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1 Topic 8 Competitive Strategy and Strategic Alliances Dr. Songporn Hansanti.

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1 1 Topic 8 Competitive Strategy and Strategic Alliances Dr. Songporn Hansanti

2 2 Competitor Analyses  Internal Assessments  External Assessments: Analyzing Competitor Operations  Strategic Alliances

3 3 Who are they? Nature of business operation Direct Competitor Indirect Competitor

4 4 Competitor Analyses  Uses of Competitor Analysis  provides insights into rivals’ strategies and enable companies to:  Outwit Rivals - detect marketplace changes more quickly than competitors  Outmaneuver Rivals - Being the first to introduce new products and technologies  Outperform Rivals - In terms of new product development, market share, customer satisfaction levels and corporate reputation

5 5 Competitor Analysis  Internal Assessments  Corporate missions: provide overviews of corporate priorities in terms of products, markets, technology, and corporate culture  Strategic intents: relate to long-term competitive aspirations  Core competencies: are articulations of what companies do better than others – their acknowledged expertise vis-à-vis the rest of the industry: innovation styling, value

6 6 Collaborative Strategies

7 7 Benefits of Strategic Alliances Potential Benefits of Strategic Alliances Ease of Market Entry Shared Risk Shared Knowledge and Expertise Synergy and Competitive Advantage

8 8 Scope of Strategic Alliances Significant variation  Comprehensive alliance  Narrowly defined alliance Degree of collaboration depends upon basic goals of each partner

9 9 Types of Alliances Comprehensive Functional  Production  Marketing  Financial  Research and Development

10 10 Implementation of Strategic Alliances Selection of partners Compatibility Nature of potential partner’s products or services Relative safeness of the alliance Learning potential of the alliance

11 11 Joint Management Considerations Shared management agreements Assigned arrangements Delegated arrangements

12 12 Shared Management Agreement Partner 1Partner 2 Alliance Both partners participate actively

13 13 Assigned Arrangement Partner 1Partner 2 Alliance One partner takes primary responsibility

14 14 Delegated Arrangement Partner 1Partner 2 Joint Venture Both partners delegate management to the joint venture’s executives

15 15 Pitfalls of Strategic Alliances Pitfalls of Strategic Alliances Incompatibility of partners Access to Information Distribution of Earnings Loss of Autonomy Changing Circum- stances

16 16 Beijing Jeep – A joint venture between American Motors Company (part of Daimler Chrysler) and Beijing Auto Works

17 17 Merger & Acquisition (M&A) 1.Technological change 2.Efficiency of operations 3.Globalization and freer trade 4.Changes in industry organization 5.New industries 6.Deregulation and regulation 7.Favorable economic and financial conditions 8.Negative trends in industries and economies 9.Widening inequalities in income and wealth

18 18 เป็นการรวมที่ไม่จำเป็นต้องตั้งบริษัทใหม่ ซึ่งการ รวมกันจะเป็นตกลงกันว่าจะเลิกบริษัทใด แล้วแต่จะตก ลงกัน เช่น บริษัท สปามหาวินาศ และ บริษัท สปาเทวา บรรลัย ต่างประกอบกิจการ ได้รวมกิจการเข้าด้วยกัน เหลือเพียง บริษัท สปามหาวินาศ เพียงบริษัทเดียว ซึ่งการรวมแบบนี้อาจจะเรียกได้ว่า Acquisition ซึ่งเป็นการ ซื้อกิจการของบริษัทอื่น อาจซื้อเพียงทรัพย์สิน หรือทั้งทรัพย์สินและหนี้สิน ( โอนกิจการ ) หรืออาจเป็นเข้าไปซื้อหุ้นเพื่อให้เพียงพอกับการเข้าไป ได้บริหารกิจการ (Take Over) Merger

19 19 Merger เป็นการรวมที่ไม่จำเป็นต้องตั้งบริษัทใหม่ ซึ่ง การรวมกันจะเป็นตกลงกันว่าจะเลิกบริษัทใด แล้วแต่จะตกลงกัน เช่น บริษัท สปามหาวินาศ และ บริษัท สปาเท วาบรรลัย ต่างประกอบกิจการ ได้รวมกิจการเข้า ด้วยกัน เหลือเพียง บริษัท สปามหาวินาศ เพียง บริษัทเดียว ซึ่งการรวมแบบนี้อาจจะเรียกได้ว่า Acquisition ซึ่ง เป็นการซื้อกิจการของบริษัทอื่น อาจซื้อเพียงทรัพย์สิน หรือทั้งทรัพย์สินและ หนี้สิน ( โอนกิจการ ) หรืออาจเป็นเข้าไปซื้อหุ้นเพื่อให้เพียงพอกับการ เข้าไปได้บริหารกิจการ (Take Over)

20 20 Consolidation or Amalgamation คือการรวมกิจการที่ตั้งบริษัทใหม่ และยกเลิก บริษัทเดิม บริษัทใหม่นี้ต้องเป็นชื่อใหม่ มีการออกหุ้นใหม่ ผู้ถือหุ้นของบริษัทเดิมจะได้รับหุ้นสามัญของ บริษัทใหม่แทนของบริษัทเดิม เช่น บริษัท สูดดมอ๊อกซิไดซ์ และ บริษัท เป่า และดม ต่างประกอบกิจการผลิตยาดม ได้รวม กิจการเข้าด้วยกัน และจดทะเบียนใหม่ชื่อ บริษัท สูดเป่าและดม

21 21 M&A Terminology Merger  Negotiated deals  Mutuality of negotiations  Mostly friendly Restructuring — changes to improve operations, policies, and strategies

22 22 Types of Mergers Horizontal mergers  Between firms in same business activity  Rationale Economies of scale and scope Synergies (ex. combining of best practices)  Government regulation due to potential anticompetitive effects Vertical mergers  Combinations between firms at different stages  Goal is information and transaction efficiency

23 23 M&A

24 24 M&A Strategy Defines the long-term plans, policies and culture of an organization Strategic planning is a dynamic process that requires inputs from all segments of the organization Acquisition and restructuring policies and decisions should be part of the company's overall strategic plans and processes Ultimate responsibility for strategic planning resides in the top executive group

25 25 Strategic Planning Processes in M&A Essential elements in strategic planning  Assessment of changes in the environments  Evaluation of company capabilities and limitations  Assessment of expectations of stakeholders  Analysis of company, competitors, industry, domestic economy and international economies  Formulation of the missions, goals and policies for the master strategy  Development of sensitivity to critical environmental changes

26 26 Strategic Planning Processes in M&A Essential elements in strategic planning  Formulation of organization performance measurements and benchmarks  Formulation of long-range strategy programs  Formulation of mid-range programs and short-run plans  Organization, funding and other methods to implement all of the preceding elements  Information flow and feedback system for continued repetition of above activities and for adjustments and changes at each stage  Review and evaluation of above processes

27 27 Strategic Planning Processes in M&A Monitoring environments  Should encompass both domestic and international dimensions  Include analysis of economic, social, technological, political, and legal factors Strategy also deals with stakeholders – groups with interests in the firm and its actions Organization cultures  Firm cultures affect strategic thought and plans  Failure to combine cultures is a key obstacle to merger integration

28 28 Alternative Strategy Methodologies SWOT or WOTS UP – inventory and analysis of organizational strengths, weaknesses, environmental opportunities and threats Top-down or Bottom-up – relate to company forecasts vs. aggregation segment forecasts Computer models – allow detail and complexity Logical incrementalism – well-supported moves from current bases Comparative histories – learn from the experiences of others

29 29 Alternative Strategy Methodologies Synergy – look for complementarities Adaptive processes – periodic reassessment of environmental opportunities and organization capability adjustments required Environmental scanning – continuous analysis of all relevant environments Intuition – insights of brilliant managers Entrepreneurship – creative leadership

30 30 Alternative Analytical Frameworks Product life cycle – introduction, growth, maturity, decline stages with changing opportunities, threats Learning curve – costs decline with cumulative volume experience (first mover advantage) Competitive analysis – industry, suppliers, customers, complemetors, etc. Value chain analysis – seek to add product characteristics valued by customers Cost leadership – low-cost advantages

31 31 Alternative Analytical Frameworks Resource-based view – capabilities are inimitable Relatedness matrix – unfamiliar markets and products involve greatest risk Focus matrix – narrow versus broad product families Growth/share matrix – aim for high market share in high growth markets Attractiveness matrix – aim to be strong in attractive industries Global matrix – aim for competitive strength in attractive countries

32 32 Alternative Analytical Frameworks Product-market matrix Competitive-position matrix

33 33 Alternative Analytical Frameworks  Growth-share matrix  Strength-market attractiveness matrix

34 34 Alternative Analytical Frameworks  Global strategy

35 35 Strategy Formulation Approaches Boston Consulting Group Approach  Historical emphasis: experience curve, product life cycle, product portfolio balance  Recent approaches Impact of the Internet and other innovations Performance measurements - cash flow return on investment (CFROI) Michael Porter Approach (1980, 1985, 1987)  Select attractive industry using “Five Forces”  Develop competitive advantage through cost leadership, product differentiation, or focus  Develop attractive value chains

36 36 Evaluation of Strategic Approaches Steps taken in checklists and iterations:  State objectives  Define environment  Analyze strengths/weaknesses relative to environment  Assess potential in environment  Compare potential to objectives  If gap, search for alternative ways to close gap  Select alternatives for analysis  Cost/benefit analysis of alternatives  Tentative selection — formulate plans and actions

37 37 Formulating a Merger Strategy Requires continuing reassessment  Industry analysis  Competitor analysis  Supplier analysis  Customer analysis  Substitute products  Complementors  Technology changes  Societal factors  Firm's strengths/weaknesses relative to present/future industry conditions

38 38 Formulating a Merger Strategy Goal/capability analysis  Are current goals, policies appropriate?  Do goals, policies match resources?  Does timing of goals/policies reflect ability of firm to change? Work out strategic alternatives  May not include current strategy  Choose best  Mergers represent one set of alternatives

39 39 Formulating a Merger Strategy Grove (1996)  Firm must adjust to six forces Existing competitors Potential competitors Complementors Customers Suppliers Industry transformation  Eclectic adaptive processes approach to strategy

40 40 Formulating a Merger Strategy Business goals - general or specific, but must be quantifiable to facilitate progress assessment  Size objectives Large enough to use fixed factors effectively Critical mass necessary to attain cost levels for profitable operation at market prices  Growth objectives - sales, assets, EPS, values To get favorable P/E multiple for shares To increase market to book value of shares

41 41 Formulating a Merger Strategy Business goals  Stability objectives - two kinds of instability Large erratic fluctuations in total size and abrupt program shifts (e.g., defense industry) Cyclical instability of durable goods industries  Flexibility objectives - ability to operate in variety of product markets and responsive to consumers Breadth of capabilities, e.g., research, manufacturing, marketing Technological breadth Stay close to customers

42 42 Formulating a Merger Strategy Aligning firm to changing environments  Gap between objectives and potential based on current capabilities  Various approaches: Choose products related to needs of customer that provide large markets Focus on technological bottlenecks Be at frontier of technology and aim for attractive product fallout Emphasize economic criteria – ex. value

43 43 Formulating a Merger Strategy Strategic planning and mergers  Diversification strategy may be necessary if firm must alter product-market mix or capabilities to reduce or close strategic gap  Both involve evaluation of current capabilities relative to those needed to reach objectives  Related diversification involves lower risks

44 44 Strategy and Structure Unitary or U-Form  Highly centralized under the president  Broken into functional departments - no departments can stand alone  No easy way to measure each department as a profit center  Allows rapid decision-making  Only successful in small organizations  Difficult to handle multiple products

45 45 Strategy and Structure  Holding company or H-Form Arranged around various unrelated operating businesses Leadership can evaluate each unit individually Resources can be allocated according to projected returns

46 46 Strategy and Structure Multidivisional organization (M-form)  Each division is autonomous enough to be judged a profit center  Divisions share some general staff assistance  Can handle related product and geographic market extensions

47 47 Strategy and Structure Matrix form  Managers of functional departments such as finance, manufacturing and development  Employees are assigned to subunits organized around products, geography, or other criteria  Effective in firms characterized by many new products or projects President Product AProduct BProduct C Research Manager Production Manager Marketing Manager Marketing

48 48 Structure and Acquisition Strategy StructureStrategy U-Form Target likely fully consolidated Usually closely related activities H-Form Easier to acquire unrelated firms Operations may remain somewhat independent M-Form Target may become separate division served by existing functional groups Matrix Best for geographic expansion of related products

49 49 Valuation and Merger Analysis Valuation approaches and tests  Comparable companies or transactions  Test whether transaction makes sense  Test whether premium paid is justified by potential synergies Additional analysis  Nature of industry  Value drivers (historical and projected)  Competitive and antitrust effects of merger  Issues related to implementing the merger

50 50 Trends of Strategic Alliances in US ExxonMobil = Exxon + Mobil Oil Hewlett-Packard ; with Compaq Procter & Gamble buy Gillette Adidas-Salomon acquire Reebok Siemens; with Nokia The Walt Disney Company acquiring Pixar Google buys Youtube Warner Bros. Entertainment & CBS Corporation = The CW Television Network

51 51 EU DaimlerChrysler = Daimler Benz + Chrysler BP with Amoco Alcatel + Lucent Technologies = Alcatel-Lucent Air France + KLM Royal Dutch Airlines = Air France-KLM Lufthansa and SWISS

52 52 Japan Mitsubishi UFJ Financial Group Konica Minolta = Konica + Minolta SoftBank acquiring Vodafone Japan Sumitomo Mitsui Banking Corporation = Sumitomo Bank + Sakura Bank

53 53 Thailand EGV + Major = EGV-Major Cineplex Bilsstel + TG Fone LoxInfo + CS = CSLoxInfo GMM + True TMB + IFCT + DTDB


ดาวน์โหลด ppt 1 Topic 8 Competitive Strategy and Strategic Alliances Dr. Songporn Hansanti.

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