人民大2024战略管理（第13版）案例教师手册 david_sm13e_cn_09.docx

Yahoo!Inc.-2009CaseNotesPreparedby:Dr.MernoushBantonCaseAuthors:HamidKazeroonyA. CaSeAbStraCtYahoo!Inc.()isamprehensivestrategicmanagementcasethatincludesthecompany'sCalendaryear-endDecember31,2008financialstatements,competitorinformationandmore.Thecasetimesettingistheyear2009.Sufficientinternalandexternaldataareprovidedtoenablestudentstoevaluatecurrentstrategiesandrecommendathree-yearstrategicplanforthecompany.HeadquarteredinSunnyvale,California,Yahoo!Inc.istradedontheNewYorkStockExchangeundertickersymbolVHOO.B. ViSiOnStatement(ACtUaI)Yahoo!powersanddelightsourcommunitiesofusers,advertisers,andpublishersallofusunitedincreatingindispensableexperiences,andfueledbytrust.C. MiSSiOnStatement(ACtUaI)Toconnectpeopletotheirpassions,theircommunities,andtheworld'sknowledge.Toensurethis.Yahoooffersabroadanddeeparrayofproductsandsen/icestocreateuniqueanddifferentiateduserexperiencesandconsumerinsightsbyleveragingconnections,data,anduserparticipationMiSSionStatementCompany'sValues,asstatedintheirwebsite,states:Excellence:Wearecommittedtowinningwithintegrity.Weknowleadershipishardwonandshouldneverbetakenforgranted.Weaspiretoflawlessexecutionanddon'ttakeshortcutsonquality.Weseekthebesttalentandpromoteitsdevelopment.Weareflexibleandlearnfromourmistakes.(2,5,6,9)Innovation:Wethriveoncreativityandingenuity.Weseektheinnovationsandideasthatcanchangetheworld.Weanticipatemarkettrendsandmovequicklytoembracethem.Wearenotafraidtotakeinformed,responsiblerisk.(4)CustomerFixation:WerespectourcustomersaboveallelseandneverforgetthattheycometoUSbychoice.Weshareapersonalresponsibilitytomaintainourcustomers'loyaltyandtrust.Welistenandrespondtoourcustomersandseektoexceedtheirexpectations.(1,3)Teamwork:Wetreatoneanotherwithrespectandcommunicateopenly.Wefostercollaborationwhilemaintainingindividualacuntability.Weencouragethebestideastosurfacefromanywherewithintheorganization.Weappreciatethevalueofmultipleperspectivesanddiverseexpertise.(8)Community:Weshareaninfectioussenseofmissiontomakeanimpactonsocietyandempowerconsumersinwaysneverbeforepossible.WearecommittedtoservingboththeInternetcommunityandourownmmunities.(7)Fun:Webelievehumorisessentialtosuccess.Weapplaudirreverenceanddon'ttakeourselvestooseriously.Wecelebrateachievement.Weyodel.1. Customer2. Productsorservices3. Markets4. Technology5. Concernforsurvival,profitability,growth6. Philosophy7. Self-concept8. Concernforpublicimage9. ConcernforemployeesD. EXternalAUditCPM-CompetitiveProfileMatrixYahooGoogleMicrosoftCriticalSuccessFactorsWeightWeightedRatingScoreWeightedRatingIScoreRatingWeightedScoreAdvertisingo.o30.3040.4010.10ServiceiProductQuality0.1030.3040.4020.20PriceCompetitiveness0.0730.2120.1410.07Management0.0620.1240.2430.18FinancialPosition0.0920.1830.2740.36Customer1.oyahy0.1030.3040.4020.20Product1.ines0.0830.2440.3220.16MarketShare0.1030.3040.4020.20CustomGfService0.0730.2140.2820.14Technology0.1030.3040.4020.20Employees0.0530.1520.1010.05GlobalExpansion0.0830.2440.3220.16Total1.002.853.672.02Opportunities1. 1.1billionInternetusersaroundtheworldasof2006anditisstillgrowing2. InternetadvertisingrevenuesintheU.S.remainsstrong,topping$23billionin20083. Consumersarespendingmoreoftheirtimeonline4. NewbusinessstrategiessuchasbundlingInternetaccesswithvoiceandvideoservicesareincreasing5. InnovativenessintechnologyisthedrivingforceinInternet-basedbusinesses6. ManybusinessesoverseasarefindingadvertisingonInternetlessexpensiveandmoreresponsive7. CountriessuchasChinaandIndiahavestrongereconomicstatusandaccordingly,thecompaniesareabletospendmoreadvertisingdollarsviaInternetThreats8. Duetoweakeconomicditions,Internetrelatedbusinessesalsohavesuffered9. In2009,anumberofInternetcontentandadvertisingmpaniesreporteddisappointingfinancialresultsandloweredtheirforwardfinancialoutlooks10. 1.owentrybarriermakestheviabilityofexistingInternetbasedbusinessesdifficult11. Changesinlegislativerequirementsconcerningtechnologysharing,patentrightsandinformationsecuritycouldincreasefutureexpensesandlowerprofitability12. Constanttechnologychangescausesdifficultytobeup-to-dateallthetime13. ConsolidationsamongInternet-basedproviderscouldmakethecompetitiontobestrongExternalFactorEvaluation(EFE)MatrixKeyExternalFactorsWeightRatingWeightedScoreOpportunities1.1.1billionInternetusersaroundtheworldasof2006anditisstillgrowing0.140.42.InternetadvertisingrevenuesintheU.S.remainsstrong,topping$23billionin20080.0830.243.Consumersarespendingmoreoftheirtimeonline0.0830.244.NewbusinessstrategiessuchasbundlingInternetaccesswithvoiceandvideoservicesareincreasing0.0920.185.InnovativenessintechnologyisthedrivingforceinInternet-basedbusinesses0.0720.146.ManybusinessesoverseasarefindingadvertisingonInternetlessexpensiveandmoreresponsive0.0930.277.CountriessuchasChinaandIndiahavestrongereconomicstatusandacrdingly,thecompaniesareabletospendmoreadvertisingdollarsviaInternet0.0720.14Threats1.Duetoweakeconomicconditions,Internetrelatedbusinessesalsohavesuffered0.0930.272.In2009,anumberofInternetcontentandadvertisingcompaniesreporteddisappointingfinancialresultsandloweredtheirforwardfinancialoutlooks0.0720.143.1.owentrybarriermakestheviabilityofexistingInternetbasedbusinessesdifficult0.0620.124.Changesinlegislativerequirementsconcerningtechnologysharing,patentrightsandinformationsecuritycouldincreasefutureexpensesandlowerprofitability0.0730.215.Constanttechnologychangescausesdifficultytobeup-to-dateallthetime0.0820.166.ConsolidationsamongInternet-basedproviders8uldmakethecompetitiontobestrong0.0520.1Total1.002.61PositioninqMapNumberotVtswsHigh)GoogleYahooNarrowPtodM1.ineOHonngMicrosoftWdeProduceUneOf½mgNumberofVetors(1.w)E. InternalAUditStrengths1. Increaseinrevenuefrom2007to2008by3.4percentto$7.2billion2. YahooisthesecondleadingglobalInternetbrand3. Otherthanofferingadvertisingandonlineproperties,thecompanyoffersInternetaccessthroughthird-partyentities4. Otherthanadvertisingfees.Yahoogeneratesadditionalrevenuebychargingfeesforarangeofpremiumservices5. Withadditionallay-offs,thecompanyanticipatingtohaveabetterprofitabilityforthenextfewyears6. WithinInternetbaseservice.Yahoo!hasseveralrevenuegeneratedsegmentssuchasSearch,DisplayRelated,Classified,Referrals/1.eadGenerationandEmail.7. Company'squickratiois2.54,aboveindustryaverageWeaknesses1. Thenetincomedecreasedby35.7percentto$424million.2. Overalladvertisingrevenuedroppedby13percentinthe211dquarterof2009comparetotheprioryear3. Yahoo!closedseveralofitsvideopropertiesandisplanningtoclosetwentyvideoservicesincludingitssocialnetworksiteYahoo!360anditsWebhostingserviceGeoCities4. Company'scapitalleaseandotherlong-termliabilitiesincreasedbyover$48million5. MicrosofthastriedtoacquireYahoo!twiceforthelastthreeyearsFinancialRatioAnalysis(October2009)GrowthRates%Yahoo!IndustryS&P500Sales(Qtrvsyearagoqtr)-11.807.605.20NetIncome(YTDvsYTD)-55.3013.20-8.10NetIncome(Qtrvsyearagoqtr)242.7046.3024.70Sales(5-YearZnnualAvg.)34.7169.9712.97NetIncome(5YearAnnualAvg.)12.2787.0912.30Dividends(5YearAnnualAvg.)NANA11.88PriceRatiosYahoo!IndustryS&P500Sales(Qtrvsyearagoqtr)-11.807.60-5.20NetIncome(YTDvsYTD)-55.3013.20-8.10NetIncome(Qtrvsyearagoqtr)242.7046.3024.70Sales(5-YearZ11nualAvg.)34.7169.9712.97NetIncome(5YearAnnualAvg.)12.2787.0912.30Dividends(5YearAnnualAvg.)NANA11.88ProfitMargins%Yahoo!IndustryS&P500GrossMargin56.362.238.2,Pre-TaxMargin3.027.19.9NetProfitMargin-1.420.66.95YrGrossMargin(5YearAvg.)59.360.738.15YrPreTaxMargin(5-YearAvg.)19.630.416.55YrNetProfitMargin(5YearAvg.)11.922.911.5FinancialConditionYahoo!IndustryS&P500Debt1EquityRatio0.010.011.11CurrentRatio3.49.71.5iQuickRatio3.49.71.2InterestCoverageNA0.027.21.everageRatio1.21.13.5BookVaIUeShare8.6985.1621.58AdaptedfromWWW.mpnevcentraAVaP，EPrice,'SaleSPriCeJBOokNetPrOfitMarQin(%)12/0872.402.371.515.912/075.904.693.259.512/0658.105.793.7911.712/0527.7011.076.5436.112/0451.6015.317.3423.512/03842018.166.8214.612/0287.2010.474.3011.212/01-110.6014.095.19-12.912.'001016.1016.548.906.412三1153.40219.1992.378.1BookValue/ShareDebtEquityReturnonEquity(%)ReturnonAssets(%)InterestCoverage12.f08$8.090.003.83.1NA12/07$7.160.086.95.4NA12/06$6.730.088.26.5NA12/05$5.990.0922.117.5NA12'04$5.130.1111.89.1NA12'03S3.300.175.54.0NA12,02$1.900.4.73.8NA12'01$1.710.004.7-3.9NA1200S1.690.003.73.1NA1299$1.170.043.83.1NAAdaptedfromwww.money8mral.msn.8mInternalFactorEvaluation(IFE)MatrixKeyInternalFactorsWeightRatingWeightedScoreStrengths1.Increaseinrevenuefrom2007to2008by3.4percentto$7.2billion0.0720.142.YahooisthesecondleadingglobalInternetbrand0.140.43.Otherthanofferingadvertisingandonlineproperties,thecompanyoffersInternetaccessthroughthird-partyentities0.0740.284.Otherthanadvertisingfees.Yahoogeneratesadditionalrevenuebychargingfeesforarangeofpremiumservices0.0930.275.Withadditionallay-offs,thempanyanticipatingtohaveabetterprofitabilitytorthenextfewyears0.0640.246.WithinInternetbaseservice,Yahoo!hasseveralrevenuegeneratedsegmentssuchasSearch.DisplayRelated,Classified,Referrals/1.eadGenerationandEmail.0.0840.327.Company'squickratiois2.78,aboveindustryaverage0.140.4Weaknesses1.Thenetincomedecreasedby35.7percentto$424million.0.0820.162.Overalladvertisingrevenuedroppedby13percentinthe2ndquarterof2009comparetotheprioryear0.120.23.Yahoo!closedseveralofitsvideopropertiesandisplanningtoclosetwentyvideoservicesincludingitssocialnetworksiteYahoo!360anditsWebhostingserviceGeoCities0.0820.164.Company'scapitalleaseandotherlong-termliabilitiesincreasedbyover$48million0.0820.165.MicrosofthastriedtoacquireYahoo!tv/iceforthelastthreeyears0.0920.18Total1.002.91F.SWOTStrateaieSStrengthsWeaknesses1. Increaseinrevenuefrom2007to2008by3.4percentto$7.2billion2. YahooisthesecondleadingglobalInternetbrand1. Thenetincomedecreasedby35.7percentto$424million.2. Overalladvertisingrevenuedroppedby13percentinthe2ndquarterof20093. Otherthanofferingadvertisingandonlineproperties,thecompanyoffersInternetaccessthroughthird-partyentities4. Otherthanadvertisingfees,Yahoogeneratesadditionalrevenuebychargingfeesforarangeofpremiumservices5. Withadditionallay-offs,thecompanyanticipatingtohaveabetterprofitabilityforthenextfewyears6. WithinInternetbaseservice,Yahoo!hasseveralrevenuegeneratedsegmentssuchasSearch.DisplayRelated.Classified,ReferralsI1.eadGenerationandEmail.7. Company'squickratiois2.78,aboveindustryaveragecomparetotheprioryear3. Yahoo!closedseveralofitsvideopropertiesandisplanningtoclosetwentyvideoservicesincludingitssocialnetworksiteYahoo!360anditsWebhostingserviceGeoCilies4. Company'scapitalleaseandotherlong-termliabilitiesincreasedbyover$48million5. MicrosofthastriedtoacquireYahoo!twiceforthelastthreeyearsOpportunitiesSOStrategiesW-OStrategies.1.1billionInternetusersaroundtheworldasof2006anditisstillgrowing2. InternetadvertisingrevenuesintheU.S.remainsstrong,topping$23billionin20083. Consumersarespendingmoreoftheirtimeonline4. NewbusinessstrategiessuchasbundlingInternetaccesswithvoiceandvideoservicesareincreasing1. Implementaverticalorhorizontalintegration(forwardorbackward)ofampanythathasglobalpresence(S2.S6.S7.01,02,03,04,05)2. Increaseadvertisingspendingbyadditional10%onfeebasedsegments(S7.04)3. Cutbackpricesonadvertisingandfeebasedsegmentby2%(S7.Ol,02)1. Acquireinnovativetechnology/Internetrelatedbusinessesusingacombinationofcashanddebt(W3,W5.02.04.05)2. Sellofflowprofitsegmentsandpaydownthelongtermdebt(W4.01)5. InnovativenessintechnologyisthedrivingforceinInternet-basedbusinesses6. ManybusinessesoverseasarefindingadvertisingonInternetlessexpensiveandmoreresponsive7. CountriessuchasChinaandIndiahavestrongereconomicstatusandaccordingly,thecompaniesareabletospendmoreadvertisingdollarsviaInternetThreatsS-TStrategiesW-TStrategies1. Duetoweakeconomicconditions,Internetrelatedbusinessesalsohavesuffered2. In2009.anumberofInternetcontentandadvertisingcompaniesreporteddisappointingfinancialresultsandloweredtheirforwardfinancialoutlooks3. 1.owentrybarriermakestheviabilityofexistingInternetbasedbusinessesdifficult4. Changesinlegislativerequirementsconcerningtechnologysharing,patentrightsandinformationsecuritycouldincreasefutureexpensesandlowerprofitability5. Constanttechnologychangescausesdifficultytobeup-to-dateallthetime6. Consolidationsamong1. Offernewmarketingdatallectiontoradvertisers(S2.S6.T2)2. CreateadditionalbundlingpartnershipforsoundorvideoSireaming(S3,T3,T5)1.Improveinnovationtoprotectthempany'stechnology,patentrightsandinformationsecurity(W3,W4,T4)Internet-basedproviderscouldmakethecompetitiontobestrongFSCSFinanCialStability(FS)ReturnonInvestment1.everage51.iquidity6WorkingCapital6CashFlow6FinancialStability(FS)Average5.8ComPetItIVeStability(CS)MarketShare-1ProductQuality-1Customer1.oyalty2Competition'sCapacityUtilization2TechnologicalKnow-How-2EnVirOnmentalStabilily(ES)Unemployment5TechnologicalChanges3PriceElasticityofDemand-3CompetitivePressure2BarrierstoEntry6EnvironmentalStability(ES)Average3.8IndUStryStab川t(IS)GrowthPotential6FinancialStability5EaseofMarketEntry2ResourceUtilization5ProfitPotential6CompetitiveStability(CS)AverageY-axis:FSES-5.8÷(-3.8)-2.0X-axis:CS÷IS-(-1.6)÷(4.8)-3.2-1.6IndustryStability(IS)Average1. GrandStrateaVMatriXV/eakCompetitivePoeilkxiStrongCompetitivePosition2. MarketDevelopment3. MarketPenetration4. ProductDevelopment5. ForwardIntegration6. BackwardIntegration7. HorizontalIntegration8. RelatedDiversificationTheInterna1.EXternaIaE)MatriXTheIFETotalWeightedScoreStrong3.0to4.0Average2.0to2.99Weak1.0to1.99IIlIIIHigh3.0to3.99TheEFETotalWeightedScoreMedium2.0to2.99IVIVYahoo!Stores.Inc.Vl1.ow1.0to1.99VllVlllIXQSPMAcquireanInternetb