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1、bri75829_ch08.qxd8/13/087:11PMPage240EconomicsofStrategy:CreatingandCapturingValueCHAPTER8CHAPTEROUTLINEStrategyValueCreationProductionandProducerTransactionCostsConsumerTransactionCostsOtherWaystoIncreaseDemandNewProductsandServicesCooperatingtoIncreaseValueConv
2、ertingOrganizationalKnowledgeintoValueOpportunitiestoCreateValueCapturingValueMarketPowerSuperiorFactorsofProductionAPartialExplanationforWal-Mart’sSuccessAllGoodThingsMustEndEconomicsofDiversificationBenefitsofDiversificationCostsofDiversificationManagementImplicati
3、onsStrategyFormulationUnderstandingResourcesandCapabilitiesUnderstandingtheEnvironmentCombiningEnvironmentalandInternalAnalysesStrategyandOrganizationalArchitectureCanAllFirmsCaptureValue?Summaryverthepastfourdecades,Wal-MartStoreshasbecomethelargest,mostprofitabl
4、eretailerintheworld.1Itsdiscount-varietystores,Sam’sClubs,andOsupercenters(combineddiscountretailandbulkgrocerystores)arelocatedthroughouttheUnitedStates,aswellasinmanyothercountriessuchas1DetailsforthisexamplearefromS.Foley(1994),“Wal-MartStores,Inc.,”HarvardBus
5、inessSchoolCase9-794-024;thefinancialpress;companyreports;andC.Loomis(2000),“SamWouldBeProud,”Fortune(April17),131–144.bri75829_ch08.qxd8/13/087:11PMPage241Chapter8EconomicsofStrategy:CreatingandCapturingValue241Mexico,Canada,PuertoRico,Germany,Brazil,Argentina,Ch
6、ina,Korea,andIndonesia.In2008,itreported$374.5billioninsalesandnetincomeofover$12.9billion;its2millionemployeesworkedat7,266stores.SinceSamWaltonopenedhisfirststorein1962,theoverallfinancialperformanceofthecompanyhasbeennothinglessthanphenomenal.Toillustrate,suppos
7、eyouhadpurchased$1,000ofthestockattheinitialofferingin1970andhelditthrough2008.Thisinvestmentwouldbeworthmorethan$5million(thatisa20percentcompoundannualgrowthrate);inaddition,youwouldhavereceivedcashdividendspaidbythecompanyovertheperiod.ThisperformancemadeWal-M
8、artoneofthehotteststocksinthemarket.WhileWal-Mart’sperformancehasbeenspectacular,ithasnotbeenflawless.Fol-lowingalargepricedropinthesecondquarterof1993(over20pe
