4-1 Thinking Strategically about the Company’s internal environment: Resources and Competitive...

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Thinking Strategically about the Company’s internal environment:

Resources and Competitive position

Thinking Strategically about the Company’s internal environment:

Resources and Competitive position

By: Prof R.K. VermaDean, SBS, Sharda University

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The Components of a Company’s Macro-

Environment

The Components of a Company’s Macro-

Environment

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The Strategically Relevant Components of a Company’s External Environment Thinking Strategically About a Company’s Industry and Competitive

Environment Question 1: What Are the Industry’s Dominant Economic Features? Question 2: What Kinds of Competitive Forces Are Industry Members

Facing? Question 3: What Factors Are Driving Industry Change and What Impacts

Will They Have? Question 4: What Market Positions Do Rivals Occupy—Who Is Strongly

Positioned and Who Is Not? Question 5: What Strategic Moves Are Rivals Likely to Make Next? Question 6: What Are the Key Factors for Future Competitive Success? Question 7: Does the Outlook for the Industry Present an Attractive

Opportunity?

Company’ industry& competitive

environment

Company’ industry& competitive

environment

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Strategic Implications of the

Five Competitive Forces

Strategic Implications of the

Five Competitive ForcesSr. No. Competitive Forces Type of pressure

Strong Moderate Weak

1 Rivalry among competing sellers

vigorous Weak / moderate

2 Buyers Bargaining leverage

Weak

3 Supplirs Bargaining leverage

Weak

4 New Entrants Low entry barrirs

High barriars

5 Substitute products Intense No good

6 Implication Unattractive Superior profit

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Common Types ofDriving Forces


Internet and e-commerce opportunities

Increasing globalization of industry

Changes in long-term industry growth rate

Changes in who buys the product and how they use it

Product innovation

Technological change/process innovation

Marketing innovation

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Entry or exit of major firms

Diffusion of technical knowledge

Changes in cost and efficiency

Consumer preferences shift from standardized to differentiated products (or vice versa)

Changes in degree of uncertainty and risk

Regulatory policies / government legislation

Changing societal concerns, attitudes, and lifestyles



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What Market Positions Do Rivals Occupy?

What Market Positions Do Rivals Occupy?

One technique to revealdifferent competitive positionsof industry rivals isstrategic group mapping

A strategic group is acluster of firms in an industrywith similar competitiveapproaches and market positions

INDUSTRY COM STRUCTURE

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What strategic moves are rivals likely to make a next? What strategic moves are

rivals likely to make a next?

Which rival has the best strategy? Which rivalsappear to have weak strategies?

Which firms are poised to gainmarket share, and which onesseen destined to lose ground?

Which rivals are likely to rank among the industry leaders five years from now? Do any up-and-coming rivals have strategies and the resources to overtake the current industry leader?

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Key Success FactorKey Success Factor

Technology-Product & Production technology, patent, trademark

Manufacturing- Scale of economy & experience curve

Distribution – supply chain, wholesaler & retailer network

Marketing – Brand, Product line, technical assistance & CRM

Skill & capabilities – talented workforce, product innovation, motivation,

design

Other types – overall low cost, convenient location, agility

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Does the Outlook for the Industry Present an Attractive

Opportunity?

Does the Outlook for the Industry Present an Attractive

Opportunity? Involves assessing whether the industry

and competitive environment is attractiveor unattractive for earning good profits

Under certain circumstances, a firm uniquelywell-situated in an otherwise unattractive industrycan still earn unusually good profits

Attractiveness is relative, not absolute

Conclusions have to be drawn from theperspective of a particular company

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Core Concept: Assessing Industry Attractiveness

Core Concept: Assessing Industry Attractiveness

The degree to which an industry is attractive or unattractive is often not the

same for all industry participantsor potential entrants.

The opportunities an industrypresents depend partly on a

company’s ability to capture them.

“Before executives can

chart a new strategy, they

must reach common

understanding of the

company’s current

position.”

“Before executives can

chart a new strategy, they

must reach common

understanding of the

company’s current

position.”W. Chan Kim and Renee Mauborgne

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Evaluating a company’s resources-Questions

Evaluating a company’s resources-Questions

Question 1: How Well Is the Company’s Present Strategy Working?

Question 2: What Are the Company’s Resource Strengths and Weaknesses and Its External Opportunities and Threats?

Question 3: Are the Company’s Prices and Costs Competitive? Question 4: Is the Company Competitively Stronger or Weaker

than Key Rivals? Question 5: What Strategic Issues and Problems Merit Front-

Burner Managerial Attention?

(Tools: SWOT analysis, Value chain analysis, benchmarking & competitive strength assessment)

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Company Situation Analysis:

The Key Questions

Company Situation Analysis:

The Key Questions1. How well is the company’s

present strategy working?

2. What are the company’s resourcestrengths and weaknesses and itsexternal opportunities and threats?

3. Are the company’s prices andcosts competitive?

4. Is the company competitively strongeror weaker than key rivals?

5. What strategic issues meritfront-burner managerial attention?

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Q #1: How Well Is the Company’s Present Strategy

Working?

Q #1: How Well Is the Company’s Present Strategy

Working?

Identify competitive approach Low-cost leadership Differentiation Focus on a particular market niche

Determine competitive scope Geographic market coverage Operating stages in industry’s production/distribution chain

Examine recent strategic moves Identify functional strategies

Key Issues

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Identifying the Components of a Single-Business Company’s

Strategy

Identifying the Components of a Single-Business Company’s

Strategy

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Approaches to Assess How Well the Present Strategy Is

Working

Approaches to Assess How Well the Present Strategy Is

Working Qualitative assessment –

What is the strategy?

Completeness

Internal consistency

Rationale

Relevance

Quantitative assessment – What are the results? Is company achieving its

financial and strategic objectives?

Is company an above-average industry performer?

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1) Profitability ratios Gross Profit Margin Operating profit margin Net Profit margin Return on total assets Return on stockholders

equity Earning per share

2) Liquidity ratios Current ratio Quick ratio Working capital

3) Leverage ratios Debt-to-assets ratio Debt-to-equity ratio Long-term debt-to-equity

ratio Times-interest-earned ratio

4) Activity ratios Days of inventory Inventory turnover Average collection period

5) Other Important Dividend yield on common stock Price/earnings ratio Dividend payout ratio Internal Cash flow

Qualitative Assessment Qualitative Assessment

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Key Indicators of How Wellthe Strategy Is Working

Key Indicators of How Wellthe Strategy Is Working

Trend in sales and market share Acquiring and/or retaining customers Trend in profit margins Trend in net profits, ROI, and EVA Overall financial strength and credit ranking Efforts at continuous improvement activities Trend in stock price and stockholder value Image and reputation with customers Leadership role(s) – Technology, quality, innovation,

e-commerce, etc.

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S W O T represents the first letter in S trengths W eaknesses O pportunities T hreats

For a company’s strategy to be well-conceived, it must be Matched to its resource strengths and weaknesses Aimed at capturing its best market opportunities and erecting

defenses against external threats to its well-being

S W

O T

Q #2: What Are the Company’s Strengths, Weaknesses,

Opportunities and Threats ?

Q #2: What Are the Company’s Strengths, Weaknesses,

Opportunities and Threats ?

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Identifying Resource Strengths

and Competitive Capabilities

Identifying Resource Strengths

and Competitive Capabilities A strength is something a firm does well or an attribute that

enhances its competitiveness Valuable competencies or know-how Valuable physical assets Valuable human assets Valuable organizational assets Valuable intangible assets Important competitive capabilities An attribute that places a company in a position of market advantage Alliances or cooperative ventures with partners

Resource strengths and competitivecapabilities are competitive assets!

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Competencies vs. Core Competencies vs. Distinctive

Competencies

Competencies vs. Core Competencies vs. Distinctive

Competencies A competence is the product of organizational learning and

experience and represents real proficiency in performing an internal activity

A core competence is a well-performedinternal activity central (not peripheral or incidental)to a company’s competitiveness and profitability

A distinctive competence is a competitively valuable activity a company performs better than its rivals

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Company Competenciesand Capabilities

Company Competenciesand Capabilities

Stem from skills, expertise, and experience usually representing an Accumulation of learning over time and Gradual buildup of real proficiency in

performing an activity Involve deliberate efforts to develop the ability to do

something, often entailing Selecting people with requisite knowledge and skills Upgrading or expanding individual abilities Molding work products of individuals into a cooperative effort to

create organizational ability A conscious effort to create intellectual capital

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A competence becomes a core competence when the well-performed activity is central to a company’s competitiveness and profitability

Often, a core competence results from collaboration among different parts of a company

Typically, core competencies reside in a company’s people, not in assets on a balance sheet

A core competence gives a company apotentially valuable competitive capabilityand represents a definite competitive asset

Core Competencies -- AValuable Company

Resource

Core Competencies -- AValuable Company

Resource

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Examples: Core Competencies

Examples: Core Competencies

Expertise in integrating multiple technologiesto create families of new products

Know-how in creating operating systemsfor cost efficient supply chain management

Speeding new/next-generation products to market

Better after-sale service capability

Skills in manufacturing a high quality product

System to fill customer orders accurately and swiftly

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Distinctive Competence -- ACompetitively Superior

Resource

Distinctive Competence -- ACompetitively Superior

Resource A distinctive competence is a competitively significant activity

that a company performs better than its competitors A distinctive competence

Represents a competitively valuablecapability rivals do not have

Presents attractive potential for being a cornerstone of strategy

Can provide a competitive edge in the marketplace —because it represents a competitively superior resource strength

# 1

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Examples: Distinctive Competencies

Examples: Distinctive Competencies

Sharp Corporation Expertise in flat-panel display technology

Toyota and Honda Low-cost, high-quality manufacturing

capability and short design-to-market cycles Intel

Ability to design and manufactureever more powerful microprocessors for PCs

Wal-Mart Low-cost distribution and use of

state-of-the-art retail technology

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To qualify as competitively valuable or to be the basis for sustainable competitive advantage, a “resource” must pass 4 tests:

1. Is the resource hard to copy?

2. Does the resource have staying power – is it durable?

3. Is the resource really competitively superior?

4. Can the resource be trumped by the different capabilities of rivals?

Determining the CompetitiveValue of a Company

Resource

Determining the CompetitiveValue of a Company

Resource

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A weakness is something a firm lacks, does poorly, or a condition placing it at a disadvantage

Resource weaknesses relate to Inferior or unproven skills,

expertise, or intellectual capital Lack of important physical,

organizational, or intangible assets Missing capabilities in key areas

Resource weaknesses and deficienciesare competitive liabilities!

Identifying Resource Weaknesses

and Competitive Deficiencies

Identifying Resource Weaknesses

and Competitive Deficiencies

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Opportunities most relevant to acompany are those offering

Good match with its financial andorganizational resource capabilities

Best prospects for profitable long-term growth

Potential for competitive advantage

Identifying a Company’sMarket Opportunities

Identifying a Company’sMarket Opportunities

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Identifying External Threats

Identifying External Threats

Emergence of cheaper/better technologies Introduction of better products by rivals Entry of lower-cost foreign competitors Onerous regulations Rise in interest rates Potential of a hostile takeover Unfavorable demographic shifts Adverse shifts in foreign exchange rates Political upheaval in a country

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SWOT

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Role of SWOT Analysis inCrafting a Better StrategyRole of SWOT Analysis inCrafting a Better Strategy

The most important part of S W O T analysis is not developing the 4 lists of strengths, weaknesses, opportunities, and threats, but rather

Using the 4 lists to draw conclusionsabout a company’s overall situation and

Acting on the conclusions to

Better match a company’s strategy to itsresource strengths and market opportunities,

Correct the important weaknesses, and

Defend against external threats

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The Three Stepsof SWOT Analysis The Three Stepsof SWOT Analysis

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Q #3: Are the Company’sPrices and Costs

Competitive?

Q #3: Are the Company’sPrices and Costs

Competitive? Assessing whether a firm’s costs are competitive with

those of rivals is a crucial part of company analysis

Key analytical tools

Value chain analysis-Activity

based costing

Benchmarking –Best practice ; cost and effectiveness

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The Concept of aCompany Value Chain

The Concept of aCompany Value Chain

A company’s business consists of all activities undertaken in designing, producing, marketing, delivering, and supporting its product or service

A company’s value chain consists of a linked set of value-creating activities performed internally

The value chain contains two types of activities Primary activities – where most of

the value for customers is created

Support activities – facilitateperformance of the primary activities

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Representative Company Value Chain

Representative Company Value Chain

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The Value Chain: Primary and Support Activities

The Value Chain

General administrationHuman resource management

Technology development

Procurement

Inboundlogistics

Operations Outboundlogistics

Marketing and sales

Service

Margin

Mar

ginS

up

po

rt A

cti

vit

ies

Primary Activities

Source: Adapted with the permission of The Free Press, a division of Simon & Schuster, Inc., from Competitive Advantage: Creating and Sustaining Superior Performance by Michael E. Porter. Copyright © 1998 by Michael E. Porter.

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The Value Chain: Some Factors to Consider in Assessing a Firm’s Primary Activities• Location of

distribution facilities to minimize shipping times

• Excellent material and inventory control systems

• Systems to reduce time to send “returns” to suppliers

• Warehouse layout and designs to increase efficiency of operations for incoming materials

• Efficient plant operations to minimize costs

• Appropriate level of automation in manufacturing

• Quality production control systems to reduce costs and enhance quality

• Efficient plant layout and workflow design

• Effective shipping processes to provide quick delivery and minimize damages

• Efficient finished goods warehousing processes

• Shipping of goods in large lot sizes to minimize transportation costs

• Quality material handling equipment to increase order picking

• Highly motivated and competent sales force

• Innovative approaches to promotion and advertising

• Selection of most appropriate distribution channels

• Proper identification of customer segments and needs

• Effective pricing strategies

•Effective use of procedures to solicit customer feedback and to act on information

•Quick response to customer needs and emergencies

•Ability to furnish replacement parts as required

•Effective management of parts and equipment inventory

•Quality of service personnel and ongoing training

•Appropriate warranty and guarantee policies

Inbound Logistics

Operations Outbound Logistics

Marketing and Sales

Service

PR

OF

IT M

AR

GIN

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The Value Chain: Some Factors to Consider

in Assessing Firm’s Support Activities• Effective planning systems to attain overall goals and objectives

• Ability of top management to anticipate and act on key environmental trends and events

• Ability to obtain low cost funds for capital expenditures and working capital

• Excellent relationships with diverse stakeholder groups

• Ability to coordinate and integrate activities across the “value system”

• Highly visible to inculcate organizational culture, reputation, and values

• Effective recruiting, development, and retention mechanisms for employees

• Quality relations with trade unions

• Quality work environment to maximize overall employee performance and minimize absenteeism

• Reward and incentive programs to motivate all employees

• Effective research and development activities for process and product initiatives

• Positive collaborative relationships between R&D and other departments

• State-of-the art facilities and equipment

• Culture to enhance creativity and innovation

• Excellent professional qualifications of personnel

• Ability to meet critical deadlines

• Procurement of raw material inputs to optimize quality, speed and minimize the associated costs

• Development of collaborative “win-win” relationships with suppliers

• Effective procedures to purchase advertising and media services

• Analysis and selection of alternate sources of inputs to minimize dependence on one supplier

• Ability to make proper lease versus buy decisions

PR

OF

IT M

AR

GIN

General Administration

Human Resource Management

Technology Development

Procurement

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Characteristics of Value Chain Analysis

Characteristics of Value Chain Analysis

Combined costs of all activities in a company’s value chain define the company’s internal cost structure

Compares a firm’s costs activityby activity against costs of key rivals

From raw materials purchase to

Price paid by ultimate customer

Pinpoints which internal activities are asource of cost advantage or disadvantage

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Why Do ValueChains of Rivals Differ?

Why Do ValueChains of Rivals Differ?

Several factors can cause differencesin value chains of rival companies

Internal operations

Strategy

Approaches used in execution of the strategy

Underlying economics of the activities

Differences complicate task of assessingrivals’ relative cost positions

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The Value Chain Systemfor an Entire Industry

The Value Chain Systemfor an Entire Industry

Assessing a company’s cost competitiveness involves comparing costs all along the industry’s value chain

Suppliers’ value chains are relevant because Costs, performance features, and quality of inputs

provided by suppliers influence a firm’s own costsand product performance

Forward channel allies’ value chains are relevant because Costs and margins are part of price paid

by ultimate end-user Activities performed affect end-user satisfaction

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Representative Value Chain for an Entire Industry

Representative Value Chain for an Entire Industry

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Example: Value Chain Activities


Timber farming

Logging

Pulp mills

Papermaking

Distribution

Pulp & Paper Industry

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Home Appliance Industry

Parts and components manufacture

Assembly

Wholesale distribution

Retail sales



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Processing of basic ingredients

Syrup manufacture

Bottling and can filling

Wholesale distribution

Advertising

Retailing

Albertson’s



Soft Drink Industry

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Programming

Disk loading

Marketing

Distribution



Software Computer Industry

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Developing Data to Measure a Company’s Cost Competitiveness

Developing Data to Measure a Company’s Cost Competitiveness

After identifying key value chain activities, the next step involves breaking down departmental cost accounting data into costs of performing specific activities

Appropriate degree of disaggregation depends on Economics of activities Value of comparing narrowly defined

versus broadly defined activities

Guideline – Develop separate cost estimates for activities Having different economics Representing a significant or growing proportion of costs

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Activity-Based Costing: A Key

Tool in Analyzing Costs

Activity-Based Costing: A Key

Tool in Analyzing Costs Determining whether a company’s costs are in line with those

of rivals requires Measuring how a company’s costs compare with those of rivals

activity-by-activity Requires having accounting data to measure cost

of each value chain activity Activity-based costing entails

Defining expense categories accordingto specific activities performed and

Assigning costs to the activityresponsible for creating the cost

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Benchmarking Costs ofKey Value Chain Activities

Benchmarking Costs ofKey Value Chain Activities

Focuses on cross-company comparisons of how certain activities are performed and costs associated with these activities Purchase of materials Payment of suppliers Management of inventories Getting new products to market Performance of quality control Filling and shipping of customer orders Training of employees Processing of payrolls

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Objectives of BenchmarkingObjectives of Benchmarking

Identify best practices in performing an activity

Understand the best practices in performingan activity – learn what is the “best” wayto do a particular activity from thosedemonstrating they are “best-in-world”

Learn how other firms achieve lower costs

Take action to improve company’s cost competitiveness

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Ethical Standards in Benchmarking: Do’s and

Don’ts

Ethical Standards in Benchmarking: Do’s and

Don’ts Avoid talk about pricing or competitively

sensitive costs

Don’t ask rivals for sensitive data

Don’t share proprietary data without clearance

Have impartial third party assemble and present competitively sensitive cost data with no names attached

Don’t disparage a rival’s business to outsiders based on data obtained

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What Determines if aCompany Is Cost

Competitive?

What Determines if aCompany Is Cost

Competitive? Cost competitiveness depends on how well a company

manages its value chain relative to how well competitors manage their value chains

When costs are out-of-line, high-cost activities can exist in any of three areas in the industry value chain 1. Suppliers’ activities

2. Company’s own internal activities

3. Forward channel activities

Activities, Costs, &

Margins ofForward

Channel Allies

InternallyPerformedActivities, Costs, &Margins

Activities, Costs, &

Margins ofSuppliers

Buyer/UserValue

Chains

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Options to CorrectInternal Cost Disadvantages

Options to CorrectInternal Cost Disadvantages

Implement use of best practices throughout company Eliminate some cost-producing activities altogether by revamping

value chain system Relocate high-cost activities to lower-cost geographic areas See if high-cost activities can be performed

cheaper by outside vendors/suppliers Invest in cost-saving technology Innovate around troublesome cost components Simplify product design Make up difference by achieving savings in backward or forward

portions of value chain system

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Remedying Supplier related cost Disadvantage

Remedying Supplier related cost Disadvantage

Negotiate Lower Prices Switching Lower Price Subsititude Collaborating with Vendors

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Translating Performance of Value Chain Activities to Competitive

Advantage

Translating Performance of Value Chain Activities to Competitive

Advantage A company can create competitive advantage by managing its

value chain to

Integrate knowledge and skills of employees in competitively valuable ways

Leverage economies of learning / experience

Coordinate related activities in waysthat build valuable capabilities

Build dominating expertisein a value chain activity criticalto customer satisfaction or market success

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Translating Performance of Value Chain Activities into Competitive

Advantage

Translating Performance of Value Chain Activities into Competitive

Advantage

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Q. #4: Is the Company Stronger or Weaker than

Key Rivals?

Q. #4: Is the Company Stronger or Weaker than

Key Rivals? Overall competitive position involves

answering two questions

How does a company rank relativeto competitors on each importantfactor that determines market success?

Does a company have a netcompetitive advantage or disadvantagevis-à-vis major competitors?

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Assessing a Company’s Competitive Strength vs. Key

Rivals

Assessing a Company’s Competitive Strength vs. Key

Rivals1. List industry key success factors and other relevant measures

of competitive strength2. Rate firm and key rivals on each factor using rating scale of 1

to 10 (1 = very weak; 5 = average; 10 = very strong)

3. Decide whether to use a weighted or unweighted rating system (a weighted system is superior because chosen strength measures are unlikely to be equally important)

4. Sum individual ratings to get an overall measure of competitive strength for each rival

5. Based on overall strength ratings, determine overall competitive position of firm

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ECI’s Balanced Business ScorecardECI’s Balanced Business Scorecard

Financial Perspective

GOALS MEASURES

• Survive • Cash Flow

• Succeed • Quarterly sales growth and operating income by division

• Prosper • Increased market share and ROE

Customer Perspective

GOALS MEASURES

• New products • Percent of sales from new products

• Responsive supply • On-time delivery (defined by customer)

• Customer partnership

• Number of cooperative engineering efforts

Internal Business Perspective

GOALS MEASURES

• Manufacturing excellence • Cycle time• Unit cost• Yield

• Design productivity • Silicon efficiency• Engineering efficiency

• New product introduction • Actual introduction schedule versus plan

Innovation and Learning Perspective

GOALS MEASURES

• Technology leadership • Time to develop next generation

• Manufacturing learning • Process time to maturity

• Product focus • Percent of products that equal 80% sales

• Time to market • New product introduction versus competition

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Why Do a CompetitiveStrength Assessment ?Why Do a CompetitiveStrength Assessment ?

Reveals strength of firm’s competitive position vis-à-vis key rivals

Shows how firm stacks up against rivals, measure-by-measure – pinpoints firm’s competitive strengths and competitive weaknesses

Indicates whether firm is at a competitive advantage / disadvantage against each rival

Identifies possible offensive attacks (pit company strengths against rivals’ weaknesses)

Identifies possible defensive actions (a need to correct competitive weaknesses)

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What Strategic IssuesMerit Managerial

Attention?

What Strategic IssuesMerit Managerial

Attention? Based on results of both industry and competitive analysis and

an evaluation of a company’s competitiveness, what items should beon a company’s “worry list”?

Requires thinking strategically about Pluses and minuses in the industry

and competitive situation Company’s resource strengths and weaknesses and attractiveness

of its competitive position

A “good” strategy must address “what to do”about each and every strategic issue!

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Identifying the Strategic Issues

Identifying the Strategic Issues

How to stave off market challenges from new foreign competitors? How to combat price discounting of rivals? How to reduce a company’s high costs? How to sustain a company’s present growth

in light of slowing buyer demand? Whether to expand a company’s product line? Whether to acquire a rival firm? Whether to expand into foreign markets rapidly or cautiously? What to do about aging demographics of a company’s customer

base?

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A well-stated issue involves such phrases as “How to . . . ?” “Whether to . . . ?” “What should be done about . . . ?”

Issues need to be precise, specific, and “cut straight to the chase”

Issues on the “the worry list”raise questions about What actions need to be considered What to think about doing

Stating the IssuesClearly and Precisely

Stating the IssuesClearly and Precisely

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After studying this chapter, you should have a good understanding of:

After studying this chapter, you should have a good understanding of:

The benefits and limitations of SWOT analysis in conducting an internal analysis of the firm.

The primary and support activities of a firm's value chain. How value-chain analysis can help managers create value by investigating

relationships among activities within the firm and among the firm and its customers and suppliers.

The different types of tangible and intangible resources, as well as organizational capabilities.

The four criteria that a firm's resources must possess to maintain a sustainable advantage.

The usefulness of financial ratio analysis as well as its inherent limitations. How to make meaningful comparisons of performance across firms. The value of recognizing how the interests of a variety of stakeholders can

be interrelated.

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