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CHAPTER 6 STRATEGY Process, Content, Context Chapter 6 Corporate Level Strategy De Wit & Meyer Strategy – Process, Content, Context Corporate Level Strategy CHAPTER Agenda I. 6 The Issue of Corporate Configuration – – Corporate Composition Corporate Management II. The Paradox of Responsiveness and Synergy – – The Demand for Multi-Business Synergy The Demand for Business Responsiveness III. Perspectives on Corporate Level Strategy – – Portfolio Organization Perspective Integrated Organization Perspective IV. The Debate and Readings De Wit & Meyer Strategy – Process, Content, Context Corporate Level Strategy CHAPTER 6 I. Corporate Configuration Corporate Composition and Corporate Management The Issue of Corporate Configuration What should be the profile of the corporation? Corporate Composition Corporate Management In what lines of business should the corporation be active? What organizational system is required to run the corporation? Corporate Scope Corporate Distribution Integration Mechanisms Management Mechanisms In how many businesses should the corporation be active? What should be the relative weight of each line of business? How should synergies between businesses be realized? Who should ensure that synergies between businesses are realized? De Wit & Meyer Strategy – Process, Content, Context Corporate Level Strategy CHAPTER 6 Corporate Composition Determining Scope: Corporate growth dimensions De Wit & Meyer Strategy – Process, Content, Context Corporate Level Strategy CHAPTER 6 Corporate Composition Determining Scope and Distribution: Portfolio Analysis Boston Consulting Group Matrix De Wit & Meyer General Electric Business Screen Strategy – Process, Content, Context Corporate Level Strategy CHAPTER 6 Corporate Management Integration Mechanisms Centralization Physically bringing resources and activities together into one organizational unit Coordination Orchestration of resources, activities and/or product offerings split between different business units Standardization De Wit & Meyer Creating a common norm for resources, activities and/or product offerings across business units Strategy – Process, Content, Context Corporate Level Strategy CHAPTER 6 Corporate Management Management Mechanisms Control Cooperation The power to enforce integration on the basis of formal authority Achieving integration by means of mutual adjustment between business units De Wit & Meyer Strategy – Process, Content, Context Corporate Level Strategy CHAPTER 6 Corporate Management Corporate Integration through Control and Cooperation De Wit & Meyer Strategy – Process, Content, Context Corporate Level Strategy CHAPTER II. Responsiveness & Synergy 6 Dealing with the Paradox Business Responsiveness Multi-Business Synergy The ability to respond to the competitive demands of a specific business area in a timely and adequate manner The additional value created by working in two or more business areas, over and above the sum of the business parts De Wit & Meyer Strategy – Process, Content, Context Corporate Level Strategy CHAPTER Multi-Business Synergy 6 Three Major Forms De Wit & Meyer Strategy – Process, Content, Context Corporate Level Strategy CHAPTER 6 Multi-Business Synergy Six Categories of Synergy I. Achieving resource reallocation Leveraging Resources II. Achieving resource replication III. Linking value-adding activities Integrating Activities IV. Sharing value-adding activities V. Improving bargaining position Aligning Positions VI. Improving competitive position De Wit & Meyer Strategy – Process, Content, Context Corporate Level Strategy CHAPTER 6 Business Responsiveness Major Problems for Multi-business Firms High governance costs Coordinating activities Slower decision-making More layers of management Strategy incongruence Misfit with business demand Dysfunctional control Corporate center misses specific business know-how Dulled incentives De Wit & Meyer Lack of autonomy has a negative impact on motivation Strategy – Process, Content, Context Corporate Level Strategy CHAPTER Overview of the perspectives 6 Portfolio Organization versus Integrated Organization PORTFOLIO PERSPECTIVE INTEGRATED PERSPECIVE Responsiveness over synergy Synergy over responsiveness Collection of business shareholdings Common core with business applications Potentially unrelated (diverse) composition Tightly related (focused) composition Business unit responsiveness Multi-business synergy Cash flow optimization and risk balance Integrating resources, activities & positions Exerting financial control Joint strategy development Capital allocation and performance control Setting direction and managing synergies Highly autonomous (independent) Highly integrated (interdependent) Low, incidental coordination between BUs High, structural coordination between BUs Acquisitions are simple to accommodate Acquisitions are difficult to integrate De Wit & Meyer Strategy – Process, Content, Context Corporate Level Strategy