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ProfitPoolsandCoreCompetenceDarralGClarkeProfessorofManagementTheMarriottSchoolBrighamYoungUniversity2021/12/151
ProfitPools:AFreshLookatStrategyOritGadieshandJamesL.GilbertHarvardBusinessReviewMay-June19982021/12/152
THEPCINDUSTRY’SPROFITPOOLValuechainfocusAxesVertical—operatingmarginHorizontal—shareofindustrydata40%30201000100%shareofindustryrevenuemicroprocessorsothercomponentspersonalcomputerssoftwareperipheralsservicesThevaluechainforthePCindustryincludessixkeyactivities;theprofitabilityoftheactivitiesvarieswidely.Manufacturerscompeteinthelargestbutleast-profitablesegmentofthechain.2021/12/153
TheProfitPoolLensTheprofitpoolisthetotalprofitearnedinanindustryatallpointsalongtheindustry’svaluechainSegmentprofitabilitymayvarybycustomergroup,productcategory,geographicmarket,ordistributionchannelProfitconcentrationmaybeverydifferentthanrevenueconcentrationShapeoftheprofitpoolreflectsthecompetitivedynamicsofabusinessInteractionsofcompaniesandcustomersCompetitivestrategiesofcompetitorsProductpoolsarenotstagnant2021/12/154
THEU.S.AUTOINDUSTRY’SPROFITPOOL100%operatingmarginsource:HarvardBusinessReview,May-June1998autorental25%1510500shareofindustryrevenueautomanufacturingnewcardealersusedcardealersautoloansautoinsuranceaftermarketparts20leasingwarrantygasolineservicerepairTheautomotiveindustryencompassesmanyvalue-chainactivities.Thewaythatprofitsandrevenuesaredistributedamongtheseactivitiesvariesgreatly.Themostprofitableareasofthecarbusinessarenottheonesthatgeneratethebiggestrevenues.2021/12/155
ProfitPools:CompanyExamplesCompaniesAutomakersU-HaulElevators(OTIS)HarleyDavidsonPolaroidCoreBusinessAutomanufacturingTruckRentalElevatorManufacturingMotorcyclesInstantPhotographyCamerasSourcesofHighestROIAutoleasing,insurancePackingmaterials,storageServiceAccessories(consumerproducts),leasing,service,restaurantsFilm2021/12/156
ManagerialImplicationsFocusongrowthandmarketsharecanleadacompanytofocusonunprofitablesegmentsofanindustryToday’sdeeprevenuerevenuepoolmaybetomorrow’sdryhole.ThegoalshouldbetofocusonprofitableopportunitiesIndustryshouldbeconsideredmorebroadlythantraditionaldefinitionAutomobileindustryincludesComponentmanufactureandsupplyNewcarassemblyanddeliveryNewcarwarranteeandserviceNewcarfinancingandinsuranceUsedcarsalesandservice2021/12/157
TurbulentindustriesProfitpoolsareespeciallyimportantandusefulinindustriesundergoingderegulationand/ortechnologicalchangeSuchchangescanopennewprofitpoolopportunitiesanddrainoldonesChokepointsmaychangeorbeeliminatedOpportunitiesforeitherforwardorverticalintegrationmayemergeCurrentverticalintegrationmaybedisintermediated2021/12/158
CreatingandmanagingaprofitpoolProfitpoolanalysismayindicatenewopportunitiesorthreatsImperativesBeopentoanewperspectiveonyourbusinessandindustryDevelopingnewstrategymayrequireoverturningelementsofthecurrentstrategyBeopentoreevaluatetheroleplayedbycurrentcompetitorsBevigilanttoidentifypossibilitythatnewentrantsmayseektoenteryourindustrywithradicalstrategies2021/12/159
LookingAhead:ProfitPoolsandtheFiveForcesProfitpoolsarecomputedbymultiplyingthesizeoftherevenuebytheunitprofitmarginEssentiallyanaccountingprocess--notheoryMostvaluableinsituationsinwhichexternalconditionsareessentialstableand/orunimportant(Oftendominatedbyinternaldataalone)Thefiveforcestellsus(whichwillstudynext)theunderlyingdeterminantsthatdetermineboththerevenuesizeandtheunitprofitmarginTheprofitdriverswhichallowustoforecastthedirectionofchange2021/12/1510
MarakonRunnersThomasA.StewartFortuneSept.28,19982021/12/1511
MarakonAssociates’sApproachtoCorporateStrategyConsultantstomanylargecorporationsCocaCola,HP,GM,CitiCorp,etc.Clientshavereturns3.1%higherthanindustrypeergroupGoalistoincreaseshareholdervaluethroughanalysisofeconomicprofitDeepdrillinginbusinessdatatomeasurevaluecreationProductsegmentsCustomersegments2021/12/1512
HowStrategyHappensLearningwherevalueiscreatedWaterfallchartsbyproductandcustomersegmentsEvaluatingstrategyIndustryaverageprofitperunitCompany’sprofitvsindustryaverageManagingvalueCurrentstrategyChangeproductfocusChangecustomerfocus2021/12/1513
LearningwherevalueiscreatedProductsegmentsCustomersegmentsProfit/loss($perunit)Volume(units)Volume(units)02021/12/1514
EvaluatingStrategyCompanyprofitperunitIndustry-averageprofitperunit2021/12/1515
ManagingforvalueCurrentstrategyChangeproductfocusChangeCustomerfocusValue2021/12/1516
ApplicationtoourcasesRetailindustry(Wal*Mart)Softdrinkindustry(Coca-ColaandPepsiCo)Steel(Nucor)andaluminumcans(CC&S)Hitech(Intel,Cisco,andDell)Videogames(Nintendo)Webbusinesses(eBayandYahoo!)2021/12/1517
TheCoreCompetenceoftheCorporationPrahalad,C.K.andGaryHamelHarvardBusinessReview,May-June19902021/12/1518
CoreCompetenceAFirmismadeupofresourcespeople,patents,brandnames,plant&equipment,processes,etcAcompetenceistheabilitytoemploydiverseskillsandresourcestoperformtasksandactivities.Acorecompetenceisabroadlybasedand/orabroadlyappliedfundamentalcapability.2021/12/1519
CompetenceandTechnologyCompetenceisnotthesameastechnologyCompetencerequirestechnologiessocialorganizationcollectivelearning2021/12/1520
Corecompetencequestions:Whatarewereallygoodat?Howcanwebuilduponit?Whatdoweneedtobegoodat?2021/12/1521
CharacteristicsofEffectiveCompetenciesDurability:Technicalequipmentcanbeshortlived.Reputationorknowledgemaydepreciatemoreslowly.Transparency:Themorecomplexthesourceofcompetence,theharderitistoimitateit.Transferability:Theavailabilityofresourcestocompetitors.Replicability:Acompetitor’sinternalabilitytoreplicateacompetenceusingavailableresources.2021/12/1522
ChoosingCompetenciesHowcentralisthiscompetencetooursuccessinthemarket?Howlongcouldwepreserveourcompetitivenessinthisbusinesswithoutthisparticularcompetence?Whatfutureopportunitieswouldbeforeclosedifweweretolosethisparticularcompetence?2021/12/1523
CoreCompetenceandCoreProducts2021/12/1524
AHierarchyofCompetencies2021/12/1525
BuildingStrategyfromCapabilitiesStrategyCapabilitiesResources1.Identifyresources,appraiserelativestrengthsandweaknesses.Leverageuseofresources2.Identifycapabilities.Whatdowedomoreeffectivelythancompetitors?Identifyresourceinputstocapabilities.3.Appraiserent-generatingpotentialresourcesandcapabilitiesintermsof:sustainableadvantage,inappropriability4.Selectstrategythatbestexploitsthefirm’sresourcesandcapabilitiesrela-tivetoexternalopportunities.5.Identifyresourcegapsthatneedtobefilled.Investinreplenishing,augmenting,andup-gradingthefirm’sresourcebase.CompetitiveAdvantageSource:RobertM.Grant,“TheResource-BasedTheoryofCompetitiveAdvantage,”CaliforniaManagementReview,Spring,1991,page151.2021/12/1526
Howtomapyourindustry’sprofitpoolOritGadieshandJamesL.GilbertHarvardBusinessReviewMay-June19982021/12/1527
AstraightforwardexercisewithcomplicationsConceptisstraightforwardDefinevaluechainactivitiesDeterminetheirsizeandprofitabilityApplicationofconceptiscomplicatedFinancialdatadoesn’tcorrespondtovaluechainactivitiesCompanydataisaggregatedacrossbusinessesProducts,customerpurchases,channelvolumesrarelymatchupwithboundariesofanactivityConsiderablecreativityisrequired2021/12/1528
FourstepprocessDefinethepoolDeterminethesizeofthepoolDeterminethedistributionofprofitsReconciletheestimates2021/12/1529
FourstepprocessDefinethepoolDeterminethesizeofthepoolDetermineprofitdistributionReconciletheestimatesTask:determinewhichvalue-chainactivityinfluenceprofitsnowandinthefutureDevelopabaselineestimateofcumulativeprofitsgeneratedbyallprofitpoolactivitiesDevelopestimateoftheprofitsgeneratedbyeachactivityComparetheoutputsofsteps2&3GuidelinesTakeabroadviewofthevaluechain(beyondtraditionalindustrydefinition)SeekaroughbutaccurateestimateShiftbetweenaggregationanddisaggregationinyouranalysisIfnumbersdon’taddup,CheckassumptionandcalculationsExamineindustryfromthreeperspective:own,otherplayers,customersTakeeasiestroute:gowherethedataareDoowneconomicsfirst,thenlargepureplayers,largemixed,smallerCollectadditionaldataDon’tdisaggregatemorethannecessaryTakeatleasttwoviewpoints:companylevelandproductlevelUseproxymeasureswherenecessaryResolveinconsistencies—don’tignorethemOutputProfitpoollistEstimateoftotalpoolprofits,(range)PointestimateofprofitsforeachvaluechainactivityFinalestimatesofactivityandtotalpoolprofits2021/12/1530
Whatis“profit”anyway?Canbethoughtofinthreeways(allofwhichmayberelevantforprofitpoolanalysis)AccountingprofitReturnoninvestmentEconomicvalueadded=after-taxoperatingprofits–costofallinvestedcapitalCash-flowEarningsbeforetakingfixed-assetandcapitalcostsintoaccount2021/12/1531
Example:CreditcardsatRegionBankAcquisitionFundingServicing$80valueofasubscriber$279averageannualrevenuespersubscriber$60annualpaymenttoservicerpersubscriber-$64costofacquiringasubscriber-$235averageannualcostspersubscriber$50averageannualcosttoservicer$16acquisitionprofitpersubscriber$44annualfundingprofitpersubscriber$10annualservicingprofitpersubscriber$3.20annualacquisitionprofitpersubscriberamortizedover5yearaveragelifeX260millionsubscribersX260X260$800millionprofit$11.4billionprofit$2.6billionprofit2021/12/1532
RegionBank’sProfitPoolMap100%acquisitionfundingservicingShareofindustryrevenue20%Operatingmargin2021/12/1533
RegionBank’sProfitPoolMosaicBanksShareofindustryprofitsacquisitionfundingservicingShareofactivityprofits100%100%BanksBanks2021/12/1534
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