旅游管理專業(yè)英語（第二版） 段開成課件 Lesson 04

LessonFourStrategicManagement

TextStrategicManagement

Notes

Vocabulary

Comprehension

DiscussionExercises

Translation

WritingFurtherReading

CaseStudyofA,Inc.Terms

Seven-Sframework

MissionstatementProfile

MichaelEisnerTMReferencesStrategicManagementAffectcompanyperformancethingsFivemajorcomponentsTheEndStrategicManagement

StrategyformulationStrategyimplementationGeneralApproachesReasonswhystrategicplansfailInvolvesmanagersfromallpartsoftheorganizationintheformulationandimplementationofstrategicgoalsandstrategies.Itintegratesstrategicplanningandmanagementintoasingleprocess.Strategicplanningbecomesanongoingactivityinwhichallmanagersareencouragedtothinkstrategicallyandtofocusonlong-term,externalissuesaswellasshort-termtacticalandoperationalissues.

Istheprocessofspecifyinganorganization'sobjectives,developingpoliciesandplanstoachievetheseobjectives,andallocatingresourcessoastoimplementtheplans.Itisthehighestlevelofmanagerialactivity,usuallyperformedbythecompany'sChiefExecutiveOfficer(CEO)andexecutiveteam.Itprovidesoveralldirectiontothewholeenterprise.Anorganization’sstrategymustbeappropriateforitsresources,circumstances,andobjectives.Theprocessinvolvesmatchingthecompanies'strategicadvantagestothebusinessenvironmenttheorganizationfaces.Oneobjectiveofanoverallcorporatestrategyistoputtheorganizationintoapositiontocarryoutitsmissioneffectivelyandefficiently.Agoodcorporatestrategyshouldintegrateanorganization’sgoals,policies,andactionsequences(tactics)intoacohesivewhole.StrategyformulationDoingasituationanalysisConcurrentwiththisassessment,objectivesareset.Theseobjectivesshould,inthelightofthesituationanalysis,suggestastrategicplan.Theplanprovidesthedetailsofhowtoobtainthesegoals.bothinternalandexternal;bothmicro-environmentalandmacro-environmental.involvescraftingvisionstatements(longterm),missionstatements(mediumterm),overallcorporateobjectives(bothfinancialandstrategic),strategicbusinessunitobjectives(bothfinancialandstrategic),andtacticalobjectives.Three-stepstrategyformationprocessDeterminingwhereyouarenowDeterminingwhereyouwanttogoDetermininghowtogetthereStrategyimplementationAllocationofsufficientresourcesEstablishingachainofcommandorsomealternativestructureAssigningresponsibilityofspecifictasksorprocessestospecificindividualsorgroupsInvolvesmanagingtheprocess.Whenimplementingspecificprograms,thisinvolvesacquiringtherequisiteresources,developingtheprocess,training,processtesting,documentation,andintegrationwithlegacyprocesses.GeneralApproachesTheIndustrialOrganizationApproach

TheSociologicalApproach

TheIndustrialOrganizationApproach

BasedoneconomictheoryAssumptionsdealswithissueslikecompetitiverivalry,resourceallocation,economiesofscalerationality,selfinterestedbehaviour,profitmaximization

TheSociologicalApproachDealsprimarilywithhumaninteractionsAssumptionsboundedrationality,satisfyingbehaviour,profitsub-optimality.ReasonswhystrategicplansfailFailuretounderstandthecustomerInabilitytopredictenvironmentalreactionOver-estimationofresourcecompetenceFailuretocoordinateFailuretoobtainseniormanagementcommitmentFailuretoobtainemployeecommitmentUnder-estimationoftimerequirementsFailuretofollowtheplanNoconsequencesforaboveTheJournalofBusinessStrategies

(http://COBA.SHSU.edu/jbs/)McKinsey&Company

(/)strategy+business

(/)ValueBasedManagement

(/)

StrategicplanningReferstothoseactionsthatleadtothedefinitionofacompany’smission,theformulationofitsgoals,andthedevelopmentofthespecificstrategiesthatwillbeimplementedtomeetthosegoals.Fourbasiccharacteristicsofstrategicplanning

CenterForBusinessPlanning

CenterforSimplifiedStrategicPlanning

InteractiveBusinessPlanner

FourbasiccharacteristicsofstrategicplanningItinvolvesdecisionsbymanagersatalllevels.Itdealswiththeallocationoflargeamountsofresources,suchascapital,labor,orcapacity.Itfocusesonthelongterm,butincreasinglystrategicplanningfocusesonboththeshortandthelongterm.Itdealswithacompany’sinteractionwithitsenvironment.Craftingandimplementingstrategyarecoremanagementfunctions.Howwellitsmanagementteamchartsthecompany’slong-termdirectionDevelopscompetitivelyeffectivestrategicmovesandbusinessapproachesExecutesthestrategyinwaysthatproducethetargetedresultsn.Aplanofactionresultingfromstrategyorintended

to

accomplishaspecificgoal.AffectcompanyperformancethingsFivemajorcomponents

InternalassessmentEnvironmentalanalysisStrategyformulationStrategyimplementationStrategiccontrolTheinternalassessment

Reviewcurrentstrategy(2)InternalresourceanalysisThemissionStrategicgoalsCorporatestrategyBusinessstrategyFunctionalstrategiesThelevelatwhicheachelementisidentifiedThefirststepToexaminethekeyelementsoftheorganization’scurrentstrategy.DecisionmakersidentifycurrentgoalsandstrategiesanddeterminewhethertheorganizationismovingintheappropriatedirectionStrategicgoals

EvolvefromthemissionoftheorganizationThechiefexecutiveofficeroftheorganization,withtheinputandapprovaloftheboardofdirectors,establishesboththemissionandthemajorstrategicgoals.Corporatestrategy

Identifiesthesetofbusiness,markets,orindustriesinwhichtheorganizationcompetesandthedistributionofresourcesamongthosebusinesses.Sometimescalleditsbusinessportfolio.Thisportfoliomaybenarroworspecified,oritmaybediversified.FourbasiccorporatestrategyalternativesFourbasiccorporatestrategyalternatives

ConcentrationstrategyVerticalintegrationstrategyConcentricdiversificationConglomerate

adj.Acorporationmadeupofanumberofdifferentcompaniesthatoperateindiversifiedfields.

Concentrationstrategy

InwhichanorganizationoperatesasinglebusinessandcompetesinasingleindustryAcompanychoosestopursuealargeshareofoneormoresubmarketsratherthanchasingasmallshareofalargemarket.Canbesomewhatriskyifthedemandinthesubmarketfallsawayorifoneormorecompetitorsenterthesubmarket.VerticalintegrationstrategyAnorganizationentersoneormorebusinessesthatarenecessaryformanufacturingordistributingitsownproductsVerticalintegrationextendsafirm’scompetitivescopewithinsameindustryMovestoverticallyintegratecanaimatbecomingBACKWARDintosourcesofsupplyFORWARDtowardend-usersoffinalproductFULLYINTEGRATEDPARTIALLYINTEGRATEDE.g.Thesoftdrink7-Upusedtoownthelemontreeorchardsthatproducedthelemonextractforthedrink(backwardintegration).Foratime,HolidayInnownedafurnituremanufacturerthatmadethefurnitureforthenewroomsthecorporationbuilteachyear(backwardintegration).Amanufacturercouldownthetruckingfirmthatshipsitsgoodsfromthefactorytowholesalersorretailers(forwardintegration).Apersonalcomputermakercouldownachainofretailstoresfromwhichitsellsitsmachines(forwardintegration).MajorCostsandBenefitsofVerticalIntegration

BenefitsCosts

ReducedpurchasingandsellingcostsReducedflexibilityasorganizationislockedintoproduct(s)andtechnologyImprovedcoordinationamongfunctionsandcapabilitiesDifficultiesinintegratingvariousoperationsProtectproprietarytechnologyFinancialcostsofacquiringorstartingupDiversificationAnorganizationexpandsitsoperationsbymovingintoadifferentindustry.twomainforms:Related(Concentric)DiversificationUnrelated(Conglomerate)Diversification

Thenewindustryisrelatedinsomewaytothecurrentone.Diversifyingintoacompletelydifferentindustry.Businessstrategy

Themajoractionsofabusinessthroughwhichitcompetesinaparticularindustryormarket.Eachbusinesswithinacorporationformulatesandimplementsabusinessstrategywithitsownstrategicgoals.Thevariousbusinessstrategiesoftenarecalledgenericbusinessstrategiesadj.Relatingtoordescriptiveofanentiregrouporclass;general.

Genericbusinessstrategies

Share-increasingstrategyProfitstrategyMarketfocusstrategyTurnaroundstrategyLiquidationanddivestiture

strategyDistinctionAcompetitiveadvantagetypicallyresultsTurnaroundstrategySeniormanagersofunderperformingcompaniestounderstandthecriticalcausesofpoorresults,inordertostemlossesandrestoregrowth.Awell-craftedturnaroundstrategyleadsclientstoquicklyachievetheirfullpotential.Involvesremovingcosts,restructuringfinancesandredefiningstrategicobjectives.Callforbuildingastrongermanagementteam,makingacquisitionsordevisinganexitstrategy.LiquidationReferstoabusinesswhoseassetsareconvertedtomoneyinordertopayoffdebtTwoformsofLiquidation-compulsory-voluntaryThepurposeofaliquidationistorealisetheassetsofthecompanyinorderthatthecreditorsofthecompanycanbepaidoff.DivestitureTheactofacorporationorconglomerateingettingridofasubsidiarycompanyordivision.ThebreakupofAT&T.Byfederalcourtorder,AT&TdivesteditselfonJanuary1,1984ofits23operatingcompanies,whichbecameknownastheRegionalBellOperatingCompanies(RBOCs).Functionalstrategies

Implementedbyeachareaoftheorganizationtosupportthebusinessstrategy.Thetypicalfunctionalareas

ProductionMarketingResearchanddevelopmentFinanceDistributionThesecondstepAnanalysisofthestrengthsandweaknessesofmajorfunctionalareaswithintheorganization.Thisanalysisprovidesstrategicdecisionmakerswithaninventoryoftheorganization’sskillsandresourcesanditsoverallandfunctionalperformancelevels.ThemajorcomponentsFinancialanalysisHumanresourcesassessmentMarketingauditOperationsanalysisOtherinternalresourceanalysesTheanalysisoftheexternalenvironment

Theanalysisbeginswithanexaminationoftheindustry.Organizationalstakeholdersareexamined.Theenvironmentalanalysisshouldalsoexamineotherforcesintheenvironment,suchasmacroeconomicconditionsandtechnologicalfactors.Forecastfuturetrends.

adj.Oforrelatingtothestudyoftheoverallaspectsandworkingsofanationaleconomy,suchasincome,output,andtheinterrelationshipamongdiverseeconomicsectors.Inrecentyears,theworldwassweptbyawaveofmergersandacquisitions.Thevalueofimplementingadiversifiedcorporatestrategydependsonindividualcircumstances.Thediversificationeffortsofanorganizationcompetinginaslow-growth,low-profit,orthreatenedindustryoftenareapplauded.

AcompetitiveadvantagetypicallyresultsAnorganizationmaypursueacompetitiveadvantagethroughdifferentiation.

Differentiationstrategy

Alow-coststrategymaybeimplemented.Businessesusingalow-coststrategyattempttobeefficientandofferastandard,no-frillsproduct.

thecostleader

Twomajortrends

Organizationsareadoptingamorecomprehensiveviewofimplementation.Manyorganizationsareextendingthemoreparticipativestrategicmanagementprocesstoimplementation.Strategiccontrol

Designedtosupportmanagersinevaluatingtheorganization’sprogresswithitsstrategyand,whendiscrepanciesexist,intakingcorrectiveaction.Encourageefficientoperationsthatareconsistentwiththeplanwhileallowingtheflexibilitytoadapttochangingconditions.Theorganizationmustdevelopperformanceindicators,andinformationsystem,andspecificmechanismstomonitorprogress.

Moststrategiccontrolsystemsincludesometypeof

budgettomonitorandcontrolmajorfinancialexpenditures.Thedualresponsibilitiesofacontrolsystem—efficiencyandflexibility—oftenseemcontradictorywithrespecttobudgets.Thebudgetusuallyestablisheslimitsonspending,butchangingconditionsorinnovationmayrequiredifferentfinancialcommitmentsduringthebudgetaryperiod.Twoseparatebudgets:strategicandoperational.Thestrategicbudgetisusedtocreateandmaintainlong-termeffectiveness.

theoperationalbudgetistightlymonitoredtoachieveshort-termefficiency.

MissionIsthebasicpurposeoftheorganizationanditsscopeofoperations.Isastatementoftheorganization’sreasontoexist.Iswrittenintermsofthegeneralsetofproductsandservicesthecompanyprovidesandthemarketsandclientsitserves.Maybebroadornarrow.Mission

Agoodmissionstatementshouldgobeyondtheobviousanddealwithanumberofissuesthatarevitaltothecompany.Theyinclude:Thecompany’spurposeStrategyItsvaluesE.g.E.g.OtisElevator

Ourmissionistoprovideanycustomerameansofmovingpeopleandthingsup,downandsidewaysovershortdistancewithhigherreliabilitythananysimilarenterpriseintheworld.AmericanRedCross

ThemissionoftheAmericanRedCrossistoimprovethequalityofhumanlife;toenhanceself-relianceandconcernforothers;andtohelppeopleavoid,preparefor,andcopewithemergencies.EastmanKodak

Tobetheworld’sbestinchemicalandelectronicimaging.CorporatestrategyItisthepatternofacompany’sgoals,purposes,andobjectivesandthecentralpoliciesthatwillbeusedtomeetthem.Determinesthetypeofbusinessthecompanyintendstoengagein.Itsstructureasbothaneconomicandhumanorganization.Itsintendedcontributiontocustomers,employees,shareholders,anditscommunity.Distinction

CorporatestrategyBusinessstrategyCompeteforcustomersfinanceManaging

supplierscompaniesproductsmanagementValue-creatingactivities

activities(usuallythroughintervention)Process(usuallythroughreinforcement)Value-creatingactivitiesfittingthebusinesstothemarket

fittingthebusinesstothecompany’sportfolioofstrategicbusinessunits

Portfolio

DictionaryDefinitions:Aportablecaseforholdingmaterial,suchasloosepapers,photographs,ordrawings.Thematerialscollectedinsuchacase,especiallywhenrepresentativeofaperson'swork:aphotographer'sportfolio;anartist'sportfolioofdrawings.Theofficeorpostofacabinetmemberorministerofstate.Agroupofinvestmentsheldbyaninvestor,investmentcompany,orfinancialinstitution.

Infinance,aportfolioisacollectionofinvestmentsheldbyaninstitutionoraprivateindividual.Inbuildingupaninvestmentportfolioafinancialinstitutionwillconductitsowninvestmentanalysis,whilstaprivateindividualmaymakeuseoftheservicesofamerchantbankwhichoffersportfoliomanagement.Holdingaportfolioispartofaninvestmentandrisk-limitingstrategycalleddiversification.Instrategicmanagementandmarketing,aportfolioisacollectionofproducts,services,orbrandsthatareofferedfor

salebyacompany.Inbuildingupaproductportfolioacompanycanusevariousanalyticaltechniquesincluding:B.C.G.AnalysisContributionmarginanalysis

G.E.MultiFactoralanalysisQualityFunctionDeploymentTurnaroundManagementRevenuedownturncausedbyaweakeconomyOverlyoptimisticsalesprojectionsPoorstrategicchoicesPoorexecutionofagoodstrategyHighoperatingcostsHighfixedcoststhatdecreaseflexibilityInsufficientresourcesUnsuccessfulR&DprojectsHighlysuccessfulcompetitorExcessivedebtburdenInadequatefinancialcontrolsBeforeaviableturnaroundstrategycanbeformulated,onemustidentifytherootcauseorcausesofthecrisis.Frequentlyencounteredcausesinclude:Enablesseniormanagersofunderperformingcompaniestounderstandthecriticalcausesofpoorresults,inordertostemlossesandrestoregrowth.Awell-craftedturnaroundstrategyleadsclientstoquicklyachievetheirfullpotential.Involvesremovingcosts,restructuringfinancesandredefiningstrategicobjectives.Callforbuildingastrongermanagementteam,makingacquisitionsordevisinganexitstrategyTheturnaroundprocessacheivepositivecashflowassoonaspossiblebyEliminatingdepartments,reducingstaff,etc.ManagementchangeSituationanalysisEmergencyactionplanBusinessrestructuringReturntonormalcyconsultantsmaybecalledintomanagetheturnaroundofthefirm.Situationanalysis

Asituationanalysisisperformedtoevaluatetheprospectsofsurvival.ChangeoftopmanagementDivestmentofcertainassetsReformulationofstrategyRevenueincreaseCostreductionStrategicacquisitionsOncepositivecashflowisacheived,thestrategicplanisimplemented,improvingcontinuingoperations,adjustingtheproductmixandrepositioningproductsifnecessary.Themanagementteambeginstofocusonachievingsustainedprofitability.

BusinessrestructuringReturntonormalcyThecompanybecomesprofitableandthechangesareinternalized.Employeesregainconfidenceinthefirmandemphasisisplacedongrowingtherestructuredbusinesswhilemaintainingastrongbalancesheet.LiquidationReferstoabusinesswhoseassetsareconvertedtomoneyinordertopayoffdebt.Isoneoftheformsof"insolvency"intheEnglishCourtsandisusedwhentheothermethodsofcorporaterecoveryhavefailed.TwoformsofLiquidationCompulsory(orCourtorderedwinding-up)voluntary(creditorsormemberswinding-up)Thepurposeofaliquidationistorealisetheassetsofthecompanyinorderthatthecreditorsofthecompanycanbepaidoff.DivestitureTheactofacorporationorconglomerateingettingridofasubsidiarycompanyordivision.ThebreakupofAT&T.Byfederalcourtorder,AT&TdivesteditselfonJanuary1,1984ofits23operatingcompanies,whichbecameknownastheRegionalBellOperatingCompanies(RBOCs).Researchanddevelopment(AlsoRandDorR&D)hasaspecialcommercialsignificanceapartfromitsconventionalcouplingofresearchandtechnologicaldevelopment.Inthecontextofcommerce,normallyreferstofuture-oriented,longer-termactivitiesinscienceortechnology,mimickingscientificresearchinanapparentdisregardforprofits.Statisticsonorganisationsdevotedto"R&D"mayexpressthestateofanindustry,thedegreeofcompetitionorthelureofscientificprogress.Somecommonmeasuresinclude:budgets,numbersofpatentsoronratesofpeer-reviewedpublications.AuditIstheexaminationandstatementofaccountsandofotherdocumentsconnectedwithaccountsbypersonswhohavehadnopartintheirpreparation.Systemsoffinancialinspectionhavelongbeenused,especiallyinconnectionwithpublicaccounts.StakeholderIsapersonwhoholdsmoneyorotherpropertywhileitsownerisbeingdetermined.Thesituationoftenariseswhentwopersonsbetontheoutcomeofafutureeventandhaveathirdpersonactasthestakeholder,holdingthemoneytheyhavebothwagered(or"staked")untiltheeventoccurs.Courtssometimesactasstakeholders,holdingpropertywhilelitigationbetweenthepossibleownersresolvestheissueofwhichoneisentitledtotheproperty,andtrusteesoftenactasstakeholders,holdingpropertyuntilbeneficiariescomeofage.ThreekeyassertionsValuecanbestbecreatedbytryingtomaximizejointoutcomes.Theyalsotakeissuewiththepreeminentrolegiventostockholdersbymanybusinessthinkers.Theargumentisthatdebtholders,employees,andsuppliersalsomakecontributionsandtakerisksincreatingasuccessfulfirm.Thesenormativeargumentswouldmatterlittleifstockholdershadcompletecontrolinguidingthefirm.MergerIncorporatebusiness,fusionoftwoormorecorporationsbythetransferofallpropertytoasinglecorporation.Theremainingcorporationcontinuesinexistence,havingabsorbedtheother(s).Varioustypes:1)Averticalmerger2)Ahorizontalmerger

3)Anextensionalmerger4)AhostiletakeoverMaybeeffectedtoincreaseprofitsandreducelossesthroughthereductionofcompetition,todiversifyproduction,toprotectagainsttheliabilitiesofconcentrationinasinglearea,ortoreviveorrejuvenatefailingbusinessesbytheinfusionofnewmanagementandpersonnel.

DifferentiationStrategy

Emphasizesprovidingcustomizedandspecializedproductsandservicesforallsegmentsinanentiremarket.E.g.ExamplesDr.Pepperwithadifferenttaste;FederalExpresswithsuperiorservice;Caterpillarwithhighsparepartsavailability(Itmakeslargerangeofconstruction(world'slargestmaker)andforestryequipment,mediumspeedengines;withrelatedfinancing.)Wal-Martwithvalueandmoreforyourmoney;Rolexasaprestigebrand;No-frillsNo-frillsornofrills