竞争战略.docx
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竞争战略.docx
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竞争战略
INTENSITYOFRIVALRYAMONGEXISTINGCOMPETITORS
Rivalryamongexistingcompetitorstakesthefamiliarformofjockeyingforposition—usingtacticslikepricecompetition,advertisingbattles,productintroductions,andincreasedcustomerserviceorwarranties.Rivalryoccursbecauseoneormorecompetitorseitherfeelsthepressureorseestheopportunitytoimproveposition.Inmostindustries,competitivemovesbyonefirmhavenoticeableeffectsonitscompetitorsandthusmayinciteretaliationoreffortstocounterthemove;thatis,firmsaremutuallydependent.Thispatternofactionandreactionmayormaynotleavetheinitiatingfirmandtheindustryasawholebetteroff.Ifmovesandcountermovesescalate,thenallfirmsintheindustrymaysufferandbeworseoffthanbefore.
Someformsofcompetition,notablypricecompetition,arehighlyunstableandquitelikelytoleavetheentireindustryworseofffromthestandpointofprofitability.Pricecutsarequicklyandeasilymatchedbyrivals,andoncematchedtheylowerrevenuesforallfirmsunlessindustrypriceelasticityofdemandishighenough.Advertisingbattles,ontheotherhand,maywellexpanddemandorenhancethelevelofproductdifferentiationintheindustryforthebenefitofallfirms.
18COMPETITIVESTRATEGY
Rivalryinsomeindustriesischaracterizedbysuchphrasesas"warlike,""bitter,"or"cutthroat,"whereasinotherindustriesitistermed"polite"or"gentlemanly."Intenserivalryistheresultofanumberofinteractingstructuralfactors.
NumerousorEquallyBalancedCompetitors.Whenfirmsarenumerous,thelikelihoodofmavericksisgreatandsomefirmsmayhabituallybelievetheycanmakemoveswithoutbeingnoticed.Evenwheretherearerelativelyfewfirms,iftheyarerelativelybalancedintermsofsizeandperceivedresources,itcreatesinstabilitybecausetheymaybepronetofighteachotherandhavetheresourcesforsustainedandvigorousretaliation.Whentheindustryishighlyconcentratedordominatedbyoneorafewfirms,ontheotherhand,thenthereislittlemistakingrelativestrength,andtheleaderorleaderscanimposedisciplineaswellasplayacoordinativeroleintheindustrythroughdeviceslikepriceleadership.
Inmanyindustriesforeigncompetitors,eitherexportingintotheindustryorparticipatingdirectlythroughforeigninvestment,playanimportantroleinindustrycompetition.Foreigncompetitors,althoughhavingsomedifferencesthatwillbenotedlater,shouldbetreatedjustlikenationalcompetitorsforpurposesofstructuralanalysis.
SlowIndustryGrowth.Slowindustrygrowthturnscompetitionintoamarketsharegameforfirmsseekingexpansion.Marketsharecompetitionisagreatdealmorevolatilethanisthesituationinwhichrapidindustrygrowthinsuresthatfirmscanimproveresultsjustbykeepingupwiththeindustry,andwherealltheirfinancialandmanagerialresourcesmaybeconsumedbyexpandingwiththeindustry.
HighFixedorStorageCosts.Highfixedcostscreatestrongpressuresforallfirmstofillcapacitywhichoftenleadtorapidlyescalatingpricecuttingwhenexcesscapacityispresent.Manybasicmaterialslikepaperandaluminumsufferfromthisproblem,forexample.Thesignificantcharacteristicofcostsisfixedcostsrelativetovalueadded,andnotfixedcostsasaproportionoftotalcosts.Firmspurchasingahighproportionofcostsinoutsideinputs(lowvalueadded)mayfeelenormouspressurestofillcapacitytobreakeven,despitethefactthattheabsoluteproportionoffixedcostsislow.
Asituationrelatedtohighfixedcostsisoneinwhichtheproduct,onceproduced,isverydifficultorcostlytostore.Herefirms
TheStructuralAnalysisofIndustries19
willalsobevulnerabletotemptationstoshadepricesinordertoinsuresales.Thissortofpressurekeepsprofitslowinindustrieslikelobsterfishingandthemanufactureofcertainhazardouschemicalsandsomeservicebusinesses.
LackofDifferentiationorSwitchingCosts.Wheretheproductorserviceisperceivedasacommodityornearcommodity,choicebythebuyerislargelybasedonpriceandservice,andpressuresforintensepriceandservicecompetitionresult.Theseformsofcompetitionareparticularlyvolatile,ashasbeendiscussed.Productdifferentiation,ontheotherhand,createslayersofinsulationagainstcompetitivewarfarebecausebuyershavepreferencesandloyalitestoparticularsellers.Switchingcosts,describedearlier,havethesameeffect.
CapacityAugmentedinLargeIncrements.Whereeconomiesofscaledictatethatcapacitymustbeaddedinlargeincrements,capacityadditionscanbechronicallydisruptivetotheindustrysupply/demandbalance,particularlywherethereisariskofbunchingcapacityadditions.Theindustrymayfacerecurringperiodsofovercapacityandpricecutting,likethosethatafflictthemanufactureofchlorine,vinylchloride,andammoniumfertilizer.TheconditionsleadingtochronicovercapacityarediscussedinChapter15.
DiverseCompetitors.Competitorsdiverseinstrategies,origins,personalities,andrelationshipstotheirparentcompanieshavedifferinggoalsanddifferingstrategiesforhowtocompeteandmaycontinuallyrunheadonintoeachotherintheprocess.Theymayhaveahardtimereadingeachother'sintentionsaccuratelyandagreeingonasetof"rulesofthegame"fortheindustry.Strategicchoicesrightforonecompetitorwillbewrongforothers.
Foreigncompetitorsoftenaddagreatdealofdiversitytoindustriesbecauseoftheirdifferingcircumstancesandoftendifferinggoals.Owner-operatorsofsmallmanufacturingorservicefirmsmayaswell,becausetheymaybesatisfiedwithasubnormalrateofreturnontheirinvestedcapitaltomaintaintheindependenceofself-ownership,whereassuchreturnsareunacceptableandmayappearirrationaltoalargepubliclyheldcompetitor.Insuchanindustry,thepostureofthesmallfirmsmaylimittheprofitabilityofthelargerconcern.Similarly,firmsviewingamarketasanoutletforexcesscapacity(e.g.,inthecaseofdumping)willadoptpoliciescontrarytothoseoffirmsviewingthemarketasaprimaryone.Finally,differ-
20COMPETITIVESTRATEGY
encesintherelationshipofcompetingbusinessunitstotheircorporateparentsisanimportantsourceofdiversityinanindustryaswell.Forexample,abusinessunitthatispartofaverticalchainofbusinessesinitscorporateorganizationmaywelladoptdifferentandperhapscontradictorygoalsthanafree-standingfirmcompetinginthesameindustry.Orabusinessunitthatisa"cashcow"initsparentcompany'sportfolioofbusinesseswillbehavedifferentlythanonethatisbeingdevelopedforlong-rungrowthinviewofalackofotheropportunitiesintheparent.(SometechniquesforidentifyingdiversityincompetitorswillbedevelopedinChapter3.)
HighStrategicStakes.Rivalryinanindustrybecomesevenmorevolatileifanumberoffirmshavehighstakesinachievingsuccessthere.Forexample,adiversifiedfirmmayplacegreatimportanceonachievingsuccessinaparticularindustryinordertofurtheritsoverallcorporatestrategy.OraforeignfirmlikeBosch,Sony,orPhilipsmayperceiveastrongneedtoestablishasolidpositionintheU.S.marketinordertobuildglobalprestigeortechnologicalcredibility.Insuchsituations,thegoalsofthesefirmsmaynotonlybediversebutevenmoredestabilizingbecausetheyareexpansionaryandinvolvepotentialwillingnesstosacrificeprofitability.(SometechniquesforassessingstrategicstakeswillbedevelopedinChapter3.)
HighExitBarriers.Exitbarriersareeconomic,strategic,andemotionalfactorsthatkeepcompaniescompetinginbusinesseseventhoughtheymaybeearningloworevennegativereturnsoninvestment.Themajorsources7ofexitbarriersarethefollowing:
•Specializedassets:
assetshighlyspecializedtotheparticular
businessorlocationhavelowliquidationvaluesorhighcosts
oftransferorconversion.
•Fixedcostsofexit:
theseincludelaboragreements,resettle
mentcosts,maintainingcapabilitiesforspareparts,andso
on.
•Strategicinterrelationships:
interrelationshipsbetweenthe
businessunitandothersinthecompanyintermsofimage,
marketingability,accesstofinancialmarkets,sharedfacil
ities,andsoon.Theycausethefirmtoattachhighstrategic
importancetobeinginthebusiness.
'ForafullertreatmentseeChapter12,whichalsoillustrateshowdiagnosingexitbarriersiscrucialindevelopingstrategiesfordecliningindustries.
TheStructuralAnalysisofIndustries21
•Emotionalbarriers:
management'sunwillingnesstomakeeco
nomicallyjustifiedexitdecisionsiscausedbyidentification
withtheparticularbusiness,loyaltytoemployees,fearfor
one'sowncareer,pride,andotherreasons.
•Governmentandsocialrestrictions:
theseinvolvegovernment
denialordiscouragementofexitoutofconcernforjobloss
andregionaleconomiceffects;theyareparticularlycommon
outsidetheUnitedStates.
Whenexitbarriersarehigh,excesscapacitydoesnotleavetheindustry,andcompaniesthatlosethecompetitivebattledonotgiveup.Rather,theygrimlyhangonand,becauseoftheirweakness,havetoresorttoextremetactics.Theprofitabilityoftheentireindustrycanbepersistentlylowasaresult.
ShiftingRivalry
Thefactorsthatdeterminetheintensityofcompetitiverivalrycananddochange.Averycommonexampleisthechangeinindustrygrowthbroughtaboutbyindustrymaturity.Asanindustrymaturesitsgrowthratedeclines,resultinginintensifiedrivalry,decliningprofits,and(often)ashake-out.Intheboomingrecreationalvehicleindustryoftheearly1970snearlyeveryproducerdidwell,but
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