Chapter 8
Organizing to
Implement
Corporate
Diversification
Copyright © 2006 Pearson Prentice Hall. All rights reserved. Strategic Management & Competitive Advantage - Barney &
8-1
Organizing to Implement Corporate Diversification
El proceso de administracion estrategica
Analisis
Externo
Mision
Decisiones
estrategicas
Objetivos
Analisis
Interno
Implementacion
Estrategica
Ventaja
competitiva
Implementando
diversificacion corporativa
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Management
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Advantage - Barney &
Strategic
Management
& Competitive
Advantage
– Barney
& Hesterly
8-2
2
Organizing to Implement Corporate Diversification
Elementos de implementacion
Como fluye la informacion
Donde y quien toma las decisiones
Como influenciar el comportamiento de la gente
• Como pueden los intereses de la empresa
alinearse a los intereses de los empleados?
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Management
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8-3
3
Organizing to Implement Corporate Diversification
Necesidad de la estructura organizacional
Requerimientos de procesamiento de la informacion
• conforma las organizaciones crecen y los requisitos
de informacion aumentan, el procesamiento de la
informacion aumenta y se vuelve mas complejo
• racionalidad limitada
• satisfacciones
• la estructura organizacional divide la informacion
En bloques que le permiten procesarla adecuadamente.
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Management
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Advantage - Barney &
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Management
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– Barney
& Hesterly
8-4
4
Organizing to Implement Corporate Diversification
M-Form Structure
Board of Directors
Senior Executive
Corporate
R&D
Corporate
Finance
Division
Finance
Strategic
Planning
Division
Production
Sales &
Marketing
Corporate
Human
Resources
Corporate
Marketing
Engineering
Division
Accounting
Human
Resources
Copyright © 2006 Pearson
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Hall. All rights
reserved. Strategic
Management
& Competitive
Advantage - Barney &
Strategic
Management
& Competitive
Advantage
– Barney
& Hesterly
8-5
5
Organizing to Implement Corporate Diversification
Relaciones de agencia
Intercambio
M-Form Structure
Divide los
requerimientos
De info en bloques
manejables
Divide a los duenos
de los
administradores
Los intereses enytre duenos y
administradores difiere
Copyright © 2006 Pearson
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Hall. All rights
reserved. Strategic
Management
& Competitive
Advantage - Barney &
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Management
& Competitive
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– Barney
& Hesterly
8-6
6
Organizing to Implement Corporate Diversification
Relaciones de agencia
Manejo de agencia
Principal
Monitoreo
Agentes
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8-7
7
Organizing to Implement Corporate Diversification
Filtro de la informacion
• conforme el nivel de los ejecutivos aumenta la
informacion se filtra
• los niveles ejecutivos pueden administrar la
informacion
• el flujo de la informacion NO debe de
exceder la racionalidad limitada de los
administradores
• el flujo de informacion debe de coincidir con la
autoridad de la toma de decisiones
Copyright © 2006 Pearson
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Hall. All rights
reserved. Strategic
Management
& Competitive
Advantage - Barney &
Strategic
Management
& Competitive
Advantage
– Barney
& Hesterly
8-8
8
Organizing to Implement Corporate Diversification
Division General Managers
Senior Executive
Corporate
R&D
Corporate
Finance
Division
Finance
Strategic
Planning
Division
Production
Sales &
Marketing
Corporate
Human
Resources
Corporate
Marketing
Engineering
Division
Accounting
Human
Resources
Copyright © 2006 Pearson
Prentice
Hall. All rights
reserved. Strategic
Management
& Competitive
Advantage - Barney &
Strategic
Management
& Competitive
Advantage
– Barney
& Hesterly
8-9
9
Organizing to Implement Corporate Diversification
Shared Activity Managers
Division
Finance
Production
Finance
Engineering
Shared
Activities
Division
Division
Production
Engineering
Sales &
Marketing
Cost Centers
Human
Resources
Profit Centers
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Hall. All rights
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Management
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Advantage - Barney &
Strategic
Management
& Competitive
Advantage
– Barney
& Hesterly
8-10
10
Organizing to Implement Corporate Diversification
Controles administrativos
3 elementos
Evaluacion
Del
desempeno
Distribucion
Del capital
Transferencia
De productos
intermedios
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Management
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Advantage - Barney &
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Management
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8-11
11
Organizing to Implement Corporate Diversification
Politicas de compensacion
Alineacion de incentivos
empiricamente…
Alineado al
desempeno
Alineado al
desempeno
teoricamente…
Stock Options
Largo Plazo
Stock Grants
Cash Bonus
Salary
Corto
Plazo
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reserved. Strategic
Management
& Competitive
Advantage - Barney &
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Management
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& Hesterly
8-12
12
Organizing to Implement Corporate Diversification
Re-enfocamiento
Una estrategia corporativa puede ser la de reenfocarse o bien salirse del negocio
• a traves de descuentos por:
• falta de capacidades
• diseconomias de escala
• o bien, requerir fondos
Buy Out
Venta de
activos
o,
division
IPO: acciones
Copyright © 2006 Pearson
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reserved. Strategic
Management
& Competitive
Advantage - Barney &
Strategic
Management
& Competitive
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– Barney
& Hesterly
8-13
13
Organizing to Implement Corporate Diversification
Summary
UNa implmentacion existosa entonces requiere
• administracion en bloques adecuada
• alinear intereses de duenos y de administradores
Se puede lograr a traves de
• Estructura organizacional
• Controles de gestion
• Programas de compensacion
Copyright © 2006 Pearson
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Hall. All rights
reserved. Strategic
Management
& Competitive
Advantage - Barney &
Strategic
Management
& Competitive
Advantage
– Barney
& Hesterly
8-14
14
Organizing to Implement Corporate Diversification
El proceso de administracion estrategica
Analisis
Externo
Mision
Decisiones
estrategicas
Objetivos
Implementacion
Estrategica
Analisis
Interno
Estrategia
a nivel corporativo
Ventaja
competitiva
A que negocio entrar?
Integracion vertical
Diversificacion
• Alianzas Estrategicas
• modo de entrada
Copyright © 2006 Pearson
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Hall. All rights
reserved. Strategic
Management
& Competitive
Advantage - Barney &
Strategic
Management
& Competitive
Advantage
– Barney
& Hesterly
8-15
15
Organizing to Implement Corporate Diversification
Alianzas Estrategicas
Strategic Alliance:
Es un esfuerzo COOPERATIVO entre dos o mas
organizaciones independientes para desarrollar,
fabricar o vender b’s y s’s
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reserved. Strategic
Management
& Competitive
Advantage - Barney &
Strategic
Management
& Competitive
Advantage
– Barney
& Hesterly
8-16
16
Organizing to Implement Corporate Diversification
Motivacion para las alianzas
Crear valor economico para:
• accesar recursos y capacidades complementarios
• apuntalar recursos y capacidades existentes
Una alianza es una forma de intercambio que:
• debe de producir gananacias por intercambio que den
alguna ventaja absoluta o comparativa
Implicacion: Escoger socios que hacen mejor las cosas
que uno (complementan recursos)
Copyright © 2006 Pearson
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Hall. All rights
reserved. Strategic
Management
& Competitive
Advantage - Barney &
Strategic
Management
& Competitive
Advantage
– Barney
& Hesterly
8-17
17
Organizing to Implement Corporate Diversification
Tres tipos
de
alianzas
Alianzas
Sin capital
Contratos
• licencias
• acuerdos de
proveduria y
distribucion
Joint
Venture
Alianzas con
capital
Cross Equity
Holdings
• socios tienen
participacion en
la otra empresa
Joint Equity
Holdings
• firma
Independiente
Es creada
Copyright © 2006 Pearson
Prentice
Hall. All rights
reserved. Strategic
Management
& Competitive
Advantage - Barney &
Strategic
Management
& Competitive
Advantage
– Barney
& Hesterly
8-18
18
Organizing to Implement Corporate Diversification
Como las alianzas estrategicas generan valor
Mejoran las operaciones actuales
Creacion
valor
Crean el entorno competitivo
Facilitan la entrada y salida
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reserved. Strategic
Management
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Advantage - Barney &
Strategic
Management
& Competitive
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– Barney
& Hesterly
8-19
19
Organizing to Implement Corporate Diversification
Como generan valor
Mejoran las operaciones actuales
Explotan economias de escala
Aprender de los socios
Comparten riesgos
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Management
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Advantage - Barney &
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Management
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8-20
20
Organizing to Implement Corporate Diversification
Como generan valor
Construyendo el entorno competitivo
Facilitan estandares de tecnologia
Facilitan la coalicion tacita
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8-21
21
Organizing to Implement Corporate Diversification
Como generan valor
Facilitan la entrada y salida
Entrada en nuevas industrias
Salida de industrias
Manejo de incertidumbre
Entrada en mercados regionales
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reserved. Strategic
Management
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Advantage - Barney &
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Management
& Competitive
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– Barney
& Hesterly
8-22
22
Organizing to Implement Corporate Diversification
Retos de las alianzas estrategicas
Tres formas
de
perder valor
Holdup
Seleccion
adversa
Moral
Hazard
Mala rep. de
entradas
Proveer menor
valor al
prometido
Explotar las transacciones
Especificas de socios
Copyright © 2006 Pearson
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reserved. Strategic
Management
& Competitive
Advantage - Barney &
Strategic
Management
& Competitive
Advantage
– Barney
& Hesterly
8-23
23
Organizing to Implement Corporate Diversification
La ventaja competitiva es sostenible
Desarrollo
Interno
Si:
Fusiones y
adquisiciones
si:
Substitutos de las
• no hay asuntos de
• no hay socios
Alianzas estrategicas monopolios
• baja incertidumbre de una
• inversion especifica
inversion
Es muy cara
• firmas se pueden integrar
facilmente
• baja incertidumbre de una
• valor de las firmas
inversion
Combinadas
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reserved. Strategic
Management
& Competitive
Advantage - Barney &
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Management
& Competitive
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– Barney
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8-24
24
Organizing to Implement Corporate Diversification
Organizacion de las alianzas estrategicas
Formas de gobierno
Formales
Conrtratos
explicitos
• apoya en el
entendimiento
• alinea intereses
Inversiones de
capital
• alinea intereses
a partir de invertir
en el socio
• efectos directos
• efectos indirectos
Joint Ventures
• incrementa costos
Por fraude
• resuleve conflictos
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reserved. Strategic
Management
& Competitive
Advantage - Barney &
Strategic
Management
& Competitive
Advantage
– Barney
& Hesterly
8-25
25
Organizing to Implement Corporate Diversification
Organizacion de las alianzas estrategicas
Formas de gobierno
Informal
Confianza
• permite explotar
oportunidades
Reputacion
• reduce fraude
futuro
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reserved. Strategic
Management
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Advantage - Barney &
Strategic
Management
& Competitive
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– Barney
& Hesterly
8-26
26
Organizing to Implement Corporate Diversification
Resumen
Los administradores de alianzas requieren:
• crear alianzas que produciran valor por el
intercambio de recursos complementarios.
• identificar fuentes de creación de valor
• evaluar la posibilidad de valor en la creación y
distribución
• adaptar respuestas de gobierno corporativo
que generen y distribuyan ese valor
Copyright © 2006 Pearson
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Hall. All rights
reserved. Strategic
Management
& Competitive
Advantage - Barney &
Strategic
Management
& Competitive
Advantage
– Barney
& Hesterly
8-27
27
Organizing to Implement Corporate Diversification
Resumen
Las alianzas generan ventajas competitivas si:
• los recursos complementarios cumplen con VRIO
• las respuestas de gobierno corporativo
cumplen con VRIO
El gran reto en las alianzas
estrategicas es el de
maximizar el intercambio a la
vez que se minimizan las
amenazas por fraude
Copyright © 2006 Pearson
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Hall. All rights
reserved. Strategic
Management
& Competitive
Advantage - Barney &
Strategic
Management
& Competitive
Advantage
– Barney
& Hesterly
8-28
28
Organizing to Implement Corporate Diversification
El proceso de administracion estrategica
Analisis
Externo
Mision
Decisiones
estrategicas
Objetivos
Implementacion
Estrategica
Analisis
Interno
Estrategia
a nivel corporativo
Ventaja
competitiva
A que negocio entrar?
Integracion vertical
Diversificacion
• modo de entrada
• Alianzas Estrategicas
• Fusiones y adquisiciones
Copyright © 2006 Pearson
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Hall. All rights
reserved. Strategic
Management
& Competitive
Advantage - Barney &
Strategic
Management
& Competitive
Advantage
– Barney
& Hesterly
8-29
29
Organizing to Implement Corporate Diversification
The Strategic Management Process
External
Analysis
Mission
Strategic
Choice
Objectives
Strategy
Implementation
Competitive
Advantage
Which Businesses
to Enter?
Internal
Analysis
Corporate Level
Strategy
• Vertical Integration
• Diversification
Mode of Entry?
• Strategic Alliances
• Mergers &
Acquisitions
Copyright © 2006 Pearson
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reserved. Strategic
Management
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Advantage - Barney &
Strategic
Management
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– Barney
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8-30
30
Organizing to Implement Corporate Diversification
Fusiones y adquisiciones
Fusiones
• dos firmas se combinan
Con bases similares
Adquisiciones
• una firma compra a la
otra
• no son lo mismo, una fusión es más amigable
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Management
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Strategic
Management
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– Barney
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8-31
31
Organizing to Implement Corporate Diversification
Fusiones y adquisiciones
Fusiones
• las acciones originales se
retiran y dan lugar a una
nueva emision
• generalmente domina el
nombre de una
• una de las firmas domina
Adquisiciones
• el que adquiere
tiene mayoría en
acciones
• puede ser amigable u
hostil
• usualmente se da
por una oferta
Copyright © 2006 Pearson
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reserved. Strategic
Management
& Competitive
Advantage - Barney &
Strategic
Management
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– Barney
& Hesterly
8-32
32
Organizing to Implement Corporate Diversification
F&A y su valor
Lógica
No relacionadas
• No hay expectativas de generar valor aunque se
puede generar algun valor a través de algunas
eficiencias o de inversiones en capital
Relacionadas
• por la generación de economias de escala y o
alcance o transferencias y complementariedad
Copyright © 2006 Pearson
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Advantage - Barney &
Strategic
Management
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8-33
33
Organizing to Implement Corporate Diversification
F&A
Tipos
Categorías
Relacionadas
Vertical
Horizontal
Extensión de
pdctos
» proveedores y clientes
» competidores
» pdctos complementarios
Extensión de mkts » mkts complementarios
No relacionadas
Conglomerade
» todo lo demás
Copyright © 2006 Pearson
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reserved. Strategic
Management
& Competitive
Advantage - Barney &
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Management
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– Barney
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8-34
34
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Evaluating a Firm`s Internal Capabilities