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【正文】 s requiring significant improvements in operating efficiency. 23 Bureaucratic Costs and the Limits of Diversification ? Number of businesses ? Information overload can lead to poor resource allocation decisions and create inefficiencies. ? Coordination among businesses ? As the scope of diversification widens, control and bureaucratic costs increase. ? Resource sharing and pooling arrangements that create value also cause coordination problems. ? Limits of diversification ? The extent of diversification must be balanced with its bureaucratic costs. 24 Structure of a Company Sharing Marketing Between Two Business Units 25 Diversification That Dissipates Value ? Diversification to pool risks ? An ineffective attempt to offset the cyclical effects of businesses by merging their ine streams. ? Downturns in one business are intended to be offset by upturns in another business. ? Diversification to achieve greater growth ? Concept focuses on growth (which is normally a byproduct of diversification) and not value creation. ? Usually the choice of “empire builders”. 26 Strategic Alliance as An Alternative to Diversification ? Advantages ? Avoids bureaucratic costs of diversification. ? Shared costs and risks. ? Uses plementary skills of each partner. ? Creates value through economies of scope. ? Disadvantages ? Profits must be shared. ? Disclosure of critical knowhow to potential petitor. 27 The Corporation as a Portfolio of Core Competencies ? Establishing a Core Competence Agenda Source: G. Hamel and C. K. Prahalad, Competing for the Future (Cambridge, Mass.: Harvard Business School Press, 1994), p. 227. 28 Internal New Venturing (I) ? Internal new venturing is attractive when: ? Entering as a sciencebased pany. ? Entering an emerging industry with no established petitors. ? Pitfalls of new venturing: ? Scale of entry– Lowscale entry can reduce the probability of longterm success. ? Commercialization– Failure to develop a product that meets basic customer needs. ? Poor Implementation– Using “shotgun” approach, not setting clear strategic objectives, abandoning projects too soon. 29 Scale of Entry, Profitability, and Cash Flow 30 Internal New Venturing (II) ? Guidelines for successful new venturing: ? Adopt a structural approach with clear strategic objectives setting RD direction. ? Foster close links between RD and marketing. ? Use project teams to reduce development time. ? Use a selection process to pick venture projects with the highest probability of success. ? Monitor progress of ventures in gaining initial market share goals. ? Largescale entry is important for venture success. 31 Acquisitions as an
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