Saturday 3 March 2018

기업 전략 다변화 및 다 사업 기업


CORPORATE STRATEGY 다각화 및 다 사업 회사.


Published by Dwain Sims 2 년 전에 수정되었습니다.


비슷한 프리젠 테이션.


주제 발표 : "CORPORATE STRATEGY Diversification 및 Multibusiness Company"- 발표 자료 :


1 CORPORATE STRATEGY 다각화 및 다 사업 회사.


제 8 장 기업 전략 다변화와 다 사업 회사.


2 사업 다각화가 주주 가치를 향상시킬 수있는시기와 방법을 이해합니다.


관련 다양 화 전략이 경쟁 우위를 제공 할 수있는 비즈니스 간 전략적 적합성을 어떻게 만들어 낼 수 있는지 이해하십시오. 관련없는 다각화에 맞춰진 기업 전략의 장점과 위험을 인식하십시오. 기업의 다각화 전략을 평가하기위한 분석 도구의 명령을 얻습니다. 다변화 전략을 강화하고 회사 성과를 높이기위한 다각화 된 회사의 네 가지 주요 기업 전략 옵션을 이해하십시오.


3 다양성 전략 수립은 무엇인가?


1 단계 새로운 산업을 선택하여 진입 방법을 결정하고 진입하는 방법을 결정하십시오. 2 단계 비즈니스 간 가치 사슬 관계와 전략적 적합성을 경쟁 우위로 활용할 수있는 기회를 모색합니다. 3 단계 투자 우선 순위 설정 및 기업 리소스를 가장 매력적인 비즈니스 단위로 이끌어갑니다. 4 단계 협력 업체의 비즈니스 수집 실적을 향상시키기위한 조치 시작. 삼.


4 전략적 다양성 옵션.


기존 비즈니스 라인업과 긴밀한 관계를 유지하고 이러한 비즈니스가 제공하는 기회를 추구합니다. 추가적인 산업 진출을 통해 현재의 다양 화 범위를 넓혀줍니다. 일부 비즈니스를 퇴출시키고 더 나은 전반적인 성과 전망을 가진 다양한 비즈니스의 범위를 좁히십시오. 일부 기업을 매각하고 다른 기업을 인수하여 회사의 비즈니스 라인업에 완전히 새로운 얼굴을 드는 것으로 전체 회사를 재구성합니다.


5 비즈니스 다변화가 고려 사항이 될 때.


회사는 언제 다변화를 고려해야합니까? 현재의 비즈니스를 보완하는 기술과 제품을 보유한 비즈니스로 확장 될 수 있습니다. 그것의 자원과 능력은 다른 사업에서 가치있는 경쟁 자산으로 사용될 수 있습니다. 교차 비즈니스 공유 또는 리소스 및 기능의 이전을 통해 비용을 줄일 수 있습니다. 강력한 브랜드 이름을 다른 비즈니스 제품에 전송하면 해당 비즈니스의 매출과 이익을 높일 수 있습니다.


6 건물 주주 가치 : 다양성을위한 궁극적 인 정당성.


다각화가 주주에게 장기적인 가치를 부가 할 것인지 여부를 테스트하는 것 산업 매력 성 테스트 진입 비용 테스트 더 나은 테스트.


7 다양성이 주주를위한 가치를 추가하는지 테스트.


귀염성 테스트 : 업계의 이익과 투자 수익률은 현재의 비즈니스보다 좋거나 더 나은가요? 출품 비용 테스트 : 진입 장벽을 극복하는 데 드는 비용이 오랜 시간 지연되거나 수익성을 저하시킬만큼 커진 것입니까? The Better-Off Test : 업계 다변화를 통해 어느 정도의 시너지 효과 (전반적인 실적 개선)를 얻을 수 있을까요?


다각화를 통해 주주를위한 부가가치를 창출하기 위해서는 시너지로 알려진 결과 인 전체가 그 부분의 합보다 큰 다중 비즈니스 회사를 구축해야합니다.


SYNERGY를 통한 성능 향상.


회사 A는 다른 산업에서 회사 B를 구매합니다. A와 B의 이익은 각 회사가 스스로 얻을 수 있었던 것보다 크지 않습니다. 시너지 없음 (1 + 1 = 2) 다변화를 통한 시너지 효과에 대한 평가 기업 A는 다른 산업에서 기업 C를 구매합니다. A와 C의 이익은 각 회사가 자체적으로 얻을 수있는 것보다 큽니다. 시너지 효과 (1 + 1 = 3)


비즈니스 라인을 다각화하기위한 10 가지 접근 방법.


신규 사업으로의 다각화 기존 사업 인수 내부 신규 벤처 (창업) 합작 투자.


11 기존 사업을 통한 다각화.


장점 : 산업 진입의 어려움 피할 수있는 진입 장벽 보완 자원 및 기능에 대한 접근 단점 : 성공적인 기업에 대한 프리미엄 지급 여부 또는 고군분투하는 기업에 대한 과금 여부 피 인수 기업 통합에 대한 과소 평가 비용 인수 가능성을 과대 평가 추가 된 주주 가치를 제공합니다.


12 인수 프리미엄은 제공된 가격이 대상 기업의 선매 시장 가격을 초과하는 금액입니다.


13 내부 개발을 통한 새로운 비즈니스 라인 시작.


신규 벤처 개발의 장점 : 인수의 함정과 불확실한 비용을 피하십시오. 취득 후보자가없는 신규 또는 신흥 산업에 진출 할 수 있습니다. Intrapreneurship의 단점 : 업계 진입 장벽을 극복해야합니다. 생산 능력과 경쟁력을 개발하는 데 막대한 투자가 필요합니다. 변화와 혁신에 대한 내부 조직의 저항으로 인해 실패 할 수 있습니다.


기업의 벤처 기업 (또는 벤처 기업의 신설)은 기업의 설립 된 사업 운영의 결과로서 새로운 비즈니스를 개발하는 과정입니다. 그것은 대기업 내에서 기업과 같은 자질을 필요로하기 때문에 기업 기업가 정신 또는 intrapreneurship이라고도합니다.


15 내부 개발에 참여할시기.


사내 기술 및 자원의 가용성 사업 개발 및 착수에 충분한 시간 기업 인수 비용은 내부 진입 비용보다 높다 추가 용량은 수급 균형에 영향을 미치지 않을 것이다. 현직 기업의 시장 진입에 대한 저항력이 적다. 대상 산업에서 선두 경쟁이 없다. 내부 개발에 유리한 요소.


합작 투자를 할 때 16.


한 회사가 홀로 추구하는 기회가 너무 복잡합니까, 비경제 적이거나 위험합니까? 합작 투자를위한 잠재력 평가 기회는 회사가 지금 보유하고있는 것보다 광범위한 역량과 노하우를 필요로합니까? 기회는 외국 회사가 지역 소수 민족 또는 과반수 소유 파트너를 필요로하는 국가에서의 운영을 포함합니까?


17 합작 투자의 다양성.


합작 투자는 다각화 기회가있는 경우 유리합니다. 한 회사가 단독으로 추구하기에는 규모가 너무 크고 복잡하며 비경제 적이거나 위험합니다. 기업이 신속하게 소유하거나 개발할 수있는 것보다 광범위한 역량과 노하우가 필요합니다. 지역 파트너 참여 및 / 또는 소유권이 필요한 외국에 거주하고 있습니다.


18 합작 투자에 의한 다각화 (계속)


합작 투자는 다음과 같은 심각한 단점을 개발할 잠재력이 있습니다. 목표와 벤처 파트너의 기대가 상충됩니다. 벤처 기업을 가장 잘 운영하는 방법에 대한 벤처 파트너 간 또는 의견 불일치. 파트너 간의 문화적 충돌. 벤처 파트너 중 하나가 자신의 길을 가기로 결정했을 때 벤처가 해산됩니다.


19 시장 진입 모드 선택.


중요한 자원과 역량의 문제 회사는 내부 개발을위한 자원과 역량을 갖추고 있습니까? 진입 장벽에 대한 질문 진입 장벽이 존재합니까? 스피드의 문제 성공적인 진입을위한 회사의 본질의 속도인가? 비교 비용의 문제 회사의 목표를 고려할 때 가장 비용이 많이 드는 입국 방식은 무엇입니까?


20 거래 비용은 거래의 가격 이상으로 비즈니스 계약 또는 거래를 완료하는 데 드는 비용입니다. 매력적인 목표를 찾는 비용, 가치 평가 비용, 협상 비용 및 거래 완료 비용을 포함 할 수 있습니다.


21 다양성 경로 선택 : 관련없는 비즈니스와 관련.


어떤 다양 화 경로를 추구 할 것인가? 관련 비즈니스 비 관련 비즈니스 관련 및 비 관련 비즈니스.


22 관련 사업은 경쟁력있는 가치를 창출하는 교차 비즈니스 가치 사슬 및 자원 매치업을 보유합니다.


관련이없는 비즈니스는 가치 사슬 수준에서 경쟁적으로 중요한 교차 비즈니스 관계가없는 비 가치 사슬과 자원 요구 사항을 가지고 있습니다.


23 다양성 경로 선택 : 관련없는 비즈니스와 관련.


경쟁 우위의 교차 비즈니스 가치 사슬 및 자원 매치업을 보유하십시오. 비 관련 기업 가치 사슬 수준에서 경쟁력있는 비즈니스 간 관계가 없으면 가치 사슬과 자원 요구 사항이 서로 다릅니다.


24 서로 다른 비즈니스의 가치 사슬을 구성하는 하나 이상의 활동이 비즈니스 간 공유 또는 이러한 활동을 가능하게하는 자원 및 기능의 이전을위한 기회를 제시 할 때와 충분히 유사 할 때마다 전략적인 적합성이 존재합니다.


25 관련 사업에 다양성.


전략적 적합 기회 : 전문 지식, 기술 노하우 또는 기타 리소스와 기능을 특정 비즈니스 가치 사슬에서 다른 비즈니스 가치 사슬로 이전하십시오. 관련 가치 사슬 활동을 단일 작업으로 결합하여 비즈니스 간 비용 공유. 잘 알려진 브랜드 이름의 일반적인 사용을 이용합니다. 비즈니스 전반에 걸쳐 해당 가치 사슬 활동을 지원하는 기타 리소스 (브랜드 제외) 공유.


26 관련 다각화 추구.


관련 다양 화는 특수화 된 자원 및 기능을 공유하거나 전송하는 것을 포함합니다. 전문화 된 리소스 및 기능 매우 구체적인 애플리케이션을 보유하고 있으며 그 사용은 제한된 범위의 산업 및 비즈니스 유형으로 제한됩니다.


27 전문화 된 자원과 일반화 된 자원.


전문화 된 리소스와 기능은 매우 특정한 애플리케이션을 가지고 있으며, 그 사용은 제한된 범위의 산업 및 비즈니스 유형으로 제한됩니다. 관련 다양 화에 활용 일반화 된 자원 및 기능을 광범위하게 적용 할 수 있으며 다양한 산업 및 비즈니스 유형에 배치 할 수 있습니다. 무관하고 관련성이있는 다양 화를 활용합니다.


그림 8.1 관련 비즈니스는 경쟁력있는 가치있는 전략적 적합성으로부터 이익을 얻을 수있는 기회를 제공합니다.


29 가치 사슬과 함께 비즈니스 - 전략적 피팅을 식별.


R & D 및 기술 활동 공급망 활동 제조 관련 활동 유통 관련 활동 고객 서비스 활동 판매 및 마케팅 활동 잠재적 인 교차 비즈니스 적합성.


30 전략적 적합성, 범위의 경제 및 경쟁 우위.


범위의 경제를 사용하여 전략적 적합성을 경쟁 우위로 전환 전문화되고 일반화 된 기술 및 지식을 이전합니다. 관련 가치 사슬 활동을 결합하여 비용을 낮 춥니 다. 브랜드 이름 및 기타 차별화 리소스 활용 비즈니스 간 공동 작업 및 지식 공유를 사용합니다.


31 범위의 경제는 여러 비즈니스에서 운영되는 비용 절감 (더 큰 운영 범위)입니다. 규모의 경제는 더 큰 규모의 운영으로 발생합니다.


32 규모의 경제에서 스코프의 차이를 나타내는 32 개의 ECONOMIES.


기업의 여러 비즈니스 활동에서 교차 비즈니스 리소스 공유를 통해 비용이 절감되고 있습니까? 규모의 경제 규모가 큰 기업의 생산량 증가로 인해 단가가 낮아지는 경우 발생합니다.


33 전략적 적합성에서 경쟁적 이점, 추가 된 수익성 및 주주 가치 향상.


관련 사업 다각화의 이점 확보 주식 포트폴리오를 소유하는 것보다 주주 가치를 제고합니다. 관련 다양 화 전략을 통해서만 가능합니다. 전문화 된 자원 및 기능의 적용에서 가치를 창출하십시오. 경영진은 실현을 위해 내부 조치를 취해야합니다.


경쟁력있는 가치를 지닌 전략적 적합성을 확보 할 수있는 관련 사업으로의 다각화는 회사의 사업이 독립적 인 기업으로 수행 할 수있는 것보다 경제적으로 더 나은 성과를 낼 수 있도록하여 주주 가치를 높이고 만족시킬 수있는 확실한 방법을 제공합니다 더 나은 시험.


35 비 산업 분야로의 다양성.


수익성과 투자 수익에 대한 기업 목표를 달성 할 수 있습니까? 새로운 사업의 인수 또는 기존 사업의 매각 평가 매력적인 수익과 성장 잠재력을 지닌 산업에 속해 있습니까? 모기업의 수익에 크게 기여할만큼 큰가요?


36 비공개 다양 화를 통한 주주 가치 제고.


가치를 추구하기 위해 비 관련 다각화 전략 사용하기 경영진에 의해 기업의 양육을 기강 재정 자원의 교차 비즈니스 할당 저평가 기업 인수 및 구조 조정.


37 비공개 다양 화를 통한 주주 가치 제고.


관리에 의한 탁월한 기업 육아 리더십, 감독, 전문성 및 지침을 제공하십시오. 운영 비용을 낮추고 SBU 효율성을 높이는 일반화 된 리소스 또는 육아 리소스를 제공합니다. 금융 자원의 교차 비즈니스 할당 내부 자본 시장의 역할을 수행합니다. 다른 사업의 자본 요구 사항을 충당하기 위해 사업에서 잉여 현금 흐름을 할당하십시오. 저평가 기업 인수 및 구조 조정 약한 기업을 저렴한 가격으로 인수하십시오. 턴어라운드 기능을 사용하여 성능 및 수익성을 높이십시오.


38 기업의 양육이란 최고 경영 전문 지식, 통제 된 통제, 재정 자원 및 장기 계획 시스템, 사업 개발 기술과 같은 일반화 된 자원 및 기능의 다른 유형의 제공을 통해 다각화 된 기업이 구성 비즈니스를 육성하는 역할을 지칭합니다 , 관리 개발 프로세스 및 인센티브 시스템을 제공합니다.


39 다각화 된 회사는 다른 회사보다 높은 수준의 지침, 일반적인 감독 및 기타 기업 수준의 기여를 통해 개별 사업의 결합 된 성과를 향상시킬 수있을 때 양육 우위를 갖는다.


40 우산 브랜드는 광범위한 비즈니스 유형에 적용될 수있는 기업 브랜드 이름입니다. 따라서 비 관련 다각화에서 활용 될 수있는 일반화 된 자원입니다.


41 재구성이란 과잉 생산 능력을 가진 공장을 합병하고, 활용도가 낮은 자산을 매각하고, 불필요한 비용을 줄이고, 그렇지 않은 경우 회사의 생산성과 수익성을 향상시키는 사업 활동을 철저히 조사하고 합리화하는 것을 말합니다.


42 유리한 취득 가격 협상.


비주거적 인 다양성을 통해 더 큰 주주 가치 실현으로의 경로 지속적인 투자와 수익을 지속적으로 창출 할 수있는 기업으로 다양성 귀염성 시험 상위 관리자가 가치 창출 및 양육 우위 확보를 위해 취한 조치 유리한 취득 가격 협상 관리 감독 및 자원 공유, 금융 자원 배분 및 포트폴리오 관리, 실적이 저조한 비즈니스 재구성 우수 테스트.


43 비속설적 인 변화의 단서.


무관 한 다각화 전략 추구 관리 요구 사항 양육 우위를 모니터링하고 유지함.


비공개 다변화를위한 44 가지 이유.


사업 투자 위험 감소 추구 자체적으로 빠른 성장 또는 지속적인 성장 추구 기업의 순환 변동을 피하기위한 안정화 추구 개인 경영 전략 추구 무관심한 다각화를위한 합리적인 근거.


주주를위한 부가가치 창출에서 비롯되는 수익성있는 성장 만이 관련이없는 다각화 전략을 정당화 할 수 있습니다.


관련되지 않은 다양 화 전략의 결합.


관련이없는 비즈니스 포트폴리오 조합 지배적 사업 기업 협소하게 다각화 된 기업 광범위하게 다각화 된 기업 다 사업 기업.


47 관련되지 않은 다양 화 된 회사의 구조.


Dominant-Business Enterprises 총 수익의 50-80 %를 차지하는 주요 "핵심"회사와 나머지를 차지하는 소규모의 관련 또는 비 관련 회사를 보유하고 있습니다. 좁은 다각화 기업은 관련되거나 관련이없는 몇 가지 사업으로 구성됩니다. 광범위하게 다양 화 된 기업 관련 비즈니스, 관련이없는 비즈니스 또는이 둘의 혼합이 광범위하게 수집됩니다. Multibusiness Enterprises 관련없는 여러 비즈니스 그룹으로 구성된 비즈니스 포트폴리오가 있습니다.


다양한 회사의 전략 평가.


다각화 된 전략 산업의 매력 비즈니스 단위의 강점 교차 비즈니스 전략적 적합성 회사의 자원 적합성 자원 배분 새로운 전략적 움직임.


다변화 된 회사의 전략 평가.


회사가 개별적으로 또는 그룹으로 다양 화 한 산업의 매력을 평가합니다. 각자의 산업 분야에서 회사의 사업 단위의 경쟁력을 평가합니다. 회사의 다양한 비즈니스 단위의 가치 사슬을 따라 비즈니스 간 전략적 적합성의 정도를 평가합니다. 회사의 자원이 현재 비즈니스 라인업의 요구 사항에 맞는지 확인. 기업의 실적 전망을 최우선 순위에서 최악의 순위로 순위를 매기고 자원 할당 우선 순위를 결정합니다. 기업 성과를 향상시키기위한 전략적 움직임을 수립합니다.


그림 8.2 다양 화 추구를위한 세 가지 전략 대안.


51 1 단계 : 산업의 비약적 평가.


회사가 사업 운영을하는 산업이 얼마나 매력적입니까? 각 산업은 회사가 참여할 수있는 좋은 시장입니까? 어떤 산업이 가장 매력적이며 어떤 매력이 가장 적은가? 산업 전체가 얼마나 매력적입니까?


52 산업의 중요성 지표.


사회, 정치, 규제, 환경 요인 계절적 및 순환 적 요인 산업 불확실성 및 비즈니스 위험 시장 규모 및 예상 성장률 산업 수익성 시장 경쟁자 간의 경쟁 강도 신흥 기회 및 위협.


53 다중 비즈니스 관점에서의 산업의 비약적 발전.


산업 간 전략적 적합성에 대한 질문 업계의 가치 사슬과 자원 요구 사항이 회사가 운영하는 다른 산업의 가치 사슬 활동과 얼마나 잘 일치합니까? 리소스 요구 사항에 대한 질문 업계의 리소스 요구 사항이 모기업의 요구 사항과 일치합니까 아니면 그렇지 않은 경우 회사의 범위 내에 있습니까?


54 계산 산업의 득점 득점.


산업 매력 측정을위한 적절한 가중치 결정. 산업 매력도 평가 정확하고 객관적인 평가를주기 위해 업계에 대한 충분한 지식을 습득하십시오. 강도 측정의 중요성이 비즈니스마다 크게 다를 때마다 서로 다른 비즈니스 단위에 대해 서로 다른 가중치를 사용할지 여부.


55 표 8.1 가중 산업 매력 점수 산정.


기억하십시오 : 업계가 치열하게 경쟁할수록 해당 업계의 매력도는 낮아집니다! [등급 척도 : 1 = 회사에 매우 매력적이지 않습니다. 10 = 회사에 매우 매력적이다.]


56 2 단계 : 사업 단위 경쟁 강도 평가.


상대적인 시장 점유율 경쟁사 비용과 관련된 비용 주요 제품 속성에 대해 경쟁자와 일치하거나 이길 수있는 능력 브랜드 이미지 및 평판 기타 경쟁력있는 가치있는 자원 및 기능 및 파트너십 및 타사와의 제휴 회사의 다른 사업과의 전략적 적합성 혜택 주요 공급 업체 또는 고객 경쟁 업체와 비교 한 수익성.


경쟁 상대 강도를 측정하기 위해 상대적 시장 점유율을 사용하는 것은 직선 비율의 시장 점유율을 사용하는 것보다 분석적으로 더 우수합니다. 상대 시장 점유율은 비즈니스 단위의 시장 점유율과 해당 업계 최대 경쟁자의 시장 점유율을 달러가 아닌 단위 수량으로 나타낸 비율입니다.


58 표 8.2 다각화 된 회사의 사업 단위에 대한 가중 된 경쟁 강도 점수 계산 [등급 척도 : 1 = 매우 약함; 10 = 매우 강함.]


그림 8.3 9 개 셀 산업 매력도 - 경쟁력 매트릭스 Star Cash Cow Note : 서클 크기는 비즈니스 단위에서 생성 된 전사적 매출의 비율을 반영하여 조정됩니다.


60 3 단계 : 다각화 된 회사의 전략적 적합성의 경쟁 가치 결정.


기업 전반에 걸친 전략적 적합성의 정도를 평가하는 것은 회사의 관련 다양 화 전략을 평가하는 데있어 핵심입니다. 다양 화 전략의 실제 테스트는 전략적 적합성에서 어느 정도의 경쟁력을 창출 할 수 있는지입니다.


시장에서 또는 수익에 대한 기업의 성과를 향상시키는 교차 비즈니스 전략 적합성의 가치가 높을수록 관련 다양 화 전략이 더 강력하고 경쟁력이 높아집니다.


그림 8.4 교차 비즈니스 전략적 적합성의 경쟁 우위 잠재력 파악.


63 다각화 된 회사는 기업이 회사의 전반적인 자원 강점을 추가하고 자원 요구 사항이 일치하거나 모회사가 비즈니스 요구를 지원하고 가치를 창출 할 수있는 적절한 기업 자원을 보유하고있을 때 자원 적합성을 나타냅니다.


64 4 단계 : 자원 적합성 점검.


금융 자원 적합 내부 자본 시장 상태 포트폴리오 접근법 사용 : 현금 돼지는 개발을 위해 현금이 필요합니다. 현금 젖소는 초과 현금을 생성합니다. 스타 비즈니스는 자립적입니다. 성공 순서 : 현금 hog  별  현금 cow.


현금 창출 사업은 내부 요건을 능가하는 현금 흐름을 창출함으로써 기업의 모기업에 투자하거나 새로운 인수 자금을 조달하거나 배당금을 지불 할 수있는 자금을 기업의 부모에게 제공합니다.


현금 창출 사업은 현금 흐름이 너무 작아서 운영 및 성장에 대한 자금을 완전히 조달 할 수 없으며 추가적인 운전 자본을 제공하고 새로운 자본 투자에 자금을 제공하기 위해 현금을 필요로합니다.


67 강력한 내부 자본 시장은 다양한 기업이 자유 현금 흐름을 창출하는 사업 단위에서 확장 잠재력을 확장하고 실현하기 위해 추가 자본이 필요한 자본으로 전환함으로써 가치를 창출 할 수있게합니다.


68 4 단계 : 자원 적합성 점검.


비재무 적 자원 적합성 회사는 각 사업에서 성공하기 위해 필요한 특정 자원과 역량을 보유하고 있습니까? 회사의 자원이 하나 이상의 비즈니스 요구 사항에 따라 너무 얇게 늘어나고 있습니까?


69 한 기업의 재무 적 적합성을 보장하기위한 포트폴리오 접근법은 다른 기업의 현금 흐름과 투자 특성이 서로 다르다는 사실에 근거합니다.


70 5 단계 : 사업 단위 순위 책정 및 자원 배분 우선 순위 지정.


순위 요인 : 매출 성장 이익 성장 회사 이익 기여 비즈니스에 투자 한 자본 수익 현금 흐름 가장 높은 수익 및 성장 전망과 확실한 전략 및 자원 적합성을 갖춘 비즈니스 단위로 자원을 이동합니다.


그림 8.5 다각화 된 회사의 재정 자원 할당을위한 전략적 및 재정적 선택.


72 6 단계 : 전반적인 기업 성과를 향상시키기위한 전략적 전략 수립.


이미 다각화되어있는 기업을위한 전략 옵션은 기존 비즈니스 라인업에 충실합니다. 새로운 인수로 다각화 기반을 넓 힙니다. 매각 및 인수를 통해보다 다양 화 된 다각화 기반 구조로 벗어납니다.


그림 8.6 다각화 이후 회사의 4 대 전략적 대안.


74 다변화 된 기업의 비즈니스 기반 구축.


비즈니스 추가의 동기 요인 : 관련 비즈니스 또는 보완적인 비즈니스로 자원 및 기능을 이전합니다. 핵심 비즈니스에서 빠르게 변화하는 기술, 법률 또는 신제품 혁신 회사의 현재 사업의 시장 지위와 경쟁력을 강화합니다. 회사 운영 범위를 추가 국가 시장으로 확장.


75 사업 다각화 및 협소 한 다변화 기반으로의 복귀.


비즈니스 박차 동기 부여 요인 : 핵심 비즈니스 및 산업에서 더 적은 지위에 집중함으로써 장기 성과를 향상시킵니다. 비즈니스는 시장 환경이 크게 악화 된 매력적인 산업 분야에 있습니다. 비즈니스가 예상대로 수행되지 못하거나 문화적, 전략적 또는 자원 적 적합성이 부족합니다. 사업이 다른 회사 나 독립 법인으로 판매 될 경우 사업은 더욱 가치있게되었습니다.


76 스핀 오프는 기업의 부모가이 사업에서 주주들에게 새로운 주식을 분배함으로써 사업을 매각 할 때 만들어지는 독립적 인 회사입니다.


77 일러스트레이션 캡슐 8.1 존슨 앤 존슨 (Johnson & Johnson)의 다각화 관리 : 교차 비즈니스 전략적 적합성의 이점 인수 및 수익의 증가는 인수 전략을 통한 J & J 다각화의 성공에 대해 무엇을 나타 냈습니까? 교차 비즈니스 전략적 적합성을 추구 할 때 분권화는 어느 정도 필요합니까? 다변화 전략의 지속적인 성공을 위해 J & J는 어떻게해야합니까?


78 다각화 된 기업은 기존 사업 확장에 집중하고 기회가 더 유망한 신규 사업에 진출하기 위해 적합하지 않은 저 성과 사업 또는 사업을 처분해야합니다.


79 다각화 된 회사의 사업 계획 재구성.


기업 구조 조정으로 이끄는 요인 : 회사의 자원과 역량이 추구하는 다각화 유형에 심각한 불일치가 있음. 저성장, 저성장, 저 마진 또는 그렇지 않은 산업에서 너무 많은 비즈니스. 경쟁력이 약한 기업이 너무 많습니다. 계속해서 시장에 정통한 경쟁자로 떨어지는 주요 사업 단위의 시장 점유율이 감소하고 있습니다. 이자 비용이 과도한 부채 부담으로 인해 수익성이 크게 저하됩니다. 기대에 못 미친 혐오스러운 인수.


80 전사적 구조 조정 (기업 구조 조정)은 일부 사업체를 매각하거나 다른 기업을 인수함으로써 다각화 된 회사에서 큰 변화를 일으켜 회사의 사업 라인업에 완전히 새로운 모습을 드러내는 것입니다.


81 일러스트레이션 캡쳐 8.2 Kraft Foods의 구조 조정을 통한 성장 Kraft Food의 기업 구조 조정 전략은 다각화 기반을 축소 또는 확장하고 있습니까? 구조 조정은 Kraft Foods가 경쟁사보다 변화하는 시장 상황에 적응할 수 있도록 어떻게 준비 할 것인가? Kraft Foods는 인수를 통해 인수를 성공 시켰습니다.


비슷한 프리젠 테이션.


CORPORATE STRATEGY : 다각화 및 다 사업 회사.


기업 전략 : 다변화와 다국적 기업.


회사의 경쟁력있는 위치 강화 : 운영 범위.


국제 비즈니스의 전략.


© 2011 Cengage Learning. 판권 소유. 스캔, 복사 또는 복제하거나 공개적으로 액세스 할 수있는 웹 사이트에 전체 또는 일부를 게시 할 수 없습니다.


전략이란 무엇인가? 회사의 전략은 관리자가 회사의 목표를 달성하기 위해 취하는 조치를 말합니다. 기업은 증가하는 전략을 추구해야합니다.


1 가지 질문 기업은 왜 다각화됩니까? - 성장의 필요성은 무엇입니까? - 가치는 어떻게 만들어 집니까?


회사의 외부 환경 평가.


외부 소스를 통한 성장을위한 리소스 액세스.


지구 환경 전략.


제 8 장 : 국제 전략의 기회와 결과.


정의 합병 및 인수 (약식 M & A)라는 문구는 기업 전략, 기업 재무 및 경영 거래 측면을 나타냅니다.


10 10 장 : 기업 전략 : 다각화, 인수 및 내부 신기원 BA 469 2005 년 봄 학기 Dowling 교수.


전략적 관리 : 개념 및 사례.


다각화 된 기업의 전략 및 경쟁 우위


다 사업 기업을위한 전략.


다양 화 된 기업의 전략 평가 전반적인 매력과 경쟁력을 향상시키기위한 행동 계획을 수립하고 실행합니다.


다각화 전략 소개 : 기본 이슈 다원화를위한 시간 경과 추세 - 성장과 위험 감소 - 주주 가치 :


MGT 499 Ch. 8 : 기업 전략 : 다각화 및 다 사업 회사.


ИГРАТЬ.


2 단계 : 교차 비즈니스 가치 사슬 관계와 전략적 적합성을 경쟁 우위로 활용할 수있는 기회 모색.


3 단계 : 투자 우선 순위를 수립하고 기업 자원을 가장 매력적인 비즈니스 단위로 이끌어갑니다.


4 단계 : 결합 된 성능을 높이기위한 작업 시작.


협력 업체의 비즈니스 수집


& gt; 추가 산업에 진입하여 다양 화의 현재 범위를 확대합니다.


& gt; 일부 비즈니스를 해소하고 더 ​​나은 전반적인 실적 전망을 가진 다양한 비즈니스의 범위를 축소합니다.


& gt; 일부 기업을 매각하고 다른 기업을 인수하여 회사의 비즈니스 라인업에 완전히 새로운 얼굴을 넣어 전체 회사를 재구성합니다.


주주들에게 장기적인 가치를 부여합니다.


(2) 참가 비용 시험.


(3) 더 나은 시험.


2 - 내부 신생 벤처 (신생 기업)


& nbsp; 진입 장벽을 피할 수 있습니다.


& gt; 보완 자원 및 기능에 대한 액세스.


& gt; 인수 기업 통합에 대한 과소 평가 비용.


& gt; 추가 된 주주 가치를 제공 할 수있는 인수의 잠재력을 과대 평가합니다.


& gt; 입수 가능한 후보자가없는 신규 또는 신흥 산업에 진입 할 수 있습니다.


& gt; 생산 역량 및 경쟁력 역량 개발에 대한 광범위한 투자가 필요합니다.


& gt; 변화와 혁신에 대한 내부 조직의 저항으로 인해 실패 할 수 있습니다.


(2) 취득 비용이 내부 입력보다 높습니다.


(3) 용량 증설은 수급 균형에 영향을 미치지 않는다.


(4) 시장 진입에 대한 기존 회사의 낮은 저항.


(5) 대상 산업에서 일대일 경쟁이 없음.


(6) 사내 기술 및 자원의 가용성.


& gt; 기업이 보유하고 있거나 빠르게 개발할 수있는 것보다 광범위한 역량과 노하우가 필요합니다.


& gt; 지역 파트너 참여 및 / 또는 소유권이 필요한 외국에 거주하고 있습니다.


& gt; 벤처를 운영하는 최선의 방법에 대한 벤처 파트너 간의 불일치.


& gt; 파트너 간의 문화적 충돌.


& gt; 벤처 파트너 중 하나가 자신의 길을 가기로 결심했을 때 벤처가 해산됩니다.


(2) 관련 가치 사슬 활동을 결합하여 비용을 낮추십시오.


(3) 브랜드 이름 및 기타 차별화 리소스 활용.


(4) 교차 비즈니스 협업 및 지식 공유 사용.


& gt; 계절 및 순환 요인.


& gt; 산업 불확실성 및 비즈니스 위험.


& gt; 시장 규모 및 예상 성장률.


& gt; 시장 경쟁자 간의 경쟁 강도.


& gt; 새로운 기회와 위협.


& gt; 새로운 산업에서의 지위를 확립하거나 기존 사업을 보완하기 위해 인수 합병을하십시오.


& gt; 신규 또는 기존 사업에서 시장 기회를 개척하기위한 장거리 R & D 벤처 투자.


& gt; 주주에 대한 배당금 지급을 늘립니다.


& gt; co의 보통주를 재구매합니다.


& gt; 현금 보유 준비; 단기 유가 증권에 투자하십시오.


Blackman 闪 電気 侠.


기업 전략 : 다변화와 다국적 기업.


2012 년 12 월 19 일 9,177 1306 批評.


1. 다각화 된 회사를위한 기업 전략 수립의 임무는 A. 진입을 결정하고 진입하는 방법을 결정하는 새로운 산업을 선택하는 것입니다. B. 회사가 입력 한 비즈니스의 결합 된 성과를 높이기위한 조치 시작. C. 교차 비즈니스 가치 사슬 관계 및 전략적 적합성을 경쟁 우위로 활용할 수있는 기회를 제공합니다. 투자 우선 순위를 수립하고 기업 자원을 가장 매력적인 사업 단위로 이끌어 냄. E. 이 모든 것.


2. 다음 중 다각화 된 회사를위한 기업 전략 수립의 요소 중 하나가 아닌 것은 무엇입니까? A. 새로운 산업을 선택하여 진입 방법을 결정하고 결정 B. 회사가 입력 한 각 사업에 적합한 가치 사슬 선택 C. 비즈니스 간 가치 사슬 관계 및 전략적 적합성을 경쟁 우위로 활용할 수있는 기회 모색 D. 투자 설정 기업 자원을 가장 매력적인 사업 단위로 조장하십시오. E. 회사가 입력 한 비즈니스의 결합 된 성과를 높이기위한 조치를 취하십시오.


3. 다각화는 단일 비즈니스 기업 A가 가능한 한 앞뒤로 통합 할 때마다 강력한 고려가 필요합니다. B. 시장 기회가 줄어들고 주요 비즈니스에서 판매가 정체 됨. C. 비즈니스의 주력 라인에서 업계 리더십을 획득했습니다. D. 주력 사업에서 이익 감소가 발생합니다. E. 경쟁이 치열하고 좋은 수익을 올리기 위해 고심하고 있습니다.


4. 기업 A가 현재의 비즈니스를 보완하는 기술과 제품을 보유한 산업으로 확장 할 수있는 기회가 생기면 다각화는 관련 전략적 옵션이됩니다. B. 이러한 동일한 자원 강점이 핵심 성공 요인이자 가치있는 경쟁 자산 인 산업으로 확장함으로써 기존 역량 및 역량을 활용할 수 있습니다. C. 다른 회사의 제품으로 이전 할 수있는 강력하고 잘 알려진 브랜드 이름을 가지고 있으므로 그러한 영업의 매출과 이익을 이끌어 내기위한 레버로 사용됩니다. D. 밀접한 관련 사업으로 다양 화함으로써 비용 절감을위한 새로운 방법을 열어 줄 수 있습니다. E. 이 모든 것.


5. 회사의 이익이 압박되고 순이익 마진과 투자 수익을 증가시킬 필요가있을 때 다변화를 고려해야합니다. B. 현재의 사업에서 경쟁 우위가없는 회사. C. 회사는 주력 사업에서 성장 전망이 감소하기 시작합니다. D. 회사는 현재 사업에서 독보적 인 역량을 발휘할 수있는 방법이 부족합니다. E. 회사는 더 매력적이고 비용 효율적인 가치 사슬을 창출하기 위해 총을 소유하고 있습니다.


6. 다양 화는 다음과 같은 상황 중 어느 하나에서 관련된 전략적 선택이된다. A. 회사가 기술 및 제품이 현재 비즈니스를 보완하는 산업으로 확장 할 수있는 기회를 발견 할 때. B. 회사가 주요 사업에서 낮은 이익 마진을 얻는 경우. C. 회사가 다른 사업체의 제품으로 이전 할 수있는 강력하고 잘 알려진 브랜드 이름을 가지고있어서 그러한 사업체의 판매 및 이익을 높이기위한 레버로 사용되는 경우. D. 회사가 밀접한 관련 사업으로 다각화하여 비용 절감을위한 새로운 방법을 열 수있는 경우. E. 기업이 기존의 역량 및 역량을 활용할 수있는 경우, 동일한 자원 강점이 성공 요인 및 가치있는 경쟁력있는 자산으로 확대 될 수 있습니다.


7. 신규 사업으로의 다변화는 A. 이윤 마진 증가와 총 이익 증가로 이어질 때만 정당화 될 수 있습니다. B. 주주 가치를 창출합니다. C. 회사가 현재 사업에서 경쟁의 어려움을 피할 수 있도록 도와줍니다. D. 다양한 차별화 된 역량과 경쟁력을 키울 수 있습니다. E. 회사는 추가 해외 시장 진입 장벽을 극복 할 수 있습니다.


8. 다변화를 통해 주주 가치를 창출하기 위해서는 수익성이있는 새로운 사업을 시작해야합니다. B. diversify into industries that are growing rapidly. C. spread its business risk across various industries by only acquiring firms that are strong competitors in their respective industries. D. diversify into businesses that can perform better under a single corporate umbrella than they could perform operating as independent, stand-alone businesses. E. diversify into businesses that have either key success factors or value chains that are similar to its present businesses.


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.


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