摘要:

When are markets truly global? Will Europe be a single market after 1992, and how will we know? When are niche strategies sustainable? In this article, John Kay develops answers to these questions by developing the concept of the strategic market–the minimum area, product or geographical, within which it is possible to compete. He identifies the common strategic error involved in confusing the dimensions of the market with those of the industry, and warns that economic integration is not at all the same as the creation of a single marke

ISSN:0955-6419    

DOI:10.1111/j.1467-8616.1990.tb00001.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

Japanese companies have, it is claimed, pursued growth and market share at the expense of profitability and dividends–precisely those policies which those concerned with the “creation of shareholder value” would deplore. This paper shows that while operating profitability has indeed been lower in Japan than in the West, returns to shareholders have been higher. While part of the difference is explained by differences in business conventions, a gap remains. An examination of valuation and price‐earnings ratios suggests that the growth in the underlying value of the business has generally more than compensated for lower operating profits. Japanese experience suggests that excessive emphasis on “shareholder value” may not only damage the economy but may not be in the interest of shareholders

ISSN:0955-6419    

DOI:10.1111/j.1467-8616.1990.tb00002.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

Eurotunnel, due to open in 1993, will link Great Britain with mainland Europe. Massive cost overruns have cast some doubts on its future profitability, but this article shows how its cost structure gives it critical advantages in pricing against its competitors. The prospectus assumption is that Eurotunnel and the ferries will charge broadly similar fares. In this article, we show that substantially undercutting ferry charges is a far more profitable strategy. Moreover, this result holds even if consumers regard the tunnel as a superior service and is robust to any response by the ferries themselves. Their best strategy is to seek niche markets and avoid direct competition with the tunnel. The article draws parallels for other firms introducing new products by applying new technology in established markets.

ISSN:0955-6419    

DOI:10.1111/j.1467-8616.1990.tb00003.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

Henry Mintzberg is one of the leading scholars of organizational theory. In this review of his work, Charles Hampden Turner explains his concept of emergent strategy, which he contrasts to the grand designs characteristic of much strategic thinking. For Mintzberg, the adhocracy—a configuration which substitutes project groups and matrix structures for bureaucracy—is the only organizational structure genuinely responsive to changing industrial environme

ISSN:0955-6419    

DOI:10.1111/j.1467-8616.1990.tb00004.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

Increasingly, the success of products depends on compatibility standards. Computers need software, discs or tapes need and are needed by players, credit cards need retailers willing to accept them. Analysis of the strategies of winners and losers in major standards wars—such as those in video cassette recorders and personal computers—reveals some general lessons. The key elements are the rapid creation of a large installed base and the credibility of the standard and the introducer. Product quality is rarely crucial. Competition by technical development of the product, step by step product introduction, and reliance on acceptance by national and international standards bodies are also frequently ineffective. There are obvious lessons for current standards wars, such as those in mobile communications and satellite broadcast

ISSN:0955-6419    

DOI:10.1111/j.1467-8616.1990.tb00005.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

On the basis of past performance, the medium term prospects for the British economy are grim. A trade deficit of current proportions cannot be sustained indefinitely. Nor can it be eliminated except by a long period of slow growth—no more than 1% or so for up to five years. Even a continuation of the remarkable increase in manufacturing productivity shown in the 1980s will not resolve this dilemma. As the British economy enters the 1990s the key question is whether the responsiveness of British industry to the export incentives offered by devaluation and slow domestic growth is much greater than in previous periods of recent economic history. There is evidence to suggest that this might in fact happe

ISSN:0955-6419    

DOI:10.1111/j.1467-8616.1990.tb00006.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY