tailieunhanh - competitive strategy techniques for analyzing industries and competitors phần 6

Nguy cơ là một thước đo của sự không chắc chắn kiếm được trở lại dự kiến sẽ. Vì vậy (nêu rõ lý thuyết), một nhà đầu tư lựa chọn giữa các khả năng đầu tư dựa hoàn toàn vào hai biện pháp rủi ro và phần thưởng, cố gắng để giảm thiểu cũ và tối đa hóa sau Bưu chính, | Industry Evolution 183 mium wines and selling them in regional markets. There was little advertising or promotion few firms had national distribution and the competitive focus of most firms in the industry was clearly on the production of fine Profits in the industry were modest. In the mid-1960s however a number of large consumer marketing companies . Heublein United Brands either entered the industry through internal development or purchased existing wine producers. They began investing heavily in consumer advertising and promotion for both low-cost and premium brands. Since several of these firms had national distribution through liquor stores because they produced other alcoholic beverages they rapidly expanded distribution for their brands nationally. Frequent introduction of new brand names became the rule in the industry and many new products were introduced at the low end of the quality spectrum which old-line companies had generally downplayed while they developed a name for . wines. The profitability of the industry leaders was excellent. Thus the entry of a different type of firm into the . wine industry has caused or at least speeded up a significant structural change in the industry and one which the early family-controlled participants in the industry had neither the skills the resources nor the inclination to cause themselves. Exit changes industry structure by reducing the number of firms and possibly increasing the dominance of the leading ones. Firms exit because they no longer perceive the possibility of earning returns on their investment that exceed the opportunity cost of capital. The exit process is impeded by exit barriers Chapter 1 which worsen the position of remaining healthier firms and may lead to price warfare and other competitive outbreaks. Increases in concentration and the ability of an industry s profitability to climb in response to industry structural shifts also will be impeded by the presence of exit .