Business Strategy
Lecture given by 盧雅婷
A strategy is a plan of action designed to achieve a particular goal . The word strategy has military connotations , because it derives from the Greek word for general.
Three Hierarchical Levels of Strategy
Corporate
strategy
Business you
should be in
Business Strategy
Tactics to beat the competition
Functional Strategy
Operational methods to implement the tactics
Objectives
Objectives should always be:
Specific with regard to what is intended
Measurable based upon performance criteria that can be used to
judge whether the objectives are being achieved
according to plan.
Agreed with the people responsible foe achievement
Realistic relevant to the need of the organization and the
people involved, and capable of being achieved
within the time and resources available.
Timetabled set to a timetable that will give signpost s for
fulfillment and a final data foe completion
The objectives of Samsung
objectives
people
Excellence
Change
Integrity
Co-prosperity
External and Internal
External
internal
1. The physical environment.
2. The social environment.
3. The competitive environment.
4. The physical and social environments can be further divided into PESTEL factors.
5. Political.
6. Economic.
7. Socio-culture.
8. Technological.
9. Environmental/ecological.
.
factors
competence
resource plans
chain
Main content
Explain the behavior and competitive strategies employed and organization and discuss the role of regulatory bodies
Explain the behavior and competitive strategies
Discuss the role of regulatory bodies
Approaches to strategy
Overall Cost Leadership
Differentiation
Focus
Overall Cost Leadership
0verall cost leadership is a generic strategic thrust that emphasizes providing products and services at the lowest per unit cost within an entire market.
Porter notes ( 1980 ) “ Cost leadership requires aggressive construction of efficient —scale facilities, vigorous pursuit of cost reductions from experience, tight cost and overhead control , avoidance of marginal customer accounts , and cost minimization in areas like R&D, Service, Sales force, advertising, and so on．
最大努力降低，通过低成本降低商品价格，维持竞争优势。要做到成本领先，就必须在管理方面对成本严格控制，尽可能将降低费用的指标落实在人头上，处于低成本地位的公司可以获得高于产业平均水平的利润。在与竞争对手进行竞争时，由于你的成本低，，对手已没有利润可图时，你还可以获得利润。你就主动，你就是胜利者。
The Firms Succeed in Cost Leadership
Access to the capital required to make a significant investment in production assets;; this investment represents a barrier to entry that many firms may not overcome.
Skill in designing products for efficient manufacturing, for example, having a small component count to shorten the assembly process.
High level of expertise in manufacturing process engineering.
Efficient distribution channels
Low Costs in 3 ways
More efficient production arising from experience. This occurs because doing the same thing many times leads to finding more efficient methods of production.
Economies of scale . In every industry there is a most efficient size of plant , management structure and so forth.
Through innovation in production methods, leading to new techniques of production or better organization of production .
Differentiation
Differentiation advantage occurs when a firm delivers greater services for the same price of its competitors . They are collectively known as positional advantages because they denote the firm’s position in its industry as a leader in either superior services or cost. Product differentiation is what allows firms in monopolistic competition ( a market structure ) to sell their products at different prices, even though they are essentially the same．
公司提供的产品或服务别具一格，或功能多，或款式新，或更加美观。如果别具一格战略可以实现，它就成为在行业中赢得超常收益的可行战略，因为它能建立起对付五种竞争作用力的防御地位，利用客户对品牌的忠诚而处于竞争优势。
Firms succeed in Differentiation Strategy
Access to leading scientific research.
Highly skilled and creative product development team.
Strong sales team with the ability to successfully communicate the perceived strengths of the product.
Corporate reputation for quality and innovation.
Ways Firms can Differentiate Their Products / Services
Reputation
One of the most powerful bases of product differentiation is the reputation of a firm and of its products. Reputation is often very difficult to develop. However , once developed, it tends to last a long time , even if the basis for a firm’s reputation no longer exists . In the end , the ability of a firm to develop, maintain and improve its reputation depends on customer experiences with that firm’s products and services
Product Customization
Products are differentiated in the extent to which they are customized for particular customer applications.
Product complexity/sophistication
Consumer marketing
Focus
Because of their narrow market focus, firms pursuing a focus strategy have lower volumes and therefore less bargaining power with their suppliers.
However, firms pursuing a differentiation-focused strategy may be able to pass higher costs on to customers since close substitute products do not exist.
主攻某个特定的客户群、某产品系列的一个细分区段或某一个地区市场。其前提是：公司能够以更高的效率、更好的效果为某一狭窄的战略对象服务，从而超过在更广阔范围内竞争对手，可知该战略具有赢得超过行业平均水平收益的潜力。
Firms Succeed in Focus Strategy
Firms that succeed in a focus strategy are able to tailor a broad range of product development strengths to a relatively narrow market segment that they know very well
Market
Scope
Competitive Advantage
Low Cost
Differentiation
Broad
Narrow
Cost Leadership
Differentiation
Focus
(Low Cost)
Focus
(Differentiation)
THX!
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