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SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY ...
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  • 1. Welcome to Business Strategy and Policy John A. Hengeveld week 1 part 2 SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 2. Introduction and Logistics • Review and Discussion of key readings • A little review from Grant • The Innovators Solution • Ambidextrous Organizations • B&E: Chapter 1 SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 3. Review from Grant SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 4. Resources and Capabilities SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 5. Profit Potential of Resources The Extent of the Scarcity Competitive Advantage Relevance Established The Profit Durability Earning Potential Sustainability of of a Resource Competitive Mobility or Capability Advantage Replicability Property Rights Appropriability Embeddedness Relative Bargaining Power SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM From Grant: Contemporary Strategy Analysis, Blackwell, 1998
  • 6. Industry Graphically Environment The Firm Goals and Competitors Values Customers Strategy Resources Capabilities Suppliers Structure & Systems SCHOOL OF BUSINESS ADMINISTRATION Grant: Figure 1.2 TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 7. Intra-Industry Analysis OUTLINE • Game theory • Competitor Analysis • Segmentation • Strategic Groups SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 8. The Contribution of Game Theory to Competitive Analysis Main value: 1. Framing strategic decisions as interactions between competitors 2. Predicting outcomes of compeittive situations involving a few players Some key concepts: 1. Competition and Cooperation—Game theory can show conditions where cooperation more advantagfeeous than comeptition 2. Deterrence—changing the payoffs in the game in order to deter a comeptitor from certain actions 3. Commitment—irrevokable demployments of resoruces that give criditability to threats 4. Signaling—communication to influnece a comeptior’s decision Problems of game theory: Useful in explaining past competitive behavior—weak in prediucting future competive behaoir. What’s the problem? — Multitude of models, outcomes highly sensitive SCHOOL OF BUSINESS ADMINISTRATION to small changes in assumptions TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 9. A Framework for Competitor Analysis OBJECTIVES What are competitor’s current goals? Is performance meeting there goals? How are its goals likely to change? STRATEGY PREDICTIONS How is the firm competing? • What strategy changes ASSUMPTIONS will the competitor What assumptions does the competitor initiate? hold about the industry and itself? • How will the competitor respond to our strategic RESOURCES & CAPABILITIES What are the competitors’ key initiatives? strengths and weaknesses? SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 10. Segmentation Analysis: The Principal Stages Identify segmentation variables • Identify key variables Reduce to 2 or 3 variables and categories. Identify discrete categories for each variable • Construct a segmentation matrix • Analyze segment attractiveness • Identify KSFs in each segment Potential for economies of scope across segments • Analyze benefits of Similarity of KSFs broad vs. narrow scope. SCHOOL OF BUSINESS ADMINISTRATIONdifferentiation benefits Product of segment focus TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 11. The Basis for Segmentation: Customer and Product Characteristics *Size *Technical Industrial buyers sophistication *OEM/replacement *Demographics Characteristics Household buyers *Lifestyle of the Buyers *Purchase occasion *Size Distribution channel *Distributor/broker *Exclusive/ Opportunities for nonexclusive Differentiation Geographical *General/special location list *Physical size *Price level *Product features Characteristics *Technology design of the Product *Inputs used (e.g. raw materials) *Performance characteristics SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM *Pre-sales & post-sales services
  • 12. Segmenting the European Metal Can Industry n ce F ra F ood F ru i t J u i c e P et f o o d S o f t d r in k B ee r O il an y rm Ge . o rt ai n /P Sp S te e l 3 - p i e c e ly It a S te e l 2 - p i e c e A l u m i n u m 2 -p i e c e G e n e ra l c a n s C o m p o s ite ca n s A e ro s o l c a n s SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 13. Segmenting the World Automobile Market REGION US& Canada W.Europe E.Europe Asia Lat America Australia Africa Luxury Cars Full-size sedans Mid-size sedans Small sedans Station wagons Passenger minivans Sports cars Sport-utility Pick-up trucks SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 14. Vertical Segmentation & Industry Profit Pools —The US Auto Industry 25 % 20 Leasing Service & repair 15 Warranty Aftermarket Auto parts 10 Auto manufacturing Auto Auto rental New car insurance dealers loans 5 Used car dealers 0 Gasoline 0 100% Share of industry revenue SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 15. Segmentation and Key Success Factors in the U.S. Bicycle Industry SEGMENT KEY SUCCESS FACTORS * Low-costs through global sourcing of components Low price bicycles sold primarily & low-wage assembly. through department and discount * Supply contract with major retailer. stores, mainly under the retailer’s own brand (e.g. Sears’ “Free Spirit”); Leading competitors: Taiwanese & Chinese assemblers, some U.S manufacturers, e.g. Murray Ohio, Huffy *Cost effieciency through large scale operation and either low wages or automated manufacturing. Medium-priced bicycles sold *Reputation for quality (durability, reliability) through primarily under manufacturer’s brand effective marketing to dealers and/or consumers. name and distributed mainly through * International marketing & distribution. specialist bicycles stores; Leading competitors: Raleigh, Giant, Peugeot, Fuji *Quality of components and assembly, Innovation in design (e.g. minimizing weight and wind resistence). High-priced bicycles for enthusiasts. *Reputation (e.g. through success in racing, through effective brand management). *Strong dealer relations. Children’s bicycles (and tricycles) sold primarily through toy retailers (discount Similar to low-price bicycle segment. SCHOOL OF BUSINESS ADMINISTRATION toy stores, department stores, and TECHNOLOGY COMMERCIALIZATION PROGRAM specialist toy stores).
  • 16. Strategic Group Analysis A strategic group is a group of firms in an industry following the same or similar strategy. Identifying strategic groups: • Identify principal strategic variables which distinguish firms. • Position each firm in relation to these variables. • Identify clusters. SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 17. Strategic Groups in the World Automobile Industry GLOBAL, BROAD-LINE Broad PRODUCERS REGIONALLY-FOCUSED e.g., GM, Ford, Toyota, BROAD-LINE Nissan, Honda, VW, Daimler PRODUCERS Chrysler e.g. Fiat, PSA, Renault, GLOBAL SUPPLIERS OF NARROW MODEL RANGE NATIONALLY FOCUSED, e.g., Volvo, Subaru, Isuzu, INTERMEDIATE LINE Suzuki, Saab, Hyundai PRODUCT PRODUCERS RANGE e.g. Tofas, Kia, Proton, Maruti LUXURY CAR MANUFACTURERS e.g., Jaguar, Rolls Royce, NATIONALLY- FOCUSED, BMW SMALL, SPECIALIST PRODUCERS e.g., Bristol (U.K.), Classic Roadsters (U.S.), Morgan (U.K.) PERFORMANCE CAR PRODUCERS e.g., Porsche, Narrow Maserati, Lotus SCHOOL OF BUSINESS ADMINISTRATION National GEOGRAPHICAL SCOPE TECHNOLOGY COMMERCIALIZATION PROGRAM Global
  • 18. Strategic Groups Within the World Petroleum Industry INTERNATIONAL INTEGRATED OIL Premier UPSTREAM MAJORS 2.0 Oil COMPANIES INTERNATIONAL Enterprise Kuwait Petroleum UPSTREAM, REGIONALLY PDVSA INTEGRATED FOCUSED 1.5 NATIONAL DOMESTIC DOWNSTREAM Vertical Balance Iran PRODUCTION OIL COMPANIES NOC COMPANIES Statoil BP-Amoco Exxon 1.0 INTEGRATED -Mobil Pemex Petronas Chevron INTERNATIONAL Royal Dutch YPF Phillips MAJORS -Shell Gp. Indian Oil Phillips Petrobras ENI Texaco 0.5 Elf-Fina-Total ENI Repsol Repsol INTERNATIONAL Nippon DOWNSTREAM Tosco E.g. Neste OIL COMPANIES 0 0 10 20 30 40 50 60 70 80 NATIONALLY-FOCUSED Geographical Scope DOWNSTREAM COMPANIES SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 19. Generic Strategies SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 20. The Emergence of Competitive Advantage How does competitive advantage emerge? External sources of change e.g.: Internal sources •Changing customer demand of change •Changing prices •Technological change Some firms Resource heterogeneity Some firms faster have greater creative among firms means and more effective and innovative differential impact in exploiting change capability SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 21. Competitive Advantage from Internally- Generated Change: Strategic Innovation Characteristics of innovatory strategies: – Associated with new entrants to an industry (e.g. Nucor in steel, IKEA in furniture, Enron in energy, Home Depot in DIY, Dell in PCs) – Reconcile conflicting performance goals (e.g. Toyota’s lean production system combines low cost, high quality, and flexibility. Richardson Sheffield in kitchen knives is low cost, innovative and customer responsive.) – Reconfiguring the value chain e.g.--- • Nike’s system for manufacturing and distributing shoes totally different from traditional shoe manufacturer • Southwest Airlines simplification of the normal airline value chain • Zara’s system of design, manafacture, and distribution SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 22. Sustaining Competitive Advantage Against Imitation REQUIREMENT FOR IMITATION ISOLATING MECHANISM Identification - Obscure superior performance - Deterrence--signal aggressive Incentives for imitation intentions to imitators - Pre-emption--exploit all available investment opportunities - Rely upon multiple sources of Diagnosis competitive advantage to create “causal ambiguity” - Base competitive advantage upon Resource acquisition resources and capabilities that are immobile and difficult to replicate SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 23. Competitive Advantage in Different Market Settings MARKET TYPE SOURCE OF IMPERFECTION OPPORTUNITY FOR OF COMPETITION COMPETITIVE ADVANTAGE •None (efficient markets) None TRADING •Imperfect information availability Insider trading MARKETS •Transactions costs Cost minimization •Systematic behavioral trends Superior diagnosis (e.g.... chart analysis) •Overshooting Contrarianism •Barriers to imitation Identify barriers to imitation (e.g. deterrence, preemption, PRODUCTION causal ambiguity, resource MARKETS immobility,barriers to resource replication) & base strategy upon them. •Barriers to innovation Difficult to influence or exploit. SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 24. Competitive Advantage in Different Industry Settings: Trading Markets and Production Markets SOURCE OF OPPORTUNITY MARKET IMPERFECTION FOR COMPETITIVE TYPE OF COMPETITION ADVANTAGE •None (efficient markets) None TRADING •Imperfect information availability Insider trading MARKETS •Transactions costs Cost minimization •Systematic behavioral trends Superior diagnosis (e.g.... chart analysis) •Overshooting Contrarianism •Barriers to imitation Identify barriers to imitation (e.g. deterrence, preemption, PRODUCTION causal ambiguity, resource MARKETS immobility,barriers to resource replication) & base strategy upon them. •Barriers to innovation Difficult to influence or exploit. SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 25. Sources of Competitive Advantage COST ADVANTAGE COMPETITIVE ADVANTAGE DIFFERENTIATION ADVANTAGE SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 26. Porter’s Generic Strategies SOURCE OF COMPETITIVE ADVANTAGE Low cost Differentiation Industry-wide COST DIFFERENTIATION COMPETITIVE LEADERSHIP SCOPE Single Segment FOCUS SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 27. Features of Cost Leadership and Differentiation Strategies Generic strategy Key strategy elements Resource & organizational requirements COST Scale-efficient plants. Access to capital. Process LEADERSHIP Design for manufacture. engineering skills. Frequent Control of overheads & reports. Tight cost control. R&D. Avoidance of Specialization of jobs and marginal customer functions. Incentives for accounts. quantitative targets. DIFFERENTIATION Emphasis on branding Marketing. Product and brand advertising, engineering. Creativity. design, service, and Product R&D quality. Qualitative measurement and incentives. Strong cross-functional coordination. SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 28. The Innovators Solution Performance Range Of Solutions Customers Can Utilize Time SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 29. Types of Disruptions • New Market Disruptions – Compete against non consumption • Low End Disruptions – Offer lower cost solutions to overserved customers • Sustaining Innovations – Continuous improvement of product to existing customers SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 30. Ambidextrous Organizations SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 31. Ambidextrous Organizations • Congruence Model – from the book this was a part of. SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 32. Congruence Model Tushman and O’Reilly Strategy Informal Organization - Characterize the Formal Outputs Environment Critical Way things Balanced ScoreCard: Resources Tasks Really get Financial History - done Formal Growth The few key Profitability Organization tasks whose success is CUSTOMER Financial Internal essential to Systems implementatio n of strategy Learning and Growth Organizationa People l Structure Management Training Policies Technical Skills Functional Etc Skills Long term development needs SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 33. Key to Congruence Analysis • Assess the degree of alignment of each “link” • Organizations where these 7 items are “congruent” (represent the same shape and size, although projected into different axis) have a far superior chance of successful implementation to strategy • The agenda for change is fixing the links. SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 34. Technology Cycles Product innovation Process Innovation Rate of Innovation DD DD Substitution Event Time SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 35. Examples of Technology Cycles • VCR • Audio Recording and Distribution • Computers? • Telecommunication? SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 36. Types of Innovation and Innovation Streams New Inexpensive Swatch First Watch Mechanical Watch Markets Smaller, Thinner Continuous Quartz Watch Mechanical Aim gunfire Watches Existing Incremental Architectural Discontinuous Small Extensions Reconfigures New operating principles in of Existing Existing Core Subsystems&/or Discontinuous Technology Technology Process innovation T&O, Winning Through Innovation, figure 7.3 SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 37. Organizational Cycles The success syndrome FIT SUCCESS Inertia: Size and Age Structural Cultural Success Failure in Stable in Market Markets Shifts SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 38. Ambidextrous Organizations from WTI, figure 7.6 Inc Arch Disc •Culture Promoting •Culture Promoting •Culture Promoting Continuous Improvement Linkage Across Units Breakthroughs •Incremental Change •Adding and Linking •Many Small Failures •Eliminate Variability Subsystems •Learn by Doing •Reward Volume & Cost •Reward Integration •Reward Experimentation and Innovation Executive Team •Provide Clear, Simple Vision •Balance Multiple Architectures •Makes Bets on Shifting Innovation •Manage Ambidextrously •Today/Tomorrow •Large/Small – OF BUSINESS ADMINISTRATION SCHOOL Incremental/Discontinuous TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 39. B&E Five Forces Assumptions Stable Industry Goal Defensible position Performance Industry Driver structure Strategy Pick Industry Pick position Shape firm Success Profits SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 40. B&E Core Competence Assumptions Firm as bundle of competences Goal Sustainable advantage Performance Unique Driver competencies Strategy Craft vision Build competencies to match Success Long Term Dominance SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 41. B&E Game Theory Assumptions Dynamic Oligopoly Goal Temporary advantage Performance Right Driver Moves Strategy Make the right Competitive & Collaborative moves Success Short Term Wins SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 42. B&E Competing On the Edge Assumptions Industry in Rapid change Goal Continuous Flow of adv. Performance Ability Driver To change Strategy Gain the edge: Time pace, shape semicoherent, Strat. direction Success Continual Reinvention SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 43. B&E Five Forces Core Game Competing Competence Theory On the Edge Assumptions Stable Firm as bundle Dynamic Industry in Industry of competences Oligopoly Rapid change Goal Defensible Sustainable Temporary Continuous position advantage advantage Flow of adv. Performance Industry Unique Right Ability Driver structure competencies Moves To change Strategy Pick Industry Craft vision Make the right Gain the edge: Pick position Build Competitive & Time pace, Shape firm competencies to Collaborative shape match moves semicoherent, Strat. direction Success Profits Long Term Short Term Continual Dominance Wins Reinvention SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 44. SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 45. B&E Chapter 1 Time Pacing Setting the Pace -time pacing Winning Tomorrow Gaining Advantages Edge of Time from the Past Today -options -Regeneration -learning Playing the Capturing Cross-Business Edge of Improvisational Edge Synergies Chaos -Coadaptation SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM
  • 46. SCHOOL OF BUSINESS ADMINISTRATION TECHNOLOGY COMMERCIALIZATION PROGRAM

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