6. 个人电脑产业 : 竞争和网络的策略动荡性的产业
价格战剧烈
客户需求变动大
苹果公司, AST Research and Packard Bell 都参与了竞争
Unisys 公司出了该市场
Compaq已经拥有了数据和电脑设备
7. 真实的损失案例:
Dell Computer 在1994损失了$ 36,000,000;
IBM 在 1993损失了$8,000,000;
Gateway 和 Micron Electronics 报告了在1997年令人沮丧的财务失败
PC 产业需要 不断的重新评估和改进他们的商业流程,特别是价值链
8. 策略的主动性Hewlett-Packard 和 IBM 是有关 Compaq 产品的强大竞争对手
强烈的Compaq的竞争和运用Dell 和 Gateway的企业网络
HP 在 PC市场上收获很大 (占有1997 PC产品的三分之一的市场)
IBM在1997年末,能够在价格战中取胜并且做出调整
9. PC 厂商在 1997后期, PC的市场占有率比1996年同期增加了 15%
Compaq 在 PC 市场中占有很大的市场份额,产品包括 转售 (贸易) 和零售 (客户) 渠道
10. 使一家公司成功的关键因素的什么?
u 直接的市场
u Dell 和Gateway的 Build-to-Order 策略
u 减少存货的明显优势
11. Build-To-Order (BTO) 流程模型u 在下了一个定单以后厂商才开始制作;
u Dell 卖出存货的平均时间少于 10 天;
u 在1998年,Dell的存货周转超过 39 次;
u Gateway 卖出存货的平均时间是 18 天,存货周转超过 19.8 次
u Compaq 通过“build-to-forecast”模型,使用转售渠道– 30 天卖出存货,在1997年的存货周转超过 12.6 次
12. Compaqu 12.5% 的全球 PC 市场
u 1994-1997, 每年收入的平均增长为 33%
u 净利润每年增长 51%
u 在1997年,拥有 Microcom 和 Tandem 公司; 1998年获得拥有
u Compaq 与 Dell, Gateway 在以取得更多的客户为目标上竞争,和HP , IBM 在企业网络的占有上竞争
40. CATEGORYCOMPAQDELLGATEWAYEffectiveness
Market Share (U.S.)16.6%9.5%7%
Revenue$24.6B$12.3B$6.3B
Units Sold (worldwide)10.2 M4.6 M2.2 M
Gross Margin27.5%22.1%17.12%
Net Margin7.5%7.7%1.8%
Net Income$1855M$944M$109.8M
ROA 13.76%26.03%5.92%
ROE 22.2%90.0%12.6%
Market to book value 454%2468%551%
% Revenue -International45%31%16%Efficiency
Operating Cycle Time77 Days44 Days46 Days
Current Ratio 2.311.451.54
Inventory Turnover - annual12.6 X39.7 X19.8 XYr. 1997 Year End Results
41. CompaqDellGateway (1997 vs 1996 4th qtr)(1998 vs 1997 4th qtr)(1997 vs 1996 4th qtr)1. EffectivenessSales increased 23%.Sales increased 55%.Sales increased 27%.4th quarter U.S. unit sales jumped 51%.4th quarter U.S. unit sales up 67%.4th quarter U.S. unit sales up 23%.Gross margin increased 85 basis points to 27.5%.Gross margins held steady at 22%Gross margins dropped to 3% from 18.9%.Net income increased 37%.Net income increased 51%.Net income increased 5%.Build to order strategy better matched market demands Build to order strategy better matched market demandsBuild up of high-end PC inventory in 3rd qtr reflects inability to match market demands.ROE increased to 29.6%.ROE increased 76%.ROE rebounded to 42% after loss in 3rd qtr.1.1 ReachGained new customers - with under $1000 computers, new business products, servers, notebook line. New server and network products aimed at increasing corporate and government customers.Announced new server products to reach corporate customers; opening retail stores.Still leads with 16.6% of U.S. PC market. Improved market share to 9.5% of U.S. PC market.Improved market share slightly to 7% of U.S. PC market.Uses 7000 partners in channel to reach customers around the world (extranet better integrates supply chain).Sells direct w/o retail and reseller channel.Sells direct but uses some resellers and has own stores at a few locations.Introduced Compaq On Line to expand market reach.Web sales exceeding $3 m per day.Web sales at $2 m per day; using channel to reach new business customers.Passed Toshiba to become number 1 in notebook sales.Passed Compaq to be number 1 in sales to medium and small business.Named number 1 in customer service by major journal.
42. 1.2 Strategic StructureAcquisitions of Microcom and Tandem enabled new capabilities.Committed to direct sales model and "Dell-ocity" - short cycle times.Acquisition of ALR enabled new server products.Outsourcing to improve asset utilization. Close relationship with small group of responsive suppliers.Announced reorganization to streamline processes.2. EfficiencyImproved inventory turnover to 12.6 times from 8.8.Improved inventory turnover to over 39 times from 18.Rebounded after caught w/obsolescent inventory, turnover increased from 15 to 19.8 times.Reduced days sales in inventory from 60 to 30 days.Only 8 days sales in inventory.Now, only 15 days sales in inventory.Build to order strategy lowered costs.Leader in build to order strategy.Gross margin increased to 27.5% from 26.4%.Gross margin increased to 22% from 21.7%.Price pressures drove gross margin from 18.5% to 3%.Operating expenses declined to 12% of sales.Operating expenses increased 2% to 9.9% of sales.Operating expenses increased 1% to 10.9%; but down 25% from 3rd qtr .Better utilization of manufacturing capacity by allocating 25% more run time to sub $1,000 machines.Build up in high end PC inventory with revenue growth below expectations reflect misallocation of manufacturing resourcesSmaller unit size allowed more units to be shipped per truck.
43. CategoryCOMPAQDELLGATEWAYEffectiveness Market Share (U.S.)14.4%14.4%7.7%Revenue$11.519B$8.251B$6.294BUnits Sold5.2 M3.2 M1.4 MGross Margin18.5%22.5%20.01%Net Margin< 0%7.9%4.1%Net Income-$3616M$651M$136.6MROA < 0%23.4%12.0%ROE < 0%81%24.7%Market to book value 235%1267%322%% Revenue - International45%31%16%Efficiency Operating Cycle TimenananaCurrent Ratio 1.401.621.62Inventory Turnover (annual rate)9.6 X44.4 X34.6 XSelected 1998 (6 months) Financial Measures- Major PC Manufacturers