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Chapter7
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©2003SouthwesternPublishingCompany
StrategyImplementation
Chapter11
Organizational
Structureand
Controls
Chapter10
Corporate
Governance
Chapter12
Strategic
Leadership
StrategyFormulation
Strategic
Competitiveness
Above-Average
Returns
StrategicIntent
StrategicMission
Chapter2
TheExternal
Environment
Chapter3
TheInternal
Environment
TheStrategicManagementProcess
Feedback
StrategicInputs
StrategicActions
StrategicOutcomes
Chapter13
Strategic
Entrepreneurship
Chapter6
Corporate-
LevelStrategy
Chapter5
CompetitiveRivalry
andCompetitive
Dynamics
Chapter4
Business-Level
Strategy
Chapter7
Acquisitionand
Restructuring
Strategies
2
MergersandAcquisitions
Merger:astrategythroughwhichtwofirmsagreetointegratetheiroperationsonarelativelyco-equalbasis
Acquisition:astrategythroughwhichonefirmbuysacontrollinginterestinanotherfirmwiththeintentofmakingtheacquiredfirmasubsidiarybusinesswithinitsownportfolio
Takeover:aspecialtypeofanacquisitionstrategywhereinthetargetfirmdidnotsolicittheacquiringfirm’sbid
3
Acquisitions
ReasonsforMakingAcquisitions
Increase
marketpower
Overcome
entrybarriers
Costofnew
productdevelopment
Increasespeed
tomarket
Increase
diversification
Reshapefirm’s
competitivescope
Lowerriskcompared
todevelopingnew
products
Learnanddevelop
newcapabilities
4
ReasonsforMakingAcquisitions:
Factorsincreasingmarketpower
whenafirmisabletosellitsgoodsorservicesabovecompetitivelevelsor
whenthecostsofitsprimaryorsupportactivitiesarebelowthoseofitscompetitors
usuallyisderivedfromthesizeofthefirmanditsresourcesandcapabilitiestocompete
Marketpowerisincreasedby
horizontalacquisitions
verticalacquisitions
relatedacquisitions
IncreasedMarketPower
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ReasonsforMakingAcquisitions:
Barrierstoentryinclude
economiesofscaleinestablishedcompetitors
differentiatedproductsbycompetitors
enduringrelationshipswithcustomersthatcreateproductloyaltieswithcompetitors
acquisitionofanestablishedcompany
maybemoreeffectivethanenteringthemarketasacompetitorofferinganunfamiliargoodorservicethatisunfamiliartocurrentbuyers
providesanewentrantwithimmediatemarketaccess
OvercomeBarrierstoEntry
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ReasonsforMakingAcquisitions:
Significantinvestmentsofafirm’sresourcesarerequiredto
Developnewproductsinternally
introducenewproductsintothemarketplace
Acquisitionofacompetitormayresultin
morepredictablereturns
fastermarketentry
rapidaccesstonewcapabilities
CostofNewProductDevelopmentandSpeedtoMarket
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ReasonsforMakingAcquisitions:
Anacquisition’soutcomescanbeestimatedmoreeasilyandaccuratelycomparedtotheoutcomesofaninternalproductdevelopmentprocess
Thereforemanagersmayviewacquisitionsasloweringrisk
LowerRiskComparedtoDevelopingNewProducts
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ReasonsforMakingAcquisitions:
Itmaybeeasiertodevelopandintroducenewproductsinmarketscurrentlyservedbythefirm
Itmaybedifficulttodevelopnewproductsformarketsinwhichafirmlacksexperience
itisuncommonforafirmtodevelopnewproductsinternallytodiversifyitsproductlines
acquisitionsarethequickestandeasiestwaytodiversifyafirmandchangeitsportfolioofbusiness
IncreasedDiversification
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ReasonsforMakingAcquisitions:
Firmsmayuseacquisitionstoreducetheirdependenceononeormoreproductsormarkets
Reducingacompany’sdependenceonspecificmarketsaltersthefirm’scompetitivescope
ReshapingtheFirms’CompetitiveScope
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