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Lecture Contemporary strategy analysis: Concepts, techniques, applications (5th edition): Chapter 2 - Robert M. Grant

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Chapter 2 - Goals, values and performance. In this chapter, the following content will be discussed: Strategy as a quest for value, what is profit? the shareholder value approach, the shareholder value and strategy formulation, mission and values. | Goals Goals Values Values and and Performance Performance OUTLINE Strategy as a quest for value What is profit The shareholder value approach The shareholder value and strategy formulation Mission and values Strategy Strategy as as aa Quest Quest for for Profit Profit The stakeholder approach The firm is a coalition of interest groups it seeks to balance their different objectives. The shareholder approach The firm exists to maximize the wealth of its owners. Why is profit maximization a reasonable goal 1 Boards of directors legally obliged to pursue shareholder interests. 2 To replace assets firm must earn return on capital gt cost of capital difficult when competition intense . 3 To avoid acquisition firm must achieve stock-market value gt break-up value. What What is is Profit Profit Profit maximization an ambiguous goal Total profit vs. Rate of profit Over what time period Accounting profit versus Economic profit Economic Value Added EVA as a measure of economic profit Post-tax operating profit less cost of capital From profit maximization to value maximization Net present value of firm Discounted future profits over the life of the firm How How U.S. U.S. Companies Companies Perform Perform Under Under Different Different Profitability Profitability Measures Measures 1998 1998 Net Inc. ROS ROE EVA Market Return to Value Added Shareholders m m m General Motors 2 956 1.8 19.7 -5 525 -17 943 21.4 General Electric 6 573 9.4 22.2 4 370 285 320 45.3 Exxon 6 370 6.3 14.6 -2 262 114 774 22.4 Philip Morris 5 450 10.3 39.0 5 180 98 657 64.8 IBM 6 328 7.7 32.6 2 541 -5 878 77.5 Coca-Cola 3 533 18.8 42.0 2 194 157 356 1.3 Wal-Mart 4 430 3.2 21.0 1 159 159 444 107.7 Procter amp Gamble 3 780 10.2 12.2 61 661 102 379 15.9 Microsoft4 490 31.0 27.0 3 776 328 257 37.5 Hewlett-Packard 2 945 6.3 17.4 -593 45 464 10.7 Value Value Maximization Maximization Maximizing the value of the firm Max. net present value of free cash flows Ct max. V 1 re t t Where V market value of the firm.