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competitive strategy techniques for analyzing industries and competitors phần 9

Bây giờ gần in ấn 60 năm bằng tiếng Anh và được dịch sang ngôn ngữ mười chín, Chiến lược cạnh tranh của Michael E. Porter đã chuyển đổi các lý thuyết, thực hành, và giảng dạy chiến lược kinh doanh trên toàn thế giới. | The Strategic Analysis of Vertical Integration 311 clothing business may have been caused in part by its total reliance on internally produced merchandise. The extent of this risk depends on a realistic assessment of the likelihood that the in-house supplier or customer will get into trouble and the likelihood of external or internal changes that will require adaptation by the sister unit. Higher Overall Exit Barriers Integration that further increases the specialization of assets strategic interrelationships or emotional ties to a business may raise overall exit barriers. Any of the exit barriers described in Chapter 12 can be affected. Capital Investment Requirements Vertical integration consumes capital resources which have an opportunity cost within the firm whereas dealing with an independent entity uses investment capital of outsiders. Vertical integration must yield a return greater than or equal to the firm s opportunity cost of capital adjusting for the strategic considerations discussed in this chapter in order for integration to be a good choice. Even if there are substantial benefits to integration they may not be enough to raise the return from integrating above the corporate hurdle rate when the firm is contemplating integration into potentially low-re-turn businesses like retailing or distribution. This issue can manifest itself in the appetite for capital of the upstream or downstream business into which integration is contemplated. If its capital needs are likely to be great relative to the ability of the firm to raise funds the need to reinvest funds in the integrated unit can expose the firm to strategic risks elsewhere. That is integration can drain capital needed elsewhere in the company. Integration can reduce the flexibility with which the firm allocates its investment funds. Since the performance of the entire vertical chain is dependent on each of its pieces the firm may be forced to invest in marginal pieces to preserve the overall entity