战略分析工具（英文PPT34页） 34页

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