2 ANALISA STRATEGIK Analisa Eksternal Analisa Internal Analisa Makro Analisa IndustriAnalisa Value ChainAnalisa InternalAnalisa Business Model GenerationAnalisa Balanced Scorecard
3 ANALISA MAKROAnalisa 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 DemographicGlobalIndustryEnvironmentEconomicTechnologicalSocio-cultural
5 Analisa Makro akan memberikan Pandangan umum akan iklim bisnis di masa depan di suatu negara/kawasan apakah kondusif atau tidakPandangan umum tentang potensi ekonomi di sebuah negara/kawasanPandangan umum tentang resiko bisnis di sebuah negara/kawasan
6 Analisa IndustriAnalisa industri adalah analisa untuk mengukur tingkat persaingan / dinamika persaingan di dalam industri.
7 Bargaining power suppliers Bargaining power buyers Porter’s Five Competitive ForcesSUPPLIERSBargaining power suppliersINDUSTRYRIVALRYThreat ofnew entrantsThreat ofsubstitutesPOTENTIALENTRANTSSUBSTITUTESRivalry amongexisting firmsBargaining power buyersBUYERS
8 DINAMIKA PERSAINGANPenentuan strategi sangat erat terkait dengan dinamika persaingan yang terjadi di suatu industryDinamika 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 NOFAKTORPENGARUH1Daya tawar supplier tinggiPersaingan Meningkat2Daya ancam pemain baru tinggi3Daya tawar buyer tinggi4Ancaman barang pengganti tinggi
10 RESPONS Menurunkan daya tawar supplier Menurunkan daya tawar buyer Menghalangi pemain baru masukMenurunkan 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 akhirAnalisa Rantai Nilai EksternalAnalisa Rantai Nilai Internal
14 Today’s Objectives You should: What is Strategy?Today’s ObjectivesYou should:Understand the difference between Porter’s and the RBV’s approach to strategy and CABe knowledgeable about the main tenets of the RBVKnow the difference between resources and capabilitiesKnow how to identify distinctive resources or capabilitiesBe 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 firmperformance explained by:Rumelt (1991)McGahen&Porter (1997)Hawawini et al (2003)Industry Effect4.0%18.7%8.1%Firm Effect45.8%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 CAStalk 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 capabilitiesThe 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 RBVResource heterogeneity – firms represent unique bundles of resources/capabilitiesLimited 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 ResourcesFinancial resourcesCash, accounts receivable, capacity to borrow…Physical resourcesProperty, production facilities, raw materials…Tangible resources recorded in financial statements.
22 What is Strategy?Intangible ResourcesInformation: 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 citizenHR: 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 largestcompanies 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 BrandsRank Company Brand Rank Company Brandvalue value(US$b) (US$b)1 Coca-Cola Mercedes2 Microsoft Citigroup3 IBM Hewlett-Packard 18.94 GE American Express 18.55 Intel Gillette6 Nokia BMW7 Disney Cisco8 McDonalds Louis Vuitton 16.19 Toyota Honda10 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 SoccerItalian, Spanish and English premier soccer leagues ( )LeagueTeams with best on-field performanceTeams with highest player expenditureItalyJuventusLazioAC MilanInter MilanParmaSpainValenciaReal MadridBarcelonaDeportivo La CorunaReal BetisUKManchester UnitedChelseaArsenalLiverpoolArsenal Source: Grant 2005Superior 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 theatreWal-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 Effect4.0%18.7%8.1%Firm Effect45.8%36.0%35.8%
28 Sumberdaya Perusahaan BerwujudSumberdaya Keuangan – kas, piutang, kemampuan untuk mendapatkan pinjamanSumberdaya fisik – bangunan, fasilitas produksi, persediaan bahan baku dll> tercatat dalam laporan keuangan
29 Sumberdaya Perusahaan Sumberdaya tidak berwujudInformasi: 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 citizenSumberdaya 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)
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)
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!
38 Valuable Rare Conditions for CA What is Strategy?Conditions for CAValuableThe resource/capability must create value (see Week 3)RareUnless 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 CAInimitableCompetitors 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 inimitabilityCodifiedKnowledgeTacitKnowledgeKNOWLEDGE SPECTRUMCodified 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 inimitabilityTacit knowledge…… is path dependent… tends to be causally ambiguous… tends to be socially complex Resources/capabilities with tacit knowledge componentsare difficult to imitate!
42 Conditions for Sustainable CA What is Strategy?Conditions for Sustainable CANon-Substitutable (or “Difficult to substitute”)Resource/capability must not have a (non-rare) substituteE.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 CAIs the Resource/Capability…Valuable?Rare?Inimitable andNon-substitutable?Implications for CANo*Comp. DisadvantageYesComp. ParityTemporary CASustainable CA*…inconsequential (Yes or No)Source: adapted from Barney (1991)
44 What is Strategy?AppropriabilityIn 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/CapabilitiesCochlear’s product innovation capabilityToyota’s “lean manufacturing” capabilityCisco’s capability in integrating acquired companiesMacquarie 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) parityExclusive purchase: we are likely to pay “full” price, i.e. the purchase price reflects the value-creating potential of the resource/capabilityDistinctive 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 capabilitiesWhen 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 capabilitiesEven 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 inertiaAccessing 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