STRATEGIA CORPORATIVA

I. INTEGRAREA VERTICALA & DIVERSIFICAREA

II. ALIANTELE STRATEGICE; FUZIUNILE &

ACHIZITIILE

III. STRATEGIA DE INTERNATIONALIZARE A FIRMEI

• Jeff Bezos started Amazon.com in 1994 to sell books online from a garage in a
Seattle suburb
• today, Amazon has become the largest online retailer worldwide, with some
230 mil. items available, 30 times the number sold by Walmart, the world’s
largest traditional retailer; it is also now a widely diversified technology
company
• as technology has evolved, traditional boundaries between (1). hardware
and software, (2). products and services, and (3). online and brick-and-
mortar stores have become increasingly blurred. As a result:
1. Amazon finds itself engaged in a fierce competitive battle for control
of the emerging digital ecosystem, pitted against technology giants
such as Apple, Google, and Facebook
2. in general retailing Amazon.com competes with Walmart and the
Chinese ecommerce company Alibaba
3. in data services and cloud computing, it competes with Microsoft,
IBM, and others
Amazon – Annual Report 2017 - Our current and potential competitors include:
(http://phx.corporate-ir.net/phoenix.zhtml?c=97664&p=irol-reportsannual)

1. online, offline, and multichannel retailers, publishers, vendors, distributors,

manufacturers, and producers of the products we offer and sell to consumers
and businesses;
2. publishers, producers, and distributors of physical, digital, and interactive
media of all types and all distribution channels;
3. web search engines, comparison shopping websites, social networks, web
portals, and other online and app-based means of discovering, using, or
acquiring goods and services, either directly or in collaboration with other
retailers;
4. companies that provide e-commerce services, including website development,
advertising, fulfillment, customer service, and payment processing;
5. companies that provide fulfillment and logistics services for themselves or for
third parties, whether online or offline;
6. companies that provide information technology services or products, including
onpremises or cloud-based infrastructure and other services; and
7. companies that design, manufacture, market, or sell consumer electronics,
telecommunication, and electronic devices
• Amazon’s annual sales = $100 billion = one of the five largest technology
companies in the world (with Apple, Microsoft, Google, and Facebook)
• Yet, profitability still eludes Amazon.com; in 2014 it lost $250 million
• CEO Jeff Bezos consistently makes huge investments in things like new
distribution centers, consumer electronics, original TV programming, grocery
deliveries -- and much more (https://www.cnet.com/news/amazon-says-first-
quarter-sales-and-profit-blew-out-expectations/)
• Bezos has continually emphasized that Amazon’s focus is on the long run, and that
this requires continued diversification and large scale, requiring billion-dollar
outlays
• investors seem to believe that Amazon’s future is a bright one: in the last 10
years, Amazon’s stock appreciated by more than 1,100 percentage points,
while the tech-heavy NASDAQ composite index of 100 companies
appreciated by a mere 187 percentage points
• Amazon.com continues to diversify at a relentless pace
• besides offering same-day delivery of groceries in some metropolitan areas
and testing drones for even faster distribution, Amazon now plans to capture
a large piece of the over $10 billion college bookstore market
https://www.recode.net/2018/2/1/16961598/amazon-jeff-bezos-record-
profit-11-quarter-q4-2017-earnings
I. INTERGAREA VERTICALA & DIVERSIFICAREA

1. Ce este strategia corporatista?

2. Granitele firmei
• Firme versus piete: ”faci” sau ”cumperi”? + Alternative
3. Integrarea verticala pe lantul valorii industriei
• Tipologie; Beneficii si riscuri; Alternative
4. Diversificarea corporatista – extindere dincolo de
granitele unei singure piete
• Tipologia diversificarii; Valorificarea competentelor cheie
pentru diversificarea corporatista; Diversificarea
corporatista si performanta firmei
Formularea & implementarea strategiei la
diferitele niveluri ale firmei: corporatist, de
afaceri/competitiv, functional
• Formularea strategiei – unde si cum sa concureze o firma?
• strategia de afaceri – cum sa concureze o firma pe piata unui
singur produs ---- strategiile de afaceri generice pentru
dobandirea & mentinerea AC
• pe masura ce firmele cresc/se dezvolta, ele isi extind afacerile,
cautand/atacand noi piete prin:
• oferirea de noi produse si servicii si
• competitie in diferite zone geografice
• in aceste situatii, managerii trebuie sa formuleze o strategie
corporatista
• pentru a dobandi si mentine AC, orice strategie corporatista
trebuie sa se alinieze la - si sa intareasca - strategia de afaceri
a firmei, fie ca aceasta e una de diferentiere, leadership prin
cost sau blue ocean
Ce este strategia corporatista?

• reuneste deciziile si actiunile pe care managementul superior al

firmei le asuma & intreprinde in cautarea AC simultan in mai
multe industrii si pe mai multe piete

• ofera raspunsuri la intrebarea cheie unde sa concureze o firma

• determina granitele unei firme din perspectiva a 3 dimensiuni:

1. lantul crearii de valoare al industriei,

2. produse/servicii oferite,

3. geografica (piata locala, nationala, globala)

• Decizii ale executivilor:

• 1. in ce stadiu/stadii al/ale lantului valorii industriei sa

participe firma

• decizia determina integrarea verticala a firmei

• 2. ce gama(e) de produse/servicii sa ofere

• decizia determina nivelul de diversificare al firmei

• 3. unde sa concureze – pe piata nationala / internationala

• decizia determina intinderea geografice a firmei

• Responsabilitatea strategiei corporatiste: CEO

• Conceptele cheie ale MG STR care ghideaza comportamentul
firmei in definirea strategiei corporatiste:

1. competente cheie

2. economii de scara

3. economii de scop

4. costurile de tranzactie
• 1. competente cheie – forte unice / definitorii ale firmei –
sursa a AC
• activitatile care au in vedere ceea ce o firma stie sa
faca bine (competentele cheie) ar trebui derulate in
cadrul firmei
• Honda - small, highly reliable engines
• Google - developing proprietary search algorithms

• activitatile ne-esentiale (salarizare, intretinere

echipamente) pot fi / ar trebui externalizate
• RBV: cunostintele interne ale firmei – care ii determina
competentele cheie – definesc granitele acesteia
• 2. economiile de scara - apar cand costul unitar mediu al unei
firme scade pe masura cresterii volumului rezultatelor
• Anheuser-Busch InBev, the largest global brewer (producer
of brands such as Budweiser, Bud Light, Stella Artois, and
Beck’s), reaps significant economies of scale.
• given its size, it is able to spread its fixed costs over the
millions of gallons of beer it brews each year, in addition
to the significant buyer power its large market share
affords
• Cota de piata mai mare conduce adesea la
reducerea costurilor
• 3. economiile de scop - economii care apar ca rezultat al
producerii a doua sau mai multe outputuri diferite cu ajutorul
acelorasi resurse sau tehnologii
• Leveraging its online retailing expertise Amazon benefits
from economies of scope:
• It can offer a large range of different product and service
categories at a lower cost than it would take to offer each
product line individually
• 4. costurile de tranzactie – toate costurile asociate unui schimb
de natura economica
• conceptul – dezvoltat in cadrul teoriei economiei costurilor
de tranzactie – permite managerilor sa raspunda intrebarii
privind eficienta extinderii granitelor firmei - prin integrare
verticala sau diversificare
• aceasta implica:
• preluarea proprietatii asupra productiei inputurilor
necesare sau asupra canalelor de distributie a
outputurilor,
• SAU adaugarea de unitati de afaceri ce ofera noi
produse si servicii
Granitele unei firme

• Economia costurilor de tranzactie = cadrul teoretic oferit de MG

STR care explica si prezice granitele unei firme
• ajuta managerii in decizia privind activitatile ce trebuie
desfasurate in firma versus produsele / serviciile ce trebuie
obtinute de pe piata
• costurile de tranzactie = toate costurile interne si externe
asociate unui schimb economic, indiferent daca acesta se
petrece in interiorul granitelor unei firme sau prin
intermediul pietei
Costurile de tranzactie interne & externe
• Costurile totale de tranzactie = costuri interne + costuri externe:
• Cand firmele tranzactioneaza pe piata, ele suporta costuri de
tranzactie externe:
• cautarea unei firme cu care sa incheie un contract, negociere,
monitorizare, punerea in aplicare a contractului
• Costurile de tranzactie pot aparea si in interiorul firmei:
• Organizarea unui schimb economic in interiorul firmei:
recrutare si selectie angajati, plata salarii si beneficii,
amenajarea spatiului, dotarea acestuia, organizarea,
monitorizarea si supervizarea muncii derulate…
• Coordonarea activitatii economice intre diferite SBU (preturi
de transfer pentru factori), intre SBU si HQ (decizii privind
alocarea resurselor, de ex.).
• Ele tind sa creasca, odata cu cresterea dimensiunii si
complexitatii firmei
FIRME VERSUS PIETE: ”faci” sau ”cumperi”

• Economia costurilor de tranzactie permite explicarea delimitarii

intre activitatile pe care o firma ar trebui sa le intreprinda
versus bunurile/serviciile pe care ar trebui sa le cumpere: faci
(make) versus cumperi (buy)
• aceste decizii ajuta la determinarea granitelor unei firme
• in unele cazuri, costurile apelarii la piete pot fi mai mari decat
intergrarea activitatii intr-o singura firma si coordonarea
acesteia prin intermediul ierarhiei organizationale
• cand firmele sunt mai eficiente in organizarea activitatii
economice decat pietele - care se bazeaza pe contracte
intre actori independenti, firmele ar trebui sa apeleze la
integrarea verticala
• For example, rather than contracting in the open market for individual pieces of software
code, Google hires programmers to write code in-house.
• Owning these software-development capabilities is valuable to the firm because its costs
such as salaries and employee benefits to in-house computer programmers are less than
what they would be in the open market.
• More importantly, Google gains economies of scope in software development resources
and capabilities and reduces the monitoring costs. This is because skills acquired in writing
software code for its different Internet-based service offerings are transferable to new
offerings.
• Programmers working on the original proprietary software code for the Google search
engine leveraged these skills in creating a highly profitable online advertising business
(AdWords and AdSense).
• Although some of Google’s software products are open source, such as the Android
operating system, many of the company’s Internet services are based on closely guarded
and proprietary software code.
• Google, like many leading high-tech companies such as Amazon, Apple, Facebook, and
Microsoft, relies on proprietary software code and algorithms, because using the open
market to transact for individual pieces of software would be prohibitively expensive. Also,
the firms would need to disclose the underlying software code to outside developers, thus
negating the value-creation potential.
 Organizarea activitatii economice: avantaje si
dezavantaje pentru firme (faci) versus piete (cumperi)
• The advantages of firms (make) include:

• The ability to make command-and- control decisions by fiat

along clear hierarchical lines of authority.
• Coordination of highly complex tasks to allow for specialized
division of labor.
• Transaction-specific investments, such as specialized robotics
equipment that is highly valuable within the firm, but of little or
no use in the external market.
• Creation of a community of knowledge.
• The disadvantages of organizing economic activity within
firms:

• Administrative costs because of necessary bureaucracy.

• Low-powered incentives, such as hourly wages and salaries.
–These often are less attractive motivators than the
entrepreneurial opportunities and rewards that can be
obtained in the open market.
• The principal–agent problem.
• The principal–agent problem = a major disadvantage of
organizing economic activity within firms, as opposed to within
markets.
• It can arise when an agent such as a manager, performing
activities on behalf of the principal (the owner of the firm),
pursues his or her own interests.
• Indeed, the separation of ownership and control is one of
the hallmarks of a publicly traded company, and so some
degree of the principal–agent problem is almost inevitable.
• For example, a manager may pursue his or her own
interests such as job security and managerial perks (e.g.,
corporate jets and golf outings) that conflict with the
principal’s goals—in particular, creating shareholder value.
One potential way to overcome the principal–agent
problem is to give stock options to managers, thus
making them owners.
• The advantages of markets (buy) include:

• High-powered incentives.
–Rather than work as a salaried engineer for an existing firm,
for example, an individual can start a new venture offering
specialized software. High-powered incentives of the open
market include the entrepreneur’s ability to capture the
venture’s profit, to take a new venture through an initial public
offering (IPO), or to be acquired by an existing firm. In these
so-called liquidity events, a successful entrepreneur can make
potentially enough money to provide financial security for life.
• Increased flexibility.
–Transacting in markets enables those who wish to purchase
goods to compare prices and services among many different
providers.
• The disadvantages of markets include:
• Search costs.
• a firm must scour the market to find reliable suppliers from among the many
firms competing to offer similar products/services. Even more difficult can be
the search to find suppliers when the specific products needed are not offered
at all.
• Opportunism by other parties (self-interest seeking with guile)
• Incomplete contracting.
• all contracts are incomplete to some extent, because not all future
contingencies can be anticipated at the time of contracting. It is also difficult
to specify expectations (“acceptable quality”?) or to measure performance
and outcomes ( “excess wear and tear”?). Another serious hazard =
information asymmetry.
• Enforcement of contracts.
• It often is difficult, costly, and time-consuming to enforce legal contracts. Not
only does litigation absorb a significant amount of managerial resources and
attention, but it can easily amount to several million dollars in legal fees.
Legal exposure is one of the major hazards in using markets rather than
integrating an activity within a firm’s hierarchy.
• Frequently, sellers have better information about products and
services than buyers, which in turn creates information asymmetries
- situations in which one party is more informed than another,
because of the possession of private information. When firms
transact in the market, such unequal information can lead to a
lemons problem.
• Nobel Laureate George Akerlof first described this situation using the market
for used cars as an ex.: Assume only two types of cars are sold: good cars and
bad cars (lemons). Good cars are worth $8,000 and bad ones are worth $4,000.
Moreover, only the seller knows whether a car is good or is a lemon. Assuming
the market supply is split equally between good and bad cars, the probability of
buying a lemon is 50 percent. Buyers are aware of the general possibility of
buying a lemon and thus would like to hedge against it. Therefore, they split
the difference and offer $6,000 for a used car. This discounting strategy has the
perverse effect of crowding out all the good cars because the sellers perceive
their value to be above $6,000. Assuming that to be the case, all used cars
offered for sale will be lemons. The important take-away here is caveat
emptor— buyer beware. Information asymmetries can result in the crowding
out of desirable goods and services by inferior ones. This has been shown to be
true in many markets, not just for used cars, but also in e-commerce (e.g.,
eBay), mortgage-backed securities, and even collaborative R&D projects.
ALTERNATIVE LA CONTINUUM-UL FACI-SAU-CUMPERI
• Optiunile ”faci” si ”cumperi” se afla la cate o extrema a continuum-
ului dintre “firme” si “piete”
• intre aceste 2 extreme sunt disponibile cateva alternative de
aranjamente hibride.
• de la tranzactii pe piata (cumperi) pana la integrare deplina
(faci), alternativele includ:
1. contracte pe termen scurt
2. aliante strategice:
a) contracte pe termen lung (licenta & franciza),
b) aliante de capital (equity alliances),
c) joint ventures
3. relatiile de tip firma mama - subsidiara
Alternative la continuumul Faci-sau-Cumperi
• CONTRACTE PE TERMEN SCURT

• Cand se angajeaza intr-un contract pe termen scurt, o firma

trimite cereri de oferte catorva companii, care initiaza oferte
competitive pentru obtinerea de contracte pe termen scurt – in
general sub 1 an
• Avantaj = permit planificarea pe o perioada mai lunga decat ar
presupune-o tranzactiile individuale pe piata. Mai mult, firma
cumparatoare poate solicita/obtine preturi mai mici – gratie
procesului de ofertare competitiv
• Dezavantaj = firmele care raspund cererii de oferte nu sunt
stimulate sa faca investitii specifice tranzactiilor (sa achizitioneze
noi masini pentru a imbunatati calitatea produselor) din cauza
termenului scurt al contractului
• This is exactly what happened in the U.S. automotive industry
when GM used short-term contracts for standard car
components to reduce costs.
• When faced with significant cost pressures, suppliers
reduced component quality in order to protect their
eroding margins.
• This resulted in lower-quality GM cars, contributing to a
competitive dis-advantage vis-à-vis competitors, most
notably Toyota but also Ford, which used a more
cooperative, longer-term partnering approach with their
suppliers.
• ALIANTE STRATEGICE
• = aranjamente voluntare intre firme care implica partajarea de
cunostinte, resurse si capabilitati cu intentia de a dezvolta
procese, produse sau servicii de natura sa conduca la avantaj
competitiv
• pot facilita investitiile in active specifice tranzactiilor fara a
afecta costurile de tranzactie interne implicate de detinerea unor
firme in diferitele stadii ale lantului valoric al industriei.
• termen generic care reuneste diferite forme organizationale
hibrid:
a) Contracte pe termen lung,
b) Aliante de capital (equity alliances),
c) Joint ventures
• a. Contracte pe termen lung
• Licentierea = forma a contractului pe termen lung specifica
sectorului industrial care permite firmelor sa comercializeze
proprietate intelectuala (sub forma patente/brevete).
• The first biotechnology drug to reach the market, Humulin (human
insulin), was developed by Genentech and commercialized by Eli Lilly
based on a licensing agreement.
• In servicii, franciza
• In these arrangements, a franchisor such as McDonald’s, Burger
King, 7-Eleven, H&R Block, or Subway grants a franchisee (usually
an entrepreneur owning no more than a few outlets) the right to use
the franchisor’s trademark and business processes to offer goods
and services that carry the franchisor’s brand name. Besides
providing the capital to finance the expansion of the chain, the
franchisee generally pays an up-front (buy-in) lump sum to the
franchisor plus a percentage of revenues.
• b. Aliante de capital (Equity Alliances)
• = parteneriat in care cel putin unul dintre parteneri
dobandeste proprietate partiala asupra celuilalt – prin
achizitie de actiuni
• semnaleaza un mai mare angajament in favoarea
parteneriatului
• intr/un astfel de contract, un partener poate incerca sa-l
subordoneze pe celalalt, prin solicitarea de preturi mai
scazute sau amenintarea ca va parasi alianta; contracarare:
angajamentul credibil
• Ex.: after years of deliberation, in 2014 the Coca-Cola Co. formed
an equity alliance with Monster Beverage Corporation, spending
$2 billion for a 16.7% stake in the edgy energy-drink company
• energy drinks = one of the fastest-growing segments in
nonalcoholic beverages
• Monster - number one with 40% market share of the over $6
billion energy-drink industry
• an equity investment in Monster might give Coca-Cola an inside
look into the company - gaining more information could be
helpful if Coca-Cola decides to acquire Monster in the future
• c. Joint Ventures
• = 2 sau mai multi parteneri creeaza si detin impreuna o noua
organizatie
• angajament pe termen lung (cu riscuri partajate), care
faciliteaza investitiile
• Dow Corning, owned jointly by Dow Chemical and Corning, is
an example of a joint venture. Dow Corning, which focuses
on silicone-based technology, employs roughly 10,000
people and has $5 billion in annual revenues, which shows
that some joint ventures can be quite large.
• RELATII FIRMA MAMA - SUBSIDIARE

• = alternativa cea mai integrata pentru derularea unei activitati

in cadrul propriei “familii” corporatiste

• firma mama detine subsidiara si o poate manageria prin

comanda & control
• For example, although GM owns its European carmakers (Opel in Germany and
Vauxhall in the United Kingdom), it had problems bringing some of their know-
how and design of small fuel-efficient cars back into the U.S. This failure put GM
at a competitive disadvantage visà-vis the Japanese competitors when they were
first entering the U.S. market with more fuel-efficient cars.
• In addition, the Japanese carmakers were able to improve the quality and design
of their vehicles faster, which in turn enabled them to gain a competitive
advantage, especially in an environment of rising gas prices.
• The GM versus Opel and Vauxhall parent–subsidiary relationship was burdened
by political problems because managers in Detroit did not respect the engineering
behind the small, fuel-efficient cars that Opel and Vauxhall made. They were not
very interested in using European know-how for the U.S. market and didn’t want
to pay much or anything for it.
• Moreover, Detroit was tired of subsidizing the losses of Opel and Vauxhall, and
felt that its European subsidiaries were manipulating the capital budgeting
process.
• In turn, the Opel and Vauxhall subsidiaries felt resentment toward their parent
company: GM had initially planned to shut them down as part of its bankruptcy
restructuring, whereas they instead hoped to be divested as independent
companies.
Integrarea verticala pe lantul valoric al industriei

• Integrare verticala
• = proprietatea firmei asupra productiei inputurilor necesare
sau asupra canalelor prin care isi distribuie outputurile.
• poate fi masurata prin valoarea adaugata de catre o firma:
• ce procent din vanzarile unei firme este generat in interiorul
granitelor firmei respective?
• gradul de integrare verticala tinde sa corespunda numarului de
stadii ale lantului valoric al industriei in care participa firma
Integrare verticală in amonte si in aval de-a lungul
lantului valoric al industriei
• Lantul valoric al industriei = lant vertical, ce cuprinde ansamblul
operatiilor privind transformarea materiilor prime in produse
finite de-a lungul unor stadii verticale distincte

• Fiecare stadiu al lantului reprezinta o industrie diferita in care

opereaza diferite firme

• De aceea, miscarea firmei in amonte si in aval/ul lantului valoric

al industriei = integrare verticala
• Ex: cell phone - result of a globally coordinated industry value chain of different
products and services:

• The raw materials - chemicals, ceramics, metals, oil for plastic = commodities. In
each of these commodity businesses are different companies, such as DuPont (U.S.),
BASF (Germany), Kyocera (Japan), and ExxonMobil (U.S.).
• Intermediate goods and components - integrated circuits, displays, touchscreens,
cameras, and batteries - are provided by firms such as ARM Holdings (UK), Jabil
Circuit (U.S.), Intel (U.S.), LG Display (Korea), Altek (Taiwan), and BYD (China).
• Original equipment manufacturing firms (OEMs) such as Flextronics (Singapore) or
Foxconn (China) typically assemble cell phones under contract for consumer
electronics and telecommunications companies such as BlackBerry (Canada),
Ericsson (Sweden), Motorola (U.S.), Samsung (South Korea), and others. Ex: iPhone:
“Designed by Apple in California. Assembled in China.”
• Finally, to get wireless data and voice service, you pick a service provider - such as
AT&T, Sprint, T-Mobile, or Verizon in the United States; T-Mobile or Vodafone in
Germany, etc.
• All of these companies—from the raw-materials suppliers to the service providers—
comprise the global industry value chain that, as a whole, delivers you a working
cell phone. Determined by their corporate strategy, each firm decides where in the
industry value chain to participate. This in turn defines the vertical boundaries of
the firm.
• TIPLOGIA INTEGRARII VERTICALE
• de-a lungul lantului valorii industriei exista diferite grade ale
integrarii verticale

• unele firme participa doar in unul/cateva din stadii, in timp ce

altele reunesc majoritatea, sau chiar toate stadiile

• Weyerhaeuser, one of the world’s largest paper and pulp companies, is fully
vertically integrated: all activities are conducted within the boundaries of the
firm.
• It owns forests, grows and cuts its timber, mills it, manufactures a variety of
different paper and construction products, and distributes them to retail
outlets and other large customers.
• Weyerhaeuser’s value added is 100 percent. Weyerhaeuser, therefore,
competes in a number of different industries along the entire vertical
value chain. As a consequence, it faces different competitors in each stage
of the industry value chain.
• Apple, for example, focuses only on design, marketing, and retailing; all
other value chain activities are outsourced

• Apple captures significant value by designing mobile devices through

integration of hardware and software in novel ways, but it outsources
the manufacturing.

• The logic behind these decisions can be explained by applying

Porter’s five forces model and the VRIO model.
• The many small cell phone OEMs are almost completely
interchangeable and are exposed to the perils of perfect
competition.
• However, Apple’s competencies in innovation, system integration,
and marketing are valuable, rare, and unique resources, and Apple
is organized to capture most of the value it creates.
• Apple’s continued innovation through new products and services
provides it with a string of temporary competitive advantages. Even
so, competitors are not sitting idle.
• HTC started as an OEM for brand-name mobile device companies & telecom
service providers
• it backwardly integrated into smartphone design by acquiring One & Co., a San
Francisco–based design firm
• The acquisition allowed HTC to secure scarce design talent and capabilities
that it leveraged into the design of smartphones with superior quality and
features, enhancing the differentiated appeal of its products
• Moreover, HTC can now design phones that leverage its low-cost
manufacturing capabilities
• likewise, forward integration into distribution and sales allows companies to
more effectively plan for and respond to changes in demand
• HTC’s forward integration into sales enables it to offer its products directly
to wireless providers
• HTC even offers unlocked phones directly to the end consumer via its own
website
 Beneficii si riscuri ale integrarii verticale

• BENEFICII • RISCURI
• Asigura furnizorii si • Cresterea costurilor
distribuitorii critici pentru
firma • Reducerea calitatii

• Reducerea costurilor • Reducerea flexibilitatii

• Cresterea calitatii • Cresterea potentialului

pentru expunerea la
• Faciliteaza programarea si repercusiuni legale
planificarea
• Faciliteaza investitiille in
active specializate
• In the early days of automobile manufacturing, Ford Motor Company was
frustrated by shortages of raw materials and the limited delivery of parts
suppliers
• in response, Henry Ford decided to own the whole supply chain, so his company
soon ran mining operations, rubber plantations, freighters, blast furnaces,
glassworks, and its own part manufacturer
• in Ford’s River Rogue plant, raw materials entered on one end, new cars
rolled out the other end
• but over time, the costs of vertical integration caught up, both financial costs
that undid earlier cost savings and operational costs that hampered the
manufacturer’s flexibility to respond to changing conditions
• indeed, Ford experienced diseconomies of scale due to its level of vertical
integration and the size of its mega-plants
• Esecul integrarii verticale – apare atunci cand pietele care
defines lantul valorii industriei sunt prea riscante, alternative
fiind prea costisitoare (timp / bani)
• “Although reliance on [external] supply chains has risks,
owning parts of the supply chain can be riskier - for example,
few clothing-makers want to own textile factories, with their
pollution risks and slim profits”
• cand o companie se integreaza vertical mai mult de 2 pasi
in raport cu competenta sa distinctiva, ea esueaza in 2/3
din cazuri!
ALTERNATIVE LA INTEGRAREA VERTICALA

• 1. TAPER INTEGRATION (integrare hibrida/partiala) = mod de

orchestrare a activitatilor unei firme prin care:

• O firma e integrata in amonte, dar se bazeaza si pe alte firme

(pe tranzactii pe piata) pentru o parte din necesarul de
aprovizionare,

• Si/sau e integrata in aval, dar se bazeaza si pe alte firme (pe

tranzactii pe piata) pentru o parte din distributie.
• Avantaje :
• Expune furnizorii si distribuitorii interni la competitie pe piata
astfel incat se pot realiza comparatii dpdv al performantelor;
• Permite unei firme sa isi defineasca / regleze / rafineze
competentele pe lantul de valoare;
• Creste flexibilitatea firmei: cand se ajusteaza fluctuatiilor in
privinta cererii, firma poate renunta la livrarea produselor
catre terti, crescand stocurile in propriile magazine;
• Firmele pot combina cunostinte interne si externe, pavand
astfel drumul catre inovare.
Integrarea hibrida/partiala pe lantul valorii industriei
• Firma face rost de bunuri /
componente intermediare
atat din interior cat si de la
furnizori din afara granitelor
firmei
• Firma isi vinde produsele
atat prin magazine proprii,
cat si prin retaileri
independenti
• Apple and Nike, for
example, use taper
integration: They own retail
outlets but also use other
retailers, both the brick-and-
mortar type and online.
• 2. OUTSOURCING STRATEGIC (EXTERNALIZARE)= scoaterea
uneia/mai multor activitati din lantul crearii de valoarea intern in
afara granitelor firmei, catre alte firme din lantul valoric al
industriei.
• O firma ce se angajeaza in outsourcing strategic isi reduce
nivelul de integrare verticala
• Rather than developing their own HRM systems, for
instance, some firms outsource these non-core activities to
companies such as PeopleSoft (owned by Oracle), EDS
(owned by HP), or Perot Systems (owned by Dell), which can
leverage their deep competencies and produce scale effects
• Cand activitatile externalizate au loc in afara tarii = off-
shoring (or off-shore outsourcing).
• Infosys, one of the world’s largest technology
companies and providers of IT services to many
Fortune 100 companies, is located in Bangalore, India.
• The global off-shoring market is estimated to be
$1.4 trillion, and is expected to grow at a compound
annual growth rate of 15 %.
• Banking and financial services, IT, and health care are
the most active sectors in such offshore outsourcing.
DIVERSIFICAREA CORPORATISTA: EXTINDEREA
DINCOLO DE GRANITELE UNEI SINGURE PIETE
• Intrebari legate de gradul de diversificare al unei firme:
• 1. ce gama de produse/servicii ar trebui sa ofere firma?
• unele companii concureaza pe piata unui singur produs, in
timp ce altele concureaza pe cateva piete de produse diferite
• CocaCola - soft drinks – o singura piata
• PepsiCo concureaza direct cu Coca-Cola pe soft drinks, si
ofera in plus diferite tipuri de chips (Lay’s, Doritos, and
Cheetos), dar si batoane din fulgi de ovaz si produse
similare. Desi PepsiCo e mai idversificat decat Coca-Cola,
el si-a redus in ultimii ani nivelul de diversificare (vanzand
divizii precum Pizza Hot, Taco Bell, KFC…)
• 2. Unde sa concureze firma – in termeni de piete
locale/nationale/internationale?
• decizia determina intinderea geografica a firmei
• Unele firme opereaza doar pe piata locala/nationala, in timp
ce altele prefera sa se extinsa international/global
• KFC are peste 5,200 locatii in U.S., si peste 15,000 locatii
in alte 109 tari. In China – peste 4,000 restaurante si
aprox aceleasi venituri ca si cele din US
• raspunsurile la intrebarile privind numarul de piete in care sa
concureze (dpdv al produselor si dpdv geografic) vizeaza
diversificarea
• o firma ce se angajeaza in diversificare creste varietatea
produselor/serviciilor oferite SI/SAU a pietelor/ariilor
geografice carora li se adreseaza
• strategii de diversificare:
• firma activa pe cateva piete de produse diferite urmeaza o
strategie de diversificare a produsului
• firma activa in cateva tari urmeaza o strategie de diversificare
geografica
• firma care urmareste concomitent diversificarea produsului si
cea geografica urmeaza o strategie de diversificare produs-
piata
Tipologia diversificarii
• Tipologia diversificarii corporatiste
• Firma ce dezvolta o singura afacere - obtine cel putin 95% din
venituri pe seama unei singure afaceri
• Google – desi e activa in mai multe afaceri, obtine peste 95%
din venituri ($50 billion in 2012) din publicitate online
• Firma ce dezvolta o afacere dominanta - obtine 70 – 95 % din
venituri de pe seama unei singure afaceri, dar e activa cel putin
in inca o afacere
• Afacerea dominanta e caacterizata prin partajarea
competentelor in productie / servicii / distributie.
• Desi Harley-Davidson este in primul rand un producator de
motociclete, el obtine circa 10% din veniturile anuale din
articole de imbracaminte vandute sub marca sa, precum si
din diferite forme de licentiere a brandului
• Firma ce urmeaza o strategie de diversificare concentrica (related
diversification) – obtine sub 70% din venituri de pe seama unei
singure afaceri, restul venind din alte linii de afaceri aflate in
legatura cu afacerea principala
• Ratiunea = economii de scara & de scop: aceste firme valorifica
superior / sinergic resurse si competente
• Miscarea strategica a Exxon Mobil de a intra pe piata gazului
natural - in 2009, ExxonMobil a achizitionat XTO Energy,
pentru $31 billion (XTO Energy e cunoscuta pentru competenta
sa cheie de a extrage gaze natural din locatii neconventionale).
ExxonMobil spera sa-si valorifice competenta din domeniul
explorarii & comercializarii petrolului in extractia de gaze
naturale
• related-constrained diversification – sunt considerate doar
oportunitatile de afaceri ce pot valoriza superior resursele si
competentele existente ale firmei
• Alegerea e restransa/limitata – de faptul ca afacerile trebuie
legate prin resurse, capabilitati si competente comune
• Diversificarea ExxonMobil

• related-linked diversification – sunt luate in considerare noi

afaceri ce impart un numar limitat de legaturi cu afacerea
existenta
• Amazon – initial: vanzare doar carti online; in timp: CD, …gama
larga de produse…. Cloud computing ….Kindle + continut
…instant video streaming.
• firma ce urmeaza o strategie de diversificare de tip conglomerat
- obtine sub 70% dintr-o singura afacere si dezvolta multiple
afaceri ce dezvolta (eventual) legaturi slabe intre ele
• Berkshire Hathaway, LG chaebol, Yamaha group
Berkshire Hathaway
Warren Buffett
(Chairman, President & CEO)
American business magnate, investor, and
philanthropist, considered by some to be
one of the most successful investors in the
world; as of March 2017 he is the second
wealthiest person in the United States with
a total net worth of $78.7 billion
VALORIZAREA COMPETENTELOR CHEIE PENTRU
DIVERSIFICAREA CORPORATISTA

• Exemple de competente cheie:

• Walmart’s ability to effectively orchestrate a globally
distributed supply chain at low cost.
• Infosys’s ability to provide high-quality information technology
services at a low cost by leveraging its global delivery model.
This implies taking work to the location where it makes the
best economic sense, based on the available talent and the
least amount of acceptable risk and lowest cost
 Matricea competente cheie – piata

Matricea competente cheie – piata = cadru pentru ghidarea

strategiei de diversificare corporatista prin analiza combinatiilor
posibile de competente cheie - existente/noi si piete - existente/noi
• Matricea ofera ghidaj managementului firmei in directia
diversificarii, in vederea asigurarii cresterii continue
• odata ce managerii au intelegerea clara a competentelor cheie
ale firmei, ei au 4 optiuni pentru formularea strategiei de
diversificare:
1. valorificarea competentelor cheie existente pentru a
imbunatati pozitia pe piata curenta
2. dezvoltarea de noi competente cheie pentru a proteja si
extinde pozitia pe piata curenta
3. redistribuirea si recombinarea competentelor cheie
existente pentru a concura pe noi piete
4. construirea de noi competente cheie pentru a crea si
concura pe noi piete
DIVERSIFICAREA CORPORATISTA SI PERFORMANTA FIRMEI

• Managerii urmeaza strategii de diversificare pentru a castiga si

sustine avantajul competitiv
• Dar: conduce cu adevarat diversificarea la performante
suprioare?
• Pentru a raspunde: evaluarea performantei companiilor
diversificate
• Aspect critic: daca SBU valoreaza mai mult sub “palaria”
unui singur management sau daca ar fi conduse
independent
Relatia diversificare – performanta
• Relatia dintre diversificare & performanata
• este in functie de tipul de diversificare
• are forma unui U intors

• Nivelurile joase si inalte de diversificare sunt in general

asociate unui performante globale scazute (firmele adesea
esueaza in crearea de valoare adaugata suplimentara), in timp
ce nivelurile moderate de diversificare sunt asociate cu
performante globale ridicate.
• Firmele ce urmeaza strategii de diversificare conglomerat sunt
adesea incapabile sa genereze valoare adaugata prin aceasta
strategie:
• Valoarea unei astfel de companii este inferioara sumei valorilor
SBU componente.
• Acest lucru depinde, insa, de contextul institutional. Studiile
au relevant faptul ca o strategie de diversificare conglomerat
poate fi avantajoasa in tarile emergente (Tata Group).
• Aici, diversificarea conglomarat poate ajuta firma in
crearea si sutinerea avantajului competitiv prin
depasirea slabiciunilor institutionale (precum slaba
functionare a pietei de capital)
• Companiile care urmeaza o strategie de diversificare
concentrica e mai probabil sa-si imbunatateasca performantele.
• Valoarea lor este superioara sumei valorilor individuale ale
SBU.
• De ce? Diversificarea creste performanta firmei atunci cand
valoarea creata depaseste costurile.
• Pentru ca diversificarea sa creasca performanta, trebuie
ca aceasta:
• Sa determine economii de scara – ce reduc costurile.
• Sa exploateze economiile de scop – ce cresc
valoarea.
• Sa reduca costurile SI sa acreasca valoarea
Integrarea verticala si diversificarea: surse pentru crearea de
valoare si reducerea costurilor
• In plus fata de aceste criterii, firmele isi pot creste
performantele prin urmarirea unei strategii de diversificare – de
pe urma:
• Economiilor financiare, de tipul:
• Restructurare
• Piata interna de capital
• Restructurarea

• = procesul de reorganizare si dezinvestire (SBU si activitati)

pentru a refocusa compania in vederea valorificarii superioare
a competentelor sale cheie

• Anheuser-Busch InBev – firma belgiana cel mai mare

producator de bere a vandut Busch Entertainment – UAS
parc thematic ce detine SeaWorld & Busch Gardens, unui
grup de investitori privati pentru cca $3 billion; aceasta
miscare strategica permite firmei sa se focuseze pe
competenta sa chie si sa/si achite achizitia din 2008 a
Anheuser-Busch, care a costat $52 billion
• Portofoliul de afaceri al firmei poate fi restructurat pe baza
analizei BCG.

• Matricea BCG cota de piata / cresterea pietei.

• Matricea localizeaza UAS dpdv al 2 dimensiuni: cota relativa

de piata (axa orizontala) & ritmul de crestere a pietei (axa
vertical)
• Fiecare UAS se incadreaza in una din cele 4 categorii rezultate:
pietre de moara, dileme, vedete, vaci de muls
• Pentru fiecare categorie se preteaza o anumita strategie.
• Toate impreuna formeaza strategia corporatista a firmei
Restructurarea portofoliului corporatist: matricea BCG
• Dogs = the underperforming businesses:
• small market share in a low-growth market; low and unstable earnings,
combined with neutral or negative cash flows.
• The strategic recommendations are either to divest the business or
to harvest it.
• This implies stopping investment in the business and squeezing
out as much cash flow as possible before shutting it down or
selling it.
• Cash cows = SBUs that compete in a low-growth market but hold
considerable market share.
• earnings and cash flows are high and stable.
• The strategic recommendation is to invest enough into cash cows to
hold their current position, and to avoid having them turn into dogs
(as indicated by the arrow).
• Star = high market share in a fast-growing market. Earnings are
high and either stable or growing.
» The recommendation for the corporate strategist is to invest
sufficient resources to hold the star’s position or even increase
investments for future growth. As indicated by the arrow, stars may
turn into cash cows as the market in which the SBU is situated
slows down due to reaching the maturity stage of the industry life
cycle.
• Question marks: It is not clear whether they will turn into dogs
or stars. Earnings are low and unstable, but they might be growing; the
cash flow, however, is negative.
» Ideally, corporate executives want to invest in question marks to
increase their relative market share so they turn into stars. If
market conditions change, however, or the overall market growth
slows down, then a question-mark SBU is likely to turn into a dog.
In this case, executives would want to harvest the cash flow or
divest the SBU
• Utilizarea pietei de capital interne (a firmei)

• = sursa de valoare intr-o strategie de diversificare daca sediul

central al conglomeratului realizeaza o mai buna alocare a
resurselor financiare decat cea care s-ar obtine prin apelarea
la piata externa firmei
• avand la baza informatii interne / private, managerii pot
identifica SBU cu cea mai mare rentabilitate a capitalului
investit
• in plus, pietele interne de capital permit accesul la capital cu
costuri mai scazute