贝恩Bain零售行业分析课件

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1、,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,RetailCo2,*,bc,Retail Co,Corporate Strategy Toolkit,bc,Compiler:,Reviewer:,Retail Co.,Created:August 26,1999,Copyright 1998 Bain&Company,Inc.,Seva Rozanov,Thomas Shannon,1,RetailCo2,Background,Approach,Conclusion,I

2、mplementation,Results,Agenda,2,RetailCo2,Retail Co is$10+B“speciality retail”conglomerate whose financial performance has deteriorated since 1990,Background,3,RetailCo2,Achieve top quartile performance,market/book value:2.8x,return on equity:17-18%,annual earnings growth:10-12%,Divest businesses tha

3、t are poor fits,Prepare the company to weather challenging industry conditions,Create a compelling vision and growth strategy,Financial Objectives,Strategic Objectives,Background,Retail Co Objectives,4,RetailCo2,Agenda,Background,Approach,Conclusion,Implementation,Results,5,RetailCo2,Define the char

4、acteristics of a successful strategy,Develop a range of viable strategic alternatives,Assess and prioritise the strategic alternatives,Build consensus around the preferred strategy,Fully quantify the impact of appropriate action steps,Gain final approval,Launch implementation,Approach,6,RetailCo2,Co

5、mponents of Successful Strategy,Doable:,Evolves from current business mix,Fits Retail Cos core competencies,Is fundable,Develops significant competitive advantages,Capitalizes on the volatility of retail cycles,Understandable:,Communicates a clear and compelling approach to the business,Will be full

6、y valued by analysts and shareholders,Desirable:,Creates clear economic value and top-quartile financial results,builds a portfolio of high-potential businesses,makes business units more valuable to Retail Co than to others,Avoid excessive layers,overheads,and decision processes,Is attractive to key

7、 managers in targeted businesses and functions,Approach,7,RetailCo2,Market size,Market growth,Segment returns,Segment profitability trends,Competitive intensity,Supplier power,Segment stability,Market Attractiveness,Market share,Market share trend,Geographic coverage,Current profitability/EVA,Earnin

8、gs trend,Management team,Retail brand equity,Infrastructure and systems,Customer value proposition,Strategic Position,Corporate experience,skills,and values,Corporate functional support,Corporate portfolio development,Cross-divisional sharing,Fit,Retail Co businesses were evaluated along three group

9、s of criteria,Approach,Revising the Mix of Businesses,8,RetailCo2,Fact Base,How structurally attractive is this market segment?(projected),industry size,industry growth,industry profitability,competitive intensity,buyer concentration/power,supplier concentration/power,committed capital requirements,

10、stage in market evolution,acquisition opportunities,How does the stock market value this segment?,industry volatility,market valuation multiple and timing,value transparency to stock market,Do we have a strong position today?,market share(local/regional),market share growth trends,profitability,rela

11、tive cost position,brand equity,condition of assets,Do we have the key success factors to achieve a strong position tomorrow?(or can we acquire/build them),functional process capabilities,cost structure,new product/concept development,human resources/people skills,capital resources,How does this bus

12、iness fit with other Retail Co divisions and capabilities?,cash flow generations/requirements,common functional processes,common customer profiles,linkage to central resources,unique people skills,The five questions approach was used to build fact base on every business of Retail Co,Approach,9,Retai

13、lCo2,Agenda,Background,Approach,Conclusion,Implementation,Results,10,RetailCo2,Business Unit Evaluations(1 of 2),Division,Conclusion,Strategic,Position,Market,Attractiveness,Fit,North,Large market ready for consolidation,good profitability,very strong position,Holland,Large potential market with opp

14、ortunity to boost growth and profitability through acquisitions and improved operating efficiency,Italy,Rapidly growing channel with high returns.Need to invest to capture market share and improve operating efficiency,Hong Kong,Large overall market with slow growth.Cash provider capable of funding g

15、rowth businesses,Luxembourg,Reevaluate growth plans.Economies of scale not yet achieved but segment extremely profitable,Conclusion,11,RetailCo2,Business Unit Evaluations(2 of 2),Britain,Moderate size segment with good profitability but strong competition;declining market share,low relative operatin

16、g margins,Ireland,Declining market segment,poor position,little opportunity for sale,potential for savings by folding into Hong Kong,France,Overcapacity,in segment,losing market share,below average profitability,Sweden,Large overall market but requires substantial investment to develop new products and achieve scale to improve cost position;business has poor fit with Retail,Co,skills,Spain,Small segment,low growth,high volatility,and,seasonality,Division,Conclusion,Strategic,Position,Market,Attr