战略策划Chap008.ppt

* * * * * * * * * * * * * * * * Diversification efforts have become too broad, resulting in difficulties in profitably managing all the businesses Deteriorating market conditions in a once-attractive industry Lack of strategic or resource fit of a business A business is a cash hog with questionable long-term potential A business is weakly positioned in its industry Businesses that turn out to be “misfits” One or more businesses lack compatibility of values essential to cultural fit Conditions That MakeRetrenchment Attractive Options for Accomplishing Divestiture Sell it Involves finding a company which views the business as a good deal and good fit Spin it off as independent company Involves deciding whether or not to retain partial ownership Liquidation Involves closing down operationsand selling remaining assets A last resort because no buyer can be found Strategies to Restructure a Company’s Business Lineup Objective Make radical changes in mixof businesses in portfolio via both Divestitures and New acquisitions to put a whole new face on the company’s business makeup Too many businesses in unattractive industries Too many competitively weak businesses Ongoing declines in market shares of one or more major business units Excessive debt load Ill-chosen acquisitions performingworse than expected New technologies threaten survivalof one or more core businesses Appointment of new CEO who decides to redirect company “Unique opportunity” emerges and existing businesses must be sold to finance new acquisition Conditions That Make Portfolio Restructuring Attractive Multinational Diversification Strategies Distinguishing characteristics Diversity of businesses and Diversity of national markets Presents a big strategy-making challenge Strategies must be conceived and executedfor each business, with as manymultinational variations as appropriate Cross-business and cross-country collaboration opportunities must be pursued and managed Appeal of