Strategy: Synthesis 战略：整合Ramon Casadesus-MasanellHarvard Business School哈佛商学院What Is Competitive Strategy?A strategy is an integrated set of choiceswhich positions a firm in an industryso as to generate superior financial returnsover the long run什么是竞争战略?战略是一套决策的整合，使一个公司在某个行业中的定位能够为其获得长期、优异的财务回报A strategy is an integrated set of choices which positions a firm in an industry so as to generate superior financial returnsover the long runWhat Is Competitive Strategy?ExternalenvironmentInternal activitiesCompetitive dynamics战略是一套决策的整合，使一个公司在某个行业中的定位能够为其获得长期、优异的财务回报什么是竞争战略?外部环境内部活动竞争势态Industry Structure 行业结构Industry Structure:The influence of industry over strategy“When an industry with a reputation for tough economics meets amanager with a reputation for excellent performance, it’s usually the industry that keeps its reputation intact”Warren Buffett 行业结构:行业对战略的影响“当一位以优秀业绩而著称的经理遇到一个以经济环境恶劣而闻名的行业，通常，依然可以保有名声的是那个行业。

”沃伦·巴菲特1020304050607080901002%4%6%8%10%12%14%16%18%20%22%24%26%28%30%32%Average Return on Equity in US IndustriesNumberofIndustriesFirst Quartile Average 22.2%Fourth Quartile Average 9.3%Note: Return on Equity = Net Income / Year End Shareholders ’ Equity; Analysis based on sample of 593 industries Source:Author ’s Analysis Based on Dun and Bradstreet DataAverage = 14.7% Median = 13.8%11.7%13.8%16.5%Return on Equity (Percent)Industry Structure:Differences in Profitability Across Industries1020304050607080901002%4%6%8%10%12%14%16%18%20%22%24%26%28%30%32%美国行业平均股权回报率行业数目 最高四分位数平均值22.2%最低四分位数平均值9.3%注：股本回报率=净收入/岁末股东收益；以抽样的593个行业分析为准 资料来源：作者根据Dun and Bradstreet Data 分析平均 = 14.7% 中值= 13.8%11.7%13.8%16.5%股权回报率（百分比）行业结构: 跨行业利润率差异Industry Structure:Differences in Profitability Across Selected Industries-5510152025Scheduled air transportMotor vehiclesCable television serviceComputer system design Engineering services Trucking except local Race track operations Petroleum / natural gas Drug storesEating places Dental equipmentWomen's clothing storesSemiconductorsPrepackaged softwarePharmaceuticals Operating income / assets, 1988-95 (%)Source: Ghemawat and Rivkin, “Creating Competitive Advantage ”行业结构:行业利润率差异-5510152025Scheduled air transport Cable television serviceEngineering services Race track operationsDrug stores Dental equipment Semiconductors Pharmaceuticals 营业收入/ 资产, 1988-95 (%)资料来源：Ghemawat 与 Rivkin 文章 “创造竞争优势”医药 半导体 牙科器材药妆店赛马/赛车 工程服务有限电视服务定期航班运输Industry Structure:Porter ’s Five Forces – Zooming down to StructureRIVALRY AMONGEXISTING COMPETITORS BARGAINING POWER OF SUPPLIERS BARGAINING POWER OF CUSTOMERSTHREAT OF NEW ENTRANTSTHREAT OF SUBSTITUTESSource: Porter, Competitive Strategy行业结构:波特竞争力分析模型现有对手间的竞争 供货商的 议价能力 客户的 议价能力新入者的威胁替代品的威胁Source: Porter, Competitive Strategy 资料来源： 波特，“竞争战略”Industry Structure: The PC IndustryRIVALRY AMONGEXISTING COMPETITORS BARGAINING POWER OF SUPPLIERS BARGAINING POWER OF CUSTOMERS THREAT OF NEW ENTRANTSTHREAT OF SUBSTITUTES •Proprietary standards + desire forcompatibility => Microsoft andIntel positioned to extract profits•Wintel standards => low switching costs•End users very knowledgeable •Resellers /retailers have grip on end user•PC users “put up ” with their PCs•Network PCs, game consoles, PDAs, etc.•Technology; Components;Facilities; Advertising; Customers •Stream of low-cost entrants•Inputs available at standard prices•Wintel standards =>competition on price only •Saturation => fight for share行业结构:个人电脑 (PC) 行业•专属标准+兼容性要求 => 微软与英特尔 处于获利地位•Wintel 标准 => 低转向成本•精明的终端用户 •分销商/零售商控制终端用户•PC 用户“凑合”使用自己的电脑•网络PC,游戏控制台，PDA 等•技术；元件；工厂；广告；客户 •低价入行者 的涌入•以标准价格提供的货源•Wintel 标准 = 只能进行价格竞争•市场饱和 => 为市场份额而战现有对手间的竞争供货商的 议价能力客户的 议价能力新入者的威胁替代品的威胁Industry Structure●The Five Forces framework focuses attention on those players who competewith you to capture a given pie●It tends to ignore those players who can help you in this process !行业结构●竞争 (五力) 分析框架聚焦在那些和你竞争市场份额的玩家●忽视那些能够在竞争中助你一臂之力的玩家！Industry Structure: An Augmented frameworkRIVALRY AMONGEXISTING COMPETITORS BARGAINING POWER OF SUPPLIERS BARGAINING POWER OF CUSTOMERSTHREAT OF NEW ENTRANTSTHREAT OF SUBSTITUTES AVAILABILITY OF COMPLEMENTS行业结构:增强的竞争力分析模式现有对手间的竞争 供货商的 议价能力 客户的 议价能力新入者的威胁替代品的威胁 补充产品的存在Platform Competition Apple vs. PC平台竞争苹果对PCCreating Advantage 创造优势A strategy is an integrated set of choices which positions a firm in an industry so as to generate superior financial returnsover the long runWhat Is Competitive Strategy?ExternalenvironmentInternal activitiesCompetitive dynamics战略是使一个公司的行业定位能够获取长期、优异经济回报的一套综合性选择什么是竞争战略?外部环境内部活动竞争势态Situation AnalysisDifferences in Profitability Within Selected IndustriesSemiconductor Industry-5510152025National SemiconductorAnalog DevicesAMDMotorolaTexas InstrumentsIntelOperating income / assets, 1988-95 (%)Airline Industry-5510TWAContinentalUS AirwaysDeltaUnitedAmericanSouthwest Operating income / assets, 1988-95 (%)Source: Pankaj Ghemawat and Jan W. Rivkin, “Creating Competitive Advantage ”形势分析：行业内企业间利润率差异-5510152025National Semiconductor Analog DevicesAMDMotorola Texas InstrumentsIntel 营业收入/ 资产, 1988-95 (%)半导体业-50510TWA Continental US AirwaysDelta United American Southwest 营业收入/ 资产, 1988-95 (%)民航业资料来源： Pankaj Ghemawat 与Jan W. Rivkin 文章 “创造竞争优势”英特尔摩托罗拉国家半导体公司德州仪器公司 亚德诺半导体 西南航空 美利坚航空联合航空 达美航空 全美航空 大陆航空全球航空WTPCostValue CreatedValue CaptureSituation Analysis Strategy and Value●Value Created–willingness to pay–costs of providing good or service●Value CapturedPrice愿意支付的价值 (WTP)成本创造的价值获得的 价值形势分析： 战略与价值●创造的价值–意愿支付的价值–提供货品或服务的成本●获得的价值价格Situation AnalysisTypes of Competitive AdvantageBuyer value generated (willingness to pay)Costs incurred (including opportunity cost of capital)Industry average competitorSuccessfuldifferentiatedcompetitorSuccessfullow-costcompetitorCompetitorwith dualadvantage$形势分析：不同类型的竞争优势创造的买房价值（意愿支付的价值）产生的成本（包括资本的机会成本）行业中一般竞争者成功的差异化竞争者成功的低成本竞争者具双重优势的竞争者$•Companies are collections of discrete activities , in which competitive advantage residesInbound Logistics(e.g. IncomingMaterial Storage, Data Collection, Service, Customer Access)Operations(e.g. Assembly, Component Fabrication, Branch Operations)Outbound Logistics(e.g. Order Processing, Warehousing, Report Preparation) Marketing & Sales(e.g. Sales Force, Promotion, Advertising,Trade Shows, ProposalWriting)After-Sales Service(e.g. Installation,Customer Support, Complaint Resolution, Repair)M a r g i nPrimary ActivitiesSupport ActivitiesFirm Infrastructure(e.g. Financing, Planning, Investor Relations)Procurement(e.g. Components, Machinery, Advertising, Services)Technology Development(e.g. Product Design, Testing, Process Design, Material Research, Market Research)Human Resource Management(e.g. Recruiting, Training, Compensation System)Value Whatbuyers are willing to paySituation AnalysisValue Chain – Competitive Advantage and Activities进料后勤 (如材料储存、数据收集、服务、客户接入）生产(如组装、组件制造，分支运营)发货后勤(如订单，仓储、报告准备）销售 (如销售队伍、促销、广告、展销会， 编写计划书）售后服务(如安装、客户服务、投诉处理、维修）基本活动支持性活动公司基础设施(如融资, 规划,、投资者关系）采购(如零件、机器、广告、服务）科技研发(如产品设计、测试、程序设计、材料研究、市场研究）,人力资源管理(如招聘、培训,、薪金系统)价值： 除去成本购买人愿意付的价格形势分析：价值链 – 竞争优势和活动© 2002 Jan W. Rivkin边 润 际利 •公司的竞争优势寓于分别独立的活动© 2009 Ramon Casadesus-MasanellSize and Scope of Wal-MartOne of the world’s largest firms in terms of sales revenueWorld’s largest private employer (more than 2.1 million employees)Bigger than Kmart, Sears, JC Penney, and Target combined!Serves more than 100 million customers per weekBecame largest grocery retailer in the US in only six yearsHave the nation’s second largest computer (behind Pentagon) to support their logistics operationsBroadcast more live television than any US broadcast network$1000 invested 30 years ago would be worth more than $1.4 million today!© 2009 Ramon Casadesus-Masanell沃尔玛的规模与经营范围世界上销售额最大的一家公司世界上最大的私营雇主（员工超过二百一十万人）比Kmart, Sears, JC Penney, 和Target加起来还大！每周服务的顾客超过一亿仅在六年内就成为美国最大的百货零售商为支持物流运作，电脑数量居全美第二，（仅次于美国国防部）现场直播的电视节目数量超过任何一家美国广播网三十年前一千美元的沃尔玛投资，今天的价值超过一百四十万美元！© 2009 Ramon Casadesus-MasanellValue Chain Wal-Mart StoresInbound Logistics Operations OutboundLogisticsMarketing& SalesAfter-SalesServiceMargin Primary ActivitiesSupport Activities FirmInfrastructureHumanResourceManagementTechnologyDevelopmentProcurement•Big stores in small towns=> local monopolies, lowrental costs•Pricing that reflects localmonopoly•Concentric expansion•Brand-namemerchandise•Private labels•Little space for inventory•Suggestion program•Store within a store•Traiting: tailoringmerchandise tolocale•EDLP•Low prices•Store managerlatitude on pricing•Little advertising•Merchandisemeeting•Frequentreplenishment•AutomatedDCs, crossdocking, pick-to-light•EDI•Hub and spokesystem•Easy returns •POS•Satellite system•Associates, notemployees•Not unionized•Store manager autonomy•Frugal culture (sharing hotel rooms,calling collect•No regional offices•Lots of management visits•Store performance tracking•UPC•Hard-nosed negotiating•Centralized buying•No-frills meeting rooms•Partnerships with some vendors•EFT, electronic invoicing•Planning packets•Manager compensation tiedto store•Stock ownership plan•Decentralized training in DC•Real-time market research•Saturday meetings•Fun working environment•Promotion from within•Associate compensationtied to company•Shrink incentive plan沃尔玛的价值链© 2002 Jan W. RivkinValue ChainWal-Mart Stores – Distinctive Activities…ConnectedInbound LogisticsOperationsOutbound Logistics Marketing & Sales After-Sales ServiceMa r g i nPrimary ActivitiesSupport ActivitiesFirmInfrastructureHuman Resource Management Technology Development Procurement•Big stores in small towns => local monopolies, low rental costs•Pricing that reflects local monopoly •Concentric expansion •Brand-name merchandise •Private labels •Little space for inventory •Suggestion program •Store within a store•Traiting: tailoring merchandise to locale •EDLP•Low prices •Store manager latitude on pricing •Little advertising •Merchandise meeting•Frequentreplenishment •Automated DCs, cross docking, pick-to-light •EDI•Hub and spoke system•Easy returns•POS•Satellite system•Associates, not employees •Not unionized •Store manager autonomy •Frugal culture (sharing hotel rooms, calling collect •No regional offices •Lots of management visits •Store performance tracking •UPC•Hard-nosed negotiating •Centralized buying •No-frills meeting rooms •Partnerships with some vendors•EFT, electronic invoicing •Planning packets•Manager compensation tied to store •Stock ownership plan •Decentralized training in DC •Real-time market research•Saturday meetings•Fun working environment•Promotion from within •Associate compensation tied to company•Shrink incentive plan价值链：沃尔玛 – (活动)独立 .. 但相互关联© 2002 Jan W. Rivkin基础活动支持性 活动进货后勤 运营 运营 销售 售后服务公司基础设施人力资源管理科技研发采购•小城镇大店=>地方垄断，低租金成本 •定价反映当地垄断 •同圆心扩张 •名牌商品 •私人标签 •小空间库存 •建议方案•商店中的商店•Traiting ：剪裁商品语言环境。