人民大2024战略管理（第13版）案例教师手册 david_sm13e_cn_05.docx

FamilyDollarStores,Inc.-2009CaseNotesPreparedby:Dr.MernoushBantonCaseAuthor:JosephW.1.eonardA. CaSeAbStraCtFamilyDollarStores,Inc.()isacomprehensivebusinesspolicyandstrategicmanagementcasethatincludesthempany,sFiscalyearendAugust2008financialstatements,mpetitorinformationandmore.Thecasetimesettingistheyear2009.Sufficientinternalandexternaldataareprovidedtoenablestudentstoevaluatecurrentstrategiesandrecommendathree-yearstrategicplanforthecompany.HeadquarteredinTennessee,FamilyDollarStores,Inc.istradedontheNewYorkStockExchangeundertickersymbolFDO.B. ViSiOnStatement2rwosed)FamilyDollarStores,lc.bringsvaluedmerchandisetoitsloyalcustomers.C. MiSSiOnStatement(actual)FamilyDollar'smissionstatesthethreemostimportantrelationshipscriticaltomakingourbusinesssuccessful;ourcustomers,ourassociates,andourinvestors.Forourcustomers,weofferacompellingplacetoshopbyprovidingconvenienceandlowprices;Forourassociates,Weofferampellingplacetoworkbyprovidingexceptionalopportunitiesandrewardsforachievement;Forourinvestors,weofferampellingplacetoinvestbyprovidingoutstandingreturns.MiSSiOnStatement(Proposed)AtFamilyDollar,westrivetobringthebesttoourcustomers,offeringeverydayitemsateverydaylowprices(1).Weseektomeetourcustomer-sbasicneeds,providingthemwithcommonhouseholdproducts(2)atattordablepriceswhilemaintainingourgrowthandprofitabilitytoourloyalstockholders(5)utilizingthelatesttechnologyandthroughdedicatedemployees(4,9).Ourpurposehasbeentoopenstoreswherewestronglybelievewecanbecompetitivewhilemeetingthedemandsofourcustomers(3).Wecontinuetoberesponsiblebycontributingbacktocommunities,societyandcharitableevents(6,7,8).1. Customer2. Productsorservices3. Markets4. Technology5. Concernforsurvival,profitability,growth6. Philosophy7. Self-concept8. Concernforpublicimage9. ConcernforemployeesD. EXternalAUditOpportunities1. Theincomeforthemiddleclassisdiminishing,causingthemtobemorecautiouswiththeirexpenditures2. Theaveragehouseholdinmeisdroppingduetoweakeconomy3. Thedemandforlow-priceditemsisgrowing4. Theunemploymentrateisincreasing5. SmallerretailersareclosingtheirstoresandsomehavefiledforbankruptcyThreats1. Highcompetitionamonglargediscountretailers2. DollarGeneralhashighermarketsharecomparetoFamilyDollar3. Persquarefoot,DollarGeneraliscreatingmoresales4. Theindustryissensitivetoenomicconditions5. Changeindemographicsduetopurchasinghabits6. Increaseintariffsandtradebarriers7. 1.ackofqualitycontrolinproductsduetobeingimportedfromChinaandothercountriesCPM-CompetitiveProfileMatrixFamilyDollarDollarGeneralDollarTreeCriticalSuccessFactorsWeightRatingV/elghtedScoreRatingWeightedScoreRatingWeightedScoreStore1.ocations0.0830.2420.1640.32MerchandiseVariety0.1220.2410.1230.36Advertising0.0420.0810.0430.12Customer1.oyalty0.0520.1010.0530.15MarketShare0.0720.1410.0730.28CustomerService0.0520.1030.1510.05ProductQuality0.1520.3010.1530.45PriceCompetitiveness0.1520.3010.1530.45Tecrx)!ogy0.0510.0520.1030.15Total1.001.550.992.33ExternalFactorEvaluation(EFE)MatrixKeyExternalFactorsWeightRatingWeightedSrOpportunities1.Theincomeforthemiddleclassisdiminishing,causingthemtobemorecautiouswiththeirexpenditures0.140.42.Theaveragehouseholdincomeisdroppingduetoweakeconomy0.130.33.Thedemandforlow-priceditemsisgrowing0.0730.214Theunemploymentrateisincreasing0.0940.365.Smallerretailersareclosingtheirstoresandsomehavefiledforbankruptcy0.0830.24Throats1.Highcompetitionamonglargediscountretailers0.130.32.DollarGeneralhashighermarketsharecomparetoFamilyDollar0.0920.183.Persquarefoot,DollarGeneraliscreatingmoresales0.0720.144.Theindustryissensitivetoeconomicconditions0.0830.245.Changeindemographicsduetopurchasinghabits0.0530.156.Increaseintariffsandtradebarriers0.0710.077.1.ackofqualitycontrolinproductsduetobeingimportedfromChinaandotheruntris0.110.1TOTA1.1.002.69POSitiOninaMaPSjr°ngOnInRShopping(eCommerce)Wal-MartDollarTreeVdePriceCompetitiveNarrowPr½eComp<<tKeFamilyDollarDollarGeneralWeakOnlineShopping(eCommerce>E.IntenIalAUditStrengths1. Sellsessentialitemswithrelativelyinelasticdemand2. Healthygrossprofitmargin3. Acceptsfoodstamps4. 1.owerthanindustryaverageleverageratio5. Beingabletoraiseitsdividends6. Betterthanindustryaveragetotalassetturnover7. Itsreturnonassetsof1.84%ishigherthantheindustryaverage8. Itsreturnonequityis4%,higherthantheindustryaverage9. Approximately90%ofthempany'sproductsarepricedbelow$1010. Inthepastyear,thempany,sstockhasoutperformedtheaverageretailindustryWeaknesses1. Doesnotdomuchadvertising2. 1.imitedmarket,solelyintheU.S.only3. Intheyear2008,thecompany'smarketsharedroppedfrom1.85%to1.75%4. Thecompany'sEPSisonly72%oftheindustryaverageandisnotgrowingasquicklyastheindustryaverage5. 1.imitedinvarietyofproductsbeingoffered6. Fortheyear2008,thempany'soverallsalesonlygrewby2.18%whereastheaverageindustrysalesgrewby5.31%7. DoesnotgenerateenoughsalesfromitsWebsiteduetolimitedtechnology8. Higherthanindustryaveragequickratio,indicatinglackoflongtermre-investment9. Thecompany'slong-termdebttoequityratioisonly31.4%oftheindustryaverageFinancialRatioAnalysis(October2009)GrowthRates%FamilyDollarIndustryS&P500Sales(Qtrvsyearagoqtr)2.60-1.50-7.40NetIncome(YTDvsYTD)25.00-1.50-3.40NetIncome(Qtrvsyearagoqtr)13.101.7025.20Sales(5-YearAnnualAvg.)6.989.1613.14NIncome(5YearAnnualAvg.)2.467.5312.60Dividends(5YearAnnualAvg.)9.9420.5811.84PriceRatiosFamilyDollarIndustryS&P500CurrentP/ERatio13.816.426.1P/ERatio5-YearHigh27.919.615.2P/ERatio5-Year1.ow9.811.13.0Prica1SaIesRatio0.540.492.04Price'BookValue2.762.843.05jPrice,CashFlowRatio8.8010.0013.20ProfitMargins%FamilyDollarIndustryS&P500GrossMargin34.824.336.6Pre-TaxMargin6.15.09.6NetProfitMargin3.93.26.75YrGrossMargin(5-YearAvgJ33.723.737.85YrPreTaxMargin(5-YearAvg.)5.55.316.65YrNetProfitMargin(5-YearAvg.)3.53.511.5FinancialConditionFamilyDollarIndustryS&P500Debt1EquityRatio0.170.681.01CurrentRatio1.51.11.4QuickRatio0.60.41.1InterestCoverage72.133.428.71.everageRatio2.02.53.6BookValUejShare10.3817.921838AdaptedfromWWWnX)neycentrams11oomAVaP，EPrice/SaleSPriCetBOOkNetPrOfitMarain(%)08/0913.800.582.963.91108/0813.300.502.783.309/0718.800.643.573.608/0619.000.572.933.108.0521.600.582.343.708/0423.100.873.334.908/0323.101.465.355.108/0225.501.194.285.109/0121.901.415.385208Joo18.700.973.775.5BookValue/ShareDebVEquityReturnonEquity(%)ReturnonAssets(%)InterestCoverage08/09$10.380.1720.210.235.3081,08$8.980.2018.68.825.009/07$8.190.2120.79.322.308/06$8.040.2116.17.724.208/05)$8.640.0015.29.0NA08/04$7.990.0019.311.6NA0&03$7.510.0018.811.8NA08.02S6.660.0018.412.12120.709/01S5.570.0019.813.5538.708/00$4.660.0021.613.8NAAdaptedfromWWWmQn即即网E_sncomInternalFactorEvaluation(IFE)MatrixKeyInternalFactorsWeightRatingWeightedScoreStrengths1Sellsessentialitemswithrelativelyinelasticdemand0.0530.152.Healthygrossprofitmargin0.0530.153Acceptsfoodstamps0.0840.3241.owerthanindustryaverageleverageratio0.0520.15Beingabletoraiseitsdividends0.0320.066Betterthanindustryaveragetotalassetturnover0.0310.037.Itsreturnonassetsof1.84%ishigherthantheindustryaverage0.0210.028Itsreturnonequityis4%,higherthantheindustryaverage0.0330.099Approximately90%ofthempany,sproductsarepricedbelow$100.0730.2110-Inthepastyear,themany'sstockhasoutperformedtheaverageretailindustry0.0330.09Weaknesses1Doesnotdomuchadvertising0.0720.142.1.imitedmarket,solelyintheU.S.only0.0820.163.Intheyear2008,thecompany'smarketsharedroppedfrom1.85%to1.75%0.0820.164Thecompany'sEPSisonly72%oftheindustryaverageandisnotgrowingasquicklyastheindustryaverage0.0510.0551.imitedinvarietyofproductsbeingoffered0.0820.166Fortheyear2008,thempany'soverallsalesonlygrewby2.18%whereastheaverageindustrysalesgrewby5.31%0.0720.147.Doesnotgenerateenoughsalesfromitswebsiteduetolimitedtechnology0.0820.168Higherthanindustryaveragequickratio,indicatinglackoflongtermreinvestment0.0320.069Thecompany'slong-termdebttoequityratioisonly31.4%oftheindustryaverage0.0210.02TOTA1.1.002.27F.SWoTStrateaieSStrengthsWeaknesses1. Sellsessentialitemswithrelativelyinelasticdemand2. Healthygrossprofitmargin3. Acceptsfoodstamps4. 1.owerthanindustryaverageleverageratio5. Beingabletoraiseitsdividends6. Betterthanindustryaveragetotalassetturnover7. Itsreturnonassetsof1.84%ishigherthantheindustryaverage8. Itsreturnonequityis4%,higherthantheindustryaverage9. Approximately90%ofthecompany'sproductsarepricedbelow$1010. Inthepastyear,the1. Doesnotdomuchadvertising2. 1.imitedmarket,solelyintheU.S.only3. Intheyear2008,thecompany'smarketsharedroppedfrom1.85%to1.75%4. Thecompany'sEPSisonly72%oftheindustryaverageandisnotgrowingasquicklyastheindustryaverage5. 1.imitednvarietyolproductsbeingoffered6. Fortheyear2008,thecompany'soverallsalesonlygrewby2.18%whereastheaverageindustrysalesgrewby5.31%7. Doesnotgenerateenoughcompany'sstockhasoutperformedtheaverageretailindustrysalesfromitsWebsiteduetolimitedtechnology8. Higherthanindustryaveragequickratio,indicatinglackoflongtermre-inveslment9. Thecompany'slong-termdebttoequityratioisonly31.4%oftheindustryaverageOpportunitiesS-OStrategiesW-OStrategies1. Theinmeforthemiddleclassisdiminishing,causingthemtobemorecautiouswiththeirexpenditures2. Theaveragehouseholdincomeisdroppingduetoweakeconomy3. Thedemandforlow-priceditemsisgrowing4. Theunemploymentrateisincreasing5. Smallerretailersareclosingtheirstoresandsomehavefiledforbankruptcy1. Implementsomepricecutstoimprovesales(S1.01.S9,03)2. Advertisetoimproveproductvarietyandofferings(S1.S2.S3.04.05)1. Increasenumberofstoresinlowincomeareas(02.01.W3,W2)2. Expandproductofferingssuchfruitsandotherperishableproducts(W3.W5,03.04,05)ThreatsS-TStrategiesW-TStrategies1. Highmpetitionamonglargediscountretailers2. DollarGeneralhashighermarketsharecomparetoFamilyDollar3. Persquarefoot.DollarGeneraliscreatingmoresales4. Theindustryissensitivetoeconomicnditions5. Changeindemographicsduetopurchasinghabits6. Increaseintariffsandtradebarriers7. 1.ackofqualitycontrolinproductsduetobeingimportedfromChinaandothercountries1.Duetobetterreturnonassetsratio,thecompanycaninvestintechnology,promotingonlineselling(S6.T1,T5)1.Increaseadvertisingbyofferingdiscounts,coupons,andotherspecialofferings(W1,W2,W3,T1,T2,T3,T4)SPACEMatilXFSESFinanC间StabiHtV(FSlReturnonInvestrnent31.everage21.iquidity3WorkingCapital2CashFlow3FinancialStability(FS)Average2.6ComPetitiVeStabiHtY(CS)MarketShare4ProductQuality-3Customer1.oyalty-2Competition'sCapacityUtilization-3TechnologicalKnow-How-4CompetitiveStability(CS)Average-3.2ErWironmenlalStabiIitV(ES)Unemployment1TechnologicalChanges-2PriceElasticityofDemand-3CompetitivePressure-1BarrierstoEntry-2EnvironmentalStability(ES)Average1.8MdUStrVStabiHtY(GrowthPotential4FinancialStability2EaseofMarketEntry5ResourceUtilization3ProfitPotential3IndustryStability(IS)Average3.4Y-axis:FS+ES=2.6+(-1.8)=0.8X-axis:CS+IS=(-3.2)+(3.4)=0.21. GrandStrateaVMatriXWeakCompetitivePositionStrongCompetrtivePosition2. MarketDevelopment3. MarketPenetration4. ProductDevelopment5. ForwardIntegration6. Backv/ardIntegration7. HorizontalIntegration8. RelatedDiversificationTheInterna1.EXternaIaE)MatriXTheIFETotalWeightedScoreStrong3.0to4.0Average2.0to2.99Weak1.0to1.99IIlIIIHigh3.0to3.99TheEFE.XMedium°tl2.0to2.99WeightedScoreIVIVFamilyDollarStores,Inc.Vl1.ow1.0to1.99VllVlllIXQSPMIncreasenumberofstoresinlowincomeareasIncreaseadvertisingbyofferingdisunts.coupons,andotherspecialofferingsKeyFactorsWeightASTAS°TASOpportunities.Theincomeforthemiddleclasssdiminishing,causingthemtobemorecautiouswiththeirexpenditures0.130.320.22.Theaveragehouseholdinmeisdroppingduetoweakeconomy0.140.430.33.Thedemandforlow-priceditemsisgrowing0.0730.2120.144.Theunemploymentrateisincreasing0.0920.1830.275Smallerretailersareclosingtheirstoresduetolowersales0.0830.2420.16Threats1.Highmpetitionamonglargediscountretailers0.110.1020.202.DollarGeneralhashighermarketsharecomparetoFamilyDollar0.09一一.3-Persquarefoot.DollarGeneraliscreatingmoresales0.0720.1410.074.Theindustryissensitivetoeconomicnditios0.0830.2410.085.Changeindemographicsduetopurchasinghabits0.0530.1520.16Increaseintariffsandtradebarriers0.07-7.1.ackofqualitycontrolinproductsduetobeingimportedfromChinaandothercountries0.1TOTA1.1.1.961.52Strengths1.Sellsessentialitemswithrelativelyinelasticdemand0.0510.0520.12.Healthygrossprofitmargin0.0520.140.23.Acceptsfoodstamps0.0840.3230.244.1.owerthanindustryaverageleverageratio0.0520.110.055.Beingabletoraiseitsdividends0.036.Betterthanindustryaveragetotalassetturnover0.0330.0910.037.Itsreturnonassetsof1.84%ishigherthantheindustryaverage0.02.一一.-8.Itsreturnonequityis4%,higherthantheindustryaverage0.03一9.Approximately90%ofthecompany'sproductsarepricedbelow$100.0740.2830.2110.Inthepastyear,thecompany'sstockhasoutperformedtheaverageretailindustry0.0330.0920.06Weaknesses1.Doesnotdomuchadvertising0.0710.0730.212.1.imitedmarket,solelyintheU.S.only0.0830.2420.163.Intheyear2008,thecompany'smarketsharedroppedfrom1.85%to1.75%0.0840.3220.164.Thecompany'sEPSisonly72%oftheindustryaverageandisnotgrowingasquicklyastheindustryaverage0.055.1.imitedinvarietyofproductsbeingoffered0.0820.1610.086.Fortheyear2008,thecompany'soverallsalesonlygrewby2.18%whereastheaverageindustrysale