Bain戰(zhàn)略分析工具(英文版)課件

1、Profit Pools: A Fresh Look at StrategyOrit Gadiesh and James L. GilbertHarvard Business ReviewMay-June 199804.08.20221Darral G. Clarke for BM 499第1頁，共32頁。THE PC INDUSTRYS PROFIT POOLValue chain focusAxesVerticaloperating marginHorizontalshare of industry data40%30201000100%share of industry revenuem

2、icroprocessorsother componentspersonal computerssoftwareperipheralsservicesThe 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.04.08.20222Darral G. Clarke fo

3、r BM 499第2頁，共32頁。The Profit Pool LensThe profit pool is the total profit earned in an industry at all points along the industrys value chainSegment profitability may vary by customer group, product category, geographic market, or distribution channelProfit concentration may be very different than re

4、venue concentrationShape of the profit pool reflects the competitive dynamics of a businessInteractions of companies and customersCompetitive strategies of competitorsProduct pools are not stagnant04.08.20223Darral G. Clarke for BM 499第3頁，共32頁。THE U.S. AUTO INDUSTRYS PROFIT POOL100%operating margins

5、ource: Harvard Business Review, May-June 1998auto rental25%1510500share of industry revenueauto manufacturingnew car dealersused car dealersauto loansauto insuranceaftermarket parts20leasingwarrantygasolineservice repairThe automotive industry encompasses many value-chain activities. The way that pr

6、ofits 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.04.08.20224Darral G. Clarke for BM 499第4頁，共32頁。Profit Pools: Company ExamplesCompaniesAutomakersU-HaulElevators (OTIS)Harley Dav

7、idsonPolaroidCore BusinessAuto manufacturingTruck RentalElevator ManufacturingMotorcyclesInstant Photography CamerasSources of Highest ROIAuto leasing, insurancePacking materials, storageServiceAccessories (consumer products), leasing, service, restaurantsFilm04.08.20225Darral G. Clarke for BM 499第5

8、頁，共32頁。Managerial ImplicationsFocus on growth and market share can lead a company to focus on unprofitable segments of an industryTodays deep revenue revenue pool may be tomorrows dry hole.The goal should be to focus on profitable opportunitiesIndustry should be considered more broadly than traditio

9、nal definitionAutomobile industry includesComponent manufacture and supplyNew car assembly and deliveryNew car warrantee and serviceNew car financing and insuranceUsed car sales and service04.08.20226Darral G. Clarke for BM 499第6頁，共32頁。Turbulent industriesProfit pools are especially important and us

10、eful in industries undergoing deregulation and/or technological changeSuch changes can open new profit pool opportunities and drain old onesChoke points may change or be eliminatedOpportunities for either forward or vertical integration may emergeCurrent vertical integration may be disintermediated0

11、4.08.20227Darral G. Clarke for BM 499第7頁，共32頁。Creating and managing a profit poolProfit pool analysis may indicate new opportunities or threatsImperativesBe open to a new perspective on your business and industryDeveloping new strategy may require overturning elements of the current strategyBe open

12、to reevaluate the role played by current competitorsBe vigilant to identify possibility that new entrants may seek to enter your industry with radical strategies 04.08.20228Darral G. Clarke for BM 499第8頁，共32頁。Looking Ahead: Profit Pools and the Five ForcesProfit pools are computed by multiplying the

13、 size of the revenue by the unit profit marginEssentially an accounting process- no theoryMost valuable in situations in which external conditions are essential stable and/or unimportant(Often dominated by internal data alone)The five forces tells us (which will study next)the underlying determinant

14、s that determine both the revenue size and the unit profit marginThe profit drivers which allow us to forecast the direction of change04.08.20229Darral G. Clarke for BM 499第9頁，共32頁。Marakon RunnersThomas A. StewartFortuneSept. 28, 199804.08.202210Darral G. Clarke for BM 499第10頁，共32頁。Marakon Associate

15、ss Approach to Corporate StrategyConsultants to many large corporationsCoca Cola, HP, GM, CitiCorp, etc.Clients have returns 3.1% higher than industry peer groupGoal is to increase shareholder value through analysis of economic profitDeep drilling in business data to measure value creationProduct se

16、gmentsCustomer segments04.08.202211Darral G. Clarke for BM 499第11頁，共32頁。How Strategy HappensLearning where value is createdWaterfall charts by product and customer segmentsEvaluating strategyIndustry average profit per unitCompanys profit vs industry averageManaging valueCurrent strategyChange produ

17、ct focusChange customer focus04.08.202212Darral G. Clarke for BM 499第12頁，共32頁。Learning where value is createdProduct segmentsCustomer segmentsProfit/loss ($ per unit)Volume (units)Volume (units)004.08.202213Darral G. Clarke for BM 499第13頁，共32頁。Evaluating StrategyCompany profit per unitIndustry-avera

18、ge profit per unit04.08.202214Darral G. Clarke for BM 499第14頁，共32頁。Managing for valueCurrentstrategyChangeproductfocusChange CustomerfocusValue04.08.202215Darral G. Clarke for BM 499第15頁，共32頁。Application to our casesRetail industry (Wal*Mart)Soft drink industry (Coca-Cola and PepsiCo) Steel (Nucor)

19、and aluminum cans (CC&S)Hi tech (Intel, Cisco, and Dell)Video games (Nintendo)Web businesses (eBay and Yahoo!)04.08.202216Darral G. Clarke for BM 499第16頁，共32頁。The Core Competence of the CorporationPrahalad, C. K. and Gary HamelHarvard Business Review, May-June 199004.08.202217Darral G. Clarke for BM

20、 499第17頁，共32頁。Core CompetenceA Firm is made up of resourcespeople, patents, brand names, plant &equipment, processes, etcA competence is the ability to employ diverse skills and resources to perform tasks and activities.A core competence is a broadly based and/or a broadly applied fundamental capabi

21、lity. 04.08.202218Darral G. Clarke for BM 499第18頁，共32頁。Competence and TechnologyCompetence is not the same as technologyCompetence requirestechnologiessocial organizationcollective learning04.08.202219Darral G. Clarke for BM 499第19頁，共32頁。Core competence questions:What are we really good at?How can w

22、e build upon it?What do we need to be good at?04.08.202220Darral G. Clarke for BM 499第20頁，共32頁。Characteristics of Effective CompetenciesDurability: Technical equipment can be short lived. Reputation or knowledge may depreciate more slowly.Transparency: The more complex the source of competence, the

23、harder it is to imitate it.Transferability: The availability of resources to competitors.Replicability: A competitors internal ability to replicate a competence using available resources.04.08.202221Darral G. Clarke for BM 499第21頁，共32頁。Choosing CompetenciesHow central is this competence to our succe

24、ss in the market?How long could we preserve our competitiveness in this business without this particular competence?What future opportunities would be foreclosed if we were to lose this particular competence?04.08.202222Darral G. Clarke for BM 499第22頁，共32頁。Core Competence and Core Products04.08.2022

25、23Darral G. Clarke for BM 499第23頁，共32頁。A Hierarchy of Competencies04.08.202224Darral G. Clarke for BM 499第24頁，共32頁。Building Strategy from CapabilitiesStrategyCapabilitiesResources1. Identify resources, appraiserelative strengths and weaknesses. Leverage use of resources2. Identify capabilities. What

26、 do we domore effectively than competitors? Identify resource inputs to capabilities.3. Appraise rent-generating potential resources and capabilities in terms of:sustainable advantage, inappropriability4. Select strategy that best exploits the firms resources and capabilities rela-tive to external o

27、pportunities.5. Identify resourcegaps that need to befilled.Invest in replenishing,augmenting, and up-grading the firmsresource base.CompetitiveAdvantageSource: Robert M. Grant, “The Resource-Based Theory of Competitive Advantage,”California Management Review, Spring,1991, page 151.04.08.202225Darra

28、l G. Clarke for BM 499第25頁，共32頁。How to map your industrys profit poolOrit Gadiesh and James L. GilbertHarvard Business ReviewMay-June 199804.08.202226Darral G. Clarke for BM 499第26頁，共32頁。A straight forward exercise with complicationsConcept is straight forwardDefine value chain activitiesDetermine t

29、heir size and profitabilityApplication of concept is complicatedFinancial data doesnt correspond to value chain activitiesCompany data is aggregated across businessesProducts, customer purchases, channel volumes rarely match up with boundaries of an activityConsiderable creativity is required04.08.2

30、02227Darral G. Clarke for BM 499第27頁，共32頁。Four step processDefine the poolDetermine the size of the poolDetermine the distribution of profitsReconcile the estimates04.08.202228Darral G. Clarke for BM 499第28頁，共32頁。Four step processDefine the poolDetermine the size of the poolDetermine profit distribu

31、tionReconcile the estimatesTask: determine which value-chain activity influence profits now and in the futureDevelop a baseline estimate of cumulative profits generated by all profit pool activitiesDevelop estimate of the profits generated by each activityCompare the outputs of steps 2 & 3Guidelines

32、Take a broad view of the value chain(beyond traditional industry definition)Seek a rough but accurate estimateShift between aggregation and disaggregation in your analysisIf numbers dont add up,Check assumption and calculationsExamine industry from three perspective: own, other players, customersTak

33、e easiest route: go where the data areDo own economics first, then large pure players, large mixed, smallerCollect additional dataDont disaggregate more than necessaryTake at least two viewpoints: company level and product levelUse proxy measures where necessaryResolve inconsistenciesdont ignore themOutputProfit pool listEstimate of total pool profits, (range)Point estimate of profits for each value chain activityFinal estimates of activity and total pool profits04.08.202229Darral G. Clarke for BM 499第29頁，共32頁。Wha