收购与重组(英文版)
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– Develop new products internally – introduce new products into the marketplace
Market power is increased by
– horizontal acquisitions – vertical acquisitions – related acquisitions
5
Reasons for Making Acquisitions:
Overcome Barriers to Entry
Chapter 6 CorporateLevel Strategy
Chapter 7 Acquisition and Restructuring
Strategies
Strategy Implementation
Chapter 10 Corporate Governance
Chapter 11 Organizational Structure and
The Strategic Management Process
Strategic Outcomes Strategic Actions
Strategy Formulation
Chapter 4 Business-Level
Strategy
Chapter 5 Competitive Rivalry
and Competitive Dynamics
Barriers to entry include
– economies of scale in established competitors
– differentiated products by competitors
– enduring relationships with customers that create product loyalties with competitors
– provides a new entrant with immediate market
access
6
Reasons for Making Acquisitions:
Cost oቤተ መጻሕፍቲ ባይዱ New Product Development and Speed to Market
Significant investments of a firm’s resources are required to
收购与重组(英文版)
©2003 Southwestern Publishing Company
1
Strategic Inputs
Chapter 2 The External Environment
Chapter 3 The Internal Environment
Strategic Intent Strategic Mission
acquisition of an established company
– may be more effective than entering the market as a competitor offering an unfamiliar good or service that is unfamiliar to current buyers
Controls
Chapter 12 Strategic Leadership
Chapter 13 Strategic Entrepreneurship
Strategic
Competitiveness
Above-Average
Returns
Feedback
2
Mergers and Acquisitions
Merger: a strategy through which two firms agree to integrate their operations on a relatively co-equal basis
Acquisition: a strategy through which one firm
4
Reasons for Making Acquisitions:
Increased Market Power
Factors increasing market power
– when a firm is able to sell its goods or services above competitive levels or
buys a controlling interest in another firm with the intent of making the acquired firm a subsidiary business within its own portfolio
Takeover: a special type of an acquisition
Reshape firm’s competitive scope
Overcome entry barriers
Cost of new product development
Acquisitions
Increase speed to market
Increase diversification
Lower risk compared to developing new products
strategy wherein the target firm did not solicit the acquiring firm’s bid
3
Reasons for Making Acquisitions
Increase market power
Learn and develop new capabilities
– when the costs of its primary or support activities are below those of its competitors
– usually is derived from the size of the firm and its resources and capabilities to compete
Market power is increased by
– horizontal acquisitions – vertical acquisitions – related acquisitions
5
Reasons for Making Acquisitions:
Overcome Barriers to Entry
Chapter 6 CorporateLevel Strategy
Chapter 7 Acquisition and Restructuring
Strategies
Strategy Implementation
Chapter 10 Corporate Governance
Chapter 11 Organizational Structure and
The Strategic Management Process
Strategic Outcomes Strategic Actions
Strategy Formulation
Chapter 4 Business-Level
Strategy
Chapter 5 Competitive Rivalry
and Competitive Dynamics
Barriers to entry include
– economies of scale in established competitors
– differentiated products by competitors
– enduring relationships with customers that create product loyalties with competitors
– provides a new entrant with immediate market
access
6
Reasons for Making Acquisitions:
Cost oቤተ መጻሕፍቲ ባይዱ New Product Development and Speed to Market
Significant investments of a firm’s resources are required to
收购与重组(英文版)
©2003 Southwestern Publishing Company
1
Strategic Inputs
Chapter 2 The External Environment
Chapter 3 The Internal Environment
Strategic Intent Strategic Mission
acquisition of an established company
– may be more effective than entering the market as a competitor offering an unfamiliar good or service that is unfamiliar to current buyers
Controls
Chapter 12 Strategic Leadership
Chapter 13 Strategic Entrepreneurship
Strategic
Competitiveness
Above-Average
Returns
Feedback
2
Mergers and Acquisitions
Merger: a strategy through which two firms agree to integrate their operations on a relatively co-equal basis
Acquisition: a strategy through which one firm
4
Reasons for Making Acquisitions:
Increased Market Power
Factors increasing market power
– when a firm is able to sell its goods or services above competitive levels or
buys a controlling interest in another firm with the intent of making the acquired firm a subsidiary business within its own portfolio
Takeover: a special type of an acquisition
Reshape firm’s competitive scope
Overcome entry barriers
Cost of new product development
Acquisitions
Increase speed to market
Increase diversification
Lower risk compared to developing new products
strategy wherein the target firm did not solicit the acquiring firm’s bid
3
Reasons for Making Acquisitions
Increase market power
Learn and develop new capabilities
– when the costs of its primary or support activities are below those of its competitors
– usually is derived from the size of the firm and its resources and capabilities to compete