晨星_持久競爭優勢_用經濟專利來改善投資回報(英文) .pptVIP

* Sources of Economic Moats Cost Advantages – Not necessarily tied to size Process – Invent a cheaper way of delivering a good or service that rivals cannot (or will not) replicate. Dell, Nucor, Steel Dynamics, Southwest/other LCCs. Low-cost resource base – Ultra Petroleum, Compass Minerals. Scale -Distribution – Stericycle, Cintas, Sysco, UPS -Manufacturing – Intel -Niche Markets/Single-Scale Efficiency – Graco, Blackbaud * What’s Not An Economic Moat Size / Dominant Market Share: High market share does not give a firm a moat. (Ask Compaq – or GM.) In fact, market share may be irrelevant – b