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1、CompetingonCapabilities:TheNewRulesofCorporateStrategybyGeorgeStalk,PhilipEvans,andLawrenceE.ShulmanInthe1980s,companiesdiscoveredtimeasanewsourceofcompetitiveadvantage・Inthe1990s,theywilllearnthattimeisjustonepieceofamorefar-reachingtransformationinthel
2、ogicofcompetition.Companiesthatcompeteeffectivelyontime-speedingnewproductstomarket,manufacturingjustintime,orrespondingpromptlytocustomercomplaints-tendtobegoodatotherthingsaswell:forinstance,theconsistencyoftheirproductqualitytheacuityoftheirinsightint
3、oevolvingcustomerneeds,theabilitytoexploitemergingmarkets,enternewbusinesses,orgeneratenewideasandincorporatethemininnovations.Butallthesequalitiesaremerereflectionsofamorefundamentalcharacteristic:anewconceptionofcorporatestrategythatwecall^capabiliti
4、es-basedcompetition/1Foraglimpseofthenewworldofcapabilities・basedcompetition,considertheastonishingreversaloffortunesrepresentedbyKmartandWai-Man:In1979,Kmartwaskingofthediscountretailingindustry,anindustryithadvirtuallycreated.With1,891storesandaverager
5、evenuesperstoreofS7.25million,Kmartenjoyedenormoussizeadvantages.Thisallowedeconomiesofscaleinpurchasing,dis-;tribution,andmarketingthat,accordingtojustaboutanymanagementtextbook,arecrucialtocompetitivesuccessinamatureandlow-growthindustry.Bycontrast,Wa
6、i-Manwasasmallnichere・tailcrintheSouthwithonly229storesandaveragerevenuesabouthalfofthoseofKmartstores一hardlyaseriouscompetitor.Andyet,onlytenyearslater,Wal-Marthadtransformeditselfandthediscountretailingindustry.Growingnearly25%ayear,thecompanyachieved
7、thehighestsalespersquarefoot,inventorytumszandoperatingprofitofanydiscountretailer.Its1989pretaxreturnonsaleswas8%#nearlydoublethatofKmart・TodayWal-Martisthelargestandhighestprofit;retailerintheworldperformancethathastranslatedintoa32%returnonequityanda
8、marketGeorgeStalk.PhilipEvans,andLawrenceE.ShulmanarevicepresidentsattheBostonConsultingGroup.Stalk9sfirstHBRarticle."Time-TheNextSourceofCompetitiveAdvantage"(fuly-August1988).wonthe1988McKinseyAward.SwingsbygwsonweuvjdC