1. Role of the Corporate center
1.다각화 기업의 주요 전략적 이슈
Key Issues Facing Multibusiness Corporations
Portfolio Decisions
(사업 포트폴리오의 구성)
기업의 사업구조와 자원배분에 대한 전략적 의사결정
Multibusiness
Corporations
Role of the Corporate center
(본사조직의 역할)
본사조직의 사업부문에 대한 지원과 통제

2. Type of Diversification
3.다각화의 유형
Types of diversification
보유하고 있는 사업의 관련성에 따라
Type of Diversification
주력사업 매출비율
사업간 관련성
Single Business
95% 이상
Dominant Business
70~95%
Related Constrained
70%미만 높다
Related Linked 낮다
Unrelated
거의 없다

3. 4.다각화 전략의 유형 Constrained vs. Linked Diversification
Constrained Diversification
특정 핵심역량 중심 긴밀한 연결
Linked Diversification
핵심역량의 사업간 국한된 공유
Pet foods
Powdered
Drink
mixes
Electrical Power Generation
Canned soup
Consumer Product Marketing Skills
Instant coffee
Nuclear Power Plants
Broadcasting
Record clubs
Programming
Cereals
Snack foods
Direct mail

4. Cost of Diversified Operations Extent of Diversification
5.다각화 수준과 경영성과
Performance of Diversification
다각화 수준과 경영성과와의 관계
Company
Performance
Cost of Diversified Operations
Compromise Costs
Coordination Costs
Inflexibility Costs
Extent of Diversification

5. The Attractiveness Test Diversification Success The Cost-of-Entry Test
6.다각화 전략의 성공조건
Conditions for Diversification Success
The Attractiveness Test
(산업의 매력도)
The industries chosen for diversification must be structurally attractive or capable of being made attractive.
Diversification Success
The Cost-of-Entry Test
(진입비용)
The cost of entry must not capitalize all the future profits.
The Better-off Test
(시너지 효과)
Either the new unit must gain competitive advantage from its link with the corporation or vice versa.

6. 7.다각화 기업의 도전 Faces Challenging Multibusiness Corporations
다각화 기업이 직면한 다양한 도전
Capital Market
Increased focus on shareholder value
More active M&A market
Pressure for corporate governance reform
Product Market
Deregulation/Market opening
Increasing customer sophistication
Increasing competition from global and nontraditional players
Multibusiness Corporations
Organization
Erosion of scale advantage
Increasing complexity/coordination cost
Bureaucratic inertia

7. 8.포트폴리오의 관리기법 Portfolio Planning Models 포트폴리오 관리기법 Benefits
BCG Growth/Share Matrix
Benefits
Provide objective, fact-based evaluation of business portfolio in both strategic and financial terms.
Facilitate more effective resources allocation decisions among business units.
Provide a common language for prioritizing strategic missions and setting performance targets among businesses.
GE/MacKensey 9-Box Matrix
Market-Activated Corporate Strategy(MACS) Framework
9.BCG Matrix
10.GE/MacKensey Matrix
12.MACS 분석

8. Annual Real Rate of Market Growth(%)
9.BCG 매트릭스
BCG Growth/Share Matrix
시장성장률과 시장점유율의 두 축에 따라 각 사업단위의 위치를 파악 전사적 자원배분의 효율성을 도모
High
Star
계속적인 투자/집중육성
Question Mark
선별적인 투자/육성
Annual Real Rate of Market Growth(%)
Cash Cow
현상유지/
타사업으로 자금 재배치
Dog
철수대상
Low
High
Relative Market Share
Low

9. Market Attractiveness
10. GE/MacKensey 9-Box Matrix
GE/McKinsey 9-Box Matrix
시장의 매력도와 사업의 경쟁력을 고려
사업들에 대한 자원배분 우선순위를 결정
Invest/grow
Selcetivity/Manage for earnings
Harvest/divest
Market Attractiveness
Market size
Market growth
Profitability
Competitive intensity
Technological change
Government regulation
Build selectively
Invest to build
Protect position and invest to grow
Limited expansion or harvest
Selectively/ manage for earnings
Divest
Manage for earnings
Protect and refocus
High
Market share
Financial performance
R&D capability
Marketing/sales capability
Managerial capability
Medium
Low
Competitive Position
Low
Medium
High

10. 12.MACS 분석 Market-Activated Corporate Strategy(MACS) Framework
사업들의 가치창조 가능성과 기업의 상대능력 기준으로 평가
Industry attractiveness
Competitive position
Restructuring/rationalization opportunities
Value-Creation Potential in Business Unit
High
Medium
Low
Top priority
Priority
Manage for cash
Divest or
build skills
Divest
Divest or liquidate
‘Natural Owner’
Corporate center skills
Relative ability to extract value
Business unit linkages
Taxation/valuation differences
‘One of the Pack’

11. 13.리스트럭처링을 위한 5각형 모델
Pentagon Framework for assessing Restructuring Opportunities
다각화 기업의 리스트럭처링을 위한 5각형 모델
Current market value
Maximum restructuring opportunity
Current perceptions gap
RESTRUCTURING
FRAMEWORK 1 2 3 4 5
Company value as is
Optimal restructured value
Strategic and operating opportunities
Financial engineering opportunities
Potential value with internal and external improvements
Potential value with internal improvements
Disposal/
acquisition opportunities

12. 16.리스트럭처링의 성공확률 Success Rate of Restructuring Programs
Financial Restructuring
Strategic Restructuring
Companies engaged in fundamental and extensive restructuring outperform others by 100 percent or more
Extensive Restructuring
32%
70%
Moderate Restructuring
13%
41%

13. 17.본사조직의 역할
Role of Corporate Center-Four Types of Parental Value Creation
Stand-Alone Influence
Linkage Influence
Central Functions and Services
Corporate Development
본사조직의 사업부문에 대한 4가지 역할
사업단위의 경영성과 개선을 위한 지원과 통제
사업단위간 연계강화 및 전사적 시너지 창출 도모
사업단위가 공통적으로 활용할 수 있는 서비스 제공
개별 사업단위 차원 이상의 신규사업개발 추진

14. 18.본사조직의 관리기능 Stand-Alone Parenting Influence 사업단위 지원과 통제를 통해 경영성과 제고
사업단위의 사업영역과 목표를 정립
사업단위의 경영전략을 승인하고 지도
사업단위의 예산과 성과목표를 설정하고 합의
사업단위의 목표대비 성과를 감시
사업단위의 주요 인사에 대한 결정
사업단위의 투자결정을 승인하거나 변경을 요구
사업단위의 각종 문제발생에 대응

15. 19.본사조직의 경영관리 유형 Types of Parenting Style
본사조직이 사업부문에 취할 수 있는 경영관리 기능의 3가지 유형
High
Strategic Planning
Strategic Control
Corporate Planning Influence
Financial Control
Low
Flexible
Tight Strategic
Tight Financial

16. 20.시너지의 유형 Style of synergy Synergy Shared Know-How
Shared Tangible Resources
Pooled Negotiation Power
Coordinated Strategies
Vertical Integration
Combined Business Creation

17. Organizational Structure Human Resource Practices
21.수평적 조직 메카니즘
Organizational Mechanisms for Achieving Synergies
사업단위간 시너지 제고를 위한 수평적 조직 메커니즘 활옹
Organizational Structure
Grouping business units into groups or sectors
Partial centralization of shared activities
Interdivisional task forces or committees
Management Systems
Coordinated joint strategic planning
Guidelines and rules on transfer pricing and other shared activities
Incentive system emphasizing group or corporate results
Human Resource Practices
Cross-business unit job rotation
Firmwide role in hiring and training
Cross-business unit forums and meetings

18. Human Resources Management
22.본사 서비스 기능 & 23.선별적 사용 이유
Shared Central Functions and Services
Strategic Planning
Finance/ Accounting
Human Resources Management
Legal Services
Public Relations
Central R&D
MIS
Selective Use of Shared Service Units
Benefits
Critical mass
Scale economies
Support development of key skills
Costs
Lack of responsiveness
High costs
Output not meeting actual user demands
Dilution of business unit autonomy
Trend is to move towards decentral solutions or outsourcing “Decentral set-up is preferable unless central is clearly better”

19. 25.본사조직의 가치창조 원칙 Principles of Parenting Advantage 1
본사조직의 존재가 정당화되기 위해서는 사업부분에 대해 구체적인 가치창조를 할 수 있어야 함 2
가치창조를 하기 위해서는 본사조직의 자원, 역량 및 기타 성격들이 사업부문의 필요와 수요에 부합되어야 함 3
본사조직은 타경쟁사의 본사조직보다 사업단위에 대해 보다 많은 가치를 창조할 수 있어야 함