Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2...

116
McDonald’s Corporation [1] (NAICS :) 695 40 2009 2 235 2008 34% 42% 18% [2]5%2008 2,433 [1]Limited-Service Restaurant, [2] 1940 118 31,000 1960 67 74 72 71 71 80 81 85 85 82 90 90 90 96 95 2000 80 08 9% 11% 08 235 43 ex. 127

Transcript of Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2...

Page 1: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

�� � � �� McDonald’s Corporation �� � � �� ����� �[1] (NAICS��:����������) �� � � �� ��������� !"# $ % & '� 695()" * � +� 40,-.2009/ 201 2 3 4� 235()".2008/1 5 6 2 3� �� 34%78� 42%79:9;<�=>?=9@�A 18%7

BCD[2]5%.2008/1 E"�FG�H� 2,433� � � � � � � � [1]Limited-Service Restaurant, [2]AIJ7>K�LMNOPQ

�� ��� ������� �������������

=R )I")S71940/TR )I")UVWXYZ[\];C^�_�`�ab��c7de[\ 118A�TfYg731,000h3CijNklmgYnQ =[\opcCqrstuij�v��w�Cxyz{T|y7}[\>M~c��7}�

�L��c�7}���C^�_�`��N��mgYnQ����S71960 /�������.AIJ.67/1LM1����.��.74/17@ ��.72/17�)��.71/17��.71/1LM1���m780/�TS��>��.�v��.81/17���9.85/1LM1�9:9.��.85/17R��9.82/1LM1790/�h�S7���.>�.90/17 �9.90/17��).96/17K9@�A.95/1LM1�¡XmgYnQ¢£72000 /�¤¥T�¦§¨W©ªz«¬�CC7DC­®S�¯mg237§¨s�T4Y°±²N³´.80/µ08/¦T�¶gC723C/·¸°±²S 9%7¹§¨C/·¸°±²S 11%1Q08/¦TS23 235()"7¹§¨ 43()"NºYcYnQ =[\¡XT»Zy7R )I")S7[\opcC¼Yqr½T¾¿7ij�v��

w�NÀÁgÂÃLÄ"ÅcRÆÇ9"7����smg� ��@È� !".ÉÊ

ËÌ1LÍ�xyz{7Î�mgYnQÏ�T7��ÐÑ7%Ò�aÓÔ"LMR�Õ�

Ö�ET×mgS7Ä��sLnE �_"tu.ex.ØÙ��LM1NÚmLW��7�C �A �ÛCÜÝNÞ¿gfy7ßàCáâ�ãäåæTçèZ¡XNédmg

YnQ

’’

127

Page 2: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

=Bmg7~ê�NédPnZÁCëì¶smg7AOW.Area of World)� MSCLB.McDonaldís Supply Chain Leadership Board1LMC[\îïWE �_"tuNðm7^�_�`�;ñcòóôT�+TõöPnss�T7��X÷îïc»n

McDonaldís Food StudioLM56�ø�ù-LMC��:wI"7 �A"îïW�CÜÝN´ègA��R�ÛPnîïÚúNûègYnQ

�������������� !"#$���%&��'(��)*+�

=R )I")cS7MSCLB.McDonaldís Supply Chain Leadership Board1sYüE �_"LqrîïWýem7E �_"cCqrØuNÚmgYnQþ�ôTS7

��ôLØu7��Øu7��Øu7�����)CØuLMc»nQÅZ7�T

C�T×mgS7MAAP.McDonaldís Agricultural Assurance Program1sYüa��W7x�ù. ¿�7�C

�Y�17����7���LMT×

Pn"�"N��omgYnQ

Ï�T7ø56.8�7��7K�7

9:9�·<=>?=9@�A1�

sT7�F �ab����J�W

��Ïê7MSCLB CE �_"qrØuT�y7ø56Cqr�N�

mgYn.��1Q =ÅZ7 !�LMc"#T$%Lq

r�WýemLYàçS7R )I

")&�W7d5c mYqr�C

ö°�ûègYnQ ¿�7��)

cS7'ýC;�qr�c»n

McCain.@ �)(��Cqr�1s)*c7(��Nõöm7$

%�F �+��söggYnQ ,-./0�12��345�6789:����� !"�

=R )I")S7�[\),Cij�v��w�sm}QSC&V�N¡XmgYnQQ.Quality1S7�Ä"h3C��N��Pn~sQS.Service1S7-�����Ö��.�. ¿�7�R�" 0/LM1QC.Cleanliness1S7i07ij"#C12ÏQV(Value1S7~ê� 33W»èg4Ág56�%�W��c7nsYü�Cc»nQ

=~ê�C�v��w�C8¿�S7CDP.Crew Development Program1sYüÍc7 ¿�7��9ÆÇ��sT:;����<=Åc7>s3>s3C��C�ê��7

?@AHÅc7�BCRÆÇ9"TÏê7�[\���êgYnQ��I�7��

Æ�7i±S7CDP N),CDsmg7��NOE7FGm»YLW�7�v��w�H I��NJ3ÏK7[\>c�CØuC��.�NédmgYnQ

128

Page 3: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

=Ï�T7�/cS7}Made For You�sYü����T|y79ÆÇ�C:;7��<=NtuLmgYnQ~êS7MNmg��4OqPNûY7:�NQ°ÏKn����

c»y7*RCxy�7T|y÷ãPnSTTUPnVWXYC4Åy�7ZC[LT

UPnUðsmgX÷Ïê7��cS 1999 /7��cS72005 /T�iT¡XÏêgYnQþ�ôTS7:;<=W 33C�êx�C��#FT��ê7tuLÏêgYnQÅ\7:cN]W�ns7]^T}�Æ�H��w��C_Æ��TN]9ÆÇ�W

`aÏê7 "�SBêNbg .#������c BundsNc�QÏ�T7dC}9I�!"�cS7BC®TþeNfXm7c7»WèZ BundsTCKnQBmg7}@È�I"�cS7Bê�N #FPn7sYüͬQ~êT|y7 ¿�g,C^�_�

`�c»ê�7N]�� 10A=¦c�R3Wy7~ê�C�v��w�W�[\ôT*åTûhêgYn.� 21

=~ê�CtuLS7AOW.Area of World1sYüîïijC]3kc»nE �_"îïW>lsLyûY7Region7CountryCijNmgij�snrÏêgYnQ

����;�<=>���?@�

=R )I")S7 mYßà���PnoTS7Å\SE �_"tuC�ùNE�P

nW7BC3cpqTBC�C]L�rstû�Nu¿UvNmgY�Q~~cS7�

�7%Ò7aÓÔ"756UvNwxT{gY�Q =Å\7��cS7R )I")TS7}ØÙ���s}d5���WýePnQ mYß

à���PnoTS7Å\S}ØÙ���NE�m��ôLyzTUPnÆ�Û�{|

NH/®S�}m7BC3c7d5CR�Õ��ZªWd5J¶C��NX÷7E�m

gY�sYü��#FNsnQ =}ØÙ���sS7�[\Ä��c��ÏêgYn��c7ÂÃLqP�ùÅcE �_

"tuc~Á�êgYn�Cc»nQ ¿�7^�_�`�7a�Û_�`�7.#

R# �a��I�#�LMW~êT»ZnQD�7}d5���sS7d5CR�Õ�

�WBCßàT»hKgX÷mZ��c»y7R )I")cS7ø�Cßà��T»

hKgd5T|n��X÷79ÆÇ�LWGÁ�êgYnQ ¿�7�"E9�C

McSpaghetti.�_� ��_�N�èZ��17! :"C Samurai pork hamburger.�Y�N�èZ��17��C Rice hamburger7��)CMaharaja Mac..�@cSL�(� N�èZ��1LMc»nQ =~ê�C �A"��CX÷CZÁT756�kT}McDonaldís Food Studio�sY

129

Page 4: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

ü��X÷I���NÚ�mgYnQþ�ôTS7de7�AS7��s��.2006/XÚ1TÚ�ÏêgYn.�m7��S79:9=��@Ö# C����smg�&

Té�1Q =~~cS7ø�T»hKZ ��ss�T7BC�±smgC56�[\¡XNT�«

¬��CX÷NûègYnQ ¿�7����:�S79:9�·<7>?N>lsm

Z 35A�N��mgfy7�b@T¾¿���LMN��mgYnQ�b@S7�f$T7}�PC�-�C|üL���Nü¶g��Ïêgfy7 ¿�7��qPñ�.CIA1N��c��m7�\�}���� �=ÆÇ���C�#F�b@ 50-T��ên|üL-eW�fÏênQ��:�TS7�b@C��X÷f�#a�7 ��E�T

f¶nij�v��w�NFGPnZÁCijs*åC 2 3C;��#a�LMWQ�Ïê7 mY��C ¡X÷T¾¿7��L�J¶ZZ����C���LMNûè

gYnQ =%ÒT×mgS7E �_"tu%ÒNÄ��T7d5C¢£·%T»hKg¤¥C¦

§N¾¿79ÆÇ�C¤åLLMss�T%ÒC¨N©ªgYnQ ¿�7>�cS7

«¬­tjS73)"h3CØ���TS�W®7T�YZÁ79ÆÇ�C¨N©ª7«%Ò¯C9ÆÇ�ND�C ��I#F|y�°�mgYnQ =aÓÔ"T×mgS7Å\S,±Cij���y7BC3c7ø�Cßà���ßà°

±C�iT»hKgX÷NûègYnQ ¿�7>�cS756W²t�²��G-�

©WèZ�ic724H C) �!�"�NXÚmgfy7��)cS7³GC��E"

jT&´µcC¶�_��aÓÔ"N��m7·#�mgYnQ =Ï�T756UvT×mg�7ø�C56C�¸T»hKgUvT¦LN3¶gYnQ

¿�7>�cS756si+sC�±ôL�y¹yWº±T;»TÏênQBümZ

>7øijTS7 I")=R )I")C}R )I")f¼Ï«�TªL«c7}R

)I")f�Ï«�s½�ênH-C¾�CM¿��tW��Ïê7À�ZªCÁÂ

NbgÃsÄPÅÆN�ègYnQÅZ7��cS7}IF��ÇÈ�NûègYnQ =@È���@�)S7I"@��.�CÉ�N°�P~sc7%ÒC�ÉNÊ¿gYn

W7 !�cS7~CI"@��.�W}Ëf�ÏênÕ��W¤YQ ¿�7,±7

I"@��.�c¹­PnÍæNsnIF��S7�¦TÌÍÎ�(Õ#�T�êg�

ègÏègmÅü-ZªWYn.5ÐcSIF��ÑÒs½�êgYn1QB~c7��

CijcS7IF��S��NÓPoT�ÔT��Pn}IF��ÇÈ�sYüÍT�

v��w�N¦§mgUvmgYnQ

ABCDEFGHIJK��

=R )I")S7�Ty]LWÕLn !����PnoTS7²t�À�N���#

�T}�û�NÖ~m7BC3c;×]L�s÷¡ÏKgY�ÑØNsn~sW¤YQ = ¿�780/�µ90/�C9:9���C��TomgS7}yzcSL��I# .fÙÀ1�su¿�ênsYü),mZ{|NÚ¿gYZQf�NÛysPn9:9ø�c

S7���@ �)(��S}7ª«smZyz�cSLYsYüGYW¼�7�ÉC

130

Page 5: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

qÜ1T|ê�7�Ý�C���$7Þ 8ÆC-W}yzcSL��I# .fÙÀ1�su¿gYZQDC9:9��c»n�����LM�C��$�7*åCßJc»èZQ =m�m7R )I")S7»¿gBCGYTà�h\7}Õ�ácÒâYY�I# �N

}À���}²t�C]L�sâãÏK7-äNå{LW�pqTyzsmgGYNæ

ÁÏKgYèZQ ¿�7��cS7À�CçãGNR )I")cûü~sNÐÑm7

èÀôTénmZQBêÅc��cS7²/jCçã�NêëPnfìYSíîLÏê

gYL�èZW7R )I")S7Õ��T �ï NZggûüçãGN CM cèÀ

ôT�mZQÅZ7iC BGM�²tM¶PnðñN�PLMijCòóä�}Òâ|Ï�NXYmgÚúmZQ~ümZä�T|y73ôõJC»n²tZªC®cöW377

Å\S@Ö�@Ö#�Ç�^�_�`�7÷A÷� C-äWøùm7BCú.#

R# �sûüömgY�>cpqT} mYyz�smgCGY�ÏêgYèZQ~

ümg780/�¥�kÅcCÞ 10/®S7rstý�[�c»n}²t��}À��N>lTâãm7BCúpqT7BCÀ��ÃT�âãmS¼Á7decS�gC[�C

-ZªWR )I")�þNk�|üTLègYnQ

�������L#$������1M=N���OP�QR�

=R )I")S7[\Cø56T^�_�`�;ñN�ÚmgYn.��7��7��

��7)��7���� �97

! :"7��C 7�1Q~êS7�TqPC�ùLMNõ¿ns

Yü�CcSL�7R )I"

)CRÔ:9��7a��."

¶Ö�E7÷TÇÆÕ��w�

LMC�ù�Nõ¿z�àsL

ègYnQ = ��+TS7^�_�`�;

ñcCõöF E �WfXÏ

êgfy7 ¿�7���0C

^�_�`�;ñcS7OJTsSÏ«c 33C �WýePnQ1 d �cS7ijRÔ:9����"CØ.Ä��# �

@�RÔ:9��79)_���

@�RÔ:9��çú 6�®17 2 d �cS7ij����CP�7æ�7-ô �ÊP��".HE� �Ö!=RÔ:9��=F �Ö�÷��çú 5�®173d �cS7��J��#F7a��."¶Ö�E7&çRÔ:9��.�� �=�v��w�=��J��#FF

1 }R )I")SE �_"�.:b���=��ï�1�C>cûhêZqÜ

131

Page 6: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

�Ö�÷��çú 5�®1Nõ¿gYn.� 31Q =ÅZ7 mY��C��$T�7d5CRÔ:9����#@N��mgfy7 ¿�7

 �9�C��$S7RÔ:9��s]^CijC "�9�_�N7���� !"

# C^�_�`�;ñ���m7*�CE �_"����7�v��w�Nòó

õömgYnQ �¬: McDonaldís IR � McDonaldís CorporationManaging a Sustainable Supply Chain.Harvard Business School, Business Case1 McDonaldís Corporation.Harvard Business School, Business Case1 McDonaldís in Russia .Harvard Business School, Business Case1 McDonaldís Food Chain.Institute of Chartered Financial Analysts of India, Business Case1 McDonaldís Localization Strategy.Institute of Chartered Financial Analysts of India, Business Case1 McDonaldís in Asia.Institute of Chartered Financial Analysts of India, Business Case1 Globalization Strategy of McDonaldís Corporation.Institute of Chartered Financial Analysts of India, Business Case1 McDonaldís Success Strategy and Global Expansion through Loyalty.Journal of Business case studies1 McDonaldís in Russia.ICFAI Business School Case Development Centre, Business Case1 McDonaldís in China.ICFAI Business School Case Development Centre, Business Case1 McDonaldís is china loviní it?.Asia Case Research Centre (the University of Hong Kong), Business case1 R )I")SE �_"�.:b���=��ï�1 ÐR )I")�+���.Ç� Factiva..:Ô���C�� ��¶��Ä��1

132

Page 7: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

�� � � �� Inditex� SA �� � � �� ����i (NAICS��:����������) �� � � �� �v��79=÷"�ÆÓ $ % & '� 400()" * � +� 89,112-.2008/1 2 3 4� 131()".2008/1 5 6 2 3� �v���0 34%7�v��N��8� 45%7�� 11%79:9��

BCD 11% E"�FG�H� 218�[1] � �

[1] Inditex GroupW 100%¬�PnÀG�c»y7ZARAh�CD! �)×�ÀG����Q� � � � �

�� ST ������� �U�VWXYZ[\]^�

=ZARAS71963/7�v��C����79R���=�"�`WÚ�mZ���iNÖ�sPn��¶# �=E"�F��C! �)c7�Éc 8 3»n! �)C>c];C! �)c»n.E"�F234C 66%Nú31Q

=��CÐÑ7ã����2ÅcN� Ççm7^�@È#�w�C��)T!èZ:

�N¤�¥Ýã�c4O"´ÏK7#¥�N�ªLW��%c��Pn}@È���=

@È#�w��C.:Ô�_¶"NédmgYnQÏ�T7BC.:Ô�_¶"N[\

>�¡Xmgfy71988/C("�`"N$»yT7��78�T��.��.89/17@ ��.90/11Q90/�h�S7DC�����¡X.��7��7UAE.98/1LM1m700/�h�S7 !�����mgfy. �9.03/17��)Ô�9.05/17>�.06 /1LM1708 /¦$�c7[\ 72 A�71,500 ijN¡XmgYnQ¢£smg7<% 10 /h3ThZy7237§¨s�T4Y°±N³´mg7Z.99/µ08/¦T�¶gC234C/·¸°±²S 25%7*¼�¹§¨S 29%1Q

=^�@È#�w�C��S7��)T!YLW�#¥�N�3~sW��c»nQB

CZÁT ZARA S7[\ø�CdàC&N'7LW�7(�L�CN)*m7��ÛEcC���ij�9��CtuLN�ÁLW�+Y�� "c���ij�9��

N¦§mgYnQþ�ôTS7�ÉCA����RÔ�:Ó�W�H,�TLy7d5

CXb�-bN.+�/Þm7÷R��Ó"a��N>lT��ÐÑNûY7ÐÑ��

133

Page 8: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

ij��ÅcC$®N72 0®µ4 0®sYüÀÁg1Y��)���cédmgYnQÅZ7ã�S7&�2às>�LM-3sC«Y�C2àN�Y�¶gfy7��)

�#¥�ss�T7�Ï�*$TédmgYnQÏ�TS7BêT»hKZij�9

���7*åC�æc4O"´ÏKgYnQ =D�7 mY��C��TomgS7$®N�¶gÀÁg4�L��#FNsnQÅ\7

A������ 7ßà�7.:Ô��� C5������æ. 67 7ç87@

�aÓ�Û1N9:PnQÏ�T7��$TS7}Go Slow Strategy�sYüåÀbÑØN�fmgfy7þ�ôTS7>l5T_"��ijN 1 3�im756C��N;Áz{LW�7H/��$TS 10/�Y$®N�¶g7�Ò��C<=NûègYnQ

_`ab��N#$������ !�cXd,-0�efg�hi�

=1/®N,¼g7�%L^�@È#�w�L��7�N}4O"´�cûègYn ZARAS7��C"´T»hKnÍc7ij�9���*åT}4O"´�ÏKgYnQZARAS7~ê�C}4O"´�NédPnZÁT7[\ø�Cdàs��N�9"���c

3L>��F I�N?@mgYnQ =Å\7��T×mgS7��T7¶A�I�7ßà�JCBC7_�+���°nÞ

300-C}÷R��Ó"a���NÚ¿gYnQßà�JC¹ea��S7��Û�DT��÷�T �÷ �w�NEFm7��� aÇ�"C �C�ûNu¿ns*

$T7ø�Cd5¹e�ûY7GúCßà�JNqÜPnQBmg7BêN�sT7[

\¡XËÌL^�@È#�w���N7�v���ÉTYn 200 -C¶A�I�WÚúm7���R�Õ�Ö�ENmg7�Ò7�Né�PnQ�Ò7�T»ZègC:;S7

�Zy�êC»n^�@È#�w�C��sÄ��# L��sc2àN�¶gYnQ

¤tS7¥Ýã�ËÌc7(�Tv¼g ��N >THÁ�ên5ÐC&�2àcû

Y7útS7>�7��)LMC«IJ�CKÞ2àcûègYnQÏ�T7:;Ïê

Z��S75Ð9=÷"�ÆÓC��I�����¦/Þm7B~���[\�0 2 "�LmgYnQ�LS7ø�C�MN3¶7^�`�T3nÏêZNOcûhê7ij

�PQ$TS7BCÅÅRS�Rn|üTLègYnQ,±7��CØ�÷�IF�C

x°T 1µ2�7¶A��T 3 �7:;T 1 0®.e�CeTW»nà

ç1µ30®.eTWL�qr=UV

W(�Làç17�

LT1µ3�W��nsÏê7ÐÑ�

�[\>CijC

RSÅc2µ40®=¦c»n.� 11Q

134

Page 9: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

=dT7ij�9��T×mg�7��C7��� "T»hKg 10�T�¦§ ÏênQBCo7�9��¶A��S�ÉCij�9��a��ctuLNûY7[\

>Cij�WOT¡XPnQijC�9��S7þC��7�Ö�)�C¶Ö�F

�Åc7�g9=÷"�ÆÓC��c¶A��NûègYnQZARA S7*�D�W23U 3.5%=¦C©XsN7�mgYnT�×�\723U 0.3%=¦C©Xsm�7�mgf�\1[1]7©XYC�ZsmgÃÉÅc~¬hèZ¶A��WLÏêgYnQ

=�9��C§ S7Å\7��0T»nijCé[�v��c77���T»hKZ7

RS�\]7VMD.Visual Merchandising1W7E �_"tusmg~ÏênQdT7ij�9����tsA����RÔ�:Ó�W7ø�C��9RÔ�:Ó�s7

øijT¹y¿¶�êZ¶:�"A9 N,¼g7E �_"tuC�9���C¦

§OaNûüQ��9RÔ�:Ó�SBCàc7ø�C56��T»hKZXbNm7

E �_"tuNÄ��TøijT]?L¶A��WûhênQ

j�klmn�opqrstduv�

=ZARAS7��ÛEc7[\ø5C��)N�9"���T^/m7��ÐÑ

TWOT_`Pn~sc7[\>c¡X

ËÌL^�@È#�w�L��Néd

mgYnQ =þ�ôTS7�ÉCA����RÔ�:

Ó�W�q7ø�C��9RÔ�:Ó�

s�aNsy7�qC23�eTCÊP

T¾¿7ø�C@È#�w���)C

NbNFGmgYn.� 21QÏ�T7BC0cN7÷TÇÆÕ��w�C/d

LCZÁT*¼@ 9TYn�ÉC÷

R��Ó"a���l�se$)�m7

1 Zara: Expansion Blues (ICFAI), p.8 2 Inditex Group, “International Multi-concept Group,”

<http://www.inditex.com/en/shareholders_and_investors/investor_relations/ presentations>

135

Page 10: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

¶A��N 1�·¸ 60�.��1C���)cûègY�QdàC&Nf3ªnoTS7�ÉC �A"ßàC{cÆ�ÛW»yBüL��cSL�7E �_"ßàTfYg7

�CÆ�ÛW»yBüL�CN)*mgY�Q = ¿�7h¤?Ýc7E�CF����A��W�ûmZo7ZARA T*�C�A��WL�7gçTs�êgYn~s��7?ÝC��9RÔ�:Ó�Wh¾ÐÑN�v

���É�ijmZQBêNM¶g7÷R��Ó"a��W>lsLy7D�cCÆ�

ÛNbNklmZ3c7�N~m7?ÝT¾¿g8�c;·#�C��sLègYnQ

ab`w#$� Go Slow Strategy =ZARA S7 mY��CH����TomgS7�ÉCBCÉmN>lT4�L���R�Õ�Ö�E­®Nmg7�Ò��N~Pn.Go Slow Strategy1Q =]^T7��BCÉmW7��kcR  7T  CnÁ��/>ôT9:NûüQþ

�ôTS7Å\R  ÁTfYg7Uo�Cmp�J7GúCmp°±�T¾¿7×q7

ù-q7·¸r�s7ijCIs�CßJLMNFGPnQÏ�T7T  ÁcS7ZARAC^�I��L@È#�w�TUPnÆ�ÛC;7Ï�7gçNbC�}.'T��m

gYn*�D�C°tuvw�x1T¾¿7���C�2aÓÔ"CNb7�iToP

nâ Õ��w�C�yLMN9:PnQ =BC3c7Uo�C}A������ .ex.z{NbLM1�7}ßà��7}.:Ô��� �sYü 33C5���7} 67 �}ç8�}@ �aÓ�Û�CY\êC�æc��Pn�N9:PnQ

=} 67 �S7Y\êC�.�4Y­�CàçT�fÏê7}ç8�S7&çôT|%

ØuS}ZmgYn�CC7H����$�cgÒ$k�LMT~ã]L�W�nàç

T�fPnQ ¿�7H����$�câ Õ��w�NF��Rn�75ÐT¼Yg

çWYnàçT�gBü�W~ã]LàçLMc7���)��LMSç8�æc��

mgYnQ}@ �aÓ�Û�S7ßàopW�ÏY7]LôL�ÕW;7Y7z�CX

JT|yoÈW¦Lm�PY7LMCàçT�fÏê7 ¿�7>?��7�F �7

9�� �)LMS~C�æc��mgYnQ =���æ~ú7éoC��T»ZègS7Å\���R�Õ�Ö�E@b�Ûsmg7

>l5T 1ij¬¶N?¿7åÀNbnÑùNsnQ }Go Slow Strategy�s½�ên~C���R�Õ�Ö�E­®T7��56C���ijC¶A��TUPn-YN;Áz{7*$TDC"#56�C�;WËÌ�NqÜm

Z3c7]�ôT�Ò��Pn�Mü�N<=PnQ = ¿�7��cS71989 /TÆÇ��� CR�^#��Tý 1 �iNXim7ZARAC^�@È#�w�L��W��cM�ê�ênC�7Ï�TSÆÇ��� �C5�

³ßT��-qTÅcM¶�ê�ênC�T3Yg��N;Áz{LW�4�T9:N

ûègYnQ¢£7@ �J7�����7Ô_�7A"@�"Æ9N$»yTmZ�

Ò¡XÅc 10/=¦N�mgYn.� 31Q =9��÷cS7}Go Slow Strategy�Né�>T78�sÕLy7��ô��jW���#�56¬sYü~sW<]m7F _��w���N;7�¦§mZQþ�ôTS7

136

Page 11: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

�v��cS 8ÆC-W ZARAC%Ò¯T�W®�T�×�\79��÷cS·¸¬­W«�7�ÉCjm� ZARAC��T�W®�L�èZQB~c7ZARAS7}Made in Europe�sYü9#I�:N¼��ª�m74��»n! �)�9�:C?@T�Án~sc��T°tmZQ =ÅZ7��hKCK�cS�¬}Go Slow Strategy�C]>c»nQZARAS71998/|y��N�¿ZK�;�T¡Xm7deÅcT! :"79"��a�LM 4 A����NmgYnW7�Ò¡XTS�ègYLY.4A�çúCijHS708/�c 40ijc»y79��÷ 1A�|y¥LY1Qþ�ôTS7~ê�C�qSK¥�c»y7~êÅcÛT¡Xmg7Z�¥�sS��W_UTLnZÁ7�� ��I#FWÕLn

sYü{|NÚ¿gfy7��C¶A����ij�CRSÅcN�É/>c}4O"

´�ÏKn*RC ZARAC.:Ô�_¶"W?çËÌ�Mü�N4�T9:mgYn.de~ê� 4 A�cS7¤­T�¥�c�ûmZ_¶"N�TT¥/®�Êm7��W_´mg���2mgYn1Q

�¬ ZARA IR � ZARA Fast Fashion.Harvard Business School, Business Case1 ZARA Expansion Blues.Institute of Chartered Financial Analysts of India, Business� Case1 ZARA Is it moving too fast?.Institute of Chartered Financial Analysts of India, Business Case1 9�"�\Tf¶nE �_"z�����.��ml2ñG1 SPAC.:Ô������ �.ml�/1 ZARA E �_" SCM.LOGI-BIZ1 A.T.Kearney Experts Interview Factiva..:Ô���C�� ��¶��Ä��1

137

Page 12: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

�� � � �� Wal-Mart Stores, Inc. �� � � �� ¶��� (NAICS��:����������) �� � � �� ��9�A�ï��Ä���." $ % & '� 2,119()".2009/ 110 25�de1 * � +� 210,-.2008/1 2 3 4� 3,780()".2008/1 5 6 2 3� �� 75.4%7��24.6% E"�FG�H� 13�� .100%ÀG� 5�7<¥H¬�G� 7�1

�����Ex1M=Ndyz{��g��M|;�}�

=Wal-Mart S71962 /T��=��"��W��KÉ9�A�ï��T�ÚmZ5�Ð�c7EDLP.Everyday Low Price1N�ª7«%ÒC¶Ö�A�����9N>lT¡X7°±mg7ZQ80/�TS7&��� N¡²ôT�èZ56)TI��ÑØ.·¸c¥¢Þ 150R�"T£0T 150ij1s7gÒ"¤C�5ÑØ.��"R��W�iPns¥�C;�ijc»n~sW¤Y1T|y74Y��¦§N@7LW�¨©N

>lTij¡XN�Án~sc730/�¶g��NȪQ1990/T��23 1kNê«mZQ =BCúS7ij@��R#�C�;s����T|y4Y°±�N³´mgfy7ij

@��R#�S7¶Ö�A�����9T¾¿783 /TS7G+È��9C��Û= !786/TS7¶Ö�A�����9T�f¬­N¾¿Z����I���798/TS7y���9c»nÔ�_�@#)R�Õ#�NBê®êX4mg7ZQ����S7

1991/C9��÷��N$»yT7AIJ.94/17! :"79"��a�.95/1LM���¡Xm790/�ú¥��S7>�.96/17¯�.98/7)��.97/17��.99/1LM9:9�8�����mg7ZQÅZ7 mY��C��TomgS7��c�� @���a��Nî{7/>ôT9:ÏK7���æT×mgS7ßàC

°°¦�oÈLMT±{g7£^7ç87 o��N�²mgYnQ~ê�Cä�N,

¼g7<% 30/h3ThZy237§¨C4°±N³´m.80/µ08/¦C/·¸°±²c7237§¨s�T 23%172001 /TS�9�ÛN�7�2�23[\ 1 kN³­mgYnQ

=Wal-Mart S7E �_"ï���E7&��� � IT ����T|n9�A�sC

138

Page 13: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

6¹´7F �Ä��! �).PB1LME �_"L�µ����T|y7EDLPNédm;7�°±N¶ªg7ZQBCZÁ7��¡XT»Zèg�7tuLmZ�µ�

���N[\>�É·.� ��@È�1m7£^7�¸�C_�Ç�9#F�gÒ½

»n o��NédmgYnQD�c756@ ��T×mgS7d5T�CÜÝN

¹K756Cáí7]L7mp��T|y7��A�S�7ij�v��w�NA�

�R�Ûm7Ï�TS56T»hKZ ZLij@��R#�CX÷Nûü~sc7E

 �_"tuLsßà��T»hKZA��R�ÛNn�mgYnQ

=�µ����CtuLT|n���cCgÒ½9#F=Wal-MartS7�µ����Tf Yg7;7� 33C�y�N[\tusm7ø�c*åC�µ����NE�mgYnQ�3ºS79�A�sC 6¹´c790 /�^»��7&��� C?@s7���"�� .IT ����1N�èZ9�A�s 6T23�eT��C)�Nûü CPFR.Collaborative Planning, Forecasting and Replenishment:�¼½T|n�2úÑ=¾�¿À=��ÁÂ1T|y7>®�tNÃ�Pn~sc7qrsfNÄÅmgYnQ

Æ3ºS7E �_"ï���Ec7�f¬­�LMN>lT7E �_"Ð�s[\

opc¹´NPn~scqrsNÄÅmgYnQBmg7Ç3ºS7F �Ä��!

�).PB1CE�c»nQ~ê�Ctu����N����É·.� ��@È�1Pn~sc7gÒ$kCF�NºOPW7éoTS7°tmgYnÕ��svwmgYn

Õ��WýePnQ =�`ôL°tÕ��cS79��÷s����W»ª�ênQ91 /T��mZ9��÷cS79��÷��Ö7E9J ^ LM>l56T 8 3C&¤C��I���NÈÚm7*$T�µ�ts IT����.EDICE�1T|y7 6237eTC��ÉÊNûü~sc7>®�tNÃ�m��÷��NÄÅmgYnQ*$T7E �_"ï��

�ET|nqrsÄÅ�ûüLM7Wal-MartCtuLÏêZ�µ����NE�Pn~sc7ç8G�CgÒ½NJ3ÏKgYnQ

=99/T ASDAC£^T|y��mZ����c�7&¤C�� C?@�E �_"ï���E7Ï�TS PB.Grate Price7Grate Value1LMWal-MartCtu�µ����NE�Q¢£smg72%S7ASDA $�Tgç�·¸Ë7%¬èZW7Ë13%�sJ3m1[1]7¢££^$ 3k¬èZ ASDAS7I��ÛÄ��N�7 2kN̹mZQ

=D�7vwÕ��smgS)���C��W»ª�ênQ97 /T7Íb"�A�@N£^mg��mZ)��cS7Wal-Mart Ctu�µ����WÍ�TE��R\706 /T9� E"�FT 85ijN2ÎmgÏÐmgYnQ)��cS7Ðq�2�s9�A�W 6¹´Nmgfy79�A�S756)TI��?@NºOmWal-Mart&¤cfXmZ�� W>®T�n~sT;7LÑÒNamZQm�m7Wal-MartS7gÒ$kC�Óc»n�µ����C?@CZÁ7&¤�µ����CE�T~¬hèZQ¢£

smg79�A�C���µC��WÔLhê7�\·¸CeTÕ�²W 7%T�×�

1 Wal-Mart in Europe (Harvard Business School, Business Case ), pp.5-6

139

Page 14: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

\7Wal-Mart S720%�YÕ�²Nú3mgYZ1QÅZ7�ÉCqÜcS7*���

Cgç�c 1 Æh34�èZsYü¢£�»y27Wal-Mart Ctu�µ����T|n_�Ç�9#FWÍ�÷ÖÏê\TÏÐN×ØL�ÏêZQ

yz{��g�~�"�

=��"R��S7��A�S��ij�v��w�7ij@��R#�LM56@ 

��CÙ6T×mgS7ø�56C]L7áí7�Ú�LMC��T»hKZÛÜLU

vNsègYnQþ�ôTS7ø�ù-.£^7ç8�LMN��1T7d5LC�

CÜÝWÞ¿�ê756T»èZ��A�S�C�²�ij�v��w�S�ªÝ«7

(�Tv¼g756��çhKZ ZLij@��R#�NX÷�ûègYnQh�c

S7>�7)��79��÷Cz T3YgÞßPnQ =>���$TS75ÐCy]L�¢£åæWÍ�TP��R\7�^àÑN¼Y�êg

YnQ�á¿ÁcS7>�cS7} â�L�CsS}ã�NXZm7ã�H.T¾¿7

AH"LM�yPZÁ7~ê�CãCyeWäÁ�ênQm�m78�C±Yc�á¿

N9:mgYZWal-MartS�^~ê�C�á¿Æ�ÛTÍ�Uv�RgYL�èZQÅZ7>�CWal-Mart§fjCåæTS�ÏYZÁ7çy�PY��S�q£Y�NPníîW»nQm�m7Wal-MartS�^78�*åC�á¿NûY7çy�PY��W;ÝT2ê�yçwPnzOWÖ~èZQ~ê�CzOTUmg7ijÜÝT|y7>�

Cy]L�ãäz�T»hKZ�á¿Tæ�mgY�~sc23Nè�mgYèZQ =ÅZ7�2�ùc�7�^S8��æNsy7�á¿SéêTëìm7i0ci+��

èÀôT&N�¶L�èZW7>�cS73�<íg}ªäWLY�smgM�ê�ê

L�èZQÏ�TS7:îT×mg��^ ��W�gYZQ~êS7Wal-MartTRn-S��C|üTµcSL�7&´µ�_� cRn-W¤YZÁ|yïðL:

îW(�sLnZÁc»nQ~ê�TUmg�dàÛET|y7ñè{ÏêZ��N¤

T7i+W;&cò3NóônsYü�2�ùT»õ¿7:îNæ�m �A"CÆ

�ÛTv¿gYèZQ

=)��cS��C"�"NBCÅÅ´ªz{7ö>cæ�NûègYnQ��Cijc

S756Wi+�� 10@Ö��.Þ 39��"1C÷øÅc�ùYZ�Äm�¶nsYü}10 @Ö��"�"�úü7��ò¿�T�ª7��yPn56TÄm�¶n}E�����sYüȦWéûÏêgYnQ97/T)��T��mZoT�7�^}10@Ö��"�"�s}E�����NûümZW7dàC�2�v��w�C>c7)�

�C�Ú�smgD-��Äm�¶�ên~sNýUôTâÅLY~sW<]mZQþ

HCijcCqÜC�7]�ôTSd5ù-C�±C<=T|y7~ê�CȦCkf

W�HÏêZQ

1 Wal-Mart in Europe (Harvard Business School, Business Case ). p.10 2 Wal-Mart in Europe (Harvard Business School, Business Case ). p.9

140

Page 15: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

=9��÷cS7%ÒõJW¼Y«¬­tjW ¤YZÁT7}�¶`=9� �sYü m Y�T�¶Ö�A�����9Cij@�� R#�N9��÷fTX÷m7��¡Xmg Yn.� 11Q

=90/�¤¥C���^S756C��sLn � ;³ßN>lT7&�µN��Pn>�ij � h3N���#�Tmg7����I��� ���Û !sYü*R�Cij@��R� � � � �

#�N¡XmgYZQm�m7¡XN�Án >c79��÷S7«¬­tjC-ò�²W4�7*RCWal-MartCij@��R#�cS��a�RnßàopW�ôc»n~sW<]mg7ZQB~c7Wal-Mart S7}�¶`=9� �sYü79��÷C«¬­tC¢£åæT»hKZ7¤�C��

W,±Cij|y��ÏY��Ûc�3«%Òc�2Pnij@��R#�NX÷m7

>oph�C³ßÅc�iN�;m

gYèZ.` 11Q}�¶`=9� �cS7 ¿�7Í�L;7ÏCåæN

´ZLY56CZÁT7_��S,±

C¥�C;7ÏcRSm7%Ò� 1�2vï.14/1sýàC¥'TmZys2ðPn~sc7d5C«¬­tj

CãäéOT»hKZ�á¿�%Ò

NédmgYnQ

�M�#���I��������

=����T×mgS7��C�oÉCW��ÊPmgfy7 mY��C��9:T»

ZègS7AIM.Accelerated International Management program1sYü 20µ25-=¦C�� @���a��W¢°Ïê79�_�C�S7CEO&�WÁ6NûüQ

=Ï�T7�3ªúS7ILDP.International Leadership Development Program1sYüø�RÔ:9��Ä"C-eNåqL�cm[NèÅKn_.��ÖF E �T|

y7ö°N�mgYnQ =�oÉCS7���C56ss�T7����C���ùN9:PnQþ�ôTS7�

��C-ò?°7mpzð7�ÚC¬­�u7ßàC°°¦çY7£^=�¸T�Pn

gçCýeC�yLMN�}m7£^7ç87 o��C>��²mgY�Q =Å\7ßà°°¦W4� o��W�mYàçTS7£^T|n��N$�ôT9:P

nQ ¿�799/T��mZ����cS7�$�0 3kC�b9¬èZ ASDAN£^

1 Yucatan Living <http://www.yucatanliving.com/>

141

Page 16: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

m��N£ZmgYnQASDAS7y�>lC��� �c7Wal-MartC¶Ö�A���ÉCCÇçstu�µ����CE�T|y_�Ç�9#FN�èZQ*åT7AI

J.94/17)��.97/17��.99/17��.02/1���PnoT�7£^T|n�æW�²ÏêgYnQ

=dT7mpÁ�]LÁcC�Ó#FW;7Yßà�� TUPnoÈC»nßàTUm

gS756C-bCèCZÁT7'ý�tC-b=��^�NäfËÌLç8W�²

ÏênQ ¿�791 /T��mZ9��÷S7��C9:�$TS� ùWýem7z�C� �Czð���ôc»èZQÅZ7��RR�w#FLM�op�2iW�

b9C;¥N�Ágfy7�½ôL£^�� m�èZZÁ7¢£smg7d5C��

� �c»n�@ sç8G�Nxy7��N£ZmgYn.08/¦$�c� ² 60%1QÅZ7BCDT�7! :".95 /17>�.96 /17��).09 /1LMS7*åC���æW�²ÏêgYnQ

=]úT7���CßàW�°°c7�½ôL£^�7�¸�WýemLYàçTS7

o��W�fÏênQ ¿�7�ÙFH"��÷.92/1úü9"��a�.95/1�C��S7 o��CÍOcûhêZQ

�¬ Wal-Mart IR � Wal-Mart in Europe (Harvard Business School, Business Case) Wal-Mart Ventures in Mexico (Harvard Business School, Business Case) Taking Wal-Mart Global (Strategy + Business, Harvard Business School) Wal-Martís German Misadventure (Institute of Chartered Financial Analysts of India, Business Case) Wal-Mart: Managing Globalization (Institute of Chartered Financial Analysts of India, Business Case) Wal-Mart in China (Institute of Chartered Financial Analysts of India, Business Case) Wal-Martís Strategies in China (Institute of Chartered Financial Analysts of India, Business Case) Wal-Martís Supply Chain Management Practices (A) (Institute of Chartered Financial Analysts of India, Business Case) Wal-Martís Supply Chain Management Practices (B) (Institute of Chartered Financial Analysts of India, Business Case) ��"R���N�¿n 40�/Ð�.�m.:Ô�1 ��"R��C�omlÑØT×Pn�8�.�����7�ñ��1 �2Ð�C&ç��OT|n��ÑØ.����=��r�7�,�ñ;�/1 �2Ð�C�o¡X.Jñ�ð=�ý�7>�mp�1 ��"R��C !ßà��ÑØ.�����=;� õ7!"#$�%1 Factiva..:Ô���C�� ��¶��Ä��1

142

Page 17: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

�� � � �� Yum! Brands, Inc. �� � � �� ����� �[1] (NAICS��:����������) �� � � �� ����#���"�." $ % & '� 159()".2009/ 120 4�de1 * � +� 50,400-.2008/1 2 3 4� 113()".2008/1 5 6 2 3� �� 45%7>�=��=�� 31%7BCD 24% E"�FG�H� 9,489� � [1] Limited-Service Restaurant � � � �

���q~�"F���� �,-�F��{��Mg{��]^�

=Yum! BrandsS7[\ 110A�h3T¡XPn[\];ijHN&n@È���@�)Ð�c»nQÐqvF�÷C@È���@�)ÉC.KFC7�A^#�7�÷Ä"1NÇ�PnÀG�c»èZ TriconW 1997/T��m7Ï�T 2002/T �E=:w�=�"_�Û.��@�)1úü A&W.^�_�`�1N³­PnoT7'(N¦§mçãmZQ

=Tricon$�N»hKns72000/�¤¥T�$237§¨W©ªz��CC7Bêh�7237§¨s�T°±N)¶gYn.00/µ08/¦T�¶gC723C/·¸°±²S6%7¹§¨C/·¸°±²S 11%1Q =����S71960 /�T7ÛT�D£���m.AIJ60 /¤ú7��60 /7���� �968 /LM171970 /�TS9:978�7>K����.��70 /7R��973/7��`(�"77/7)��70/7*92/+1���QÏ�T 1990/�h�S7! :"93/7 �993/7(� �)93/7��)95/LM !�����mg7gYnQ

=Yum! BrandsS7ij�v��w�CE �_"tuc»nCHAMPS.C: Cleanliness7HHospitality7AAccuracy7MMaintenance7PProduct quality7SSpeed of serviceCØD1��F �+��²CtuL7! �),=CqrC/ÞLLMN�ÉÛEc

�Án��c7d5L�èÀôT�ÁgYnQþ�ôTS7 �A"R�Õ�Ö�ET

|n9ÆÇ�Cd5LS�ªÝ«7ij�v��w�T×Pn0cW>lc»n

CHAMPSÅc7d5ÛEcC7ø�ßà��TçhKZ¦§NËÌsmgYn. ¿�7gçc»nR )I")S7 �A"9ÆÇ�S-ËmgYn�CC7ij�v��

143

Page 18: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

w�SØ�ôTE �_"tucÃ��~Á�êgYn1Q =ÅZ7 mY��CH����T×mgS7�/S�T !�W¤Y~s��z�sC

×.Nº±T�/mgfy7ø�T}Government Relationship Team�sYüB�ÉmNÚ¶gYnQ~Ca��Cä�N,¼g7z�úü5�&{�sC×.N?@m7z

�CÞßLMT|y7�iT»ZègC�+5CF��$%�F �+�CF�LMN

édmgYnQ

_`��#$�,-./0�12�d�������� !�i�

=ij�v��w�cS7�ÉCø! �)�kc7Operation Excellence TeamW>lsLy CHAMPSsYüE �_"tuRÆÇ9"Nx°mgYnQCHAMPSS7CCleanliness7HHospitality7AAccuracy7MMaintenance7PProduct quality7SSpeed of serviceCØDc»y7ÐqS��ÊPCØu¬èZW7BCú7Uo0óW�;Ïê7�v��w�tuLCØ1sLy7RÆÇ9"LÏê�[\cE�Ïê

gYnQ�[\��2ÏênRÆÇ9"TS7RÔ:9��7��.�7��734C 43CI#�Wýem7 ¿�7KFC C��RÆÇ9"cS7a��C5ª�C6¦�$®LMCÃ�YÄ"ÅcØuWÁ�êgYnQ~ê�W7ø�C�ZCijÅcâ

ãmgYnh¶¬W7éoT mY�cd5C��#@�âãÏKgY�oTS7ø�

C�Ú��]LT|nàr�¤YQ ¿�7ÐYum! Logistics ChinaCGeneral ManagerS7}>�-S��.�sYü�CNM¶g7Z]LWLYCc7ÌW��.�LC�|

����LYQ¢£smg7&�W��.�NPnXY�L�L�ãÅêLYQÅZ7

OaNmg��"c'�\7dà��C�XLM�~ÅèZ��T�EcRLY~sW

¤�7��.�Ä"�.:Ô�C�Á�T×mg78�s*¼�7N´èg��üÅ

cý�L89W(�¬èZ�sóôgYnQ =ÅZ7qr�*åT�É>lcCtuLWÏêgYnQþ�ôTS7d5ù-W>ls

Ly5ÐC$%�F �+�C÷:NûüQ�F �+�S7Å\7d5��#@W7

����Ô#��©X7ò÷TLMC��

N�sT;ÁNb3¶nQdT7����

WtuLmgYnØu.��7��7�v

��w�LM1Nab# mZ3c7¹

´NûègYnQ¹´ÜÝT×mgSdà

T¹ÏêgYnQ =Ï�T7! �),=CqrîïNÚ�m7

opCmpN¡�KZqrNûègYnQ

¿�7��cS7UFPCsYüqrîïNÚ�m7! �),=ca�ÛC¢�N

ûègfy7*�c]�;7Ya�Û¢�

�tC>s3sLègYn.� 11Q

144

Page 19: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

./0�12�C��~�"�

=Yum! BrandsS7tuLT¾¿7ij�v��w����7ijLMCd5L��ègYnQ

=ij�v��w�cS7ø�Cù-W7CHAMPSNÄ��TBê®êCßàC56��T»èZÍTA��R�ÛNmgYnQ ¿�7CHAMPSC��.�TS79�÷�� �s�R�"W(<Cû�åæsmg=ÏêgYnW79:9TfYg9�÷�

� �S(\m�â>ocSLYsYü~sW7ø�ijC�qC�v��w�C>

c<]m7�ÉsC�y¹yC>cf3ª�êZQ¢£smg79:9cS79�÷�

� �C=�N CHAMPS ���mgYnQÅZ7*C cS7ø�Cä6�?¦LMT|y7��Cã5Cxy��A��R�ÛmgYnQ ¿�7?¦C4Y�cS7@

TABn�CÝN¤¥¥LÁTqëmZy7sYü|üLþç¬Q =��sijcS79:9�C^��¬èZ��càÑm7BCñüNúC>��R�

�9�C¡XTä�mgYnQþ�ôTS770 /TÇC�zsç8c�� KFC NÚ�m��mZoTS7��Cij@��R#���� ��I#FNBCÅÅ¡XmZW

��·#�mL�èZQBCú7DûEFN�G772 /T��Cy]LNR�Õ�Ö�Em7@ �)@Ö#�Ç��_� a��LMNX÷7E�mZQÏ�TS7HIs

JKÏêZij�_J�LåæTxy¦¿ZQ¢£smg7��-ClNu¿723N

è�mg7ZQ =BCú7>��R��9T��mZoTS7��

cCm[Nä�m7�^�� �A"J¶CA��

R�ÛNé�mgYnQ ¿�7>�cS7yíî

TçhK7LyT}fM�NE�.� 21QÏ�T7áâTçhK7��")�Ý �".�ÝJ# C

|üTa��NN$cOYZ�C17�����a�

��Ö�E+NE�Pn��c7÷�"� ��

JN9ÆÇ���Ä�mZQ

=ij�7�ÝC»n KFCijC0PN7>�CnÇÈ@åæNQÅ¿Z�Csm7RLMcPSmgYnQR��9c�7`�¶�� J7>�^�!TLMN9ÆÇ�T

á¿7d5J¶�Ó ��smg7PRxîc}����aÇ# �NE�m75ÐCÀ�C-äNUmgYnQ

j���d���#$�MN�}q���

=Yum! BrandsS7�/¡XN¾OLmgYn !��CH����ÑØTfYgz�sC×.N�/mLW�7���ÛL��N�ègYnQþ�ôTS7ø�T}Government Relationship Team�Wýem7z�sC×.?@NT#�w�Tä�mgYnQ ¿�7>�Ca��S7PR ��C3�V�±NW#)smg730 -c?°mgfy7a��

1 KFC China<http://www.kfchealth.com.cn/>

145

Page 20: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

C9�_�S>�CøXT�Ym7d5C�ZsC×.?@=³´T�ÁgYnQéo

>�cS7~Ca��Cä[�»y7�ZsC×.?@W3��Y7H����T°t

mgYnQD�7��)cS~Cä�WÍ�3ÌK\vwmgYnQh�7Bê®êC

z CÂÃNÞßPnQ =Å\>�S7)�\W¼�7)�\s3���¸�Rê�7Ø�ôTSoÈ��ÚXY

�û�TUmg�]Ï¿W¡�?�c»nQYum! BrandsS7>��^C?9:9��Å+C Ta Tung Wang W)�\T6_m7��N�`Q*$T7}Government Relationship Team�Nî°m7øXC5�&{�T�6_mZQ¢£78�y]LCÎ�T|yßàXaNº��z�S��Nbcm7ý��ismg�Ý��iNûüoT

S7z�|y5ÐÐ�c7�½L�ià¬�d5qr�N´ègYn Beijing travel and Tourism�s Beijing Animal Production�CÞßNM¶ZQ

=Beijing travel and Tourism�S7�ÝCÛ�L�gC-�"s�� �CÈÚúü�v��w�Né�mgYZÐ�c»y787 /T KFC C��i�i$TS7d�C©à0sYügÒ½»n�ià¬N��m7)¶g 90/C Pizza Hut�i$TS7�ÝC>l5c»n? C�eCf5NÞßmgYnQÏ�TBeijing Animal Production�S7�Ý�gc7�Chi7j�N��mgYZÐ�c»y7KFC TUmgâ¦C4YqrW(�sÏêna��N��mZQ

=¢£smg7>�mpCkO÷¡ss�Tk°±N¶ª7��c Yum! BrandsC�[\237l�§¨C 2µ3ÆN�ÁnT�nQ

=D�7��)S7�ÚGl�s��)-Ú\.BJP1WU�mgfy7z�C-GËl3WzÒCþsÏênÕ��W¤YQéo Yum! BrandsC��$T�7Þ\�ÚGl�TSm"mmZ�CC7n\ BJPTUmgSÍ�L6_W�Rgf�\7KFCijXiC-GËN7DCMC@È���@�)ab��|y�+�T¹­mZ�CC7��)l

G0cn\l+��omYº�NpüZQ =Ï�TS7BC�7T�LÏêZÚq�T|nÒlû�.KFC C��ca��C;ÝLd5qrWûhê7r�Wa���Én~sc75ÐCr�WL�LnsY

üÛs1�tô3×T|nu-vÌLM�Ö7gYnQ� cS7Úq�W7KFC S}ºwPô�smgomYÒlm71996 /7ð 100 -WijNxYÚ�NyzmZQÅZ7ij¬e5C�ZW7KFC C��T7oh3C MSG.ZC.1W�ÅêgYn~sLMNP{Tu-NvÌ7ijC|}N~�m7 oijXi$�7Î�yeC

���7�ãNO+NP{Tu-¹r�ij|}N~�mgYnQ =~ê�C��T|y7KFCS��)�0TfYg 1995/�� 2003/Åc 1ijm�l�c7\7;7���ê72005/T|ü���iop�;NédmZsYüNbc»nQ

�¬ Yum! Brands IR � ��Õ��#��@ �)a���æG� IR � Tricon Restaurants International: Globalization Re-examined (Harvard Business

146

Page 21: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

School, Business Case) Yum! Brands, Inc.: A Corporate Do-Over (Harvard Business School, Business Case) Kentucky Fried Chicken in China (Richard Ivey School of Business, Business Case) Yum! Brandís Key Growth Strategies (Institute of Chartered Financial Analysts of India, Business Case) Yum Brands in China (Institute of Chartered Financial Analysts of India, Business Case) Yum! Brands Inc. in China (Institute of Chartered Financial Analysts of India, Business Case) KFC in China (Institute of Chartered Financial Analysts of India, Business Case) KFC in India � Ethical (Institute of Chartered Financial Analysts of India, Business Case) Corporate Co-branding: Case of Yum! Brands, Inc. (Institute of Chartered Financial Analysts of India, Business Case) Chinese Flavoured KFC (Institute of Chartered Financial Analysts of India, Business Case) Yum! Brandís Turnaround Strategy (ICFAI Business School Case Development Centre, Business Case) Yum! Logistics ChinaCÐ GM�C�Ä���.Ç�.A.T.A�Æ�1

147

Page 22: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

�� � � �� Ikea Ab �� � � �� BCDC.:Ô�����.� (NAICS��:����������) �� � � �� ��b�¶�=H"�@"� � J� ~].�æºtX1 * � +� 12,3000-.2009/ 801 2 3 4� 291()".2008/¦1 5 6 2 3� 8� 80%.� 16%7 * 10%7� 7%7���9� � 7%7BCD 40%17

�� 15%.�� 11%7AIJ 4%179:9=�� 5% E"�FG�H� 495�

�������d� ¡¢�F£¤���� ��¥¦YZ§¨\©ª�

=�Õ9S7[\ 37 ��T¡XPn[\];CþC:;=�2G�c»nQ1943 /T��b�¶�c7��EÍÈ")=A�F #)W4ÁZ¬­iNÖ�sm71948/TþC�2T��mZQ�^S7}�Õ9ÆÇ���N÷ûm7,��2z�N¡Xmg

YW756C} 67��NF�ÁZY�sYü��Tv¼71953/TH"�@"�cþC�2àN��m7¡aGNX4mZQh�7A� Ec56N�Em7;opL

¡aàcéoTbg_èg¢�NPnsYü���"W@�êZQ =D�7~ümZ mY�OTUmg7'ýCþ�\��C_÷�¼�7þ:;�t

WþC��N��PnzO��÷Pn|üTLèZQ¢£7�Õ9S&�¶A��7

:;N4Án|üTLy71953/Cî�g��!"}MAX�C÷2N3T7h�î�gþ���ÛWX4mZQBCú�7����LMNH�:�smg7237§¨s�

T4Y°±²N³´mgYn.98/µ09/¦T�¶gC723C/·¸°±²S 14%1Q =����S71970/�ÅcS7ÛT8��9:9C������m.¶�R� 69/7���73/7�74/7��74/7BCú�$ÏÐLM171980/�TS��.95/1�DC���.����87/7���989/LM1�¡XQÏ�T 90/�ú¥h�S7>�98 /7 �900 /7�� H"01 /LM7 !�����mg7gYnQ

=~ümZ�Õ9C.:Ô�S7�É>lcCE �_"Ç�C��ÐÑ7ã�ÊPT|

y7}¶A����s}����Nn�m7E �_"L²/j�>/jC¼Y�´N­

n�Cc»nQBCëì¶smg7�Õ9S7��ÐÑTfYg7]^T���#�%

Ò��~PnQBmg7dTBêNédPnZÁC¶A���ÉeC~7ã��t

148

Page 23: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

C~NûüQ =ã��tS7��W¿Áz¤T}¶Ç�¶�:b��. �Ü1�NûYF�"mgY

nÐ�.Þ 1,800 �1��7³¦t�m7]?L�tN�²mgYnQÅZ7ÎLNÉ�CNOcûü}@ #�=�#Õ�:�E�NûY7��sNfÏ¿7¶Ö�F�

N�/mZ;�ijCäfT|y7ø�CãäåæT»hKZ�®Úú�þNîçK7

þ���3ÌcSL�7ãä�®N2n2ðNmgYnQ

|�«¬g­®F¯°d±I�����������d²³^B��i�

=�Õ9S7�ÉC}��ÑØG

l�c7���N9:mZú7

]^T7*åC��N´3�t

C¥�=¦N���#�smg

%ÒN~PnQBmg7dT7

BC���#�%ÒN}ZP¶

A���ã��tC~Nûè

gYn.� 11Qh�cS7¶A��sã��tC~T3Yg

C0cNÂm�bgY�Q =Å\¶A��cS7���#�

%ÒN¤�T7§fPn.eN ~mgYnQ ¿�71969/T�2ÏêZ PRIVATï@È�S7«%Òc¾2m�PY���Ö ��)NE�mgfy71973/T�2ÏêZ� �Æ�Eï@È�TS7«%ÒC¶Æ�ã5N�fmgYnQ1974/C SKOPAab9S7F �a# C_Õ����"9�A�T:;��mZ�Cc»nQÏ�T7~ê�C¶A��SE �_

"L²/j�>/jT*$TM�ê�ên_J�Ïs@È#�w��C4Ï���mg

YnQÅZ7:;��T×mg�÷��NXYmZ�ùN�{�mgYnQ ¿�7�

Õ9CåqL��TvfÏêgYn7�����!"C�CnÁT�³��)Nsn}�

�)=@��=� Æ# �S7)99�A�C:;N·��Tmg7��7ïðc7

¶A���C»n:;�ùNhämZ¢£ãÅêZ�Cc»nQ]�ôL�PT×mg

�7ÎL$T�Rn¬¶à¬Ns�LYÍ.�@ #�1TLn|üTXYmg¶A�

�mgYnQ ¿�7ï@È�S7rstWµcTkôn|üT·�T�Pm7¼ 

üÝcP����Rn|ü¶A��ÏêgYnQ =dTã��tC~�7÷��NXYmgD"Ä��L�F �+�N�«cYnQþ

�ôTS7�ÉWz¤TóYz«cYn[\ 50 ��C 1,800 �C�F �+�Cüª7Uo��C�nT¼Y�tTUmg&N�¶7]��½ôL�lNûèg7Z�tN�

fPn.� 11Q =�F �+�CÊPS7}E �_"qrÉC�W7[\opcã��tNï���Em7

¿Á}¶Ç�¶�:b���Nûü~sc7¹´�;ÁNF�"mgf�Q}¶Ç�¶�

:b���S7��ÁT¾¿7�v��w�Á��|%NûY7�T�v��w�

149

Page 24: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

ÁcS7ã�X4 4 0®¤CX-c7�äPn��¿­�TUmg]; 4 0®h0cC\êC0ócC��N¡ên�sYü}4+4"�"�sYü�CNØusmgYnQÏ�T7ã��nNBCsPn�É÷��"���N�Õ9&�W¢Y7¹´�;ÁCF

�"UoC�F �+�T��m7ã�¡²Cæ�N�ègYnQ =~C|üT7�Õ9S7���#�sPn%Ò.«%Ò1NÅ\~Á7BêTçèZî

�g� .eC�fN9:mgY�ã�õJ¶A��NûYLW�7}¶A����s}�

���Cn�NédmgYnQ

~��²´M|��#µ��IcX���¶¬·C,-0�efg�

=�Õ9S7��ÐÑSE �_"Ç�cûègfy7Ï�Tij�H"�@"�cþ

C�2àNäfmZ¡aGh�7H¤�CþNî{�gg¡aPn;opL}�Õ9

��9�N¡XmgYnW7BCØ�ôL�9��SE �_"tusmg~Á�ê

gYnQm�m7 mY����PnoTS7�� ��I#F7ij�9��s�

Tø�Cßà��TçhKg¤¥C¦§N¾¿gYnQh�cS7>�s��Cz N

�sT7BCÂÃNbgY�Q =>�cS790 /T£�·W3�N}�ô$�{|�TOm7BCú;opLÈÚ #�ÇW4Åy7ÌÍ,-�C�ÚW>lÉ��"#C_¶"�¤5�sÉ�mZQB

ümZ>7�Õ9S73�T 98 /T 1 �i799 /T 2 �iNXÚmZW7�^SàÑN¼Y�êgYnQ�$�Õ9CþS73�C¥MCþ�w#F|y�4�7·¸

ôL>�C� ��R�TS¦§�c»èZQBümZ>7�Õ9S��C¶A��7

.eC�²7:;T×mg�jC÷��ÄÅs��ªN)¶7>®jC¬­J3s»Y

Åèg7� ��R�C�T®�%Ò¯�ÉûÏKgYèZQÅZ7ij�9��T

×mg�7�^SE �_"tuC�9��N¡XmgYZW7>�CNbTçhK

gA��R�ÛmgYèZQþ�ôTS7E �_"tucS7�.�E"�"7J�

Æ�E"��7�#a�øqT¸+L�v��NÆYgYZW7�#a�C23W�^

C¨|y�«�èZQ>�ÀG�W©xNqÜmZ¢£7�Õ9N§fPn>lôL

56jW��9���S7�#a�Wª�7�.�E"���J�Æ�E"��T|y

fJN�¶nßJW»n~sW��èZQÅZ7*$T�=¦C©ÏN´3_"÷Æ

�W3YgYn9���W¤Y~s�<]mZQB~c7>�Cd5ÀG�S7E �

_"tuN¦§m7�#a�C�«��N�Ï�Pnss�T7�.�E"���J�

Æ�E"��C;7ÏN©ª7Ï�T_"÷Æ�fC�v���F�m723Nè�m

gYèZ.2009/¦C��23��&Hc>�S 20%N�Á7ý 1k1Q =��cS785 /T@Ö ¶"@Ö9g�T 1 �iNXÚ7Ï�T 86 /T�����g�788 /T�"�Ö_9T)¶g�imgYnQm�m7>�*åT�^SàÑN¼Y�êZQÅ\7�Õ9W*R8�c¡Xmg7Z·#���W��ßàTSM�ê�ê

L�èZQ ¿�7��-S��NC>C�ÏLÉI.  � 1TmÅègYZZ

Á7<����LMS(�L�èZQÅZ7#¬C­û7W®ÏPíZy7ï@È�W

¯Pí7�°±T²Á�N³Kny´S��ÛW�ÏPíZQÏ�T7ij�9��

T×mg�7�$CE �_"tuc»nij��Ûc��mZs~Ý7C�9�:

150

Page 25: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

sçhLYsC&Wdà|y¤�'�êZQij��C��N'YZ�ÉW7ßàNq

ÜmZs~Ý7��C�¤z�S7·¸ôT8�|y�©�7¶Ö�F��v���7

8�|y�|y©Y�v��N¤�TmLYs7éoCãä�®s�9�:WçhLY

sYü~sW<]mZQ�Õ9S7�"�.��b�¶�C&�µ9�A�1=@ ��

C�±¬èZ+µ �=A��Ç#�#�N´7�77��ÀG�C�#FT¶¿ZQ

·���C��cC�2m[W¸�¬èZ+µ �S7��ßàT»hKZ�� ��

I#F�ij�9��NE�ÏKZQ ¿�7�C�2ÝNF��RBüL�CT

×mg7�Ï<íZÄ#)�y´C��ÛN��J¶C��ÛÅcx�K7Ï�Tij

��AST¹ºÍC 37,000»C9`��9NXÚ.8�C·¸ÁèCÞ 2¼1m710,000h3C9���Ná¿ZQ�w�"���æC"��I#�Ö�EmZ2yàN 110 ½¬Úm7ø2yàS7ãä3C§f���N�9�:mgx�ê7��73Ì2yà

cSL�7��CãäN�9�:mZ�®C¹y��þC��LMT|y¾�Ïêg

YnQÏ�T7 ���"�T�730,000 »CijNXÚm79,000 9���Ná¿nLMmg7��Cãä���"T¿ämgY7723Nè�mgYèZ.08 /$�cS��23C 11ÀN�Á716%C)��TdYcý 2k1Q

_`|M�{¸�M��N#$�¹ºd»¼�½7�

=�Õ9S7 mY��CH����T»ZègS7�ÉC�� @���a��

.Missionaries1W7Uo�Cßà3Gss�T7z{7�G�J7mpÁLM��¤ºôT�� �}Né

�m7��N<=P

n.� 21Q¾¿g7��$TS�ÉWF

�"mgYn 50 A� 1,800 �TCÁn¹´�Cã��t�

�7�F �+�&

^C´3���7�

F �+�C¹´�

LM��Uo�T×

Pn��N^/m7

<=Ce�smgY nQ =BCú7ÀG�NÚ�m7�ª3ª­S7�É�� @���a��WBCÅÅÛEm

g 1 ijN�im7R�Õ�Ö�E��C¹yz{s�v��w�CF�NûüQþ�ôTS7�ià¬7ij�9��7��7��#@C��Æ�E7R�Õ�Ö�

ELMN7�� @���a��W>lsLy7E �_"tuNØuTmLW�7ø

�Cz�T»hKgA��R�ÛmLW�Â�mgY�Q =Bmg7.:Ô�7�v��w�Cn�T3YgºÃW�èZ�ic7ÀG��´û

151

Page 26: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

í7�� @���a��SdCH����F :b ��sÉ�PnQBCo7�É

C9�_�SBCÅÅ7d5ÀG�C9�_�smg�y7BCÅÅÄ»OÖNsnQ �¬ IKEA IR � IKEA Invades America.Harvard Business School, Business Case1 IKEA’s innovation Human Resources Management Practice and Work Culture .Institute of Chartered Financial Analysts of India, Business Case1 IKEA Cost Efficient Supply Chain.Institute of Chartered Financial Analysts of India, Business Case1 IKEAís Globalization strategies and its foray into china.Institute of Chartered Financial Analysts of India, Business Case1 IKEA Managing global expansion.Institute of Chartered Financial Analysts of India, Business Case1 IKEA Global Marketing Strategy.Institute of Chartered Financial Analysts of India, Business Case1 �� #�C�#F�2�ÅBCÆô¡X.R�Õ�Ö�EÆ ¡G7*]Ç�%1 IKEA �È;�2�°tCÉÊ.�ǶÖ`�=Ë�E!"��7��mp '�%�1

152

Page 27: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

�� � � �� The Ritz-Carlton Hotel Company L.L.C. �� � � �� -�".A:�-�"N��1=_��"� � (NAICS��:������

����) �� � � �� ��9�� �)�ab.�=ab�� � J� ~].�æºtX1 * � +� Þ 2,-.2009/1 2 3 4� 17()".2008/¦1[1] 5 6 2 3� ~].ºtX1 E"�FG�H� 737�� � [1] ~C>TS7�#�A�"��=-�"¬¶cL�7!"`�=-�" 2Ì� � .2004/X�CT �s 2006/X�C_�1C23��ÅênQ� �

¾¿ÀÁ�ÂÃÄÅdÆÇ�ÈÉ#$� ÊXË�Ì�ÍM�?~�

=�#�A�"��S7��cX�mZ�#�=-�"NÖ�sPnE �_"L E:

Ç9��=-�"=ab��c71988/7�#�=-�"CÍÎNû>�#�A�"��=����C¬�tW7}�#�A�"���C�[\cC'(�fÏN³­m7�Ò

ôL�o¡XNX4mZQ1998/��SR��#�=E"�FC��T�ègYnQ =}S�")=���J�)�s½�ênû�©PCosòómZõö7ø��#@C�q

C56TçhKZÐ3v¦LUvT|y7[\]4��C��.�Nédm7[\>C

��j��4Y|%N³­mgYnQ�#�A�"��C��.�ÑñNí­mZF 

@b#�wI"L��#@W7�C0ó0c&{LÜÝ.ex.��.���T�fmg%Y¿ÒLM1N´3~sc756�-�-CÆ�ÛT�m7�3­Óh3C��NÞ

¿n��.�N��mgYnQ =HE� �Ö!= �N���#�smZ³lÉ�C¡XT¾¿7�879:9C�

,��5����mgfy723S<% 10/®7§¨S � 5/®7s�T4°±N³´mgYn.99/µ08/¦C23C/·¸°±²W 13%704/µ08/¦C§¨C/·¸°±²W 23%1Q

=E �_"¡XcS793/C����N$»yT790/�ú¥S9:9.��)Ô�996/7��97/7R��997/7��`(�"97/7>�98/LM1700/�TSÏ�T>?7?87K��9@�A��¡Xm.�"÷01/7A��"01/7_���03/7H:F�03/7a�03/7 �907/LM17decS

153

Page 28: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

[\ 25C�s56T��mgYnQ = mY��C��TomgS7�½ôL�5NF��Rn�W]���L<=�.sL

y7�,��s³ßT�¶gÚÏêZ�5ØuN �9Pn(�W»nQÏ�T7�

�W~ÅèZúS7-�"C�ÚN}Sceneography�sYü8¿�TØù7¶A��PnQþ�ôTS7ø-�"C�5C��RN~m7BC��RTØùYZÍc7Ô5

��*�+CÈ�Åc�¯�N´èg¶A��.� �A �Û1mgYnQ

ÍÎ�Íe0Ï�5�ÐѱI����� !�¾¿ÀÁ�idÂÃ�

=�#�A�"��S7}S�")=���J�)�.� 11s½�ênû�©PNðm7òómgõöPn~sc7��#@�-�-NF @b#�wI"smgö°PnQB

mg7BCF @b#�wI"L��#@T�CÜÝ.ex.�-�-C¿ÒLM1N¿ÞPn~sc7ø��#@W�qCNbTv¼Z]%C��.�N7BCàc&�8¿

��Pn~sNédmgYnQh�cS7~ê�N�¿gYn}E �_"tuLû�

©P�7}òómZõö�7}ÜÝC¿Þ�C 33T3Yg7Bê®êÂÃNbgY�Q

=Å\7}E �_"tuLû�©P�cS74 3C=��°n}S�")=���J���s½�ên�CWðÏêgYnQ13ºS7} )�s½�ên�Cc7�#�ÕA�"��C��.�ÑñCÖ×N 3 �ØTÅsÁZ�Cc»nQþ�ôTS7-�����ÖC��Ï��#�A�"��WÞÙPn%��m[LMNÅsÁgYnQ23ºS7}_#���s½�ên�Cc7*�+Cl?¿NaP©�c»nQþ�ôTS7*

�+CF @b#�wI"LO¦s7ËÚLÛnÜYNPn56TUmg7ÝÞsmZ

UvNPn~sNßYgYnQ33ºS7}��.�C 3��#F�s½�ên�Cc7

154

Page 29: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

��.�CØ�N 3 �ØTÅsÁZ�Cc»nQ'¤càáNPn7'�ên¤TÆ�ÛN�â{PnLMû�OãCÄ"ÅcNÅsÁgYnQ43ºS}��.�_�Ç��s½�ên�Cc7þ�ôL��.�C`�) ��N 12 �ØTÅsÁZ�Cc»nQ ¿�7Þ¿�êZÜÝ.¿Ò1N�Y56CäY�T�n��.�N��mg�ãC

×.N@�LM7þ�ôL��.�Tf¶n.W�.9CÄ"Åc=ÏêgYnQ =dT7}òómZõö�S7} ��s}�qC�v��w�TîzÅêZëì¶�C

nåcòóN�ègYnQÅ\7} ��T×mgS7OJTs Off-JTW»y7OJTTS7;7� 2 3C �WfXÏêgYnQ�3ºS7�� 1 /ºTM¶n�Cc7çú 310$®C �NMæPnQ ¿�7��úC��H����w�cS75kT×.L�7

S�")=���J�).GS1N>lsPnØ�çèT3YgC{T×mg7� 2�®N�¶gñíÏKnQBCú71 /®N�¶g7é���"7IT ��"7Dñ+T×Pn �NMæÏKgY�Q2 3ºS7��ú 2 /ºh�TM¶n �c7·¸/® 100$®C �NMæPnQþ�ôTS7D07êS/ 4 "ûhên�� �w#F=ITI�T�¾m7Ï�T56s6Pn��#@S7GLOW.Guest Loyalty Opportunity Workshop)� LEAP (Listen, Emphasize, Act, Produce)ITI�T�¾m7vU��"�F|�~̽T37ñímgY�Q~ê�C �0cS7�#�ÕA�"��=��J�

�#F=I���s½�ên7õöBCC3×Tgx°Ïê7éoC �Sø-�"T

Yn Director of Training and Organizational EffectivenessCë¹C�c7ø-�"0cé�ÏênQOff-JTcS7�� úC��H����w�Cú7��I�W¿7730®ThZyéoCëzCë�Nõhnss�T7 )Cvf�ùT3Yg�ñíP

nQþ�ôTS756C��T~mg}No�sCh\#�NédPn�ù�7¨�CzOTUmgÐ3v¦T� !"TUvPn�ùLMNéoC��C>cñ«cY�Q

=}�qC�v��w�TîzÅêZëì¶�TS7;7� 3 3WýePnQ�3ºS7} ��I#F�s½�ên�Cc7Éì�sT 1� 3"C�@�ÉÊ$Tûhên 15µ20�CT��Ö�Ec»nQS�")Õ���J�)C 1íºN��Rsmg7*�+*�W&^C�[NÞßmZy7l�Pn~sc7BCXZNÛ�ôTFGPnQ��

RS 1 0®�7D0îï�T������L�ênQ ¿�7_#��T3YgÄP"cS7}ð�ñ¾sSMüYü-��}ð�ñ¾smg�Rn~sSÌ��+C�FT3

YgXbNÉhPQÆ3ºS7}R�¶����s½�ên�Cc7D00ï�C ��

I#F0cûhênI#�w�c»nQ~êS756T­Óh3C��.�N��mZ

z NÞßPn~sT|y7*�+C_aÄ��w�N4Án�Cc7 ¿�7`�Õ

c�ªòãmZ56TµNk´m`ï��N®¶gó¶Z*�+N7��#@�+W4

�|%PnQÇ3ºS7GS TØù�*�+`ôȦc7GS Céõ¦NØuT7ø-�"c 3�0T 1¦75-C*�+N}@È�!����smg`ôPnQøÉìW 1'C;ÁNÂöm7mlÄ��Ln`�J��a��W7øÉCCRÔ:Ó�7¶Ö �

�T|nÂöP{T×PnF��C0cNQÅ¿7;ÁC>���PnQ~ümZ

ëì¶T|y7�qC��C>c&Þs}S�")=���J���TØù�û�NX

YPn|üTLègY�Q =]úT}ÜÝC¿Þ�cS7ø��#@T756Cà�=F|N�~PnZÁT73÷

CøüN­n~sL�]4 2,000)"ÅcCsfN�fPnÏ�NÞ¿gYnQ}S�"

155

Page 30: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

)=���J�)�CòóT|y7��.�CF @b#�wI"sLèZø��#@

¬��~B7�CÜÝNÞ¿g�Ä��L<=T|y7NbTv¼Z]4C��.�

Nédc7nsYüä¨C�TûègYnQ =éo7~ê�C}E �_"tuLû�©P�7}òómZõö�7}ÜÝC¿Þ�N,¼

g7Y�3�]4C��.�WãÅêgYnQ ¿�7}ùúcû-TF (�ÛNPn

ZÁT7.�aab9N��mZü�6TUm7.�aab9¬¶cL�7ýs�Ó�

��cS�êZ.�a��!"�Ú�Pnss�T7&�È�������)TQõ¿7

A#F"T66mZ�sYü�C�7}�#�ÕA�"��;þC��6W7?Ýcæ¾

NPnZÁT Ù�T³èZs~Ý7æ¾fC �NÉIT�êZ~sTä¿77-�

"T�aQ^������W �N¸¿g Ù�T³yz{7?Ý�c����6T

�N�ÓmZ�sYü�C7Ï�TS}»nð�W¢ 20"/NìPnZÁT�#�ÕA�"��=����NEêZW7ab# �� úT���&¤"óc� z3W

»èZsC�aNM¶k�ϤQ䩪Pnð�T-�"C��#@W�Ó���7E

�7 #��sìC��N®¶Z�LMsYü��.�N�qC��#@C�*C

<=7UvT|yédmgYnQ

�ÒÓ#Ô±I=�;#»ÕÖ×Ø����ÙÚC./0�12�F�����

=�#�A�"��W7 mYf5�-�"N��ÏKnoTS7Å\�5CØuN �

9mgYn�Mü���9:Ïê7BC3cf5TçèZ÷�IF�Nðm7�ÚS

BC��RTØù��¯mZÍc¶A��ÏênQ =Å\7�5CØuT×mgS�,��s³ßÉcÕLy7�,��cS7}³G���ø

Ïêg%Y��WñmÁn�s}É,C�C%Yf5�sYü 2 3CØuCn�WäÁ�ênQ ¿�7��A�@�"Æ9�T»n�#�ÕA�"��= EI=Æ��"S7

�±��øê7�·<Nb�ÝP=�C3T�ª7%âL��NñmÁn�5c»n�

�c7 ���"�s��¶ÖHS��µc 1$®¥7]�yC�0�����µc 30�C÷øsYü�5Ø3N}ZmgYnQD�7³ßÉcS7}>lÉ�C9 I�C%

Ï�s}�+5�c»n~sWäÁ�ênQÏ�T9 I�C%ÏsS7}>lôLz{

�.:Ô�eLMCÛ��(#��s}���C 2 3Cà¬�C9 I�C%ÏWØ3sLnQ ¿�7�#�A�"��?Ý.��î1c»ê�7ûzC>l5c»n�W

×T�6m7.:Ô�C>l5c»n�C0s �C>®Tk�PnQÏ�TS7�¨

��7°¨��s_�c ¢mgfy7�+5sYüÁc���î�X÷úÑCo¸ô

Là¬c»nQ =ÅZ7�ÚT×mgS7}Sceneography�sYü8¿�Nsègfy7��mZ56C��TçhKZ��RNX÷m7Ô57��7klÅc�¯�N´èg¶A��NûüQ

þ�ôTS7-�"C»n56C��TØù7��RNÚmZ3c7BC��RTm

ZWèg7�5=0PS�ªÝ«7��=*�+CÈ�ÅcN �A �ÛmgY�Q

Ï�TS7�ÚkfT×mg�7&��-CÜÝC�7d5C÷�IF�T»èZÍT

A��R�ÛPnQ ¿�70PcS7�#�ÕA�"��=^�@���=Ä�.��

A�@�"Æ9�1cS7��Rc»n}ú#C3C�s����T*Y7�50Cø

156

Page 31: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

¬T�WÚ¶�ênss�TÉIT���NÚ�mgYnQÅZ7�ÚCkfsYüÁ

cS7 ¿�7�#�ÕA�"��=��@ ���÷cS7��Rc»n}�ks�y

C��T*Y7�50T��CýNã¶7�5÷�C@��aÇ�= #��N�èg

fy7�#�ÕA�"��=)�^.A��"1cS7A��"C�õc»n�� �õ

Cõ=T*Y7¾�*�+CÈ�N C!�C¥LYÚ��PáT¦§mgYnQÏ�

TS7(��R�Õ�#�ÕA�"��3�cS7"#C�o�cPQPn56W¤Y~

s��7 ! ��:N 24$®X$mgYnQ �¬ Marriott International IR � Ritz-Carlton -��v�:< http://www.ritzcarlton.com/en/Default.htm> The Ritz-Carlton Hotel Company (Harvard Business School, Business Case) The Ritz-Carlton: Using Information Systems to Better Serve the Customer (Harvard Business School, Business Case) Ritz-Carlton: Moving away from Old-World Opulence to Low-Key Elegance (Institute of Chartered Financial Analysts of India, Business Case) Ritz-Carlton’s Human Resources Management Practices an Work Culture: The Foundation of an Exceptional Service Organization (Institute of Chartered Financial Analysts of India, Business Case) S�")=���J�).:w�@ÕTÕ��7Bookman-sha1 �#�=A�"��W;»TPn��.�N�¿n%®.4n&7�«7�%1 �#�ÕA�"��cñ«¬ëzc�x;zL~s.'¨@(7»Ï�%1 �#�ÕA�"�� 20 CÉ).*3�+À7�÷=),! � 7����!�Õ��w�Û1 �#�ÕA�"���D.*3P-7./0ð7�m BP1 1�C��.��|ü~B�#�A�"�� vs.vÆ��Ç .2ñ347æ5�1 Osiris.Ð�C����C�� ��¶��Ä��1 Factiva..:Ô���C�� ��¶��Ä��1

157

Page 32: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

�� � � �� Shangri-La Asia Limited �� � � �� -�".A:�-�"N��1=_��"� (NAICS��:������

����) �� � � �� >����*ûz6 � J� 55.1()".2009/ 120 11�deC$%&'1 * � +� 25,000-.2008/1 2 3 4� 13.5()".2008/1 5 6 2 3� >��f 41.1%7�� 17.8%7��`(�" 14.7%7@Ö��� 12.0%7

R��9 9.7%7�� 4.3%7BCD 4.5%.2008/1 E"�FG�H� 64�� � �

eÛeFÜÝ����ÛÞe��§ß=�§�����

=�Ó�E� S7R��9C78�9} � =E"�F�W 1971/T��`(�"cXÚmZ9:9N>lT¡XPn E:Ç9��=-�"=ab��c»nQù:�

�c�N°mZ} � =E"�F�W~���N¡XPn>c7��`(�"C-�

"N¬�mZCW÷Zc7BCú>�N>lsPn9:956TÛT¡XN�G765 ÌC-�"NklmgYn.09/$�1Q =�Ó�E� S7}-�����ÖSäY�y�sYüÐ�PëN´ª7BêTØùYZ

]3�L��.�NédPn~sc79:9Tf¶n E:Ç9��=-�"=ab�

�C�';smgC5kNF�mg7ZQþ�ôTS753C�.c?°Ïên��.�©�N 4 �iC ���°n�ÍôLõöF �T|y��#@�òóm756�-�-C��TÐ3v¦TUvPn��.�NédmPn~sc7<% 15 /®h3TÓy7237§¨s�T4Y°±²N³´mgYn.92/µ08/C23C/·¸°±²S 16%7¹§¨C/·¸°±²S 12%1Q =����S79:9N>lsmZ 17 C�s56�¡Xmgfy.09 / 12 0$�1771/C��`(�"��N$»yT780/�ÅcS7856���m.R��979/7��81/7>�84/LM1790/�TSDC9:956���mgYn.@Ö���92/7��94/7��)Ô�994/LM1QÏ�T700/�TS����@Ö# �>?LM����m.���� �903/7UAE04/LM17�/cS��78���¡XN�y4ÁgYn.AIJ09/Q10 /TS@ ��7�����97��712/TS��7 �9cCX�N¿1Q

158

Page 33: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

=����T×mgS7¤�C;�8�Í-�"ab��W7RÔ:9��=÷��

�.MC1�æc��N¾OPn>7�Ó�E� S7¬� l�æN>lT$®N�¶g�;N�ègYnQ~êT|y7&^W��I�N�Gn~sc71­ôL^¨¬¶

T<�hê\T7>±­ôT4Y��.�Ä"N³´Pn/����ðNð7é�

mgYnQ

ÍÎ�Íe0Ï�5�ÐѱI����� !�¾¿ÀÁ�

=��E� S7��.�

©�T�sùYZ�ÍôL

 �F E �.�Ó�E

� =Õ9=F E �1

Nød5C-�"còóõ

öPnss�T7ék�(

:�w�Tv¼Z/>�

�Æ�ENBCõö3×

.�Ó�E� =9A¶T

�1TgûègYnQh�

cS7��.�©�7d5

-�"cC �0c=F 

I�sBCõö3×C �

0cNÂm�bgY�Q =�Ó�E� C��.�©� S7}Pë�7}53C÷9=_�Ç��7}.:w��7}T#�w��7úü}83Cû�©P�sYü 53C0cT|èg=ÏêgYn.� 11Q

=Å\7}Pë�S7}-�CäY�y��ãÅên�Ó�E� Cf�gLm�c»y7

1971/C-�"�X�$|yM¶ûWêg7gYn�Cc7��.�©�CmÙNLmgYnQ

=dT7}53C÷9=_�Ç��S7}=ü(Respect)7>?(Humility)7Å�ª(Helpfulness)7@Ø(Courtesy)7Aé(Sincerity)�C 53��°y�ègYnQ~êS7Þ 15/¤T�$C�±s��ÙÉW7¤óC}Pë�N�sT756�*BT6PnO¦smg��

ôT��L~sSÌ�sYü~sN9:m7ã{�ÏêZ�Cc»nQ =Ï�T7}.:w��S}567*�+7�Ûúü.:Ô�=���I�TsègCý�

C�²C�7}T#�w��S7}56T7Bê®êC7»�Dn3GTE«cYZ¬��

s=Ïêgfy7mlÄW}53C÷9=_�Ç��N9:mZoT7�� HRɱW>lsLy7dàCCFcðmZ�Cc»nQ

=]úT7}83Cû�©P�c»nQ~ª��*åT�� HRɱW>lsLyðmZ�Cc7�qC��#@C.W�.9CÄ"ÅcQ{z«cðÏêgYnQþ�ô

TS7}U56=U*BG�T),Pn©P�7}56T6PnoC©P�7}*BT6Pn

oC©P�C;7� 3 3T��Ïê7�3ºC}U56=U*BG�T),Pn©P�

159

Page 34: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

S7Ï�T}¢£T¢ü3���J��#FT�Án�7}&�C-�"úüG���C

JÁcC°tT÷T#�Pn�7}PôgC×.TfYg@ �3äY�ys�kN�

èg6Pn�7}�ðúü�)N756s*�+G�T�HmZ�CsPn�7}VWT$

m�7ÅZ756s*�+T��s�lN��Pn�sYü 5 3C0cc=ÏêgYnQÏ�T7Æ3ºC}56T6PnoC©P�S7}56��C�j¦W.:Ô�C�

�Õ) �_�sl­n�7}Xä~W56CºC¤cûhên|üTPn�C 23��=Ïê7Ç3ºC}*BT6PnoC©P�S7}*�+W7�-ôêSé�3Cºt

Nr°c7nVWNxn�s=ÏêgYnQ�Ó�E� cS7}Pë���þ�ôL

}û�©P�TÅc�n~ê�C��.�©�NE �_"tusm7�qC�v�

�w�C>lT¶¿n~sc7[\>c4��C��.�NédmgYnQ ¾¿ÀÁFÂÃà��ÄÅ�áâã�

=�Ó�E� C �S7

d5Cø-�"cé

�Ïên�Cs�Ó

�E� =9A¶T�

s½�ênõöCB

C3×cûhên�

Cs;7� 2 3T�¶�ênQ

=Å\7d5Cø-�"

cé�Ïên�CS7

}�Ó�E� =Õ

9�s½�ê7Ä"

1µÄ" 4Åc�Éc 4 �iC�� �w#FT|èg?° ÏêgYn.� 21Q

=]^C}�Ó�E� =Õ9 1�S75 3C÷9Õ_�Ç�CñíN,¼g7Ð�Pëc»näY�yNØ�sPnIJNí­ÏKn~sWºôc7 ¿�7K-W&¤NEF

mZoTK-Nl5|�PnZÁTsnû�N7!�����T�EN,¼g���

Lm756TUm?fPnLM7}-��=.:#�=H ���Û�s½�ên �"Õ

F��E=���T|y753C÷9Õ_�Ç�T�èZû�T3YgCP�N"ÁnQ23ºC}�Ó�E� =Õ9 2�S7Le>C56TE«c��Y7�jN³­Pn�ùNí­ÏKn~sNºôsm753C.W�.9�þ�LmZ0c.1.�½N߶n~s72.56N^UÁ$¬¶cL�D"E�Kn~s73.~mg}NO�sCh\ÛÜLUvNsn~s74.56C��N¿ÀmWOTUvPn~s75.56�-�-CÆ�ÛNMNPn~s1NõöPnQÏ�T7}�Ó�E� =Õ9 3�S7T�W÷ãmZoT56C�jN"OPn�ùNí­ÏKn~sNºôsm7~ª���j"OÅcCþ�ô

L.W�.9N 5 �iT�¶g=m.1.56CXbTPN߶n.Listen172.56T

160

Page 35: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

Um°QPn.Apologize173.F|sLègYnNbNOÏKn.Fix the Problem174.�½N߶n.Go the Extra Mile175.@� �9#FNûü.Follow up117õömgYnQ]úC}�Ó�E� =Õ9 4�S7&�WÛ�tXYN´ª7Þ¿�êZÜÝNR�mg56C}þ¦N4Ánä8ùNí­ÏKn~sNºôsm7Û�tXYN

}SELF�s½�ên 4�.T�¶gõöPn.1.×ÞCIJNaP.Show commitment172.èÀôT�Æ�9a!Nsn.Eager to take initiative173.DC*�+��Á��)Pn.Lead ourselves174.�SN߶n.Filled with passion11Q

=Ï�T}�Ó�E� =Õ9�S7 �F I�T3Yg�ÂÃÅcE �_"c¹y

~Á�êgYn.� 31QÅ\7é�T»ZègS7z¤qÜNûüQ~êS7 �úC¡£NÀPnZÁC�Cc7��W �UoC�*�+Tz¤C9�Õ��qÜNé

�PnQ

=dT7 �Cºô�0cNø-�"CÙÉ�Ã��nrPnQ�Ó�E� =Õ9WX

÷ÏêZ�$�0cTæW�èZoTS7ø-�"CÙÉ� 1 �C�� �w#FT|y�ãN,rm7Ï�T7ø-�"CV��-7HRɱ� 2�C�� �w#FT|y �CÂÃNß]PnQþ�ôTS7V��-úü HR ɱN}R���=��I��TO'm7É��Cõö�ùT37OaNûüQ*$T7 �CoTfY�ênõ

e.æTf`�)7F E �CÔ�7ß]f� �)7P�¦À���7¨FU

/7ÂÃß]f �1N�2m7Ô�Nß]PnQÏ�T7�� �CæTÅNø-�

"cD"~m7þ�ôL �C�Á��NX�Nß]PnQ =æTS7de´ègYnÉ�C-H�æTÅsmgCF��̽7÷TÇÆÕ��w

���"NØusmg�PnQ]úT7 �é�úT9�Õ��qÜNé�7z¤9

�Õ��s��mZ3c7æ��NV�m7d"C �Cæ�N�nQ =�ü>s3C �S7�Ó�E� =9A¶T�s½�ên�0BC3×cC �c»

161

Page 36: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

nQ�Ó�E� =9A¶T�S>�TÚ�Ïê7ÛTék�(:�w�C¦hyºL

MTBê®êCé�=5kTv¼ZBCôLõöNé�mgYnQÚ�CWXS790 /�ú¥|y7-�"H�;TYüZRôL��#@C°;TUmg.�$CúÑS7>

�Tf¶n-�"HS 2004/�� 2008/T�¶g716Ì�� 28Ì�s[Á¼°Q>�C-�"klT(�sLn*�+H� 2004/S 1,-c»nCTUm72008/S 1.9,-skoT°;Pn¿c[ÁúÑ,yTÂÉmgYn17¡²ô�3WOT�Ó�E

� C��.�=���J�)NõöPn~sNºôTÚ�ÏêZQ2004 / 12 07�Ýg�T}�Ó�E� Õ9A¶T��WXÚÏê72008/ 120TS7RA�T�6Pn©?X\�ßT»n>ñ;ñ�Ó���0TÉ´mgYnQþ�ôLF E �sm

gS7;7�7}��#@J¶�7}>®ÊPéJ¶�7}ÙÉ�°�CF E �W»n.�

41Q}��#@J¶�S79A¶T�cC 40®s-�"cC OJT40®CîçKc7�<�PCqP7�P=]�C��.�7@ ��kl7^������EC 4 ��C �NûüQ}>®ÊPéJ¶�S79A¶T�cC 80®s-�"cC OJT6�0CîçKc7-�"��Ckl�^7a��."¶Ö�E7-eö°+C-�����ÖRÔ

:9��NûüQÏ�T}ÙÉ�°�CF E �S7�[\C-�"����ÏêZ7

4Y(���Ó"N�PnsGÁ�êZ-+C{WMæPn�Cc7ɱ �h37

ÉC± �7:ÇÆ9��#@ �C 3<=W»nQMætSBê®ê 18�0712�0718 �0C±­ThZèg��Æ�ENMæm7-�"C���T37��Æ�ENM¶n[�7Mæt�-CXJTçhK7F E �0cWA��R�ÛÏê7

é�ÏênQ

äåæç�èOé#$�ê�ë#�HI{¬g·��g�ì��

=�Ó�E� S7,±C8�Í-�"ab��sSÕLy7¤�Càç7¬� l�æ

.-�"CÊP=kl¬¶cL�f5=È�C¬��ûü1N�fm7&�mlÏN´

ªLW�-�"NklPnÍæc��PnQ ¿�7A�"��=�Ó�E� ���

�Ó�E� -�"=��`(�"LMcS7-�"Cf57È�N¬�mmlT�Ñ

162

Page 37: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

Pnss�T7�ÚCÊP=kl�é�mgYnQþ�ôTS7�Ó�E� =E"�

FC´�G�c»n Shangri-La Asia Ltd.CÀG�W7-�"Cf5ÕÈ�N¬�PnG�C�æN��.10%µ100%1Pnss�T7*¼�ÀG�C Shangri-La International Hotel Management Ltd.W�ÚCklNûègYnQD�7-bC¥LY��C o��CàçTSRÔ:9��=÷�� �.MC1�æcC���ûüW7z��»ys<=ÏêZàçTS7f5ÕÈ�C´�¹­T��Õ��W¤YQ ¿�7_":!��

Co72004/TMCKÞN_¢mZW7BC°±(���Ó"NQÅ¿72005/T 70ÀC´�N¹­mgYnQÅZ7��)_�` �"T MC KÞc��mZoTS7�Ó�E� ×.tS}2/0TF���F�mZ� 67 Né�Pn�s÷CmgYnQ

=,±78�Í-�"ab��S7RÔ:9��÷�� �.MC1sYüÍæc mY��56���PnÕ��W¤YQ~êS71970/���7 ��� ck�;NûY­n�ùsmg��c÷¡m7·"��7^�9#�7R��#�+¤�C8�Í-�

"ab��WäfmgYnQþ�ôTS7f5ÕÈ�C¬�t.¶Ä #��7@È�)

+1W-�"ab��sKÞ.RÔ:9��=÷�� �1N_¢m7-�"�ÚC

ÊP=klN��Pn�Cc7ÊPkl��KÞc»nZÁ7¬�t.êSBCÀG�

c»n-�"mlG�1��-�"ab��TUmg7kl���W�`hênQ-�

"ab��smgS7^­7 Na�K\ 6ôLmlë¹�ahLYZÁ«�� ¬

W7mlÏWLYZÁ7^¨W»W�LYàç7¬�t��1­ôL^¨æ�CbèZ

�ðN]m¿¶�ên~s�¤YQéo7�\�Yt�C���.Ç�LMc�7RÔ

:9��=÷�� �.MC1�æT|nkOL�;S7��I�T|n1­ôL^¨�CcQs-�"��#@C-e~þNd77�ÉC;�ab��C��.���S«

�mgY7gYnsC&�'�êZQ�Ó�E� S7¬� l�æcC��|y7&

�WºOP��.��uN>±­ôT³´c7n�ð���#@CõöÄ"N³´m

LW�7$®N�¶g@#�F���N�;mgYnQ �¬ Shangri-La IR � Shangri-La -��v�:<http://www.shangri-la.com/en> Shangri-La Hotels and Resorts–Achieving Service Leadership (Centre for Asian Business Cases (University of Hong Kong), Business Case) Shangri-La Hotels (Harvard Business School, Business Case) }�Ó�E�= -�"?Ý�;�e.0f-�"�Ç 2009/ 50�1 -�"=.:Ô�=!# .g�3h7i©jÀ7k�EÇ�l7>�mp�1 Ø�-�"mlõ�.mîU7;�n��l7o¨#i1 %-�"z��.xpq=l7o¨#i1 -�"RÔ:9��.�qù-��-�"õöI����1 -�"�\�Yt�C���.Ç�7-�"BC�êt�C���.Ç� Osiris.Ð�C����C�� ��¶��Ä��1 Factiva..:Ô���C�� ��¶��Ä��1

163

Page 38: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

�� � � �� Vodafone Group Plc �� � � �� y�,�z�t.�rN��1(NAICS��:����������) �� � � �� ��_� �Ó��ÆÇ�Ä�� � J� 1,231()"(2009/ 120 4�deC$%&'1 * � +� 79,097-.2009/1 2 3 4� 588()".2008/1 5 6 2 3� 8�.>8N��172%79:9;<�=>? 14%79@�A=>8 13% E"�FG�H� 865�� �

_ª���j����·©ªí�1¶Û�FÐR���� ���îïðñ^©ª�

=VodafoneS71984/T��Cs�349�A�CÀG�smg�ÚÏêZQ1991/TVodafone Groupsmg��mZú7M&ANèÀôTfYgE �_"T@#�F���N�;m7decS7[\ 33A�T¡XPn23Ä��c[\];C¸¯�Äz�G�c»nQ

=1980/�ú¥�� 1990/�T�¶gS7}Bigger is Better strategy�TØù77Ŭ¤�C�c¸¯�Äz�Wt]­c»n$­T7M&ANèÀäfmg���@#�F���N�;mZQ]^C����S7��cC¸¯�Äz�X4.1985/1Cu� 2/ú.1987/1c»nQR����Ö�c� m7��cvèZ��=��^�N� �TÉ´mg7��.�=��N_�Ç�9#Fmg�Ó#�ÇN³­mLW�7Ï�L

n����NwyxmgYèZQÏ�T 2000/�T�y7´�N4ÁgmlÏN³­mgmlÊPCØ1N¼Lm7E"�FÐ�®cC�I:�NhäPnÑØN�fmgY

nQþ�ôTS7*R56*c»èZ��îïTE"�F.561,=C÷�(��

3ÌN´3ÉìN ÚmZQBmg÷�(��ÛEC�7÷��ÁcS7¸¯Z�7IT����7��@ +C),LT|nqrC��Ç��¶Ö�A����X÷C¡²L7

Ï�TSR�Õ�Ö�EÇ�T|nR�Õ�Ö�EsfC«ÅNédmgYnQÅZ7

�#F ��T×mgS7ø56cX÷ÏêZ��=��.�N��WfY3ª7,¡

XPnëì¶N?@mgYnQ~ê�C�ðN,¼g7<% 20/®ThZy7237§¨s�T4Y°±�N³´mgYn.91/µ08/C23C/·¸°±²S 27%7¹§¨C/·¸°±²S 17%1Q

=����S71990/�¤¥TÛT��·Ú5N>lT��m.R"�90/7���� �992/7��)94/LM171990/�ú¥TS8��¡X."�RÆ996

164

Page 39: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

/7(� �)96/7� �J97/7)��99/7("�`"99/7^�`��99/LM1Q =Ï�T 2000/�h�S79:9.>�00/7��01/706/ÏÐLM179@�A.ÕÆ900/7`�I08/LM17?8.ab÷05/7�"÷06/LM1LM����m7decS[\ 33A�T¡XmgYn.09/ 12$�1Q =ÅZ7îïÁcS7~ümZE"�F®cC3Ì*CtuL�E �_"¡XNûüZ

ÁT7¤�¬7D��C_# E ��)N´3Å+?°s��¹_ÅN¤fmgfy7

þ�ôTS7¹_Å��CÞ 4ÆS��¬c7Þ 7ÆS��¹_Åc»nQ

���·]^íòó�ôõö÷øÚ¤#$�1¶Û��ÐR�

=VodafoneS72001/TE"�FÐ�®C�I:�N];LPnZÁT753C��RT×mg7��0TE"�F,=CE �_"îïNÚ�mZ.� 11Q

=�3ºS7}Product Management And Innovation�c7¸¯Z�ëåC),LT|nX÷÷��7qr÷��CÄÅNºôsmgYnQÆ3ºS7}IT and Technology Co-ordination�c7Ô#��� C^�)=ï@�úü IT����CÇçT|n����X÷7kf÷��CÄÅNºôsmgYnQÇ3ºS7}Supply Chain Management�c7E �_"ï���E+N,¼Zqr÷��CÄÅNºôsmgYnQ =þ�ôTS7��CÅ+GC �T GSCM.Global Supply Chain Management1ÉCNÚ�m.� 217E"�F��cCqrä�C�ã7�ðCðT¾¿70dcÅ+G�dN�X.�0C÷��ÄÅ'7y0C¿¨÷��ÄÅ'LM1NûüQÏ�T7�

ðC<=�h¾�ðW(�LàçS7Å+GcWOT<=NûYz$éû�ÉPQGSCMW��qrPnUoS7E �_"ï���EC9�#�W;7YÔ#��� 7IT7úü),LW�Á�ên,���@ .Ø5Z17Z�LMc7qrÝ°¾WbzÅên

>�cS7��mgqrI���NÚ�mgÉ{NûègYnQD�7Ø5ZC¶¿�

�.�7��I���Tf¶n�L��.�LM7d5qrC�W÷��W�Y�CT

165

Page 40: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

×mgS7d5cCqrcé�mgYnW7BCo� GSCMÉ+WE"�FÐ�0T�y7�F �+�sCÉ{7ÊPC��^�C©sm~{NûègYnQ

=�3ºS7}Brand Development And Management�c7Vodafone! �)CÇ�ôR�Õ�Ö�ET|nE �_"! �)C¼LsR�Õ�Ö�EsfCÄÅNºôsm

gYnQþ�ôTS7��CE �_"R�Õ�Ö�EÉCW��m7! �)C÷�

IF�xy��Ó�v��C9:7©X�Pi.E �_"Ç�1sCÉ{LMN�Ð

ÊPm7ø�CéûÉm�©smz{NûüQ! �)CÇ�cS7 ZL���cS7

,± 2 �icC Vodafone LNûY7£^úm���S7£^�C! �)T VodafoneNF �mg|UÅK7BCú VodafoneC{sPnQ ¿�7���9cS75Ð�Ó�9c»n Omnitel ProntoN 01/T£^m7BCú7}Omnitel Vodafone�s! �)N¦§mgYnQÏ�T703/TS7OmnitelNsy}Vodafone Italia���¦§mgYnQR�Õ�Ö�EcS7E �_"Ç��Ó�v��N¡Xmgfy7 ¿�7

01/�� 05/T�¶gC}How are you?��Ó�v��cS79A�C�.7`Ñ7¬�+c¡XmZQÅZ706/��S8�N>lT}Power to you�¡XmgYnQÅZ7[\ôL�(��=�Ä���C¼}�¤�ûègfy7 ¿� 07 /��S7F1CR ��=9"I¶�=a��TUPn�(���NûègYnQ

=Bmg7~3ºS7}Multinational Account Management�c»y7þH�T��N�Pn56TUPnÇ�ôLï�Ç��w�C��T|n756sC×.¼L.����

w�1NºôsmgYnQ

_ªôõ#$�����ùú�rstdò�

=VodafoneC��îïS7tuLT|n�I:�Chúss�T7 �A"C��Ä��w�NE �_"T¡XPnëì¶smgC3Ì��mgYnQþ�ôTS7.:Ô�

3C�ðs��CfY3ªs,¡XW»y7¤tS��C}Group Strategy And

166

Page 41: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

Business Improvement�ÉCW��m7útS7*

åT��C}Group R&D�ÉCW��mgYn.� 31Q

=h�cS7��cCX÷N

[\tusmgE �_

"T,¡XmZ smg 23Cz NÞßPnQ�3

ºS7}Vodafone Live!�s Yü¸¯�ÄT|n��� � �Ô#�6)��.�c

»nQVodafoneS 2001/ T��C J-Phone N£^mZW7£^�$7J-Phone S¸¯�ÄT|n����Ô#�6)��.�}J-Sky�NX÷mgYZQVodafoneC Group R&DÉCS J-SkyT×Pn��NfY3ª7}Vodafone Live!�smgE �_"tu�÷¡ÏKZQÏ�T7Group StrategyW.:Ô�3cC,¡XNúÑm7Group StrategyCW#)WÛ�Pn��9��E=÷T�Ö�TfYg7}Vodafone Live!�C,¡XN~m72002/|y8�NS¼ÁsPnø�Tg7}Vodafone Live!���.�C��NX4mZQ

=Æ3ºS7}3GC[\tuZ��CX÷c»nQ2003/ 407J-Phone.�$1W7GSMs 3GC��.�ÇçNX4mZQ��cC�7NQÅ¿7Group R&DCÞ 5'N 2/C¹­c?ÝT��m7��CX÷a��s)*X÷a��N¢°QZ�ëåN),L

Pn3cC��"Ô# sLn{|.GSMs 3GCÇç1T×Pn-bWèÏêgYZ��T7����a��NLyz{¼½ÏKn~sc7WOT[\tuCëåNð

mZQ2003/ 100TE �_"C COOWR�m7��97_� � 7����7��9�A�sT��Ö�ENûY72004/ 100h�7GSMs 3GG�TUvc7n¸¯Z�N��J@��C[\tusPn�`]mZQ =Y\êCz c�7E"�FÐ�,=CE �_"îïW �A"C-bN�{¹y7

E �_"tuL�ô7ÏKZ3c7ø��¡XÏKgYnQ

ûüq�ýþ�¬�����F���ç��

=[\ 33A�T¡XPn VodafoneS7Å+�¤åL�¬s_# E �)T|y?°mgYnQþ�ôTS7�0¹_Å 4'Cüª7���¬S7CFOC Andy Halford�-c7���9�¬C CEO Vittorio ColaoN�Á�yC 3-S��¬c»nQÅZ7� 14-C¹_ÅCüª 10 -S��¹_Åc»y7Ð HSBC.Hongkong and Shanghai Banking Corporation1C CEO7dR� ���v���/J��l±7`�I�¬cdeK9@�ACJ�3×C CEOLM7¤åL_# E �)N´3-qW�¹mgYnQ~ê�CJ�_��Ö�Nä�P~sc7©0LE �_"¡Xsø�Ð�®cC

�I:�ChäNédmgYnQ

167

Page 42: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

�¬ Vodafone IR � Vodafone-��v�:< http://www.vodafone.com/index.VF.html> Vodafone’s Inorganic Growth Strategies: The Payoffs (ICFAI (Business Case)) Vodafone 3G Technology: The Marketing Strategies (ICFAI) Vodafone Exits Japan (ICFAI) Vodafone In Trouble (ICFAI) Vodafone: Losing Connectivity in Japan? (ICFAI) Vodafone – Rethinking Global Strategy (ICFAI) Vodafone’s Global Strategy: Paying Price for ‘Going for Growth at Any Price’? (ICFAI) The Hutchinson Essar Acquisition: Foray into an Emerging Market (ICFAI) Vodafone Essar’s Marketing Strategies –The “Zoozoos” Campaign (ICMR (Business Case))

168

Page 43: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

�� � � �� American International Group, Inc. �� � � �� 6Ô���� (NAICS��:����������) �� � � �� ��ÆÇ��� �ÆÇ��� � J� 37.9()" (2009/ 120 18�deC$%&'1 * � +� 116,000-.2008/1 2 3 4� 111()".2008/1 5 6 2 3� ��ÕAIJ 333()"7À?[1]250()"7BCD 193()"(2008/) E"�FG�H� 3,991�� [1] AIGS}À?(Far East)�C0óT37]��TmgYLYW7IR �TfYg7K9:9(South Asia)s�Sc�hêgYn~s��7?K9:9S�Å\7��7>�7¯�7��T|èg?°Ïên�Cs8¿�ênQ�

��d�����#$7å�q���¹º���� �U�+ ©ª�

=AIGS71919/T C.V.���W3�cÚ�m7BCúýÆd[\;ÑCAËC>c 1939/T��N NYTÉm7���CúNûY¬ 2�º CEOE���_�EC 37/®Tú�e¬­®>T;7�÷¡mZ[\];�C��E"�Fc»nQ =AIG S7z�sC��FN3���YLW�74°±WbzÅênßàT�ÂôT+Y��T�Ec��mg7ZQ���z�sC×.?@���z�T|n�½LMNR�

m7ÑúC+Y�i��8�NS¼Á79:9�>?���m7de7[\�C��K

Þt&H.7,400,-1N´3.2009/ 30de1QÏ�T7���cS7E �_"BC3×Wx°mZ��÷�IF�N�sTmLW�7d5CrstÆ�ÛT�mZÍT

��Nxyz«cYnQÅZ7aÓÔ"Ác�£^�CaÓÔ"CäfT¾¿7 �7

Ô#�LMC+­�3ªËÌLaÓÔ"�C7 T|y+­C�3ªNédPns*$

T7tuLÏêZõöF E �NäfmZd5�2+Cö°NûègYnQ~ümZ

ä�T|y72008/C��R��w# T|ègk©Pn¤ÅcS720/h3ThZy23=¹§¨s�T4°±N³´mg7Z.87/µ07/C23/·¸°±²S 12%7¹§¨C/·¸°±²S 9%1Q

=����S7��T��NÉmZú7Å\S��.AIJ26 /1�K�.! :"79"��a�7a�7v"�7÷ �.9LM30 /���1���mZQBCú7ýÆd[\;ÑNmg740 /�ú¥TSÐqCÚ�5c»èZ9:9�¡Xm.@Ö���45/7��46/7¯�47/7��`(�"7R��97��LM50/�

169

Page 44: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

µ1750/µ70/�T�¶gS�8.�v��7���97��b�¶�LM50/�µ17>?.��:9 .97UAE7�� H"LM50/�µ179@�A.K9@�A7I�:b�9+50 /�µ1�¡Xmg7ZQ80 /�h�S7?8.^�`��7(� �)7ab÷LM80 /�µ1�>�.92 /17 �9.90 /�ú¥17��).01 /1LMC !����mgYnQ~C|üL��¡XN�¿nø�CRÔ:9��9�_�S7�^S������Pn�CC7.:Ô�W��T³y�mZ��T�

E��S7d5�f��ÁZé½Û=T»yõhy7d5�fC�±&f�¤YQ

j��mnC�ÑF��±I�����ab��N#$�cX���·g�6�d~��

�67���

=AIG C��ÐÑ7��÷�IF�Cx°T×mgS7E �_"Ä"CBCÉms �A"C��WBê®êé�m7~êh�CéoC��LF I�S7©�7d5cé

�mgYn.� 11Q

=Å\7��÷�IF�Cx°TS7}Product Development Team�s½�ên���nN,=mZE �_"BCîïWýePn.� 21Q��X÷T(�sÏênBC�N´èZ 18-CBCWfy7BC_# E �)S79 aÇ9��78��7��CBC.��J�`�ä�CUÃ7�2��+17��CBC.�Ô��7����7�

���+1LM¤�ThZnQBmg7�ÉC��=9�¶Ö9NfY3ªn����

Näfm��X÷NûüQþ�ôTS7[\>C8����ø�Cùæ@T×Pn��

N�d���Rn}Panel Counsel Program��7ø�C��J�`�äN¬ÊPnÉC��56C��N­ôT�¹Pn}Claims Executive Panel�LMW»nQÏ�T7�[\C�@Ö�����9�¶Ö9NfY3ª7�ÐÊPPn ITAM .Innovation Tracker and Manager1sYü����N´ª7�[\C�@Ö���/® 6003C9

170

Page 45: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

�¶Ö9W&«ÏêgY

nQ~ümZëì¶N,

¼g7 ¿�7KÞtW

��_�� T|èg�

èZ����COsf

Na�Pn Lex Cyber Secure .20071LMWE �_"��smgX

÷ÏêgYnQ =ÅZ7��÷�IF�C� x°S7*$Tø�CX ÷ÉC�é�mgYnQ>s3S7ø�cC·#���C´fc7 ¿�79�÷S7

�$��c·#�mgYZº��tJ¶��.º��tC���NÆ´1�y�²��

^��.80 �ÅcL��c�¾�ËÌ1N}��^�smg¡Xm·#�mZQÅZ7ø�CßàNu¿g�&X÷�ûüQ ¿�79�÷:Ó��C}ãý���.OmZ

/�Åcã7ZàçT��JNM¹1S7��C4�LNQÅ¿�&TX÷mZ�Cc

»nQ =dT7ø�C��ÐÑÉW>lsLy7���C©smz{NûüQþ�ôTS79

aÇ9��.��HPCBC1W7�GC��)T×Pn¶��+NØTF²=Ç

úNfYg���²+NÒmZy7ù�ÉCss�T7ùoÈC0cNQÅ¿33�

�CÞ�Nx°mZymg7Æ�ÛC�y7^¨�7çù�7wP�LMN9�PnQ =]úT7ø�C¬Ê��TUm��êS®�Nûèg�2-ËN¹­m7z�F I�

Cð��Pi7! �A�+Cõö7ø�©X���@#�LMC�2u�Nûè

Z3c��7�Né�PnQ

ab`w���P��Ö�ã#$7å�q����

=AIGS7����T»Zy7ý��z�úü��

z�sÉ{NûüBCÉ

m}z�×.É�NÚ�

m7;7�S 33C"��c7ý��z��½7

�¶LW�7+Y��T

�EcC�§L��NÑ

ðPn.� 31Q =�3ºS7.A1ý��z��C 6ôL½7�¶

c»nQ ¿�7>��

�cS7z��C�y

171

Page 46: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

¼YÉ{���T|y7DC� ÍÐ�s��mg�ÂôT�§LØ3c��N£Zm

gYnQAIGS7>���N 70/�$��9:N4ÁgYZ�CC7�$S� C��T;7L¦§WýemZQÅ\71949/C>7-Ú)h�°�ú7�>®T�É×.SL�èZQÅZ7��T×mg�7>��0C����S�lC>�-Ú��t÷W�

�m71970/��$7�»C� ÍÐ�T|n�����C���GÁ�êgYL�èZQm�m71972/ 207Æ ï�;ÇÙW>�NEFm7�>C�É�XT2�W�Zê7AIG ��>�z��C6_�ËÌsLèZQ~ümZ>770 /�h�7AIG SCEOsz�×.ÉW>lsLèg720/�C­®ThZy- C¼Ls½7�¶Nû)mg7ZQ ¿�71973/7z�×.��V�±W7>�-Ú��t÷TUmG5N½ü�¶n CEO'=C#¡N÷�m71975/7E���_�E CEO.�$1W>�NEFmg>�-Ú��t÷ÙÉsG5mZQBCú� CEO NS¼ÁsPn AIG ÙÉWû)ôT>�NEFm>�×.3×0T- N?@Pnss�T7��CédN��mZQ

ÅZ7½7�¶s�ûmg>�TUm�qC��N�ÞmZQ ¿�7AIG ÍSC¢q�N,¼g73�T�£¤�NXÚm71L�­C=hqz¦CoTØÌÏêZ¥¦

C���N§m�m7>�z�Tx¨mZQÅZ71989/Cd�Cz3 ú7� WÏÐm J�T ÁmZ3�Cé�þç�ÚCX÷T� mgYnQ~ümZä�C¢£7

AIGS7DC� Ís�ôg$kLØ3c��Pn~sW�RZQ1992/7� Ísmg^Ág>�z�|y7>��0Tf¶nã~����Cl�u-N¹­m7100%ÀG�smgCl�WGÁ�êZ.BCúu-N­Z� ÍÐ�TS� �² 50%h�C JVT|n��m�GÁ�êgYLY1Q

=Æ3ºS7.B1��z��C½7�¶NäfmZ�Cc»nQ ¿�7¯�cS7�³:��CÎ�È�©�NÉ{CA�)sm7Ô���Cu-N¹­mZQ70 /��$7�^UoCÔ�����Cu-³­NºOP�7AIG ��cSªy�RL�èZQ¯���S71947/T7«¯�¬C� T×Pn�����tsmg��mZQBCú71968/T��-=��Ð�NUosPnÔ�����T×Pnu-N¹­mZ�CC70�

-UoCl�u-S¿ÞÏê\71970 /�T7E���_�E CEO &�W¯�NEFm7*�z�TUPn½7�¶NûüW¡£SL�èZQ~ümZ>7AIG Cz�×.��CV�±S7�$C��,��`���X4�T6_m7¯�z�TUPn½7�

¶N��mZQÏ�T¯�NEFm7«¯��;�T�¯�z��C�½û�T37û

)ôT��m7��z���¯�z��C�Éô�½N�èZQ~êNM¶g7,��

`ÉN>lsPn��z�S7mpÈÜN[CÁ�m337¯�z�TUm7��CÔ

���Ð�TUPnl�u-C¿ÞN¼���m7¯�:�³:�+CU�Î�È�C

ËÌ�Na­mZQ*$�ûc AIG��¯�z��C½7�¶�û)m7z�×.��CV�±W7,��`C®¯C-�s)T¯�NEFm7z�TUPn½7�¶�é�

mZQ~ê�Cä�C¢£7AIGS71977/T¯�z�|y70�-NUosPnÔ�����Cl�u-N¹­mZQ

=Ç3ºS7.C1��îïNäfmZ½7�¶c»nQ ¿�7����¼lcS7AIGT|n .�ä��z�0°F�+G�C�¾LMT|y7&�CXJNz�®É{T

¼�_`ÏK7���z���±²N´7�mZQ1990/�¤¥Åc7AIGS���0cã~��7Ô���úüýÇ�nC��Cl�u-WGÁ�êgYZW7ã�=Ô�7

172

Page 47: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

�TÔ�Tf¶n��=�²T×Pn©³LoÈW»y7ÍSÐ�®CaÓÔ"T�y

zÁL�èZ~s�»ègàÑmgYZQBümZ>7ýÇ�nS� ÍC{Tl�u

-WÞ¿�êgYZ~s��¥�C�½L^¨�c»èZW7z�®É{C¢£71994/T����¼lCçX]#T|y7��C��G�WÀG�N,¼gýÇ�n���

ËÌsLèZQB~c AIGS7 .�ä��z�0¼l�C�¾LMN,¼g��z��½7�¶É{Cb mN´èZQÅ\7 .�ä�T×mgS7AIG W>lsLy7���N�ÁZ��.�z�tT½ü�¶7CSI .Coalition of Service Industries1sYü .�q�N¢°mZQCSI 9�_�TS7���CDTJ�79¶Ö97,�+��¾m7��z��CÉ{½�¼Åy7����¼lCÉ{Cb mNz�T´èZQ

dT7z�0¼l�C�¾T×mgS7z�0°F�+GT�yÑØ�l×ÞNûèg

YnQþ�ôTS71980/T��.���T×mg��X�CXbNóônºôc��X0TÚ�ÏêZ7ý 13��ÉC*°F�+G.ISAC131C^��+±T AIGCz�×.��V�±W�¹mZQÏ�T7,��`TUmgzðÁcCóCNûü~sNº

ôsmZ*C°F�+G.ACTPN1c�7�+±T AIGC CEOW�¹mZQ~ê�C .�ä��°F�+GcCä�C��NM¶g7��z�S7����301ØTØù�ÈÜ©�C÷��a­mLW�7��=���²CQ�&{LN¼��äPn~sTL

èZQ¢£71996 /�7�� 98 / 7 0ÅcTÔ����²CQ�&{LNé�7��C®�ÈCUo�º��;7ýÇ�n�C��S 2001 /Åc�Á�µ�­sYüÍc7AIGT�§LØ3N��z���´7�P~sT°tmgYnQ

=*$T7~ê�Cä�S7�z�TUmg7��N~@¹´îû��C��UosÏK

n~s�édmZQ1970/�^»7��z�S7}��S¶·CUosSL�LY�sC�àN`]m71974/,�ùc�7��N����.�S¶·Uo�ºs{LÏêL�èZQAIG S7~êTUmg7¤óC .�ä��°F�+GcCä�N,¼g71984/C,�ùCæ@T|y7��+C��.�N¶·CUo��T�ÁÏK71988/T�ûÏêZ7��z�T|n~@L¹´îûTUPn��ôLUÒ©�C÷�NGÁn�

���301 ØCUoT���N�ÁÏKn~sc7AIG W��c~§L¹´îûT ÁmZàç7��z�WUÒ©�N÷�PnOJNë�mZQ

�¬ AIG IR � American International Group, Inc. (Harvard Business School, Business Case) AIG and China’s Accession to the WTO (Richard Ivey School of Business, Business Case) American International Group Incorporation (Institute of Chartered Financial Analysts of India, Business Case) American International Group’s (AIG) Growth and Future: the Greenberg Factor (Institute of Chartered Financial Analysts of India, Business Case) AIG in China: the Expansion Strategies (Institute of Chartered Financial Analysts of India, Business Case) AIG- Strengthening its Asian Links (Institute of Chartered Financial Analysts of India,

173

Page 48: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

Business Case) Fallen Giant –the Amazing Story of Hank Greenberg and the History of AIG (Ron Shelp, John Wiley & Sons, Inc.) A culture of creativity; Questions & answers. (American International Group Inc.)(Interview)(Business Insurance, Nov. 19, 2007) Many sources kindle product innovations (Business Insurance, Nov. 19, 2007) � Û=ÅAIGH:ï�ã~Cé[.4î¸7?<mp ��1 9:9Tf¶n��ã�G�CR�Õ�Ö�Eä�ÅAIG (American International Group)Nz TÅ.J¸7¹º�;ñ�ñ ¡1 ø��� Osiris.Ð�C����C�� ��¶��Ä��1

174

Page 49: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

�� � � �� L’Oreal S.A. �� � � �� L»�=¼Áf�:; (NAICS��:����������) �� � � �� @ ��= ��� $ % & '� 611()".2009/ 120 18�de1 * � +� 67,662-.2009/ 801 2 3 4� 244()".2008/1 5 6 2 3� �8 45%7�� 23%79:9 11%7?8 8%7 ��� 7%79@�A=

>?=;<� 5% E"�FG�H� 1,432��

����������#����"�X^������������

= 9"S71907/T@ ��CLñt�:b½Õ�ÇH�"W7[\^Cç°W9A �C:;=�2�tsmgÚ�m7BCú7¾¿=�¶ÖfC�ã=�������

T�;7Ï�T 1950/�h�7! �)£^NÉ¿g79��Ó#F=���Õ9LMCL»��:�(��@���N�;mgYèZL»�G�c7[\ 130 A�TfYg¡XPnL»��\CE �_"��J�c»nQ =1980/�^»ÅcS78���N>lTR"a! �)7R"aaÓÔ"ÑØNÂ�m°±mg7ZQBCú71980 /�>���7èÀôL! �)£^N,¼g7E �_"! �)N?@m78����@#�F���N�;Pn~sc7<% 20/h3ThZy7237§¨s�T4Y°±²N³´.84/µ08/¦T�¶gC723C/·¸°±²S 12%7¹§¨C/·¸°±²S 16%1Q =����S71980/�ÅcS7ÛT�8.�30/7�32/7���936/LM1�K�.�"E9�50 /79��÷73 /LM1���m71990 /�TS��.94/179:9.��`(�"90/7��96/LM1���QÏ�T 2000/�h�S7>�.00/17��).01/17H:F�.08/1LM !�����mg7gYnQ = 9"S7E �_"! �)NÀT[\>�@#�F���N�;mg7ZQ�;

T»ZègS7÷9sLn 18CE �_"! �)NÄ��smLW��7ø��C��$TS7M&AN3���YLW�7�É �A �ÛN�ègYnQ ¿�7?@T$®C��n! �)S7�ÁôLE �_"! �)N�mLW��7G-¦C4Y5

Ð! �)N£^7ÇçmÁQmgYnQÅZ7aÓÔ"�ã���LMC�µ����

�5Ð! �)C£^N,¼g7���¶Ö�T³­mgYnQ

175

Page 50: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

=~ê�N�¿nëîsmgS7Å\7DMI.Direction Marketing International1s½�ênE �_"! �)CîïW>lsLy7[\ÑØCÄ��.Ç�ôL�ð1Nð

mgYnQÏ�Tø,��C�`�W>lsLyLW�7ø�CßàVWN�}mZ3

c7(�Tv¼g DMI��ðCaÇ�Æ�EN��Pn~sc7E �_"! �)smgC�¯�7¡²�s �A �ÛCn�NédmgYnQ

���������d~�������¬ge¬·#$7���������F���

= 9"S7de 18�CE �_"! �)N�´PnQ0 10W@ ��÷! �)763W��÷! �)7��÷! �).�Ç��H� 72001/£^17���9÷! �).:w":�=9"R�Æ=�"@È�71982/£^1WBê®ê 13\3c»nQ~ê�C07 9"7Õ ����LMC 33C@ ��÷! �)N��s7�gW£^! �)c»nQ =M&ANèÀôTäfmg7ZWXTS7L»�Tf¶n! �)�9�:C���W»nQ o! �)?@S�� W;7�7ÅZ$®���nZÁ7ÂØmZY56ßà»

nYSA�S��cF���C»n'ý! �)N£^Pn~sW�¡LÑØ�F�

w�sLnQ =m�m7 9"S�TM&Ac23s§¨Nè�mg7Z¬¶cSLYQ*�C°±ÑØCØ�S}M&AcÁQPn�3ô°±�c»y7;�M&AcE �_"F #�@���.÷9sLn! �)1N³­Pn��c7Bê�N�3ôL���7Ï�Ln(

���NÃèZM&AT|y_�Ç�9#FN�y7E �_"ÑØN�Ág7ZQ =BC>s3W7F #�@���c»nE �_"! �)N56¡XmgY�oT7

5Ð! �)C£^7ÇçNfYgE �A"! �)N?@mgY��y�c»nQh

�cS7E �_"! �)C>s3c»n9�Ä��C NfYgBê�CF �Ö

�NÞßPnQ =9�Ä��S7R�J¶L»�! �)c796 /T 9"W£^mZQ�$7��9��Ó#Fßàcý 3kN�ÁnT<íL�èZW7£^ú7! �)��NÆÇ��� TÉm7}9�Ä��ÆÇ��� �smg7�#Õ�:�©XN³GôL�CT�

mLW��! �¶Ö�EmZQ =BCú7«%Ò¯C9��Ó#FTf¶nE �_"! �)sk�¿¶7ø����

NmgY�W7BCoTS75Ð! �)N£^7ÇçmLW�7ÆÇ��� ÷CE 

�_"! �)smgC�ÁôL�9�:s5Ð! �)smgCG-¦Nn�ÏKn

�! �¶Ö�ENûYLW�ø �A"ßàN�OmgYèZQ = ¿�79"��a�CT�� �.*�cC9��Ó#FC�#F9�A�1N£^

ú7:�=c4=©XLMN9�Ä��TÇçmLW�Ä9�Ä��µT�� �Åsm

g�2Q*åT)��c�795/T£^mZ �A"! �)C_�:b�)sÇçm7Ä_�9�Ä��:b�)Åsmg�! �¶Ö�ENûègYn.� 11Q =~C|üL8�=K�=9:9LMcCèÀôL��¡XNÂ�m71996 /�� 99 /ÅcC 3/®c234N$600M�¼°ÏKZQ10/¤TS�� 3kc»èZ �A"! �)WdecS 90A�T¡XPn[\�C÷�9�Ö# =! �)T÷¡mgYnQ

176

Page 51: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

������������÷ø = 9"S7E �_"ÑØCÐÑ7cû7ÊPCîïS7DMI.Direction Marketing

International1s½�ênE �_"! �)îïW]3kT»y7BC�T,��s½�ênø56CîïW��ÏWnÍNsègYn.� 21Q =DMI S7ø! �)C÷�IF���7��ÐÑ7%Ò7F _��w�T�nÅcØ��ãN�gx°PnQ ¿�79�Ä��S7R"aH�Æ# .BC-�7Ú�Cr

st��èg��¿n1sYü~sN÷�IF�C>s3TÚNfy7¢£7CF.÷R��Ó"=@Ö"�1��-79@�AÍ79:9ÍW�¾Pn�CNE �_"Ç�

cx°m7ø,����2mgYnQ =D�7,��S7øßàT|y7DMI WðmZ�ãW3��3ÌmLYàçS7ßàqÜLMT|ym�NamZ3c7,���`W>lsLyLW�7¦§CÐÑN��P

n~sWËÌsLègYnQ ¿�7¤óC9�Ä��C c»ê�7��ßàcS�-

C!�¦W4Y�W! �)�9�:W4ÅnsYü~sWßàqÜT|y<]m7DMIW��mZ�-79@�AÍ79:9ÍW¸+T�¾Pn CF��7�-C�¾$®C±Y CFN*_�:w�smgx°mZQ =ÅZ7*C cS72000/T7��cC�#FC���! �)?@NºOm7��s9:9ø�c°tmZ}_��aÓ��Ö#F�CE�NOamZQm�m7��CR�

Õ��S7ßàqÜC¢£7_��aÓ��Ö#FC|üL~ègymZVZC�#F|

y�7ÆY��Nâ�sÛsm7��J¶Cã]�C»n}������Ó�Æ��NÐ

Ñm;·#�Nê«mZQ =~C|üT7E �_"! �)NØÀTE �_"ÑØN�Án 9"S7E �

_"! �)N÷n DMIWmÙsLnØ�ÑØSðm7,��WøßàC�¸T»hKZaÇ�Æ�ENûègYnQ

��]^���F� IM!��>�q<�"�=>�#$�

= 9"S7 ZL����ÏênoTS7! �)h�T�¡XT»Zy(�sLn

Õ��.��ÖN7£^N,¼g���¶Ö�T³­mgYnQ

177

Page 52: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

= ¿�7>�cS72003/T7���Õ9C5Ð! �)c»nMininurseC£^T|y7rstJ¶aÓÔ"NF�mZQBêÅc7 9"��C! �)S��S7�c

BC+W�2mgYZZÁ7�2CÁèsmgS�ôc»èZW7MininuseC³­T|y7^���R�Õ#�LMC�TRSPn~sWËÌsLy723°;�;7�Ç ÈmZQÅZ7ú÷c��mZrstJ¶CE �_"! �)c»n`"HÆC¡XT

»Zèg�7³­mZrstJ¶aÓÔ"T|y7��ú�äT�;Pn~sNËÌsm

ZQÅZ72004/TS7*¼�>�CL»�! �)c»n Yue SaiN£^m7! �)&�T¾¿g3�T»n2àN³­mgYnQ =��cS72000/¤ú7��fW9Õ9��ßàS7>®�tCýeT|y7 o��ND{n��Ð�C23ª�;WÉ�c»èZQm�m7 9"S72000/T5Ð! �)c»èZMatrixN£^m7*! �)C´3aÓÔ"N³­m7ßàT/dT��mgYnQ �¬ LíOreal IR � LíOreal in India.Institute of Chartered Financial Analysts of India, Business Case1 LíOreal in China.Institute of Chartered Financial Analysts of India, Business Case1 LíOreal Global Branding Strategy.Institute of Chartered Financial Analysts of India, Business Case1 LíOreal and the Globalization of American Beauty.Harvard Business School, Business Case1 Maybelline about face.Kellogg School of Management, Business Case1 A.T.Kearney Experts Interview Ê.:Ô�ÕÕ��Ë 9".�Ì.:Ô�.Ç�2004/Í�1 Osiris.Ð�C����C�� ��¶��Ä��1 Factiva..:Ô���C�� ��¶��Ä��1

178

Page 53: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

� McDonald’s� Yum! Brands� Yum! Brands� Wal-Mart� ZARA� ZARA� IKEA� Ritz-Carlton Hotels� Shangri-La Hotels� Vodafone� AIG� L’Oreal

1

179

Page 54: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

McDonald’s��McDonald s�� ����������������������� !"#$%&'($)*+,-($./01+2���3�456789:78;<

� �������������=>�������?#@AB� !"#$C%&'DE(FG$C)*+,-(G$C./01 � 3 456

HI� 1940J!KLMN�MOPQ R<MSTUT�!V4WXY%&Z[2���3�\]��

• 1954J!�T^L�_LQ\]��� XY`abcd4ef78gh$ij[

klmn��

/012���3�G456

• %&'op�q014r<Xstu4v7$stuw6xyz{!|78}(K~���4�R8$���7<�������4��

• %&'=>�$CMade for youG�R����������4�n��BK~���B��!"#����

� 90J�$�����w'���(�Y{u��(�����}#$��kn������!" 8¡¢Q.£�¤XYF$��!¥¦7<§~��¨©$=>ª«�n�� W�!"#$¬­9:®¯!°Y

• �S±$��MT_\��F!$²6�³§~��!´��µ$[¶�³§~��!·���¸4¨©• ¹ºsª»Q=>4/¼b!ª«XY��F! ½���¾�¸Q´S�\¿Tl�=>ÀÁÂÃ�¢4ÄÅ

ÆÇ

� 2000J�ÈÉ!.ÊdËQÌÍ@ÎQ$ϼÐÑ$¡¢$dË�F!�R9:Ã4ÒÓ• ¡¢ÔÕÖ×ØM�wÙÚJÊ{$¡¢ÛÜÝÞwßàÚÙáÕÙÙÚ{Ôàâ• ãdËÔäÖØM� ãdËÛÜÝÞåßàÚÙáÕÙÙÚæÔßßâ

• ¹ºsª»Q=>4/¼b!ª«XY��F!$½���¾�¸Q´S�\¿Tl�=>ÀÁÂÃ�¢4ÄÅ

• ãdËÔäÖØM�$ãdËÛÜÝÞåßàÚÙáÕÙÙÚæÔßßâ

� ç%&118è�!éR8$31,000g¢=>4ÀÁ� 1967J$èN±��ê4ëì#!$80J�}(íî�ïî!ðñ�êò�l��[óî!Ñ71J$�´ôè!Ñ

1992J$'õ!Ñ1993J!�ê

� ö÷

1992J$'õ!Ñ1993J!�êw08Jøù£ú(=>ûüý{• ï�Ô13,900=>w44þ{• íîÔ6,600=>w21%{á`$�$�$n�T�$T¾ô�$����

2

• �l�[óî��´ôè�'õÔ8,300=>w26%{á�î$��$��$��3��$K����$¾T$��$'�$T�M� �_½$��´ôè�TnS��$��l�Sk�$�l�¸$�Ü��

• �Ïö÷Ô3,200=>w10%æáèN±$'�ï��Ô½n¾ôè$�NK$USl�$§��½$����\��

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

¡¢�Á�dË��¡¢ Á�dË��McDonald’sÑ$2000J�ÈÉ!.ÊdËQÌÍ@ÎQ$ϼÐÑ$¡¢$dË�F!�R9:Ã4ÒÓ

á80J 90J� 00J�á80J 90J� 00J�

ßÕâ Úâ �â

w��ßÙØM�{

¡¢�J� 9:Ã

¡¢�!

ãdË!"!

#$%&'

"(¯$%&&'

3Source:Bloomberg

180

Page 55: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

)*� +,w-��{)*� +,w-��{70J�}(!./�$u���� 7$80J�!u�'0�$90J�ghÑ12��3©

80J� 90J� 00J�á70J�

T�Mw1996á{��´ôèw1995á{

12�� w90J�á{

���w1990 {

�_½w1992á{

��´ôèw1995 {

�l�¸$UAEw1994á{TnS��$��l�Sk�w1993á{

���w1990á{

����\�w1986á{��w1988á{

'�w1990á{

u�'0�� w80J�á{

T¾ô�w1985á{

§��½w1985á{¾Tw1985á{

K����w1982á{n�T�w1981á{

USl�w1979á{

��3��w1979á{��w1975 {

./��u��� w70J�á{ ´S�nw1972á{

��w1974á{

M £

��w1975á{

�î���w1971á{

4

4MTµw5£ò1971á{èN±����¸ô½�½n¾ôèw1967á{ï�w1955áwMcDonald’s systems{{

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

McDonald’s)*� )6}�7McDonald s)*� )6}�78�b!Ñ$�9-¨(�7Y�������4:�(;�ò<7$=>´��¸!?78Ñ$:�(.9èn¾KT@4ABwThink Global Act Local{

CD-E CDüF

�9

CD-E

•�9¾nLG�n\��w”Operation team”{Q$HI$JK$LMºônL4NO7$3©4P/

8�ѴS�\ T@4��XYQ *Q!|78RS�

CDüF

�¸ô •8�Ñ´S�\¿T@4��XYQ$*Q!|78RS�Y12�+DÑTöU��VW!"#3©

�9-¨X¢Y��¸ô�

st�9 •%&:öZ[��ST\�op����������

•}<$12�[;+��3©+D]Ñ$Tö��ST\�4�8YE�F^�wex.T�M{

�������

=>�������

�9_klmn�n��

• CQSC&VG4K~����7$��������78� • CMade for youG�n��4`a��ÇK~�����F!��������78� w��Ñ05Jç=>�¨©{

� ��6x�n��

b0Uc�K�d�e��

�9 •�98fb0wex.k_LK_L$K_L�]TL+D{Ñ g¨©w?9h6K~���Fij}(Ek�{

•lm8$TöK�d¾�Q:���!�no<b0 Ww pq4rn+R Sl � 3 {

�������B.9Tö�:�

stu�¶

wex.pq4rn+RK2Sl¿��3�{

• AOW(�������4P/7$APMEAÑ$ö÷��(�������Iv$g�:�tu(.9��wx4NO7<��è�ST@yz4{/

������ö÷�:�3|tu

5

<� è�ST@yz4{/

•2���3�[}!"#CQSC&VG4%&J»!~�

gh$_$s4�k��

181

Page 56: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

_klmn�n��wstw1/2{{_klmn�n��wstw1/2{{�û�!stu4��7+Qp�����R�(st4ATò�£!$1<+ö÷w12�+D{!3©XY]Ñ�pTö��ST\�4�97$�J�����8�!� <stu4��

� %&��(st��¸N���

• %&' ��4st7$��b+�ô����enè��¸4^�� �m�$McCainÑ$�����(´STM\��stu

����������

� <7$stu�'!"YônL4��<7$�ûst��¸N�4��

• stu4�'�oY�KLMN�M���Q�Y<7$:ö÷��+D(Rñ�ost��¸N�4��7$�ç+��4��

wstu��{����� wstu��{

• ´STM\��ÔMcCain• \�@ÔDynamic Diary, Pune• �~��@ÔJain Foods, Jalgaon• BunsÔCremica, Phillaur+D

� w!12�(Ñ$��ö÷!st��¸N�QR+R�V$KLMN�MQ�pTö!1<7Rstu4�9

• KLMN�M018�4r<Xst��¸N�4�9�����• �V!" 8Ñ$y?��9)�$8�}(�¨4^�w��{

• T�M(Ñ$���������¸N�(�YMcCain� �($T�wGujarat�Maharashtra{�¸yz4��7 ��ST\�!�9

�� �������u�9

6

�¸yz4��7$��ST\ !�9

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

_klmn�n��wstw2/2{{_klmn�n��wstw2/2{{MSCLB(McDonald’s Supply Chain Leadership Board)Q$stu¡/��9�����3TMST�4{/7$:ö÷Supply Chainô�±�Q3TMST�!g#¡/

McDonald’s Supply Chain Leadership BoardwMSCLB{

•stu3TMST�4�����(¢��� ÆÇb+8�018��£ç8�wMSCLB{ � 018��£ç8�

� ¤0n¥�M8�+D4¢��7$:öSupply Chainô�±�!56

�����st3TMST�

McDonald’s AgriculturalAssurance Program

wMAAP{

•w!yz!?78Ñ$¦§�4ij{/� y?h6wy¨rRh+D{� D��©ª«�

Asia/Pacific

� ª«�+D8�4¢��

Europe NorthAmerica

LatinAmerica

Asia/PacificMiddle-East

/Africa•:öSupply Chainô�±�Ñ$�����8�!g#$stu4¡/��p�9

y� y� y� y�

¬­®®¯°±Û²³´µ±¶·³¸·¹

7

y� y� y� y�

182

Page 57: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

_klmn�n��w=>�������{_klmn�n��w=>��� ���{QSC&V4ç%& º����������78K~����wCDP{7$»¼òZ.(Ñ$w!s½!?78$CMade For YouG�n��4¨©7¾78RY

� ç%& º���������

• 3+1�¿op9#X�� QÔ./���g¢b0456XYE�� SÔGn¥¾ô�e���knwex nKT�0À{

QSC&V

SÔGn¥¾ô�e � knwex.nKT�0À{� CÔ=>ü$=>��./¢ÁÂ�� VÔQSCQ� 8¾78=>�Ã,Q56(;Y

� ç%& ºÄ�78K~�����(8RYwCDPÔCrew Development Program{• �Ç0($ÅÆÇû+Do�jo!.È�wCDP{!Éo(8RY

� �m�$ç8§~��Ê�56ËÌÑ$Ú�l���!�o(8$�(Í()Î;QjoñÉo(8RY

� ¸��N� ¸��~� =:QCDP4 ºÏÄ�78 �Ç4�Ð7½Ñ4Ò7YE�(~�� ¸� N $¸� ~ $=:QCDP4 ºÏÄ�78$�Ç4�Ð7½Ñ4Ò7YE�(~�• 17ñ© <L��w¸��~�{Ñ$uÓL��w¸��N�{$=:opÛÔÕ4��n!�Ç4�nY

� Ö×4Ö³8op�Øs½4^R04Ù9�oY�n��

• ÚÛb04?#Ü;78R<Q ÝÞßà�áâ�Qßà�+#1<+�n��4 W• ÚÛb04?#Ü;78R<Q$ÝÞßà�áâ�Qßà�+#1<+�n��4 W• ï�1999J$��2005J!ç=¨©ãä($%&(¨©'

w=>�_\��T��¸{

Made For YouT~������ �_å�U� ´æTN� �l

• ~¾�4ç8Sk_¸¸�n¾�(

•:èé�4�¦7 ³Y

• S_�XY

×ê

=>

8

k_¸¸ n¾ (Bunds4ëñ

 ³Y =>

ìíî ìíî ìíî ìíî 2���3�Ñ10ÇÌÊ

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

_klmn�n��wb0Uc�K�d�e��{_klmn�n��wb0Uc K d�e��{�������8fb0Q��n�+#$lm8$Töb0 W���è�K�d�e��4.9AB

� b0ST���nÑç%& º(� �(8RYb0( ij?#h}(ç8K~�����(8

8fb0

� b0ST���nÑç%& º(� �(8RYb0($ij?#h}(ç8K~�����(8é#$ g%&DE(F�ïáQðñp(Y

w8fb0�{

• 2���3��\�@��3��k_LK_L�´e��´e_���\��Nò_¸+D

� lm8$.9Ñ$TöK�d¾�Q W7<5ö�³b04¨©wTöb0�{

• ����TÔMcSpaghettiwgrilled salmon sandwich{$McHuevowpoached egg hamburger{$USl�ÔSamurai pork hamburgerwwith sweet source{$óôÔRice hamburger$

b0Uc

Töb0

USl�ÔSamurai pork hamburgerwwith sweet source{$óôÔRice hamburger$T�MÔMaharaja Macwnot beef but pork{

� ö÷��!IÜ�(<CMcDonald’s Food StudioG!8��è�b04 W7$ö÷��(õ� • �èö$�ô���wÕÙÙ�J I{!IÜ�(8RYw<7$��Ñ$�l����´e_L÷�øú�78`�!AB{ò78`�!AB{ò

• �m�$��Ñ$�l�ù�ó$'õ4'��7<Ö×è�4ú5ò�]´!lm$ª«û+D4üÜ78RYò�]´Ñ$;�£!$C�½ý¶G"�+�n¸(¡þ�($�m�$ï�s½}�wÛ�Ü{4��(��7$�&�Cçï�n¸S��~��nG¸_��]´×Ù¶!¡�(<+¶�Q;��(Y

• n¾l�!Ñ$�]´b0 W��_\�$1b0¨©!é³Y=>�������4�ÐXY<7n¾l�!Ñ$� ´b0 W��_\�$1b0¨©!é³Y=>� � ���4�ÐXY<7=>���Õ�[�_\�+DQÙ�($1b0�� W�á�ª«��n¸4AB

� �������à 4F�!$Tö���Ã!�no8ð�+�4lm$à �4�YYw��{

à w��{

• '�(Ñ$��f�Ñ$$3g�8�b0g¢!Ñ)Q�o+R($���lå_¸ST�N_�4u��"#F��7<

Ã

� TöK�d¾�Ñ$5ö��!�no<\¿m�F �w��{

9

\¿m�w��{

• '�(Ñ$=>|Q����)JK¶��Q <-�($24HMSTUn��4 I• T�M(Ñ$'Ð�f������³!”McDelivery on Bicycle “4¨©7�_¸

183

Page 58: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

stu�¶stu ¶AOW(�������4P/7$APMEAÑ$ö÷��(�������Iv$g�:�tu(.9��wx4NO7<��è�ST@yz4{/

AOWwArea of World{•�������4{/

� =>�������$��ST\]��+D�������4P/

N th L ti Asia/Pacific

� ���4P/

•�������!g#$ö÷��(��Europe North

AmericaLatin

America

Asia/PacificMiddle-East

/AfricaRegion

� ���!g#$ö÷��(������!?XYh�4{/

� ��ST\]��+D�4�m<ö÷��(�������h�4{/

England USA Brazil JapanCountry•��èST@4{/

� :�Tö6¶Q$TöK�d¾�4rR$��wx!� <Töb0�à I/+D4AB

EastUSA

Country A

+D4AB

•:��ô�yz4{/� :�ö÷!é³Yb0ST�N_��à USAArea I/4AB

•�������B.9��èST@!g#

10

StoreStore�� ����B 9� èST@!g#�������4AB

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

stu�¶stu ¶:ö÷2���3�[}4ºï8$%&'J»�KLMN�M������n��4~��oY

� 1961J!HI�(<J»¶��9BI

2���3�[}

� ©J�Ñ$OJT���4 #!7$}"ÑKLMN�M

©JJ».#b+��w2���3�[}{

� 1961J!HI�(<J»¶��9BI• %&!7$wï�$��$T%ôn$MTµ$��n¸Sô�$USl�$��{

• Kml§�¸$\��k��e��$½&�~d����+DKLMN�M�� ����4`

�� ©J

������n��4½ÑXY

���+DKLMN�M�������4`����S�(}'BI

� 17R��3©£Ñ$TöKml§�¸n¾_

1(��• =>Kml§�¸n��8)

� ���_L�´¸Kml§�¸w3�Ð{� �M��n¸�´¸Kml§�¸w3�Ð{

� 17R��3©£Ñ$TöKml§�¸n¾_´4Z*[}�+,7$KLMN�M������n��4»¼��

w��{

• �����ê7<]!Ñ Kml§�¸�Z- 2(��

=>(OJT

• =>�n��½Ñ$./$¶bQ01½n��• �����ê7<]!Ñ$Kml§�¸�Z-

L��§���4ï�Oakbrook2���3�[}�+,7$KLMN�M������n��$�������4»¼��

� 3©�FJ»�L� ��4ºï8 KLMN

2b

2(��

=>(OJT

1½n��

� �´]L�eUKml§�¸�SL�en½�nw5�Ð{

� 3©�FJ»�L����4ºï8$KLMN�M������n��4%&'!~�

3(��

OJT

• ô�±��_�$\��k��e��$3VKml§�¸

� �n¸S��������ô�±��_�

11

�n¸S�� � ���ô ± �_��SL�en½�nw5�Ð{

184

Page 59: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

ê�ê�

• McDonald’s IRQ�Q�• McDonald’s Food ChainwICFAI{• McDonald’s CorporationÔManaging a Sustainable Supply ChainwHBS{• McDonald’s in Russia wHBS{

w {• Standard As a crew AwDarden{• The Challenge for Multinational Corporation in ChinawMIT Management Review{• Employer Branding at McDonald’swICMR{• McDonald’s Localization StrategywICFAI{McDonald s Localization StrategywICFAI{• McDonald’s in AsiawICFAI{• Globalization Strategy of McDonald’s CorporationwICFAI{• McDonald’s Success Strategy and Global Expansion through LoyaltywJournal of Business case studies{• Radhakrishna FoodlandwICFA{• McDonald’s in RussiawIBS{• McDonald’s in ChinawIBS{• McDonald’s CorporationwHBS{• McDonald s CorporationwHBS{• McDonald’s is china lovin’ it?wACRC{

12

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

� McDonald’s� Yum! Brands� Yum! Brands� Wal-Mart� ZARA� ZARA� IKEA� Ritz-Carlton Hotels� Shangri-La Hotels� Vodafone� AIG� L’Oreal

13

185

Page 60: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

Yum! Brands��Yum! Brands��KFCwKentucky Fried Chicken{+D5�US�M447$=>����������� ������������!"#´æ�n¸´�M(%&Zð=>û4ÓÍ$9:4γY

HI

� 5�US�M457$%&Zð=>û46EY´æ�n¸´�MU�• ���½´æ�n¸´�M97wKFC$¥82_¸$¾½��w§��½�½{{49:XY²KJ(� <TriconQ$

1997J!�;• 2002J!����l�������@w��´�M{�­A&Ww2���3�{4ef7<=4+�• 2002J!����l�������@w��´�M{�­A&Ww2���3�{4ef7<=4+�

� CHAMPS4>�(Y���������������������4?a!´S�\¿T@4ç%&� • =>�������4���wCHAMPS{7$:�´S�\¿T@�»¼�¨

klmn��

• \�@���+D����������!"Y ���à st� }<$K�\US�Myzw1=>!2�g¢US�M=>4IÜ{!"#����çE¡¢j[

• ���½op�;�!� �7$2008JøT@$ç%&36,000=>'$[5,000=>QK�\US�M=A K�\US�M=9Bg¢ÑR}Cï�ü!�YQ )*K�\US�M=>FJÃ13%(�l'

ÆÇ

� 2000J�ÈÉ!.£ÌÍ@ÎF$�(gh$¡¢$dË�F!9:4γY• ¡¢ÔßßÖØM�wÙÚJÊ{$¡¢ÛÜÝÞwÕÙÙÙáÕÙÙÚ{Ô�â

K�\US�M=9Bg¢ÑR}Cï�ü!�YQ$)*K�\US�M=>FJÃ13%(�l'

• ãdËÔßÙØM�wÙÚJÊ{$ãdËÛÜÝÞwÕÙÙÙáÕÙÙÚ{Ôßßâ

� %&ßßÙg¢��ö÷!$Ö�ÙÙÙg¢=>4�

� ö÷

� 90J�!ïîwï�g*{$àÙJ��Éopíî$�l���êwÙàJßßùT@{

• ïîÔÖß��ö÷wèN±$½n¾ôè$USl��{ �íîÔÖÕ�^ö÷w��$MTµ$´S�n$����{

• �l�Ôßà��ö÷w�� K���� '� T�M�{�'õÔßÕè�wTnS�� ��l�Sk� �Ü��{

14

• �l�Ôßà��ö÷w��$K����$'�$T�M�{�'õÔßÕè�wTnS��$��l�Sk�$�Ü��{• �´ôèÔàè�w��´ôè$ �ô�¿n$ �_½�{�[óîÔäè�w�î$� ��{

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

¡¢�Á�dË��¡¢ Á�dË��2000J�ÈÉ!.£ÌÍ@ÎF$�(gh$¡¢$dË�F!9:4γY

90J� 00J�90J� 00J�

�âw��ßÙØM�{

w��ßÙÙDM�{

¡¢�J� 9:Ã

¡¢�

ãdË!"!

#$%&'

"(¯$%&&'

15Source:Bloomberg

186

Page 61: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

)*� ���E÷+,)*� ���E÷+,ÈF:US�MÑ$àÙJ�ÈÉáÉ�!HIò��$���½Q�G7$T@!HYò'�bUS�M(�YKFCÑ$60J�}(!�ÄI!�ê7$���l�$íî$'�ï�� ò90JghÑ$'õ�F3©

á60J 70J�á80J� 90J�á

� �w2003J*{T�Mw1995{

12�w90J�á{

'õwTnS��w1993{$�Ï{õíw���wßààÖ{$�S�MwßààÖ{ {

�ïwUSl�wßààÖ{$½��k�wßààÖ{{

ö÷� wKFC�-��{

l w �w { � ( ) � 3 w { '�w {

íîwMTµw1970J�{+D{

'�ïw½n¾ôèw1972{+D{

�´ôèw��´ôèw1971{$�� �ô�¿n$ �_½�{

�l��íî'�ï

w70J�á{��{

èN±w1960JÈ�{��w1960á{�ÄI

wá60J�{

�l�w��w1970{$K����(1973)$��3��w1977{$'�w1987{

��n¸Sô�w1968á{

ï� wA&W1919$KFC1939$¥82_¸1958$¾½��1962$JKìL^MLNK^MíOLîPL1969{èN±w1960JÈ�{

��E÷wUS�M{

KFCw1986J���½Q�G{

¾ ��w1978J��� Q�G

(2002J�G{

(2002J�G{

¾ ��w1962J{

KFCw1952J{

A&Ww1922J{JKìL^MLNK^MíOLîPLå1969J{

16

wUS�M{

¥82_¸w1977J���½Q�G{

¾½��w1978J���½Q�G

¥82_¸w1958J{

¾½��w1962J{

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

Yum!Brands)*� )6}�7w1/2{Yum!Brands)*� )6}�7w1/2{����������Ñ�9�[ò=>�������Ñ�������4F�!:�(èn¾KT@òw!��è�(QRQS�+`TÑ$öUU��5V!"#AT

:�

CD-E

• ww!12�!éR8Ñ{*Q3©RS�:èn��LG�±�ËW+XW�|Y

CDüF

_��¸ô :�HZ�[V� LG�± ËW+XW�|Y

•öUU��5V7$ö÷.�ö$¾�ò_¸=>å:�

_��¸ô� :�HZ�[V

ê=

\ÊQ[�+ð�ÑTö��ST\ opst

�§�¸!]Y7R��4��7$�ê:�

öU5�U��5V

:�\ÊQ÷�+ð�

st

•\ÊQ[�+ð�ÑTö��ST\�opstA \��Ñ\ÊQ÷�(Töst

•��ST\�Ñ$ðñ�V$TöU��5V4ºï8��

sklmn

5V

ìLJîOLí

st

�ÓÍXYð�

•�ÓÍXYð�Ñ����������A \�@+DÑÏUS�M(r�XYFF^78�����(st

s�n��

US�Mõ�����������

ìLJîOLí=>

�������

•��������������wCHAMPS{4��n!:����_`!� <a!èn¾KT@

A ��bö4cY]!deYfg4ö÷!"#

�������4��n!Tö�w:�{

17

��bö4cY]!deYfg4ö÷!"#+�+D

187

Page 62: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

Yum!Brands)*� )6}�7w2/2{Yum!Brands)*� )6}�7w2/2{b0 W$�� ����Ñ:�-¨(Tö�òtu�|7mÑ$6xÑ�����tuCQ$=>´��¸chÑ$Tö-¨

:�b0 W

•:�ij!�no8b0 W��� ����A ��ná�kqlYh+D4öUij!sklmn :�-E

CDüFCD-E

b0 W�� ����

� ná�kqlYh+D4öUij!�no8èn¾KT@

sklmn�n��

:�-ETöK�d�e��

•6x�n��ÑUS�Mõ�%&���n��B.9Tö�

•=>´��¸Ñ$Tö;�4mnb!C�7<Tö6¶Q-¨b!�7Y

ìLJîOLí

otu�ES6x�����tuB=>´��¸Tö�:�

18

gh$_$s$o4�k��

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

_��¸ô�_��¸ô12��3©!]78Ñ$:�HZ�[V!"#$:hºopXW4�pn��@+3©42�Xò<7$

T�M(ÑHZ�[V!qr7$klmnX¢Y!£Ð4�78RY

'�(9s T�M(qr'�(9s T�M(qr

HZtu

• vw`xA  vw�m[VX(�$8�b!ÑRS��yD�!|7 Fz�mQÂñ

• Õ[HwSA �yK{+�T�M¶ywwBJP{Q|X78é#$HZ|Ð}O~QH�é��(Yd�n�#tu

Yum!

�yD�!|78Fz�mQÂñ

•'�êFõ�l�ú5�»QHZ!��A '�êFõ�l�ú5�»Ta Tung

W Q vw!��7 �ê4��

HZ|Ð}O~QH�é��(Yd n�#

•�w�yK{+!Ñ��77<F$�wBJP!|78Ñ��+��QêÛ8R+o <

KFC=> =|Ð}4 ÏD´æ�n¸Brands|Y

WangQ vw!��7$�ê4��A 5£$íïðê��©!"#�� �42�ÎHZÑ���öU5�U�4��

A KFC=> =|Ð}4$ÏD´æ�n¸´�M\]��"#F�ñ!¦f

A 7o7$T�M{Kü(�w{»op�7R��4�­Y

•'�LMiØW���F!i9:4�Y$.�(Yum!Brandsç%&¡¢$Á�dË2á3B4a7Y!HY

•yy�E!"Y�{^D$�b`?!"Y�|���!"#$R�j[}(!ß0J4��A yy�EQ$��ÛÑC��½bG�78�7R�{

J y� Q=>4� I4� 

¡¢

A =>ûij[

A 1987J £1¤= =A 2000J 450=>A 2008J 3 600=>

A ßàà�J$y�ßÙÙ¶Q=>4�RI4� 

A }<$=>�@ö�JQ$��Ûb0!$R/g¢¥¬Ýwá¿{Q^}(8RYE�+D4½¦!�|4��7$=>§¨4©ª

1R=> =£F �©ð� £çx «bt¬2008J 3,600=>A çJ'($ï�åL���$)*åL�����F!$3ö÷åL���.­4Q9w¡¢çE[3B4Q9{

A 1R=> =£F$�©ð�£çx$«bt¬�4½¦!�|¦®�=>§¨4©ª

A E(p¯°!"#$��ÛÑT�M�ü!éR8ßàà×JopÕÙÙÖJ}(ß=>7oÁ�(;"òÕÙÙ×J!"��ñê=R�j[4AT

19

J!"��ñê=R�j[4AT

A z�mQÂo+o <�w¯°F�@7<�±/�(Y

188

Page 63: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

sklmn�n��wê= st{sklmn�n��wê=$st{'�(Ñ$öU5�U��5V!"#$��è�(klmn�n��QR¢è%�+Y$\��st�����Yê=����4AT

U�� b�¡¢

•²³-�+ç8G����n¸S�´I�­�������4AB

<U�

w2b{

•����Yê=����

U��� 2b�¡¢

Beijing travel and TourismJ�5V

78R<U� w¡¢{

• 87J!²³µ£7��ü!KFC.¤=4 I

A Beijing travel and Tourism����J�5V

Beijing travel and Tourism� ��

�!"#$[¶_n_¸(�Yµ£7��ü!��4��

• 90J!²³'�ö(�YDongzhimenStreet!Pizza Hut.¤=4 I

'���¸ô�!]782J�VW

Street!Pizza Hut ¤=4 I

w2b{

•¶1+\��4öU(st•²³.·($¸¹º$»�4a578R<U�

Beijing Animal

P d ti

•¶1+\��4öU(stw¡¢{• CHAMPSw�¼{8�4r<X\Ê�R\��4st

78R<U�

½¾Ñ$Y ! B d w60%{ Production

�5V• Yum! Brandsw60%{• Beijing Aniw27%{• Beijing travel and

Tourismw13%{

20

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

sklmn�n��wst{sklmn�n��wst{US�Mõ�[VstE(�YUFPC4IX7$ð[+�TT���¿�4WÀ

UFPC•UÁKSF´S�\¿Tl�Q[V7$ �st4 ¾•��$97J!TriconQ���½op`X]!ÏUS�M�[V7$99J!UFPC�78IX

[VstEÔUFPCwUnified Foodservice Purchasing Cooperative) � US�Mõ�sttu!"#$çïR�(

Â�+�TT����¿�4WÀ

½�Kw½�10<�Í$8<Ñ´S�\¿Tl�op¡ê{

��ST\�Â�+�TT����¿�4WÀ

• UFPCÑ%&Z[\�@�©�.�wYum!Brands´S�\¿T@ú5¢Ã�»{

KFC Pizza Hut Taco Bell���

ÄÅKÆÇÈMLî ÄÅKÆÇÈMLî ÄÅKÆÇÈMLî

21

st97 st97 st97

189

Page 64: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

sklmn�n��w=>�������{sklmn�n��w=>��� ���{Kml§�¸$��kn$b0$`a!?78$ gCHAMPS!"#��������XYQ$.9ö÷wx4ÉÊ7��è�!8�Æ4ABò�p!$&n�ô���_��QËÌ4/¼b!�Ð

w��������{

•��������������K~���4�9(?97$:�´S�\¿T@�¨©��¨� CHAMPS�R���K~���

C:Cleanliness HÔHospitality AÔAccuracy MÔMaintenance PÔProduct quality SÔSpeed of service� C:Cleanliness$HÔHospitality$AÔAccuracy$MÔMaintenance$PÔProduct quality$SÔSpeed of service� UÁÑ011½8�C <Q$��$|ÍÎÏQj[�($US�Mõ�(����������8Ð�+#$K~�����(ç%&(¨©

� ç%&�üÑ�(YK~���!Ñ$Kml§�¸$��kn$b0$`a4�å_¸Q�@w 9� èST@{w.9��èST@{

• g%&��CQ$.9��è�wx!�no8�Æw��_{

� ��kn!éR8$�T½�¾L¸�nKT�Ñ�l�(ÑS"7FjÒÍ(+R� ����(Ñ � k� Ñ =>!|78�T �¾L¸ n T�4XYE�!+ 8RYQ

K~���?9

� �������(Ñ$��k��Ñ$=>!|78�T½�¾L¸$nKT�4XYE�!+ 8RYQ$�l�:�(ÑS"7FjÒÍ(+RE�QÓ¢7$��è�!8�Æ

w��s{

� b0!éR8$böc#hÑ$�!" 8Ô+Ybö!|XYfÕÃ�ÖÊÑ :�_`�=> @!" 8Ô+Y<7 è�!8�Æ� bö!|XYfÕÃ�ÖÊÑ$:�_`�=>~�@!" 8Ô+Y<7$��è�!8�Æ

• &n�ô���_��Q/¼b!\]_L� ù!1� &n�ô���_��Q×ß7 CHAMPS8�4Ì 8RYo�Ð

kØTk�\]_L

ù!1�$&n�ô ��_� Q×ß7$CHAMPS8�4Ì 8RYo�Ð� 1996J! ¾� ½�b04'�!×ê7$A]!Ùð78�ÐXY

22

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

sklmn�n��wb0Uc��� ����{sklmn�n��wb0Uc �� ���{�l�-���ê(Ñ$5-ï�h¾4�}}ÓÍ@AÚyò��yz�Û7$Tö�4��ògh�ê(Ñ$3©5-opTö�K�d�e��4AB

��(qr�}­

•�l�-� �êC <��(Ñ$ï�h¾4�}}ÓÍ@AÚy

ghÑ$Z-opTöK�d�e��4AB79s

•'�(Ñ$§~��C³(+ñ$.9=>üÜ�$Kn½_¸}(Tö�ò�p!Ñ'Ý�½US�M}(X¢Y� }}ÓÍ@ Úy

� 70J!Þßb��VW(��KFC4IX� ï�=>´à�K_¸�b0ST�N_�4�}}¨©

� 7o7$=>$b0�F!áqo"$lY<�2£

} T �ò� 'Ý� S } Y

� §~��� ðâã!Vno$äð§~��!CéåG4¨©� ij!Vno$���M²³���w²³±_L"�!\��4æë(çR<F{$n�T��\���e�7o7$=>$b0�F!áqo"$lY<� £

Ð(è8Y�R�CHAMPS�������!"#\��4è8γ<

� �p!$71J!KLMN�MQ�ê7$��è�K�d�e��!"#[�_¸�¾�ò_¸å�§�¸=

!\��4æë(çR<F{$n�T� \���e���4¨©XY.h($½��n���S±4§~��opéê

� =>� ²³�YKFC=>üÜ4$'�ë9´R�¾4e � #[ � =

>4�n(Y

• 2J�!yz�Û7$TöK�d�e��4AB� 72J!��ðê�4K�d�e��7$´STM´e_���n �L\��+D¨©

²³ �Y => üÜ4$'� ë9´R�¾4ì}m<F�7$í+D(Üî

� Kn½_¸�C\_��G4Kn½_¸�¿SL¾��78¨©

� 'Ý�½US�M� ïð��ñò�(<=>F$ ±�+?#!+�

'Ý�½US�M

� Cõh�ówEast Dawning)GUS�M4� '•K����(Ñ$��è�§~����F!$��è�Kn½_¸4¨©

� §~��§~�

� 3����S±$'�2�Uô� Kn½_¸

� ÕÞõt!éR8K������è��¿SL¾�Cn���\�_LG4¨©

23

Cn � \�_LG4¨©

190

Page 65: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

otu�ESotu ES6x�n��ÑUS�Mõ������9.wB.9��è�{($=>´��¸ÑUS�Mö1½47+Qp$:�6¶Q-¨

�_L�´en ÆÇ��knw�]��M��kn{

Yum! Brands

stUFCP

wUnified Foodservice Purchasing Cooperative{

tuQÊ

KFC Pizza Hut Taco Bellb0 W�US�M Tö

��ST\�

Tö÷LMLøPOùîúûî

KFC Pizza Hut Taco Bell:��������

•:ö�»ÑTö�Q8�

÷ M øP úû� � ���ex. Yum! China

:�Kml§�¸

� :��»8BÑ$Tö;�($:�?[�&op;�Q'�w��Ô Yum! China {� �»Ñ[ÉQ§T�S�MêF($ü#FÝý+D$'Ýk¶�� ¡¢�78$HZ?þQRFR;�Xñ$Ú�»�¶j+?þF?#�XR

24

� �m�$�¸?�+�(K_���¸Q§~��Q+ñ+ <]$Tö�»opHZ��;o³!"#9�b!ÑP7$1J(§~��Q�C

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

ê�ê�

• Yum! Brands IRQ�•��d�¾_��´STM\��½¾KJIRQ�• Tricon Restaurants International: Globalization Re-examined (HBS)• Yum! Brands, Inc.: A Corporate Do-Over

Kent ck Fried Chicken in China (Richard I e School of B siness)• Kentucky Fried Chicken in China (Richard Ivey School of Business)• Yum! Brand’s Key Growth Strategies (ICFAI)• Yum Brands in China (ICFAI)• Yum! Brands Inc. in China (ICFAI)( )• KFC in China (ICFAI)• KFC in India – Ethical (ICFAI)• Corporate Co-branding: Case of Yum! Brands, Inc. (ICFAI)

Chi Fl d KFC (ICFAI)• Chinese Flavoured KFC (ICFAI)• Yum! Brand’s Turnaround Strategy (IBSCDC)

25

191

Page 66: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

� McDonald’s� Yum! Brands� Yum! Brands� Wal-Mart� ZARA� ZARA� IKEA� Ritz-Carlton Hotels� Shangri-La Hotels� Vodafone� AIG� L’Oreal

26

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

Wal-Mart��Wal-Mart�������������ö÷M&N�¸yz+D6x�n��ÂÃ�!"#$EDLPwEveryday Low Price{4AT7$�enè��¸n¸�wn���å�¾�^Î{4'�!9:

JHI ï�!�J4Üñ%&Z[ � d ¸

� EDLPwEveryday Low Price{4�Y$�à �enè��¸n¸�4'�!�

HI� 1962JHIï�!�J4Üñ%&Z[n���K�d_¸\]��

• UÁÑ$���à�¸�Qï��9��è���î!HI7<öhU�

klmn

y y• 1960J�!�enè��¸n¸��¬(9:A 5-Ñ$��4��XY<7¶�2.5D¶ÌÊ�(F9#X�=>4IvA 7DSKU4m$./�ybC4��ñè���J�0�FÂÃ4��XY<7 ö÷M&N�¸yz4;�klmn

��A �J�0�FÂÃ4��XY<7$ö÷M&N�¸yz4;�

A �����������§�è�� �¦§;$PBC�!"#st�4[�!é�� ��F$�¬j[B)*´_¸�ô�¸j[(9:

• ßàÚÖJ!K»S»¡��@�LSU$ßàÚ�J!�enè��¸n¸�!ð�04lm<n���å�¾�$ßààÚJ

� 30Jg¢!n<#$¡¢$dË�F!�R9:x4ÒÓ

J!K»S»¡��@ LSU$ J!�enè��¸n¸�!ð�04lm<n å�¾ $ J!���Ê�Rð�0���4��mT��´_M�K�d_¸4¨©

• 90J��op�ï�èN±!�êò90J��É!Ñ�l�$íî��êE÷4j[

ÆÇ • ¡¢ÔÖ�ÚÙØM�$¡¢ÛÜÝÞåßàÚÙáÕÙÙÚæÔÕÖâ• ãdËÔßÕ�ØM�$ãdËÛÜÝÞåßàÚÙáÕÙÙÚ{ÔÕÖâ

� %&ßäè�!�ê

� ö÷

� %&ßäè�!�ê

� 90J�!ïîwï�g*{$90J��Éop�l�$íî��êw09J11ùT@�ê�{• ïîßÙè�w§��½$èN±$USl�$����\�$���KS$�í�íOLúLí$�P���$�KML�ÅP$~èS��{

27

ïî �w � $ N±$ S $ $� S$ � $ �� $ Å $ S� {

• íîßè�w��{• �l�Öè�w'�$��$T�M{

192

Page 67: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

¡¢�Á�dË��¡¢ Á�dË��Wal-MartÑ$30Jg¢!n<#$¡¢$dË�9:4ÒÓ

á80J 90J� 00J�á80J 90J� 00J�w��ßÙØM�{

Ö�â ÕÙâ ßßâ

¡¢�J� 9:Ã

¡¢�

ãdË!"!

#$%&'

"(¯$%&&'

28Source:Bloomberg

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

)*� ���E÷+,)*� ���E÷+,80J�}(Ñ$�ü(´_¸�ô�¸j[$�¬j[Q'�$90J�gh$)*´_¸�ô�¸j[!"#9:4MSTU78;<

J J� J�

ÈKúLw2009á)

á80J 90J� 00J�

90Jçï�ç%&�¡�¡¢1�

�l��íî� w00J�{

\ôw2009á{'ï5è�w2005á{

��w1999áæ��w2002áæ

�¡�¡¢1�

ö÷� w-��{

��w1999áæ

MTµw1997á2006æÈKúLøM�w1996á1998æ

��w1998~2006{

w-��{

ïî� w90J�{

èN±w1994á{

'�w1996áæ

§��½w1991á{

USl�$����\�w1995á{

ï��9w1970J�á{

ï�õ9w1980J�á{

ï�õ²9�49w1990J�á{ï�S wá80J�{

§��½w1991á{

�9w1970J� {

��E÷�¬

n���å�¾�w1986á{

mT��´_M�K�d_¸w1998á{

29

w�¬{

�enè��¸n¸�(1962á{

��@�LSUw1983á{

193

Page 68: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

Wal-Mart)*� )6}�7Wal-Mart)*� )6}�7=>´��¸Ñ��èST@$6x�n��Ñ���XYE�($Wal-Mart��!�x4õ� 7+QpF$:���wx!�no<klmn�n��4QR

_��¸ô�

•3©�$��tu!�no8h64¡"� 9#��Ñ$�G3©wex.T%ôn$MTµ{� RSQ�@XY�VÑ$V$3©wex.§��½{� %9#��Ñ �&Q(3©wex.USl�{

��9#Ê3©h64¡"

# � �&Q 3

•:���F��H{4� A �J�0å�¾�(M&N�¸a9!"Y�0�é�

A ö÷���'Êê=!"Y�0�é�

§ è �¦§;B� �� ���(st n¸é� �� ��w�_L{6x

sklmn

A §�è� �¦§;B����������(st½n¸é�

A �J�0å�¾�!"Y'þ;�����������¨©A PB¨©!"YGË��¢AGrate Price �Grate Value�

��������yz

6x�n��

s lm�n�� •:����bãâ!�no8=>´à�K_¸�è�öô4¡"

wex.§��½{A �f��³´à�K_¸C���3G4�

n � å�¾ ð0ÕÃ4�78RY ��èST@yz

w´��¸{=>

¸ A n���å�¾�ð0ÕÃ4�78RY

wex.T%ôn{A ð0Ñ�GuASDA0m4()A �ð0Ñ$WalMartQ`�0m

��èST@yz´à�K_¸�è�öô

otu�ES

��èST@E÷ÑTö�����E÷Ñ�J-¨

•3©ö÷4�JP/7$¡þ\��4a978�S�?#•´��¸w=>´à�K_¸$è�öô{Ñ$ö÷�9$*ö=>-¨•�_Lw�0$st{Ñ$�J-¨�� ��� ���9��� ��� ���å�¾ w'�{�

30

�J ¨A ����������9�����������å�¾�w'�{�ç%& ºITT�´SwRetail Link{

gh$_$s$o4�k��

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

_��¸ô�_��¸ôRS���9#Ê$��tu!"#��¸ô�a¬4¡"

3©�� ��¸ô���

§��½

•*Q!|XYRSQ�@A +*Q6RSQ�@

A *Q�HZH{F0Db($VW!"Y�ê4Ó�

•9:��CQ ´S�§��_M(�GuÑ,7o <

�����ÝÞ

§��½ •9:��CQ$´S�§��_M(�GuÑ,7o <A KK����_�$��nL$�R�n���K�d_¸(�¡��[É�4a78R<

��¸ô�a¬

• 91J!Töô�TS�w�´S{�VW!"#�êA §��½¸_�ô�TS�(�Y�´S�VWKJIX!"#�êw08J£ú(êQÕÃ60%{

•�n½$åT�@�ô�+D4'�!��-7R��A íî[)ô�TS�öU��(��Ñ�7o <

•-7Rê=RS.�y/vc6!"#·*�[ê=!ÑS[Q� <

�����ÝÞ

T%ôn

��¸ô�a¬

A .�y/vc6!"#·*�[ê=!ÑS[Q� <

• 99J!Töô�TS�wASDA{4�G7�êA 5£ASDAÑ$�ü�]�£Ö�A ð0'�(� <Q$UÁÂ�+6x�n��4ÓÍ$EDLP4� A Wal-Mart����DS4tAVno83©

�����ÝÞ

•9#��($íîü(F-7R��ÝÞA 3©5£$CAGRÑ[0.3%A Â�+Töô��S�w§¸� ���e ôM�+D{Qé# w! ���e�ôM�ÑUEDLP4

MTµ

��¸ô�

ÝÞ Â�+Töô��S�w§¸�$���e$ôM�+D{Qé#$w!$���e�ôM�ÑUEDLP4�

• 97J!Töô�TS�w��è�´$2���@{�G!"#�êA ��è�´�enè��¸n¸�21=4�G

�49(7o� o" � 0Qo#�+#f"

31

��¸ôa¬

A �49(7o� o"$ç�� �0Qo#�+#f"A àÚJ$T�¾�n��2T��K�d_¸�ä=>4�GA �G��J=>Qðü!�#$�à�K�¸=>�������Å�Q1��Ó¢

194

Page 69: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

sklmn�n��w1/3{sklmn�n��w1/3{:��F!�_LÑ$�����+6x�n��4¨©7$=>´��¸Ñ$��èST@

3©�� klmn�n����

• 90J�Ñ$.�9Ñ�´Sk$öhÑWalMartk4'�!�êA UÁ�´SQ'�øú(�Y�.IÑ$Ð2Ê�R�´Sk=>(� A )æ+ç�öh.�Ñ$WalMartk=>4�

� å ¾ ð0ÕÃ4�7!s3wï�Ñ40%CQ §�� Ñ 0%{

w´��¸{=>´à�K_¸

§��½

A n���å�¾�ð0ÕÃ4�7!s3wï�Ñ40%CQ$§��½Ñ50%{• 00J�"#��f�|�³C���3G4lØA ��f�Qðñà ��ÂR§��½(Ñ$45�enè��¸n¸�w���3{4ç��

�È�0å�¾ (M&N�¸a9(�0ÂÃ�

=>´à K_¸�b0è�öô

w�_L{6x�n��

•�È�0å�¾�(M&N�¸a9(�0ÂÃ�A §��½��e$��±S2S+D'�bö÷!8��0å�¾�4IÜ7ö÷M&N�¸a9

•öU§�è�� �¦§B����������!"Yst½n¸é�A 50%g¢6x���EDI(�6�Ûw {& d�j[• PBwGrate Price{&©(d�j[

w´��¸{=>´à K_¸

•ð00mÑ$ASDAUÁ0m4()A UÁ��è�!�no<0m478R<ASDA�#h4�}}§(p

T%ôn

=>´à�K_¸�b0è�öô •lm8$Wal-Mart����DS4tVo

A Wal-MartQUÁÂR����4��!Vno<0m(�

•�È�0å�¾�(M&N�¸a9(�0ÂÃ�T%ôn

w�_L{6x�n��

•����������($ASDAst�Â�A UÁ§�è�� �¦§;!"Yst½n¸é�Q^n(8R<Q$WalMart�����������4bo7$�p!st�4Â�

• PBwGrate Price�Grate Value{&©(d�j[

32

PBwGrate Price Grate Value{&©(d�j[•¡¢$ASDA�à yzÑÂ��(<A ¡ÃÑ�VÕ� 77%C <Q$WakMartB{!"#�VÕ713%w75%{��¢

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

3É{�¬ö=>û��3É{�¬ö=>û��§��½(Ñ$2000Jgh$���34'�!=>� 4^ 8;<

���3

w=>û{

•�m�$��+[;�894Ó<+R=><7!$�¾�Ѻ:É�R=><7!$ ¾ Ѻ:É�[;�(;<7$à Fß*Õ��wßäÀ{�]�É=!7<#�>�XYE�($Tö��f�|bCA¬!�no<0m�à 4AT

n�����

��@LSU��@LSU

33ê�Ô�à�K�¸12��3©yz

195

Page 70: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

sklmn�n��w2/3{sklmn�n��w2/3{:��F!�_LÑ$�����+6x�n��4¨©7$=>´��¸Ñ$��èST@

3©�� klmn�n����

•�GU�=>4��n!ô?�����A MTµô�TS�=>�T��¸4§;(p$@ñ+ <A�4'�![150M$4&©7$ô?�����4AB

å��æ

w´��¸{=>´à�K_¸�b0è�öô

å��æA MTµ(Ñï����4�}}ÓÍ@A$B'(./4ABA ï�=>(Ñ$=>Q=»opßÙ´e�¸w[Ö§�¸�{C;}(.DR<pE7o³Y�R�CßÙ´e�¸���G�­$ê©�F.!XÍ$ê©#XY=>!E7o³YC�ô�¾ G�R�SÊQAB�(8RY

MTµ

¾�G�R�SÊQAB�(8RYA à�J!MTµ!�ê7<]!F$5-CßÙ´e�¸���G�C�ô�¾�G4()7<Q$T�G¡�������'($MTµ�yx�78϶opE7o³p(YE�4]|b!j}+RE�QÓ¢ò�û=>(sªø$Zãb!ÑTö6¶J:Ó�!"#$E(pSÊÀ�QHI�(<

w�_L{

•�È�0å�¾�!"YM&N�¸a9Q`To"A UÁ§�è��*=Q �¦§;478RYMTµÑ'Ð!DCIÜ!J�Q�#$§�è�|YQK(<

pSÊÀ�QHI�(<

6x�n�� A ¡¢�78$£!Ñ20%@5L0Ã4v¢w�&� Ñ7%{A �p!$.9sª(Ñ$�.b0�VÕ(1Bg¢Ã Q�o <

34

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

sklmn�n��w3/3{sklmn�n��w3/3{'�(Ñ$=>bCâã��©wx!�no8=>´��¸�#h4èn¾KT@

3©�� klmn�n����

w��{

A '�(Ñ$C1\G+F�ÑCbG4¦á7$M��k!lm$è��+DFðX<7$E(pbð�Qq7p(Yò7o7$íï:N(0m4OP78R<Q³¯R¥³¹SÑ5-E(p @ Û

w3É{'�

w´��¸{=>´à�K_¸b0è öô

0m~�@!��|YêÛ8R+o <

A Q³¯R¥³¹Sd�|895Ñ��R<7$T#�XRb0Ñ�Á�R�4XYâãQ�YQ$Q5-$íï��0m4^R$T#�XRb0Q[g!¡(ü#TrXY�¬QUE <òE(p�¬!|78$=>xg!"#$'�ðê��bC��!�no<0m!./

- íïh¾4� VW 3X =ü =»opmnb Y4o +o <Q'�

�b0è�öô A 5-Ñíïh¾4�#$0mÑVW!3X7$=ü(=»opmnb!Y4o³+o <Q$'�(Ñ$¢0Ëp8C _Q+RG�78Ö©(p(+o <

A }<$Q³¯R¥³¹S!ÛY¶Ñï�"�!Z(Ñ+ñ$��Z��TL(ÛY¶QðR<7"#[�+�l\QS�C�$5-L���Qê8R<

(p | FT�-¨ "# ]m �(<b04È =»Q[Y ¢4¼ñY� �A E(p!|78FT�-¨!"#$]mA�(<b04È!$=»Q[Y(�¢4¼ñY�R�G¡h6!ì^m$�l\4./7��è�~�@!Ym8R <

35

196

Page 71: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

otu�ESotu ESEkb+�����LÁ��9���S�!lm$6x�n��Ñ$�9�c!"#��������4��ò=>´��¸Ñ$�c�!"#��èST@4AT

��¸ô�ö÷OP

��¸ô�yz • AIMwAccelerated International Management program{

•�9�]97Q.:78ú5A ��¸ô�`_LM$HI$��+D�`4AB

��¸ô yz{/ A :��ê4ÃRYT��a¦4mY20á25¶����4¡/

A ¡/!�< 8Ñ$CEOQ*ö!º�4ºï8bÃ

�����¶��9

• ILDPwInternational Leadership Development program{A :�Kml§�¸���¶�4�Á+�(Lc4m}o n�� 2N Lc4dmY

�9

•����������9A )*!é³Y �¦§;QR

A 1<+6x0��

�9 :�Kml§�¸���¶�4�Á+�(Lc4m}o$n��$2N$Lc4dmY

w�_L{6x�n��

1<+6x0��

A K�\¿�±Tl���n¸�SL�en?#@A� 5�

•'�����������å�¾�A Òe������st�94IÜ

�J-¨ F�ç%& [ st=4 :1½

:�w´��¸{

=> ¸

A �J-¨F�ç%&[2/3st=4.:1½

•ö÷�9SA ö÷yz.94ú5òíîÑT%ôn$�l�Ñ��$'�ïÑKT�&!IÜ7$� XY=>´à�K_¸�è�öô+D8�h�4P/:� =>´à�K_¸

�è�öô

=>´à K_¸�è�öô+D8�h�4P/

•*ö=>�xgfgA è�öô¡"��ST���!�R8F�93TM!8D;$.9Ñ=>(s3}T

36

w3É{�hT�´S

• Retail LinkA ij+@5�G¡tu4��ST\�� 57$b�+G¡ûgij�@51½Q}T�+Y�6�n��

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

ê�ê�

• Wal-Mart IRQ�• Wal-Mart in Europe (HBS)• Wal-Mart Ventures in Mexico (HBS)• Asda (B) (HBS)• Taking Wal-Mart Global (Strategy + Business, HBS)g ( gy , )• Wal-Mart’s German Misadventure (ICFAI)• Wal-Mart: Managing Globalization (ICFAI)• Wal-Mart in China (ICFAI)• Wal-Mart Stores: “Every Day Low Prices” in China (Asia Case Research Centre)Wal Mart Stores: Every Day Low Prices in China (Asia Case Research Centre)• Wal-Mart’s Strategies in China (ICFAI)• Wal-Mart’s Supply Chain Management Practices (A) (ICFAI)• Wal-Mart’s Supply Chain Management Practices (B) (ICFAI)•�à�K�¸%&yz4çYwChain Store Age)�à�K ¸%&yz4çYwChain Store Age)•�à�K�¸����l�yz[�©Ñ�Ñ#C'�G!? (Chain Store Age)•�à�K�¸�]LÁyz!?XY.É«wklm.n$b}�o{•�¡U�3V�¬!"Y)*yzwóp/q�¸rtn$0ºs}[��{•�¡U��]� w�]t��u]v 'wLMJ{•�¡U��]� w�]t��u]v$'wLMJ{•�à�K�¸12��3©yzwklm.n�[x?�$yzÉ{ê|{

37

197

Page 72: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

� McDonald’s� Yum! Brands� Yum! Brands� Wal-Mart� ZARA� ZARA� IKEA� Ritz-Carlton Hotels� Shangri-La Hotels� Vodafone� AIG� L’Oreal

38

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

ZARA��ZARA��}�xQq7p(Y2T´æ_���04ð0è�gbv(�Ø���o+Qp�à (567w~ Fast Fashion {$9:4γY

Uc bv G¡4� 9V7 }�xQS�+ T � ¸ M!� <04ðè�gbv �Ø

HI

� 1975J!n�T�!8HI�(<$%&Z[Ã�x��x�²6���0Ê�¡US�M• n�T���0b�K�������3QHIòZaraÑ$�¶QIX7<T��e�Ln�������!�Y8US�M'(Z[US�Mw����¡¢�66%4v¢{

klmn��

� Uc�bváG¡4� 9V7$}�xQS�+2T´æ_���¸��M!� <04ðè�gbv(�Ø���o£Ã(56wFast Fashion{

• JÐ30DSKUb0QÊ�(Y(1)Q�gbv(�Y<7$C}�Ã,GQ�}#$=>Ñ��!Û=

• Uc$bvop=>(;<}(2á4�Ðô�M¾T�(AB�� • -�½�L�����$:ö÷¸��M4��7+Qp$�J(200¶�8TN�Q.:�8T�

• ´æ_���x�R�Ñ�J.ñ(Ê����_L+�Ñ�½n¸�w'�$T�M+D{(bv• �J./!�Y�0å�¾�4ºï8$¸S_L��­���!"#$ç%&=>!24á72£Ð( �

ÆÇ

� 00J�ghC³4ç8F$¡¢$dË�F!�R9:x4ÒÓ• ¡¢ÔßÖßØM�wÙÚJÊ{$¡¢ÛÜÝÞwßàààáÕÙÙÚ{ÔÕ×â• ãdËÔß�ØM�wÙÚJÊ{$ãdËÛÜÝÞwßàààáÕÙÙÚ{ÔÕàâãdË ØM�w JÊ{$ãdË w {

� %&72è��ö÷![1,500=>4� � 1980J�øop)*� 4 ¾ò90J�Ñíî�²ï'�$2000JÈ�"#$�ï$�l�$'õ!F�êw2008Jø£ú{

� ö÷

w2008Jø£ú{• íîÔ36o�w�$�$�¸3�$`�{• �l�Ô8o�w��$'�$T�Mm��$´eô¥�$��$K����$��3��$¾T{• ïîÔ16o��ö÷w§��½$ï$USl�$èN±�{

39

ïîÔ16o� ö÷w§��½$ï$USl�$èN±�{• 'õ��´ôèÔ12è�w��l�Sk�$TnS��$�Ü�$L��¸$ �_½�{

(1) 1JÐ!b0��(Y�8T�Ñ1Dè�(�YQ$1è�!�;$5~6�$5~7�T@QÊ�(Y<7

198

Page 73: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

¡¢�Á�dË��wT��e�Ln�����{¡¢ Á�dË��wT��e�Ln �� �{2000Jgh$¡¢$dË�F!�Rf�(9:4γY

90J� 00J�

Õ×â

w��ßÙØM�{ ¡¢�J� 9:Ã

¡¢�

ãdË!"!

#$%&'

"(¯$%&&'

40Source:Bloomberg

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

)*� ���E÷+,)*� ���E÷+,80J�!íî�� 7$90J�!ï�$�l�$00J�!©#$12�}(´_¸�ô�¸4j[

á80J 90J� 00J�80J 90J� 00J�

12��

'�w2006á{��(2008á{

´eô¥�$¾T$T�Mm��(2005á{ �_½(2004á{

w00J�{

T¾ô�w2001á{

��3��w2002á{

K����w2003á{���w2003á{

�_½(2004á{

ö÷�

w-��{íî��l��

w90J�{ ��w1998á{

`�èN±w1999á{T¾ô�w2001á{

��$UAE$L��¸w1998á{

��l�Sk�$USl�w1999á{

íî�êwá80J�{ ï�w1989á{

´S�nw1990á{

§��½w1992á{TnS��w1997á{

Uterque (�Lå�ô�$2008JHI{Zara Home (zé$2003JHI{

n�T��üw1975á{�¸3�w1988á{

��E÷wT��e�Ln�����üU M

Massimo Duttiw����èl��� 1991J�G{Bershkaw\��´æ_���$1998JHI{

Stradivariusw�J�x$1999J�G{Oyshow�x���$2001JHI{

Zara Home (zé$2003JHI{

41

US�M{Pull and Bearw\��èl���$1991JHI{

Massimo Duttiw����èl���$1991J�G{

ZARAw1975JHI{

199

Page 74: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

ZARA)*� )6}�7ZARA)*� )6}�7��¸ô�Ñ�J-¨(�²ç47<¢(._!7o³Yòklmn�n��Ñ$�����+� 9V ��4�9-¨(�Øb0��

CD-E CDüF

�9

CD-E

•�9�7\��Q���(KL��&L��`•9.bÃ8�op��¸ô�h¾4P/

CDüF

_ �¸ô •'�ö!1=>C³��¸ô�7$����V�64�7@A+QpÏö÷�j[}To4Ó�wgo slow strategy{

•:���!�no<�d����+��BI.�4γY

Go slow Strategy_��¸ô�

�8T��9

wö÷{

•½�L���0^���sª4F�!�JQb0Uc•�gC³&©7$�n¸K�d�e��•ö÷op�8T��Æ�Ï~�@4�7�lUc

bv��0�9B�

sklmn�n��

•2T´æ_���Ñ������_L´æ_���Ñ�½n¸�!8bv

•�JF.S�½~¿�0å�¾��%&'op.Ê�78%&:ö�1�á3�(ü�

� 9V ��(�Øb0��

MD�K�d�e��

�9

wö÷{

%&:ö�1� 3�(ü�•&©b0��no8�9Q$�T��¸��¢�;<4P/•�9Ñ$:�n¸��Km�l¿��*ötu4 57+Qp$Zãb+üF4P/

otu�ES

•US�MKm�l¿�Q�����!8�b+ch4�Ó•<7$è�¸ô�Km�l¿�Qô����+#$:�n¸�Km�l¿����;$Uc�Á���{7+QpS�+

�9-¨

42

F4�ö7X�

gh$_$s$o4�k��

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

_��¸ô�w1/2{_��¸ô w1/2{}"$�9Q���(3©5��a¬4OP

OP�� CDüF

� �Jwö\��Q$}"Ñ���($KL�$&L��ºop�'b!OP

• KL�ºÑ$|Í�KL�LMD�$��9:x��ÏÈ5�~�Ð� Ç�

OP�� CDüF

��¸ô�|Í�¡"

� �ÏÈ5�~Ñ$?�$6¶�$�  Ç�$=>¡¢���(g*RS�Ð

• &L�ºÑ$ZARA2Tå�n+´æ_���!|XY~�@[;��\¿m�OP� ZARA2Tå�n+´æ_���!|XY~�@�Ð

k

� �Vtu�Ðw��ÝÞ�`��F!$��¬9s�qr�£�`{� ��0G¡\¿m�tu�ê=!]XYj�d�l���Ð

� |Í�è�¸ô�ônL$��x$klmnônL!"#$3���¸ô�h¾op¡"• 3�h¾op|Í���¸ô�h¾4¡"

� h¾Ñ$_C �&QG$sCVWG$oC´S�\¿T@G• h¾Ñ [;ñ3�bÃ8�!"#Ó�

��¸ô�a¬¡"

h¾Ñ$[;ñ3�bÃ8�!"#Ó�� bÃ8�Ñ$è�¸ô�ônLwHItu+D{$��xwR��9:x{$klmnônLw~�@5�$�Vtu+D{

� _C �&QGh¾Ñ$R"(8�F�R�V!;�sCVW h¾ 3Vb bÃ8� r Q £ú ��!�x4

¡"� sCVWGh¾Ñ$3Vb!bÃ8�Ñr<78RYQ$��¸ô�£ú(��!�x4R³Yo¤�¢+�V!;�wex..¤=Qj�d����!�(+R�öUÂR�VQRY+D{wex.��$MTµ+D{

@

43

� oC´S�\¿T@Gh¾Ñ$��R�Q��R�ê�b+¥ÔQ[;R�HZ¦�!"#RSQ+�7�XR$+D�V!;�wex.'õ��$���n$��MS$�TnS�M+D{

200

Page 75: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

_��¸ô�w2/2{_��¸ô w2/2{3©!]78Ñ$'�ö!.=>C³3©7�n¸K�d�e��òÏö÷�� }Tx4v <¢($._!� �êw=Go slow Strategy{

OP�� CDüF

� '�ö!1=>C³Qm8$7�pñ�²ç4XYwGo slow strategy{• �m�$ï�(Ñ89J!K�2_¾�!�ê7$03Jop� �ê

:�ö÷

OP�� CDüF

� �²ç¼Ð!$���=>�8T�!|XYjA�à !?XY2N4�7@Î

w§��½��{

• §��½(Ñ$Go slow strategy4ºï8$íî�¾�ò_¸|Q[;ñÔ+YE�QÓ¢7$� 3©!�<#$US��e��h64+�� 3©!�<#$US��e��h64+�

� n�T�(Ñ$8B�yQ�fb!ZARAb0!)Q�ñ� 7o7$§��½Ñ$� �f|Q�R<7$.9¢0|!7o)Q�o+o <� Ú 8$ZARAÑCmade in EuropeG4Âñ�Íê7$�æ�YUS�MT§�lQR!§7<

�n¸K�d�e��

§7<

� |Í�Ïö÷�� }Tx4ÉÊ7$Zãb!� ��¸ô�4^�oD�o4Ó�

• Ï'�ö$��ö÷K�d�e��4�£!^R$Zãb!|Í��� ��¸ô�XYoD�oÓ�4^�

� ��¸ô�

44

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

sklmn�n��w�8T�{sklmn�n��w�8T�{�9-¨($��n�+Yb04P7$�n¸K�d�e��ò��$:�´e�M�_L4Ö³¦#+Qp$���(èn¾KT@$�lUc4AB

OP-E CDüF ô�M¾T�

� �9¦�\���b0Km�l¿�Q½�L���4�Ð

• �ô½��&S?½�(Eà!+ <��¸L\���0^4¨mY� �9¦�\���b0Km�l¿�Q:�´æ_���4 �¦�

�9

��@�È

� ©ªÜ

OP-E CDüF ô M¾T�

� �9¦�\���b0Km�l¿�Q:�´æ_���4 �¦�

� ��n�+Y��@�&©�b0Uc��8T�4AB

• b0Km�l¿�Q$8�&©b04Uc7$�8TN�Q�8T�

w8�&©b0{

� }"Ñ 94u^&©7 �n¸K d�e���9 N/A��@�'w�n¸&©{

� }"Ñ$.94u^&©7$�n¸K�d�e��

• i/Êg�Íû«¬ÌÊ4u^&©78�²ç• :�op6­4Ö³$�V!" 8Ñð��8T�4+�• :����T@F�Ð7<¢($� &©wbv{�©Y

�9 � N/A

� :�n¸��Km�l¿���9è�¸ô�Km�l¿�Q�2�[®4�#$¡^;�b0./O4�Ð

� è�¸ô�Km�l¿�Ñ :���4b0Km�l¿��ëmY�

�9

:�

� b0Ucw1á2�{

� �8T�� è�¸ô Km l¿ Ñ$:���4b0Km l¿ �ëmY�b0Km�l¿�Ñ$��4�ö7�lb04Uc

• �û�op��4�ö7�¯°$Õ±bl]mS�+~�@�Ï�(F}Tx�#��+~�@4'�!b0Uc

w�ô µnè ¸��{

��@�'wb0Uc�

� �8T�w3�{

w�ô�µnè�¸��{

• õ³n¸�Km�l¿�Q$õ³(Ñ�ô�µnè�¸Q¡(8RY!10F+R�è�¸ô�Km�l¿��6­7$Uc4P/

• 2�Ð(&©7$��íî�F&©7[�_¸4²³

wb0Uc��8T�{

45

� è�¸ô�Km�l¿�Q:�0^����8T�!|XY�q4�8T�\���ëm

• 200¶�8TN�Q1�� 60ú�8T�4AB

201

Page 76: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

sklmn�n��wbv��0{sklmn�n��wbv �0{���b0Ucn¥�M4�}}!bv$�04^�

CDüFOP-E ô�M¾T�

� ��w´!"#$�Jbv��½n¸�>��W×4ì#�³�JB�

CDüF

� 1�Ðá3�Ðw ��@5¤0�VÑ

OP-E ô M¾T

2T´æ_���

•öU�J>�(bvw[40%{A �g4�n¸K�d(&©XY<7$�gW×}T( �!ST�4I7p(Y�J>�wS½�~¿{�W×

3�ÐÌÊ{

bv bvøúì#�³µú

•�½n¸�Z[>�(bvw[60%{���_L´æ_���

�½n¸�Z[>�(bvw[60%{A ���_L+�8T�b0Ñ$½n¸÷µ<7'�$��$T�M+DZ[>�(bv

�J � S½�~¿�0å�¾��.Ê�[7$�Eopç%&��2�ü�• S½�~¿�JF.�0å�¾��>�w�J>��Z[>�{

� 1á3�wíî24H

�0

S½� ¿�JF.�0å�¾ >�w�J>��Z[>�{op�[�(Y

• �[�(<¶�Ñ$%&=>44����!�³$ù·�¸·¹È�¹�$º·�»·¹È�¹�!�³8�2�ü�

� =>¼�£!Ñ �!;<êÛYt¬!+ 8RY

wíî24H$ï�48H$��72H{

46

� =>¼�£!Ñ$ �!;<êÛYt¬!+ 8RY

• 궣!Ñ$ç8:�,½QF³p($2�3�!�Y�(8RY

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

sklmn�n��wMD�K�d�e��{sklmn�n��wMD K d�e��{�9-¨(8�h�4P/7$:�n¸��Km�l¿��OP7+Qp$���w10�{(=>�T��¸4�1

CDüFOP-E ¾T&��

� �JQ8�b+�T��¸$;<4P/

• �Jü!=>Acn��nQ�#$;<$�¢$VMDwVisual Merchandising{ üÜwQ� ���{+D4 �J=>½��em�

�9

CDüF

� 10�!1Ê

OP-E ¾T&��

8�h�P/

Merchandising{$üÜwQ�$���{+D4$�J=>½ �em¾�QP/

• =>½��em�¾�Ñ$b0Km�l¿��'![V4�#+Qp$&©b0!" 8$=>�T��¸��¢$;<h64D�+�XYo4OPOP

�9 � �J�¾F�$&©!b0�no8+�

• &©b0!�no8$;<$�¢+D4+�• :=>!�l¾�è§SQ¦#F³p(8é#$�J=>½��em�:�

� 10�!1Ê

:=>!�l¾�è§SQ¦#F³p(8é#$�J=>½ �em¾��b0Km�l¿�Q�(4F�!+�4�¾

� Zãb!Ñ$:��=>w´FÉÊ78P/

• :=>op�2�=>&��e��(ßàúQ5U�($è�¸ô�Km l¿ Q¯°Y

:�(èn¾KT@ m�l¿�Q¯°Y

• :=>+�!Ñ$�(püF4=>½��em�¾��{�7+Qp$Zãb!P/

è ¾ T

47

202

Page 77: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

otu�ESotu ES8�b!Ñ�JUS�M$�9Q-¨ò<7$:=>Km�l¿�YÑ$ô���(�Yè�¸ô�Km�l¿�!"#¿¢Yp($À£$Uc�Á��X��(Y

US�M

•US�MKm�l¿�QZãb+b0P/LÁÂ4ÓÍ$Uc$MD$�ST���$st$�04P/

��en §�@ �_@T���$st$�04P/

�9

•è�¸ô�Km�l¿�Ñ$�Á:�n¸�Km�l¿��[®

� ¡¢tu$b0�=>�T��¸¢Ãà4Äê7$Uc$Á��ët

n�T�

Ucw�ÅîMÇíÆîÆ{

Á� è�¸ô�

• MD$�ST�

•:�$�ô�=>ú5�9

•¦Ç]ºÀÈ�<7$�.´��(?�

•b0�8T�ú5

���$st$�0ú5

=>ú5

�.´��(À£�6 57+Qp�7Y

•n¸�Km�l¿�Ñ$�9è�¸ô�Km�l¿�4ºï8 b0Uc

��

=>

ô Km l¿ 4ºï8$b0Uc�=>�T��¸+���4À£ÉÊ}T

ËÌLÍP §�@ ÎÏPL ËÌLÍP §�@ ÎÏPL

Ðl ÑÒ

:�

48

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

ê�ê�

• ZARA IRQ�• ZARA IRQ�• ZARA Fast FashionwHBS{• ZARA Expansion BlueswICFA{• ZARA Is it moving too fast?wICFA{•�����&!é³Y��������n��w��LÁ>}K{• SPAklmn�n��Ó1ÔwLÁ��{• ZARA �����SCMwLGI-BIZ{

A T Kearne E perts Inter ie• A.T.Kearney Experts Interview

49

203

Page 78: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

� McDonald’s� Yum! Brands� Yum! Brands� Wal-Mart� ZARA� ZARA� IKEA� Ritz-Carlton Hotels� Shangri-La Hotels� Vodafone� AIG� L’Oreal

50

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

IKEA��IKEA��C´æ_���xGBC,*¦G4�X�o<b04�����+'Ð|!5679:78;<

� C´æ_���xG�C,*¦G4�X�o<b04$�����+'Ð|�56

HI� 1943J$n�]���(HI�(<$%&Z[zéÊ�G¡KJ

• T��Õæ�M�è��S_MQ¾7<$M$��$èÖ�4����=QU0

kl

� C´æ_���xG�C,*¦G4�X�o<b04$�� ��+'Ð|�56

• ç=>(�n(Yb0×D4���XYE�!" 8$�0L�4é�A 1JÐ!=>!8�n(Yçb09,500¬���Í$=>ö÷wx!Yï8èn¾KT@�(<b0Ñ$

100SKUw1â{ÌÊö÷�yFEbw´��ÝÞ¥Ô!|78Ñ g �èè�öô ! ; �û�T@04klmn

��

A ö÷�yFEbw´��ÝÞ¥Ô!|78Ñ$ g$�èè�öô�!�;$�û�T@04�¦XYE�!" 8|Yw<7$.9��è�Ø�FUc{

� ¾�ò_¸Ã 48��7<b0Uc$����������$�����(ZÅbv�ÏR@A!lm$C´S_¸��_d�l��G�Cå�´tX8G!"#$�à 4AT

� 90J��Éop$¡¢$dË�F!�R9:x4ÒÓ

• b0Ѿ�ò_¸Ã 48�!�8T��Iv7$��Ñ����������$• 90t¬(ÀÙXYC´S_¸Ú�_d�l��G$tX½n¸4��!XYE�!"#½n¸é�

ÆÇ

J��É p$¡ $dË F � 9:x4ÒÓ

• ¡¢ÔÕàßØM�wÙÚJÊ{$• ¡¢ÛÜÝÞåßààÚáÕÙÙà{Ôßäâ

� ç%&37� ö÷(303=>4ÀÁw2009J11ùT@{

� ö÷

� ç%&37��ö÷(303=>4ÀÁw2009J11ùT@{� 1960J�}(nè�lNk�ÉÛü(� ò1973J"#nè�lNk�ÉÛ*íî$1974J"#�l�$1976J"#²ï$1983J"#'õ!�

• nè�lNk�ÉÛÔ?��]�$��K�L$´e�S�M �²ïÔèN±$ï�

51

• íîÔnTn$`$�$�$�$���� �'õÔ��l�Sk�$�Ü�$TnS���

• �l�Ô��$��$��3��$K����$'��

204

Page 79: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

¡¢�Á�dË��¡¢ Á�dË�� .10JÐÑ$¡¢Ñ�9:4ÒÓ

90J� 00J�90J� 00J�

w��ßÙØM�{ß×â

FY1999á2009¡¢�J� 9:Ã

w��ßÙØM�{

¡¢�!##$%&'

(2)

N.A.

52

(1)½¾�� IKEAÑ$.93¡¢�4ê;$ãdË4^7Xñ8ÆÇ��¾4��Ü�78RY(2)ÔIKEAKvJÊÑ$9ù1�opÝJ8ù31�}(ê�ÔIKEAG����l$ATK�`ê�ÔIKEAG����l$ATK�`

(2)

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

)*� +,w-��{)*� +,w-��{70J�!íî$�l�u����ê7$80J�!ï�$90J��ÉghÑ$'�$���+D12��3©

80J� 90J� 00J�70J�60J� 80J� 90J� 00J�70J�á60J�

TnS��w2001á{

'�w1998á{���w2000á{

K� ��w1996 {

12��� w90J��Éá{

UAEw1991á{T¾ô�w1989á{

´e�S�Mw1996á{K����w1996á{

ï�$Ïu��

��l�Sk�w1983~{

��w1987á{T¾ô�w1989á{

ï�w1985~{

ü#�� w80J�á{

íî��l�u���

´S�nw1981á{

��(1975 )

��3��w1978á{èN±w1976~{

u��� w70J�á{

nTnw1973á{`w1974~{

� Lw {

��(1975~)��w1974~1986$2006á{

53

?��]�w1963~{��K�Lw1969á{

205

Page 80: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

IKEA)*� )6}�7IKEA)*� )6}�7��¸ô��klmn�n��¢0Ñ�9-¨ò=�MD�K�d�e��Ñö÷-¨

CD-E CDüF

�9

CD-E

•�9¾nLG�n\��w”Missionaries”{Q$HI$JK$LMºônL4NO7$3©4P/

Þ�ß�781=>3©7 Tö��� � �4QR �� �9-¨(

CDüF

_ �¸ô •Þ�ß�781=>3©7$Tö�������4QRò��D�4ç+QpXÍ¢Q#2àQX <-�($²KJ��Ç4§;(p$\��ÑáY

�9-¨(X¢Y�Tö�

_��¸ô�

�8T��9

w:�{

•8�b!Ñ�9-¨(P/•<7$./��R�Q�Yb0Ñ$:���!Ym8b0UcXYE�F�Y

�������

bv��0�9

sklmn�n��

•�������9Q$%&'5�+��ST\�opâãº$ÆǺ����ôl]�n!"#¡/

� ��6x�n��

MD�K�d�e��

:� •�������4��n!:Á��wx!�no8:�²KJQ'�!èn¾KT@ ��èST@

7<=>´��¸

tu�ES

•b0Ucábv1½}(Ñ$ g�9'�•:�6¶Ñ$|Í��!�no8MD�K�d�e��4>�XYchÑ�#

¢0Ñ�9-¨��0Ñö÷-¨

54

>�XYch�#

gh$_$s4�k��

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

_��¸ô�_��¸ô�9¾nLG�n\��Q0�4+p7$²KJ�§(p

CD�� CDüF

� �9¾nLG�n\��w”Missionaries”{Q$KL�$&L��ºop�'b!OP• �9¾nLG�n\��Q$|Í���`K��F!$HI$JKD�$LMº+Dopð­b!ônL�`4AB

�9

CD�� CDüF

�¸ô pð­b!ônL�`4AB

� 3©È!|Íö÷!8��ST\�4ç�³Y

• ��ST\�opTö�64st7$:èônL�`4^�

��¸ô�|Í�¡"

�9

�n¸

� ²KJ4IX7$X¢Y¼Ñ$�J¾nLG�n\��Q©Y

• �J¾nLG�n\��Q$²KJ4IX7$1=>2ê=4vcXYZ-!1=> ; d� ���6�7@A���� � �?#@A4^��n¸

K�d�e��� Z-!1=> ;$K�d�e���6�7@A��������?#@A4^�

• �J¾nLG�n\��Q'��+#$ê=��$=>�T��¸$�0$n¾_´¸��~��$K�d�e��4^�

²KJIX

� klmn$�������2àQ< <-�(²KJ�§;(p$¾nLG�n\��ÑÑ�

• klmn2à��������IvQêÛ<-�($¾nLG�n\��.9Q²K

:�

�§(p J�»�78ü#$\��ÑÑ�

• ü#\��§���Ñ$(j[��l]L¸��D

55

206

Page 81: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

sklmn�n��w�8T�{sklmn�n��w�8T�{b0&©P/�$u!¾�ò_¸Ã 4P7$�8T�$Ø�P/4^�

b0&©P/� �9(Cb0yzK{G!8P/

• Cglobe-trotting councilGQ'��+#%&'¸��M4¨m$b0ST�N_�4P/

¾�ò_¸Ã I/

� :���])30á50%ÌÊ£Rà 4±/XY• ��014Ó���É=ÌÊ4¾�ò_¸Ã �XY

� �9-¨($3�äúop�8T�4P/• �9-¨!"#$3�äúop�8T�BØ�4P/

�8T��9-¨!"#$3 äúop�8T� Ø�4P/

• 3�äúÑ$Cç<2G$CrR�X�G$C½n¸G� w!½n¸Ñ$9�¡ö�stà �bv��¡/��F!P/

�8T�

� ¾�ò_¸½n¸�n�_L$Ø�opbv��4P/

• �9ú597Q$ÏR@å(RY�û��ST\�w�¼{!|78Y4o³$ZFæ�b+5O4¡/7P/

� 1,800bv��Q50è�g¢!�@

bv��P/

�0

, v�� è�g �@

� ´S_¸��_d�l��!"#$�0�4ç�

• tX84^n"$90t¬(Ù�XYE�(�0�4é�

56

�0

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

sklmn�n��wbv �0{sklmn�n��wbv$�0{bvÑ$�����st\��Qi7due diligence4ºï8¦§u4���ò�p!*9�7z4èR$¦§ubvx�¢4�¨

� �����st97Q$%&R�(bv��4�����7$i7Cdue diligenceG4^�E�($¦§`_u4���78éñw1,800bv��Q50è�g¢!�@{

• ÆǺ$�������º+Dop¦§u�78]Y7Ro4i7�Е �������º(Ñ$�����st9QTö×ß78�Ð7$C4+4���GËÌ}To4�Ð

� bv ¾4�ÐÈ­2($�qXY¤0i/¼�!|78Z[4�Ф0�"(Î��ST\�1

bv

bv ¾4�ÐÈ­2($�qXY¤0i/¼�!|78Z[4�Ф0�"(ÎÏ4Ì(Yo�R�8�

• Z[>�� bv��½����e��4èR$¦§uÂÃ4./

bv��4�7�XY*9 � �4è ¦§u� !© YU� bvx

• bv��4�7�XY*9½����e��4èR$¦§u���!© 8RYU�bvx�¢4�¨

� :=>Ñ3�Ðu}(G¡ij4vc7$Retail Forecast GroupwRFG{Q}�7$bv�¾X�

bv1½

�X�

• RFGÑ���$w�V!" 8{ö÷��(IÜ� KL�é�ijÑ$84�Ðu}(AB

• IKEAb0� ST´�TL�Ñ84�Ð($�u}(é�ij4F�!$��ST\�

�0

� :�!ü�å�¾�4IÜ!$������0�4QR

16:�!27ö÷ü�å�¾ 4IÜ

b0 � ST �TL �Ð $� u} é�ij4F $� ST\êD��+D4OP

57

�0 16:�!27ö÷ü�å�¾�4IÜ

207

Page 82: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

sklmn�n��wMD K�d�e��{sklmn�n��wMD$K d�e��{�������4��n!$:�²KJQ$��wx!�no8`�!MD�;<$=>�T��¸4P/

8�b+=>�T��¸

� ��������78$�à 4ATXY<7!$tX84�©�Q^�n¾T��4�#$�en��Tºm4�ñ¦Yn¾T�4;"

• Ê�$�0�é�<7$90}}G¡4ABw´S_¸��_d�l��{=>�T��¸ Ê�$�0�é�<7$90}}G¡4ABw´S_¸ _d l��{

• �[+=>!90t¬b04m¢Y$�en��TÑ�ñ� 8RY

� MD$=>�T��¸$;<Ñ$:�²KJQ-¨b!ABMD$=>�T��¸$;<Ñ$:�²KJQ-¨b!ABw��_Ô'�{

• '�²KJQ$�ë��4NO7$=>�T��¸w�������op{+�4�¾w'����¸w´{

� Q

:�!�no<

� ��½~�4Ó 8RYFQðR� }<$ôk�����$±T~�����!é»4o³Y��Q�#$�_\�ÑìR

w=�T��¸$;<>�{

� " 8 =�T��¸!F��½~�4IÜ7 ��½~�?[04�en��T:�!�no<>�

" 8$=�T��¸!F��½~ 4IÜ7$��½~ ?[04�en��T

� ôk�����$±T~�����?[b0;<4ðñ7$�_\�?[Ñâ�w��sÔï�{

• ï�3©£$ï��ë��Ñíî"#F�RzQðñ$"#�Rn��n(�¾S��R�E�QÓ � � ��� Ô+Y=> � 4� Ó¢7$��������ÑÔ+Y=>�T��¸4�

� 98J$�èö!í­a37,000î§3n¸�4 Iwíî� ºm2ï{7$10,000g¢�T��4m<

� �p!$03J!Ñ$�����n!$30,000î=>4 I7$9,000�T��4m<

58

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

ê�ê�

• IKEA IRQ�• IKEA Invades AmericawHBS{• IKEA’s innovation Human Resources Management Practice and Work CulturewICFA{• IKEA Cost Efficient Supply ChainwICMR{• IKEA’s Globalization strategies and its foray into chinawICFA{g y• IKEA Managing global expansionwICFA{• IKEA Global Marketing StrategywICMR{

59

208

Page 83: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

� McDonald’s� Yum! Brands� Yum! Brands� Wal-Mart� ZARA� ZARA� IKEA� Ritz-Carlton Hotels� Shangri-La Hotels� Vodafone� AIG� L’Oreal

60

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

Ritz-Carlton Hotels��Ritz-Carlton Hotels��Cö��M�n¾�±�MG!8Dñ=>.¶.¶~�@!g7<��kn4ðñ|!56XYE�!"#�Rò­Ã9:4ÒÓ78;<

HI

� 1898J!�ô( �7<ô_µ�G��4U0�XY�����+S�l��ô��G���\]��• ßàÚÚJ$ô_µ�G��kó4(�ô_µ�è��¸���n¸��5�Q$ô_µ^è��¸�ç%&(<=r�c4ef7$� b+�]� 4 ¾

ßààÚJ"# ô� ¸ �� ���

� Cö��M�n¾�±�MG�>�(Y^D ½R/�»¼7<��$:n¾_´xg!"Y*Á=>!�no<ô`Y++|Y!"#%&Z�01��kn4AT7$%&'ðñ|op�RbÃ4ef

• ßààÚJ"#$Kô�_¸�������

klmn��

• ��knõ}4âf7$�¦xgQÐ7p(<Ú�»Q$=>.¶.¶~�@!g7$o�¼ög¢¦D4�mY��kn456

� ���L�eU�LSn4¾�ò_¸�7<.�9�� !lm$4í��l�ô��¸ö�F�ê• ô��¸ö(Ñ$.Kop÷;�(8R��FÅÊ!�Lån¶R��!�

ÆÇ

� ¡¢ÑËá10JÐ$dËÑ .5JÐ$�F!�9:4ÒÓ¡¢ 17ØM� ¡¢CAGR(1999 2008) 13%

ô� ¸ö(Ñ$.Kop÷;�(8R��FÅÊ!�Lån¶R��!�

• .�9(Ñ$klmn'��­��op�LånQ¶R.�ö! �

ÆÇ • ¡¢Ô17ØM�$¡¢CAGR(1999á2008)Ô13%• dËÔ7,800DM�$dËCAGR(2004á2008{Ô22%

� %&Õ×��ö÷!�ê

� ö÷

%& ×��ö÷!�ê

w09J11ùT@�ê�{• ïî�è��ö÷Ô§��½$\ô$l¿KTè�• íî�è�Ôn�T�$��$MTµ$�T�S�M$�¸3�$¸�½$����l��è� ö÷ '� T�Mm�� �� �� �� K� �� ��3 �

61

• �l��è��ö÷Ô'�$T�Mm��$��$��$��$K����$��3��• 'õäè�Ô�Ü�$è¾��$�l�¸$�����

209

Page 84: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

¡¢�Á�dË��(1)¡¢�Á�dË��(1)

¡¢ÑËá10JÐ$�R9:Ã4ÒÓòdËF .5JÐÑ[;ñ9:

90J� 00J�90J� 00J�w��

ßÙÙDM�{

ßßâ

¡¢�J� 9:Ã

w��ßÙÙDM�{

¡¢�

dË!"(!

#$%&'

(¯$%&'

62

(1)Marriott International Inc.Luxury Segment¡¢(Segment Revenues)�dË(Segment Results)4r�òE'!Ñ$Ritz-CarltonG��C³(+ñ$BulgariG��2øw2004J �&S?�2006J ��ô{¡¢�dËF^}(Y

ê�ÔOsiris

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

)*� ���E÷+,)*� ���E÷+,90J�}(Ñ$4í��l�4'�!� ò2000J*"#$'õ$�´ôè+D�F�ê

90J� 00J�90J� 00J�

���wÕÙÙ� {

�¸3�(2008á)¾Tw2009á{

'õ��´ôè��� w00J�{á

�T�S�Mw2007á{�l�¸w2003á{

\ôw æ

�����wÕÙÙÖáæ

���wÕÙÙ�á{

w00J�{á

MTµw2000á{¸�½wÕÙÙßá{

\ôwÕÙÙÖáæ

è¾��w2001á{

l¿KTèw2000á{

'�w1998áæ�Ü�w1998áæ

��3 �w1997á{�l�� w90J��É{

��w1997áæT�Mm��w1996áæ

K����w1997áæ��3��w1997á{w90J��É{

1995JKô�_¸�����QLÁ!3c

ù�ùÆúûPÌÍüì+�

w90J�ÈÉ{ n�T�w1994á{

��w1995á{§��½w1995á{

��w1995á{�QLÁ!3cw1998J�G{

63

w90J�ÈÉ{

ï�w1927áwô_µ^è��¸���n¸�{{��w1993á{n�T�w1994á{

210

Page 85: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

Ritz-Carlton)*� )6}�7Ritz-Carlton)*� )6}�7BIÑXöwx!�no<½�å�¸!"#�äop0}(9.ò��knÑ$Cö��M�n¾�±�MG�R�^D ½4»¼b!��7$�¢(./xg4�mYE�($tu!Yï<Z���kn4AT

• ô��¸�.�!�³8Xö8�4I/7$BIÑCSceneographyG�R�Émh!8D;$Xö��K!� 8��èST@XY

A ô��¸öÑ.Kop;(8R��F�LånQ¶RE�$.�9(Ñ-�n_¸$����LånQ¶R.�ö(�YE�4÷µ78¡"

Töwx!�no<½�å�¸!8D;Iv_G��BI n_¸$����LånQ¶R �ö(�YE�4÷µ78¡"

A BIÑXöwx!�no8��K4I/7$�(!Vno<a(�äopÚ�»S�}(9.XYwSceneography {

½�å�¸!8D;Iv_G��BI

• Cö��M�n¾�±�MG�R�^D ½4Ú�»!»¼7<¢($./xg4�mYE�($tu!Yï<Z�01��kn4AT

A ^D ½�ý!8Dñ�¦xgC�!"#$=>.¶.¶~�@!g7$o�¼ög¢¦D4�mY��kn456

^D ½»¼�./xgF�

•þ'!Iv�(<¸��~��B�������¢(Ø�³!"#$ö��M�n¾�±�M÷�x4ÐN�o$��knõ}4Ú�»!Òñ~��oY �p�Y`K4

s��kn

M n¾�± M÷�x4ÐN�o$� knõ}4Ú�»!Òñ~��oY

A ��$��h!éR8^D ½!?XYn��4�;$9üT��¸!éR8$ö��M^n¾�±�M»¼�¦N4�7Y

�p�Y`K4�R8^D ½4»¼~�

otu�ES

•G��ü:9�49:XYKm�l¿����}(ÑTö�•3Äü¶LSnÑ$%&:öô_µ^è��¸�!éR8Kml§�¸Lc4måC¶�4�������

A Km�l¿��LSn!ÑG��$�n¸S���>�êF�+DQ;�

ô_µê�4½Ñ7<¶�4������������

64

gh$_áo4�k��

Km l¿ LSn!ÑG��$�n¸S���>�êF�+DQ;�

A 3Äü¶LSnÑ$:�G��Ð4�������

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

_G��BI_G��BIG��´I!5< 8Ñ$ô��¸$.�9�(Í(8�(Xö4¡åC¢($ö÷!�no<½�å�¸4 W7$�äop0}(�½�å�¸!� <a(.�x4Ó 8�8T�XY

h� éE�

� ô��¸�G���.�9G���(Í((¡/8�4I/

� wô��¸�{ô_µ^è��¸��S�N�~ò��wï�èô´à�~�î{

:

h� éE�

• ô��¸Ô.Kop÷;�(8¶R�Q�77YQ$�º�¶R�ö

� ôS_Ln7<ÝÞ3Q- •.�9Ô-�n_¸$����LånQ¶R

• �:op;($ù�ó4ç��X�¢!XÍ$¶j+�4�77YXö

• Ïh$�����n����e�öopZ(ߣÐÉ$Z*�ü¯��opZ(ÖÙ�C;.�9Ô-�n_¸$�� �LånQ¶R

.�ö

� ð�+klmn=>�³!�D7�XRÝÞ3Q-

� w.�9�{ô_µ^è��¸�õ³w��º{

• �Q?!/�òkü�Ðl'Ð!�Ü• r���$9�����n( ¡• ��º¬ WvcÍ´• ��º¬ WvcÍ´

� ö÷wx!Vno<½�å�¸4 W7$�äop0}(.�x4Ó 8�8T�XYwS h {

� ô_µ^è��¸��2�´�����Twï�èô´à�~�î{

• ��KC��¢��¿T�G!ÚR$�öü:�!�QI³p(Y��F 9ð F��4IÜ

BI

wSceneography{• G���Yö÷wx!8D;��K4I/• ���K!7<Q 8$*ä�üÜop0�Ú�»S�}(4��èST@

QI³p(Y��F!9ð!F��4IÜ

� ô_µ^è��¸����´S��n½

• ��KC�À��ð�G!ÚR$�öü!wv�4b³$5öW�´à�\���L_��4üY

BI

� 3Äü¶xg!8Dñ��+BIÀ�

• G��4×(Y=>��!Yï$`�À�

� ô_µ^è��¸��M�2wè¾��{

• è¾����(�YTnS����!ÚR$�xÚ�»S�4� ê�+Ry!�Ü"!+�

� �¸K�^ô_µ^è��¸�¢)

65

4AB ¸ � ô_µ è �¸�¢)

• Ò#�]¯(¼�XY=>QðRE�op$LSUS��l4Õä£Ð $

211

Page 86: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

s��kns� knC^D ½{/wö��M�n¾�±�M{GBC»¼7<��GBC./xgF�G!"#$*Án¾_´Q���78$��tu!Yï<Z¶��kn4�pÉm56XYE�4AT78RY

½B��BxgF�!"Y

� :n¾_´Q����n(tu!Yï<��kn456� ö��Mn¾�±�M

½B��BxgF�!"YZ�01��knATØ�³ ��kn�

XYE�($=>.¶.¶*ö~�@!g7$o�¼ög¢¦D4�mY��kn4AT

%ñ&'(

• %�(&¶!���@4XY<7!$k�\\]�4

^D ½

• 4�/�op9#X�ô_µè��¸���kn g

A L�M

A _¸� %�(&¶!�� @4XY<7!$k \\]�4��7<�x>!|7$k�\\]�C³(+ñ$���¿���(îp(<k�\��U�FIÜXY��F!$�pS�op¾���M!�^m$è_��!�>

%ñ&)(

A ��knÖn�_�

A ��kn��ô��@

� ��B�������¢:èØ�³! %ñ&)(

• ô_µ^è��¸�['()>Q$õ³(*+4XY<7!1f¯!, <�E�$*+�Q�49ð!-(<E�!_F;$G��![®ò2�n����QQ�4Vm81f¯!,#@A õ³.(5/()

��

� ��B��� ���¢:èØ�³!"#ö��Mn¾�±�M»¼~�

• OJT/Off-JT!"Yn¾�±�M»¼•T�&��e���Ü0+Dº:�������!t@}(<Ø�³!"Yn¾�±� QQ�4Vm81f¯!,#@A$õ³.(5/()

>!Q�4)17<

%ñ&*(

• �Y�2Q¡3ÕÙ�J445XY<7!ô_µ^è��¸ � ¸ 4×(<Q LT �!z!op

���!t@}(<Ø�³!"Yn¾�±M»¼

� ç8n¾_´!|XY���¿�§�¸ ¸���n¸�4×(<Q$\]_LT� �!z!op�ë�Ï(67�~Q� <�[®4Ö³i89ëò_ÌÍXY�2!G��n¾_´Q�¿���$�Sn$L_���45):4�³<

�¦xgF�

� ç8n¾_´!|XY���¿�§�¸

•=>Ú��ßà4ÑPXY<7!$¢;ä)4fYE�+ñZ�2,000M�}(��4r�XYch

66

gh$ö��Mn¾�±�¸���!�R8�k��

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

ö��Mn¾�±�Mw1/2{ö �Mn¾�± Mw1/2{ö��Mn¾�±�MÑ4� ½op9#9 8RY

üF��

• ô_µ^è��¸���knõ}<=43o�!}�7<F

•�¬+,���g�-þ.züP�é�8/HI./0q±d12àF°E��8dF/Hd/�3q45d8867085�

•9I:- .zü#é�II5� ½�68:;±0<=à>I?@AFB#

üF��

L�M

o�!}�7<F •9I:-þ.zü#é�II5�þ½�68:;±0<=à>I?@AFB#.C±�8I:½ID# Ê�"�E¶�§Ì�ÍMdÙÚF°E��8dF.�F±5�

•�¬+,���g��.züG�Hà>�/�þ;>-þ¢IFJI�88:$àþJ:K7ILM¢ ;±0.züGNO#à>q8PQCR�}F/)S

•Ú�»�Qm4¾X g

àþJ:K7ILM¢ ;±0.züGNO#à>q8PQC }F/)S�±0.8I7��Ì�ÍM�é��

•TUVWF./0q±���I±I:/5ITUVW��� X^Y#·�Z[F�I��dd/# \]d·���F^7�ã�

_¸�

g � X^Y#·�Z[F�I��dd/#þ\]d·���F^7�ã�� X^Y#_`qa�b8Fd�yz#c±þ��I±d//TUVW��efÁghã>iL8���dj7þklGm5nq8lµ#-opF�q

•��kn8�43o� } F

•�II�8é�n�frsFe.züF.t¯�.uv��$wéGã5�

��kn3n�_�

�!}�7<F •.zü�R�}F)S�±.8I7±5�•¢ �(8.úx7Feà$wqn�frs-éF�D0e�Ö�:ã.zü�.t¯Fy7�$wéGã5�

67×Ôö��M�n¾�±�M!Ñ$¢²Ï!ô_µ^è��¸�>ÇÝÞ g43o�!}�7<CÚ�»�[¯GQ^}(Y

212

Page 87: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

ö��Mn¾�±�Mw2/2{ö �Mn¾�± Mw2/2{ö��Mn¾�±�MÑ4� ½op9#9 8RY

•éEb+��kn3TMST�412o�!

F

• yzP��z¬g{�g%|1}|3(� yz�PQ§R�}#~7�dd/#þ�R��qþ�8º#��þ"�E

q�HFÉ ² �F�½ " GÉ

üF��

��kn

}�7<F ¶�q�HFÉ7þײ����F�½e;�ID#��"��{�gGÉ7n>08�

• ��P��z¬g{�g%|4}|9(� �¬+,���g��ÔF��±þ�Ò�zÞR=>´¿#��±þ�¬+ � �g�����%zM= � Ê�Ì ÍM#��:à>IÊ

�ô��+,���g�����%zM=>��e Ê�Ì�ÍM#��:à>IÊ8�­(F6�d8w��FÁg��

� �7�LvþÌ�ÍM��sþ���ghþ��N�����¹#���#����

• ?�0Ï���¾¿��%|10}|12(• ?�0Ï���¾¿��%|10}|12(� ê:±q�þNO�8þab8#�Z±þ·���1�d��Þ�=>F��e����� q¡¢F�½

68×Ôö��M�n¾�±�M!Ñ$¢²Ï!ô_µ^è��¸�>ÇÝÞ g43o�!}�7<CÚ�»�[¯GQ^}(Y

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

��wGS*1»¼Ø�³{w1/2{��wGS »¼Ø�³{w1/2{OJT�Off JT4�no8]5£Ð��4&Q7$ö��Mn¾�±�M4»¼

� �ª1£¤#£í310¥í�¦§F¨©�ªª2«í�.� �= 1 ��- �¬#��q½ ­ �� M|�� �

GS»¼Ø�³ üF

• �ªª2«í�.���=�12��-þ�¬#��q½þ­���§M|����%GS)FOéd��»_®�#�80��L¯

• ;�ªþ��M��þITM��þ°L±#���¦§F¨©� �ª2£¤²³/´µ£í100¥í�¦§F¨©OJT

��

• ?ù$@ÑJ4�^n(Y¿�L��_��å&N�!3l• =>��XYn¾_´Ñ$GLOWwGuest Loyalty Opportunity Workshop)�LEAP (Listen,

Emphasize, Act, Produce)å&N�!3l7$Y|n���ßàÑPT�!�;}â� ¦§¶·-¸���¬+,���g�§����1¬·§��|�#06�± jß=�#

OJT

� ¦§¶·-¸���¬+,���g�§����1¬·§��|�#06�±þjß=�#8�Ô´¹·ASB¹±BC±h¹³´µ´µD±³µ¸±�¹D³µ´E³S´Bµ³¯±�CC·AS´F·µ·GGÁÂ�($G��ü(AB�(Y

� �ªæª�.���=�12��ªþg0�¶�GÈÖþ3¹í#�I7?º�áñ�á�FÄ��dd/# �0��~»��#�80/L¯FÄ��dd/#þ�0��~»��#�80/L¯

• yz��Q#h±0�¼��dN��½QF?~����• ¾ô~¿#g���#c~����

� ���ÀGSGÁÂà>þ^��ÃÄ#�Å

OffJT

�������¢(Ø�³

� %ÆÇ�Å(

69*1Ôö��M�n¾�±�M

213

Page 88: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

��wGS*1»¼Ø�³{ w2/2{��wGS »¼Ø�³{ w2/2{�no8$º:�Çw�������{¢(F$:!ö��Mn¾�±�M4¦NXY�4I³8RY

��� %¯Ç�Å(

GS»¼Ø�³ üF

��

� `Èfd#1«3É�1{gÊË¥#¾�>�15}20Ì�z�=>��• ­���,M|�����1ǤF=�;d±0þX^YÍUG\ê��HFÎϱI7ÐÑ� ZÒF��� *ST�

N_�

ÐÑ��8d�þ;�ZÒF���#*Ó• =�;-1¹íÌþÓ¹ÔÕ«#¸�_ª�nxn>�

%&(Ö¬g�#�80ð�É�-þ�×TUVWØd-dw8wÙ���TUVWd±0ºÚ�8d-Û��±�Ë�#�80ZúFÊ��

�������¢(Ø�³

K���¿�

� Ó¹ÜÕ«����¶¬·¶�¾�>��¬12�

•yz#�ݲs�Ì�ÍMF°E±Iñ&FÎÏ��8d#$7þX^Y�Ö�Ï�12�FÊD�

¢(Ø�³ ¿�%&(�MÞ�¤:ß²±Iyz#àFáâ±�E��Fãã0äãIX^YFþM|¬{ YGʽ�­

� GS#»Õ½X^YÝåæl´æTUn¾�SÊ

� GS#»Õ½X^YÝåæl• GS�?@lF»!#þjß=��3çÜ#1lþ5Ù�X^YF�{���M|��d±0Ýå

• j`ÈG1t�èéFêëe�ç��nq�����M��NGþj`È;ìÛí�§� ê · î

70

�>0�|�#$�êëÁï#���·0î��¶·Fð57þèé�O�n�i

*1Ôö��M�n¾�±�M

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

otu�ESotu ES:�G��Kml§�¸|Ñ$ô_µè��¸�ê����kn4Òñ½Ñ78RY¶�4�������������!"#H�òKm�l¿�g�Ñ$ô_µÃ,ä4 5êÛYo4�JIET�¾k��F^78AB7H�

TöJ»;�8�b+Émh

ml§ ¸| � ��•3Äü¶$JÄü¶���Ñ$ g�J¶����'(�������

� :�ô_µè��¸�(Kml§�¸LcQ�#$ô_µè��¸�ê��

Kml§�¸|

• å��_æô_µ^è��¸�õ³3Äü¶ô½�MKUS�LL� 1995JÔô_µ^è��¸�©Jò�ô$¢)$���!8¶�9

m l 4MÂ

Kml§�¸|���������

LcQ�#$ô_µè �¸�ê����kn4¸½¸�}(½Ñ78RY¶�4H�

§�¸|

•Km�l¿�LSng�Ñ Tö¶�4

Km�l¿�4MÂ

� 1998JÔ¾T��@�½�N�wï{J3Äü¶òÍ��J3Äü¶$�¿�������]TLw�l�¸{3Äü¶$['3Äü¶4M•Km�l¿�LSng�Ñ$Tö¶�4

;�

� ô_µ^è��¸�Ã,ä4uµb!578RY¶�4;�

¢²¶�4; XY<7�J¶�9

� 2007JÔõ³3Äü¶• å��sæ�1�g�DC�ÒñòÁÙ���ÏM§;��}ó

� _ª�禧Yd±0�ªôõ± �ç �

Km�l¿�|

� ¢²¶�4;�XY<7�J¶�9!"YIET�¾k��$G��n¾_´�º�4^75á10�ÌÊ¡É4AB

� NYþ�1�g�DCþôõ±��ç#��� ���2§z��ÛÞ%¸(þ�������þ{>���{>e�ñòÁÙFö÷

� 2008£ø�1�g�DC�ÒñòÁÙ� Km�l¿�LSn!Ñ$G��$�n¸S���>�êF�+DQ;��(Y

2008£ø�1�g�DC�ÒñòÁÙ

71

214

Page 89: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

ê�ê�

• Marriott International IRQ�• Ritz-Carlton G����l< http://www.ritzcarlton.com/en/Default.htm>p• The Ritz-Carlton Hotel Company (HBS (Harvard Business School))• The Ritz-Carlton: Using Information Systems to Better Serve the Customer (HBS)• Ritz-Carlton: Moving away from Old-World Opulence to Low-Key Elegance (ICFAI)• Ritz-Carlton’s Human Resources Management Practices an Work Culture: The Foundation of an Exceptional Service g p

Organization (ICFAI)

•ö��M�n¾�±�Mwl��´^&d�ô$Bookman-sha{• ô_µ�è��¸�Q[ì!XY��kn4�mYNÐw��H$oå;ê|{ô_µ è �¸�Q[ì!XY� kn4�mYNÐw��H$oå;ê|{

• ô_µ^è��¸�(}åCØ�(.õ[�+E�wO�ÆP$��ê|{• ô_µ^è��¸�20Q'wR¢ðS²$ô½�MKUS�L$��¾�UôdT���@{• ô_µ^è��¸��ÄwR¢½T$UVW�$�LBP{•Xú��kn�"�E� ô_µè��¸�vs �~���SwY]Z[$*\J{Xú� kn�"�E� ô_µè �¸�vs.�~���SwY]Z[$*\J{

72

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

� McDonald’s� Yum! Brands� Yum! Brands� Wal-Mart� ZARA� ZARA� IKEA� Ritz-Carlton Hotels� Shangri-La Hotels� Vodafone� AIG� L’Oreal

73

215

Page 90: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

Shangri-La��Shangri-La��CÇR�#G!8DñZ¢Ã��kn��(4ÄmYEkb+���S��LÁh¾!"#$�l�!é³YS�l��ô��G���\]���<]�78ö÷4�X

� K� ��ÝýÆ^CLàL �� �GQ1971J!��3 �( I7< �l�4'�!� XYS�l��

HI

� K����ÝýÆ^CLàL�����GQ1971J!��3��( I7<$�l�4'�!� XYS�l��ô��G���\]��

• K����%_v�(Æ497<Ýý���¸�LàLÆ^CLàL�����GQ$¤Dv�4� XY'(��3��G��4�57<QWV

'�4'��XY l ö÷ - � 4÷° ø G 4ÀÁw J£ú{

� CGn¥¾ô�eÑÇR�#G�R�U�½`!Xa7<Z¢Ã+��kn!"#$�l�!é³YS�l��ô��G���\]���<]�78ö�4�X

• U�½`!F�DR<5��¿(Q9�(Y��kn g44-���op9YEkb+���S�!"#n

• '�4'��XY�l�ö÷!-!� 4÷°$65øG��4ÀÁw09J£ú{

klmn��

• U�½`!F�DR<5��¿(Q9�(Y��kn g44-���op9YEkb+���S�!"#n¾_´�»¼7$=>.¶.¶��!ô`Y+!|YXY��kn4AT

� Kml§�¸�½�¸SL¸wMC{h¾Q�}Y'$�5 Áh¾4'�!´_¸�ô�¸j[4b#$c¼b+GËC³dpn("':¼b+��kn���ÒÓ4��

íïkG� \ Q ml§ ¸ ¸SL¸wMC{h¾4;�78iØj[4bY' �5 Áh¾4'�

� ¡¢Ñ .16JÐ�9:4ÒÓ ãdËF2000Jgh[�!9:

• íïkG���\]��QKml§�¸�½�¸SL¸wMC{h¾4;�78iØj[4bY'$�5 Áh¾4'�!;�7w�FQ��N�4e°YE�({$c¼b+GËC³!dpn(+R':¼b!��kn����¢42�7<B{4OP�AB

ÆÇ

� ¡¢Ñ .16JÐ�9:4ÒÓòãdËF2000Jgh[�!9:• ¡¢ÔßÖf�ØM�$¡¢ÛÜÝÞåßààÕáÕÙÙÚæÔß�â• ãdËÔßf�ØM�$ãdËÛÜÝÞåßààÕáÕÙÙÚ{ÔßÕâ

l �

� ö÷

� �l�4'��78%&17��ö÷!�ê� w09Jß2ùT@�ê�{

• �l�12è��ö÷ÔMK�L�ùîí$ÅËîM�$��$'�$�È$Õ$óô$ÈKúLøM�$gÇKÅî$ÈKúL$híMLÄL$��• [óîÕè�Ô´el� �î

74

ö÷ [óîÕè�Ô´el $�î

• 'õÕè�Ô�Ü�$�K��• íïßè�ÔèN±

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

¡¢�ãdË��¡¢�ãdË��¡¢Ñ .ß�JÐ�9:4ÒÓòãdËÑ��Ñ�YF�A!9:

90J� 00J�90J� 00J�w��

ßÙÙDM�{

àâ

¡¢�J� 9:Ã

w��ßÙÙDM�{

¡¢�

dË!"(!

#$%&'

(¯$%&'

75

216

Page 91: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

)*� ���E÷+,)*� ���E÷+,80J�ÑÝýö÷!� ò��$Ï�l�ö÷$'õ$��´e_L�� 7$.JÑïî�íî��ê4 ¾7¾78RY

10J�90J� 00J�80J�

ïî�íî� ï�w2010 )

10J�wi/{

��w2012á)���w2012á)

èN±w2009 T@1ø) �lUw2009á$T@1ø)

�� w00J�øá{

´S�nw2010á)��n¸ô�w2010á)

ï�w2010á)

'õ���´e_L�� w00J�ÈÉ{

�K��w2006á$T@1ø{T�Mw2005á T@1ø{

��w2009áT@1ø{

èN±w2009á$T@1ø)

w00J�ÈÉ{ T�Mw2005á$T@1ø{

��n¸Sô�w2003á$T@2øæ�Ü�w2004á$T@4øæ

&¿�K�w1996á T@1øæÏ�l�

óôw1994á$T@2øæ´eô¥�w1992á$T@5øæ

¾Tw1986á T@2ø{

&¿�K w1996á$T@1øæT�Mm��w1994á$T@2øæ

Ï�l�ö÷�� w90J�{

Ýýö÷ � ´el�w1979á T@1ø{

'�w1984á$T@28 ø{��w1981á$T@2ø{

¾Tw1986á$T@2ø{

76

ö÷�� w80J{

��3��w1971á$T@3ø{K����w1979á$T@8ø{´el w1979á$T@1ø{

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

Shangri-La)*� )6}�7Shangri-La)*� )6}�7':¼µú(Z¢Ã��kn01AT42�7$�5 Áh¾4'�!�êXY��F!$TöG��( º�����S�»¼���`?w�¿��ôS��è�&�{!"Y��4AB

• wKml§�¸�½�¸SL¸wMC{h¾(Ñ+ñ{�5 Áh¾4'�!�êA �ö$BI�-¼&Q4^ <¢($��N��78LÁc4ÓÍ$c¼b+GËC³(+ñ$':¼b+µúF^7<��kn01ÒÓ4AT

1 � F Q

�5 Áh¾'��ê

_��¸ô�� 2ç�+R��!Ñ$1½�ÀÁC³4^�a¾(�êXYE�F�YQ$GË2BQ�R<-�($�ö�´�¦f4��

'��ê

• Shangri-LaÍ´(�YT��ô�Ñ��� üÜÑXö�=>|!�no8• Shangri-LaÍ´(�YT��ô�Ñ���$üÜÑXö�=>|!�no8��èST@

A G��Í´(�Y�Ý+�¿��ô�$ij$kl�-ÑçG�� º

A üÜÑ$Xö�>|!Yï8��èST@

� mnI�@G��Ñ T��ô�!'�Écop4C�

Í´����j9��èST@

sG��BI

� mnI�@G��Ñ$T��ô�!'�Écop4C�� �¿��ôSõ³(Ñ$��¶ê�!Vno$�n¾Uõ!qR�4IÜ

•çG�� ºEkb+�����S�4Tö:G��(ABXY��F!$�¿��ôS �è�& w'�{!"Y�'b+��FAB�¿��ôS��è�&�w'�{!"Y�'b+��FAB

A Tö:G��(Ñ$Ek��(<�¿��ôS�d�����S�!8D;$n¾_´:¶ô`Y++|Y!"YZ�01��knAT4»¼��

A �¿��ôS��è�&��>�(Y�7��`?($>Ç�ö�!Yï<�Ê!�7b+üF!�R8��

o��kn

 º���S�!"YTö����7��`?$�

rtu�ES

!�7b+üF!�R8��

Kml§�¸Ñ+,7•3Äü¶�:9749:XYKm�l¿�Ñ$Ï�¿��ôS�G��!éR8Lc4måC¶�4H�

77

rtu EST�ÑTö;�

gh$_$s4�k��

m

•Ïh$:9�49:XY�e�L¾�g�ÑTö�

217

Page 92: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

_��¸ô�_��¸ô�¿��ôSÑ$ðñíïkG��\]���ÑÔ+#$ðñ�V$�f Áh¾wG��1½�ÀÁC³(+ñ�ö�´��5F^�{4;�7$�pLÁc4ÓÍ+QpG��4ÀÁXYa¾(3©

�� �5 Áh¾'�!�ê

• G���ö$´�4�57LÁ!3cXY��F!$BI1½�ÀÁFAB• �¿��ôS�����Ó½KJ(�YShangri-La Asia Ltd.²KJQ$G���ö^´�4�5XYKJ½¾4�5w10%á100%{XY��F!$�ïñ²KJShangri-La International Hotel

�¿��ôS

½ X $ gManagement LtdfQBIÀÁ4AB

w��{

• �¿��ôS�G��Òe!?7$�¿��ôS�����Ñ$�G��4�5XYU�90%½¾4�5XY�¿��ôSÒe½¾480%�5XYE�!"# 72%�5c4�5�¿��ôS

��¸ô�a¾

Y�¿��ôSÒe½¾480%�5XYE�!"#$72%�5c4�5• '��ü¢)$sÛ$4£��¿��ôS�G��!?78Ñ$G���ör�c4HZopF��(<U�½¾4100%�5XYE�!"#$A1b!�5

� 2ç�+R��1R3©�V!ÑKml§�¸�½�¸SL¸wMC{h¾(�êF^�Q$��x�#�Ó��(<�V!Ñ �ö ´�Ó�¦f!Dñd nQðRÓ��(<�V!Ñ$�ö^´�Ó�¦f!Dñd�nQðR

w��{

• �lU�ê]$ÙäJ!¥ÛZ[4t¡7<Q$�9:���¿�4ì}m$Ù×J!�ÙþÓ�4¦f• T�M��3���!¥ÛZ[(�ê£$�¿��ôS?þ�ÑCÕJü!����n�X7<p �&Q4AZ[ £$ ôS?þ� J � �&Q4ABG�WÏ

� Kml§�¸�½�¸SL¸(MC)h¾4ð�• �ö^´��5�w���_��$´æ�M�{QG��\]���Z[wKml§�¸�½�¸SL¸{4t¡7$

w3É{Ï*Qk\]����¸ô�a¾

ö ´��5�w� _ $´æ�M�{QG��\ ��Z[w ml �¸ �¸SL¸{4t¡7$G��BI1½�ÀÁ4fu

� 1½ÀÁfuZ[(�Y<7$�5�w@Ñ�²KJ(�YG��LÁKJ{opG��\]��!|78$ÀÁfu�QÄvn(Y

� G��\]��Ñ -¼&Q4wúo" �b+LÁÁÂFwn+R<7�ônLCQ LÁcQ+R<

78

� ô a¾ G��\] �Ñ$-¼&Q4wúo" �b+LÁÁÂFwn+R<7�ônLCQ$LÁcQ+R<7$GËQ�Qp+R�V$�5�opc¼b+GË./x <B{4z7F³p(YE�FðR

• 1970J�op$��ônL(ij[4^RfY)6�78ï�(W�7$��¸�$2T�_¸$Kô�_¸�ðñíïkG��\]��QC�

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

3É{MCh¾(iØ+j[!"Y��kn01��y`3É{MCh¾(iØ+j[!"Y� kn01��y`MCh¾!"YiØ+j[Ñ$c¼b+GË�z{�¶�¤04|;$��kn�����4|R8RYd�nQ�ç�(Y

� ðñíïk\]��(Ñ$MCh¾!"YiØ+j[Ñ$��N�!"Yc¼b+GË�{��¶�¤04|;$��kn���Q��78R8;Y

• }¥Ûh¾Ñ$[;+&Q4^n+RXº$j[4n¥��e�!êÛY§ô_¸Q�Yò7o7$LÁc4Ó X ~ + ¦áQ� S + k � 4é Fc¼b+G

[)íïk\]��

Ó���N�opXY�~op+R�¦áQ�R<7$S�+��kn���4é 8(Fc¼b+GË4q7YE�QðRò�p!$iØ+j[Ñ$��+¶�4��êÛ+R}}ö÷� XYE�4|;$çE�78��kn014Ì�78;8RY"�!çÖ³p(Y�

• }�m�$T�¾�½�\m�¾�(Ñ$ ßÙJÈ}(ÑZJ�3Äü¶(FßÙJg¢AÇLc4måCÖ×$Ö��(� <Q$Z.(ÑiØ+��!� 8¶�¤0QÒ�"�($AÇLcQ6�åD+RÕ×$Õ��3Äü¶Fê8;8RY�

• “G����kn���Ñ$�����S�!" 8�YÌÊ�¢Ñ}T(�YQ$�Ñ#BIÀÁÁÂ�(�Y3Äü¶�g!øY�E�Q[;R”

wG��LÁ�7�²��T�¾k��{

� Ïh$�¿��ôSÑ$iØ+j["#F£/b+LÁ8ÐQR!÷;4ÜñE�($��kn�����4��78RY

• “�¿��ôSÑ$��N�w���¸�LàL{�FQ$�l��ö÷!�4�#+Qp�A!9:78RñE�4��78é#$�5 Áh¾4�#$�½&_¸QêÛ+Rn¥�M(9:Ñ^n+R”

• “¡¢$íïkG��\]����kn�����4¾X��Ñ�ÊFç�;78RYQ$�¿��¿��ôS

¡¢$íïkG��\ �� kn� ���4¾X��Ñ�ÊFç�;78RYQ$�¿��ôS��knQ��7<�EÑ$Tt�Em8E+R”

wG��LÁ�7�²��T�¾k��{

79

218

Page 93: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

o��kno� kn�¿��ôSÑ$��kn g!F�DR<Ekb+�����S�w�¿��ôS�d�����S�{4:TöG��(»¼��XY��F!$>��l���!Yï<�'¸��~��4�7��`?w�¿��ôS��è�&�{!8^ 8RY8^ 8RY

oRÕÔTö:G��!"Y��

•�9Q{/7<C�¿��ôS�d�����S�G�>�(Y4-������S�4»¼��

oRßÔ��kn g

������S�4»¼��

w�¿��ôS�d�{

A �¿��ôS�d�ßÔÇR�#��

A �¿��ôS�d�ÕÔ=>op��ef

•U�½`!8Dñ$�ô��$kl��$&_���$^D ½"#/�A ½`

�ô

A �¿��ôS�d�ÖÔ&nop=>����

A �¿��ôS�d�äÔ-E�¦N!8Dñ=>r0Ê�¢

A 5�½���ô��A kl��A &_���A 8�^D ½ oRÖÔ�7��`?!"Y��

B

•�7��`?�¿��ôS^�è�&�w'�{!8$:>�$l����³�'b+¸��~��

w-+���S�üF{

A n¾_´����³��kn����¢���S�

A 'Ð1½>�³G��ÀÁ����¢���S�

A f9`_�³:¼T����U���S�

80g�$�(Í(ij!�;�k��

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

o-1Ô��kn go-1Ô� kn g�¿��ôS��kn gÑ$½`$×�½�^�ô��$kl��$&_���$�­Ú�^D ½!8Q9�(Y

üF��kn g

• �� (Respect)

½`• ¶�ÇR�#opb}(Y�¿��ôSéF8+7

(Shangri-La Hospitality from caring people)

• �� (Respect)• �� (Humility)• �XÍ (Helpfulness)• �� (Courtesy)

5�½���ô��

• �A (Sincerity)

kl�� • =>$Ú�»$½-�­klmn���¸N�!� 8£.¡"�

& � � =>! �(Í( �p�Y`K!�å(R<Cñ

• |=>�|���h! ºXY ½� ¡¢!¡­�ñô�±��_�!§7Y

&_��� • =>!$�(Í($�p�Y`K!�å(R<Cñ

� �pG���­KJçEQ»º(9s!½&_¸XY� Xñ8?þ!éR8Æ o�ÇR�#�0�4F 8�XYA B{�­)Î4$=>�Ú�»�h!üÊ7<F�XY

� ÝÞ!!7ñ }< =>�Ú�»!£ç�£�456XY8�

ÝÞ!!7ñ$}<$=>�Ú�»!£ç�£�456XY

• =>!�XY] ½A =>op��ÊQklmn��^MST����fY

A ¦ÇP/Q=>2È(^n(Y"�!XY

^D ½

81

• ��!�XY] ½� Ú�»Q$*¶b@Ñ>Ç¢2�4t9(;YÝÞ4?Y

219

Page 94: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

o-2ÔTö:G��!"Y��wüF{o-2ÔTö:G��!"Y��wüF{�����S�w�¿��ôS�d�����S�{Ñ$�¿��ôS�d�ßáä�>�(Yä-�¿�L��_�!" 8Q9�(Y

��2b ��üF

• 5�½�^�ô��}â4ºï8$U�½`(�YÇR�#48��XY��4âf�oY

• 5�½�^�ô��4$�:éEb+�Ç�?[D³8��� ���^��T���ò��CG���kl_¸��L��T@G!"#$5�½�^�ô��!g <^D!�R8½Ñ4Ò7Yw �¶Q�ë4×ß <] �¶4�ö"ñXY<7 �Y^

�¿��ôS�d�ß

�� 2 �� F

• �@'=>!�å(FpR$��4efXYh64âf�oY

wex.�¶Q�ë4×ß7<]!�¶4�ö"ñXY<7!�Y^D4$U�T�n¸�&��4ºï8ôn¸�7$=>!|7Å�

• 5�ú4צ78=>!�å(Fp�)64��ç�4�³YE���4efXYh64âf�oY A ç�4�³YE�

A =>4-|º£C³(+ñ$?���oYE�

A P78C©�G�Ïn"$��+|Y4�YE�

A =>��4ij7$�Ø!|YXYE�

�¿��ôS�d�Õ

• &nQWb7<]!=>��4��XYh64âf�oY

A =>.¶.¶~�@4��XYE�

• ����}(��ån4×-�!�³8��A =>¦ç!�4�³Yw¶´GS·µ{

A =>!|7��XYwÜ®B¯BD´E·{

A ßà�+ 8RYtu4�+�oYw�´�±S²·±Õ¹B�¯·�{

A ç�4�³YwÝB±S²·±��S¹³±¥´¯·{

´à� � �4^�w� ¯¯ {

�¿��ôS�d�Ö

• �pQ-E�¦N4ÓÍ$�mp(<xg4 r78=>r0Ê4�7YÇÉ64âf�oY

A ´à���_�4^�w�B¯¯B¡±­®{

• -E�¦N4C¬�¶�G�>�(Yä�¿!�³8��A ?���4¾Xw¬²B¡±AB��´S�·µS{

mnb!T~��\U4�Yw� S S ¢ ´ ´S´ S´ {�¿��ôS�d�ä

82

�7YÇÉ64âf� YA mnb!T~��\U4�Yw�³D·¹±SB±S³¢·±´µ´S´³S´F·{

A ÏÚ�»F^7ô�MXYw¶·³¸±B­¹G·¯F·G{

A �a4�³Yw�´¯¯·¸±¡´S²±®³GG´Bµ{

�¿��ôS�d�ä

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

o-2ÔTö:G��!"Y��w��ånw1/2{{o-2ÔTö:G��!"Y��w��ånw1/2{{�¿��ôS�d�Ñ$:¿�L��_��È!bÃ�sª!lm$:G��Kml§�¸op*£ú5�!HY}($h��üF4»¼XY

üF

�Èsª

• ���¢j/<7!$�JQ��|ÍçÚ�»!�È��d�¸sª4AB� ���üFg*F^7<��R��d�¸sª4AB7G��ö!úû�

üF

�ÈsªAB

���üFg*F^7<�� ��d ¸sª4AB7G��ö úû�

� ¤x�5d¥b$¦Çb/$�����$¦Çtu$�¿��ôST§�l$½&�~d����$>�tu�bvx$�»K$LÁ)6$§¨6$T��chfg+D

:G f9 L� � "#h�4ºt

h��ijºt

wüF+�£+D{

• :G��f9�1�¿�L��_�!"#h�4ºt• :G��JÄü¶$HR9:�2�¿�L��_�!"#��ij4©¢A JÄü¶�­ªÞ9:4CKn¾��¸��N�G!�<

A 9����h6!�;�¾wüF+�£+D{ 9����h6!�;�¾

� ��]!�Rp(Y��w½&�~d������_¸{4üÑw*£�3TM$���S���$©¢�nSTM$½ÑÊj/�n¸$±/ß«�$ij©¢�Q�{

��4ABXY:G��( ��*£�4�<

��*£�<�üF©¢

• ��4ABXY:G��($��*£�4�<� 12<4C¸��N�G!�/XY��F!$�ú78çÚ�»!|7��4ABXY¬�¾

� *£Ñg�28�!7<Q 8�<A9�¶û

�üF©¢9�¶û

A*£��78����T��½&�~d����n��

• *£ú5�!��üF4©¢� ��üF$éEb+�7h$צú+D4�¨

83

220

Page 95: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

o-2ÔTö:G��!"Y��w��ånw2/2{{o-2ÔTö:G��!"Y��w��ånw2/2{{�p!$��AB�!Ñ$��d�¸sª4AB7$��üF4bÃ78���S�üF

üF

• :¿�L��_���!7<Q 8��• 1R �£Ñ$ÏG��op+,�(<¸��N�!"#$ �È��oùÐ(�¿��ôS�d�ç

üF

��AB

R�L��_�4AB

A �ÕáÖ­ùÈop �Õ�ÐÈ}($d�ß�Õ4AB

A �Õ�ÐÈop �}($ ���çñ��tu�(�&������4AB

� 5- J»�û(^ <� =>4|ö78Zã�&�� ���4^�� 5-$J»�û(^ <�$=>4|ö78Zã�&������4^�

A ��ÕáÖ­ùÐ(d�Ö�ä4AB

• ¤/¼!Kn¾��¸��N�Q¿�L��_�!3l7$���S�QÆ7ñAB�(8RYo4\]_L

��üFbÃ

• �Èsª��üF��d�¸sª!" 8fú�XYE�($���S�¢4j/7$���S�üF./�X�

84

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

o-3Ô�7��`?!"Y��o-3Ô�7��`?!"Y���p!$��AB�!Ñ$��d�¸sª4AB7$��üF4bÃ78���S�üF

�¿��ôS��è�&�� �ôS è�& ��üF

� 90J��É"#$G��ûj[!��¶»¤0Q®ÛÃà�78¯¢

� ç%&Ú�»4|Í�78$>Ç�ö�!Yï<�7b+��4AB

IXL° �¿��ôS��è�&���üF

• ËÌÔ5èw4ó�½s½ �½�±���kn ´��¸ÀÁ• 5£vcÑ$'�G��ûÑ04Jop08J!o³8$16øop29ø��6²ï�

• '�G��Ú�»ûF04J1

• ËÌÔ5èw4ó�½s½$�½�±���kn$´��¸ÀÁ$2�n��¥��{

• ¼ÐÔ�è�&�(*�ä�ÐBG��(OJT4�Е |ÍÔ'�4'��XYç%&G��n¾_´20<È�

n¾_´���S�

D¶op08J1.9D¶���[� ðñ¶»!|7$ÂÃbo��Ø!�¿��ôS��kn�n¾�±�M4��(;YBIIX4P/

• ÏÄÔ�Äw'�ĺýF{• w³Ô�ä�!Ñ�ä´ÉQµ��($¶�ÉÃ!X�

• ËÌÔGn¥¾ô�e�Kml§�¸wG���ÇÀÁç#

� 2004J12ù$²³·*!C�¿��ô

• ËÌÔGn¥¾ô�e�Kml§�¸wG���ÇÀÁç#$\��k��e��$¶��9�{

• ¼ÐÔ�è�&�(*�Ú�ÐBG��(��h6­ù• |ÍÔç%&G��97:@ÑJ97:30<È�

'Ð1½>���S�

S^�è�&�GIX

• �p!$2008J12ù$Kè�!/�XY�õ¶·)�!�Y'][}�¿��nü!��

• ÏÄÔ�Ä

• ç%&G��op¡þ�(<$�R���¿�45XY�Ð7p(<¶»AQÖ*}T+���S�Ð7p(<¶»AQÖ*}T+� �S�

• 9:LSng¢$97:LSn$l�~�n¾_´LSn3ËÌQ�#$Ö*�Ñ�(Í(18­ù$12­ù$18­ù:¼!n< 8¸��~��4Ö*

• G��ç�Ç!�;¸��~��4Ö³Y6o Ö*�*¶

f9«9���S�

85

• G��ç�Ç!�;¸� ~��4Ö³Y6o$Ö*�*¶¦�!Vno$���S�üFQèn¾KT@

• �ä�Ñ$ÏÚ�»"#FØRn¥�M(¸�

221

Page 96: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

ê�ê�

• Shangri-La IRQ�g• Shangri-La G����l<http://www.shangri-la.com/en> • Shangri-La Hotels and Resorts – Achieving Service Leadership (Centre for Asian Business Cases (University of Hong

Kong), Business Case)• Shangri-La Hotels (Harvard Business School, Business Case)C � õ³ ѹ �º J• C�¿��ô�S G�� õ³G[ѹwù»G���º2009J5ù¤{

• G���klmn�U_Lw¼lZ½$¾ ¿²$À÷�ÞmÁ$'wLMJ{• 8�G��LÁ��wºÃ$[ÄÅ.nÁ$Æ�É={• 1|G�����w?@Ç�Á$Æ�É={G��Kml§�¸wÆ�6¶��G����å�¾ È{• G��Kml§�¸wÆ�6¶��G����å�¾�È{

• G��LÁ!?XY5N��T�¾k��• G����?þ��T�¾k��• OsiriswU�ÆÇ�6��ST���¾��n{

86

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

� McDonald’s� Yum! Brands� Yum! Brands� Wal-Mart� ZARA� ZARA� IKEA� Ritz-Carlton Hotels� Shangri-La Hotels� Vodafone� AIG� L’Oreal

87

222

Page 97: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

Vodafone��Vodafone��mnb+M&A�����U�Ð�Nl��q!"#Ëá10JÐg¢!n<#¡¢$dË�F!�R9:Ã4ÒÓXY%&Z[VÉIE��KJ

� 1984J!HI�(<%&Z[VÉIE��KJ

� 90J�}(Ñ “Bigger is Better strategy}!8D; M&A4mnC�7)*�´_¸�ô�¸4j[

HI

� 1984J!HI�(<%&Z[VÉIE��KJ• 1984J!���«`a§�è�²KJ�78HI• 1991J!Vodafone Group�78`X7$mnb+M&A!"#¡¢��n(%&Z[VÉIE��KJ!9:

kl

� 90J�}(Ñ$ Bigger is Better strategy !8D;$M&A4mnC�7)*�´_¸�ô�¸4j[• }Cðñ�(VÉIE��QÊ¢¼(�Y£¼!)*�mnb!�êA 1985J��(VÉIE�� ¾Ëo2J�1987J!)*�ê ¾A KT?ô�e�(êQ7$��(Ì <âã�?�2�4êQu!��7$��kn�b0�ô���_�78�¿_� 4ef7+Qp �p+Y)*�ê4 #!7<klmn

��

�¿_��4ef7+Qp$�p+Y)*�ê4 #!7<

� 00J�"#$êQuÓ�4�78LÁc4ef7$LÁ1½8Ð4Â�ò�p!$�J�����õ�`TIÜ7$����Ð�Nl�4�q

• E(}(ö÷ö(� <�JtuQÊ!$����wö÷{õ�`T45XY9�41I

� 90J�op00J�!o³ ¡¢ dË�F!�RÃ(9:

A ½���¸-¨�$VÉVø$�h�n��$st�4 º�XYE�!"#nd���§ô_¸4ÍÖ

A :ö÷( W�(<âã���kn4$�JQ¿R¢Yõ�

ÆÇ

� 90J�op00J�!o³$¡¢$dË�F!�RÃ(9:• ¡¢Ô588ØM�$¡¢CAGR(1991á2008)Ô27%• ãdËÔ44ØM�$ãdËCAGR(1991á2008{Ô17%

%& o� VÉIE��KJ Ó�4�5

� ö÷

� %&33o�VÉIE��KJÓ�4�5• 5V?þ!�YVÉIEKJ� XY��ö÷×Õ40X�$ç%&Ú×��ö÷!VÉVø���kn456w09J11ùT@�ê�{• íîß�è�Ô�$`$�$n�T�$�S�±$�¸3�$2�3ô�$\]½$�S�M$¸�½�

88

ö÷ • ïîÔßè�wï�{• �l�[óî×è�Ô'�$T�M$�î$©Î$´el�• 'õ��´ôèßÙè�Ô�����$è¾��$�l�¸$��´ôè$3�N$d~\�

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

¡¢�Á�dË��¡¢ Á�dË��VodafoneÑ$2000J�"#¡¢�dË��Qçp(YQ$90J�opAY�¡¢Ñi9:4�Y8RY

90J� 00J�90J� 00J�

äÙâ àâ

¡¢�J� 9:Ãw��ßÙØM�{

w��ßÙØM�{

¡¢�

ãdË!�

!#$%&'

!"(¯$%

'%&'

89ê�ÔOsiris

223

Page 98: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

)*� +,w-��{)*� +,w-��{90J�ÈÉ!+�Ïyö$�É!íî��êò�p!00J*"#�l�$�´ôè$õí+D�F�ê

90J� 00J�

¸�½w2006á{\]½w2005á{

3�Nw2008á{

�l�$�´ôè$õí� w00J�á{

���~�w2001á{

'�w2000á{

´S�nw2002á{

��wÕÙÙßáÕÙÙ�{

§��½wÕÙÙßáÕÙÙÖ{

T¾ô�w2000á{�T�S�Mw2000á{

'�w2000 {

n�T�w2000á{d~\w2000á{

��wßààà ÕÙÙß{

�¸3�w1999á{

ï�w1999á{MTµw1999á{

2�3ô�w1999á{��wßàààáÕÙÙß{

íî� w90J��É{

�S�Mw1996á{�S�±w1997á{

��K~�w1996á{

�l�¸w1998á$�$�����$è¾��!F� {~��l�S�Mw1997á{

+�Ïyö� w90J�ÈÉ{

��´ôèw1993~$���¸$¾�8~�$ 8�k�L$½�öwy{!F� {

T�Mw1994á2003$2004á{

� n¸Sô�w1992 {

� K �w1996 {

%ô�¿w1992á{

´el�w1993á{

90

��n¸Sô�w1992á{

K�¾w1990á{��w1984á{

n�]���wßààßáÕÙÙ�{

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

Vodafone)*� )6}�7Vodafone)*� )6}�7�JVÉIE��kn�b0%&���42�!�Y$�JÂRT~���eU�$9.�(<b0$US�M$K�d�e��!"Y½n¸é��­)*(fp(<2çW��õ� !"#$�V!�x�X!×�

CDüF

•5-Ñ$öU�¿ô�U��KT?ô�e�êQ7$��+��$�VÝÞ��J�u4sª$�`7$êQuLÁcefÐ�4Ó�

CDüF

KTN�êQ!"Y�²ç�•LÁcef�$}"Ѥ;Ñ��ôn¸S+DLÁ8Ð4Â�7$(!V

ø º�$â㨩$K�d�e��9.�+D4ºï8$����Ð�Nl�4�q7$�ô���_�XY

_��¸ô� !"Y�²ç�!� 3©

�� ��

�J-¨����9.�

• 2001J$�J!5���������l]L¸4IÜ7$VÉVø$�h�n��$st$K�d�e��$�ô�����º�4��

sklmn�n��

������Nl��q

�J-¨T�2ç

ô� ���º�4��

•�JQ-E�+#$����2ç�âã4¿R¢Y$W��õ� XYE�!"# 1� kn b04

�J-¨(����Ð�Nl��q

¿R¢Y�õ� XYE�!"#$1��kn�b04 W7$�V!�x��4Ub

•ð�Ò ð�èo�LÁop`XQ�´�(<¦t�KQ %&��

otu�ES

±T����e�4÷µ7<Kml§�¸

•ð�Ò�ð�èo�LÁop`XQ�´�(<¦t�KQ$%&���yz4��

A §���äB!�<Y�<Q*�Ò

� §���14<�Í7B10<QJ*¦t�

91gh$_áo4�k��

� J*¦t�Ñ$»Ó�Kv�J»+Dklmn��F!$�l���´ôèklmn¸��M!?XY2ç45XY¶�4^Î

224

Page 99: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

_��¸ô�_��¸ô��±´à�Ñ$KT?ô�e�êQ!"Y�²ç47<�$� êQ4Ó�òKl�ô�e�êQ�Ñ$}"?�½���ôn¸S+DLÁ8ÐÂ�4^R$��$����Ð�Nl�4Co78�ô���_�XY

êQa¬

� êQÓ�

�²ç LÁ8ÐÂ� ����Ð�Nl��q

KT?ô�e� Kl�ô�e�

2b

•êQuU�Q$CVodafoneVÉIE4%&���XYG�2�4t9XY!�<#$LÁc4

• Vodafone!� 8S�+ �T���4Â�w�(g*4ôn¸S{7$������Ð�N

•����Ð�Nl�4Co7$âãº$½n¸º!éR8%&���(�V!�x4�XXY2b

•��$�V$�JwêQu{!�R8

� X � $ ÁefXY!0YKJ(�YoD�o4Ó�XY

• VÉVø���kn º�• ?�½���ì#;7

$�l���4ATXY<78Ð4?Y

éEb�L���

g�üF4sª

� HZ!"Y*Q&QRS� ��R�$9:x� ��ÝÞ

• âã��n¸�SL�enõ�

• US�M/K�d�e�� º�•  ���

• �T���Â�� ?�½���ôn¸S!"#ef7<�¿_��!"Y&Qvcç 7���ÝÞ

� &QuGËx�9:x� &Quâãf�$Ø�$R

 ���•þ�b+½n¸é�

•ï�wÔ·¹´EBµ Q´¹·¯·GG ä×âæ •íîÔMTµ$%ô�¿$T¾ô�$2�3ô�$¸�½�

/5��U�

ï�wÔ·¹´EBµ±Q´¹·¯·GGä×âæ•´S�nw¬�Þ±ääâæ•�S�MwÕ¯­G±Õäfäâ{•'�wÛ²´µ³±¥B�´¯·±ÖfÕâæ•´el�wÔB¸³CBµ·±äàâ

íîÔMTµ$%ô�¿$T¾ô�$2�3ô $¸�½�•�l�[óîÔ��n¸Sô�$~��l�S�M$T�M•�´ôèÔ��´ôè$3�N•'õÔ�l�¸

92

•�����wγ´µ±�fÕ×â•è¾��wÔB¸³CBµ·±Õ³S³¹±ÖÚfÖâ•d~\w¬³C³¹´AB�±äÙâæ

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

sklmn�n��w�J-¨����9.�{sklmn�n��w�J-¨��� 9 �{VodafoneÑ$2001J!����U�Ð�Nl�4Z[�XY<7$ �Jü!×���K!?XY�����tu4IX

:��l]L¸�\��`T�Jtu�ES

2001J!����Ð�Nl��q<7 1) Product •VÉVøØ� º�!"Y W½n`Tötu4�J!IX

)Management

And Innovation

2) IT and

VÉVøØ� º�!"Y W½n¸$st½n¸é�

•m_¸¿ L2 M��´¸�­�h�nCEO

COO

2) IT and Technology

Co-ordination

) S

•m_¸¿�L2�M��´¸�­�h�n��9V!"Y�n�� W$À�½n¸é�

� �

Group Products&Service

3) SupplyChain

Management

•�����E�1��±F� I���Mg�ùú

1) P d t 2) IT d 3)S l 4)Brand 5) M lti ti l

4) BrandDevelopment

And Management

• VodafoneUS�M!8Dñ9.bK�d�e��!"Y�����US�MÂ��K�d�e����é�

1) Product Management

And Innovation

2) IT and Technology

Co-ordination

3)SupplyChain

Management

)Development

AndManagement

5) MultinationalAccount

Management5) Multinational

AccountManagement

•�û�!øú45XY=>!|XY9.b+�ô�����56!"Y$ô�����Â�

93

gh$Öæ$äæ4�k��

225

Page 100: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

3) Supply Chain Management3) Supply Chain Management�Jݬۥ97Q$�����������4ABXY��F!$�79»4:ö�KJ�+,7$Töst(��ST\���$1½?�2��Ï4^ 8RY

��M

Vodafone�����J •�»K� ¡�o$stCD!?XY¦ÇP/4�Ø�

� ù(�»K(Tt6­!lm$S�!Yï8B{Ó�4^�� M

GSCM97��ST\

B{Ó�4^�

• 5ù!é³YstCD!?[7<½n¸é�=$Ýùi±½n¸é�=46­7$�lB{QS�+�VÑÀ£Ó�

GSCM97(Global Supply Chain Management{

��ST\�w'�*{ •����õ�(st4^�E�!"#$Â[+��

ò~���¿�4WÀ

� .:st|ÍÑ$nd��§ô_¸Q[;R

'�st��

��ST\�w'�{

m_¸¿�L$�h$�­ º�Q�7p(Yº�T�´Sw8öÖ{$Vø+D

•}<$stg�lQç@}(Y'�(Ñ$`X78stå�¾�4IÜ7$��

• GSCM9»Q����U�ü!©#$��ST\���� 1½?�2�Ì�7EA

GSCM9»

����U�w��{

����U�wúLÈü{

����U�w���{

��ST\�wTö{

���$1½?�2�Ì�7EA

•TösthQ£Ã+�Q4�ö7$stCD��¸

� :����U�Q*ö!stXYÑ$8öÖ×F� kn �0å�¾ !é³Yü�

94

×F��kn$�0å�¾�!é³Yü���kn+D

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

4) Brand Development And Management4) Brand Development And Management �J�����K�d�e��97Q$US�M$K�d�e��B{$�­�½=��}(4.U1½

K�d�e��tuES K�d�e��h�

•�J!�����K�d�e��974 • 2-�(Vodafone��J!� � d�e��974IÜ7$����õ�(B{4OP

� US�M½�å�¸?#�$�¿����OP$�­�½=w�����9.{���+D4.U1½7$:�

US�M9.

-� �� �G�7�pñÑ$�GuUS�M!Vodafone4�Sn78ØÙ}oY

� ��$VodafoneA�XYw�{T¾ô�

A^9Ú�Ì�7@Î

�����

•�GÈÔOmnitel Pronto• 2001Jw�G£{ÔOmnitel Vodafone• 2003JÔ Vodafone Italia

��

K�d�e��

•9.�¿����� � CHow are you?G(2001~2005)

• 9è���k$�c$���(� � CPower to youG

�e��9.

y• 2006J"#$íî4'�!�

•%&b+n�µ�T��¸��Û� �ßKLS����§�å�n�\��!|XYn���w2007á{

���

•.9���1��kn�b04&©XY]!Ñ$`�K�d�e��4AB� T�M����KJ$Vodafone EssarQ$2008J$VÉIEBGM`T IE��`T+D4¨©7<

95

K�d�e�� VÉIEBGM`T$IE��`T+D4¨©7<]$`��¿SL¾�CZooZoosG!"Y�¿����4�

226

Page 101: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

sklmn�n��wT�2ç¿R¢Y�õ� {sklmn�n��wT�2ç¿R¢Y õ� {����õ�yz97$R&D97Q:�2ç4¿¢Y$�����B{�78õ� �o8RY

CklmnG¢B{ CâãG¢B{CklmnG¢B{ CâãG¢B{

�J����yz97Q����õ�b+B{OP�klmn¢:�2ç¿¢Y�õ�

�J����ÞÜÔ97Q����õ�b+B{OP�âã¢:�2ç¿¢Y�õ�

Vodafone�����J

Vodafone�����J

CEO CEO

Europe GroupR&D

Group Strategy And BusinessImprovement

Europe GroupR&D

Group Strategy And BusinessImprovementp o e e t p

EnglandR&D

GermanR&D

JapanR&D ���

EnglandLÁ

GermanLÁ

JapanLÁ ���

96

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

sklmn�n��wT�2ç¿R¢Y�õ� Ô��_{sklmn�n��wT�2ç¿R¢Y õ� Ô��_{Vodafone Live!Ñ$�����JQ'��+#$J-Phone��kn¿R¢Y$õ�

��wVodafone Live!{

• J-Phone��kn¿¢Y�õ� � VodafoneÑ01J!��J-Phone4�G

��wVodafone Live!{

� 5£$J-PhoneQ W78R<VÉIE!"YT�¾�m_¸�Î��knCJ-SkyG4C�$W�� 02J"#íî4Ñï7�XY:�!8$Vodafone Live!��kn564 ¾

•����R&D97¿¢Y�����yz97!"Yõ� ABJ Skyâã!8DñVodafone Live!��kn WÑ Group Research & DevelopmentQ-¨7<�Ap(Y� J-Skyâã!8DñVodafone Live!��kn WÑ$Group Research & DevelopmentQ-¨7<�Ap(Y• ��!5£� <R&D`?!dm�(8R<J-Sky!?XYâã4Group R&DQ¿R¢Y$J-Skyâã4Y�7<

Vodafone Live!âã4 W� �78$ÔB¸³CBµ·±¶´F·Ýâã%&� Ñ$ݹB­®±¬S¹³S·D°-¨!"#P/�(<F�±/�(Y

• ݹB­®±¬S¹³S·D°Ø_MQ-ÞXYݹB­® ÞÜÔn��ô���½&�e�!éR8$ÔB¸³CBµ·±¶´F·Ýõ� 4P/

97

227

Page 102: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

sklmn�n��wT�2ç¿R¢Y�õ� Ô��s{sklmn�n��wT�2ç¿R¢Y õ� Ô��s{3G(Ñ$��( W4������\��Q'��+#����çE%&���4��

3G%&��Vø{/��ån

• 2003£2Üþ«_#.80þ�îûüáüGýq�J-Phone%þ¥e�:���{¸�(d��Vodafone���·�í�þûü�`X§E{gF��"±þ�Í���æF�7�8dF¤�d

·

3G%&��Vø{/��ån

±I�·�Û��gTSUNAMI�GÔK• 2003£4ÜþJ-Phone%þ¥(GþGSMd3G�Ì�ÍM�µF�

��(VøØ� º�

• «_��¿ÖFð57þ_ªGÔ��N�5tF2£�÷���#�e«_�Ô��Nd�ÍÔ��NF���ÍÔ� F��

� ûüáüF��"��s���g�ì¬�dq���%GSMd3G��µ(#���ùúG �à>08I«_#þ_��n��NFx7����à��8d#$7þop#�� !�áüF�i

• �ÍÔ��NG GSM#/c~��3Gûü�áü�F6�

��VÉVø º�

• �ÍÔ��NGþGSM#/c~��3Gûü�áü�F6�

• 2003£10Üþ������COOGÚ«±þ¼�eþÖg���þÌNM�þ«_{���dz =>��z�=>��

– 2004£10ܲ³þGSMd3G��#c~�Ö��îûüF���{¸���� !d���Ý�

– s���dd/#þ��áüF�±þ{���#c±ûü�ÔF��

Vodafone����%&���

98

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

otu�ESw¶�C�{otu ESw¶�C�{ð�Ò$Ï�è�_L�S��M4Ó��»Q9�J*¦t�ð�!"#$�Á+µúop>äb+U�ÀÁ4}T�7$�����LÁ4Äm8RY

��±´à�¦t�KQ9� ±´à�¦t�KQ9

Jü¦t�wä<{ J*¦t�wßÙ<{ß

��Ò!à<'

Andy Halford•CFO

John Bond•UHSBCCEO�{:

John Buchanan•UBPCFO

Alan Jebson•UHSBCCOO

Nick Land•U���n¸á\��J

Vittorio Colao Anthony WatsonSimon Philip Yea

:�{:

Vittorio Colao•T¾ô��Ò•CEO

*�Ò

Anthony Watson•TK�Lnán����J»�u{:

Simon Murray•U2\���¿��J:

Philip Yea•U3i����wPE´æ�M{CEO

Michel Combes Steve Pusey

Ò!â<'

•�l�!2ç

Anne Lauvergeon Luc Vandevelde Samuel JonahMichel Combes•��Ò•íî9:

Steve Pusey•ï�Ò•CTO

Anne Lauvergeon•��Ò•T���w�m�%�½���Kô_¸{ C O

Luc Vandevelde•��Ò•T�����l]mS��»

Samuel Jonah•3�N�Ò•T��»Ó`?LÁôè!2ç

99

¸{CEO •�´ôè!2ç

ßÔ©hhM½ 3�N�n`Q(�Y¦t�K�§ª�!?78Ñ$3»ßÚ<�Í$©hh����*¶»Ñß<

228

Page 103: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

ê�ê�

• Vodafone IRQ�• VodafoneG����l< http://www.vodafone.com/index.VF.html>• Vodafone’s Inorganic Growth Strategies: The Payoffs (ICFAI (Business Case))• Vodafone 3G Technology: The Marketing Strategies (ICFAI)• Vodafone Exits Japan (ICFAI)p ( )• Vodafone In Trouble (ICFAI)• Vodafone: Losing Connectivity in Japan? (ICFAI)• Vodafone – Rethinking Global Strategy (ICFAI)• Vodafone’s Global Strategy: Paying Price for ‘Going for Growth at Any Price’? (ICFAI)oda o e s G oba S a egy ay g ce o Go g o G o a y ce ( C )• The Hutchinson Essar Acquisition: Foray into an Emerging Market (ICFAI)• Vodafone Essar’s Marketing Strategies –The “Zoozoos” Campaign (ICMR (Business Case))• A. T. Kearney Analyses

100

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

� McDonald’s� Yum! Brands� Yum! Brands� Wal-Mart� ZARA� ZARA� IKEA� Ritz-Carlton Hotels� Shangri-La Hotels� Vodafone� AIG� L’Oreal

101

229

Page 104: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

AIG��AIG��2008Jô�K���_L}($�9:Qç@}(Y�ã���:�HZ�?þQR�ï�HZop��4d�78�¼3©ò�����+b0 W!lm$Tö~�@!ä7<b0�\¿m� W$�94AB

J ¢) ï�¶QIX7<åæ�ã�½=4W��XY %&Z[à �ã� �

HI

� 1919 J!¢)(ï�¶QIX7<åæ�ã�½=4W��XY$%&Z[Ã�ã����• ßàßàJ$¢)(ÛfÔfn¾�QIX7<åæ�ã�½=QçE• £è(%&[ydé(ßàÖàJ!�J4©ê!�78gh$T@}(©êQ%&�������'�• n¾��4(RCÕ�2Û���ô�����Ö�JÐ!�'@Ò¼Ð'!%&Z[Ã�ã������W�

� HZ��T�4¢)ñrR+Qp$�9:Qç@}(Y��!.õ(�ê

• �êuHZ�?þQR�ï�HZ!"Y��+D4 r7$y��R-�opíî4Ñï7$�l��'õ��ê7 2009J3ùT@ ç%&�ãZ[�3ûÑ7 400D¶(%&

n¾ �4(RCÕ�2Û���ô �� �Ö�JÐ!�'@Ò¼Ð'!%&Z[Ã�ã�� ���W�

klmn��

��ê7$2009J3ùT@$ç%&�ãZ[�3ûÑ7,400D¶(%&.� �êu(Ñ$Tö��ë+ch4�m®��~�@!g7<b0 Wò�p!$�Gu\¿m�C�� G$m_¸+D�¼X¢Y}T+\¿m��&Q!"#�¼X¢Y4AT

• �����+0 W9Ú!lm$Tö:J(F:���~�@!� <b04 Wò\¿m�Ñ�GuY � �

� 2008Jô�K���_L!" 8iÌXYÈ}(Ñ$¡¢�ãdË�F!�9:4ÒÓ

\¿m�C�!lm$�¼X¢Y}T+ G�m_¸\¿m��&Q$����(<�����S�!"YTöG¡»�94AB

ÆÇ • ¡¢ÔßßßØM�$¡¢ÛÜÝÞwßàÚ�áÕÙÙ�{Ô ßÕâ±$åßàÚ�áÕÙÙÚæÔÙâ• ãdËÔRààÖØM�$ãdËÛÜÝÞwßàÚ�áÕÙÙ�{Ôàâ$åßàÚ�áÕÙÙÚ{ÔRÕÕäâ

� ç%&130��ö÷!�

� ö÷

w09JT@�ê�{• �l�[óîÔ'�$��$��$´eô¥�$��3��$K����$¾T$�¸N�$T�M$��n¸Sô��• ïîÔï�$èN±$USl�$����\�$\ô$���$½��k�$�L�M��• íîÔ´S�n �S�± ��% MTµ n�T� T¾ô� 2�3ô S�M ����

102

• íîÔ´S�n$�S�±$��%�$MTµ$n�T�$T¾ô�$2�3ô�$�S�M$����• 'õÔ��l�Sk�$�Ü�$TnS���• �´ôèÔ��´ôè$NTl]ô��

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

¡¢�ãdË��¡¢�ãdË��ÕÙÙÚJô�K����_L!" 8iÌXYÈ}(Ñ$¡¢�ãdË�F!�9:4ÒÓ

J�J�

w��ßÙØM�{

w��ßÙØM�{

90J� 00J�

RßÚâ¡¢J� 9:Ã

80J�

ßÕâ

¡¢�

ãdË

�!#$%&

!"(¯$%

'%&'

103

230

Page 105: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

)*� ���E÷+,)*� ���E÷+,yÈÑ'��õ��l�!� XYQ$[y!"#�ï��8ì4�´¸òy��l��F¬Ê�ê7$��$íî�12��F�ê

2000á1945~20001919~1944

T�Mw2001á{

���w1990J��É )�¸N�w1990J��Éá)1939J

�J4¢)op12��

íî�'õ�

õíw2�3ô�$�S�M$\]½$��K~�{w1979á{'�w1992á{

�´ôèw��´ôè NTl ô�� ßà×ÙJ� æ��n¸Sô�wßà×ÙJ�áæ

���w1990J��Éá)�J4¢)op©ê!��w90J�á{

ö÷�

íî�'õ��´ôè� w50J�á{

�´ôèw��´ôè$NTl]ô��$ßà×ÙJ�áæ

MTµwßàä�áæ

'õw��l�Sk�$�Ü�$TnS���$ßà×ÙJ�áæ4íwn�T�$T¾ô�$n�]����$ßà×ÙJ�áæ

õ��l�w��3 � K� �� ¾T� ßà×ÙJ�áæw-��{

´eô¥�w1945á{

��wßàä�áæ'�w1945á1950{

õ��l�w��3��$K����$¾T�$ßà×ÙJ�áæ�l�� 2w40J��Éá50J�{

��wßàä�áæ

�l�� 1

ï�$èN±w1926á{�ïwUSl�$����\�$\ô$���$½��k�$�L�M��$1930á{

´S�n$�S�±$��%�wßàÖÙJ�áæïî� w30J�á

40J�ÈÉ{

�l�� 1wá30J�{ '�w1919á1940J�-{

+�ET�M�Nw�¸N�$è��l�$S�n{$+íEõT�MwT�Mm��{+D$1920J�á1940J�-{

»Ó� knw1987á{QvÀ�w1999á{

104

��E÷»Ó��knw1987á{

åæ�ãw1919á{b©�ãw1921á{

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

AIG)*� )6}�7w1/2{AIG)*� )6}�7w1/2{:�HZ�?þQR�ï�HZC�"#$�9:��!�¼3©7$Tö�ch4�m8:ö~�@!g7<b04 W

CDüF

� �R9:xQç@}(Y��!HZ�?þQR4ºï8�¼3©î è�¸ô�ônLQ�ñ8F$g�8�opLM��ã�9:Qç@}(Y�Ó

CDüF

��(Y���3©7$ÏJ`u4SXY

A GDP9:Ã$�y.¶5<#GDP9:Ã$�ãl©Ã$»Ó6S��ã6Sî g100%²KJ!"Y�ê4OPXYQ$*Q3©RSQ�Y�!?78Ñ$TöU��JV4IX783©A T�M!Ñ$ÕÙÙßJ$öU¾¾Æ^�Ð(�ÔC¾¾�Ü�ÝG4X¢Y83©

î 3©È-�op$¸_���� �?��$5/�HZ�?þQR!×�

A .#b!�ã�&(ÑRSïðchQÂR<7$ÀÈ+3©��������X¢Y<7!ÑHZ�ùR�T�QSñ

�9:���u^78�ê

_��¸ô�

�X¢Y<7!ÑHZ�ùR�T�QSñ

A w�{ßààÕJ!'�!¬�ê7<]$Û��Ñ'�J3½�ò¦

� 3©óôQ�Y�V!ÑïHZ�FC�î Á�|}QF��(+R+D�R3©óôQ�Y�V!Ñ$ïHZFç;@å(5/�HZ!|7�;o³4^R óôêá4�q/�HZ!|7�;o³4^R$óôêá4�q

A w�{ßà�ÙJ�$��HZQÜ�Ý!|7.#åæ�ãÁ��|4F�7+o <]$ºb�Ü9$�Ƕ�4õ#8�;o³4^R�|¦fwij�¼{

� �����¸��M!|XYb0Uc4.9�JQÉOXYF$éEb+b0�Ñ:�Q`X78AB

î �����¸��M4ì}m<b0�T�e�Ñï��$��è�+¸��M4ì}m<FÑ:� W97QÉO

Tö-¨sklmn�n��

b0 W

105

î �T�e�opb0�Ì�7@A$�1ïð�s3$G¡�Ñ:�QAB

231

Page 106: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

AIG)*� )6}�7w2/2{AIG)*� )6}�7w2/2{

CDüF

�Gu\¿m�C���F!$�¼X¢Y}T+\¿m��mn&Qò�p!$����o<�����S�!"YTön¾_´4�9òTöLÁÑ$�J$Tö;�4ßn"A�-�

� �Gu\¿m�4C�î TöU��G!" 83©XY�V!Ñ$�Gu�½=�$U��è�w�ã¼X¶{�?þ4C�

CDüF

ã¼X¶{�?þ4C�

� }<$�¼X¢Y}T+G¡\¿m��mn&Q�$����(<�����S�!"YTön¾_´�9FAB

î w!$1RX¢Y�V!Ñ$�½=�$U��è��?þ4QRXY��£ö^( c¼Ð(êD}T+ G IE T�¾ m ¸!"YG¡!×�

�GuC�B�¼X¢Y\¿m�sklmn \¿m�

£ö^($c¼Ð(êD}T+ G$IE�T�¾�m_¸!"YG¡!×�

A T�M(Ñ$ÕÙÙßJ3© �$ G�IE÷ø!"#=>4efò�£!ÙÖJopÙ�J}(!�½=G¡»û4ÕÙï�XYvc4X¢Y

î 12�!éR8Ñ$ï��������S�¨©!"#G¡»f�4�¢

'�!é³YG¡» ��! ï� wb©�ãüÇLÁ�K{ Cb©

�¼ Y\¿m�QR��9�n�� W

A '�!é³YG¡»��!$ï�¶�¥Üwb©�ãüÇLÁ�K{Cb©�ãLÁû�ã��SÊG4¨©

� :�LÁÑ5-Ñï�+,CQ klmnQùú!,#ê7<�Ñ Tö;�

otu�ES

� :�LÁÑ5-Ñï�+,CQ$klmnQùú!,#ê7<�Ñ$Tö;�F^7<A�-�òö÷9:LÁÑ�Jn¾_´QAB

î 3©5-Ñ$f9Ñï�op+,$�(g*Ú�»ÑTö;�

î ��Ñ»¼7<A�-�($Tö;�J:H�Fðû

A ��Ü�ÝTK:û/êüLÑ[}���Ü��wÜ�Ýk<å�KJ{!©J�J$Tö4ßn"

A�-�otu�ES ��Ü�ÝTK:û/êüLÑ[}���Ü��wÜ�Ýk<å�KJ{!©J7$�JJ:�K:4MÂ

î ö÷:J49:XYÜ�Ýè��~�@ö÷J:ÑÜ�Ý�Jn¾_´QÇ7Y

A Ü�Ýè��~�@�����ö÷J:���¸�LSTMLÑ�J;�K�d�e��97êF

A�-�

106

gh$_$s4�k��

d�e��97êF

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

_��¸ô�w}�7{_��¸ô w}�7{AIGÑ$�ê��3©��������(ßà! º7<�V$])�HZ��;o³!lm$ï�HZ4C�78��4^�

wA{])�HZ� �b+�;o³

wB{ï�HZ��;o³

AIGwHZ?þ9{ ï�HZ

[9E

])�HZ

*�b�����7

J*tu

•[9E•[ý{K{»•�Ƕ•ºb�Ü9bǶ

wC{J*tu4C�7<�;o³974IÜ

J*tu

• CSI*1• ISAC*2

• ACTPN*3

•bǶ-¨ �;o³

107

gh$wA{áwCæ ij!�;�k��*1ÔCSIÔCoalition of Service Industries*2ÔISACÔIndustry Sector Advisory Committees*3ÔAdvisory Committee for Trade Policy and Negotiations

232

Page 107: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

A{])�HZ��;o³w��Ô'��ê{A{])�HZ��;o³w��Ô'��ê{'��ê!]78Ñ$CEO�CHZ?þ9GQ'��+#$?þ`?!�;o³!lm$èÁ�þ46�XYE�(��4efòÏ*Qk!Õñ5d+�~(3©4AT

¡5-tu

• 70J�5£$AIG!"Y'�3©!ÑóôQðû�@

�L���

• CEO�HZ?þ9Q'��+ 8$ÕÙJ�¼Ð!n<#¶�Â���;o³4(Î

¡¢

•Ï*Qk�Õñ8!�+�~(3©!ÑóôQðû�@

A ßàäàJ'ݶy ½�9X�$'��ü�ã�ÇÑ�Á'�¶y�ã�;Q`a

ßà�ÙJ�5£ ì*Qk

!n<#¶�Â���;o³4(Î

A ßà�ÖJ$HZ?þú5JJ:Q$'�¶y�ã�;!|7K\4>­o³YÛ��<�É�4Wê

ßà�×J �ô �� �Û��å5£{Q'�4×

�~(3©

A ßààÕJ$*Qk�78-78'�HZ"#$'��ü!é³Yb©�ã�ÇÁ��|4¦fA ßà�ÙJ�5£$.ì*Qk

U�!"Y�ã�Ç�3©êÐ7p("

A �ÙJ�}(ï'Ð!*�?þ+7

A ßà�×J$�ô�����Û��å5£{Q'�4×ß$'�¶y�ã�;f9�K\

A ��FÛ��4Ñï7�XYÜ�Ýf9Q(Îb!'�4×ß7$'�?þ`?ü!¶�4QRXY��F! 3©AT4�Ê

ÇÁ��|4¦f

A o�$ßÙÙâ²KJ�78Á�QÐ7p(Y

� ���|4f<*QkU�!ÑêQÕÃ+7

•~L��×'!"#AIG3©!}TxQbïY

ßà�ÕJÕù ~L��[9EQ

XY��F!$3©AT4�Ê� CEOÑ$50�g¢×'7$¢)�:$��8Lw��]{�Fò¦!+ <

�;o³�ö^78'�!|7èÁ�þ46�

kU�!ÑêQÕÃ50%g�JV!"Y�ê7oÐ7p("

� 2000J-�($12Á��|Q�F�(<Q$�A ßà�ÕJÕù$~L��[9EQ

'�4×ßA ï'��¬ !Ñp

•�;o³�ö^78'�!|7èÁ�þ46�A Ü�Ýk<5��E4ºï8$¢)!����4 I

A Áäø¼�½��+]!z��(<�ã04v7ê7 '�HZ!!�

�|Q�F�(<Q$��Í84AIGQ¦f

�ã04v7ê7$'�HZ!!�

A ßàÚàJµ£7�~ �$*QQ� 7Q»�! º7<¢)>��VBI W!êQ

108

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

B{ï�HZ��;o³w��Ô���ê{B{ï�HZ��;o³w��Ô���ê{��(Ñ$�Ò0��êSh�ÜF��è�M�7$åæ�ã�|4¦f

¡

•.#|Íåæ�ã�Ç�|ef42�XF AIG�`(

•ï�HZ?þ5Ö!��HZ?þú5JJ:Q 5£ï�ºb

•�¼2b4t9ßà��J ��HZ"#

5-tu �L��� ¡¢

|ef42�XF$AIG�`(Ñ��êÛ"

A ßàä�J$��ï��Q!?XY�ã�Ç���78�ê

A HZ?þú5JJ:Q$5£ï�ºb�Ü$�Ƕ�ï!��7$��HZ!|XY�;o³4�Ê

A �p!��4×ß7$��ï�[r!F��HZ���^r!�;(Îb!��

A ßà��J$��HZ"#$ü�¶4|Í�XYåæ�ã�ÇÁ��|4¦f

�ê

A ßà�ÚJ$*�¶�*�U�4|Í�XYåæ�ã�Ç!?XY�|4¦fXYF$ü�¶|ÍÁ��|ÑF�

HZ���^r!�;(Îb!��

•ï�HZop��HZ!|7*�b��4^rA ºb�Ü94'��XYï�HZQ$LMSx467o7�� ��HZ!|7 ï��¶|ÍÁ��|ÑF�

�("

A ßà�ÙJ�$�ô�����Û���pQ��4×ß7$��HZ!|XY�;o³4

x467o7��$��HZ!|7$ï�åæ�ãU�!|XYÁ��|F�4Âñ��

� ���¢$���Ò0�|ï�êSh}Tx4¾��HZ!|XY�;o³4

^�F¢+7êSh}Tx4¾�

•�£ö^(AIGop��HZ��;o³F(Î

HZ?þú5JJ:Q ºb�Üý�A HZ?þú5JJ:Q$ºb�Üý�¶���F!��4×ß7$HZ!|XY�;o³4AB

109

233

Page 108: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

C{J*tu4C�7<�;o³w��Ô�ï�ã�{{C{J*tu4C�7<�;o³w��Ô�ï�ã�{{AIG!"Y��k�CD�HZü�ßf»K�3l+D!"#$�J¦�4HZÐ��!ÂñX��o$�pQq7Yg�4���HZop§;ê7<

5-tu �L��� ¡¢

•��RS�ãâ!"#$å�(Úy7$£Þ��åßQ�A�

A ßààÙJ�ÈÉ}( Ü�ÝÑ��

• AIGQ'��+#��k�CDtu4IXA ßàÚÕJ$Ü�ÝQ'��+#$�ã�4^7<��kn���!>­o³ �k��EÛ¬�

•�pQq7Yg�4��HZop§;êXE�!9s

ßàà�Jø �ï�ã�{Ñ

5-tu �L��� ¡¢

ßààÙJ�ÈÉ}($Ü�ÝÑ���ü(b©�ã$åæ�ã�­£Þ��æ�ãÁ��|QÐ7p(8R<Q$b��å�$w!å�!é³Yb0��Ã!

� kn���!>­o³$�k �EÛ¬�±åÛB³¯´S´Bµ±BC±¬·¹F´A·±�µ¸­GS¹´·Gæ4¡9

•HZü�ßf»K!©#yzXO?�A ßàÚÙJ�$ºb�Ü!|7H{º(�Ï4^� ºbH{���!?XY�ßf»K

A ßàà�Jø$�ï�ã�{Ñ��g�ZãêÉ��<4F 8ãä� 98J7ù}(!åæ�ã�ÃÙç�¦�4w!å�!é³Yb0 �Ã!

?XY�ë+RSQ�#$}<$k<U�Ð\¿m�!©#@7+o <<7!Úy

A £Þ��Ñ*QkA!Á�

4^�$ºbH{���!?XY�ßf»KwÜÛhÕ©æf»:!Ü�ÝÛ��Q�Â

•�£!$[9E! ��;o³FABA ���¡�$�ô�����Û��QLô�¸�[9E!|7IE4o³g�¬4ët

�ÃÙç�¦�4AB

� b0�êS|Íè2Fj[

� £Þ���3©Ñ£ �� Qk Á��|Q�mp(8R<E�op�.5�+GË0

•HZÐ��¡¢$£Þ��(!�x�q�`

�[9E!|7IE4o³g�¬4ët

� HZÐV¦!ÑC¤fQRo+RG(8��4¬ Xñ7

� å���!é³Yb0��ã�ÃÙç�¦�QATXY}(£Þ���3

� £Þ���3©Ñ2001J}(çºÑ�o"

A ßààäJ$�ï�ã�{V¦êÉ!"#$���ãKJQ²KJ4ºï8£Þ��!3©XYE�Q}T!

�¦�QATXY}(£Þ���3©�¦�ÑÐ7p(+R

•¡¢$ï�HZÑ$AIG¦�!� <a(Â�+-�4 #!X

A ï��Q��¬ 4�Ê �¡¢ à×JA å�b0��ã�Ã!?XYRS ½Q¤��+'$£Þ�����U�3©QÐ7p(<�V$Ü�Ý���ü(�!Q��XY�y`

ï��Q��¬ 4�Êò�¡¢$à×Jop�ï�ã�{£ÕS��M ¾� ï�HZÑ$n���301�!8DñSx�ÜWDF¾�7+Qp$b0��ã�ÃÙç�¦�4Âñ�q

110

!Q��XY�y`�ÃÙç�¦�4Âñ�q

(1) C£.��G(�Yb©�ã$C£è��G(�Yåæ�ãR"(è�öô�!F"�+Rè��ãò#$�ã$%æ�ã$�©�ã+DQE(!5<Y

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

3É{ïHZQ�ã4¤Æ¦§ã^op�©|Í�XY}(L°3É{ïHZQ�ã4¤Æ¦§ã^op�©|Í�XY}(L°[20J!n<#�k�CD$HZ��f»KCD4(Î7<¡¢$�ãÑ$)*(¤d+¦§ã^! º7<�V$ï�HZQ|��Ü4WD78¤Æ¦§ã^opÌYñ;|Í�+Y

¡

•ïHZÑ$Ü�ÝQ)*(¤d+¦§ã^��5��ÂSG�

• ßà�ÙJ�"#$Ü�ÝHZ?þ9Q'��+#${»�­HZ?þ�!|7g�4-�XY�

• AIGQ)*(¤d+¦§ã^! º7<�V$ï�HZ

5-tu �L��� ¡¢

! º78F|��ÜÑ�p+R�X�

A ßà�ÙJ�-�$bǶ(ï_Q$HZ?þú5JJ

k�CD4�

A ï���kn���Q)*� !éR8ßà! º7<�V$ï�HZQ�©Xñ;(�YE��k�

Q|��Ü4WDXY¬�43

A ßàÚäJ$ºb6Q.Æ�($�ã���knQ

:�K\�¢$C�ãÑ&'|Í�Ñ+p+RG�X�4Ü¢

A ßà�äJºb6!F$�ã4^Î� k Ñ&'|Í0

• ßàÚÕJ$Ü�ÝQ'��+#$�ã�4^7<��kn���!>­o³$�k��EÛ¬�±åÛB³¯´S´Bµ±BC±¬·¹F´A·±�µ¸­GS¹´·Gæ4¡9

( -�K:!Ñ$Ü�ÝÛ��Q�Â

�kCD4AB

&'|�0!^}(Y

A ßàÚÚJ!B^�(<$*�HZ!"Y¤Æ+¦§ã^!|XY hb+|^Î��knÑ&'|Í0

2�A+�("

•�`¦N)9

( Û¬�§���!Ñ$�ã�Ï!»Ó$§�e�$º��

( �k�CD4�p!CW�

ã^!|XY.hb+|��ÜWD4Ð7Yn���ÖÙß�|Í!F^}(Y

A ï�HZÐN4.7+Rh#$*�(�������!éR8�5��GF��`! º7<]$��XY �QêÛ+ � �`

HZüf»K

• ßàÚÙJ$bǶü!£ßÖv�97ö�ßf»Kw�¬ÜÛßÖ{QIÜ�(Y

A �f»KÑ$ï�ºb�v�H{�Í$��knv�!?nY9�!?7$bǶ

XYE�QêÛ+R��`¦NQÜ�ÝJü()9

!©#yzXO!?�

!¦ç4¼ñYE�(H{XO!?�

– AIGHZ?þú5JJ:Q-�f»:!�Â

• ßàÚÙJ�$ºb�Ü!|7H{º(�Ï4

111

^�$ºbH{���!?XY�ßf»KwÜÛhÕ©æf»:!Ü�ÝÛ��Q�Â

234

Page 109: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

sklmn�n��wb0 W{w1/2{sklmn�n��wb0 W{w1/2{b0�T�e�Ñ$�����¸��M4ì}m<FÑ��$��è�+¸��M4ì}m<FÑ:� W97QÉOò�T�e�opb0�Ì�7@A$�1ïð�s3$G¡�Ñ:� Wú597Q-¨

CD-E CDüF

•��õ�(b0 W`T4ú�CProduct Development Team GQ$%&'�´enop�6!8D;$�����¸��M4ì}m<b0½�å�¸4Äê�ÉOå�æ Z[�Q T� * <*æop � � 4wú

�J W97

b0½�å�¸

:�

å�æRLexCyberSecure (2007)Ô Z[�Q�T����!" 8* <*æop�+��4wú- Ecosurance (2007)Ô Z[�Qzð!åæ4* <]!$+ÝÞb+¿�4�R8zð4.RXY��4wú

•�J W�ã�T�e�4��?9

:� W97

�J W�ã�T�e�4��

w�{C��-G�78�ô½l¿��Q� 7<�,-��³�ãw�,-��ã�4B§{�­�¡"ãF�ãwÚÙ�}(+p.(Fl©}T{Ñ$�!ï�(�_¸

•��è�+¸��M4ì}m`�!ÉOw�{�ô½l¿��Cb��ãGw�/7<J/}(b;<�V!�ã»4Ö¦{Ñ$���/

b0�:�

w�{�ô½l¿��Cb��ãGw�/7<J/}(b;<�V!�ã»4Ö¦{Ñ$���/�4ì}m`�! Wòï�!�0�ãb0+7

•~�@5�$GËx$V6x$�½x+D4O´•�L\��ô�w�ãû½�7z{!" 8$JK¸��M!?XY��¾�48!�Ã�9v4

�ã�Ã�4Ñ/Ì�7@A

�1ïð:�

�R8�ã�Ã�4Ñ/•6Ç97��F!$6RSüF4ì}m��b0[14?9

•�1ïð!|7ÉÊ@Ñ�ê4^�E�!" 8$G¡|}4¦fw�{��(Ñ W97Q»Óð!|7 b0Ð}ÉÊ4^R"24AB �ã�6�!/7�1ïð

�s3

G¡ :�

w�{��(Ñ$ W97Q»Óð!|7$b0Ð}ÉÊ4^R"24ABò�ã�6�!/7Yb0Ð}3ª8�!V4XYo5o!�;$»ÓðQ�K4^R$�(!|7�«4^����ån4 #!X

•�Ç��ån4{/XY��F!$�n��4 W

112

G¡�

:�•�½=$U��è��G¡�!|XY��•��´�_¸$��nôô�n?9

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

sklmn�n��wb0 W{w2/2{sklmn�n��wb0 W{w2/2{�Jü!b0 W�7`?4XÍ¢YYE�!"#$�����b0 Wn¥�M4[�!�_�

5-tu �L��� ¡¢5-tu LL�

è�öô�?!b0 WQ^n(�ÂÃ

�����!b0 W4õ�b!^��7ztuCProduct Development TeamG4�J!IÜw99J{

w�����Wb0(Ñ{1b01~�<# W¼Ð

46Bg¢c6

•�ãb0è�öô�w¸7�ã$�DZ�ã$Qå�ã+D{8�!`X7<b0 W97Q�@

• 18¶§���Ñ:�Qb0 W!S���(Y�7x4é

A �L\��ô�$W©û$�Ç�7zw�ã»Äv q |à G¡���{ b �7zw�

• Wn¥�MÑ[�!�¢A b0 W�T�e�4ÂÃb!¿R¢Y$½�� Iv C7Q�@

A : W97Q�ûn¾_´(½�å�¸Ivop�ÃÑ/$[1?9$K�d�e��}(4ABXYE�!"#

v�q�|à$G¡���{$b0�7zw�å�ã$%æ�ã$#$�ã�{

•*9����T�e�4¿R¢YY�n��4�5A Panel Counsel Program

:

�Iv!C�

A �7zQb0 WA!×�XYE�!"#�ÂÃx4n��

b0�<# � W�}(4ABXYE�!"#ÂÃxQL9ò.�b04 WXY!� (18:ù4��

:97Q`�!U� è

� %&'W©ûop:�6.Æ!?XY�64;(©)

A Claims Executive Panel� :��ã»Äv�q4�1XYf9op$=> �4/¼b <

A .b0�<#� W£ÐÑ�­ù�+#$ÚÈ!Õñ�Bg¢é�

� :97Q`�!U��è�$=>op�T�e�$��4<¦XYE�op$÷���F!þ³=(Qbï$1<+~�@4Åì!¿R¢Y

>��4/¼b!<¦

•ç%&�´enopb0�T�e�4¿R¢YY�n��F3A ITAM (Innovation Tracker and Manager)

ç É ( b � 4 :1+~ @4Åì!¿R¢YYE�Q(;"

� ç%&(ÉO�(<b0�T�e�4.:1½� ç%&�´enopJÐ600~�T�e�QH³�(Y

� Product Development\��C³(+ñ$ç%

113

&J»!�Lånch4�mYE�!"#$�T�e�õ� F}T

235

Page 110: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

ê�ê�

• AIG IRQ�• American International Group, Inc. (Harvard Business School, Business Case)

AIG d Chi ’ A i t th WTO (Ri h d I S h l f B i B i C )• AIG and China’s Accession to the WTO (Richard Ivey School of Business, Business Case)• American International Group Incorporation (Institute of Chartered Financial Analysts of India, Business Case)• American International Group’s (AIG) Growth and Future: the Greenberg Factor (Institute of Chartered Financial Analysts of

India, Business Case)• AIG in China: the Expansion Strategies (Institute of Chartered Financial Analysts of India, Business Case)• AIG- Strengthening its Asian Links (Institute of Chartered Financial Analysts of India, Business Case)• Fallen Giant –the Amazing Story of Hank Greenberg and the History of AIG (Ron Shelp)• AIG Companies Launch LexHomeland Protector, a New Terrorism Insurance Portfolio Featuring a Biochemical Attack

Endorsement. (Business Wire, Nov. 4, 2004)• Brainstorming For Business (Best’s Review, Jan. 2005) • Lexington Insurance Company Introduces Upgrade to Green(SM) Residential Property Insurance (Business Wire, Nov. 13,

2007)• A culture of creativity; Questions & answers. (American International Group Inc.)(Interview)(Business Insurance, Nov. 19, 2007)• Many sources kindle product innovations (Business Insurance, Nov. 19, 2007)•1*Q-�>Ü�Ý�l��b©Acw�º?$õóLM16J{•åæ�ã���w@/A�B��$Æ�6¶åæ�ã��3V���{•�l�!é³Yï�b�KJK�d�e��CD�AIG (American International Group)4��!�w»C$D¥ï[}b}��{•�ï�ã�{�ö(w�»�½?&n¸1996J8ù27�¤{•ï'£��00�¢)�w��LM1�1996J8ù28�¤{•O´íï�ã�l�yzwE{AIG�|'yz$:!u)• Long Interview�AIGK: �ôn��ô�����Lw�L»Ó1�2004J10ù21�¤{• FÓÎ9:+Yo�üAIGGw¢{H����IYQ"wFuji Sankei Business 2005J5ù3�¤{•Â����M&A`KJ�+R�K��e���ô��LwïAIG�CEO{w�Lklmn2005J11ù28�¤{•Â����ïAIG HI��yz(S w�Lklmn2005J11ù28�¤{

114

Â��� ï HI��yz(S w�L lm J ù �¤{

•U���¸�AIG���� J15%9:(ij[XYAIG|�yzKA�L­w�»±T\ �M2004J11ù20�¤{• Bloomberg

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

� McDonald’s� Yum! Brands� Yum! Brands� Wal-Mart� ZARA� ZARA� IKEA� Ritz-Carlton Hotels� Shangri-La Hotels� Vodafone� AIG� L’Oreal

115

236

Page 111: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

L’Oreal��L Oreal��mnb+M&A4ºï8�����US�M4QRXYE�($�M0�&�����ô�±��9:

H� 1907JHI´S�n!�J4Üñ�M0�&�����ô�±�

� 1980J�-�}(Ñ$íî��4'�!K�\US�M$K�\\¿m�yz!8j[�S ± T¾ô MT � �(��4j[

HI� 1907JHI´S�n!�J4Üñ�M0�&�� ��ô ±

• ´S�n�}��l]N^������Q$%&-V9Ø�èS�Ê�G¡���78IX

klmn��

• �S�±$T¾ô�$MTµ�(�(��4j[• íîUS�M�G4ºï8$n��d�$�M0+DUS�M4j[XY��F!$1<+G¡\¿m�Fef

� 1980J�É�gh$mnb+US�M�G4ºï8�����US�M4QR7$íî*�Fj[• ²ï(Ñ$S�´^�����´�T�S�n+D�Ã�fUS�M�G!lm$§T�ô�$Ø�N^�k�n¾T�+D M U MF G � � U M 9 �

� 20Jg¢!n<# ¡¢ dË�F!�R9:x4ÒÓ

+D�M0US�MF�G7$�����US�M�9:�oY

• }<$�l�(F$��(��� ���S4�G

ÆÇ

� 20Jg¢!n<#$¡¢$dË�F!�R9:x4ÒÓ• ¡¢ÔÕ×ÚØM�wÙÚJÊ{$¡¢ÛÜÝÞåßàÚÚáÕÙÙÚæÔßÙâ• ãdËÔÕàØM�wÙÚJÊ{$ãdËÛÜÝÞåßàÚÚáÕÙÙÚ{Ôßäâ

� %&72o��ö÷!�´en457$130è��ö÷!b04� � 80J�}(íî4'�!� òg�$ç%&���êw09J11ù£ú(�´en45XY��ö÷û{íî Ößo�w� ` � � �{

� ö÷

• íîÔÖßo�w�$`$�$�$ �{• ïîßÖo��ö÷wï$l$O$����\�$USl��{• �l�ÔßÖo��ö÷w�$'$Ò$��3���{• [óîÔÕo�w��©Î{

116

[óî o�w� {

• �´ôèÔÕo�w��$ �_½{• 'õßßo�w�Ü�$��l�Sk�$�l�¸$TnS���{

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

¡¢�Á�dË��¡¢ Á�dË��20Jg¢!n<#$¡¢$dË�9:4ÒÓ

á80J 90J� 00J�80J 90J� 00J�

Úâ ßÙâ

w��ßÙØM�{

¡¢�J� 9:Ã

¡¢�!#

ãdË!"

#$%&'

(¯$%&''

117Source:Bloomberg

237

Page 112: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

)*� ���E÷+,)*� ���E÷+,M&A4 #!7+Qp$80J�!4í$90J�!ï�$�l�$00J�!12�!j[

á80J� 90J� 00J�

ï���l�� ��´ôèw1993{$UAEw1998{ï�w1994{

12�� w00J�á{ '�w2000{$T�Mw2001{

�LSTNw04{$�l�¸w08{

� ö÷w-��{

ï���l�� w90J�á{ �S�Mw1992{$��K~�w1997{+D

�îw1934) ��w1966{TnS��w1959{

��3��w1990{$��w1996{

��´ôèw1993{$UAEw1998{

4í$�ï� wá80J�{

`w1930{$�w1932{$T¾ô�w1936{$��%�w1937{+D�w1907{

�îw1934)$��w1966{����Tw1950{$§��½w1973{

��0

K¸ôLn(2000J�G{

�������´]_��m�(1907JHI{

�Md��´e´n���~��(1993J�G{dSn¾n(1964JHI{

�������S(2001J�G{

��E÷w-+U

�Ã0l��l����K ~���´æ�(1982J�G{

S�´^����^´�T�S�n(1990J�G{

CCB �ô(1987JHI{Ø�N��k�n¾T�(1989J�G{

���@(2000J�G{��� � �S(2001J�G{

US�M{

r4(2004J�G{�´¸� � è ��(1998J 2000J�G{

S�½���ô(1964J�G{k����(1970J�G{�¿�¿��(1981J�G{l��l����K�~���´æ�(1982J�G{

118

��0�´¸����è���(1998J$2000J�G{

������ô(1907JHI{3�~�(1965J�G{

§T�ô��~��·�L(1996J�G{

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

L’Oreal)*� )6}�7L Oreal)*� )6}�7M&A4rR+Qp$klmn�n��4QR783©òUS�MÑ�����US�M!��è�(US�M4�G�9VXYE�(�����US�M�78æ�$ÂÃx�$��è�US�MÐ2Ê4�X

CD�� CDüFCD�� CDüF

b0 W

ö÷ •ö÷��($�È(�� W�4IÜA %&:ö��P!�no<�� W4%&'(`T�ú7+QpAB

ö÷��(�ÈQR

ö÷

`T�ú7+QpAB

•3©ö÷($�ÈBM&A!"#bvøú4IÜ3©XYö÷�� \ 4�G7 n¥ �e !

�ÈQR

bv

ö÷

A 3©XYö÷���\�4�G7$n¥��e�!>�4��

ö÷ US�M!�no<G¡\ m�4 �ÈBM&A

Ï�4C�7<n¥�MQR

_klmn�n��

ö÷ •ö÷$US�M!�no<G¡\¿m�4$�ÈBM&A!"# �

A 3©XYö÷���\�4�G7$n¥��e�!w'Ð���ð@A+D{\¿m�4��

�n��

ìLJîOLí

ö÷

•�����US�M4ì!S�!Yï8��èST@A 18�����US�M4IÜw2008J£ú{A lm8$ö÷ö!�UUS�4� ������US

���è�yzUS�Mlm8$ö÷ö!�UUS�4� ��� ��US�M!��è�US�M49V

US�M-¨ö÷è ¾ T@

• DMIwUS�M�������tu{�!$ö÷tuQ�@

119

stu�ES Bö÷èn¾KT@

gh$_$s4�k��

Q�@

•����Ü�Q'��+#DMI��#¦#4^R+Qp$��è�K�d�e��4AB

238

Page 113: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

_klmn�n��wb0 W{_klmn�n��wb0 W{%&'(`T�ú47+Qp��è�K�d_¸wx4��7$b0 W!�+Y8RY

����� W`?ö÷�Ñ������� W`?ö÷�Ñ

%&'! Wøú4ÓÍ$`T�ú7+Qp� è�!� <04 W

8)��

0 W

��è�!� <04 Ww��{

� '�.9ö÷(Ñ$fQ�+ñ8F0(Y�¿���4¨©

Ùc�bÃå�¾� • QÑf¤0!+Y<7$07�XR�¿���!|XY~�@Q�ñ W

� T�M�xPÑR;�Xñ$�4Ù7Y!FSR4�mYF(+R�±§

� _Ùx4÷µ7<`T�ú

î 8Ðâã´S�n�'

Tö @!|YXYàh W`T��

SR4�mYF(+R�±§

• P4Ù78FSRQqn(+RPÙ74 W

î Tö~�@!|YXYàh W`T��

î w/2b(8)���üÜ–��Ô�l�¶TP�ëU��–ï�Ô�´ôèk�§ôè¶TP�ëU��ï� �´ôèk� ôè¶TP ëU��–'�Ô�l�¶TP�ëU��$mh9�C���$�

� ç%&(2,900<���� R&D�ÑJÐ5ØV �w¡¢�3 5% �&� 2%{

120

� R&D�ÑJÐ5ØV��w¡¢�3.5%$�&� 2%{

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

_klmn�n��wbv�G¡{_klmn�n��wbv G¡{1R3©�(Ñ$öUUS�M�G4ºï8$G®�bvøú4n¥��e�!_Â

'��� ��'��� ��

öUUS�M�G!"#$®���³G®�bvøú4n¥��e�!_Â

'Ð���ð@AQ�7R'$öUUS�M�G!"#$G®4n¥��e�!_Â

� öUUS�MMininurse4�G7 ®���³G¡\¿ � öUUS�MMatrix4�G7 'Ð���ð@A

MatrixMininurse� öUUS�MMininurse4�G7$®���³G¡\¿m�4_Â

• �(}($������US�Mb0Ñ$�F�7»!" 8G¡�(8R<E�op$G¡ºmQh/b(� <Q Mininuse�G!"# ®���³\¿

� öUUS�MMatrix4�G7$'Ð���ð@A• 2000J5£$ï��Ç�Ø�d�0��Ñ$'Ð���@�!"#$1R3©4ÙAY*�U�!� 8óôQ�o <Q$����Ñ$��è�US�M(� <Matrix4�GXYE�!"# �b(� <Q$Mininuse�G!"#$®���³\¿

m�4efXYE�($2T��K�d_¸�W�;<Q}T�+#$¡¢Q�l

• �p!ef7<G¡\¿m�4C�XY($��$�����½����K�US�M(�Y3�~�X

US�M(� <Matrix4�GXYE�!"#$�US�Mb0G¡\¿m�4ef7$ÀÈ!��!©#@ÎE�!9s

����½����K�US�M(�Y3�~�XÍ¢Y!FXY

Yue-Sai� öUUS�MYue Sai�G($bvøú4_Â

• n��d�US�M(�YYue Sai�GÑ$US�M�E�G!lm$¢)>�Fef

Yue-Sai

121

239

Page 114: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

_klmn�n��wUS�M{_klmn�n��wUS�M{�����US�M(�Y§T�ô�:�3©!]78Ñ$öUUS�M4�G79VXYE�($:ö(US�MQR£Ð4c67+Qp3©

wï{MAYBELLINE�Gw����\�{MAYBELLINE+MISS YLANGw�G{

•��è�US�MMISS YLANG4�G7$CMISS YLANG MAYBELLINEG�

MAYBELLINENEW YORK

����\�3©

• 96J!öhUS�Mw5£{4�G7$%&'!� XY�à ɧ��¿_��R�yz&_���4/�U

78� MISS YLANGMAYBELLINE

•US�Møú4~��·�L!�7$ôUS��e��

•��è�US�MJADE4�G7$CMAYBELLINE

wMTµ{MAYBELLINE+JADEw�G{

MTµ3©

JADEG�78�

MAYBELLINE

•��è�US�MGemey

MAYBELLINEJADE

w´S�n{MAYBELLINE+Gemeyw�G{

´S�n3©

4�G7$CMAYBELLINEGemeyG�78�

122

yMAYBELLINE

GEMEY

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

stu�ESstu ESUS�M�������tuwDMI{�!���wö÷{ötuQüÜ�($DMI8�h�4F�!7+Qp$��è�K�d�e��4��

§T�ô�T�¾�N��N�

wDMI{

������ôwDMI{

k����wDMI{

US�Mötu

wDMI{

•����ÜÑ$��è�K�d�e��./ch4�ÓA DMIb0Uc$à $�� ����!ÃàQ�Y�VÑ$

���

w����Ü{��

b0 c$à $ Ãà � �V $��sª+D�ø4�m8DMI!ÉÊXYE�(+�}T

w��_Ôb0Uc{A ��($C¿�±�è��KnèSGQ9s7<§T�ô�Ñ$00J!ô_�n¾���±L¸QR42�7$DMIÑ$ï�B�

���ötu

w����Ü{´S�n

•T%ôn•T¾ô�•��%�•n�T�

•'����•��•óô•´eô¥�

Q

l�:�(9s7<C Tn\¿��e_�G45O

A 7o7$��K�d¾�Ñ$ Tn\¿��e_�"�+E 8#7<�áô_�"#F$çR1¦4jÎ�-�7$���³�¢¦•n�T�

•�¸3�•nTn•�S�M

•´eô¥�•K����•¾T•��3��

�YC�à�¾��¿T~�G4Uc7[�_¸

w��s�� ����{

A §T�ô�Ñ$K�\�n~_LwD¶è$y!®��!Fr 8FpmY{+½�å�¸

•��K~� •T�M A CFw½K��¿��´e��{!Ñ$ó¶k$�´ôèk$�l�k4r�Q$ö÷ö!Ñ$ ��Q�YÕÃ4+�

A �l�:�(Ñ$�l�kH�ÕÃQ�RÛ�4r 8RYQ$��Ñ��sª¡¢$ó¶ êÊ�RhQ"RE�

���������

123

QÓ¢7$ö��l��4d�

240

Page 115: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜

©2009 A.T. KEARNEY K.K. All Rights Reserved. �������

ê�ê�

• L’Oreal IRQ�• L’Oreal in IndiawICFA{• L’Oreal in ChinawICMR{• L’Oreal Global Branding StrategywICMR{• L’Oreal and the Globalization of American Beautyy• Maybelline about facewKellog{• A.T.Kearney Experts Interview•����w.Þklmn�k��{

124

241

Page 116: Ù s + ) ; õ w x k b > a > · 1 d€ cS7ijRÔ:9 "CØ .˜˜ # @ RÔ:9 79)_ @ RÔ:9 çœ6 Žfi17 2 d€ cS7ij CP 7æ 7-ô ˚P ".HE Ö!=R Ô:9 =F Ö ÷˜ çœ5 Žfi173 d€ cS7˙˜J˜