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CHAPTER 8
CORPORATE STRATEGY: Diversification and the Multibusiness Company
Student Version Copyright ®2012 The McGraw-Hill Companies, Inc. McGraw-Hill/Irwin
Crafting a Diversified Firm’s Overall Or Corporate Strategy
Step 1
Step 2
Step 3
Step 4
Picking new industries to enter and deciding on the best mode of entry.
Pursuing opportunities to leverage cross-business value chain relationships and strategic fit into competitive advantage.
Establishing investment priorities and steering corporate resources into the most attractive business units.
Initiating actions to boost the combined performance of the cooperation’s collection of businesses.
8–2
BUILDING SHAREHOLDER VALUE: THE ULTIMATE JUSTIFICATION FOR DIVERSIFYING
Testing Whether a Diversification Move Will Add Long-Term
Value for Shareholders
The industry attractiveness
test
The cost-of-entry test
The better-off test
8–3
Better Performance through Synergy
Evaluating the Potential for
Synergy through Diversification
Firm A purchases Firm B in another industry. A and B’s profits are no greater than what each firm could have earned on its own.
Firm A purchases Firm C in another industry. A and C’s profits are greater than what each firm could have earned on its own.
No Synergy (1+1=2)
Synergy (1+1=3)
8–4
STRATEGIES FOR ENTERING NEW BUSINESSES
Diversifying into New Businesses
Acquisition
Internal new venture (start-up)
Joint venture
8–5
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