贝恩利润池分析
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10/8/2011 Darral G. Clarke for BM 499 8
Creating and managing a profit pool
Profit pool analysis may indicate new opportunities or threats Imperatives
Be open to a new perspective on your business and industry Developing new strategy may require overturning elements of the current strategy Be open to reevaluate the role played by current competitors Be vigilant to identify possibility that new entrants may seek to enter your industry with radical strategies
The five forces tells us (which will study next)
the underlying determinants that determine both the revenue size and the unit profit margin The profit drivers which allow us to forecast the direction of change
100%
share of industry revenue 10/8/2011 Darral G. Clarke for BM 499
aftermarket parts auto rental
5
Profit Pools: Company Examples
Companies
Automakers U-Haul Elevators (OTIS) Harley Davidson Polaroid
THE U.S. AUTO INDUSTRY’S PROFIT POOL
25% operating margin 20 15
The automotive industry encompasses many value-chain activities. The way that profits and revenues are distributed among these activities varies greatly. The most profitable areas of the car business are not the ones that generate the biggest revenues.
Darral G. Clarke for BM 499 7
10/8/2011
Turbulent industries
Profit pools are especially important and useful in industries undergoing deregulation and/or technological change
Such changes can open new profit pool opportunities and drain old ones Choke points may change or be eliminated
Opportunities for either forward or vertical integration may emerge Current vertical integration may be disintermediated
10 5 0 0
new car dealers auto manufacturing source: Harvard Business Review, May-June 1998 used car dealers auto loans gasoline auto insurance leasing warranty service repair
10/8/2011 Darral G. Clarke for BM 499 3
The Profit Pool Lens
The profit pool is the total profit earned in an industry at all points along the industry’s value chain
Profit Pools: A Fresh Look at Strategy
Orit Gadiesh and James L. Gilbert Harvard Business Review May-June 1998
10/8/2011 Darral G. Clarke for BM 499 2
THE PC INDUSTRY’S PROFIT POOL
microprocessors
0
other components
personal computers
peripherals software
share of industry revenue
services
100%
Value chain focus Axes
Vertical—operating margin Horizontal—share of industry data
Managing value
Current strategy Change product focus Change customer focus
10/8/2011 Darral G. Clarke for BM 499 13
Today’s deep revenue revenue pool may be tomorrow’s dry hole.
The goal should be to focus on profitable opportunities Industry should be considered more broadly than traditional definition
10/8/2011
Darral G. Clarke for BM 499
10
Marakon Runners
Thomas A. Stewart Fortune Sept. 28, 1998
10/8/2011
Darral G. Clarke for BM 499
11
Marakon Associates’s Approach to Corporate Strategy
Automobile industry includes
• • • • • Component manufacture and supply New car assembly and delivery New car warrantee and service New car financing and insurance Used car sales and service
Core Business
Auto manufacturing Truck Rental Elevator Manufacturing Motorcycles
Sources of Highest ROI
Auto leasing, insurance Packing materials, storage Service Accessories (consumer products), leasing, service, restaurants Film
Consultants to many large corporations
Coca Cola, HP, GM, CitiCorp, etc. Clients have returns 3.1% higher than industry peer group
Goal is to increase shareholder value through analysis of economic profit
Deep drilling in business data to measure value creation
• Product segments • Customer segments
10/8/2011
Darral G. Clarke for BM 499
12
How Strategy Happens
Instant Photography Cameras
10/8/2011
Darral G. Clarke for BM 499
6
Managerial Implications
Focus on growth and market share can lead a company to focus on unprofitable segments of an industry
• Interactions of companies and customers • Competitive strategies of competitors
Product pools are not stagnant
10/8/2011 Darral G. Clarke for BM 499 4
Profit Pools and Core Competence
Darral G Clarke Professor of Management The Marriott SchoolHale Waihona Puke BaiduBrigham Young University
10/8/2011 Darral G. Clarke for BM 499 1
Segment profitability may vary by customer group, product category, geographic market, or distribution channel Profit concentration may be very different than revenue concentration Shape of the profit pool reflects the competitive dynamics of a business
Essentially an accounting process-- no theory Most valuable in situations in which external conditions are essential stable and/or unimportant (Often dominated by internal data alone)
40% 30 20 10 0
The value chain for the PC industry includes six key activities; the profitability of the activities varies widely. Manufacturers compete in the largest but least-profitable segment of the chain.
Learning where value is created
Waterfall charts by product and customer segments
Evaluating strategy
Industry average profit per unit Company’s profit vs industry average
10/8/2011
Darral G. Clarke for BM 499
9
Looking Ahead: Profit Pools and the Five Forces
Profit pools are computed by multiplying the size of the revenue by the unit profit margin
Creating and managing a profit pool
Profit pool analysis may indicate new opportunities or threats Imperatives
Be open to a new perspective on your business and industry Developing new strategy may require overturning elements of the current strategy Be open to reevaluate the role played by current competitors Be vigilant to identify possibility that new entrants may seek to enter your industry with radical strategies
The five forces tells us (which will study next)
the underlying determinants that determine both the revenue size and the unit profit margin The profit drivers which allow us to forecast the direction of change
100%
share of industry revenue 10/8/2011 Darral G. Clarke for BM 499
aftermarket parts auto rental
5
Profit Pools: Company Examples
Companies
Automakers U-Haul Elevators (OTIS) Harley Davidson Polaroid
THE U.S. AUTO INDUSTRY’S PROFIT POOL
25% operating margin 20 15
The automotive industry encompasses many value-chain activities. The way that profits and revenues are distributed among these activities varies greatly. The most profitable areas of the car business are not the ones that generate the biggest revenues.
Darral G. Clarke for BM 499 7
10/8/2011
Turbulent industries
Profit pools are especially important and useful in industries undergoing deregulation and/or technological change
Such changes can open new profit pool opportunities and drain old ones Choke points may change or be eliminated
Opportunities for either forward or vertical integration may emerge Current vertical integration may be disintermediated
10 5 0 0
new car dealers auto manufacturing source: Harvard Business Review, May-June 1998 used car dealers auto loans gasoline auto insurance leasing warranty service repair
10/8/2011 Darral G. Clarke for BM 499 3
The Profit Pool Lens
The profit pool is the total profit earned in an industry at all points along the industry’s value chain
Profit Pools: A Fresh Look at Strategy
Orit Gadiesh and James L. Gilbert Harvard Business Review May-June 1998
10/8/2011 Darral G. Clarke for BM 499 2
THE PC INDUSTRY’S PROFIT POOL
microprocessors
0
other components
personal computers
peripherals software
share of industry revenue
services
100%
Value chain focus Axes
Vertical—operating margin Horizontal—share of industry data
Managing value
Current strategy Change product focus Change customer focus
10/8/2011 Darral G. Clarke for BM 499 13
Today’s deep revenue revenue pool may be tomorrow’s dry hole.
The goal should be to focus on profitable opportunities Industry should be considered more broadly than traditional definition
10/8/2011
Darral G. Clarke for BM 499
10
Marakon Runners
Thomas A. Stewart Fortune Sept. 28, 1998
10/8/2011
Darral G. Clarke for BM 499
11
Marakon Associates’s Approach to Corporate Strategy
Automobile industry includes
• • • • • Component manufacture and supply New car assembly and delivery New car warrantee and service New car financing and insurance Used car sales and service
Core Business
Auto manufacturing Truck Rental Elevator Manufacturing Motorcycles
Sources of Highest ROI
Auto leasing, insurance Packing materials, storage Service Accessories (consumer products), leasing, service, restaurants Film
Consultants to many large corporations
Coca Cola, HP, GM, CitiCorp, etc. Clients have returns 3.1% higher than industry peer group
Goal is to increase shareholder value through analysis of economic profit
Deep drilling in business data to measure value creation
• Product segments • Customer segments
10/8/2011
Darral G. Clarke for BM 499
12
How Strategy Happens
Instant Photography Cameras
10/8/2011
Darral G. Clarke for BM 499
6
Managerial Implications
Focus on growth and market share can lead a company to focus on unprofitable segments of an industry
• Interactions of companies and customers • Competitive strategies of competitors
Product pools are not stagnant
10/8/2011 Darral G. Clarke for BM 499 4
Profit Pools and Core Competence
Darral G Clarke Professor of Management The Marriott SchoolHale Waihona Puke BaiduBrigham Young University
10/8/2011 Darral G. Clarke for BM 499 1
Segment profitability may vary by customer group, product category, geographic market, or distribution channel Profit concentration may be very different than revenue concentration Shape of the profit pool reflects the competitive dynamics of a business
Essentially an accounting process-- no theory Most valuable in situations in which external conditions are essential stable and/or unimportant (Often dominated by internal data alone)
40% 30 20 10 0
The value chain for the PC industry includes six key activities; the profitability of the activities varies widely. Manufacturers compete in the largest but least-profitable segment of the chain.
Learning where value is created
Waterfall charts by product and customer segments
Evaluating strategy
Industry average profit per unit Company’s profit vs industry average
10/8/2011
Darral G. Clarke for BM 499
9
Looking Ahead: Profit Pools and the Five Forces
Profit pools are computed by multiplying the size of the revenue by the unit profit margin