaneous Operational Relatedness
and Corporate Relatedness
– Involves managing two sources of
knowledge simultaneously:
• Operational forms of economies of
scope
• Corporate forms of economies of scope
– Many such efforts often fail because of
implementation difficulties

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Unrelated Diversification
• Financial Economies
– Are cost savings realized through improved
allocations of financial resources
• Based on investments inside or outside the firm
– Create value through two types of financial
economies:
• Efficient internal capital allocations
• Purchasing other corporations and restructuring
their assets

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UnrelatedDiversification(cont’d)
• Efficient Internal Capital Market Allocation
– Corporate office distributes capital to business
divisions to create value for overall company
• Corporate office gains access to information
about those businesses’ actual and prospective
performance
– Conglomerates have a fairly short life cycle
because financial economies are more easily
duplicated by competitors than are gains from
operational and corporate relatedness

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UnrelatedDiversification: Restructuring
• Restructuring creates financial economies
– A firm creates value by buying and selling other
firms’ assets in the external market

• Resource allocation decisions may become


complex, so success often requires:
– Focus on mature, low-technology businesses
– Focus on businesses not reliant on a client
orientation

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External IncentivestoDiversify

• Antitrust lawsin1960sand1970sdiscouragedmergers
Anti-trust
Legislation that createdincreasedmarket power(vertical or

horizontal integration

• Mergersinthe1960sand1970sthustendedtobe

unrelated

• Relaxationof antitrust enforcement resultsinmoreand

largerhorizontal mergers

• Early2000antitrust concernsseemtobeemergingand

mergersnowmorecloselyscrutinized
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External IncentivestoDiversify(cont’d)


Tax Laws Hightaxratesondividendscauseacorporateshift from

dividendstobuyingandbuildingcompaniesinhigh-

performanceindustries
Anti-trust
Legislation • 1986TaxReformAct

– Reducedindividual ordinaryincometaxratefrom50to28

percent

– Treatedcapital gainsasordinaryincome

– Thuscreatedincentiveforshareholderstopreferdividendsto

acquisitioninvestments

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Internal Incentives to Diversify


Low • Highperformanceeliminatestheneedfor
Performanc
e greaterdiversification

• Lowperformanceactsasincentivefor

diversification

• Firmsplaguedbypoorperformanceoftentake

higherrisks(diversificationisrisky)

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TheCurvilinearRelationshipbetweenDiversificationand

Performance

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Internal IncentivestoDiversify(cont’d)

Low
Performanc • Diversificationmaybedefensivestrategy
e
if:
Uncertain
Future – Productlinematures
Cash Flows
– Productlineisthreatened.
– Firmissmall andisinmatureormaturing
industry

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Internal IncentivestoDiversify

Low •
Performanc Synergyexistswhenthevaluecreatedbybusinesses

e workingtogetherexceedsthevaluecreatedbythem

workingindependently

Uncertain • … but synergycreatesjoint interdependencebetween


Future
Cash Flows businessunits

• Afirmmaybecomeriskaverseandconstrainitslevel of
Synergy activitysharing
and Risk
Reduction • Afirmmayreducelevel of technological changeby

operatinginmorecertainenvironments
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Resources and Diversification


• A firm must have both:
– Incentives to diversify
– Resources required to create value through
diversification
• Cash
• Tangible resources (e.g., plant and equipment)
• Value creation is determined more by
appropriate use of resources than by
incentives to diversify

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Managerial MotivestoDiversify
• Managerial risk reduction
• Desire for increased compensation

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SummaryModel of the

Relationshipbetween

FirmPerformanceand

Diversification

SOURCE: R. E. Hoskisson & M. A. Hitt, 1990,


Antecedents and performance outcomes of
diversification: A review and critique of theoretical
perspectives, Journal of Management, 16: 498.

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Strategic Management
Review of the Basics

Sharon F. Matusik, Ph. D.


Rice University

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What is Strategy?
• The creation of a unique and valuable position
involving a different set of activities from those
of your competitors.
• …choosing what to do and what not to do.

Adapted from Michael Porter’s, “What is Strategy?” 1996.

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StrategyFrameworksfromVault Guide
• Industry level analysis
– Porter’s 5 Forces
• PIE application
• Firm level analysis
– SWOT
– Core competencies
– Value Chain
– Seven S Model
• Other forms of analysis
– BCG 2x2 Matrix
– Benchmarking, best practices

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Porter’s 5 Forces
Risk of Entry
(Barriers to Entry)
• brand loyalty
• absolute cost advantages
• econ of scale, cap req’t
• government regulations
• distribution access

Bargaining Power of Suppliers Bargaining Power of Buyers


High if:
High if: THE INDUSTRY
• product has few substitutes and • few large buyers
Rivalry Among • product unimportant to output
is important, few suppliers
• supplier has many other outlets Established Firms • buyers purchase in large
for product •competitive structure quantities and purchase large
• high switching costs •demand conditions percentage of industry output
• threat of vertical integration •exit barriers • low switching costs, little
forward differentiation
• threat of vertical integration
backward

Threat of Substitute Products


• existence of different products
that serve consumers’ needs in
a similar way

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Firm level analysis


• First, consider units of analysis
– Corporate level
– Business level
– Global level
– Implementation of strategy

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Units of Strategic Analysis


• Corporate level strategy
– Level and type of diversification
• Business level strategy
– Low cost, differentiation, niche
– Variety, needs, access based
• Global level strategy
– Global, international, transnational, multi-
domestic

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Firm level analysis


• SWOT
– Firm level strengths and weaknesses,
matched to opportunities and threats from
competitive environment

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Mission, Goals

Internal Analysis Strategic Choice External Analysis


(strengths, weaknesses) (SWOT) (opportunities, threats)

Strategies:
--Corporate Level
undiversified, diversified
--Global
transnational, global, intl, multidomestic
--Business Level
low cost, differentiate, niche/focus
OR variety, needs, and access based

Strategy Implementation:
Match Strategy, Structure, Controls

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Pursuing Competitive Advantage:


Core Competencies
imitability

Assets
Tangible Intangible Core …leading Competitive Super-
Competencies to… Advantage: normal
profits
↓ --Valuable
Capabilities Core Products *market access
*contributes to perceived customer value
--Rare
--Difficult to Imitate
--Nonsubstitutable

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Value Chain
Chain of activities to transform inputs into outputs that customers value.

Support Company infrastructure


Activities Human resources
Materials management

Primary
Activities R&D Production Mktg & Services
Sales

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SevenSModel:

OrganizationalAlignment
Staff Style Shared Values

Systems

Strategy Skills Formal Structure

Environment

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Other Tools/Models
• Vault Analyses
– BCG 2X2 Matrix
– Benchmarking, best practices
• Others
– Game Theory
– Stakeholder Analysis
– Aligning Corporate Strategy:
• Resource continuum

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Game Theory
• Assumes interdependence among
players
– Allocentrism vs. egocentrism
• Consider how you can shape the game,
don’t just play the game you find

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Game Theory
• Elements of the game
– Players
– Added value
• capturing vs. creating value
– Rules
– Tactics
– Scope

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STAKEHOLDER ANALYSIS
Potential to Threaten
High Low
Potential to Cooperate

STAKEHOLDER TYPE 4 STAKEHOLDER TYPE 1


High MIXED BLESING SUPPORTIVE

STRATEGY: ? STRATEGY:
COLLABORATE INVOLVE

STAKEHOLDER TYPE 3 STAKEHOLDER TYPE 2


NONSUPPORTIVE MARGINAL

Low STRATEGY: STRATEGY:


DEFEND MONITOR
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The Resource Continuum


general nature of resources specialized

wide scope of businesses narrow

transferring coordination mechanisms sharing

(continued)
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The Resource Continuum

general nature of resources specialized

financial control systems operating

small corporate office size large

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Thank You
Please forward your query

To: shankar_lmc@yahoo.com

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