第十一讲 纵向一体化的战略分析
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REQUIREMENTS
6
3.Particular Strategic Issues in Forward Integration
⑴IMPROVED ABILITY TO
DIFFERENTIATE
⑵ACCESS TO DISTRIBUTION CHANNELS ⑶BETTER ACCESS TO MARKET
13
⑷Vertical integration can serve a strategically
sick business
– Each stage of a vertical chain must be strategically sound to insure the health of the enterprise as a whole. If one link is sick, the sickness is more likely to spread to the other healthy units.
⑵TAPERED INTEGRATION
– Tapered integration is partial integration backward or forward, the firm purchasing the rest of its needs on the open market.
9
Advantages: ①Tapered integration results in less elevation in fixed costs than full
BARRIERS
⑺ENTER A HIGHER RETURN BUSINESS ⑻DEFEND AGAINST FORECLOSURE
4
2.Strategic Costs of Vertical Integration
⑴COST OF OVERCOMING MOBILITY
BARRIERS
⑵INCREASED OPERATING LEVERAGE ⑶REDUCED FLEXIBILITY TO CHANGE
• In theory, all the functions we now expect a corporation to perform could be performed by a consortium of independent economic entities, each contracting with a central coordinator, which itself need be little more than a desk and a single manager.
⑸Experience in one part of the vertical chain
automatically qualifies management to direct upstream or downstream units.
14
⑥Tapered integration allows the firm to prove that a threat of full
integration is credible, which provides a strong discipline on suppliers or customers and may avoid the necessity of full integration to offset bargaining power.
11
6.Some Illusions in Vertical Integration Decisions
⑴A strong market position in one stage can
automatically be extended to the other
– Only if the integration per se produced some tangible benefits would integration allow the extension of market power, because under these circumstances it would improve the competitiveness of the combined entity.
INFORMATION
⑷HIGHER PRICE REALIZATION
7
4.Particular Strategic Issues in Backward Integration
⑴PROPRIETARY KNOWLEDGE ⑵DIFFERENTIATION
8
5.Contracts, Tapered Integration and Quasi-Integration
integration.
②The degree of taper(the proportion of product or service purchased
outside) can be adjusted to reflect the degree of risk in the market.
③Taper can also be used to guard against imbalance between stages. ④Tapered integration reduces the risk of locked-in relationships to
the extent of the degree of taper.
⑤It also gives the firm some access to outside R&D activities and can
provide a partial solution to the problem of internal incentives.
⑵It is always cheaper to do things internally.
12
⑶It often makes sense to integrate into a
competitive business
– Firms in such an industry are earning low returns and are competing vigorously to improve quality and serve customers. There are many firms to choose from in buying and selling. Vertical integration can dull incentives and blunt initiative.
第十一讲 纵向一体化的战略分析
1.Strategic Benefits of Vertical Integration 2.Strategic Costs of Vertical Integration 3.Particular Strategic Issues in Forward Integration 4.Particular Strategic Issues in Backward Integration 5.Contracts, Tapered Integration and Quasi-Integration 6.Some Illusions in Vertical Integration Decisions
2
1.Strategic Benefits of Vertical Integration
⑴ECONOMIES OF INTEGRATION
– ①Economies of Combined Operations. – ②Economies of Internal Control and Coordination – ③Economies of Information. – ④Economies of Avoiding the market. – ⑤Economies of Stable Relationships.
PARTNERS
⑷HIGHER OVERALL EXIT BARRIERS
5
⑸CAPITAL INVESTMENT REQUIREFra Baidu bibliotekENTS ⑹FORECLOSURE OF ACCESS TO
SUPPLIER OR CONSUMER RESEACH AND /OR KNOW-HOW
⑺MAITAINING BALANCE ⑻DULLED INCENTIVES ⑼DIFFERING MANAGERIAL
1
• Vertical integration is the combination of technologically distinct production, distribution, selling, and/or other economic processes within the confines of a single firm. As such, it represents a decision by the firm to utilize internal or administrative transactions rather than market transactions to accomplish its economic purposes.
10
⑶QUASI-INTEGRATION
– Quasi-integration is the establishment of a relationship between vertically related businesses that is somewhere in between longterm contracts and full ownership.
– minority equity investment; – loans or loan guarantees; – prepurchase credits; – exclusive dealing agreements; – specialized logistical facilities; – cooperative R&D.
⑵TAP INTO TECHNOLOGY ⑶ASSURE SUPPLY AND /OR DEMAND
3
⑷OFFSET BARGAINING POWER AND
INPUT COST DISTORTIONS
⑸ENHANCED ABILITY TO
DIFFERENTIATE
⑹ELEVATE ENTRY AND MOBILITY
⑴CONTRACTS AND THE ECONOMIES OF
INTEGRATION – It is essential to recognize the possibility that some
economies of integration could be gained by the right type of long-term or even short-term contract between independent firms.
6
3.Particular Strategic Issues in Forward Integration
⑴IMPROVED ABILITY TO
DIFFERENTIATE
⑵ACCESS TO DISTRIBUTION CHANNELS ⑶BETTER ACCESS TO MARKET
13
⑷Vertical integration can serve a strategically
sick business
– Each stage of a vertical chain must be strategically sound to insure the health of the enterprise as a whole. If one link is sick, the sickness is more likely to spread to the other healthy units.
⑵TAPERED INTEGRATION
– Tapered integration is partial integration backward or forward, the firm purchasing the rest of its needs on the open market.
9
Advantages: ①Tapered integration results in less elevation in fixed costs than full
BARRIERS
⑺ENTER A HIGHER RETURN BUSINESS ⑻DEFEND AGAINST FORECLOSURE
4
2.Strategic Costs of Vertical Integration
⑴COST OF OVERCOMING MOBILITY
BARRIERS
⑵INCREASED OPERATING LEVERAGE ⑶REDUCED FLEXIBILITY TO CHANGE
• In theory, all the functions we now expect a corporation to perform could be performed by a consortium of independent economic entities, each contracting with a central coordinator, which itself need be little more than a desk and a single manager.
⑸Experience in one part of the vertical chain
automatically qualifies management to direct upstream or downstream units.
14
⑥Tapered integration allows the firm to prove that a threat of full
integration is credible, which provides a strong discipline on suppliers or customers and may avoid the necessity of full integration to offset bargaining power.
11
6.Some Illusions in Vertical Integration Decisions
⑴A strong market position in one stage can
automatically be extended to the other
– Only if the integration per se produced some tangible benefits would integration allow the extension of market power, because under these circumstances it would improve the competitiveness of the combined entity.
INFORMATION
⑷HIGHER PRICE REALIZATION
7
4.Particular Strategic Issues in Backward Integration
⑴PROPRIETARY KNOWLEDGE ⑵DIFFERENTIATION
8
5.Contracts, Tapered Integration and Quasi-Integration
integration.
②The degree of taper(the proportion of product or service purchased
outside) can be adjusted to reflect the degree of risk in the market.
③Taper can also be used to guard against imbalance between stages. ④Tapered integration reduces the risk of locked-in relationships to
the extent of the degree of taper.
⑤It also gives the firm some access to outside R&D activities and can
provide a partial solution to the problem of internal incentives.
⑵It is always cheaper to do things internally.
12
⑶It often makes sense to integrate into a
competitive business
– Firms in such an industry are earning low returns and are competing vigorously to improve quality and serve customers. There are many firms to choose from in buying and selling. Vertical integration can dull incentives and blunt initiative.
第十一讲 纵向一体化的战略分析
1.Strategic Benefits of Vertical Integration 2.Strategic Costs of Vertical Integration 3.Particular Strategic Issues in Forward Integration 4.Particular Strategic Issues in Backward Integration 5.Contracts, Tapered Integration and Quasi-Integration 6.Some Illusions in Vertical Integration Decisions
2
1.Strategic Benefits of Vertical Integration
⑴ECONOMIES OF INTEGRATION
– ①Economies of Combined Operations. – ②Economies of Internal Control and Coordination – ③Economies of Information. – ④Economies of Avoiding the market. – ⑤Economies of Stable Relationships.
PARTNERS
⑷HIGHER OVERALL EXIT BARRIERS
5
⑸CAPITAL INVESTMENT REQUIREFra Baidu bibliotekENTS ⑹FORECLOSURE OF ACCESS TO
SUPPLIER OR CONSUMER RESEACH AND /OR KNOW-HOW
⑺MAITAINING BALANCE ⑻DULLED INCENTIVES ⑼DIFFERING MANAGERIAL
1
• Vertical integration is the combination of technologically distinct production, distribution, selling, and/or other economic processes within the confines of a single firm. As such, it represents a decision by the firm to utilize internal or administrative transactions rather than market transactions to accomplish its economic purposes.
10
⑶QUASI-INTEGRATION
– Quasi-integration is the establishment of a relationship between vertically related businesses that is somewhere in between longterm contracts and full ownership.
– minority equity investment; – loans or loan guarantees; – prepurchase credits; – exclusive dealing agreements; – specialized logistical facilities; – cooperative R&D.
⑵TAP INTO TECHNOLOGY ⑶ASSURE SUPPLY AND /OR DEMAND
3
⑷OFFSET BARGAINING POWER AND
INPUT COST DISTORTIONS
⑸ENHANCED ABILITY TO
DIFFERENTIATE
⑹ELEVATE ENTRY AND MOBILITY
⑴CONTRACTS AND THE ECONOMIES OF
INTEGRATION – It is essential to recognize the possibility that some
economies of integration could be gained by the right type of long-term or even short-term contract between independent firms.