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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（政治）
The political environment includes taxation policy, government stability and foreign trade regulations.（税收政策, 政局稳定性，对外贸易的法律法规）
Economic
（经济）
The economic environment includes interest rates, inflation, unemployment, disposable income and energy availability and cost.（经济环境包括利率，通货膨胀，失业，可支配收入，能源的供应和成本。）
Social
（社会）
The social/culture environment includes population demographics, social mobility, income distribution, lifestyle changes, attitudes to work and leisure, levels of education and consumerism. （社会和文化环境包括人口状况，社会流动性，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。）
Technological
（技术）
The technological environment is influenced by government spending on research, new discoveries and development, government and industry focus of technological effort, speed of technological transfer and rates of 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。）
Ecological
（环境）
The ecological environment, sometimes just referred to as ‘the environment’, considers ways in which the organization can produce its goods and services 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。）
Legal
（法律）
The legal environment covers influences such as taxation, employment law, monopoly legislation and environmental protection laws.( 法律环境包括税收，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 features
行业特点
Introduction
起步期
Growth 成长期
Maturity 成熟期
Decline衰退期
Competition
竞争
Few players
Many new entrants and mergers/takeovers兼并收购
Fight for market share
Shake-out leaves only a few large players
Heavy discounting and price wars
Demand
需求
Usually higher-income buyers
Increasing market penetration
增加市场渗透
Growth rate falls, most purchases now replacement or repeat buying. Well informed, demanding buyers
Falling demand
Technology
技术
Non-standard
Narrowing in the range of technologies applied
Knowledge is well understood by all players in the market
Becomes
obsolete过时 and superceded被取代
Product characteristics
产品特点
Differences in choice, inconsistent quality
Improvement in the design and quality
Standardization of products with only small differentiations
Less emphasis on product differentiation
Critical success factors
关键成功要素
Innovative product
创新产品
Products are able to be mass produced
Efficiency in operations to keep costs low
Brand loyalty品牌忠诚度
low overheads
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.
Threat of new entrants
行业新进入者的威胁
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.
l Economy of scale（规模经济）
l Customer （or brand ）loyalty （客户忠诚度）
l Capital requirements（资本要求）
l Switching cost（转换成本）
l Access to distribution channels（销售渠道的取得）
l Cost advantages of existing producers（现存生产者的成本优势）
l Know-how（专业知识）
l Regulation（法规）
Threat of substitute products
替代品的威胁
This threat is across industries （跨行业）（e.g. rail travel versus bus travel versus private car） or within an industry （e.g. long life milk as a substitute for delivered fresh milk）.
Bargaining power of customers
购买商的议价能力
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:
l A buyer’s purchases are a high proportion of the supplier’s total business or represent a high proportion of total trade in that market（购买方从卖方购买的产品占卖方销售量很大比例）
l A buyer makes a low profit (购买方利润低)
l 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）
l There are similar alternative products available from other suppliers.（存在相似的其他产品）
Bargaining power of suppliers
供应商的议价能力
The power of suppliers to charge higher prices will be influenced by the following:
l The degree to which switching costs apply and substitutes are available (转换成本以及是否存在替代品)
l The presence of one or two dominant suppliers controlling prices
（存在一个或两个控制价格的主要供应商）
l 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）
Competition/rivalry
同业竞争
Intensity of existing competition will depend on the following factors:
l Number and relative strength of competitors.（竞争者的数量和相对的强度）
l Rate of growth.（发展速度）
l Where high fixed costs are involved companies will cut prices to marginal cost levels to protect volume, and drive weaker competitors out of the market.（行业固定成本高，企业寻求保护产量而降低价格到边际成本，会导致弱势竞争者被挤出市场）
l 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 conditions
需求条件
（国内市场需求）
Related and
supporting industries
相关和支持性行业的存在
Firm strategy, structure and rivalry
企业战略、结构和同业竞争
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’ activities, and then looking at each to see if they give a cost advantage or quality advantage.
波特价值链分析目的在于找到为企业贡献最多竞争优势的活动。
Primary activities: 基本活动
Inbound logistics
（进货后勤）
Receiving, storing and handling raw material inputs. For example, a just-in-time stock system could give a cost advantage.
接收、存储和处理原材料的输入。如，及时存货制度可以带来成本优势
Operations
（生产经营）
Transformation of the raw materials into finished goods and services. For example, using skilled craftsmen could give a quality advantage.
将原材料转化成最终产品和服务。如，使用有熟练的技工可以带来质量优势。
Outbound logistics
（发货后勤）
Storing, distributing and delivering finished goods to customers. For example, outsourcing delivering could give a cost advantage. 存储，配送最终产品给客户。如，将送货业务外包可以带来成本优势
Marketing and sales（市场营销）
For example, sponsorship of a sports celebrity could enhance the image of the product.
赞助一个体育名人可以提高产品的形象
Service（服务）
All activities that occur after the point of sale, such as installation, training and repair, e.g. Marks and Spencer’s friendly approach to returns gives it a perceived a quality advantage.
在销售之后的所有业务，如，安装、维修、培训等。玛莎百货对退货的友好态度让人感觉到它的质量优势。
Secondary activities辅助活动
Firm infrastructure
（企业的基础设施建设）
How the firm is organized. For example, centralized buying could result in cost savings due to bulk discounts.
企业的组织状况。如，集中采购由于批量折扣可以带来成本的节约。
Technology development
（技术开发）
How the firm uses technology. For example,the latest computer-controlled machinery gives greater flexibility to tailor products to individual customer specifications.
企业如何使用技术。如，最新的计算机控制机器具有较大的灵活性，可以按照每个客户的规格要求生产产品。
Human resources development
（人力资源管理）
How people contribute to competitive advantage. For example, employing expert buyers could enable a supermarket to purchase better wines than competitors.
人员对企业竞争优势的贡献。如，雇佣具有专业知识的采购者可以使一个超市买到比竞争对手更好的酒。
Procurement
（采购）
Purchasing, but not just limited to materials. For example, buying a building out of town could give a cost advantage over high street competitors.
购买，但不限于材料。如，在郊区买一建筑要比在市区的竞争对手具有成本优势。
All organizations in a particular industry will have a similar value chain, which will include activities such as:
Obtaining raw materials
Designing products
Building manufacturing facilities
Developing co-operative agreements
Providing customer service
It is vital that the linkages between the different elements of a value chain are considered. Firstly this is to ensure consistency. Secondly it may be that through linking separate activities more effectively than competitors, a firm can gain a competitive advantage.
考虑价值链上不同要素之间的联系是重要的。首先要确保连贯性，其次将不同的活动以比竞争对手更加有效的方式联系起来，企业就获得了竞争优势。
4. SWOT analysis
Internal-strengths and weaknesses: resources and capabilities
What is the organization good at? What is it poor at? Where are resources in short supply（短缺）? where are resources excellent?
External-opportunities and threats: environment, industry structure
What will the effect on the organization be of economic changes? Can the organization make use of new technologies? Are new entrants likely to enter the market place? Can a powerful customer dictate terms?
SWOT分析包括分析企业的优势（Strengths）、劣势（Weaknesses）、机会（Opportunities）和威胁（Threats）。SWOT分析实际上是将对企业内外部条件各方面内容进行综合和概括，进而分析组织的优劣势、面临的机会和威胁的一种方法。
二. Strategic Choices
Ansoff’s matrix安索夫矩阵（企业成长矩阵）
Existing products现有产品
New products新产品
Existing markets
现有市场
Market penetration市场渗透
Build market share扩大市场份额
Develop niches开发小众市场
Hold market share 保持市场份额
Product development
产品开发Basic idea is to get more money from existing customers.
Can be particularly good if using existing resources, distribution channels, etc如果能使用现存的资源和销售渠道，这一战略会更有效。New products could arise from R&D, joint ventures or buying in other people’s products 新产品可以是研发的，合资生产的或购入的。
New markets
新市场
Market development市场开发
This involves finding new markets for existing products
.These could be new segments in current markets （e.g. new age group） or overseas markets.
Diversification多元化
Related diversification 相关多元化Nonrelated diversification非相关多元化
A niche market is the subset of the market on which a specific product is focusing
1.Related diversification相关多元化（Corporate Strategy）
Vertical integration纵向一体化Horizontal diversification 横向多元化
2. Vertical integration
Taking over supplier （backwards vertical integration）(后向一体化)
Taking over customer （forwards vertical integration）（前向一体化）
3. Horizontal diversification
Horizontal diversification refers to development into activities that are competitive with, or directly complementary to, a company’s present activities.
横向多元化指的是进入与企业目前业务相竞争或直接互补的业务。
4.Unrelated/conglomerate diversification非相关/企业集团多元化
Diversifying into completely unrelated business
Not clear where added value comes from
Often leads to loss of shareholder value
Advantages
Disadvantages
increased flexibility
increased profitability
Ability to grow quickly
Better access to capital markets
Diversification of risk
分散风险
No synergies（不会产生协同效应）
No additional benefit for shareholders
Lack of management focus管理层缺少工作的中心
5.Porter’s generic strategies（基本竞争战略）
Cost leadership
成本领先
Differentiation
差异化
Focus
集中化
Aim
To cut costs of production/purchasing/service and in turn cut selling prices
To offer a product that can’t be matched by rivals and charge a premium for this “difference”
Position the business in one particular niche （小众市场）in the market
How
Economies of scale
Use of learning effects
Using cheaper labor and materials
Moving to cheaper premises（经营场所，处所）
Branding Quality &design
Innovati
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