PB#2 ANALISA STRATEGIK
Rudy Suryanto, SE.,M.Acc
ANALISA STRATEGIK
1. Analisa Eksternal
1. Analisa Makro
2. Analisa Industri
3. Analisa Value Chain
2. Analisa Internal
1. Analisa Business Model Generation
2. Analisa Balanced Scorecard
ANALISA MAKRO
Analisa makro terdiri dari analisa Politik,
Ekonomi, Sosial dan Budaya (Poleksosbud).
Analisa makro adalah analisa yang berlaku untuk
satu daerah (Yogyakarta), negara (Indonesia)
atau kawasan tertentu (Asia).
Analisa Makro
Interdependencies
across dimensions
Political/Legal
Demographic
Global
Industry
Environment
Economic
Technological
Socio-cultural
Analisa Makro akan memberikan
1. Pandangan umum akan iklim bisnis di masa
depan di suatu negara/kawasan apakah
kondusif atau tidak
2. Pandangan umum tentang potensi ekonomi
di sebuah negara/kawasan
3. Pandangan umum tentang resiko bisnis di
sebuah negara/kawasan
Analisa Industri
Analisa industri adalah analisa untuk mengukur
tingkat persaingan / dinamika persaingan di
dalam industri.
Porter’s Five Competitive Forces
SUPPLIERS
Bargaining power suppliers
INDUSTRY
RIVALRY
POTENTIAL
ENTRANTS
Threat of
new
entrants
Threat of
Rivalry among
existing firms
substitutes
Bargaining power buyers
BUYERS
SUBSTITUTES
DINAMIKA PERSAINGAN
1. Penentuan strategi sangat erat terkait dengan
dinamika persaingan yang terjadi di suatu
industry
2. Dinamika strategi di sebuah industri di
pengaruhi oleh empat faktor utama yaitu
bargaining power supplier, thread of new
entrants, thread of substitutes
Pengaruh Faktor-Faktor
N
O
FAKTOR
PENGARUH
1 Daya tawar supplier tinggi
2 Daya ancam pemain baru tinggi
3 Daya tawar buyer tinggi
Persaingan Meningkat
Persaingan Meningkat
Persaingan Meningkat
4 Ancaman barang pengganti
tinggi
Persaingan Meningkat
RESPONS
1.
2.
3.
4.
Menurunkan daya tawar supplier
Menurunkan daya tawar buyer
Menghalangi pemain baru masuk
Menurunkan ancaman barang pengganti
ANALISA RANTAI NILAI (VALUE CHAIN)
Rantai nilai adalah suatu tahapan proses
produktif (fungsi) dari penyediaan input spesifik
ke produksi utama, perubahan bentuk,
pemasaran sampai kepada konsumen akhir
1. Analisa Rantai Nilai Eksternal
2. Analisa Rantai Nilai Internal
INTERNAL ANALYSIS
Today’s Objectives
• You should:
• Understand the difference between Porter’s and the RBV’s
approach to strategy and CA
• Be knowledgeable about the main tenets of the RBV
• Know the difference between resources and capabilities
• Know how to identify distinctive resources or capabilities
• Be aware of the “dark side” of distinctive capabilities.
14
Recall:
•Firm profitability is determined by industry structure (Week 4) and by
individual firm characteristic.
•Firm effect > industry effect (in almost all studies)!
Proportion of firm
performance explained by:
Industry Effect
Firm Effect
Rumelt
(1991)
McGahen&Porter Hawawini et
(1997)
al (2003)
4.0%
18.7%
8.1%
45.8%
36.0%
35.8%
15
Some firms outperform their industry
16
Porter’s route to CA
• “Choices”:
• 1985: Choose a generic strategy that promises
protection from competitive forces.
• 1996: Choose a position -- performing different
activities or performing similar activities
differently from rivals –- that creates value for
customers and is difficult to imitate by
competitors.
• Easier said than done!
17
The “Resource-based” route to CA
• Stalk et al (1992, p.58) article:
• Why does Walmart have lower cost structure, why can they “afford” greeters
and strong service despite “everyday low prices”?
•
 Because of underlying distinctive capabilities
• The Resource-based View (RBV) brings a more
subtle understanding of competition.
•
Firms are constrained in their choices by existing resources/
capabilities and the rate at which new resources/capabilities can be built.
18
Resource-Based View (RBV)
• Origins in mid-1980s, take-off in early 1990s.
• Many scholars contributed.
• Each firm seen as a “bundle of resources & capabilities”
– Resources… what the company “has”, i.e. the productive assets controlled by
the firm.
– Capabilities… what the firm “does” with its resources, i.e. its ability to bring
together multiple resources for a particular purpose.
• Thrust:
•
Creation of competitive advantage through the creation and
exploitation of distinctive resources and capabilities.
19
Key Assumptions of RBV

Resource heterogeneity – firms represent unique bundles of
resources/capabilities

Limited resource mobility – many resources and especially
capabilities cannot be built rapidly (or bought in the market)
E.g. brands, patents, trust of customers and employees can only be built over
time, requiring considerable investments and incurring significant risk.
•
•
Without these assumptions, firms could follow any strategy
 profits would rapidly erode as desirable strategies are
emulated.
20
Tangible Resources
– Financial resources
Cash, accounts receivable, capacity to borrow…
– Physical resources
Property, production facilities, raw materials…
•
•
Tangible resources recorded in financial statements.
21
Intangible Resources
– Information: customer data, competitor intelligence…
– Knowledge in its many forms: copyrights, trade secrets, patents,
insights into customers …
– Relationships with customers, employees, suppliers, alliance partners
and the public: brands, reputation as employer, buyer, partner,
corporate citizen
– HR: skills, knowledge and experience of employees, their ability to
work as a team, their commitment to the firm, top management
leadership…
•
Intangible resources mostly missing from the firm’s financial
statements  difference between book values and values assigned by
investors (see next slide).
22
The growing value of intangible resources
Top 150 largest
companies in the world
(Bryan and Zanini 2005
McKinsey Quarterly)
23
Intangible Resources:
The World’s Most Valuable Brands
• Rank Company
•
•
Brand
value
(US$b)
•
67.5
59.9
13
14
15
16
26.4
18
19
21.2
•
•
•
•
•
•
•
•
•
1 Coca-Cola
2
Microsoft
3
IBM
4 GE
5
Intel
6
Nokia
7
Disney
8
McDonalds
9
Toyota
10 Marlboro
53.4
46.0
35.5
26.5
26.1
24.8
Rank Company
11 Mercedes
12 Citigroup
Hewlett-Packard
American Express
Gillette
BMW
17 Cisco
Louis Vuitton
Honda
20 Samsung
Brand
value
(US$b)
20.0
19.9
18.9
18.5
17.5
17.1
16.5
16.1
15.8
14.9
(Source: Interbrand 2005)
24
Resources (on their own) and Performance: The
Analogy of Soccer
Italian, Spanish and English premier soccer leagues (1998-2003)
League
Teams with best on-field
performance
Teams with highest player expenditure
Italy
Juventus
Lazio
Italy
AC Milan
Inter Milan
Italy
Parma
Juventus
Spain
Valencia
Real Madrid
Spain
Real Madrid
Barcelona
Spain
Deportivo La Coruna
Real Betis
UK
Manchester United
Chelsea
UK
Arsenal
Manchester United
UK
Liverpool
Arsenal
Source: Grant 2005
Superior resources alone (here: highest paid players) do not necessarily translate
into superior (on-field) performance  capabilities.
25
Capabilities: Definition
• “…an organisation’s capacity to deploy tangible and intangible resources…
to bring about a desired end.” (Dess et al 2007: p.93)
• “…the ability to perform a task or activity that involves complex patterns
of coordination and cooperation between people and other resources.”
(McGee et al 2005: p.252)
– A hospital’s emergency response capability: anaesthetist + surgeon + triage
nurse + theatre nurse + operating theatre
– Wal-Mart’s “cross docking” capability (Stalk et al 1992):
•
•
•
•
•
•
Private satellite network (warehouses, stores and suppliers) +
IT-based control systems +
Video links with all stores +
Dedicated fleet of trucks +
Stock ownership and profit sharing to motivate employees +
…
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Bukti Empirik RBV
Proportion of firm
performance
explained by:
Industry Effect
Firm Effect
Rumelt
(1991)
McGahen&P Hawawi
orter (1997) ni et al
(2003)
4.0%
18.7%
8.1%
45.8%
36.0%
35.8%
Sumberdaya Perusahaan
• Berwujud
– Sumberdaya Keuangan – kas, piutang,
kemampuan untuk mendapatkan pinjaman
– Sumberdaya fisik – bangunan, fasilitas produksi,
persediaan bahan baku dll
– > tercatat dalam laporan keuangan
Sumberdaya Perusahaan
• Sumberdaya tidak berwujud
– Informasi: data pelanggan, market intelligent, competitor
intelligence…
– Knowledge (pengetahuan): copyrights, trade secrets, patents, insights
into customers …
– Jaringan (Relationships) with customers, employees, suppliers,
alliance partners and the public: brands, reputation as employer,
buyer, partner, corporate citizen
– Sumberdaya manusia: ketrampilan, pengetahuan, dan pengalaman
karyawan, kemampuan karyawan bekerja dalam tim, loyalitas
karyawan, kepemimpinan manajemen puncak.
• Sumbedaya tidak berwujud tidak nampak dalam laporan
keuangan. Namun terlihat pada selisih harga pasar dan nilai
buku Price per book ratio(Dell 40x, Microsoft 7x, Google 130x)
Sumber Daya tidak Berwujud
Intangible Resources:
The World’s Most Valuable Brands
Rank Company
Brand
value
(US$b)
1
2
3
4
5
6
7
8
9
10
67.5
11 Mercedes
59.9
12 Citigroup
53.4
13 Hewlett-Packard
14 American Express
18.5
35.5
15 Gillette
26.5
16 BMW
26.4
17 Cisco
18 Louis Vuitton
16.1
24.8
19 Honda
21.2
20 Samsung
(Source: Interbrand 2005)
Coca-Cola
Microsoft
IBM
GE
46.0
Intel
Nokia
Disney
McDonalds 26.1
Toyota
Marlboro
Rank Company
Brand
value
(US$b)
20.0
19.9
18.9
17.5
17.1
16.5
15.8
14.9
Sumbedaya = Kapasitas?
League
Teams with best on-field
performance
Teams with highest player expenditure
Italy
Juventus
Lazio
Italy
AC Milan
Inter Milan
Italy
Parma
Juventus
Spain
Valencia
Real Madrid
Spain
Real Madrid
Barcelona
Spain
Deportivo La Coruna
Real Betis
UK
Manchester United
Chelsea
UK
Arsenal
Manchester United
UK
Liverpool
Arsenal
Source: Grant 2005
Kapasitas
• ..kapasitas organisasi untuk mengelola tangible dan
intangible resource guna mencapai tujuan tertentu
(Dess et al 2007 p 93)
• ..kemampuan untuk melaksanakan tugas atau
aktivitas yang memerlukan pola koordinasi yang
kompleks dan kerjasama banyak orang dan banyak
sumberdaya (McGee et al 2005, p. 252)
• Contoh : unit IRD dalam sebuah rumah sakit
Pengemangan Kapabilitas
• Kapabilitas berkembang dan dibangun
memerlukan waktu dan cenderung
bergantung pada tacit knowledge (bukan
eksplisit knowledge)
• Pengembangan kapabilitas ini dilakukan
secara berjenjang (sehingga apabila
kompetitor ingin melakukan imitasi butuh
waktu dan proses yang lama)
Kapabilitas Perusahaan Telkom.
CrossFunctional
Capabilities
New product
development
capability
Customer
Support
Capability
Quality
Management
Capability
Broad
Functional
Capabilities
Operations
Capability
R&D, design
capability
MIS
Capability
Mkting & Sales
Capability
HRM
Capability
SubFunctional
Capabilities
Manufacturing
Capability
Materials Mgt
Capability
Process
Engineering
Product
Engineering
Test
Engineering
Specialised
Capabilities
Printed
Circuit-board
Assembly
Telset
Assembly
System
Assembly
Single
Task
Capabilities
Automated
component
insertion
Manual
Insertion of
Components
Wave
Soldering
Surface
Mounting of
Components
Distinctive Resource & Capabilities
• Strategy is interested chiefly in distinctive
resources and capabilities, i.e..those that
distinguish the firm from competitors; that
give it CA and above-average profitability.
•
NB: Stalk et al 1992: “strategic capability” =
“distinctive capability”
•
• Capabilities are a more likely source of SCA
than resources!
Sustainablitiy Competitive Advantage
Valuable
Extent of CA
Above-Average
Profit Potential
of a Resource /
Capability
Rare
Sustainability of
CA
Inimitable
Non-Substitutable
Based on Barney (1991)
Conditions for CA
• Valuable
• The resource/capability must create value (see Week 3)
• Rare
• Unless rare, a valuable resource/capability cannot be the basis for
CA.
• Needed “to be in the game” (competitive parity – see below)
E.g. in engineering industry, CAD technology is very valuable but since every
firm has adopted it, it no longer confers CA.
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Conditions for Sustainable CA
• Inimitable
• Competitors find it very difficult/costly to imitate the particular
resource/capability due to:
– property rights / physical uniqueness to prevent imitation (e.g. patent,
copyright, mining lease)
– causal ambiguity: lack of comprehension of the distinctive
resource/capability elements (often tacit knowledge components)
– social complexity: some resources/capabilities inherently difficult to
manage (e.g. culture, alliance relationships)
– historical path dependence: resources/capabilities that have been
cultivated over time cannot be replicated quickly (e.g. brand, supplier
relationships, technical knowledge)
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Distraction:
Tacit knowledge – a likely source of inimitability
Codified
Knowledge
KNOWLEDGE SPECTRUM
Tacit
Knowledge
•
•
•
•
•
•
Codified knowledge can be made independent of knowledge carrier,
i.e. it can be captured (instructions, mathematical equations, flow charts,
etc.) and readily transmitted to others.
Tacit knowledge cannot be expressed/captured by the knowledge
carrier and thus cannot readily be transmitted.
“We know more than we can tell” (Polanyi 1966)
Transfer of tacit knowledge typically requires prolonged observation of,
and interaction with, the knowledge carrier.
40
Distraction:
Tacit knowledge – a likely source of inimitability
•Tacit knowledge…
•… is path dependent
•… tends to be causally ambiguous
•… tends to be socially complex
 Resources/capabilities with tacit knowledge components
are difficult to imitate!
41
Conditions for Sustainable CA
• Non-Substitutable (or “Difficult to substitute”)
•
Resource/capability must not have a (non-rare) substitute
E.g. astute management team vs. advanced decision support system; physical location
vs. website;
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Conditions and their Implications for CA
Is the Resource/Capability…
Valuable?
Rare?
Inimitable and
Non-substitutable?
Implications for CA
No
*
*
Comp. Disadvantage
Yes
No
*
Comp. Parity
Yes
Yes
No
Temporary CA
Yes
Yes
Yes
Sustainable CA
*…inconsequential (Yes or No)
Source: adapted from Barney (1991)
43
Appropriability
• In addition to the four conditions, SCA requires appropriability.
•
I.e. the value created by a particular resources/capabilities
must not be captured entirely by its provider.
• Organisation-based capabilities vs. an individual’s capabilities
(compare Week 4: NHL players as internal suppliers)
44
Examples Distinctive Resources/Capabilities




Cochlear’s product innovation capability
Toyota’s “lean manufacturing” capability
Cisco’s capability in integrating acquired companies
Macquarie Bank’s capability in acquiring, “packaging” and re-selling assets.
45
Can distinctive resources/capabilities be bought in
the market?
• Many distinctive resources/capabilities cannot be “traded” (org.
culture, brand, relationships with communities…)
• Some resources/capabilities can be bought in the market, however…
• Non-exclusive purchase, i.e. they may also be purchased by other competitors
(e.g. superior production equipment)  parity
• Exclusive purchase: we are likely to pay “full” price, i.e. the purchase price
reflects the value-creating potential of the resource/capability
 Distinctive resources/capabilities that provide CA invariably have to be
built/cultivated within the firm.
46
The dark side of distinctive capabilities
• When the (industry-)environment changes, or customer demands
change, distinctive capabilities may act as distinctive rigidities (“core
rigidities”).
• Being used to success on the basis of particular capabilities,
managers find it hard to grasp and/or accept that they are no
longer valuable.
“Success doesn’t beget success. Success begets failure because the more that
you know a thing works, the less likely you are to think that it won’t work.
When you’ve had a log string of victories, it is harder to foresee your own
vulnerabilities.”
Leslie Wexner, CEO, The Limited, Inc., quoted in Hanson et al (2002: p.111)
•
47
The dark side of distinctive capabilities
•
Even if the need for change is recognised, firms may still find it
hard to change:
•
Distinctive resources and capabilities often linked to a firm’s power
structure
 resistance to change by powerful interests who reached positions of power
precisely because of their association with the existing set of distinctive
capabilities; they are powerful and have the most to lose.
•
Beyond such political resistance, there is also an in-built inertia -resources and capabilities are extensively specialised.
•
Recall: capabilities have evolved over an extended period of time; they are
well honed routines  difficult to refocus these highly specialised capabilities
and resources.
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Possibilities for overcoming in-built inertia
• Accessing new resources/capabilities to augment existing ones:
•
M&A, strategic alliances, internal development (?)
• Notion of dynamic capabilities, a kind of meta-capability:
•
•
Ability to continually rebuild and reconfigure resources and capabilities.
Flexibility / learning
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