多角化戰略과 參入戰略 = Diversitication and Entry Strategy

다국어 초록 (Multilingual Abstract)

At the present time, which may be viewed as a period of transition from the industrial to the post-industrial society firms in U.S.A. and several countries of Western Europe are being faced with new kinds of management problems in addition to more familar types of problems. In dealing with the new problems and securing firms' survival and growth in the new environment of the present day, their effective strategic adaptation is essential.
This article is an attempt to develop a conceptual frame work which is capable of dealing with this strategic adaptative behavior of firms. Management of a business firm is a very large complex of activities which consists of analysis, decision, communication, leadership, measurement, and control. Of these, we single out the process of decision making, since it is the cornerstone of successful management.
Our interest is in a particular part of the total "space" of decisions which confronts a business manager. These are the strategic decisions. In viewing the problem of strategic decisions the approach is analysitc. For the time being let us describe them as decisions on what kind of business the firm should seek to be in.
This article is devided into three parts as follows.
The first introduces the general theory of business strategies as a foundation of this study.
The second discusses the diversification strategies for entry into new product lines, services or market.
The third part discusses the entry strategies (growth method) for diversification, consisting the internal growth and licensing, aquisition, and alliance as the external growth method.
1. From a decision viewpoint the overall problem of the business of the firm is to configure and direct the resource conversion process in such way as to optimize the attainment of the objectives. Since this calls for a great many distinct and different decisions, in this theoretical framework, the management decision problems are classified into three categories: (1) strategic, (2) administrative and (3) operating. The strategic decisions are concerned with establishing the linkage relationship between the firm and its environment. In other words, they are concerned with how to relate the firm to its dynamic and novel environment in order to secure its survival and growth.
H.I. Ansoff's usage of the term is rather special, as he himself explains as following quotation: "Strategic decisions are primarily concerned with external, rather than internal, problems of the firm and specifically with selection of the product-mix which the firm will produce and markets to which it will sell. To use more usual term, it is the problem of deciding what business the firm is in and what kinds of business it will seek to enter".
The adaptive search method for strategy formulation uses a search procedure in arriving at a strategy. This is accomplished through a "Cascade" approach: at the outset possible decision rules are formulated in gross terms and then successively refined through several stages as the solution proceeds.
The first step is to decide between the two major alternatives: to diversify or not to diversify the firm.
The second step is to choose a broad product-market scope for the firm from a list of broad industrial categories.
The third is to refine the scope in terms of characteristics or product-market within it.
The end stage would be specific decision rules such as the competitive and joint effect (synergy) interactions desired for the new product entry.
We shall deal with the strategic problem which defines the desirable characteristics of products and markets, and the product-market strategy to set the path to the goals.
As some what more positive specification of the product-market strategy is arrived at through the use of the growth vector, which indicates the direction in which the firm is moving with respect to its current product-market posture. This can be illustrated by means of a matrix shown in "Table 1 & 2". Market penetration denotes a growth direction through the increase of market share for the present product-markets. In the market development new missions are sought for the firm's products. Product development creats new products to replace current ones. Finally, diversification is distinctive in the fact that both products and missions are new to the firm.
The common thread is clearly indicated, in the first three alternatives, to be either the marketing skills or product technology or both. In diversification the common thread is less apparent and is certainly weaker.
2. Diversification means entry into new product lines, processes, services or markets. More generally, diversification may be defined as producing a new product or service or entering new markets, which involves importantly different skills, processes, and knowledge from those associated with present products, services or markets. The simple diagram in "Chart 3" illustrates the spectrum.
Before proceeding, it should be pointed out that strategy formulation for diversification strategy follows a similiar pattern to the business strategy.
In the process of selecting the diversification product-market scope, the first problem is how to select the preferred product-market scope from alternatives, each of which is measured by several incommensurate yardsticks.
The second problem is followed by a brief review of decision rules which are brought to bear on selection of the growth vector as the product-market strategies.
The remaining two component of strategy(competitive advantage and synergy) follow selection of scope and help sharpen the firm's search and evaluation of opportunities.
The above process of the diversification strategy shows that choice of product-market scope and of growth vector, of synergy, and of competitive advantage component of strategy complete the job of strategy formulation, except for the decision on the method of growth (entry strategy).
Strategic change is a realignment of the firm's product-market environment. This does not necessarily mean diversification, as shown in the growth-vector matrix in "Table 1 & 2". The growth is now in two parts, expansion and diversification. The former consists of market penetration, market development, and product development.
We have devided the growth direction into an expansion and a diversification component. Each can be further expanded in terms of characteristics of products and customers in relation to the present product-market position. Such expansion is shown in "Table 3" for the growth vector in diversification.
The names of the various types of diversification alternatives are common in business literature. These are as follows (1) Horizontal diversification (2) Vertical diversification (3) Concentric diversification (4) Conglomerate diversification.
3. The process of strategy selection was carried out in broard terms without reference to whether the firm will grow by acquisition or develop from within. The decision on whether to "make or buy" new product-markets is needed before strategy can be implemental.
Both acquisition and internal development assume many forms. The former varies from licensing, to purchase of developed products, to mergers with another firm; the latter, from addition of new products to major organizational changes to make room for new skills and competences.
Two primary variables influence the choice between the major alternatives. These are the startup cost and the timing. In internal development the costs are incurred by product development and introduction, and by buildup of new facilities and organizations. Acquisition pays for these costs too; however, over and above them is a premium which frequently has to be paid as a compensation for the risks which had been taken by the seller to develop the property and the competences being sold.
Among the major reasons why one campany wishes to acquire another are: to grow (as measured by sales, profits, employees, or geographi regions), avoid dependence on one product line, get stability in growth, furnish needed technical capability, reduce costs by using the same diversification system, break into international markets, solve competitive problems, and acquisition is often cheaper and faster than diversifying from within.
In some cases the choice between acquisition and internal development is forced in favor of the latter. This will occur when the current price/earnings ratio in the new industry is much higher than that of the firm itself. The choice may also be forced by lack of attractive acquisition opportunities in the new industry. The choice may be forced the other way in case that internal development is cheaper.
Strong synergy generally makes internal development preferable. Absence of synergy points to acquisition in most case. An exception is a situation when the premium or timing is low. This may occur, for example, when the move is made in support of very long-term objective and when the competitive advantage is focused on incipient demand.
The high synergy strategies will be usually pursued by internal development. Synergy can very in horizontal and vertical diversification and so will the appropriate growth methods. Conglomerate diversification usually calls for acquisition.
This article is concerned with business diversification and entry (growth) method formulation in the social-economic environment of the United States and several advanced countries. The approach, the terminology, the examples, and the concepts are all drived from the U.S.A. and Japanese business literature.
4. In our age of diversification and technological change, campanies are often faced with decisions as to the kind of business they should be in and the kind of markets they should seek to enter. Such decisions require an over-all strategy but are too often improvised instead of being carefully planned in advance.
This article provides a practical method that enables any company to reformulate its entire product-market strategy in order to determine its future course of business. And this study covers the sequence of step involved in diversification strategy and internal and external growth method including assessment of the firm's competences and shortcomings for action to deversify.
I hope this article will contribute to the further study of strategic decision making for business growth and this approach be empirically verified in the near future with a detailed case study in this country.

목차 (Table of Contents)

• 一. 序
• 二. 經營戰略의 意味와 內容
• 三. 多角化戰略의 目的과 類型
• 1. 多角化의 目的과 效果
• 2. 專門化와 多角化의 레벨
• 3. 多角化戰略의 決定基準과 Synergy 效果
• 4. 多角化의 類型과 成功比率
• 四. 參入方式과 類型
• 1. 內部成長方式과 外部成長方式
• 2. 內部에서의 開發
• 3. 外部에서의 取得
• 1) 技術導入
• 2) 合倂과 子會社化
• (1) 合倂과 子會社化의 戰略的目的
• (2) 合倂과 子會社化의 機能强化目的
• (3) 合倂에 의한 參入方式의 長·短點
• 4. 提携
• 1) 提携의 戰略的 槪念과 背景
• 2) 契約에 의한 提携와 共同出資會社
• 3) 指携의 利點과 短點
• 4) 指携의 成功을 위한 條件
• 五. 結語