Corporate Strategy & Risk Management
Corporate Strategy and Risk Management
1．战略分析——外部环境、内部资源、能力与核心竞争力 2．战略选择 3．战略实施 4．战略控制 5．风险管理实务
一. Strategic Analysis
Macro-environment: 宏观经济环境 Product life cycle: 产品生命周期 Porter’s five forces: 波特的五力模型 Threat of New Entrants行业新进入者的威胁 Threat of Substitute Products替代品的威胁 Bargaining Power of customers购买商的议价能力 Bargaining Power of Suppliers供应商的议价能 Competition/rivalry同业竞争 Strategic group: 战略组群 Segmentation: 细分 Porter’s diamond: 波特的钻石模型 Convergence:集中，趋同 Resource audit 资源审计 SWOT: SWOT模型 Opportunity: 机会 Threat: 威胁 Strength: 优势 Weakness: 劣势 Resources资源 Capability能力 Core competence 核心竞争力 1. The PESTEL model（core topic）
The PESTEL model looks at the macro environment, using the following headings: Political（政The political environment includes taxation policy, government stability and 治） foreign trade regulations.（税收政策, 政局稳定性，对外贸易的法律法规） The economic environment includes interest rates, inflation, Economic unemployment, disposable income and energy availability and cost.（经济环（经济） 境包括利率，通货膨胀，失业，可支配收入，能源的供应和成本。） The social/culture environment includes population demographics, social mobility, income distribution, lifestyle changes, attitudes to work and leisure, Social levels of education and consumerism. （社会和文化环境包括人口状况，社（社会） 会流动性，收入分配，生活方式的变化，工作和休闲的态度，教育和消费水平。） 1
Corporate Strategy & Risk Management
The technological environment is influenced by government spending on research, new discoveries and development, government and industry focus Technological of technological effort, speed of technological transfer and rates of （技术） obsolescence.（技术环境要受到下列因素的影响：政府对研究的支出，新发现和发展，政府及行业对技术力量的关注，技术转移的速度和技术过时的速度。） The ecological environment, sometimes just referred to as ‘the environment’, Ecological considers ways in which the organization can produce its goods and services （环境） with the minimum environmental damage.（环境因素考虑组织如何以最小的环境破坏来生产产品和提供劳务。） The legal environment covers influences such as taxation, employment law, Legal monopoly legislation and environmental protection laws.( 法律环境包括税（法律） 收，劳动法，垄断方面的立法以及环境保护法律方面的影响。)
2. The life cycle model
Typical characteristics of stages are set out in the following table: Industry Introduction features Growth 成长期 Maturity 成熟期 Decline衰退期 起步期 行业特点 Many new entrants and Shake-out leaves Heavy Competition Few players mergers/takeovers兼only a few large discounting and 竞争 players price wars 并收购 Fight for market share Growth rate falls, most purchases now Usually Increasing market Demand replacement or higher-incompenetration Falling demand repeat buying. Well 需求 e buyers 增加市场渗透 informed, demanding buyers Becomes Narrowing in the Knowledge is well Technology obsolete过时 Non-standard range of technologies understood by all and superceded技术 applied players in the market 被取代 Differences in Standardization of Product Less emphasis choice, Improvement in the products with only characteristics on product inconsistent design and quality small differentiation 产品特点 quality differentiations Critical success Innovative Efficiency in Brand loyalty品Products are able to factors product operations to keep 牌忠诚度 be mass produced costs low low overheads 关键成功要创新产品 素 2
Corporate Strategy & Risk Management
Penetration pricing
Set a relatively low initial entry price
3. Porter’s five forces model (core topic)
Porter looked at the structure of industries. In particular, he was interested in assessing industry attractiveness, by which he meant how easy it would be to make above average profits（超额利润）（for shareholders and to fund adequate investment）. He concluded that industry attractiveness （行业吸引力）depends on five factors or forces.
New entrants into a market will bring extra capacity（生产能力） and intensify competition（使竞争激烈）. The threat from new entrants will depend upon the strength of the barriers to entry（进入壁垒）and the likely response of existing competitors to a new entrant. Threat of new ? Economy of scale（规模经济） entrants ? Customer （or brand ）loyalty （客户忠诚度） 行业新进入者的威胁 ? Capital requirements（资本要求） ? Switching cost（转换成本） ? Access to distribution channels（销售渠道的取得） ? Cost advantages of existing producers（现存生产者的成本优势） ? Know-how（专业知识） ? Regulation（法规） Threat of substitute This threat is across industries （跨行业）（e.g. rail travel versus bus travel products versus private car） or within an industry （e.g. long life milk as a substitute 替代品的威胁 for delivered fresh milk）. Powerful customers can force price cuts and/or quality improvements. Either way, margins（利润） are eroded. Bargaining power is high when a combination of factors arises: ? A buyer’s purchases are a high proportion of the supplier’s total business or represent a high proportion of total trade in that marketBargaining power of （购买方从卖方购买的产品占卖方销售量很大比例） customers ? A buyer makes a low profit (购买方利润低) 购买商的议价能力 ? The quality of purchases is unimportant or delivery timing is irrelevant, and prices will be forced down.（购买产品的质量不重要，交货期无关，价格就会压低） ? There are similar alternative products available from other suppliers.（存在相似的其他产品） The power of suppliers to charge higher prices will be influenced by the following: ? The degree to which switching costs apply and substitutes are Bargaining power of available (转换成本以及是否存在替代品) suppliers ? The presence of one or two dominant suppliers controlling prices 供应商的议价能力 （存在一个或两个控制价格的主要供应商） ? The extent to which products offered have a uniqueness of brand, technical performance or design not available elsewhere. （所提供的产品具有独一无二的品牌，技术性能或设计） 3
Corporate Strategy & Risk Management Intensity of existing competition will depend on the following factors: ? Number and relative strength of competitors.（竞争者的数量和相对的强度） ? Rate of growth.（发展速度） ? Where high fixed costs are involved companies will cut prices to marginal cost levels to protect volume, and drive weaker competitors Competition/rivalry out of the market.（行业固定成本高，企业寻求保护产量而降低价同业竞争 格到边际成本，会导致弱势竞争者被挤出市场） ? If buyers can switch easily between suppliers the competition is keen.If the exit barrier （i.e. the cost incurred in leaving the market） is high, companies will hang on until forced out, thereby increasing competition and depressing profit.（产品转换成本，产品缺乏差异性或具标准化，购买商轻易转换供应商，加剧竞争；退出壁垒高，使现有供应商难以退出某行业的障碍会令同业的竞争激烈化） 4. Strategic group（战略群组）:
（1）Have similar characteristics, e.g. size
（2）Pursue similar competitive strategies over time, e.g. heavy advertising （3）Have similar assets and skills, e.g. quality image
5. Porter’s diamond
Porter tried to answer the following questions:
Why does a nation become the home base（总部， 根据地） for successful international competitors in an industry? Germany is renowned for car manufacture; Japan is prominent in consumer electronics（消费性电子产品）.
Why are firms based in a particular nation able to create and sustain competitive advantage against the world’s best competitors in a particular field?
Why is one country often the home of so many of an industry’s world leaders? Porter called the answers to these questions the determinants（决定因素） of national competitive advantage. He suggested that there are four main factors which determine national competitive advantage and expressed them in the form of a diamond.
迈克尔·波特识别出国家竞争优势的四个决定因素，构建了钻石模型。
Factor condition 要素状况（物质、人力、资金、 知识、基础设施） Demand Related and conditions supporting industries 需求条件 相关和支持性行业的存 （国内市场需求） Firm strategy, structure and
rivalry
企业战略、结构和同业竞争
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Corporate Strategy & Risk Management
Favorable factor conditions: physical resources such as land, minerals and weather; capital; human resources; knowledge and infrastructure.
There must be a strong home market demand for the product or service. The success of an industry can be due to its suppliers and related industries. Organization goals can be determined by ownership structure. 1. Benchmarking
Benchmarking is the process of systematic comparison of a service, practice or process. Its use is to provide a target for action in order to improve competitive position.
基准分析是企业和竞争对手在劳务、实践或流程等方面系统进行比较的过程。其主要目的就是为提升竞争力而设定相关目标。
The main benefits include: 主要好处包括：
Improved performance and added value 提升业绩和增加价值
Improved understanding of environmental pressure 更加深刻理解环境压力 Improved competitive position 提升竞争地位 A creative process of change 创造性的变化过程
A target to motivate and improve operations 促进和改进运营的目标 Increased rate of organizational learning 提升组织学习速度
2. Strategic capability
Strategic capability can also be divided into threshold capabilities and capabilities for competitive advantage.
Threshold capabilities（基本能力）. These are the minimum capabilities needed for the organization to be able to compete in a given market.
Capabilities for competitive advantage（具有竞争优势的能力）. The capabilities that allow an organization to beat its competitors. These capabilities must meet the needs and expectations of its customers. Unique capabilities are not enough-they must be valued by the customers.
3. Value chain Value chain 价值链 Support or secondary value activities 辅助活动 Primary value activities 基本活动 Firm infrastructure 企业基础设施建设 Human resource management 人力资源管理 Technology development 技术开发 Procurement 采购 Inbound logistics 进货后勤 Operations 生产经营 Outbound logistics 发货后勤 Marketing and sales 市场营销 Service 服务 Margin 利润 Porter developed the value chain to help identify which activities within the firm were contributing to a competitive advantage and which were not.
The approach involves breaking down the firm into five ‘primary’ and four ‘support’
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