Diversificação de estratégia corporativa e empresa multinacional

ESTRATÉGIA CORPORATIVA Diversificação e Multibusiness.

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Apresentação em tema: "ESTRATÉGIA CORPORATIVA Diversificação e Empresa Multibusiness" - Transcrição da apresentação:

1 ESTRATÉGIA CORPORATIVA Diversificação e Multibusiness.

CAPÍTULO 8 ESTRATÉGIA CORPORATIVA Diversificação e Empresa Multinacional.

2 Entenda quando e como a diversificação de negócios pode aumentar o valor para os acionistas.

Obter uma compreensão de como as estratégias de diversificação relacionadas podem produzir um ajuste estratégico entre negócios capaz de proporcionar vantagem competitiva. Fique ciente dos méritos e riscos das estratégias corporativas relacionadas à diversificação não relacionada. Obtenha o comando das ferramentas analíticas para avaliar a estratégia de diversificação de uma empresa. Entenda as quatro principais opções de estratégia corporativa de uma empresa diversificada para solidificar sua estratégia de diversificação e melhorar o desempenho da empresa.

3 O QUE CRAFTING A DIVERSIFICATION STRATEGY ENTAIL?

Passo 1 Escolher novas indústrias para entrar e decidir sobre os meios de entrada. Etapa 2 Buscar oportunidades para alavancar os relacionamentos entre cadeias de valor de negócios e o encaixe estratégico em vantagem competitiva. Etapa 3 Estabelecer prioridades de investimento e direcionar recursos corporativos para as unidades de negócios mais atraentes. Etapa 4 Iniciando ações para impulsionar o desempenho combinado da coleção de empresas da cooperação. 3

4 OPÇÕES DE DIVERSIFICAÇÃO ESTRATÉGICA.

Ficar de perto com a linha de negócios existente e buscar oportunidades apresentadas por essas empresas. Ampliando o escopo atual de diversificação, inserindo indústrias adicionais. Desinvestindo algumas empresas e recuando para uma coleção mais restrita de negócios diversificados com melhores perspectivas de desempenho geral. Reestruturação de toda a empresa, desinvestindo alguns negócios e adquirindo outros para colocar uma nova cara na linha de negócios da empresa.

5 QUANDO A DIVERSIFICAÇÃO EMPRESARIAL SE TORNA CONSIDERADA.

Uma empresa deve considerar a diversificação quando: Ela pode se expandir em negócios cujas tecnologias e produtos complementam seus negócios atuais. Seus recursos e capacidades podem ser usados ​​como ativos competitivos valiosos em outros negócios. Os custos podem ser reduzidos por compartilhamento entre empresas ou transferência de recursos e recursos. Transferir uma marca forte para os produtos de outras empresas ajuda a aumentar as vendas e os lucros dessas empresas.

6 CONSTRUINDO O VALOR DO ACIONISTA: A JUSTIFICAÇÃO FINAL PARA DIVERSIFICAR.

Testando se a diversificação agregará valor de longo prazo para os acionistas O teste de atratividade do setor O teste de custo de entrada O teste de melhor desempenho.

7 TESTE SE A DIVERSIFICAÇÃO ADICIONE VALOR AOS ACIONISTAS.

O Teste de Atratividade: Os lucros e o retorno sobre o investimento da indústria são tão bons ou melhores do que os atuais negócios? O custo do teste de entrada: O custo de superar barreiras de entrada é tão grande a ponto de retardar ou reduzir o potencial de lucratividade? O teste de melhor desempenho: quanto de sinergia (desempenho geral mais forte) será obtido pela diversificação na indústria?

8 Criar valor agregado para os acionistas por meio da diversificação requer a construção de uma empresa multibusiness onde o todo seja maior que a soma de suas partes - um resultado conhecido como sinergia.

9 MELHOR PERFORMANCE ATRAVÉS DA SINERGIA.

A empresa A adquire a empresa B em outro setor. Os lucros de A e B não são maiores do que o que cada empresa poderia ter ganho sozinha. Sem Sinergia (1 + 1 = 2) Avaliando o Potencial de Sinergia através da Empresa de Diversificação A adquire a Empresa C em outra indústria. Os lucros de A e C são maiores do que o que cada empresa poderia ganhar sozinha. Sinergia (1 + 1 = 3)

10 ABORDAGENS PARA DIVERSIFICAR A LINHA DE NEGÓCIOS.

Diversificação em novos negócios Aquisição de um negócio existente Novo empreendimento interno (start-up) Joint venture.

11 DIVERSIFICAÇÃO POR AQUISIÇÃO DE UM NEGÓCIO EXISTENTE.

Vantagens: Entrada rápida em uma indústria Barreiras à entrada evitadas Acesso a recursos e capacidades complementares Desvantagens: Custo de aquisição - pagar um prêmio por uma empresa bem-sucedida ou buscar uma barganha na empresa em dificuldades Custos subestimados para integrar a empresa adquirida Superestimando o potencial da aquisição entregar valor agregado ao acionista.

12 Um prêmio de aquisição é o valor pelo qual o preço oferecido excede o valor de mercado de pré - quisição da empresa alvo.

Entrando em uma nova linha de negócios através do desenvolvimento interno.

Vantagens do desenvolvimento de novos empreendimentos: evita armadilhas e custos incertos de aquisição. Permite a entrada em uma indústria nova ou emergente, onde não há candidatos à aquisição disponíveis. Desvantagens do Intraempreendedorismo: Deve superar as barreiras de entrada do setor. Requer investimentos extensivos no desenvolvimento de capacidades de produção e capacidades competitivas. Pode falhar devido à resistência organizacional interna à mudança e inovação.

14 O empreendimento corporativo (ou desenvolvimento de novos empreendimentos) é o processo de desenvolvimento de novos negócios como uma conseqüência das operações comerciais estabelecidas pela empresa. É também referido como empreendedorismo corporativo ou intra-empreendedorismo, uma vez que requer qualidades semelhantes às de um empreendedor dentro de uma empresa maior.

15 QUANDO ENGAJAR NO DESENVOLVIMENTO INTERNO.

Disponibilidade de habilidades e recursos internos Tempo suficiente para desenvolver e lançar negócios O custo de aquisição é maior do que a entrada interna A capacidade adicional não afetará o equilíbrio entre oferta e demanda Baixa resistência das empresas estabelecidas à entrada no mercado Nenhuma concorrência direta na indústria-alvo Fatores que favorecem o desenvolvimento interno.

16 QUANDO ENVOLVER EM UM EMPREENDIMENTO COMUM.

A oportunidade é muito complexa, antieconômica ou arriscada para uma empresa sozinha? Avaliando o potencial de uma joint venture A oportunidade requer uma gama mais ampla de competências e know-how do que a empresa agora possui? A oportunidade envolverá operações em um país que exige que as empresas estrangeiras tenham uma minoria local ou um sócio majoritário?

17 DIVERSIFICAÇÃO POR EMPREENDIMENTO CONJUNTO.

As joint ventures são vantajosas quando há oportunidades de diversificação: são muito grandes, complexas, antieconômicas ou arriscadas para uma empresa sozinha. Exigir uma gama mais ampla de competências e know-how do que uma empresa possui ou pode desenvolver rapidamente. Está localizado em um país estrangeiro que exige participação e / ou propriedade do parceiro local.

18 DIVERSIFICAÇÃO POR EMPREENDIMENTO CONJUNTO (continuação)

As joint ventures têm o potencial de desenvolver sérios inconvenientes devido a: Objetivos conflitantes e expectativas dos parceiros de empreendimentos. Desentendimentos entre ou entre parceiros de empreendimentos sobre a melhor forma de operar o empreendimento. Conflitos culturais entre e entre os parceiros. O empreendimento se dissolve quando um dos parceiros do empreendimento decide seguir seu próprio caminho.

19 ESCOLHENDO UM MODO DE ENTRADA DE MERCADO.

A Questão dos Recursos e Capacidades Críticas A empresa possui recursos e capacidades para o desenvolvimento interno? A questão das barreiras de entrada Existem barreiras de entrada a serem superadas? A Questão da Velocidade A velocidade da essência nas chances da empresa para uma entrada bem-sucedida? A Questão do Custo Comparativo Qual é o modo de entrada menos dispendioso, dados os objetivos da empresa?

20 Custos de transação são os custos de concluir um acordo comercial ou algum tipo de transação, além do preço do negócio. Eles podem incluir os custos de busca por uma meta atraente, os custos de avaliação de seu valor, os custos de barganha e os custos de concluir a transação.

21 ESCOLHENDO O CAMINHO DA DIVERSIFICAÇÃO: RELACIONADO COM NEGÓCIOS NÃO RELACIONADOS.

Qual caminho de diversificação a seguir? Negócios relacionados Negócios não relacionados Empresas relacionadas e não relacionadas.

22 As empresas relacionadas possuem correspondências valiosas entre transações de valor e recursos entre empresas.

As empresas não relacionadas têm cadeias de valores e requisitos de recursos diferentes, sem relacionamentos inter-negócios competitivamente importantes no nível da cadeia de valor.

23 ESCOLHENDO O CAMINHO DA DIVERSIFICAÇÃO: RELACIONADO COM NEGÓCIOS NÃO RELACIONADOS.

Ter competições valiosas de cadeia de valores e de recursos entre empresas de forma competitiva. Negócios não relacionados Possuem cadeias de valores e requisitos de recursos diferentes, sem relacionamentos inter-negócios competitivamente importantes no nível da cadeia de valor.

24 O ajuste estratégico existe sempre que uma ou mais atividades que constituem as cadeias de valor de diferentes empresas sejam suficientemente semelhantes para apresentar oportunidades de compartilhamento entre empresas ou transferência de recursos e capacidades que permitam essas atividades.

25 DIVERSIFICANDO EM NEGÓCIOS RELACIONADOS.

Oportunidades estratégicas: transferir conhecimentos especializados, know-how tecnológico ou outros recursos e capacidades da cadeia de valor de uma empresa para outra. Compartilhamento de custos entre empresas, combinando suas atividades de cadeia de valor relacionadas em uma única operação. Explorando o uso comum de uma marca bem conhecida. Compartilhamento de outros recursos (além de marcas) que suportam as atividades correspondentes da cadeia de valor nos negócios.

26 Perseguindo Diversificação Relacionada.

A diversificação relacionada envolve compartilhar ou transferir recursos e recursos especializados. Recursos e Recursos Especializados Possuem aplicativos muito específicos e seu uso é limitado a uma faixa restrita de tipos de indústria e negócios.

27 Recursos Especializados versus Recursos e Recursos Generalizados.

Os recursos e recursos especializados têm aplicativos muito específicos e seu uso é limitado a uma faixa restrita de tipos de indústria e negócios. Alavancada na diversificação relacionada Recursos e recursos generalizados podem ser amplamente aplicados e podem ser implantados em uma ampla variedade de tipos de indústria e negócios. Alavancada em diversificação não relacionada e relacionada.

28 FIGURA 8.1 Negócios Relacionados Proporcionam Oportunidades para Beneficiar de Encaixe Estratégico Competitivamente Valioso.

29 IDENTIFICANDO FITAS ESTRATÉGICAS EM CRUZAMENTO AO LONGO DA CADEIA DE VALOR.

Atividades de P & D e Tecnologia Atividades da Cadeia de Abastecimento Atividades Relacionadas à Produção Atividades Relacionadas à Distribuição Atividades de Atendimento ao Cliente Atividades de Vendas e Marketing Potenciais Ajustes entre Negócios.

30 AJUSTE ESTRATÉGICO, ECONOMIAS DE ESCOPO E VANTAGEM COMPETITIVA.

Usando Economias de Escopo para Converter Encaixe Estratégico em Vantagem Competitiva Transferindo habilidades especializadas e generalizadas e / ou conhecimento Combinando atividades de cadeia de valor relacionadas para alcançar custos mais baixos Aproveitando marcas e outros recursos de diferenciação Usando colaboração entre empresas e compartilhamento de conhecimento.

31 Economias de escopo são reduções de custo decorrentes da operação em múltiplos negócios (um escopo maior de operação). As economias de escala advêm de uma operação de tamanho maior.

32 ECONOMIAS DE ESCOPO DIFEREM DAS ECONOMIAS DE ESCALA.

São as reduções de custos que fluem do compartilhamento de recursos entre empresas nas atividades dos vários negócios de uma empresa. Economias de Escala Acumular quando os custos unitários são reduzidos devido ao aumento da produção de operações de maior porte de uma empresa.

33 DA ADEQUAÇÃO ESTRATÉGICA À VANTAGEM COMPETITIVA, À RENTABILIDADE ADICIONADA E AOS GANHOS NO VALOR DOS ACIONISTAS.

Capturando os Benefícios Transversais da Diversificação Relacionada Cria mais valor para o acionista do que possuir um portfólio de ações Só é possível através de uma estratégia de diversificação relacionada Fornece valor na aplicação de recursos e recursos especializados Requer que a administração tome ações internas para realizá-los.

34 A diversificação em negócios relacionados onde benefícios estratégicos valiosos e competitivos podem ser capturados coloca os negócios de uma empresa em posição de ter um desempenho financeiro melhor como parte da empresa do que poderiam ter desempenhado como empresas independentes, proporcionando assim um caminho claro para aumentar o valor do acionista e satisfazer o melhor teste.

35 DIVERSIFICAÇÃO EM EMPRESAS NÃO RELACIONADAS.

Pode atender às metas corporativas de lucratividade e retorno do investimento? Avaliando a aquisição de um novo negócio ou o desinvestimento de um negócio existente É em uma indústria com lucros atraentes e potenciais de crescimento? É grande o suficiente para contribuir significativamente para a lucratividade da matriz?

36 CONSTRUÇÃO DE VALOR ACIONISTA VIA DIVERSIFICAÇÃO INDEPENDENTE.

Usando uma Estratégia de Diversificação Não Relacionada para Perseguir o Valor Parenting Corporativo Astuto por Gerenciamento Alocação de Recursos Financeiros Cross-Business Aquisição e Reestruturação de Empresas Subestimadas.

37 CONSTRUÇÃO DE VALOR ACIONISTA VIA DIVERSIFICAÇÃO INDEPENDENTE.

Parenting corporativo Astute pela gerência Fornecer a liderança, a supervisão, a perícia, ea orientação. Fornecer recursos generalizados ou parentais que diminuam os custos operacionais e aumentem a eficiência da UEN. Alocação inter-empresarial de recursos financeiros Servir como mercado de capitais interno. Alocar fluxos de caixa excedentes de empresas para financiar as necessidades de capital de outras empresas. Aquisição e reestruturação de empresas subvalorizadas Adquira empresas com desempenho fraco a preços de barganha. Use recursos de parada para reestruturá-los para aumentar seu desempenho e lucratividade.

38 Parentesco corporativo refere-se ao papel que uma corporação diversificada desempenha ao nutrir seus negócios componentes por meio do fornecimento de experiência de alta gerência, controle disciplinado, recursos financeiros e outros tipos de recursos e recursos generalizados, como sistemas de planejamento de longo prazo e habilidades de desenvolvimento de negócios. , processos de desenvolvimento gerencial e sistemas de incentivo.

39 Uma empresa diversificada tem uma vantagem parental quando é mais capaz do que outras empresas de impulsionar o desempenho combinado de seus negócios individuais através de orientação de alto nível, supervisão geral e outras contribuições de nível corporativo.

40 Uma marca guarda-chuva é uma marca corporativa que pode ser aplicada a uma grande variedade de tipos de negócios. Como tal, é um recurso generalizado que pode ser aproveitado na diversificação não relacionada.

41 Reestruturação refere-se à revisão e simplificação das atividades de um negócio - combinando plantas com excesso de capacidade, vendendo ativos subutilizados, reduzindo gastos desnecessários e melhorando a produtividade e a rentabilidade da empresa.

42 Negociar preços de aquisição favoráveis.

O CAMINHO PARA O MAIOR VALOR DO ACIONISTA ATRAVÉS DA DIVERSIFICAÇÃO INDEPENDENTE Diversificar em negócios que podem produzir consistentemente bons rendimentos e retornos sobre o investimento O teste de atratividade Ações tomadas pela alta gerência para criar valor e obter uma vantagem parental Negociar preços de aquisição favoráveis ​​O teste de custo de entrada Fornecer supervisão gerencial e compartilhamento de recursos, alocação de recursos financeiros e gerenciamento de portfólio e reestruturação de negócios com baixo desempenho. O melhor teste.

43 O DRAWBACK DE DIVERSIFICAÇÃO INDEPENDENTE.

Perseguindo uma Estratégia de Diversificação Não Relacionada Exigindo Requisitos Gerenciais Monitorando e mantendo a vantagem parental.

44 RAZÕES MISCIDAS PARA PERSEGUIR A DIVERSIFICAÇÃO NÃO RELACIONADA.

Buscando uma redução do risco de investimento empresarial Buscando um crescimento rápido ou contínuo por si só Buscando a estabilização para evitar oscilações cíclicas nas empresas Perseguindo motivos gerenciais pessoais Pobre Racionais para a diversificação não relacionada.

45 Somente o crescimento lucrativo - o tipo que resulta da criação de valor agregado para os acionistas - pode justificar uma estratégia de diversificação não relacionada.

46 COMBINAÇÕES DE ESTRATÉGIAS DE DIVERSIFICAÇÃO NÃO RELACIONADAS.

Associações de Carteiras de Negócios Relacionadas e Não-Relacionadas Empresas de Negócios Dominantes Empresas Estreitamente Diversificadas Empresas Amplamente Diversificadas Empresas Multibusiness.

47 ESTRUTURAS DE COMBINAÇÃO EMPRESAS DIVERSIFICADAS NÃO RELACIONADAS.

Empresas de Negócios Dominantes Possuem uma grande firma “central” que responde por 50 a 80% do total das receitas e por uma coleção de pequenas empresas relacionadas ou não relacionadas, responsáveis ​​pelo restante. Empresas Estreitamente Diversificadas São compostas por algumas empresas relacionadas ou não relacionadas. Empresas amplamente diversificadas Possuem uma ampla variedade de negócios relacionados, negócios não relacionados ou uma mistura de ambos. Empresas Multibusiness Possui um portfólio de negócios composto por vários grupos não relacionados de negócios relacionados.

48 AVALIANDO A ESTRATÉGIA DE UMA EMPRESA DIVERSIFICADA.

Estratégia diversificada Atratividade das indústrias Força das unidades de negócios Ajuste estratégico entre empresas Ajuste dos recursos da empresa Alocação de recursos Novos movimentos estratégicos.

49 AVALIANDO A ESTRATÉGIA DE UMA EMPRESA DIVERSIFICADA.

Avaliar a atratividade das indústrias em que a empresa se diversificou, tanto individualmente quanto em grupo. Avaliar a força competitiva das unidades de negócios da empresa em seus respectivos setores. Avaliar a extensão do ajuste estratégico entre negócios ao longo das cadeias de valor das várias unidades de negócios da empresa. Verificar se os recursos da empresa se encaixam nos requisitos de sua linha de negócios atual. Classificando as perspectivas de desempenho das empresas do melhor para o pior e determinando uma prioridade para a alocação de recursos. Elaboração de movimentos estratégicos para melhorar o desempenho corporativo.

50 FIGURA 8.2 Três alternativas de estratégia para buscar a diversificação.

51 PASSO 1: AVALIANDO A ATRATIVIDADE DA INDÚSTRIA.

Quão atraentes são as indústrias em que a empresa tem operações de negócios? Cada indústria representa um bom mercado para a empresa? Quais indústrias são mais atraentes e quais são as menos atraentes? Quão atraente é todo o grupo de indústrias?

52 PRINCIPAIS INDICADORES DA ATRATIVIDADE DA INDÚSTRIA.

Fatores sociais, políticos, regulatórios e ambientais Fatores sazonais e cíclicos Incerteza na indústria e risco do negócio Tamanho do mercado e taxa de crescimento projetada Rentabilidade da indústria A intensidade da competição entre rivais do mercado Oportunidades e ameaças emergentes.

53 CÁLCULO DA ATRATIVIDADE DA INDÚSTRIA A PARTIR DA PERSPECTIVA DE MULTIBILIDADE.

A Questão do Encaixe Estratégico entre Indústrias Qual é o grau de adequação da cadeia de valor e dos requisitos de recursos do setor com as atividades da cadeia de valor de outras indústrias nas quais a empresa opera? A questão dos requisitos de recursos Os requisitos de recursos para uma indústria correspondem aos requisitos da empresa controladora ou estão dentro do alcance da empresa?

54 CÁLCULO DE PONTUAÇÕES DE ATRATIVIDADE NA INDÚSTRIA.

Decidir sobre pesos apropriados para as medidas de atratividade do setor. Avaliando a Atratividade da Indústria Obter conhecimento suficiente da indústria para atribuir classificações precisas e objetivas. Se usar pesos diferentes para diferentes unidades de negócios sempre que a importância das medidas de resistência difere significativamente de empresa para empresa.

55 TABELA 8.1 Cálculo dos Índices Ponderados de Atratividade da Indústria.

Lembre-se: Quanto mais intensamente competitiva for uma indústria, menor será a classificação de atratividade para essa indústria! [Escala de classificação: 1 = muito pouco atraente para a empresa; 10 = muito atraente para a empresa.]

56 ETAPA 2: AVALIAÇÃO DA FORÇA COMPETITIVA DA UNIDADE DE NEGÓCIO.

Participação de mercado relativa Custos relativos aos custos dos concorrentes Capacidade de igualar ou superar rivais em atributos-chave do produto Imagem e reputação da marca Outros recursos e capacidades valiosos competitivos e parcerias e alianças com outras empresas Benefícios da adequação estratégica com outros negócios da empresa Alavancagem de alavancagem com fornecedores-chave ou Rentabilidade dos clientes em relação aos concorrentes.

57 O uso da participação de mercado relativa para medir a força competitiva é analiticamente superior ao uso de participação de mercado em percentual linear. A participação de mercado relativa é a razão entre a participação de mercado de uma unidade de negócios e a participação de mercado de sua maior rival no setor, medida em volumes unitários, não em dólares.

58 TABELA 8.2 Cálculo das Pontuações de Força Competitiva Ponderada para as Unidades de Negócios de uma Empresa Diversificada [Escala de classificação: 1 = muito fraca; 10 = muito forte.]

59 FIGURA 8.3 Uma Atratividade da Indústria de Nove Células - Matriz de Força Competitiva Star Cash cow Observação: Os tamanhos dos círculos são dimensionados para refletir a porcentagem de receita gerada pela unidade de negócios em toda a empresa.

60 ETAPA 3: DETERMINANDO O VALOR COMPETITIVO DE AJUSTE ESTRATÉGICO EM EMPRESAS DIVERSIFICADAS.

Avaliar o grau de adequação estratégica em seus negócios é fundamental para avaliar a estratégia de diversificação relacionada de uma empresa. O verdadeiro teste de uma estratégia de diversificação é o grau de valor competitivo que pode ser gerado a partir do ajuste estratégico.

Quanto maior o valor da adequação estratégica entre empresas no aprimoramento do desempenho de uma empresa no mercado ou no resultado final, mais competitiva é sua estratégia de diversificação relacionada.

62 FIGURA 8.4 Identificando o potencial de vantagem competitiva do ajuste estratégico entre negócios.

63 Uma firma diversificada exibe ajuste de recursos quando seus negócios aumentam as forças de recursos gerais de uma empresa e têm requisitos de recursos correspondentes e / ou quando a empresa matriz possui recursos corporativos adequados para suportar as necessidades de seus negócios e agregar valor.

64 PASSO 4: VERIFICAÇÃO DE RECURSOS FIT.

Ajuste do recurso financeiro Estado do mercado de capitais interno Usando a abordagem de portfólio: Porcos em dinheiro precisam de caixa para se desenvolver. Vacas em dinheiro geram excesso de caixa. As empresas da Star são auto-suficientes. Seqüência de sucesso: Porco em dinheiro  Estrela  Vaca de dinheiro.

65 Um negócio de “vaca leiteira” gera fluxos de caixa para além dos seus requisitos internos, proporcionando, assim, a uma empresa-mãe, fundos para investir em negócios financeiros, financiar novas aquisições ou pagar dividendos.

66 Um negócio de suínos em dinheiro gera fluxos de caixa que são muito pequenos para financiar totalmente suas operações e crescimento e requer infusões de caixa para fornecer capital de giro adicional e financiar novos investimentos de capital.

67 Um forte mercado interno de capitais permite que uma firma diversificada agregue valor, transferindo capital das unidades de negócios, gerando fluxo de caixa livre para aqueles que precisam de capital adicional para expandir e realizar seu potencial de crescimento.

68 PASSO 4: VERIFICAÇÃO DE RECURSOS FIT.

Ajuste de recursos não financeiros A empresa tem (ou pode desenvolver) recursos e recursos específicos necessários para ter sucesso em cada um de seus negócios? Os recursos da empresa estão sendo sobrecarregados pelos requisitos de recursos de um ou mais de seus negócios?

69 Uma abordagem de portfólio para garantir a adequação financeira entre os negócios de uma empresa baseia-se no fato de que diferentes empresas têm diferentes características de fluxo de caixa e investimento.

70 PASSO 5: RANKING BUSINESS UNITS E ATRIBUIÇÃO DE UMA PRIORIDADE PARA A ALOCAÇÃO DE RECURSOS.

Ranking Fatores: Crescimento das vendas Crescimento dos lucros Contribuição para os lucros da empresa Retorno sobre o capital investido no negócio Fluxo de caixa Direcione os recursos para as unidades de negócios com as melhores perspectivas de lucro e crescimento e sólida adequação estratégica e de recursos.

71 FIGURA 8.5 As principais opções estratégicas e financeiras para a alocação de recursos financeiros de uma empresa diversificada.

72 PASSO 6: CRIAR NOVOS MOVIMENTOS ESTRATÉGICOS PARA MELHORAR O DESEMPENHO CORPORATIVO GERAL.

Opções estratégicas para uma empresa que já é diversificada Fique com a linha de negócios existente Amplie a base de diversificação com novas aquisições Descarte e reduza a uma infra-estrutura de base de diversificação mais estreita por meio de desinvestimentos e aquisições.

73 FIGURA 8.6 As quatro principais alternativas estratégicas de uma empresa depois que ela se diversifica.

74 AMPLIAR A BASE DE NEGÓCIOS DE UMA EMPRESA DIVERSIFICADA.

Fatores que motivam a adição de negócios: a transferência de recursos e capacidades para negócios relacionados ou complementares. Rapidamente mudando tecnologia, legislação ou inovações de novos produtos nos principais negócios. Fortalecer a posição de mercado e as capacidades competitivas dos atuais negócios da empresa. Extensão do escopo das operações da empresa em outros mercados de países.

75 DIVISÃO DE EMPRESAS E RECUPERAÇÃO DE UMA BASE DE DIVERSIFICAÇÃO DE ESTREITOS.

Fatores que motivam as alienações de negócios: Melhoria do desempenho a longo prazo, concentrando-se em posições mais fortes em menos empresas e setores principais. Os negócios agora estão em uma indústria outrora atraente, onde as condições do mercado pioraram bastante. As empresas não conseguiram ter o desempenho esperado e nem estão em condições culturais, estratégicas ou de recursos. Os negócios se tornaram mais valiosos se vendidos a outra empresa ou como uma empresa independente.

76 Um spinoff é uma empresa independente criada quando uma controladora privada desmembra uma empresa, distribuindo aos seus acionistas novas ações dessa empresa.

77 CÁPSULA DE ILUSTRAÇÃO 8.1 Gerenciando a Diversificação na Johnson & Johnson: Os Benefícios do Encaixe Estratégico Entre Negócios O que o crescimento em receitas e lucros revela sobre o sucesso da diversificação da J & J através da estratégia de aquisição? Até que ponto a descentralização é necessária quando se busca um ajuste estratégico entre empresas? O que a J & J deve fazer para garantir o sucesso contínuo de sua estratégia de diversificação?

78 As empresas diversificadas precisam desmembrar empresas de baixo desempenho ou negócios que não se ajustam para se concentrar na expansão dos negócios existentes e entrar em novos, onde as oportunidades são mais promissoras.

79 REESTRUTURAÇÃO DE UMA LINHA DE NEGÓCIOS DE UMA EMPRESA DIVERSIFICADA.

Fatores que levam à reestruturação corporativa: um sério descompasso entre os recursos e as capacidades da empresa e o tipo de diversificação que ela perseguiu. Muitas empresas em setores de crescimento lento, em declínio, com baixa margem de lucro ou de outra forma não atraentes. Muitas empresas competitivamente fracas. Quedas contínuas nas quotas de mercado das principais unidades de negócio que são vítimas de concorrentes mais experientes no mercado. Uma dívida excessiva com custos de juros que afetam profundamente a lucratividade. Aquisições mal escolhidas que não corresponderam às expectativas.

80 A reestruturação em toda a empresa (reestruturação corporativa) envolve grandes mudanças em uma empresa diversificada, desinvestindo alguns negócios e / ou adquirindo outros, de modo a colocar uma nova cara na linha de negócios da empresa.

81 CÁPSULA DE ILUSTRAÇÃO 8.2 Crescimento através da Reestruturação na Kraft Foods A estratégia de reestruturação corporativa da Kraft Food está estreitando ou ampliando sua base de diversificação? Como a reestruturação ajudará a garantir que a Kraft Foods esteja melhor preparada para se adaptar às mudanças nas condições de mercado do que seus concorrentes? Quais ações a Kraft Foods tomou depois de fazer aquisições para garantir o sucesso dessas aquisições?

MGT 499 Ch. 8: Estratégia Corporativa: Diversificação e Empresa Multibusiness.

Etapa 2: Buscar oportunidades para alavancar os relacionamentos entre cadeias de valor de negócios e o encaixe estratégico em vantagem competitiva.

Etapa 3: Estabelecer prioridades de investimento e direcionar os recursos corporativos para as unidades de negócios mais atraentes.

Etapa 4: Iniciando ações para melhorar o desempenho combinado.

da colecção de empresas da cooperação.

& gt; Ampliando o escopo atual da diversificação, inserindo setores adicionais.

& gt; Desinvestir algumas empresas e recuar para uma coleção mais restrita de negócios diversificados com melhores perspectivas de desempenho geral.

& gt; Reestruturação de toda a empresa, desinvestindo alguns negócios e adquirindo outros para colocar uma nova cara na linha de negócios da empresa.

Blackman 闪电 侠.

ESTRATÉGIA CORPORATIVA: DIVERSIFICAÇÃO E A EMPRESA MULTIUSO.

1. A tarefa de elaborar uma estratégia corporativa para uma empresa diversificada engloba A. escolher as novas indústrias para entrar e decidir sobre os meios de entrada. B. iniciar ações para impulsionar o desempenho combinado dos negócios nos quais a empresa entrou. Persigindo oportunidades para alavancar relacionamentos entre cadeias de valor de negócios e ajustes estratégicos em vantagem competitiva. D. estabelecer prioridades de investimento e direcionar os recursos corporativos para as unidades de negócios mais atraentes. E. Todos estes.

2. Qual dos seguintes não é um dos elementos da elaboração da estratégia corporativa para uma empresa diversificada? A. Escolhendo novas indústrias para entrar e decidir sobre os meios de entrada B. Escolhendo a cadeia de valor apropriada para cada negócio que a empresa entrou C. Buscando oportunidades para alavancar relacionamentos de cadeia de valor entre negócios e ajustes estratégicos em vantagem competitiva D. Estabelecendo investimento prioridades e direcionar os recursos corporativos para as unidades de negócios mais atraentes E. Iniciar ações para impulsionar o desempenho combinado dos negócios nos quais a empresa ingressou.

3. A diversificação merece consideração sempre que uma empresa única A. se integra para trás e para a frente tanto quanto possível. B. enfrenta a diminuição das oportunidades de mercado e a estagnação das vendas em seus principais negócios. C. conquistou a liderança da indústria em sua principal linha de negócios. D. encontra lucros decrescentes em seu negócio principal. E. enfrenta forte concorrência e está lutando para obter um bom lucro.

4. A diversificação torna-se uma opção estratégica relevante quando a empresa A. identifica oportunidades para se expandir em setores cujas tecnologias e produtos complementam seus negócios atuais. B. pode alavancar as competências e capacidades existentes, expandindo-se para indústrias nas quais os mesmos pontos fortes de recursos são fatores-chave de sucesso e ativos competitivos valiosos. C. tem uma marca poderosa e bem conhecida que pode ser transferida para os produtos de outras empresas e, portanto, usada como alavanca para aumentar as vendas e os lucros de tais empresas. D. pode abrir novos caminhos para reduzir custos, diversificando em negócios estreitamente relacionados. E. Todos estes.

5. Diversificação deve ser considerada quando A. lucros de uma empresa estão sendo espremidos e ele precisa aumentar suas margens de lucro líquido e retorno sobre o investimento. B. uma empresa não possui vantagem competitiva sustentável em seus negócios atuais. C. uma empresa começa a encontrar perspectivas de crescimento decrescentes em seu negócio principal. D. uma empresa ficou sem maneiras de conseguir uma competência distinta em seu negócio atual. E. uma empresa está sob controle para criar uma cadeia de valor mais atraente e econômica.

6. A diversificação torna-se uma opção estratégica relevante em todos, mas em qual das seguintes situações? R. Quando uma empresa identifica oportunidades para expandir-se em setores cujas tecnologias e produtos complementam seus negócios atuais. B. Quando uma empresa está apenas ganhando uma margem de lucro baixa em seu negócio principal. C. Quando uma empresa tem uma marca poderosa e bem conhecida que pode ser transferida para os produtos de outras empresas e, portanto, usada como uma alavanca para aumentar as vendas e os lucros de tais empresas. D. Quando uma empresa pode abrir novos caminhos para reduzir custos, diversificando em negócios intimamente relacionados. E. Quando uma empresa pode alavancar as competências e capacidades existentes, expandindo-se para setores onde essas mesmas forças de recursos são fatores-chave de sucesso e ativos competitivos valiosos.

7. A diversificação em novos negócios só é justificável se A. resultar em maiores margens de lucro e maiores lucros totais. B. constrói valor para o acionista. C. ajuda uma empresa a escapar dos rigores da concorrência em seus negócios atuais. D. leva ao desenvolvimento de uma maior variedade de competências distintivas e capacidades competitivas. E. ajuda a empresa a superar as barreiras à entrada em mercados estrangeiros adicionais.

8. Para criar valor para os acionistas por meio da diversificação, a empresa precisa entrar em novos negócios lucrativos. B. diversificar em indústrias que estão crescendo rapidamente. C. espalhar seus riscos de negócios em vários setores, adquirindo apenas empresas que são fortes concorrentes em seus respectivos setores. D. diversificar-se em negócios que podem ter um desempenho melhor sob um único guarda-chuva corporativo do que poderiam operar como empresas autônomas e independentes. E. diversificar em negócios que têm fatores-chave de sucesso ou cadeias de valor semelhantes aos seus negócios atuais.

9. The three tests for judging whether a particular diversification move can create value for shareholders are A. the attractiveness test, the profitability test, and the shareholder value test. B. the strategic fit test, the competitive advantage test, and the return on investment test. C. the resource fit test, the profitability test, and the shareholder value test. D. the attractiveness test, the cost-of-entry test, and the better-off test. E. the shareholder value test, the cost-of-entry test, and the profitability test.

10. To test whether a particular diversification move has good prospects for creating added shareholder value, corporate strategists should use A. the profit test, the competitive strength test, the industry attractiveness test, and the capital gains test. B. the better-off test, the competitive advantage test, the profit expectations test, and the shareholder value test. C. the barrier to entry test, the competitive advantage test, the growth test, and the stock price effect test. D. the strategic fit test, the industry attractiveness test, the growth test, the dividend effect test, and the capital gains test. E. the attractiveness test, the cost of entry test, and the better-off test.

11. The attractiveness test for evaluating whether diversification into a particular industry is likely to build shareholder value involves determining whether A. conditions in the target industry are sufficiently attractive to permit earning consistently good profits and returns on investment. B. the potential diversification move will boost the company’s competitive advantage in its existing business. C. shareholders will view the contemplated diversification move as attractive. D. key success factors in the target industry are attractive. E. there are attractive strategic fits between the value chains of the company’s present businesses and the value chain of the new business it is considering entering.

12. The cost-of-entry test for evaluating whether diversification into a particular industry is likely to build shareholder value involves A. determining whether a newly entered business presents opportunities to cost-efficiently transfer competitively valuable skills or technology from one business to another. B. determining whether the cost to enter the target industry will strain the company’s credit rating. C. considering whether a company’s costs to enter the target industry are low enough to allow for good profits or so high that potential profits would be eroded. D. determining whether the cost to enter the target industry will raise or lower the company’s total profits. E. determining whether the cost a company incurs to enter the target industry will raise or lower production costs.

13. The better-off test for evaluating whether a particular diversification move is likely to generate added value for shareholders involves A. assessing whether the diversification move will make the company better off because it will produce a greater number of core competencies. B. assessing whether the diversification move will make the company better off by improving its balance sheet strength and credit rating. C. assessing whether the diversification move will make the company better off by spreading shareholder risks across a greater number of businesses and industries. D. evaluating whether the diversification move will produce a 1 + 1 = 3 outcome such that the company’s different businesses perform better together than apart and the whole ends up being greater than the sum of the parts. E. assessing whether the diversification move will benefit shareholders due to gains in earnings per share and faster stock price appreciation.

14. A company can best accomplish diversification into new industries by A. outsourcing most of the value chain activities that have to be performed in the target business/industry. B. acquiring a company already operating in the target industry, creating a new business subsidiary internally to compete in the target industry, or forming a joint venture with another company to enter the target industry. C. integrating forward or backward into the target industry. D. shifting from a strategic group comprised mostly of single-business companies to a strategic group comprised of diversified companies. E. employing an offensive strategy with new product innovation as its centerpiece.

15. The most popular strategy for entering new businesses and accomplishing diversification is A. forming a joint venture with another company to enter the target industry. B. internal startup. C. acquisition of an existing business already in the chosen industry. D. forming a strategic alliance with another company to enter the target industry. E. None of these—strategic alliances and joint ventures are equally popular and rank well ahead of acquisition and internal start-up in terms of frequency of use.

16. Acquisition of an existing business is an attractive strategy option for entering a promising new industry because it A. is an effective way to hurdle entry barriers, is usually quicker than trying to launch a brand-new start-up operation, and allows the acquirer to move directly to the task of building a strong position in the target industry. B. is less expensive than launching a new start-up operation, thus passing the cost-of-entry test. C. is a less risky way of passing the attractiveness test. D. is more likely to result in passing the shareholder value test, the profitability test, and the better-off test. E. offers the prospect of gaining an immediate competitive advantage in the new industry and thus helps ensure that the diversification move will pass the competitive advantage test for building shareholder value.

17. An acquisition premium is the amount by which the price offered for an existing business exceeds A. the pre-acquisition market value of the target company. B. the fair market value of similar companies in the same geographic locale. C. the comparable value of similar companies within the same market. D. the amount paid as a down payment to be held in escrow until closing. E. the difference between the amount that was offered and the amount that is escrowed.

18. Internal development of a new business subsidiary can be a more attractive means of entering a desirable new business than is acquiring an existing firm already in the targeted industry when A. the company has ample time and adequate resources to launch the new internal start-up business from the ground up. B. there is a small pool of desirable acquisition candidates. C. the target industry is growing rapidly and no good joint venture partners are available. D. all of the potential acquisition candidates are losing money. E. the target industry is comprised of several relatively large and well-established firms.

19. Which one of the following is not a factor that makes it appealing to diversify into a new industry by forming an internal start-up subsidiary to enter and compete in the target industry? A. When internal entry is cheaper than entry via acquisition. B. When a company possesses the skills and resources to overcome entry barriers and there is ample time to launch the business and compete effectively. C. When adding new production capacity will not adversely impact the supply demand balance in the industry by creating oversupply conditions. D. When the industry is growing rapidly and the target industry is comprised of several relatively large and well-established firms. E. When incumbent firms are likely to be slow or ineffective in combating a new entrant’s efforts to crack the market.

20. Diversifying into a new industry by forming a new internal subsidiary to enter and compete in the target industry is attractive when A. all of the potential acquisition candidates are losing money. B. it is impractical to outsource most of the value chain activities that have to be performed in the target business/industry. C. there is ample time to launch the new business from the ground up and entry barriers can be hurdled at acceptable cost. D. the company has built up a hoard of cash with which to finance a diversification effort. E. none of the companies already in the industry are attractive strategic alliance partners.

21. A joint venture is an attractive way for a company to enter a new industry when A. a firm is missing some essential skills or capabilities or resources and needs a partner to supply the missing expertise and competencies or fill the resource gaps. B. it needs access to economies of scope and good financial fits in order to be cost-competitive. C. it is uneconomical for the firm to achieve economies of scope on its own initiative. D. the firm has no prior experience with diversification. E. it has not built up a hoard of cash with which to finance a diversification effort.

22. A joint venture is an attractive way for a company to enter a new industry when A. the pool of attractive acquisition candidates in the target industry is relatively small. B. it needs better access to economies of scope in order to be cost-competitive. C. the industry is growing slowly and adding too much capacity too soon could create oversupply conditions. D. the firm has no prior experience with diversification and the industry is on the verge of explosive growth. E. the opportunity is too risky or complex for a company to pursue alone, a company lacks some important resources or competencies and needs a partner to supply them, and/or a company needs a local partner in order to enter a desirable business in a foreign country.

23. The answers to what questions relate to the choice on how best to enter a new business? A. Does the company have all of the resources and capabilities it requires to enter the business through internal development or is it lacking some critical resources? B. Are there entry barriers to overcome? C. Is speed an important factor in the firm’s chances for successful entry? D. Which is the least costly mode of entry, given the company’s objectives? E. All of these.

24. The transaction costs of completing a business agreement or deal of some sort, over and above the price of the deal can include A. the costs of searching for an attractive target. B. the costs of evaluating its worth. C. bargaining costs. D. the costs of completing the transaction. E. All of these.

25. The essential requirement for different businesses to be “related” is that A. their value chains possess competitively valuable cross-business relationships. B. the products of the different businesses are bought by much the same types of buyers. C. the products of the different businesses are sold in the same types of retail stores. D. the businesses have several key suppliers in common. E. the production methods that they employ both entail economies of scale.

26. Which of the following is an important appeal of a related diversification strategy? A. Related diversification is an effective way of capturing valuable financial fit benefits. B. Related diversification offers more competitive advantage potential than does unrelated diversification. C. Related diversification offers significant opportunities to strongly differentiate a company’s product offerings from those of rivals. D. Related diversification is more likely to pass the cost-of-entry test and the capital gains test than unrelated diversification. E. Related diversification is typically more profitable than unrelated diversification, which is a major factor in helping related diversification pass the attractiveness test.

27. Businesses are said to be “related” when A. they have several key suppliers and several key customers in common. B. their value chains have the same number of primary activities. C. their products are both sold through retailers. D. their value chains possess competitively valuable cross-business relationships that present opportunities to transfer resources from one business to another, combine similar activities and reduce costs, share use of a well-known brand name, and/or create mutually useful resource strengths and capabilities. E. many consumers buy the products/services of both businesses.

28. Which of the following is not one of the appeals of related diversification? A. It can offer opportunities for transferring expertise, technology, and other capabilities from one business to another. B. It can offer opportunities for reducing costs and for leveraging use of a competitively powerful brand name. C. Related diversification is particularly well-suited for the use of first-mover strategies and capturing valuable financial fits. D. It may present opportunities for cross-business collaboration to create valuable new competencies and capabilities. E. The relatedness among the different businesses provides sharper focus for managing diversification and a useful degree of strategic unity across the company’s various business activities.

29. Strategic fit between two or more businesses exists when one or more activities comprising their respective value chains present opportunities A. to transfer expertise or technology or capabilities from one business to another. B. for cross-business use of a common brand name. C. to lower costs by combining the performance of the related value chain activities of different businesses. D. for cross-business collaboration to build valuable new resource strengths and competitive capabilities. E. All of these.

30. One strategic fit-based approach to related diversification would be to A. diversify into new industries that present opportunities to transfer competitively valuable expertise, technological know-how, or other capabilities from one business to another. B. diversify into those industries where the same kinds of driving forces and competitive forces prevail, thus allowing use of much the same competitive strategy in all of the business a company is in. C. acquire rival firms that have broader product lines so as to give the company access to a wider range of buyer groups. D. acquire companies in forward distribution channels (wholesalers and/or retailers). E. expand into foreign markets where the firm currently does no business.

31. A company pursuing a related diversification strategy would likely address the issue of what additional industries/businesses to diversify into by A. locating businesses with well-known brand names and large market shares. B. identifying industries with the least competitive intensity. C. identifying an attractive industry whose value chain has good strategic fit with one or more of the firm’s present businesses. D. identifying businesses with the potential to diversify the number and types of different activities in the firm’s value chain make-up. E. locating new businesses with high degrees of financial fit with its present businesses.

32. The best place to look for cross-business strategic fit is A. in R&D and technology activities. B. in supply chain activities. C. in sales and marketing activities. D. in production and distribution activities. E. anywhere along the respective value chains of related businesses—no one place is best.

33. Cross-business strategic fits can be found A. in unrelated as well as related businesses and in the markets of foreign countries as well as in domestic markets. B. only in businesses whose products/services satisfy the same general types of buyer needs and preferences. C. mainly in either technology related activities or sales and marketing activities. D. chiefly in the R&D portions of the value chains of unrelated businesses. E. anywhere along the respective value chains of related businesses.

34. Which of the following statements about cross-business strategic fit in a diversified enterprise is not accurate? A. Strategic fit between two businesses exists when the management know-how accumulated in one business is transferable to the other. B. Strategic fit exists when two businesses present opportunities to economize on marketing, selling, and distribution costs. C. Competitively valuable cross-business strategic fits are what enable related diversification to produce a 1 + 1 = 3 performance outcome. D. Strategic fit is primarily a byproduct of unrelated diversification and exists when the value chain activities of unrelated businesses possess economies of scope and good financial fit. E. Strategic fit exists when a company can transfer its brand name reputation to the products of a newly acquired business and add to the competitive power of the new business.

35. What makes related diversification an attractive strategy is A. the ability to broaden the company’s product line. B. the opportunity to convert cross-business strategic fits into competitive advantages over business rivals whose operations don’t offer comparable strategic fit benefits. C. the potential for improving the stability of the company’s financial performance. D. the ability to serve a broader spectrum of buyer needs. E. the added capability it provides in overcoming the barriers to entering foreign markets.

36. Economies of scope A. are cost reductions that flow from operating in multiple related businesses. B. arise only from strategic fit relationships in the production portions of the value chains of sister businesses. C. are more associated with unrelated diversification than related diversification. D. are present whenever diversification satisfies the attractiveness test and the cost-of-entry test. E. arise mainly from strategic fit relationships in the distribution portions of the value chains of unrelated businesses.

37. Economies of scope A. stem from the cost-saving efficiencies of operating over a wider geographic area. B. have to do with the cost-saving efficiencies of distributing a firm’s product through many different distribution channels simultaneously. C. stem from cost-saving strategic fits along the value chains of related businesses. D. refer to the cost-savings that flow from operating across all or most of an industry’s value chain activities. E. arise from the cost-saving efficiencies of having a wide product line and offering customers a big selection of models and styles to choose from.

38. Which of the following best illustrates an economy of scope? A. Being able to eliminate or reduce costs by combining related value-chain activities of different businesses into a single operation B. Being able to eliminate or reduce costs by performing all of the value chain activities of related sister businesses at the same location C. Being able to eliminate or reduce costs by extending the firm’s scope of operations over a wider geographic area D. Being able to eliminate or reduce costs by expanding the size of a company’s manufacturing plants E. Being able to eliminate or reduce costs by having more value chain activities performed in-house rather than outsourcing them.

39. A big advantage of related diversification is that A. it offers ways for a firm to realize 1 + 1 = 3 benefits because the value chains of the different businesses present competitively valuable cross-business relationships. B. it is less capital intensive and usually more profitable than unrelated diversification. C. it involves diversifying into industries having the same kinds of key success factors. D. it is less risky than either vertical integration or unrelated diversification due to lower capital requirements. E. it passes the industry attractiveness test and thus offers the best route to 2 + 2 = 4 benefits.

40. A diversified company that leverages the strategic fits of its related businesses into competitive advantage A. has a distinctive competence in its related businesses. B. has a clear path to achieving 1 + 1 = 3 gains in shareholder value. C. has a clear path to global market leadership in the industries where it has related businesses. D. passes the value chain test and the profit expectations test for building shareholder value. E. achieves economies of scope and passes the reduced-costs test for crafting a diversification strategy capable of creating added shareholder value.

41. A strategy of diversifying into unrelated businesses A. is aimed at achieving good financial fit (whereas related diversification aims at good strategic fit). B. is the best way for a company to pass the attractiveness test in choosing which types of businesses industries to enter. C. discounts the importance of strategic fit benefits and instead focuses on building and managing a group of businesses capable of delivering good financial performance irrespective of the industries these businesses are in. D. concentrates on diversifying into businesses where a company can leverage use of a well-known brand name in ways that create added value for shareholders. E. generally offers more competitive advantage potential than related diversification.

42. The basic premise of unrelated diversification is that A. the least risky way to diversify is to seek out businesses that are leaders in their respective industry. B. the best companies to acquire are those that offer the greatest economies of scope rather than the greatest economies of scale. C. the best way to build shareholder value is to acquire businesses with strong cross-business financial fit. D. any company that can be acquired on good financial terms and that has satisfactory growth and earnings potential represents a good acquisition and a good business opportunity. E. the task of building shareholder value is better served by seeking to stabilize earnings across the entire business cycle than by seeking to capture cross-business strategic fits.

43. In diversified companies with unrelated businesses, the strategic attention of top executives tends to be focused on A. screening acquisition candidates and evaluating the pros and cons of keeping or divesting existing businesses. B. identifying acquisition candidates that can pass the better-off test. C. identifying opportunities to achieve greater economies of scope. D. identifying opportunities to acquire businesses that can benefit from using the parent company’s potent brand name. E. identifying acquisition candidates that can pass the capital gains test.

44. Which of the following is not likely to command much strategic attention from the top executives of companies pursuing an unrelated diversification strategy? A. Acquiring new businesses with attractive profit prospects B. Whether existing businesses should be retained or divested based on their ability to meet corporate targets for profit and returns on investment C. Looking for new businesses that present good opportunities for achieving economies of scope D. Identifying acquisition candidates that are financially distressed, can be acquired at a bargain price, and whose operations can, in management’s opinion, be turned around with the aid of the parent company’s financial resources and managerial know-how E. Identifying opportunities to acquire new businesses in industries with bright growth prospects.

45. A key issue in companies pursuing an unrelated diversification strategy is A. how wide a net to cast in building a portfolio of unrelated businesses. B. whether to keep or divest businesses whose technological approaches do not match the overall technology and R&D strategy of the corporation. C. how quickly to divest businesses whose competitive strategies do not closely match the competitive strategies of sister businesses. D. whether to build shareholder value via paying higher dividends or via actions aimed at increasing the company’s stock price. E. whether to acquire new businesses that offer potential for achieving greater economies of scope or businesses that offer potential for achieving greater economies of scale.

46. With an unrelated diversification strategy, the types of companies that make particularly acquisition targets are A. struggling companies with good turnaround potential, undervalued companies that can be acquired at a bargain price, and companies that have bright growth prospects but are short on investment capital. B. companies offering the biggest potential to reduce labor costs. C. cash cow businesses with excellent financial fit. D. companies that are market leaders in their respective industries. E. companies that are employing the same basic type of competitive strategy as the parent corporation’s existing businesses.

47. The success of unrelated diversification is dependent upon management’s ability to A. acquire new businesses that utilize much the same technology as existing businesses. B. divest businesses whose competitive strategies do not match the overall competitive strategy of the corporation. C. acquire new businesses having attractive distribution-related and customer-related strategic fits with existing businesses. D. spotting bargain-priced companies with big upside potential and then turning around their operations quickly with the aid of the parent company’s financial resources and managerial know-how. E. identify potential new acquisition candidates that are cash cows (as opposed to cash hogs).

48. One appealing aspect of unrelated diversification is that it A. expands a firm’s competitive advantage opportunities to include a wider array of businesses. B. spreads the business risk across a group of truly diverse industries. C. increases strategic fit opportunities and the potential for a 1 + 1 =3 outcome on the bottom line. D. results in having more cash cow businesses than cash hog businesses. E. facilitates capturing the financial fits among sister businesses (as compared to a strategy of related diversification).

49. Which of the following is not one of the appeals of an unrelated diversification strategy? A. The ability to spread business risk over truly diverse industries (as compared to related diversification which is limited to spreading risk only among businesses with strategic fit) B. An ability to employ the company’s financial resources to maximum advantage by investing in whatever industries/businesses offer the best profit prospects C. Superior top management ability to cope with the wide variety of problems encountered in managing a broadly diversified group of businesses D. A potential for achieving somewhat more stable corporate sales and profits over the course of economic upswings and downswings (to the extent the company diversifies into businesses whose ups and downs tend to occur at different times) E. The potential to grow shareholder value by investing in bargain-priced or struggling companies with big upside profit potential, turning their operations around fairly quickly with infusions of cash and managerial know-how, and then riding the crest of higher profitability.

50. A diversified company has a parenting advantage when A. it is more able than other companies to boost the combined performance of its individual businesses through high-level guidance, general oversight, and other corporate-level contributions. B. it is more able than other companies to create an extensive collaborative effort among different specialties among different geographic locations. C. it results in supporting short-term economic shareholder value. D. managing a set of fundamentally similar businesses operations in fundamentally similar industries and inert environments. E. All of these.

51. The two biggest drawbacks or disadvantages of unrelated diversification are A. the difficulties of passing the cost-of-entry test and the ease with which top managers can make the mistake of diversifying into businesses where competition is too intense. B. the difficulties of capturing financial fit and having insufficient financial resources to spread business risk across many different lines of business. C. demanding managerial requirements and limited competitive advantage potential that cross-business strategic fit provides. D. Ending up with too many cash hog businesses and too much diversity among the competitive strategies of the businesses it has diversified into. E. the difficulties of achieving economies of scope and conflicts/incompatibility among the competitive strategies of the company’s different businesses.

52. The two biggest drawbacks or disadvantages of unrelated diversification are A. underemphasizing the importance of resource fit and the strong likelihood of diversifying into businesses that top management does not know all that much about. B. insufficient cash flows to finance so many different lines of business and a lack of uniformity among the strategies of the businesses it has diversified into. C. volatile sales and profits and making the mistake of diversifying into too many cash cow businesses. D. the difficulties of competently managing many different businesses and being without the added source of competitive advantage that cross-business strategic fit provides. E. over-investing in the achievement of economies of scope and the difficulties of achieving a good mix of cash cow and cash hog businesses.

53. Which of the following is not among the disadvantages and managerial problems encountered by companies pursuing unrelated diversification strategies? A. Knowing so little about the industries in which each business competes, that management is unable to properly evaluate strategic proposals put forth by business-unit managers B. Being too unfamiliar with the issues and problems facing each subsidiary to effectively pick businessunit heads having the requisite combination of managerial skills and know-how C. The strain it places on corporate-level management in trying to stay on top of fresh industry developments and the strategic progress and plans of each business subsidiary D. Ending up with too many cash hog businesses (as compared to related diversification strategies where cash hog businesses are rare) E. The potential that corporate management will not know how to bail a business subsidiary that runs into deep trouble—because the company has diversified into businesses that corporate management has little experience or expertise in running.

54. In companies pursuing a strategy of unrelated diversification, A. the main basis for competitive advantage and improved shareholder value is increased ability to achieve economies of scope. B. each business is on its own in trying to build a competitive edge and the consolidated performance of the businesses is likely to be no better than the sum of what the individual businesses could achieve if they were independent. C. there is a strong chance that the combined competitive advantages of the various businesses will produce a 1 + 1 = 3 performance outcome as opposed to just a 1 + 1 = 2 performance outcome. D. the main basis for improved shareholder value is strong cross-business financial fits. E. the main basis for improved shareholder value is increased ability to achieve economies of scale in the businesses it has entered.

55. What rationales for unrelated diversification are not likely to increase shareholder value? A. In order to reduce risk by spreading the company’s investments over a set of truly diverse industries. B. To enable a company to achieve rapid or continuous growth. C. To chance that market downtrends in some of the company’s businesses will be partially offset by cyclical upswings in its other businesses. D. To provide benefits to managers such as high compensation and reduction in employment risk. E. All of these.

56. Which of the following is a diversified business with one major “core” business and a collection of small related or unrelated businesses? A. Broadly Diversified Enterprise. B. Narrowly Diversified Enterprise. C. Multi-business Enterprise. D. High Compensation/Low risk Enterprise. E. Dominant Business Enterprise.

57. To identify a diversified company’s strategy, one should consider such factors as A. the extent to which the firm is broadly or narrowly diversified, whether it is pursuing related or unrelated diversification (or a mixture of both), and the recent moves it has made to divest businesses, acquire new businesses, and strengthen the positions of existing businesses. B. whether the company is focusing on “milking its cash cows” or “feeding its cash hogs.” C. the technological proficiencies, labor skill requirements, and functional area strategies characterizing each of the firm’s businesses. D. each business’s competitive approach—whether it is pursuing a low-cost leadership, differentiation, best-cost, focused differentiation, or focused low-cost strategy. E. whether it is emphasizing the pursuit of economies of scale or economies of scope.

58. When identifying a diversified company’s present corporate strategy, which of the following would not be something to look for? A. Recent moves to build positions in new industries B. The company’s approach to allocating investment capital and resources across its present businesses C. Recent management actions to strengthen the company’s positions in existing businesses D. Recent moves to divest weak or unattractive business units E. Actions over the past few years to substitute global strategies for multi-country strategies in one or more business units.

59. The procedure for evaluating the pluses and minuses of a diversified company’s strategy includes A. assessing the attractiveness of the industries the company has diversified into. B. assessing the competitive strength of each business the company has diversified into to see which ones are the strongest/weakest contenders in their respective industries. C. ranking the performance prospects of the various businesses from best to worst and determining the priorities for resource allocation. D. checking the competitive advantage potential of cross-business strategic fits and also checking whether the firm’s resources fit the needs of its present business lineup. E. All of these.

60. Which of the following is not a major consideration in evaluating the pluses and minuses of a diversified company’s strategy? A. Checking whether the company’s resources fit the requirements of its present business lineup B. Scrutinizing each industry/business to determine where driving forces are strongest/weakest and how many profitable strategic groups the company has diversified into C. Ranking the performance prospects of the various businesses from best to worst and determining what the corporate parent’s priorities should be in allocating resources to its different businesses D. Checking the competitive advantage potential of cross-business strategic fits E. Assessing the competitive strength of each business the company has diversified into and determiningwhich ones are strong/weak contenders in their respective industries.

61. A comprehensive evaluation of the group of businesses a company has diversified into involves A. evaluating the attractiveness of industries the company has diversified into and the competitive strength of each of its business units. B. evaluating the strategic fits and resource fits among the various sister businesses. C. ranking the performance prospects of the businesses from best to worst and determining what the corporate parent’s priorities should be in allocating resources to its various businesses. D. using the results of the prior analytical steps as a basis for crafting new strategic moves to improve the company’s overall performance. E. All of these.

62. Evaluating a diversified company’s corporate strategy and critiquing the pluses and minuses of its business lineup involves A. a SWOT analysis of each industry in which the firm has a business interest. B. applying the cost-of-entry test, the better-off test, the profitability test, and the shareholder value test to each business and industry represented in the company’s business portfolio. C. evaluating the strategic fits and resource fits among the various sister businesses and deciding what priority to give each of the company’s business units in allocating resources. D. looking at each industry/business to determine how many profitable strategic groups that the company has diversified into. E. determining how many of the business units are following focus strategies, differentiation strategies, best-cost provider strategies, and low-cost leadership strategies.

63. Which one of the following is not an important aspect of evaluating the merits of a diversified company’s strategy? A. Assessing the competitive strength of each business the company has diversified into B. Determining which business units are cash cows and which ones are cash hogs and then evaluating how soon the company’s cash hogs can be transformed into cash cows C. Evaluating the strategic fits and resource fits among the various sister businesses D. Assessing the attractiveness of the industries the company has diversified into, both individually and as a group E. Ranking the performance prospects of the businesses from best to worst and deciding what priority to give each of the company’s business units in allocating resources.

64. In judging the attractiveness of the businesses a multi-business company has diversified into, it is important to A. consider whether each industry the company has diversified into represents a good business for the company to be in. B. calculate industry attractiveness scores for each industry into which the company has diversified. C. consider the appeal of the whole group of industries in which the company has invested. D. consider to what extent the industries a company has invested in holds promise for attractive growth and profitability. E. All of these.

65. As a rule, all the industries represented in a diversified company’s business portfolio should be judged on such attractiveness factors as A. market size and projected growth rate. B. emerging opportunities and threats, the intensity of competition, and the degree of industry uncertainty and business risk. C. resource requirements and the presence of cross-industry strategic fits. D. seasonal and cyclical factors, industry profitability, and whether an industry has significant social, political, regulatory, and environmental problems. E. All of these.

66. Which of the following is not generally something that ought to be considered in evaluating the attractiveness of a diversified company’s business makeup? A. Market size and projected growth rate, industry profitability, and the intensity of competition B. Industry uncertainty and business risk C. The frequency with which strategic alliances and collaborative partnerships are used in each industry, the extent to which firms in the industry utilize outsourcing, and whether the industries a company has diversified into have common key success factors D. Seasonal and cyclical factors, resource requirements, and whether an industry has significant social, political, regulatory, and environmental problems E. The presence of cross-industry strategic fits.

67. Assessments of the long-term attractiveness of each industry represented in a diversified company’s lineup of businesses should be based on A. a complete value-chain analysis of each industry. B. whether the industries have the same kinds of driving forces. C. how many companies in each industry are making money and how many are losing money. D. quantitative industry attractiveness scores derived from rating each industry on several relevant attractiveness measures (weighted according to their relative importance in determining overall attractiveness). E. the competitive advantage potential offered by each industry’s key success factors.

68. Calculating quantitative attractiveness ratings for the industries a company has diversified into involves A. determining each industry’s key success factors, calculating the ability of the company to be successful on each industry KSF, and obtaining overall measures of the firm’s ability to compete successfully in each of its industries based on the combined KSF ratings. B. determining each industry’s competitive advantage factors, calculating the ability of the company to be successful on each competitive advantage factor, and obtaining overall measures of the firm’s ability to achieve sustainable competitive advantage in each of its industries based on the combined competitive advantage factor ratings. C. selecting a set of industry attractiveness measures, weighting the importance of each measure, rating each industry on each attractiveness measure, multiplying the industry ratings by the assigned weight to obtain a weighted rating, adding the weighted ratings for each industry to obtain an overall industry attractiveness score, and using the overall industry attractiveness scores to evaluate the attractiveness of all the industries, both individually and as a group. D. rating the attractiveness of each industry’s strategic and resource fits, summing the attractiveness scores, and determining whether the overall scores for the industries as a group are appealing or not. E. identifying each industry’s average profitability, rating the difficulty of achieving average profitability in each industry, and deciding whether the company’s prospects for above-average profitability are attractive or unattractive, industry-by-industry.

69. The chief purpose of calculating quantitative industry attractiveness scores for each industry a company has diversified into is to A. determine which industry is the biggest and fastest growing. B. get in position to rank the industries from most competitive to least competitive. C. provide a basis for drawing analysis-based conclusions about the attractiveness of the industries a company has diversified into, both individually and as a group, and further to provide an indication of which industries offer the best and worst long-term prospects. D. ascertain which industries have the easiest-to-achieve key success factors. E. rank the attractiveness of the various industry value chains from best to worst.

70. A weighted industry attractiveness assessment is generally analytically superior to an unweighted assessment because A. a weighted ranking identifies which industries offer the best/worst long-term profit prospects. B. an unweighted ranking doesn’t discriminate between strong and weak industry driving forces and industry competitive forces. C. it does a more accurate job of singling out which industry key success factors are the most important. D. an unweighted ranking doesn’t help identify which industries have the easiest and hardest value chains to execute. E. the various measures of attractiveness are not likely to be equally important in determining overall attractiveness.

71. When industry attractiveness ratings are calculated for each of the industries a multi-business company has diversified into, the results help indicate A. which industries appear to be the best and worst ones to be in and the attractiveness of all the industries as a group from the standpoint of the company’s long-term performance. B. which industries have attractive key success factors and which industries have unattractive key success factors. C. which industries have the biggest economies of scale and which industries have the greatest economies of scope and the overall potential for cost reduction in the industries as a group. D. which industries are most attractive from the standpoint of long-term growth and the growth prospects of all the industries as a group. E. which industries are most attractive from the standpoint of industry driving forces and competitive forces.

72. Calculating quantitative attractiveness ratings for the industries a diversified company has invested in A. allows a company to rank the competitive advantage opportunities in each industry from best to worst. B. helps identify which industries have the best/worst prospects for revenue growth. C. identifies which industry has the best/worst value chain from the standpoint of cost reduction potential. D. provides a basis for deciding whether a diversified company has good prospects for growth and profitability, given the attractiveness ratings of the industries in which it has business interests. E. helps identify which industry is likely to be the largest/smallest contributor to the company’s growth and profitability.

73. What hurdles are present to calculating industry attractiveness scores? A. Deciding on the appropriate weights for the attractiveness measures. B. Different analysts use different weights for the different attractiveness measures. C. Gaining sufficient command of the industry to assign more accurate and objective ratings. D. None of these. E. All of these.

74. The basic purpose of calculating competitive strength scores for each of a diversified company’s business units is to A. rank the business unit from best to worst in terms of potential for cost reduction and profit margin improvement. B. determine how strongly positioned each business unit is in its industry. C. determine which business unit has the greatest number of resource strengths, competencies, and competitive capabilities and which one has the least. D. determine which one has the biggest market share and is growing the fastest. E. rank each business unit’s strategy from best to worst.

75. Assessments of how a diversified company’s subsidiaries compare in competitive strength should be based on such factors as A. vulnerability to seasonal and cyclical downturns, vulnerability to driving forces, and vulnerability to fluctuating interest rates and exchange rates. B. relative market share, ability to match or beat rivals on key product attributes, brand image and reputation, costs relative to competitors, and ability to benefit from strategic fits with sister businesses. C. the appeal of its strategy, relative number of competitive capabilities, the number of products in each businesses product line, which businesses have the highest/lowest market shares, and which businesses earn the highest/lowest profits before taxes. D. the ability to hurdle barriers to entry, value chain attractiveness, and business risk. E. cost reduction potential, customer satisfaction potential, and comparisons of annual cash flows from operations.

76. Relative market share is A. calculated by dividing a business’s percentage share of total industry sales volume by the percentage share held by its largest rival—it is a better indicator of a business’s competitive strength than is a simple percentage measure of market share. B. calculated by adjusting a company’s dollar market share up or down in proportion to whether the company’s quality and customer service are above/below industry averages. C. calculated by dividing a company’s market share (based on dollar volume) by the industry-average market share. D. particularly useful in identifying cash cows and cash hogs—cash cow businesses have big relative market shares (above 1.0) and cash hog businesses have low relative market shares (below 0.5). E. calculated by subtracting the industry-average market share (based on dollar volume) from a company’s market share to determine how much a company’s market share is above/below the industry average — this amount is a better indicator of a business’s competitive strength than is just looking at the firm’s market share percentage.

77. Calculating quantitative competitive strength ratings for each of a diversified company’s business units involves A. determining each industry’s key success factors, rating the ability of each business to be successful on each industry KSF, and adding the individual ratings to obtain overall measures of each business’s ability to compete successfully. B. identifying the competitive forces facing each business, rating the strength of these competitive forces industry-by-industry, and then ranking each business’s ability to be profitable, given the strength of the competition it faces. C. selecting a set of competitive strength measures, weighting the importance of each measure, rating each business on each strength measure, multiplying the strength ratings by the assigned weight to obtain a weighted rating, adding the weighted ratings for each business unit to obtain an overall competitive strength score, and using the overall competitive strength scores to evaluate the competitive strength of all the businesses, both individually and as a group. D. determining which businesses possess good strategic fit with other businesses, identifying the portion of the value chain where this fit occurs, and evaluating the strength of the competitive advantage attached to each of the strategic fits to get an overall measure of competitive advantage potential—businesses with the highest/lowest competitive advantage potential have the most/least competitive strength. E. rating the caliber of each businesses strategic and resource fits, weighting the importance of each type of strategic/resource fit, calculating weighted strategic/resource fit scores, and adding the weighted ratings for each business to obtain an overall strength score for each business unit that indicates whether the company has adequate strategic/resource fits to be a strong market contender in each of the industries where it competes.

78. The value of determining the relative competitive strength of each business a company has diversified into is A. to have a quantitative basis for identifying which businesses have large/small competitive advantages or competitive disadvantages vis-à-vis the rivals in their respective industries. B. to have a quantitative basis for rating them from strongest to weakest in terms of contributing to the corporate parent’s revenue growth. C. to compare resource strengths and weaknesses, business by business. D. to have a quantitative basis for rating them from strongest to weakest in contending for market leadership in their respective industries. E. to have a quantitative basis for rating them from strongest to weakest in terms of contributing to the corporate parent’s profitability.

79. The nine-cell industry attractiveness-competitive strength matrix A. is useful for helping decide which businesses should have high, average, and low priorities in allocating corporate resources. B. indicates which businesses are cash hogs and which are cash cows. C. pinpoints what strategies are most appropriate for businesses positioned in the three top cells of the matrix but is less clear about the best strategies for businesses positioned in the bottom six cells. D. identifies which sister businesses have the greatest strategic fit. E. identifies which sister businesses have the greatest resource fit.

80. The most important strategy-making guidance that comes from drawing a 9-cell industry attractivenesscompetitive strength matrix is A. which businesses in the portfolio have the most potential for strategic fit and resource fit. B. why cash cow businesses are more valuable than cash hog businesses. C. that corporate resources should be concentrated on those businesses enjoying both a higher degree of industry attractiveness and competitive strength and that businesses having low competitive strength in relatively unattractive industries should be looked at for possible divestiture. D. which businesses have the biggest competitive advantages and which ones confront serious competitive disadvantages. E. which businesses are in industries with profitable value chains and which are in industries with moneylosing value chains.

81. One of the most significant contributions to strategy-making in diversified companies that the 9-cell industry attractiveness/competitive strength matrix provides is A. identifying which businesses have strategies that should be continued, which business have strategies that need fine-tuning, and which businesses have strategies that need major overhaul. B. that businesses having the greatest competitive strength and positioned in the most attractive industries should have the highest priority for corporate resource allocation and that competitively weak businesses in relatively unattractive industries should have the lowest priority and perhaps even be considered for divestiture. C. pinpointing what strategies are most appropriate for businesses positioned in the four corners of the matrix (although the matrix reveals little about the best strategies for businesses positioned in the remainder of the matrix). D. its ability to pinpoint what kind of competitive advantage or disadvantage each business has. E. pinpointing which businesses to keep and which ones to divest.

82. In a diversified company, a business subsidiary has more competitive advantage potential when A. it is a cash cow. B. it has value chain relationships with other business subsidiaries that present competitively valuable opportunities to transfer skills or technology or intellectual capital from one business to another, combine the performance of related activities and reduce costs, share use of a well-respected brand name, or collaborate to create new competitive capabilities. C. it is the company’s biggest profit producer or is capable of becoming the biggest. D. it is in a fast-growing industry. E. it operates in an industry where competition is less intense and driving forces are relatively weak.

83. Checking the competitive advantage potential of cross-business strategic fits in a diversified company involves evaluating the extent to which sister businesses present A. opportunities to combine the performance of certain cross-business activities and thereby reduce costs. B. opportunities to transfer skills, technology, or intellectual capital from one business to another. C. opportunities for the company’s different businesses to share use of a well-respected brand name. D. opportunities for sister businesses to collaborate in creating valuable new competitive capabilities. E. All of these.

84. Checking a diversified company’s business portfolio for the competitive advantage potential of crossbusiness strategic fits does not involve ascertaining A. the extent to which sister business units have value chain match-ups that offer opportunities to combine the performance of related value chain activities and reduce costs. B. the extent to which sister business units have value chain match-ups that offer opportunities to transfer skills or technology or intellectual capital from one business to another. C. the extent to which sister business units have opportunities to share use of a well-respected brand name. D. the extent to which sister business units have value chain match-ups that offer opportunities to create new competitive capabilities or to leverage existing resources. E. which business units are cash cows and which ones are cash hogs.

85. Checking a diversified firm’s business portfolio for the competitive advantage potential of cross-business strategic fits entails consideration of A. whether the parent’s company’s competitive advantages are being deployed to maximum advantage in each of its business units. B. whether the competitive strategies employed in each business act to reinforce the competitive power of the strategies employed in the company’s other businesses. C. whether the competitive strategies in each business possess good strategic fit with the parent company’s corporate strategy. D. the extent to which there are competitively valuable relationships between the value chains of sister business units and what opportunities they present to reduce costs, share use of a potent brand name, create competitively valuable new capabilities via cross-business collaboration, or transfer skills or technology or intellectual capital from one business to another. E. how compatible the competitive strategies of the various sister businesses are and whether these strategies are properly aimed at achieving the same kind of competitive advantage.

86. Which of the following is not a part of checking a diversified company’s business units for cross-business competitive advantage potential? A. Ascertaining the extent to which sister business units have value chain match-ups that offer opportunities to combine the performance of related value chain activities and reduce costs B. Ascertaining the extent to which sister business units have value chain match-ups that offer opportunities to transfer skills or technology or intellectual capital from one business to another C. Ascertaining the extent to which sister business units are making maximum use of the parent company’s competitive advantages D. Ascertaining the extent to which sister business units have value chain match-ups that offer opportunities to create new competitive capabilities or to leverage existing resources E. Ascertaining the extent to which sister business units present opportunities to share use of a wellrespected brand name.

87. A diversified company’s business units exhibit good resource fit when A. each business is a cash cow. B. a company has the resources to adequately support the requirements of its businesses as a group without spreading itself too thin and when individual businesses add to a company’s overall strengths. C. each business is sufficiently profitable to generate an attractive return on invested capital. D. each business unit produces large internal cash flows over and above what is needed to build and maintain the business. E. the resource requirements of each business exactly match the company’s available resources.

88. The businesses in a diversified company’s lineup exhibit good resource fit when A. the resource requirements of each business exactly match the resources the company has available. B. individual businesses add to a company’s resource strengths and when a company has the resources to adequately support the requirements of its businesses as a group without spreading itself too thin. C. each business generates just enough cash flow annually to fund its own capital requirements and thus does not require cash infusions from the corporate parent. D. each business unit produces sufficient cash flows over and above what is needed to build and maintain the business, thereby providing the parent company with enough cash to pay shareholders a generous and steadily increasing dividend. E. there are enough cash cow businesses to support the capital requirements of the cash hog businesses.

89. A “cash cow” type of business A. generates unusually high profits and returns on equity investment. B. is so profitable that it has no long-term debt. C. generates positive cash flows over and above its internal requirements, thus providing a corporate parent with cash flows that can be used for financing new acquisitions, investing in cash hog businesses, and/or paying dividends. D. is a business with such a strong competitive advantage that it generates big profits, big returns on investment, and big cash surpluses after dividends are paid. E. has good strategic fit with a cash hog business.

90. The tests of whether a diversified company’s businesses exhibit resource fit do not include A. whether the excess cash flows generated by cash cow businesses are sufficient to cover the negative cash flows of its cash hog businesses. B. whether a business adequately contributes to achieving the corporate parent’s performance targets. C. whether the company has adequate financial strength to fund its different businesses and maintain a healthy credit rating. D. whether the corporate parent has sufficient cash to fund the needs of its individual businesses and pay dividends to shareholders without having to borrow money. E. whether the corporate parent has or can develop sufficient resource strengths and competitive capabilities to be successful in each of the businesses it has diversified into.

91. Which one of the following is not part of the task of checking a diversified company’s business line-up for adequate resource fit? A. Determining whether the excess cash flows generated by cash cow businesses are sufficient to cover the negative cash flows of its cash hog businesses B. Determining whether recently acquired businesses are acting to strengthen a company’s resource base and competitive capabilities or whether they are causing its competitive and managerial resources to be stretched too thinly across its businesses C. Determining whether some business units have value chain match-ups that offer opportunities to transfer skills or technology or intellectual capital from one business to another D. Determining whether the company has adequate financial strength to fund its different businesses and maintain a healthy credit rating E. Determining whether the corporate parent has or can develop sufficient resource strengths and competitive capabilities to be successful in each of the businesses it has diversified into.

92. Which one of the following is the best guideline for deciding what the priorities should be for allocating resources to the various businesses of a diversified company? A. Businesses with high industry attractiveness ratings should be given top priority and those with low industry attractiveness ratings should be given low priority. B. Business subsidiaries with the brightest profit and growth prospects and solid strategic and resource fits generally should head the list for corporate resource support. C. The positions of each business in the nine-cell attractiveness-strength matrix should govern resource allocation. D. Businesses with the most strategic and resource fits should be given top priority and those with the fewest strategic and resource fits should be given low priority. E. Businesses with high competitive strength ratings should be given top priority and those with low competitive strength ratings should be given low priority.

93. The options for allocating a diversified company’s financial resources include A. making acquisitions to establish positions in new businesses or to complement existing businesses. B. investing in ways to strengthen or grow existing businesses. C. funding long-range R&D ventures aimed at opening market opportunities in new or existing businesses. D. paying off existing debt, increasing dividends, building cash reserves, or repurchasing shares of the company’s stock. E. All of these.

94. Which one of the following is not a reasonable option for deploying a diversified company’s financial resources? A. Making acquisitions to establish positions in new businesses or to complement existing businesses B. Concentrating most of a company’s financial resources in cash cow businesses and allocating little or no additional resources to cash hog businesses until they show enough strength to generate positive cash flows C. Funding long-range R&D ventures aimed at opening market opportunities in new or existing businesses D. Paying down existing debt, increasing dividends, or repurchasing shares of the company’s stock E. Investing in ways to strengthen or grow existing businesses.

95. Corporate strategy options for diversified companies include A. broadening the company’s business scope by making new acquisitions in new industries. B. divesting weak-performing businesses and retrenching to a narrower base of business operations. C. restructuring the company’s business lineup with a combination of divestitures and new acquisitions to put a whole new face on the company’s business makeup. D. pursuing growth opportunities within the existing business lineup. E. All of these.

96. The strategic options to improve a diversified company’s overall performance do not include which of the following categories of actions? A. Broadening the company’s business scope by making new acquisitions in new industries B. Increasing dividend payments to shareholders and/or repurchasing shares of the company’s stock C. Restructuring the company’s business lineup with a combination of divestitures and acquisitions to put a whole new face on the company’s business makeup D. Pursuing multinational diversification and striving to globalize the operations of several of the company’s business units E. Divesting weak-performing businesses and retrenching to a narrower base of business operations.

97. Once a company has diversified into a collection of related or unrelated businesses and concludes that some strategy adjustments are needed, which one of the following is not one of the main strategy options that a company can pursue? A. Pursue multinational diversification B. Restructure the company’s business lineup with a combination of divestitures and new acquisitions C. Craft new initiatives to build/enhance the reputation of the company’s brand name D. Divest some businesses and retrench to a narrower diversification base E. Broaden the diversification base.

98. The option of sticking with the current business lineup makes sense when A. the company’s present businesses offer attractive growth opportunities and can be counted on to create economic value for shareholders. B. companies are seeking multinational diversification. C. corporate executives are excited about market opportunities. D. circumstances prevent a company pursuing vertical integration strategies. E. Divest some businesses and retrench to a narrower diversification base.

99. A company that is already diversified may choose to broaden its business base by building positions in new related or unrelated businesses because A. it has resources or capabilities that are eminently transferable to other related or complementary businesses. B. the company’s growth is sluggish and it needs the sales and profit boost that a new business can provide. C. management wants to lessen the company’s vulnerability to seasonal or recessionary influences or to threats from emerging new technologies. D. it wants to make new acquisitions to strengthen or complement some of its present businesses. E. All of these.

100.Retrenching to a narrower diversification base A. is usually the most attractive long-run strategy for a broadly diversified company confronted with recession, high interest rates, mounting competitive pressures in several of its businesses, and sluggish growth. B. has the advantage of focusing a diversified firm’s energies on building strong positions in a few core businesses rather the stretching its resources and managerial attention too thinly across many businesses. C. is an attractive strategy option for revamping a diverse business lineup that lacks strong cross-business financial fit. D. is sometimes an attractive option for deepening a diversified company’s technological expertise and supporting a faster rate of product innovation. E. is a strategy best reserved for companies in poor financial shape.

101.Retrenching to a narrower diversification base can be attractive or advisable when A. certain businesses have questionable long-term potential. B. a diversified company has businesses that have little or no strategic or resource fits with the “core” businesses that management wishes to concentrate on. C. certain business units are weakly positioned and show poor prospects for providing a good return on investment. D. market conditions in a once-attractive business have badly deteriorated. E. All of these.

102.In which of the following instances is retrenching to a narrower diversification base not likely to be an attractive or advisable strategy for a diversified company? A. When a diversified company has struggled to make certain businesses attractively profitable B. When a diversified company has too many cash cows C. When one or more businesses are cash hogs with questionable long-term potential D. When businesses in once-attractive industries have badly deteriorated E. When a diversified company has businesses that have little or no strategic or resource fits with the “core” businesses that management wishes to concentrate on.

103.Divestiture can be accomplished by A. selling a business outright. B. spinning the unwanted business off as a managerially and financially independent company by selling shares to the investing public via an initial public offering of stock. C. spinning the unwanted business off as a managerially and financially independent company by distributing shares in the new company to existing shareholders of the parent company. D. All of these. E. None of these—the best and quickest ways to divest a business are either to close it down or else just walk away and give the keys to creditors.

104.Strategies to restructure a diversified company’s business lineup involves A. revamping the value chains of each of a diversified company’s businesses. B. focusing on restoring the profitability of its money-losing businesses and thereby improving the company’s overall profitability. C. revamping the strategies of its different businesses, especially those that are performing poorly. D. divesting some businesses and acquiring new ones so as to put a new face on a diversified company’s business makeup. E. broadening the scope of diversification to include a larger number of smaller and more diverse businesses.

105.Corporate restructuring strategies A. involve making radical changes in a diversified company’s business lineup, divesting some businesses and acquiring new ones so as to put a new face on the company’s business lineup. B. entails reducing the scope of diversification to a smaller number of businesses. C. entail selling off marginal businesses to free up resources for redeployment to the remaining businesses. D. focus on crafting initiatives to restore a diversified company’s money-losing businesses to profitability. E. focus on broadening the scope of diversification to include a larger number of businesses and boost the company’s growth and profitability.

106.Conditions that may make corporate restructuring strategies appealing include A. ongoing declines in the market shares of one or more major business units that are falling prey to more market-savvy competitors. B. a business lineup that consists of too many slow-growth, declining, low-margin, or competitively weak businesses. C. an excessive debt burden with interest costs that eat deeply into profitability. D. ill-chosen acquisitions that haven’t lived up to expectations. E. All of these.

Answer EBBEC BBDDE ACDBC AAADC AEEEA BDCEA CEEDB ACAAB CDACA ADBCA CDDBE EAEEB ECBEE CDCCE ADEBB ACDAC BBEED CBBCD CBEBE BCAEB EBDDA E.

Capítulo 8 "Estratégia Corporativa: Diversificação e Empresa Multi-Negócio"

2. buscar oportunidades para alavancar os relacionamentos entre cadeias de valor de negócios e o encaixe estratégico em vantagem competitiva.

3. estabelecer prioridades de investimento e direcionar os recursos corporativos para as unidades de negócios mais atraentes.

4. iniciar ações para impulsionar o desempenho combinado da coleção de empresas da cooperação.

- ampliando o escopo atual de diversificação, inserindo indústrias adicionais.

- desinvestir alguns negócios e recuar para uma coleção mais restrita de negócios diversificados com melhores perspectivas de desempenho geral.

- reestruturação de toda a empresa, desinvestindo alguns negócios e adquirindo outros para colocar uma nova cara na linha de negócios da empresa.

2. seus recursos e capacidades podem ser usados ​​como ativos competitivos valiosos em outras empresas.

3. os custos podem ser reduzidos por compartilhamento entre empresas ou transferência de recursos e capacidades.

4. A transferência de uma marca forte para os produtos de outras empresas ajuda a aumentar as vendas e os lucros dessas empresas.

2. o teste de custo de entrada.

3. o melhor teste.

2. novo empreendimento interno (startup / intrapreneurship)

3. joint venture.

- Desvantagens: custo de aquisição - se deve pagar um prêmio por uma empresa bem-sucedida ou procurar uma barganha na empresa em dificuldades, subestimando os custos de integração da empresa adquirida, superestimando o potencial da aquisição para agregar valor agregado ao acionista.

- Desvantagens: deve superar as barreiras de entrada, requer investimentos extensos no desenvolvimento de capacidades de produção e capacidades competitivas, pode falhar devido à resistência organizacional interna à mudança e inovação.

- também referido como empreendedorismo corporativo ou intra-empreendedorismo, uma vez que requer qualidades semelhantes às de um empreendedor dentro de uma empresa maior.

- o custo de aquisição é maior do que a entrada interna.

- capacidade adicional não afetará o equilíbrio entre oferta e demanda.

- baixa resistência das empresas estabelecidas para entrar no mercado.

- Não há concorrência direta na indústria-alvo.

- disponibilidade de competências e recursos internos.

- a oportunidade requer uma gama mais ampla de competências e know-how do que a empresa agora possui?

- a oportunidade envolverá operações em um país que exige que as empresas estrangeiras tenham uma minoria local ou um sócio majoritário?

- Desentendimentos entre ou entre parceiros de empreendimentos sobre a melhor forma de operar o empreendimento.

- Conflitos culturais entre e entre os parceiros.

- O empreendimento se dissolve quando um dos parceiros do empreendimento decide seguir seu próprio caminho.

2. Barreiras de entrada?

4. Custo Comparativo?

2. Empresas não relacionadas.

3. Ambos relacionados & amp; Não relacionado.

- compartilhamento de custos entre empresas, combinando suas atividades de cadeia de valor relacionadas em uma única operação.

- explorar o uso comum de uma marca bem conhecida.

- compartilhar outros recursos (além das marcas) que suportam as atividades correspondentes da cadeia de valor nos negócios.

2. só é possível através de uma estratégia de diversificação relacionada.

3. produz valor na aplicação de recursos e capacidades especializados.

4. requer que a gerência tome ações internas para realizá-las.

- é uma indústria com lucros atraentes e potenciais de crescimento?

- É grande o suficiente para contribuir significativamente para o resultado final da empresa-mãe?

2. alocação comercial cruzada de recursos financeiros.

3. aquisição / reestruturação de empresas subvalorizadas.

2. negociar preços de aquisição favoráveis.

3. fornecer supervisão gerencial e compartilhamento de recursos, alocação de recursos financeiros e gerenciamento de portfólio e reestruturar negócios de baixo desempenho.

2. Potencial Limitado de Vantagem Competitiva - potencial falta de benefícios estratégicos entre empresas.

- buscar um crescimento rápido ou contínuo por si só.

- buscando a estabilização para evitar oscilações cíclicas nas empresas.

- perseguindo motivos gerenciais pessoais.

- empresas estreitamente diversificadas.

- empresas amplamente diversificadas.

- força das unidades de negócios.

- ajuste estratégico entre negócios (relacionado)

- ajuste dos recursos da empresa.

- alocação de recursos.

- novos movimentos estratégicos.

2. diversificação não relacionada.

3. diversificar em negócios relacionados e não relacionados.

- fatores sazonais e cíclicos.

- incerteza da indústria e risco do negócio.

- tamanho do mercado e taxa de crescimento projetada.

- a intensidade da concorrência entre rivais do mercado.

- Cada indústria representa um bom mercado para a empresa?

- quais são as indústrias mais atraentes e quais são as menos atraentes?

- quão atraente é todo o grupo de indústrias?

2. A questão dos requisitos de recursos - os requisitos de recursos para uma indústria correspondem aos requisitos da matriz ou estão, de outra forma, ao alcance da empresa?

- adquirir conhecimento suficiente da indústria para atribuir classificações precisas e objetivas.

- usar pesos diferentes para diferentes unidades de negócios sempre que a importância das medidas de resistência diferirem significativamente de empresa para empresa.

- custos relativos aos custos do concorrente.

- Capacidade de igualar ou superar rivais em atributos-chave do produto.

- outros recursos e capacidades competitivamente valiosos e parcerias e alianças com outras empresas.

- Beneficie-se do ajuste estratégico com os outros negócios da empresa.

- alavancagem de negociação com os principais fornecedores ou clientes.

- rentabilidade em relação aos concorrentes.

- A participação de mercado relativa é a relação entre a participação de mercado de uma unidade de negócios e a participação de mercado de sua maior rival no setor, medida em volumes unitários, não em dólares.

- O verdadeiro teste de uma estratégia de diversificação é o grau de valor competitivo que pode ser gerado a partir do ajuste estratégico.

- estado do mercado interno de capitais.

Usando a abordagem de portfólio:

- os porcos em dinheiro precisam de dinheiro para se desenvolver, as vacas em dinheiro geram excesso de caixa, os negócios de estrelas são auto-suficientes.

Ajuste de recursos não financeiros:

- a empresa possui (ou pode desenvolver) recursos e recursos específicos necessários para ter sucesso em cada um de seus negócios?

- os recursos da empresa estão sendo sobrecarregados pelos requisitos de recursos de um ou mais de seus negócios?

- direcionar recursos para as unidades de negócios com as mais brilhantes perspectivas de lucro e crescimento e sólido ajuste estratégico e de recursos.

2. Ampliar a base de diversificação com novas aquisições.

3. Desista e recue para uma base de diversificação mais restrita.

4. Reestruturar através de alienações e aquisições.

2. alienar algumas empresas e recuar para uma base de diversificação mais restrita.

3. reestruturar a linha de negócios da empresa.

4. Prosseguir a diversificação multinacional.

- transferência de recursos e capacidades para negócios relacionados ou complementares.

- mudança rápida de tecnologia, legislação ou inovações de novos produtos em negócios centrais.

- reforçar a posição no mercado e as capacidades competitivas dos negócios atuais da empresa.

- extensão do escopo das operações da empresa em outros mercados de países.

- Melhoria do desempenho a longo prazo, concentrando-se em posições mais fortes em menos empresas e indústrias principais.

- as empresas estão agora em uma indústria outrora atraente, onde as condições do mercado pioraram bastante.

- as empresas falharam no desempenho esperado e / ou carecem de adequação cultural, estratégica ou de recursos.

- as empresas se tornaram mais valiosas se vendidas para outra empresa ou como uma empresa independente de spin-offs.

Diversification strategy.

Mohamad Asyraf Borhan.

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Transcript of Diversification strategy.

Deal with the entire corporation, which may include several business units.

Deal with issues such as creating a competitive advantage in the marketplace and developing unique competencies for the company.

Generate long term solutions. business strategy.

corporate strategy Chapter 8 Diversification and Multibusiness Company CORPORATE STRATEGY Chapter Roadmap.

2.0 Diversification and Company.

3.0 Related-Diversified Company (Concentric)

4.0 Unrelated-Diversified Company (Conglomerate)

5.0 Combination of Related-Unrelated.

7.0 Conclusion Corporate Strategy.

the Multibusiness Company) Source: flixya Strategic fit in related diversification EXAMPLE :

Apple computer as a business A and smart phone and tablet as a business B.

Both businesses value chain are similar.

Related-Diversified Company (Concentric) Which Diversification.

Path to Pursue? business strategy vs corporate strategy Source: Http://apple Example of Apple Unrelated-Diversified Products EXAMPLE :

technology which transforming the work of medical professionals.

(Conglomerate) The main goal of this approach is to provide competitive advantage through pooling competencies of 2 partners.

Quicker entry into target market.

New Businesses Joint venture Internal.

development Acquisition STRATEGIES FOR ENTERING NEW BUSINESSES Business strategy :

deal with a specific business unit and specific issues, such as determining the price of products, increasing sales or introducing a new product.

Generate short term solutions. Diversification is successful when it resulted in added long-term economic value for shareholders. defined as a strategy in which the growth objective is ought to be achieved by adding new products or services to the existing product or service line The industry attractiveness test The cost-of-entry test Testing Whether a Diversification Move Will Add Long-Term Value for Shareholders BUILDING SHAREHOLDER VALUE: THE ULTIMATE JUSTIFICATION FOR DIVERSIFYING The better-off.

test The industry to be entered must be attractive and its depend on the presence of industry and competitive conditions that are conducive to earn better profits than the existing business The cost for diversify to take place has to be reasonable. In fact, the more attractive an industry’s prospect, the cost involves are normally more expensive.

Diversification move of a company must create an effect known as synergy. Company’s existing business and the new business are performing better together than they would perform as independent and stand alone business.

Avaliando o potencial de sinergia através da diversificação.

A empresa A adquire a empresa B em outro setor. Os lucros de A e B não são maiores do que o que cada empresa poderia ter ganho sozinha.

A empresa A adquire a empresa C em outro setor. Os lucros de A e C são maiores do que o que cada empresa poderia ganhar sozinha.

1+1=2 1+1=3 Related.

Businesses Unrelated Businesses Both Related.

and Unrelated Businesses TYPE OF DIVERSIFICATION medical imaging video for surgery practice management Disadvantages: This approach demands high level of managerial requirements.

This approach offers limited potential for competitive advantage beyond what each individual business can generate on its own due to unrelated diversification provides no cross-business strategic fit that allow each business top perform its key value chain activities in a more efficient and effective manner.

This strategy have particular appeal for companies with a mix of valuable competitive assets, covering the spectrum from generalized to specialized resources and capabilities.

Combination Related – Unrelated Diversification strategy is widely used by many corporations, managers need to better understand well in order to develop a victorious diversification.