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Chapter 8
1.
Chapter 8 International Strategic
Alliances: Design and Management Copyright© 2004 Thomson Learning All rights reserved
2.
Strategic Alliances Issues ••
Increasingly popular strategy to develop new product Increasingly popular strategy to develop new product and to expand into new markets and to expand into new markets •• However, strategic alliances are very risky and However, strategic alliances are very risky and unstable unstable •• Failure rate of 30% to 60% Failure rate of 30% to 60% •• Even profitable alliances can be torn by conflict Even profitable alliances can be torn by conflict Copyright© 2005 South-Western/Thomson Learning All rights reserved
3.
Exhibit 8.1: Implementing
a Strategic-Alliance Strategy Copyright© 2005 South-Western/Thomson Learning All rights reserved
4.
Exhibit 4.3: The
Value Chain (not included in the exam) Copyright© 2005 South-Western/Thomson Learning All rights reserved
5.
Where to Link
in the Value Chain •• Alliance combining same value-chain activities are to Alliance combining same value-chain activities are to gain efficiencies, merge talents, or share risks gain efficiencies, merge talents, or share risks •• Upstream/downstream alliances serve the objective of Upstream/downstream alliances serve the objective of low-cost supply/manufacturing low-cost supply/manufacturing •• Operations/marketing alliances provide access to Operations/marketing alliances provide access to markets markets •• Depends on the objective that the firm seeks to Depends on the objective that the firm seeks to achieve achieve Copyright© 2005 South-Western/Thomson Learning All rights reserved
6.
Criteria for Choosing
Partners •• Seek out companies with compatible management Seek out companies with compatible management styles styles •• Seek a partner that will provide the “right” level of Seek a partner that will provide the “right” level of mutual dependency mutual dependency •• Avoid the “anchor” partner Avoid the “anchor” partner •• Anchor partner: a partner that holds back the Anchor partner: a partner that holds back the strategic alliance because it cannot or will not strategic alliance because it cannot or will not provide its share of the funding provide its share of the funding Copyright© 2005 South-Western/Thomson Learning All rights reserved
7.
Criteria for Choosing
Partners (cont.) •• Be cautious of the “elephant-and-ant” complex Be cautious of the “elephant-and-ant” complex •• Occurs when two companies are greatly unequal in Occurs when two companies are greatly unequal in size size •• Assess operating-policy differences with potential Assess operating-policy differences with potential partners partners •• Assess the difficulty of cross-cultural communication Assess the difficulty of cross-cultural communication with a likely partner with a likely partner Copyright© 2005 South-Western/Thomson Learning All rights reserved
8.
Choosing an Alliance
Type •• Three main types of strategic alliances Three main types of strategic alliances •• Informal international cooperative alliances Informal international cooperative alliances •• Formal international cooperative alliances Formal international cooperative alliances •• International joint venture International joint venture Copyright© 2005 South-Western/Thomson Learning All rights reserved
9.
Informal International
Cooperative Alliance •• Non-legally binding agreements between companies Non-legally binding agreements between companies from two or more countries from two or more countries •• Agreements of any kind Agreements of any kind •• Provide links anywhere on their value chains Provide links anywhere on their value chains •• Limited involvement between companies Limited involvement between companies Copyright© 2005 South-Western/Thomson Learning All rights reserved
10.
Formal Cooperative Alliances ••
Higher degree of involvement than informal alliances Higher degree of involvement than informal alliances •• Formal contract Formal contract •• Popular in high tech industries because of high costs Popular in high tech industries because of high costs and risks and risks Copyright© 2005 South-Western/Thomson Learning All rights reserved
11.
International Joint Ventures
(IJV) •• Separate legal entity owned by two or more parent Separate legal entity owned by two or more parent companies from different countries companies from different countries •• No need for equal ownership No need for equal ownership •• Equity based on cash or other contributions Equity based on cash or other contributions •• Ex.: One partner brings technology while other Ex.: One partner brings technology while other partner brings financial contributions partner brings financial contributions Copyright© 2005 South-Western/Thomson Learning All rights reserved
12.
Exhibit 8.5: Types
of Alliances Copyright© 2005 South-Western/Thomson Learning All rights reserved
13.
Negotiating the Agreement ••
IJV negotiation issues IJV negotiation issues •• equity contributions equity contributions •• management structure management structure •• “prenuptial” agreements “prenuptial” agreements Copyright© 2005 South-Western/Thomson Learning All rights reserved
14.
Exhibit 8.6: Selected Questions
for a Strategic- Alliance Agreement Copyright© 2005 South-Western/Thomson Learning All rights reserved
15.
Organizational Design in
Strategic Alliances •• Depends on the type of alliance chosen Depends on the type of alliance chosen •• Informal ICAs often have no formal design issues Informal ICAs often have no formal design issues •• Formal ICAs may require separate organization unit Formal ICAs may require separate organization unit housed in one company housed in one company •• IJV—Parent companies set up separate legal entity IJV—Parent companies set up separate legal entity Copyright© 2005 South-Western/Thomson Learning All rights reserved
16.
Decision-making Control •• Majority
ownership does not necessarily control Majority ownership does not necessarily control •• Operational decisions Operational decisions •• Strategic decisions Strategic decisions •• In IJVs, strategic decision making takes place at the In IJVs, strategic decision making takes place at the level of IJV’s board of directors or top management. level of IJV’s board of directors or top management. Copyright© 2005 South-Western/Thomson Learning All rights reserved
17.
Management Structures •• Dominant
parent: controls or dominates strategic Dominant parent: controls or dominates strategic decision making decision making •• Often has majority ownership Often has majority ownership •• Treats the IJV as wholly owned subsidiary Treats the IJV as wholly owned subsidiary •• Shared management: both parent companies Shared management: both parent companies contribute approximately the same number of contribute approximately the same number of managers to the alliance organization managers to the alliance organization Copyright© 2005 South-Western/Thomson Learning All rights reserved
18.
Management Structures •• Split
control management control: partners usually Split control management control: partners usually share strategic decision making and split functional share strategic decision making and split functional decision making decision making •• Independent management structure: alliance Independent management structure: alliance managers act more like managers from a separate managers act more like managers from a separate company company •• IJVs often recruit managers from outside the parent IJVs often recruit managers from outside the parent companies companies Copyright© 2005 South-Western/Thomson Learning All rights reserved
19.
Management Structures •• Rotating
management: key positions rotate among Rotating management: key positions rotate among partners partners •• Popular in developing countries Popular in developing countries •• Trains management talent and transfers expertise Trains management talent and transfers expertise Copyright© 2005 South-Western/Thomson Learning All rights reserved
20.
Choosing a Strategic
Alliance Management Structure •• If partners have similar technologies or know-how and If partners have similar technologies or know-how and contribute equally contribute equally •• Shared management structure preferred Shared management structure preferred •• If partners have different technologies but contribute If partners have different technologies but contribute equally equally •• Split management structure preferred Split management structure preferred •• If one partner has dominant equity position If one partner has dominant equity position •• Dominant management structure more likely Dominant management structure more likely Copyright© 2005 South-Western/Thomson Learning All rights reserved
21.
Human Resource Management
in Strategic Alliances •• HRM functions include recruiting and staffing for HRM functions include recruiting and staffing for alliance positions alliance positions •• The HRM functions of an IJV are more complex The HRM functions of an IJV are more complex •• Managers (and sometimes workers) come from two Managers (and sometimes workers) come from two or more firms or from two or more cultures or more firms or from two or more cultures Copyright© 2005 South-Western/Thomson Learning All rights reserved
22.
Critical HRM Problems
and Issues •• HRM planning: Employees need to know strategic HRM planning: Employees need to know strategic intent of alliance. intent of alliance. •• Parent involvement: As alliances get older and larger, Parent involvement: As alliances get older and larger, they tend to develop their own HRM practices. they tend to develop their own HRM practices. •• Staffing the alliance management and technical Staffing the alliance management and technical personnel—crucial and risky decision personnel—crucial and risky decision •• Staffing the alliance workforce Staffing the alliance workforce •• Assigning managers strategic or operations tasks Assigning managers strategic or operations tasks Copyright© 2005 South-Western/Thomson Learning All rights reserved
23.
Critical HRM Problems
and Issues •• Performance assessment—needed for retention, Performance assessment—needed for retention, promotion and salary decisions promotion and salary decisions •• Loyalty—managers may often feel dual loyalty Loyalty—managers may often feel dual loyalty •• To parent and to alliance To parent and to alliance •• Career development—must provide clear information Career development—must provide clear information on how alliance assignments fit within careers on how alliance assignments fit within careers •• Cultural differences Cultural differences •• Training Training Copyright© 2005 South-Western/Thomson Learning All rights reserved
24.
Commitment and Trust ••
Commitment: putting forth extra effort to make the Commitment: putting forth extra effort to make the venture work venture work •• Attitudinal commitment: willingness to dedicate Attitudinal commitment: willingness to dedicate resources and efforts and face risks to make the resources and efforts and face risks to make the alliance work alliance work •• If partners demonstrate these aspects of commitment, If partners demonstrate these aspects of commitment, alliance will develop based on fair exchange. alliance will develop based on fair exchange. •• Occurs when partners believe that they receive Occurs when partners believe that they receive benefits from the relationship equal to their benefits from the relationship equal to their contributions contributions Copyright© 2005 South-Western/Thomson Learning All rights reserved
25.
Calculative Commitment •• Commitment
also has a practical side: calculative Commitment also has a practical side: calculative commitment commitment •• Alliance partner evaluations, expectations, and Alliance partner evaluations, expectations, and concerns regarding potential rewards from the concerns regarding potential rewards from the relationship relationship •• Businesses require tangible outcomes for a Businesses require tangible outcomes for a relationship to continue relationship to continue Copyright© 2005 South-Western/Thomson Learning All rights reserved
26.
Trust •• Commitment and
trust go hand in hand Commitment and trust go hand in hand •• Credibility trust: confidence that the partner has the Credibility trust: confidence that the partner has the intent and ability to meet promised obligations and intent and ability to meet promised obligations and commitments commitments •• Benevolent trust: confidence that the partner will Benevolent trust: confidence that the partner will behave with goodwill and with fair exchange behave with goodwill and with fair exchange Copyright© 2005 South-Western/Thomson Learning All rights reserved
27.
Exhibit 8.8: The Trust/Commitment
Cycle Copyright© 2005 South-Western/Thomson Learning All rights reserved
28.
Why Is Trust
Important? •• When there is no trust, partners hold back or take When there is no trust, partners hold back or take advantage of each other. advantage of each other. •• Formal contracts can never identify all issues that will Formal contracts can never identify all issues that will arise arise •• Technology and knowledge also include tacit elements Technology and knowledge also include tacit elements that can only be learned through trust. that can only be learned through trust. Copyright© 2005 South-Western/Thomson Learning All rights reserved
29.
Building and Sustaining
Trust and Commitment •• Pick your partner carefully Pick your partner carefully •• Know each side’s strategic goals Know each side’s strategic goals •• Seek win-win situations Seek win-win situations •• Go slowly Go slowly •• Invest in cross-cultural training Invest in cross-cultural training •• Invest in direct communication Invest in direct communication •• Find the right levels of trust and commitment Find the right levels of trust and commitment Copyright© 2005 South-Western/Thomson Learning All rights reserved
30.
Exhibit 8.9: The
“Right” Levels of Trust and Commitment Copyright© 2005 South-Western/Thomson Learning All rights reserved
31.
Assessing the Performance
of an International Strategic Alliance •• If strategic intent is to produce immediate results, If strategic intent is to produce immediate results, standard financial and efficiency measures can be standard financial and efficiency measures can be used. used. •• Other strategic alliance provide indirect strategic Other strategic alliance provide indirect strategic benefits. benefits. •• IJV and ICA performance criteria: often must include IJV and ICA performance criteria: often must include criteria other than financial, such as organizational criteria other than financial, such as organizational learning. learning. Copyright© 2005 South-Western/Thomson Learning All rights reserved
32.
If the Alliance
Does Not Work •• Negotiate an end or improve implementation Negotiate an end or improve implementation •• Know when to quit/invest more Know when to quit/invest more •• Avoid “escalation of commitment” Avoid “escalation of commitment” •• Companies continue in an alliance longer than Companies continue in an alliance longer than necessary because of financial and emotional necessary because of financial and emotional investments. investments. •• Plan end—“prenuptial agreements” Plan end—“prenuptial agreements” •• Death not always failure Death not always failure Copyright© 2005 South-Western/Thomson Learning All rights reserved
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