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BENEFITS OF STRATEGIC ALLIANCES • Share investments and rewards • Reduce risk • Reduce uncertainty • Focus resources on what each partner does best • Foster economics of scale and scope

Chapter 9

Understanding Alliances and Cooperative Strategies

AN ALLIANCE THAT FITS LIKE A GLOVE

gloves

Magla

Mr Clean

Expand into European markets

Differentiate its product

P&G Extend the

brand

THE WHITE WAVE-DEAN ALLIANCE

BENEFITS OF STRATEGIC ALLIANCES

• Share investments and rewards

• Reduce risk

• Reduce uncertainty

• Focus resources on what each partner does best

• Foster economics of scale and scope

Companies which participate most actively in alliances outperform the least active firms by 5 to 7 percent

Why?

ALLIANCES ARE NOT STRATEGIES IN THEMSELVES

An alliance is one vehicle for realizing a strategy

Arenas

Differentiators

Economic Logic

THE USE OF ALLIANCES AS STRATEGIC VEHICLE HAS BALLOONED

of their total assets tied

up in alliances

ALLIANCES OFFER BENEFITS, CONTRACTS CANNOT

Joint Investment

Increase returns by encouraging firms to make investments that they’d be otherwise unwilling to make (e.g., Wal-Mart supplier becomes willing to invest in new equipment)

Complementary Resources

Opportunity to create a stock of resources that is unavailable to competitors This may create a shared advantage (e.g., Nestlé and Coke combined resources

to offer canned tea and coffee products

Knowledge sharing

Consistent sharing routines enhances learning (e.g., John Deere exchanges key employees with alliance partner Hitachi)

information-Informal management

Alliances may make it more cost effective to manage an activity than arm’s-length transactions

or acquisitions

ALLIANCES MAY BUILD COMPETITIVE ADVANTAGE

Alliances may serve to build a competitive advantage if

 Rivals cannot ascertain what generates the returns because of causalambiguity surrounding the alliance

 Rivals can figure out what generates the returns but cannot quicklyreplicate the resources owing to time decompression diseconomies

 Rivals cannot imitate practices or investments because they are missing complementary resources (they have not made the previous investmentsthat make subsequent investments economically viable) and because the current costs associated with prior investments are now prohibitive

 Rivals cannot find a partner with the necessary complementary strategic resources

 Rivals cannot access potential partners’ resources because they are indivisible

 Rivals cannot replicate a distinctive and socially complex institutional

MOTIVATION FOR ALLIANCES HAS CHANGED OVER TIME

Source: Adapted from J Harbison and P Pekar, Smart Alliances: A Practical Guide to Repeatable Success (San Francisco:

Post 2000

Ensure constant stream

of new prospects withadvancing technology

Proactively maximize delivered value

Optimize total cost by duct/customer segment

pro-Gain advantage in ponse to changing condi-tions and responsibilities

res-THE WAL-MART – CIFRA ALLIANCE

Cifra Knowledge of Wal-Mart’s business model

Knowledge of the Wal-Mart

ALLIANCES CAN TAKE MANY FORMS

Examples of cooperative arrangements in the continuum of organizational forms

Permanent

Keiretsu in Japan or Chaebols in South Korea

Caltrex, which was jointly owned by Chevron and Texaco prior to their merger.

Long-term

Outsourcing Many technology

standards consortia Examples include technology collaborations

like the PowerPC chip between Motorola, IBM, and Apple

Anheuser-Busch’s cross ownership with Kirin in Japan and Modelo in Mexico

Stand-alone joint ventures like Dow- Corning

Transactional

Purchase agreements that are renewable annually or every several years

Agreements to distribute products

Simple purchase order for commodities, some- times called a spot transaction

Short-term agreements on functions like advertising or manufacturing to achieve efficiencies – for example, contract brewing of

Miller Beer by Anheuser Busch

Level of

Commitment

No Linkages Beyond Transaction Information Sharing Asset, Resource, and Capability Sharing (partners take Cross-Equity

ownership in one party or each other)

Shared Equity

Source: Adapted from J Harbison and P Pekar, Smart Alliances: A Practical Guide to Repeatable Success (San

Non-Equity Alliances Equity Alliances

MULTI-PARTY ALLIANCES

Example: SEMATECH, a consortium

of semiconductor manufacturers

WHO MIGHT BECOME AN ALLIANCE PARTNER?

New entrants

Suppliers Rivals

Customers Substitutes

Any other

organization couldbecome an alliance

partner

Firms

Complementors

2 TYPES OF BUSINESS STRATEGY ALLIANCES

Examples

Timkin and suppliers

Mondavi and top foreign wine producers

Vertical

Partner with one or more suppliers or customers Typically done to create more value for the end customer and to lower total production costs along the value chain

EXAMPLES OF NETWORKS OF BUSINESS ALLIANCES

Coopetition is essentially the notion that companies are plementors when they make markets and competitors when they divide markets This relationship is called a value net

com-Timken Co is getting its tomers to think of them as morethan simply a bearings supplier byemploying sophisticated bundlingprocesses to combine basic

cus-bearings with additionalcomponents in order to providecompanies with exactly what theyneed As a result, their bundledproducts are a source of reliabilityand cost reduction for their

customers like Caterpillar Also,Timken’s acquisitions don’t createvalue simply due to added productlines, but instead due to the greatervalue added by a more complexand tailored bundle

Your Company

RISKS ARISING FROM ALLIANCES

resources available

Misrepresentation of resources and capabilities

Being held hostage through specific investments

Misappropriation of resources and capabilities

Misunderstanding a partner’s strategic intent

RISKS ARISING FROM ALLIANCES

?

Redhook Ale

Was Redhook Ale held captive by its alliance with Anheuser Busch?

FIVE LEVERS FOR INCREASING THE PROBABILITY OF ALLIANCE SUCCESS

Understand the determinants of trust

Be able to manage knowledge and learning

Understand alliance evolution

Know how to measure alliance performance

BENEFITS OF TRUST

Knowledge

Sharing Routines

Dedicated

Asset Investments

Interfirm

Trust

• TRUST is one party’s confidence that the other party in the exchange relationship will fulfill its promises and

commitments and will not exploit its vulnerabilities

• Trust and alliances are a conundrum from a classical economics perspective – assumption of opportunism means firms must choose market or hierarchy, make or buy, not an alliance

• Increases knowledge sharing

• Increases investments in dedicated assets

Trust and Competitive Advantage

FOUR KEY FACTORS AFFECT TRUST

Initial conditions

Negotiation process

Reciprocal experiences

Trust

COMPONENTS OF A DEDICATED ALLIANCE FUNCTION

Alliance

business case

Partner assessment and selection

Alliance negotiation and governance

Alliance management

Assessment and termination

• Technology and patent-domain maps

• Cultural-fit evaluation form

• Due-diligence team

• Negotiations matrix

• Needs-vs.-wants checklist

• Alliance-contract template

• Alliance-structureguidelines

• Alliance-metrics framework

• Problem-tracking template

• Trust-building work sheet

• Alliance-contact list

• communication infrastructure

Alliance-• evaluation form

Relationship-• Yearly status report

• Termination checklist

• planning work sheet

WHEN DO PARTNERS FIT?

Firms must address a number of issues to determine fit …