PB#2 ANALISA STRATEGIK Rudy Suryanto, SE.,M.Acc.

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1 PB#2 ANALISA STRATEGIK Rudy Suryanto, SE.,M.Acc

2 ANALISA STRATEGIK Analisa Eksternal Analisa Internal Analisa Makro
Analisa Industri Analisa Value Chain Analisa Internal Analisa Business Model Generation Analisa Balanced Scorecard

3 ANALISA MAKRO Analisa makro terdiri dari analisa Politik, Ekonomi, Sosial dan Budaya (Poleksosbud). Analisa makro adalah analisa yang berlaku untuk satu daerah (Yogyakarta), negara (Indonesia) atau kawasan tertentu (Asia).

4 Analisa Makro Interdependencies across dimensions Political/Legal
Demographic Global Industry Environment Economic Technological Socio-cultural

5 Analisa Makro akan memberikan
Pandangan umum akan iklim bisnis di masa depan di suatu negara/kawasan apakah kondusif atau tidak Pandangan umum tentang potensi ekonomi di sebuah negara/kawasan Pandangan umum tentang resiko bisnis di sebuah negara/kawasan

6 Analisa Industri Analisa industri adalah analisa untuk mengukur tingkat persaingan / dinamika persaingan di dalam industri.

7 Bargaining power suppliers Bargaining power buyers
Porter’s Five Competitive Forces SUPPLIERS Bargaining power suppliers INDUSTRY RIVALRY Threat of new entrants Threat of substitutes POTENTIAL ENTRANTS SUBSTITUTES Rivalry among existing firms Bargaining power buyers BUYERS

8 DINAMIKA PERSAINGAN Penentuan strategi sangat erat terkait dengan dinamika persaingan yang terjadi di suatu industry Dinamika strategi di sebuah industri di pengaruhi oleh empat faktor utama yaitu bargaining power supplier, thread of new entrants, thread of substitutes

9 Pengaruh Faktor-Faktor
NO FAKTOR PENGARUH 1 Daya tawar supplier tinggi Persaingan Meningkat 2 Daya ancam pemain baru tinggi 3 Daya tawar buyer tinggi 4 Ancaman barang pengganti tinggi

10 RESPONS Menurunkan daya tawar supplier Menurunkan daya tawar buyer
Menghalangi pemain baru masuk Menurunkan ancaman barang pengganti

11 ANALISA RANTAI NILAI (VALUE CHAIN)
Rantai nilai adalah suatu tahapan proses produktif (fungsi) dari penyediaan input spesifik ke produksi utama, perubahan bentuk, pemasaran sampai kepada konsumen akhir Analisa Rantai Nilai Eksternal Analisa Rantai Nilai Internal

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13 INTERNAL ANALYSIS

14 Today’s Objectives You should:
What is Strategy? Today’s Objectives You should: Understand the difference between Porter’s and the RBV’s approach to strategy and CA Be knowledgeable about the main tenets of the RBV Know the difference between resources and capabilities Know how to identify distinctive resources or capabilities Be aware of the “dark side” of distinctive capabilities.

15 What is Strategy? Recall: Firm profitability is determined by industry structure (Week 4) and by individual firm characteristic. Firm effect > industry effect (in almost all studies)! Proportion of firm performance explained by: Rumelt (1991) McGahen&Porter (1997) Hawawini et al (2003) Industry Effect 4.0% 18.7% 8.1% Firm Effect 45.8% 36.0% 35.8%

16 Some firms outperform their industry
What is Strategy? Some firms outperform their industry

17 What is Strategy? Porter’s route to CA “Choices”: 1985: Choose a generic strategy that promises protection from competitive forces. 1996: Choose a position -- performing different activities or performing similar activities differently from rivals –- that creates value for customers and is difficult to imitate by competitors. Easier said than done!

18 The “Resource-based” route to CA
What is Strategy? The “Resource-based” route to CA Stalk et al (1992, p.58) article: Why does Walmart have lower cost structure, why can they “afford” greeters and strong service despite “everyday low prices”?  Because of underlying distinctive capabilities The Resource-based View (RBV) brings a more subtle understanding of competition. Firms are constrained in their choices by existing resources/ capabilities and the rate at which new resources/capabilities can be built.

19 Resource-Based View (RBV)
What is Strategy? Resource-Based View (RBV) Origins in mid-1980s, take-off in early 1990s. Many scholars contributed. Each firm seen as a “bundle of resources & capabilities” Resources… what the company “has”, i.e. the productive assets controlled by the firm. Capabilities… what the firm “does” with its resources, i.e. its ability to bring together multiple resources for a particular purpose. Thrust: Creation of competitive advantage through the creation and exploitation of distinctive resources and capabilities.

20 What is Strategy? Key Assumptions of RBV Resource heterogeneity – firms represent unique bundles of resources/capabilities Limited resource mobility – many resources and especially capabilities cannot be built rapidly (or bought in the market) E.g. brands, patents, trust of customers and employees can only be built over time, requiring considerable investments and incurring significant risk. Without these assumptions, firms could follow any strategy  profits would rapidly erode as desirable strategies are emulated.

21 Tangible Resources Cash, accounts receivable, capacity to borrow…
What is Strategy? Tangible Resources Financial resources Cash, accounts receivable, capacity to borrow… Physical resources Property, production facilities, raw materials… Tangible resources recorded in financial statements.

22 What is Strategy? Intangible Resources Information: customer data, competitor intelligence… Knowledge in its many forms: copyrights, trade secrets, patents, insights into customers … Relationships with customers, employees, suppliers, alliance partners and the public: brands, reputation as employer, buyer, partner, corporate citizen HR: skills, knowledge and experience of employees, their ability to work as a team, their commitment to the firm, top management leadership… Intangible resources mostly missing from the firm’s financial statements  difference between book values and values assigned by investors (see next slide).

23 The growing value of intangible resources
What is Strategy? Top 150 largest companies in the world (Bryan and Zanini 2005 McKinsey Quarterly)

24 Intangible Resources: The World’s Most Valuable Brands
What is Strategy? Intangible Resources: The World’s Most Valuable Brands Rank Company Brand Rank Company Brand value value (US$b) (US$b) 1 Coca-Cola Mercedes 2 Microsoft Citigroup 3 IBM Hewlett-Packard 18.9 4 GE American Express 18.5 5 Intel Gillette 6 Nokia BMW 7 Disney Cisco 8 McDonalds Louis Vuitton 16.1 9 Toyota Honda 10 Marlboro Samsung 14.9 (Source: Interbrand 2005)

25 Resources (on their own) and Performance: The Analogy of Soccer
What is Strategy? Resources (on their own) and Performance: The Analogy of Soccer Italian, Spanish and English premier soccer leagues ( ) League Teams with best on-field performance Teams with highest player expenditure Italy Juventus Lazio AC Milan Inter Milan Parma Spain Valencia Real Madrid Barcelona Deportivo La Coruna Real Betis UK Manchester United Chelsea Arsenal Liverpool Arsenal Source: Grant 2005 Superior resources alone (here: highest paid players) do not necessarily translate into superior (on-field) performance  capabilities.

26 Capabilities: Definition
What is Strategy? Capabilities: Definition “…an organisation’s capacity to deploy tangible and intangible resources… to bring about a desired end.” (Dess et al 2007: p.93) “…the ability to perform a task or activity that involves complex patterns of coordination and cooperation between people and other resources.” (McGee et al 2005: p.252) A hospital’s emergency response capability: anaesthetist + surgeon + triage nurse + theatre nurse + operating theatre Wal-Mart’s “cross docking” capability (Stalk et al 1992): Private satellite network (warehouses, stores and suppliers) + IT-based control systems + Video links with all stores + Dedicated fleet of trucks + Stock ownership and profit sharing to motivate employees + …

27 Bukti Empirik RBV 4.0% 18.7% 8.1% 45.8% 36.0% 35.8% Proportion of firm
performance explained by: Rumelt (1991) McGahen&Porter (1997) Hawawini et al (2003) Industry Effect 4.0% 18.7% 8.1% Firm Effect 45.8% 36.0% 35.8%

28 Sumberdaya Perusahaan
Berwujud Sumberdaya Keuangan – kas, piutang, kemampuan untuk mendapatkan pinjaman Sumberdaya fisik – bangunan, fasilitas produksi, persediaan bahan baku dll > tercatat dalam laporan keuangan

29 Sumberdaya Perusahaan
Sumberdaya tidak berwujud Informasi: data pelanggan, market intelligent, competitor intelligence… Knowledge (pengetahuan): copyrights, trade secrets, patents, insights into customers … Jaringan (Relationships) with customers, employees, suppliers, alliance partners and the public: brands, reputation as employer, buyer, partner, corporate citizen Sumberdaya manusia: ketrampilan, pengetahuan, dan pengalaman karyawan, kemampuan karyawan bekerja dalam tim, loyalitas karyawan, kepemimpinan manajemen puncak. Sumbedaya tidak berwujud tidak nampak dalam laporan keuangan. Namun terlihat pada selisih harga pasar dan nilai buku Price per book ratio(Dell 40x, Microsoft 7x, Google 130x)

30 Sumber Daya tidak Berwujud

31 Intangible Resources: The World’s Most Valuable Brands
(Source: Interbrand 2005)

32 Sumbedaya = Kapasitas?

33 Kapasitas ..kapasitas organisasi untuk mengelola tangible dan intangible resource guna mencapai tujuan tertentu (Dess et al 2007 p 93) ..kemampuan untuk melaksanakan tugas atau aktivitas yang memerlukan pola koordinasi yang kompleks dan kerjasama banyak orang dan banyak sumberdaya (McGee et al 2005, p. 252) Contoh : unit IRD dalam sebuah rumah sakit

34 Pengemangan Kapabilitas
Kapabilitas berkembang dan dibangun memerlukan waktu dan cenderung bergantung pada tacit knowledge (bukan eksplisit knowledge) Pengembangan kapabilitas ini dilakukan secara berjenjang (sehingga apabila kompetitor ingin melakukan imitasi butuh waktu dan proses yang lama)

35 Kapabilitas Perusahaan Telkom.

36 Distinctive Resource & Capabilities
Strategy is interested chiefly in distinctive resources and capabilities, i.e..those that distinguish the firm from competitors; that give it CA and above-average profitability. NB: Stalk et al 1992: “strategic capability” = “distinctive capability” Capabilities are a more likely source of SCA than resources!

37 Sustainablitiy Competitive Advantage

38 Valuable Rare Conditions for CA
What is Strategy? Conditions for CA Valuable The resource/capability must create value (see Week 3) Rare Unless rare, a valuable resource/capability cannot be the basis for CA. Needed “to be in the game” (competitive parity – see below) E.g. in engineering industry, CAD technology is very valuable but since every firm has adopted it, it no longer confers CA.

39 Conditions for Sustainable CA
What is Strategy? Conditions for Sustainable CA Inimitable Competitors find it very difficult/costly to imitate the particular resource/capability due to: property rights / physical uniqueness to prevent imitation (e.g. patent, copyright, mining lease) causal ambiguity: lack of comprehension of the distinctive resource/capability elements (often tacit knowledge components) social complexity: some resources/capabilities inherently difficult to manage (e.g. culture, alliance relationships) historical path dependence: resources/capabilities that have been cultivated over time cannot be replicated quickly (e.g. brand, supplier relationships, technical knowledge)

40 Distraction: Tacit knowledge – a likely source of inimitability
What is Strategy? Distraction: Tacit knowledge – a likely source of inimitability Codified Knowledge Tacit Knowledge KNOWLEDGE SPECTRUM Codified knowledge can be made independent of knowledge carrier, i.e. it can be captured (instructions, mathematical equations, flow charts, etc.) and readily transmitted to others. Tacit knowledge cannot be expressed/captured by the knowledge carrier and thus cannot readily be transmitted. “We know more than we can tell” (Polanyi 1966) Transfer of tacit knowledge typically requires prolonged observation of, and interaction with, the knowledge carrier.

41 Distraction: Tacit knowledge – a likely source of inimitability
What is Strategy? Distraction: Tacit knowledge – a likely source of inimitability Tacit knowledge… … is path dependent … tends to be causally ambiguous … tends to be socially complex  Resources/capabilities with tacit knowledge components are difficult to imitate!

42 Conditions for Sustainable CA
What is Strategy? Conditions for Sustainable CA Non-Substitutable (or “Difficult to substitute”) Resource/capability must not have a (non-rare) substitute E.g. astute management team vs. advanced decision support system; physical location vs. website;

43 Conditions and their Implications for CA
What is Strategy? Conditions and their Implications for CA Is the Resource/Capability… Valuable? Rare? Inimitable and Non-substitutable? Implications for CA No * Comp. Disadvantage Yes Comp. Parity Temporary CA Sustainable CA *…inconsequential (Yes or No) Source: adapted from Barney (1991)

44 What is Strategy? Appropriability In addition to the four conditions, SCA requires appropriability. I.e. the value created by a particular resources/capabilities must not be captured entirely by its provider. Organisation-based capabilities vs. an individual’s capabilities (compare Week 4: NHL players as internal suppliers)

45 Examples Distinctive Resources/Capabilities
What is Strategy? Examples Distinctive Resources/Capabilities Cochlear’s product innovation capability Toyota’s “lean manufacturing” capability Cisco’s capability in integrating acquired companies Macquarie Bank’s capability in acquiring, “packaging” and re-selling assets.

46 Can distinctive resources/capabilities be bought in the market?
What is Strategy? Can distinctive resources/capabilities be bought in the market? Many distinctive resources/capabilities cannot be “traded” (org. culture, brand, relationships with communities…) Some resources/capabilities can be bought in the market, however… Non-exclusive purchase, i.e. they may also be purchased by other competitors (e.g. superior production equipment)  parity Exclusive purchase: we are likely to pay “full” price, i.e. the purchase price reflects the value-creating potential of the resource/capability Distinctive resources/capabilities that provide CA invariably have to be built/cultivated within the firm.

47 The dark side of distinctive capabilities
What is Strategy? The dark side of distinctive capabilities When the (industry-)environment changes, or customer demands change, distinctive capabilities may act as distinctive rigidities (“core rigidities”). Being used to success on the basis of particular capabilities, managers find it hard to grasp and/or accept that they are no longer valuable. “Success doesn’t beget success. Success begets failure because the more that you know a thing works, the less likely you are to think that it won’t work. When you’ve had a log string of victories, it is harder to foresee your own vulnerabilities.” Leslie Wexner, CEO, The Limited, Inc., quoted in Hanson et al (2002: p.111)

48 The dark side of distinctive capabilities
What is Strategy? The dark side of distinctive capabilities Even if the need for change is recognised, firms may still find it hard to change: Distinctive resources and capabilities often linked to a firm’s power structure  resistance to change by powerful interests who reached positions of power precisely because of their association with the existing set of distinctive capabilities; they are powerful and have the most to lose. Beyond such political resistance, there is also an in-built inertia -- resources and capabilities are extensively specialised. Recall: capabilities have evolved over an extended period of time; they are well honed routines  difficult to refocus these highly specialised capabilities and resources.

49 Possibilities for overcoming in-built inertia
What is Strategy? Possibilities for overcoming in-built inertia Accessing new resources/capabilities to augment existing ones: M&A, strategic alliances, internal development (?) Notion of dynamic capabilities, a kind of meta-capability: Ability to continually rebuild and reconfigure resources and capabilities. Flexibility / learning