[Week15] Management Essentials_Review\uff08\u6709\u6807\u6ce8\uff09.pdf - Management Essentials Lecture Review Fall 2017\/18 Sunghan Ryu([email protected] Final Exam

[Week15] Management...

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Unformatted text preview: Management Essentials Lecture Review Fall 2017/18 Sunghan Ryu ([email protected]) Final Exam Instruction • Schedule and Venue ► Date & Time: 2:00 – 4:00PM, Dec 27th (Thursday), 2017 (120 mins) ► Venue: A8-206 • Closed-book exam ► Materials, notes or anything else besides your brain are not allowed ► No electronic devices (e.g., phone, laptop, tablet, etc.) allowed • Scope of the exam ► Lecture material » You will be ONLY tested over the material covered in these review slides. ► Reading material (R1-R6) 1 Final Exam Instruction • Question type and weight ► True/false question (5 points, 10 questions, 10 mins) ► Multiple choice (5 points, 5 questions, 10 mins) ► Short answer (10 points, 7~8 questions, 20 mins) » Intended answer length: From a word to 2~3 sentences » Include calculation questions ► Essays (10 points, 2~3 questions, 50 mins) » Around 200 – 400 words per question ► Total 30 points, around 90 mins for 24-26 questions 2 Introduction to Management in CCI 3 Characteristic of CCI • Window Effect • High Risk & High Return • Experience Goods Market • (Partially) Public Goods • Cultural Discount CCI的特点 窗口效应 高风险和高回报 体验经济市场 (部分)公共物品 文化折扣 4 Characteristic of CCI • Window Effect 窗口效应 ► One Source Multi Use (OSMU) 一个来源多样使用 ► Create Once Publish Everywhere (COPE) 一旦创造出来会传播到各个地方 5 Characteristic of CCI • High Risk & High Return 高风险&高回报 ► Hard to standardize products Uncertain demand 很难标准化产品——需求不确定 ► Event-based: E.g., film, drama, music, games 基于事件 ► Diverse risk factors: From production to distribution 多样化的风险因素:从生产到 ► Initial investment as sunk cost 初始投资作为沉没成本 发行 ► But, potential high profit: (Almost) zero marginal cost 然而高潜在收益:通常无边际成本 6 Characteristic of CCI 体验经济商品市场 • Experience Goods Market ► What is experience goods? (vs. search goods) 什么是体验经济 » Film, music vs. Home appliances, automobile ► Importance of Word of Mouth (WoM) ► High impact of media 媒体影响很大 ► Star system 明星系统 口碑传播的重要性 7 Characteristic of CCI 部分性的公共商品市场 • (Partially) Public Goods Market ► Non-exclusiveness & non-rivalry 非排他性与非竞争性 ► Free Rider problem Potential market failure 搭便车问题——潜在市场失败 ► Solution: Advertisement, Subscription, etc. 解决方法:广告、订阅等 8 Characteristic of CCI 文化折扣 • Cultural Discount ► Value of cultural goods is discounted in another group. ► Cultural barrier: Language, customs, preference, etc. ► Game, animation, documentary VS. Movie, drama, music » Drama > Documentary (Joskins and Mirus, 1988) 某一群体的文化产品价值在另一群体中会折价 文化障碍:语言,习俗,偏好等 游戏,动漫,纪律片VS电影,戏剧,音乐 9 Business Environment of CCI • Production Aspect ► Blockbuster Productions ► Producer’s push Customer’s pull » From mass blockbuster to niche category killer ► Diverse Digital Production Technology ► Crowdfunding as a new funding source for production CCI的商业环境——生产层面 1、大片生产 2、制造方推力--消费者拉力 从大众大片到小众品类 3、多样化的数字生产技术 4、众筹作为生产的一个新的资金来源 10 Business Environment of CCI • Distribution Aspect ► Diversified Distribution Channels ► Online channel: High quality display, Longer running time, ► Mobile channel: (Relatively) small display, Shorter running time, Addictive use, Younger generation Off-line On-line Performance Newspaper Exhibition Music Horseracing CCI的商业环境——发行层面 TV/Radio Game 1、多样化的发行渠道 Movie Casino Mobile Manga Adult 2、线上渠道:高质量呈,长时间 3、移动端渠道:小屏呈现,短时 间,有吸引力的使用,年轻群体 11 Business Environment of CCI • Marketing Aspect ► Growth of online & social media marketing: Promoting WoM ► Crowdfunding as a marketing tool (in addition to production) » Pros: PR effects, WoM, customer data acquisition » Cons: Higher management cost, unexpected negative side effect CCI的商业环境——营销层面 1、增长的线上&社交媒体市场:口碑传播 2、众筹成为一个营销工具(生产的附加) 优点:公关效应、口碑传播、获得顾客数据 限制:更高的管理成本、意外性的负面影响 12 Business Environment of CCI • Customer aspect ► Emerging of young (10-20s) consumer » Mostly major market for all entertainment contents (music, broadcasting, game, online service, etc.) ► Characteristics of young consumer » Sensitive to peer culture » Digital Natives: Familiar with Internet and mobile » And others? CCI的商业环境——顾客层面 1、新兴的年轻消费者(10-20+) 参与大多数的娱乐内容市场(音乐、直播、游戏、线上服务等) 2、年轻消费者的特点 (1)对同辈文化敏感 (2)适应数字化:对网络和手机很熟悉 13 战略管理 Strategic Management: Outline 14 Main Components • Corporate Vision and Goals • External Analysis • Internal Analysis Traditional & Core Areas • Business Strategy difference • Corporate Strategy • Corporate Governance • Non-market Strategy • Strategy Implementation Emerging Areas 主要元素 1、企业使命和目标 2、外部分析 3、内部分析 4、商业战略 5、企业战略 6、非市场战略 7、战略实施 15 Concept of Strategy • Strategy is… ► the determination of the long run goals and objectives of an enterprise ► the adoption of courses of action and ► the allocation of resources necessary for carrying out these goals (Alfred. D. Chandler, Jr.) 战略的定义: 1、决定企业的长期目标 2、决定行动的选择 • Determination of Long-run Goals • Determination of Courses of Action • Allocation of Resources 3、分配必要资源来实现这些目标 16 Strategic Planning Process • 1. Select the corporate mission and major goals • 2. Analyze the external competitive environment ► Identify opportunities and threats • 3. Analyze the organization’s internal environment ► Identify its strengths and weaknesses • 4. Generate strategic alternatives • 5. Select strategies (Decision Making) ► Build on the organization’s strengths and correct its weaknesses ► In order to take advantage of external opportunities and counter 战略计划流程: external threats • 6. Implement the strategy 1、选择企业的使命和目标 2、分析外部竞争环境——识别机会和威胁 3、分析组织内部环境——识别优势和劣势 4、产生战略选择 17 5、选择战略(基于优势并修正劣势,利用外部机会应对内部威胁) Strategic Thinking Vision / Goals 战略思考 使命/目标 Competitive Advantage 外部环境 Internal R&Cs External Env. Theory of Industrial Org. 行业理论 Two Basic Disciplines 内部资源 和限制 Resource-based View 基于资源的视角 18 Strategic Management: Corporate Vision and Goals 战略管理:企业愿景与目标 19 愿景和使命 Vision or Mission • ‘Vision’ and ‘Mission’ are often used interchangeably ► A clear, compelling statement of what the company aspires to become in the future 一个清晰,引人入胜的陈述来说明公司未来立志成为什么样 ► Conveys the unique purpose of a company 传达公司独一无二的目标 ► Delimits the scope of activities that the company is, or will be, undertaking 限定公司现在或未来的活动范围 • Companies need vision to ► Provide a sense of direction and purpose to the organization ► Guide the development of strategies and organizations ► Energize and inspire people to action 公司需要愿景: 1、为组织提供一个方向或目标 2、指导战略和组织的发展 3、激励人们的行为 20 Mission Statement • A declaration of why a company is in operation ► A formal commitment to stakeholders that the company’s strategy recognizes and incorporates their claims on the organization ► Provides the framework or context within which strategies are 关于公司为什么运营的声明 formulated 1、对持股人的正式承诺,结合他们对组织的声明说明公司战略 • Three main elements 2、提供战略制定的框架和上下文 ► A declaration of the overall vision or mission ► A summation of managerial philosophical values or guiding standards that drive and shape the actions and behavior of employees ► An articulation of key organizational goals 三个主要因素: 1、一个对整体愿景和或使命的声明 2、一个对管理哲学价值或标准指导的总结,这些激励规范着员工的行为 3、一个关键组织目标的表达 21 Mission Statement: Examples Microsoft Merck Apple Daimler-Benz Computer on every desk (1980) Anytime, anywhere computing (2000) We are in the business of preserving and improving human life. All of our actions must be measured by our success in achieving this. To make a contribution to the world by making tools for the minds that advance humankind To deliver quality second to none in the premium automotive market worldwide. 22 表述愿景 Articulating a Vision 核心思想体系 1、核心价值 2、核心目标 展望的未来 1、10-30年的BHAG (大,多样,大胆创新的 目标) Source: James C. Collins & Jerry I. Porras, “Building Your Company’s Vision,” Harvard Business Review, September-October, 1996. 2、生动的描述 23 Articulating a Vision • Core ideology 核心思想理念 ► Core value as a Company’s Essential Tenets 核心价值是公司的基本宗旨 » E.g. Walt Disney: Creativity, dreams, and imagination ► Core purpose as a Company’s Reason for being » E.g., 3M: To solve unsolved problems innovatively 核心目标是公司运营的原因 • Envisioned Future ► Big, Hairy, Audacious Goals (BHAG) » » » » 一个公司想要实现的理想的未来状态 A desired future state that a company attempts to realize E.g., Ford (1900s): Democratize the automobile E.g., Stanford University (1940s): Become the Harvard of the West E.g., Nike (1960s): Crush Adidas ► Vivid description description your goals in ICCI or in the future 生动的描述 24 Articulating a Vision 一个好目标的特点: • Characteristics of a good goal 1、精确可衡量 ► Precise and measurable 2、解决重要问题 ► Address important issues 3、有挑战性但现实 ► Challenging but realistic 4、时间期限明确:需平衡短期和长期目标 ► Time period specified: Need to balance short- and long-term goals 25 Strategic Management: Analysis for Strategy Formulation 战略管理:战略制定分析 26 Role of Analysis • Improve decision processes ► But, doesn’t automatically give answers… • Assist to identify and understand the main issues • Help to manage complexity • Enhance flexibility/innovation by supporting learning 分析的角色 1、改进决策流程 但是,不会自动给出答案... 2、协助确定和理解主要问题 3、帮助管理复杂性 4、通过支持学习来增强灵活性/创新 27 行业盈利能力的决定因素 Determinants of an Industry’s Profitability 行业的结构 “The Structure of the Industry” So, External Analysis find a “good” industry! 找到一个好的行业 or, find an industry “for us”! 找到一个适合我们 External + Internal Analyses 的行业 Corporate Strategy 企业战略 28 Determinants of a Firm’s Profitability 公司的资源&能力 “The Firm’s R&Cs” (Resources & Capabilities) So, Internal Analysis 发展优于竞争者的R&C develop “superior” R&Cs over competitors! or, develop R&Cs for “this” industry! Internal + External Analyses 发展这个行业的 R&C Business Strategy 商业战略 29 外部分析 External Analysis • Analyze the dynamics of the industry in which an organization competes ► Opportunities: Conditions in the environment that a company can take advantage of to become more profitable ► Threats: Conditions in the environment that endanger the integrity and profitability of the company’s business 分析一个组织所竞争行业的动态 机会:公司可以利用的环境条件,使其变得更有利可图 威胁:危害公司业务的完整性和盈利能力的环境条件 30 Porter’s Five Forces Model 潜在进入者的威胁 供应商讨价还价的能力 买方讨价还价的能力 替代品的威胁 Source: Michael E. Porter, Competitive Strategy: Techniques for Analyzing Industries and Competitors. The Free Press, 1980, p. 4. 31 波特五力模型如何塑造竞争 How the Five Forces Shape Competition The stronger each of these five forces is, the more limited is the ability of established companies to earn greater profits within their industry. 这五种力量中每个力量越强,对所建立公司在这个行业中获取更多利润的能力限制就越大。 1、竞争力薄弱… 可以被看作是一个机会 使公司赚取更大的利润 • A weak competitive force … ► may be viewed as an opportunity ► as it allows company to earn greater profits • A strong competitive force … 2、强大的竞争力量… 可以看作是一种威胁 降低行业利润 ► may be viewed as a threat ► as it depresses industry profits • Strength of forces may change ► as industry conditions change 3、强势力量可能变化:行业条件改变 Through its choice of actions, a company may alter the strength of one or more of the five forces to its advantage. 通过行动的选择,公司可以改变五种力量中的一种或几种力量的优势。 32 识别成功的关键条件 Identifying Key Success Factors (KSF) 我们如何在竞争中存活? How can we survive competition? 行业竞争分析 Analysis of competition (in an industry) #什么推动竞争? • What drives competition? #竞争的主要方面是什么?• What are the main dimensions of competition? • How intense is competition? #竞争有多激烈? • How can we obtain a superior competitive position? #我们怎样才能获得更高的竞争地位? Key Success Factors 成功的关键因素 33 内部分析 Internal Analysis • Identify the strengths and weaknesses of the company • Managers must understand ► the role of resources, capabilities, and distinctive competencies in the process by which companies create value and profit ► the importance of superior efficiency, innovation, quality, and responsiveness to customers ► the sources of their company’s competitive advantage (strengths and weaknesses) 1、确定公司的优势和劣势 2、经理必须明白 #资源、能力和公司用来创造价值和利润的独特竞争能力的作用 #卓越效率、革新、质量和对顾客回应的重要性 #他们公司的竞争优势来源(优点和缺点) 34 资源、能力和竞争力 Resources, Capabilities, and Competencies What company have 独特竞争力 战略 竞争优势 卓越的收益 What company can do 35 资源和能力 Resources and Capabilities 1、资本或金融,物质,社会或人力,技术,和组织要素禀赋(有形或无形的) • Resources 2、一个公司特定//难以模仿的资源——独特的竞争力 资源 3、宝贵的资源创造的强劲需求——独特的竞争力 ► Capital or financial, physical, social or human, technological, and organizational factor endowments (tangible and/or intangible) ► A firm-specific/difficult-to-imitate resource Distinctive competencies ► Valuable resource creating strong demand Distinctive competencies • Capabilities 能力 ► A company’s skills at coordinating and using its resources ► Organizational structure, processes, and control systems ► Firm-specific capabilities to manage its resources Distinctive competencies 1、公司的协调和利用其资源的技能 2、组织结构、流程和控制系统 3、企业管理其资源的特定能力——独特的竞争力 36 Resources and Capabilities • If a firm has firm-specific and valuable resources it must also have the capability to use them effectively to create distinctive competency. • A firm can create distinctive competence without firmspecific and valuable resources if it has unique capabilities. • Profitability factors ► Amount of value customers place on the company’s products ► Price charged ► Costs of creating the value 1、如果一个公司有具体的、有价值的资源,它也必须有能力进行效地利用,亿创造出与众不同的竞争力。 2、一个公司如果拥有独特的能力,也可以在没有具体有价值资源的的情况下创造出独特的竞争力。 3、收益因素:(1)基于公司产品的大量有价值客户;(2)收费价格;(3)创造价值的成本 37 动态能力 Dynamic Capabilities • A firm’s ability to integrate, build, and reconfigure internal and external competences to address rapidly changing environments (Teece, Pisano and Shuen, 1997) 公司能够整合、建立和重新配置内部和外部能力,以应对迅速变化的环境 • 3 Core Types ► 1) Organizations and their employees need the capability to learn quickly and to build strategic assets. ► 2) New strategic assets, like capability, technology and customer feedback, have to be integrated within the company. ► 3) Existing strategic assets have to be transformed or reconfigured. 三种核心类型 1)组织和他们的员工需要快速学习和建立战略资产的能力。 2)新的战略资产,如能力、技术和客户的反馈,必须在公司内整合。 3)现有的战略资产进行改造或重新配置。 38 核心竞争力 Core Competence • The collective learning in the organization, especially the capacity to coordinate diverse production skills and integrate streams of technologies (Prahalad & Hamel, 1990) 组织的集体学习,特别是协调不同生产技能和整合技术的能力 Industry KSF • Required conditions Core Competence ► Able to contribute to value creation ► Relatively superior to competitors ► Scarce and hard to be replicated » Causal Ambiguity » Uncertain Imitability 所需条件 Strategy 1.能够有助于创造价值 ► Applicable to other businesses 2.相对优于竞争对手 » Leverage effect 3.稀缺的、难以复制的 »因果模糊性 »不确定性 Competitive Advantage 4.适用于其他企业»杠杆效应 39 价值链 Value Chain • A company is a chain of activities for transforming inputs into outputs that customers value. • The transformation process is composed of primary and support activities that add value to the product. ► The outcome of such a process is increased “value-added.” 1、公司是一个将投入转化为客户价值产出的活动链。 2、转型过程包括为产品增加价值的主要活动和支持活动。 这样一个过程的结果是增加了“增值”。 40 Value Chain • Primary and Support Activities FIRM INFRASTRUCTURE 公司的基础设施 SUPPORT ACTIVITIES HUMAN RESOURCE MANAGEMENT 人力资源管理 TECHNOLOGY DEVELOPMENT PROCUREMENT INBOUND OPERATIONS LOGISTICS 入境物流 运营 技术发展 采购 OUTBOUND MARKETING LOGISTICS & SALES 出境物流 营销&销售 SERVICE 服务 PRIMARY ACTIVITIES 41 Summary: A Framework for Analyzing R&Cs 资源 1. Identify the firm’s R&Cs 1、识别公司的R&C 2. Explore the linkages between R&Cs 2、探索R&C之间的联系 3. Appraise the firm’s R&Cs in terms of (a) strategic importance (b) relative strength 3、评估公司的R&C的条款 (a)战略重要性 RESOURCES 能力 CAPABILITIES 竞争优势 COMPETITIVE ADVANTAGE (b)相对优势 4. Develop strategy implications (a) In relation to strengths (b) In relation to weaknesses 4.制定战略影响 (a)关于长处 战略 STRATEGY (b)关于弱点 42 Strategic Management: Business Strategy 战略管理:事业部商业战略 43 战略等级 Level of Strategy Business Strategy (事業部) Corporate Strategy (全社) • To establish competitive advantage in an industry • To decide which industries the firm should be engaged in • Competitive Strategy • Portfolio Strategy • Market-oriented • Organization-oriented • Market Strategies • Market + Non-market Strategies • Focus on a Specific Business • Focus on Business Portfolio 1、在行业中建立竞争优势 2、竞争策略 3、市场定位 4、市场策略 5、专注于特定业务 1、决定公司应该从事哪些行业 2、投资组合策略 3、组织定位 4、市场+非市场策略 5、关注业务组合 44 事业部商业(竞争)战略 Business (Competitive) Strategy • How a firm competes within a particular business to establish competitive advantage over its rivals • Three Generic Strategies What the difference (结合后面一张PPT) ► Cost Leadership Efficiency ► Differentiation Quality ► Focus Customer Responsiveness 1、一家公司如何在特定业务中竞争,以便与竞争对手建立竞争优势 2、三种通用战略 (1)成本领先——效率 (2)差异化战略——质量 (3)专注——顾客回应 45 每单位的价值创造 V – P – C: Value Creation per Unit 顾客剩余 利润 46 Sources Advantage SourcesofofCompetitive Competitive Advantage 成本优势 相似成本 低成本 COST ADVANTAGE 竞争优势 COMPETITIVE ADVANTAGE 差异化优势 从独特的产品 中获得价格溢价 DIFFERENTIATION ADVANTAGE 47 通用战略的类型 Sources of of Competitive Advantage Type Generic Strategy Sources of Competitive Advantage 行业-宽 Industry -wide 竞争范围 Low Cost Differentiation Cost Leadership Differentiation Competitive Scope Single Segment 单个细分市场 Focused Cost-leadership Focus Focused Differentiation Profit = (Price × Quantity) – Cost 48 Cost-Leadership Strategy • Strategic choices ► Aim at the average customer ► Increase efficiency and lower costs • Advantages 1、战略选择 针对普通客户 提高效率,降低成本 2、优点 通过成本优势阻止竞争对手和新进入者 不容易受到强大的供应商/买家的影响 3、缺点 需要保持低廉的劳动力成本 竞争对手可能会模仿这些方法 对顾客口味变化无反应的风险 ► Protected from competitors and new entrants by cost advantage ► Less vulnerable to powerful suppliers/buyers • Disadvantages ► Tied to maintaining low labor costs ► Competitors may be able to imitate the methods ► Risk of not responding to changes in customer tastes 49 Differentiation Strategy • Strategic choices ► Pursue a high level of product differentiation ► Engage in the maximum amount of market segmentation ► Develop skills relevant to the source of differentiation • Advantages 1、战略选择 (1)追求高水平的产品差异化 (2)进行最大限度的市场细分 (3)培养与差异化来源有关的技能 ► Protected from competitors and new entrants by brand loyalty ► Less vulnerable to moderate increases in cost of inputs • Disadvantages 2、优点 (1)通过品牌忠诚组织竞争对手和新进入者 (2)投入成本的增加不容易受到影响 ► Pressure to maintain perceived uniqueness ► Importance of differentiation may diminish over time 3、缺点 (1)维持独特性的压力 (2)差异的重要性可能随着时间的推移而减弱 50 Focus Strategy • Strategic choices ► Choose a specific niche market or a number of niche markets ► Develop relevant skills according to adoption of cost leadership or 1、战略选择 differentiation (1)选择一个特定的利基市场或一些利基市场 (2)根据成本领先或差异化发展相关技能 • Advantages ► Protected from competitors and new entrants by uniqueness of product or service and customer loyalty ► Increase in cost of inputs could be passed on to (maniac) customers ► Forms a strong relationship with customers • Disadvantages 2、优点 (1)通过独特的产品或服务和客户忠诚保护组织对手和新进入者 (2)投入成本的增加可能会传递给(狂妄)客户 (3)与客户建立牢固的关系 ► Production costs can be high Reduce profitability ► Niche market may not be stable 3、缺点 (1)生产成本可能较高——降低盈利能力 (2)利基市场可能不稳定 51 多样化的成本优势 Drivers of Cost Advantage • Economies of Scale • Economies of Learning • Other factors ► Production Techniques ► Product Design ► Input Costs ► Capacity Utilization ► Residual Efficiency 1、规模经济 2、学习经济 3、其他因素 (1)生产技术 (2)产品设计 (3)投入成本 (4)容量利用 (5)剩余效率 »例如教育,企业文化等 » E.g., Education, corporate culture, etc. 52 Economies of Scale • Fixed Cost: $10,000 • Variable Cost: $1 / unit • Cost of Production ► For 1,000 units : ► For 10,000 units : • Cost of Production per unit? 53 difference between economies sacle/law Economies of Scale: Example • US Soft Drink Market Schweppes SF Dr. Pepper 0.15 0.20 尽管可口可乐和百事可乐等品牌领导者的预算庞大,但小品牌每单位 销售额的广告成本最高 Tab Diet Pepsi 0.10 Diet 7-Up Diet Rite Fresca 0.05 Seven Up Dr. Pepper Sprite Pepsi 0.02 Advertising Expenditure ($ per case) ► Despite the massive budgets of brand leaders like Coke and Pepsi, smaller brands incur the highest advertising costs per unit of sales 10 20 50 100 200 500 Coke 1,000 Annual sales volume (millions of cases) 54 Experience Curve The “Law of Experience” 1992 1994 Cost per unit of output (in real $) The unit cost value added to a standard product declines by a constant % (typically 20-30%) each time cumulative output doubles. 每当累计产量增加一倍时,添加到标准产品的单位成本价 值就会下降一个常数百分比(一般为20-30%)。 1996 1998 2000 2002 2004 Cumulative Output 累计产量 55 差异化和细分市场 Differentiation and Segmentation • Differentiation ► How a firm distinguishes its offerings from competitors' 一家公司如何将其产品与竞争对手区分开来 • Segmentation ► Which customers, needs, localities a firm targets? ► Where the firm competes? 公司目标的客户,需求,地点。 公司在哪里竞争? 3、差异化是否意味着细分? 不一定。 取决于差异化战略: (1)广泛的差异化:吸引不同 客户(例如,麦当...
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