持久竞争力-sustainable competitive advatange

guomiao88

大家常说，一个公司要长期outperform，就一定要有所谓的持久竞争力-sustainable competitive advantage (SCA). 投资在这样的公司，投资者能够得到高回凑，和较低的风险。

那么什么SCA 呢？
susitainable competitve advantage is that a company has an unfair advantage over its competitors, competing on a levered ground and it can achieve a higher RESIDUAL RETURN on its capital...
在ADAM SMITH (the wealth of the nation), the residual return from every industry 应该是一样的，如果Market 是perfect 的。。

所以，一个有SCA 的公司能够为股东们制造高于市场的回酬。

而SCA又从哪里来呢？那么我们就的了解什么是核心能力-Core competence
Core competence is a set of resources or capabilities that give an organization sustainable competitive advantage.

核心能力就指一个公司的
1。resources- tangible and intangible asset
2. capabilities-process,management system,methods that deploy resources effectively and efficiently

而我们又要怎么知道那些是核心能力呢？
可以用3 个test
1. Value. is the assets or capabilities add value to the company?
2. Rare. Do other competitors have the same assets or capabilities?
3. Not perfectly imitable. Do anybody can create the same competence?just through paying $$$



也就是这些core competence 分辨出了那些5-star 公司。。
尽管有些处在没有特别优势的行业。。
老巴在好久前买的furniture retailer,,,算是个例子吧。。

Mr.Business

很多行业都是没有竞争力的，可这些行业偏偏就是提供最多就业机会的行业，真是两难的局面。我国已经浪费很多年的时间了，希望能尽快改进。。。

Help us remain competitive, exporters tell govt
By Rupa Damodaran        
Published: 2008/08/25

MALAYSIAN exporters, in trying to weather the global uncertainties from slowing external demand and rising costs, are urging the government to help them remain competitive.

Among others, they are calling for lower corporate taxes, fuel and electricity discounts, and reallocation of some natural gas from the power sector to manufacturers.

The Malaysian Textile Manufacturers Association said higher fuel, gas and electricity prices have pushed up production costs and made their products less competitive in the global marketplace.

Their colleagues in the footwear manufacturing sector suggest the government give rebates as incentives to help them become more competitive. About 30-40 per cent of Malaysian footwear manufacturers export their products.

They also seek help to establish a training institution for the footwear industry to attract and develop more creative talents.

The Malaysian Rubber Glove Manufacturers Association, meanwhile, believes a significant cut in corporate tax and reduction in personal income tax will give consumers more disposal income. They have also proposed incentives to promote better environment management and more automation in the manufacturing sector.

In the case of furniture exporters, their dilemma is trying meet export targets while they are constrained in terms of recruitment of foreign labour.

"In order to achieve the RM10 billion target for Malaysian furniture export by 2010 set out by the Plantation Industries and Commodities Minister, we need to build and expand our factories, to employ more workers.

"If we are having difficulties in getting the workers, needless to say, it will be difficult to increase our production and output," said the Malaysia Furniture Entrepreneur Association (MFEA).

The 2,000-member strong Federation of Malaysian Manufacturers (FMM), meanwhile, has highlighted that trade organisations do not receive any financial assistance for export promotion. In comparison, the Singapore Manufacturers' Federation receives a yearly grant of S$180,000 (RM426,600) from the International Enterprise Singapore.

FMM organises trade and investment missions as well as facilitates the participation of Malaysian companies in international fairs.

Trade associations do get some financial assistance and support, but the Market Development Grant, for instance, does not cover expenses for promotional collateral, local ground transfer, shipment of materials or advertisements for export promotion.

http://www.btimes.com.my/Current ... rup220.xml/Article/

Mr.Business

请问老巴的furniture retailer在哪方面有持久竞争力？

tan81

我猜，
优秀的管理经验和能力（Mrs B）
地理位置的限制 （护城河）
议价能力 （和Supplier 的要价可以很低，因为购买数量庞大）
品牌和服务 （最重要的关键，可以让喜爱消费者只要这一家）

guomiao88

还有个Efficient cost management skills (etc,economic of scale, efficient adminstration system, activity coordination..)

这些往往不太起眼，不过小小的地方能够让一个企业脱引而出。。

有了efficient cost management skill,它们能够走cost leadership strategy,争取mass customers,再进一步economy of scale.
常常让人觉得竞争激烈的hyper market industry,Walt-mat 也聘这点脱引而出。。
老巴也看走眼了。。

flyingfish

guomiao88兄，你好。
觉得你对competitive advantage功力深厚，有好书介绍吗？
个人意见：
Michael Porter的competitive advantage系列都很不错。
另一本不错的书<the power of unfair advantage>，由<high tech startup>的作者John Nesheim所作。
<high tech startup>是一本矽谷高科技创业的经典。

guomiao88

flyingfish兄，
我只是知一二吧了。。
嘿嘿。。你之前发表对DCF 的见解非常的深刻。

michael porter 对competitiveness 的study 非常深刻。。
market 5 forces (external appraisal)  +  value chain (internal appraisal)

不过他focus的都在红海，
如果要点别种感觉，看看BCG 的 Blue Ocean Strategy.

flyingfish

guomiao88兄，你好。
哈哈，DCF方面是我的一些看法吧了，未必都对的，有补充/批判欢迎加入讨论。

蓝海策略，我的看法：
觉得蓝海策略是Porter的differentiation的延伸，只是谈得较深入，较micro level,另外再有一些新的工具。

Michael Porter的网站有很多资讯，他谈competitive advantage, cluster, strategy 的presentation都能下载。

chookf

[quote]原帖由 guomiao88 于 27-8-2008 12:00 AM 发表
michael porter 对competitiveness 的study 非常深刻。。
market 5 forces (external appraisal)  +  value chain (internal appraisal)
不过他focus的都在红海，
如果要点别种感觉，看看BCG 的 Blue Ocean Strategy.



籃海策略這本書的內容其實很normal，
它的概念其實源自michael porter 的競爭優勢，
只是精簡化，重心包裝而已，讓人以為是新的東西，
其實裡面講的全部都是michael porter 以前說過的．．．

flyingfish

我也有同感。
觉得蓝海策略的作者的包装其实蛮厉害，
比较能形象化，视觉化的名词(红海/蓝海)，较易用的工具。
作者们好像是Insead的。

guomiao88

哈哈。。我也听我的老师这么说的。。
大致上学了porter diamond,5 force,value chain..
不过如果我没错，porter 不是强调strategy 应该是cost leadership, diffrentiation or focus？
不能两个都选。

不过，看了blue ocean这书,应该to differentiate 和 achieve cost leadership.

嘿嘿。。那么chookf 和flyingfish 兄，有什么经验把strategy analysis 用在投资分析上。。
请多多分享。。

chookf

不过如果我没错，porter 不是强调strategy 应该是cost leadership, diffrentiation or focus？
不能两个都选。

這是籃海策略的作者對porter的著作研究不深，
而貶低別人，抬高自己。

其實，porter也有說cost leadership, diffrentiation or focus，
兩者合一的例子，只是通常比較少見，
大多數的情況，cost leadership, diffrentiation or focus大多很難共存。

籃海策略的作者就只看上半部的
“cost leadership, diffrentiation or focus大多很難共存”這句話來踩porter．．．

完全無視porter只是說比較難，不是說完全不能，
也無視porter曾經舉出一些cost leadership, diffrentiation or focus並存的例子．．．

這就是人的通病，看事情只有黑白之分，無灰色地帶．．．可悲．．．

flyingfish

个人理解Porter的理论：
generic competitive strategy: cost leadership, differentiation, cost focus, differentiation focus
他的feature of strategy,
其中有cost leadership需要differentiation parity/proximity;
differentiation需要cost parity/proximity，
(而不是cost leadership就完全不管differentiation;
不是differentiation就完全不管cost.)
他也有谈stuck-in-the-middle的情况；risks to 4 types of strategies, risks of stuck-in-the-middle;
也谈cost leadership只有The cost leader胜，differentiation可以有>1同时存活。

用在投资：(个人意见)
1。以strategy推断产业参与者谁会胜/败，是产业分析里的一环。
2。用在自己的投资：
思考自己的competitive advantage,
减低cost of transactions, cost of getting quality,timely info, cost of analysis (至少cost parity/proximity)
增强自己的differentiation ：自己的database, go upstream for data, niche(自己精通的投资领域/industry)，timely local info(例如你住在工厂附近),speed of analysis。

guomiao兄，value chain有什么心得吗？
Porter这网站有很丰富的资料：
http://www.isc.hbs.edu/index3.html
很多他的presentation material。

guomiao88

嘿嘿。。最近忙着上课。。
flyingfish 兄，我就没什么心得啦。。大致上学了些。

Value chain 分析了一个公司的value activities.把它分成了两个，primary 和 supporting.
Primary activities 是从inbound>operation>outbound>marketing&sale>service..包含了一个公司如何从input..变成。。sales income..的过程。。
supporting 着负责从旁补助。。。

对我来说，value chain 能够用来分析一个公司的运作。identify strenght&weakness , area for improvement...etc..
不过，常常都没有完整的资料。

另外，值得一提的是，Linkage.
如果没错，Porter 提议用Linkage 来帮公司 create 和 preserve competitive advantage.
Linkage-internal, external
eg, External linkage: Vertical integration, strategic alliance..etc
eg, Internal linkage: Supplny chain management, Enterprise resource planning (ERP)..etc..


哈哈。。
Flyingfish 兄，
其实我想问的是，你有没有用这一些 strategic management 的model 在分析公司上。那又介不介意分享你的case study 呢。。
想不到，你还能将它用在portfolio management 上呢。。

flyingfish

哇，你是学生？MBA ？
看来你学的是正统/完整的。。

linkage我完全没听过，在Porter的那一本书？
SCM，ERP也许可以去SCM，ERP软体的网站看看(如SAP)，有时会有好玩的quiz, simulation game.

strategic management 的model 具体是指那一些？
一些网站：
用Porter 5 forces分析industry: (不过教科书的例子会较好)
http://www.investopedia.com/features/industryhandbook/porter.asp

我知道的一些网上资源：
http://www.provenmodels.com/

Mckinsey quarterly:
http://www.mckinseyquarterly.com ... Enduring_ideas_2170
click “interactive module"部分，蛮多不同年代的理论(很多没听过)

Knowledge@Wharton:
http://knowledge.wharton.upenn.edu/

我订Mckinsey Quaterly, Knowledge@Wharton的email newsletter,
很不错，有pdf, 越看越觉得我这方面程度不够：-)

另外，有一本CEO pocket handbook(书名大致如此),里面有蛮多对公司也许有用的model.

有空多交流。。