ch02The External Environmen Opportunities, Threatst(战略管理,英文版)

Chapter 2

The External Environment:Opportunities, Threats, Industry Competition, and Competitor AnalysisMichael A. Hitt R. Duane Ireland Robert E. Hoskisson©2000 South-Western College PublishingCh2-1

Strategic Inputs

Chapter 2 External Environment

Strategic Intent Strategic Mission

Chapter 3 Internal Environment

The Strategic Management ProcessStrategy ImplementationChapter 10 Corporate Governance Chapter 12 Strategic Leadership Chapter 11 Structure & Control Chapter 13Entrepreneurship

Strategy FormulationChapter 4 Business-Level Strategy Chapter 7 Acquisitions & Restructuring Chapter 5 Competitive Dynamics Chapter 6 Corporate-Level Strategy Chapter 9 Cooperative Strategies

Strategic Actions

Chapter 8 International Strategy

& Innovation

Strategic Outcomes

Feedback

Strategic Competitiveness Above Average ReturnsCh2-2

Components of the General EnvironmentEconomicDemographic Industry Environment

Sociocultural

Competitive EnvironmentPolitical/ Legal Global

TechnologicalCh2-3

Components of the General EnvironmentDemographic Segment Population size Age structure Geographic distribution Inflation rates Interest rates Trade deficits or surpluses Budget deficits or surpluses Ethnic mix Income distribution Personal savings rate Business savings rates Gross domestic product Labor training laws Educational philosophies and policies Concerns about the environment Shifts in work and career preferences Shifts in preferences regarding product and service characteristics Focus of private and government-supported R&D expenditures New communication technologies Newly industrialized countries Different cultural and institutional attributes Economic Segment

Political/Legal Segment

Antitrust laws Taxation laws Deregulation philosophies Women in the workforce Workforce diversity Attitudes about work life quality

Sociocultural Segment

Technological Segment

Product innovations Applications of knowledge

Global Segment

Important political events Critical global markets

Ch2-4

External Environmental AnalysisThe external environmental analysis process should be conducted on a continuous basis. This process includes four activities: ScanningIdentifying early signals of environmental changes and trends of environmental changes and trends

Monitoring Detecting meaning through ongoing observations Forecasting Developing projections of anticipated outcomesbased on monitored changes and trends

Assessing

Determining the timing and importance of environmental changes and trends for firms' strategies and their management

Ch2-5

External Environmental AnalysisStates in the top 10 of those that are trying to transform themselves to the realities and needs of a digital economy may experience an influx of high-tech companies and skilled workers as well as increases in tax revenuesTop 10 U.S. States Moving Toward

Digital EconomyRank 1 2 3 4 5 6 7 8 9 10 State Massachusetts California Colorado Washington Connecticut Utah New Hampshire New Jersey Delaware ArizonaCh2-6

Porter’s Five Forces Model of CompetitionThreat of Threat of New New Entrants Entrants

Ch2-7

Threat of New EntrantsEconomies of Scale

Barriers to Entry

Product Differentiation Capital Requirements Switching Costs Access to Distribution Channels Cost Disadvantages Independent of Scale Government Policy Expected RetaliationCh2-8

Porter’s Five Forces Model of CompetitionThreat of Threat of New New Entrants Entrants Bargaining Power of Suppliers

Ch2-9

Bargaining Power of SuppliersSuppliers are likely to be powerful if:Suppliers exert power in the industry by: * Threatening to raise prices or to reduce quality Powerful suppliers can squeeze industry profitability if firms are unable to recover cost increases

Supplier industry is dominated by a few firms Suppliers’ products have few substitutes Buyer is not an important customer to supplier Suppliers’ product is an important input to buyers’ product Suppliers’ products are differentiated

Suppliers’ products have high switching costs Supplier poses credible threat of forward integration

Ch2-10

Porter’s Five Forces Model of CompetitionThreat of Threat of New New Entrants Entrants

Bargaining Power of Suppliers

Bargaining Power of Buyers

Ch2-11

Bargaining Power of BuyersBuyer groups are likely to be powerful if: Buyers are concentrated or purchases are large relative to seller’s sales Purchase accounts for a significant fraction of supplier’s sales Products are undifferentiated Buyers face few switching costs Buyers compete with the supplying industry by:* Bargaining down prices * Forcing higher quality * Playing firms off of each other

Buyers’ industry earns low profitsBuyer presents a credible threat of backward integration

Product unimportant to qualityBuyer has full informationCh2-12

Porter’s Five Forces Model of CompetitionThreat of Threat of New New Entrants Entrants

Bargaining Power of Suppliers

Bargaining Power of Buyers

Threat of Substitute ProductsCh2-13

Threat of Substitute ProductsKeys to evaluate substitute products:Products with similar function limit the prices firms can charge Products with improving price/performance tradeoffs relative to present industry products Example:

Electronic security systems in place of security guardsFax machines in place of overnight mail deliveryCh2-14

Porter’s Five Forces Model of CompetitionThreat of Threat of New New Entrants Entrants Bargaining Power of Suppliers Bargaining Power of Buyers

Rivalry Among Competing Firms in Industry

Threat of Substitute ProductsCh2-15

Rivalry Among Existing CompetitorsIntense rivalry often plays out in the following ways:Jockeying for strategic position Using price competition Staging advertising battles Increasing consumer warranties or service Making new product introductions

Occurs

when a firm is pressured or sees an opportunityPrice competition often leaves the entire industry worse off Advertising battles may increase total industry demand, but may be costly to smaller competitorsCh2-16

Rivalry Among Existing CompetitorsCutthroat competition is more likely to occur when: Numerous or equally balanced competitors

Slow growth industryHigh fixed costs High storage costs Lack of differentiation or switching costs Capacity added in large increments Diverse competitors

High strategic stakesHigh exit barriersCh2-17

Rivalry Among Existing CompetitorsHigh exit barriers are economic, strategic and emotional factors which cause companies to remain in an industry even when future profitability is questionable. Specialized assets Fixed cost of exit (e.g., labor agreements) Strategic interrelationships Emotional barriers

Government and social restrictionsCh2-18

Effects of Entry Barriers and Exit Barriers on Industry ProfitsExit Barriers

Low

High

LowEntry Barriers High

Ch2-19

Effects of Entry Barriers and Exit Barriers on Industry ProfitsExit Barriers

Low

High

LowEntry Barriers High

Low, Stable Returns

Ch2-20

Effects of Entry Barriers and Exit Barriers on Industry ProfitsExit Barriers

Low

High

LowEntry Barriers High

Low, Stable Returns

High, Stable ReturnsCh2-21

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