Chương 3 Nghiên cứu môi trường bên ngoài

Chương 3 Nghiên cứu môi trường bên ngoài

1. CHAPTER 3 Assessing the Internal Environment of the Firm Copyright Anatoli Styf /Shutterstock

2. Learning Objectives After reading this chapter, you should have a good understanding of: 3-1 The primary and support activities of a firm’s value chain. 3-2 How value-chain analysis can help managers create value by investigating relationships among activities within the firm and between the firm and its customers and suppliers. 3-3 The resource-based view of the firm and the different types of tangible and intangible resources, as well as organizational capabilities. 3-4 The four criteria that a firm’s resources must possess to maintain a sustainable advantage and how value created can be appropriated by employees and managers. 3-5 The usefulness of financial ratio analysis, its inherent limitations, and how to make meaningful comparisons of performance across firms. 3-6 The value of the “balanced scorecard” in recognizing how the interests of a variety of stakeholders can be interrelated.

3. The Importance of the Internal Environment Consider. . . Which activities must a firm effectively manage and integrate in order to attain competitive advantages in the marketplace? Which resources and capabilities must a firm create and nurture in order to sustain a competitive advantage?

4. Value-Chain Analysis Value-chain analysis looks at the sequential process of value-creating activities. Value is the amount buyers are willing to pay for what a firm provides. How is value created within the organization? How is value created for other organizations in the overall supply chain or distribution channel? The value received must exceed the costs of production.

5. Value-Chain Analysis Primary Activities Primary activities contribute to the physical creation of the product or service; the sale & transfer to the buyer; and service after the sale. Inbound logistics Operations Outbound logistics Marketing & sales Service

6. Question (1 of 2) In assessing its primary activities, an airline would examine employee training programs. baggage handling. criteria for lease versus purchase decisions. the effectiveness of its lobbying activities.

7. Value-Chain Analysis Support Activities Support activities either add value by themselves or add value through important relationships with both primary activities & other support activities. Procurement Technology development Human resource management General administration

8. The Value Chain Exhibit 3.1 The Value Chain: Primary and Support Activities Adapted from Competitive Advantage: Creating and Sustaining Superior Performance by Michael E. Porter. Copyright © 1985, 1998 by The Free Press. Jump to Appendix 1 for long description.

9. Primary Activity: Inbound Logistics Inbound logistics are primarily associated with receiving, storing & distributing inputs to the product. Material handling Warehousing Inventory control Vehicle scheduling Returns to suppliers Factors to consider include: Location of distribution facilities Warehouse layout

10. Primary Activity: Operations Operations include all activities associated with transforming inputs into the final product form. Machining Packaging & Assembly Testing or quality control Printing Facility operations Factors to consider include: Efficient plant operations & layout Incorporation of appropriate process technology

11. Primary Activity: Outbound Logistics Outbound logistics includes collecting, storing, & distributing the product or service to buyers. Finished goods & warehousing Material handling Delivery vehicle operation Order processing, scheduling & distribution Factors to consider include: Effective shipping processes Minimizing shipping costs by grouping goods into large lot sizes

12. Primary Activity: Marketing & Sales Marketing & sales activities involve purchases of products & services by end users and includes how to induce buyers to make those purchases. Advertising & promotion Sales force management Pricing & price quoting Channel selection & channel relations Factors to consider include: Innovative approaches to promotion & advertising Proper identification of customer segments & needs

13. Primary Activity: Service Service includes all actions associated with providing service to enhance or maintain the value of the product. Installation & repair Training Parts supply Product adjustment Factors to consider include: Quick response to customer needs Quality of service personnel, ongoing training

14. Support Activity: Procurement Procurement involves how the firm purchases inputs used in its value chain. Procurement of raw material inputs Optimizing quality & speed Minimizing associated costs Development of collaborative win-win relationships with suppliers Analysis & selection of alternative sources of inputs to minimize dependence on one supplier

15. Support Activity: Technology Development Technology development is related to a wide range of activities. Effective R&D activities for process & product initiatives Collaborative relationships between R&D and other departments State-of-the-art facilities & equipment Excellent professional qualifications of personnel Use of data analytics

16. Support Activity: Human Resource Management Human resource management consists of activities involved in recruitment, hiring, training & development, & compensation of all types of personnel. Effective employee recruiting, development, & retention mechanisms Quality relations with trade unions Reward & incentive programs to motivate all employees

17. Support Activity: General Administration General administration involves: Effective planning systems to attain overall goals & objectives Excellent relations with diverse stakeholder groups Effective information technology to coordinate & integrate value-creating activities across the value chain Ability of top management to anticipate & act on key environmental trends & events, create strong values, culture & reputation

18. Interrelationships Among Value-Chain Activities Managers must not ignore the importance of relationships among value-chain activities. What are the interrelationships among activities within the firm? What are the relationships among activities within the firm and with other stakeholders such as customers & suppliers? Consider integrating customers into the value chain. Creating individualized products Soliciting ideas for products & services

19. Example: The Value Chain in Service Organizations Exhibit 3.4 Some Examples of Value Chains in Service Industries Jump to Appendix 2 for long description.

20. Resource-Based View of the Firm The resource-based view of the firm (RBV) integrates two activities. An internal analysis of phenomena within a company An external analysis of the industry & its competitive environment Resources can lead to a competitive advantage. If they are valuable, rare, hard to duplicate If tangible resources, intangible resources, & organizational capabilities are combined

21. Types of Tangible Firm Resources Tangible resources are assets that are relatively easy to identify. Physical assets: plant & facilities, location, machinery & equipment Financial assets: cash & cash equivalents, borrowing capacity, capacity to raise equity Technological resources: trade secrets, patents, copyrights, trademarks, innovative production processes Organizational resources: effective planning processes, evaluation & control systems

22. Types of Intangible Firm Resources Intangible resources are difficult for competitors to account for or imitate. They are embedded in unique routines & practices. Human resources : trust, experience & capabilities of employees; managerial skills & effectiveness of work teams, firm specific practices & procedures Innovation resources : technical & scientific expertise & ideas; innovation capabilities Reputation resources : brand names, reputation for fairness with suppliers, non-zero sum relationships; reputation for reliability & product quality with customers

23. Types of Firm Resources: Organizational Capabilities Organizational capabilities are competencies or skills that a firm employs to transform inputs into outputs. It is the capacity to combine tangible & intangible resources to attain desired ends. Outstanding customer service Excellent product development capabilities Superb innovation processes & flexibility in manufacturing processes Ability to hire, motivate, & retain human capital

24. Question (2 of 2) Gillette combines several technologies to attain unparalleled success in the wet-shaving industry. This is an example of their tangible resources. intangible resources. organizational capabilities. strong primary activities.

25. Firm Resources and Sustainable Competitive Advantages Strategic resources have four attributes. Valuable in formulating & implementing strategies to improve efficiency or effectiveness Rare or uncommon; difficult to exploit Difficult to imitat e or copy due to physical uniqueness, path dependency, causal ambiguity, or social complexity Difficult to substitute with strategically equivalent resources or capabilities

26. Sources of Inimitability Physical uniqueness are resources that are physically unique, therefore impossible to duplicate. Path dependency : hard to duplicate because of all that has happened along the path followed in the development and/or accumulation of resources. Causal ambiguity: impossible to explain what caused a resource to exist or how to re-create it. Social complexity: resources that result from social engineering such as interpersonal relations, culture.

27. Criteria for Sustainable Competitive Advantage Is a resource or capability . . . Valuable? Rare? Difficult to Imitate? Without Substitutes? Implications for Competitiveness? No No No No Competitive disadvantage Yes No No No Competitive parity Yes Yes No No Temporary competitive advantage Yes Yes Yes Yes Sustainable competitive advantage Exhibit 3.7 Criteria for Sustainable Competitive Advantage and Strategic Implications Source: Adapted from Barney, J.B. 1991. Firm Resources and Sustained Competitive Advantage. Journal of Management , 17:99 – 120.

28. The Generation and Distribution of the Firm’s Profits Four factors help explain the extent to which employees and managers will be able to obtain a proportionately high level of the profits that they generate Employee bargaining power Employee replacement cost Employee exit costs Manager bargaining power

29. Evaluating Firm Performance Balanced Scorecard Analysis Employees Owners Customer satisfaction Internal processes Innovation, learning & improvement activities Financial perspectives Financial Ratio Analysis Balance sheet Income statement Market valuation Historical comparison Comparison with industry norms Comparison with key competitors

30. Financial Ratio Analysis Five types of financial ratios : Short-term solvency or liquidity Long-term solvency measures Asset management or turnover Profitability Market value Meaningful ratio analysis must include: Analysis of how ratios change over time Comparison with industry norms Comparison with key competitors

31. The Balanced Scorecard A meaningful integration of many issues that come into evaluating performance Four key perspectives: How do customers see us? (customer perspective) What must we excel at? (internal perspective) Can we continue to improve and create value? (innovation & learning perspective) How do we look to shareholders? (financial perspective)

32. Customer Perspective vs. Internal Business Perspective Managers articulate goals for customer concerns. Time versus Quality Performance and service versus Cost Then focus on those critical internal operations that enable them to satisfy customer needs. Business processes Cycle time, quality, employee skills, productivity Decisions Coordinated actions Key resources and capabilities

33. Innovation and Learning Perspective Managers must make frequent changes to existing products & services as well as introduce entirely new products with extended capabilities. This requires: Human capital (skills, talent, knowledge) Information capital (information systems, networks) Organization capital (culture, leadership)

34. Financial Perspective Managers must measure how the firm’s strategy, implementation, and execution are indeed contributing to bottom line improvement. Financial goals include: Profitability, growth, shareholder value This should lead to: Improved sales Increased market share Reduced operating expenses Higher asset turnover

35. Limitations of the Balanced Scorecard Not a “quick fix” – needs proper execution Needs a commitment to learning Needs employee involvement in continuous process improvement Needs cultural change Needs a focus on nonfinancial rather than financial measures Needs data on actual performance