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Grant Strategies Essay

3218 words - 13 pages

Objectives:
- 4 components of strategy analysis: firms goals and values, resources and capabilities, structure and management systems and industry environment
- Measurement of profitability, Profit most useful measure of firm performance (maximization of profit)
- Tools of Financial analysis
- Shareholders and stakeholders
-

Value:
- Commerce is creating value
- Firm have to know what profit is and how to measure it
- Economic profit more reliable measure as accounting profit
- Measure of e.p. is EVA, economic value added
- Firm must maximize the future net cash flow to maximize its value and mimimize cost of capital
- C.f. forecasts are very difficult,estimate future c.f. ...view middle of the document...

65 3.1

- What determines the level of profit in an industry?
- Profit determined by
o Value of product to customer
o Intensity of competition
o Bargaining power (Verhandlungsposition) of producers relative to their suppliers + buyers
- Industry profitability is determined by systematic influences of industry’s structure

S. 69: Porter’s five forces of competition framework

- Competition from substitutes
o Absence of substitutes  higher willingness to pay more  inelastic demand, price
- Threat of entry
o Return of capital excess cost of capital
 Magnet to firms outside industry
o If entry unrestricted, rate of profit will fall towards its competitive level
o Absence of sunk costs  “hit-and-run”
 Capital requirements (discourage small firms)
 Economies of scale
 Absolute cost advantage (economies of learning/experience)
 Product differentiation (brand recognition, customer loyalty)
 Access to channels of distribution (limited capacities)
 Government + legal barriers (often licenses are required, patents, copyrights
major barriers)
 Retaliation (aggressive price cutting)
- Rivalry between established competitors
- Bargaining power of buyers
o Buyers price sensitivity
o Relative bargaining power
- Bargaining power of suppliers

Applying industry analysis

1) Describing industry structure
- Identify key elements of industry’s structure
- Who are the main players?
- Producers, customers, input suppliers, producer of substitute goods
 Examining key structural characteristics of each group
- Which activities within value chain do we include in industry?

2) Forecasting industry profitability
- Aim: predict future
- Current observation to identify emerging trends
o Current + recent level of competition + profitability
o Identify trends that change industry’s structure: consolidation? New players?
o How these changes affect 5 forces?

3) Positioning the company
- positioning where competitive forces are weakest
- effective positioning requires the firm to anticipate changes in the competitive forces likely to affect the industry

4) Strategies to alter industry structure
- understanding how structural characteristics of industry determine intensity of competition and level of profitability
provides basis for identifying opportunities for changing industry structure to alleviate (erleichtern) competitive pressure
- first: identify key structural features of an industry that are responsible for depressing profitability
- second: consider which of these structural features are amenable (empfänglich) to change through appropriate strategic initiatives

Defining industries : where to draw boundaries
- industry = group of firms that supplies a market
- close correspondence between markets and industries
- industry analysis looks at industry profitability being determined by competition in two markets: product markets and input markets
- industries are...

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