Competitive and Strategic Analysis
I N T E R N A T I O N A L !
!"#099 /0/11/0&&0
+ ++
123+43567+89:;<!13+9!<=!>3+ !"#$%&'#%($)&*$(+$,#-+.#$&$./00/+1&/2#$/%$(+$%(&2($&%$&$,/00/+1&/2#$&13$/14#%($/1$("#$&/20/1#$/135%(2*6$
"#$%&'(!)'&*+,*-! .,/*(0'-!1%0!2#'3#*!4',/5!
7#%#&2-"$ 8%%+-/&(#$ 92/&1$ 7+:#2%$ ;2#;&2#3$ ("/%$ -&%#$ 513#2$ ("#$ %5;#24/%/+1$ +'$ <2+'#%%+2$=/2.&0*&$>5.&2$&%$ &$ ,&%/%$ '+2$ -0&%%$ 3/%-5%%/+1$ 2&("#2$ ("&1$ (+$ /005%(2&(#$#/("#2$ #''#-(/4#$+2$/1#''#-(/4#$"&130/1:$ +'$&$,5%/1#%%$%/(5&(/+16$
!"/%$ -&%#$ )&%$ ("#$ !"#$%&&' ()**#$$+'$("#$+,,+'-.$/0#%*' 1%2#' 34%$526$ :2&1(#3$ ,*$ ?@@A$ /1$ &%%+-/&(/+1$ )/("$ 95%/1#%%$B##C6$$
!"/%$ -&%#$ &0%+$ )+1$ ("#$ +,,7' -.$/0#%*'1%2#'34%$5D$ /1$("#$ -&(#:+2*$ +'$8/&)9:';'<#*#$%&' =%*%>#?#*@6' :2&1(#3$ ,*$ ?@@A$ /1$ &%%+-/&(/+1$ )/("$ 95%/1#%%$B##C6$
678!9,/!$'0&10! 1%0! '#3%1! 0:50$1&1#,*+! &*(!9,/!;001!,'! 0:$00(! 1%,+0! 0:50$1&1#,*+-! 1%0*! 9,/! <#==! %&>0! %&559! $/+1,;0'+-?! 5',$=&#;0(!@10=#,+!A&B#C7,&**,/-! 1%0!DE!90&'C,=(! 8,/*(0'! &*(! FGH!,8! 0&+9I01! &#'=#*0+J!@#*$0! #1+! =&/*$%! #*!K,>0;L0'!MNNO-! 0&+9I01!%&(!L0$,;0!,*0!,8!G/',50P+!=0&(#*3!=,<C$,+1!&#'=#*0+!L9! &(,51#*3!&*!088#$#0*$9C('#>0*!,50'&1#,*&=!;,(0=-!$'0&1#*3!L'&*(! &<&'0*0++-!&*(!;&#*1&#*#*3!%#3%!=0>0=+!,8!$/+1,;0'!+&1#+8&$1#,*J!
@10=#,+-!<%,!5'080''0(! 1,!L0!&(('0++0(!L9!%#+!8#'+1!*&;0!,*=9-! $,*+#(0'0(! %#;+0=8! &! +0'#&=! 0*1'05'0*0/'J! Q=1%,/3%! %0! 3&#*0(! #*10'*&1#,*&=! 8&;0!&+!&!5#,*00'! #*! 1%0!&#'=#*0! #*(/+1'9-!%0!8#'+1! &$%#0>0(! L/+#*0++! +/$$0++! &1! 1%0! &30! ,8! EO! <%0*! %0! $'0&10(! @10=;&'-!&!+50$#&=#R0(!1&*S0'!$,;5&*9J!Q*:#,/+!1,!'05=#$&10!%#+! 5&+1! +/$$0++0+-! @10=#,+! &33'0++#>0=9! 5/'+/0(! &*9! L/+#*0++! ,55,'1/*#19!1%&1!%0!L0=#0>0(!%0!$,/=(!,50'&10!5',8#1&L=9J!
T0+5#10! #1+! 0&'=9! +/$$0++-! 0&+9I01! &#'=#*0+! +1#==! 8&$0(! #*10'*&=! $%&==0*30+! 1%&1! <0'0! 195#$&=! ,8! ;&*9! +1&'1C/5! $,;5&*#0+J! 4',<#*3!$,;501#1#,*!8',;!,1%0'!+;&==-!=,<C$,+1!$&''#0'+-!&+!<0==! &+! 1%'0&1+! 8',;!G/',50P+!;&B,'!$&''#0'+-! '0U/#'0(!;/$%!,8! 1%0! $,;5&*9P+!&110*1#,*!&*(!'0+,/'$0+J!V*(010''0(-!@10=#,+!'0=#+%0(! 1%0!$%&==0*30!&*(!;,>0(!&%0&(!#*!%#+!;#++#,*!61,!,880'!=,<C$,+1! &#'=#*0!+0'>#$0!1,!1%0!;&++0+J?!
@10=#,+!L0=#0>0(!1%&1!#*!,'(0'!1,!L0!+/$$0++8/=-!#1!<&+!#;5,'1&*1! 1,!L0!8#'+1!1,!;&'S01!&*(!1,!+&1/'&10!1%0!30,3'&5%#$!;&'S01J!6W,/! (,*P1!*00(!1,!$,*U/0'!1%0!<,'=(!#*!,'(0'!1,!L0!5',8#1&L=0-?!%0! &'3/0(J!A#+!+1'&1039!8,'!;&'S01!0*1'9!%&(!L00*!+/$$0++8/=!#*!1%0! &#'=#*0!#*(/+1'9-!L/1!;&*9!<,*(0'0(!#8!%0!$,/=(!1'&*+80'!%#+!=,<C $,+1!L/+#*0++!;,(0=! 1,!7*10'*01!$&8X+-! '0*1&=!$&'+-!&*(!7*10'*01! L&*S#*3-!1%'00!>0*1/'0+!%0!$,*+#(0'0(!#*!MNNNJ!
! @+;*2/:"($ E$ FGGG$ ,*$ A=B$ H$ I1(#21&(/+1&0$ I1%(/(5(#$ '+2$ J&1&:#.#1($ K#4#0+;.#1(D$L&5%&11#D$M)/(N#20&136$=+($(+$,#$5%#3$+2$2#;2+35-#3$)/("+5($ )2/((#1$;#2./%%/+1$3/2#-(0*$'2+.$A=B6$
For the exclusive use of J. Gao, 2019.
This document is authorized for use only by Jieyu Gao in Competitive and Strategic Analysis-1 taught by JERAYR HALEBLIAN, University of California - Riverside from Jan 2019 to Jul 2019.
I N T E R N A T I O N A L ! C!E!C! 7YTCDCZ[\D!
1/?0%*:'C%9D>$/.*5'
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`O! ;#==#,*!8',;!%#+!8&1%0'-!@10=#,+!L03&*!,50'&1#*3!0&+9I01!<#1%!1<,!=0&+0(!&#'$'&81! &*(!&!+1&88!5'#;&'#=9!$,;5'#+0(!,8! 100*&30'+!<%,!+0'>0(!&+!'0+0'>&1#,*!&30*1+J! Q=1%,/3%!_,*(,*P+!A0&1%',<!&*(!4&1<#$S!<0'0!;&B,'!#*10'*&1#,*&=!&#'5,'1+!<#1%! %#3%0'!5&++0*30'!1'&88#$-!@10=#,+!$%,+0!_/1,*!L0$&/+0!#1!,880'0(!=,<0'!=&L,'!$,+1+! &*(!$=,+0!5',:#;#19!1,!(,<*1,<*!_,*(,*-!&*(!$%&'30(!=,<0'!&#'5,'1!800+J!!
^%0!8#'+1!0&+9I01!8=#3%1-!8',;!_,*(,*!1,!4=&+3,<-!<&+!&(>0'1#+0(!8,'!&!,*0C<&9! 8&'0!,8! `ENJ!^%0! 8=#3%1!<&+! $,;5=010=9! 8/==-! #*! =&'30!5&'1! L0$&/+0!@10=#,+!%&(! =&/*$%0(!&*!0:10*+#>0!5/L=#$!'0=&1#,*+!&*(!&(>0'1#+#*3!$&;5*!<#1%!1%0!+=,3&*-! 6.=9!1,!@$,1=&*(!8,'!1%0!5'#$0!,8!&!5&#'!,8!B0&*+a?!7*$'0&+#*3!(0;&*(!+,,*!=0(!1,! 8=#3%1!+0'>#$0!1,!G(#*L/'3%!&*(!QL0'(00*J!H>0'!1%0!*0:1!1<,!90&'+-!@10=#,+!'&#+0(! &*! &((#1#,*&=! `OZ! ;#==#,*! #*! (0L1! &*(! 0U/#19! 1,! 8#*&*$0! 1%0! 5/'$%&+0! ,8! 8,/'! &((#1#,*&=!&#'$'&81!&*(!1,!+500(!0:5&*+#,*J!)9!0&'=9!MNN[-!0&+9I01!,<*0(!&!8=001!,8! +#:!),0#*3!\D\CDZZ+!&*(!8=0<!ME!',/10+!#*!8#>0!$,/*1'#0+J!A,<0>0'-!L9!K,>0;L0'! MNNN!0&+9I01!,<*0(!&*(b,'! =0&+0(!M[!),0#*3!\D\CDZZ+-!&*(! 8=0<!E\! ',/10+! #*! G/',50J!!$
@10=#,+! ;,(0=0(! 0&+9I01! &810'! @,/1%<0+1! Q#'=#*0+J! A0! '0+0&'$%0(! @,/1%<0+1! #*10*+#>0=9!&*(!0>0*!;01!<#1%!1%0!&#'=#*0P+!FGH-!A0'L!c0==0%0'-!L08,'0!=&/*$%#*3! 0&+9I01J!!@10=#,+!(005=9!&(;#'0(!1%0!$,*$051!L0%#*(!@,/1%<0+1!Q#'=#*0+d!,*0!1950! ,8!&#'$'&81-!5,#*1C1,C5,#*1!+%,'1C%&/=! 1'&>0=-!*,! #*C8=#3%1!;0&=+-! '&5#(! 1/'*&',/*(! 1#;0!&*(!>0'9!%#3%!&#'$'&81!/1#=#R&1#,*J!A,<0>0'-!@10=#,+!&((0(!%#+!,<*!1<#+1!1,!1%0! @,/1%<0+1! $,*$051d! %0! $,;5=010=9! &>,#(0(! 1'&>0=! &30*1+-! #++/0(! *,! 1#$S01+-! 0*$,/'&30(!(#'0$1!+&=0+!,>0'!1%0!7*10'*01-!&*(!8=0<!L'&*(!*0<!),0#*3!\D\+!/+#*3! 1%0!;&:#;/;!+0&1!$&5&$#19!,8!M]N!+0&1+J!!Y,'0,>0'-!%0!(0$#(0(!*,1!1,!,880'!8'00! ('#*S+!,'!50&*/1+e!0>0'91%#*3!<,/=(!L0!8,'!+&=0J!@10=#,+!$%&;5#,*0(!1%0!#(0&!,8! *,C8'#==+!1'&>0=e!1%0!,*=9!8'00!#10;!,*!L,&'(!&*!0&+9I01!8=#3%1!<&+!0&+9"#(0'-!1%0! &#'=#*0P+!#*C8=#3%1!;&3&R#*0J!!A0!&'3/0(-!6f%0*!+,;0,*0!#+!,*!&!L/+-!%0!(,0+*P1! 0:50$1!&*9!8'00! =/*$%J!7!$,/=(*P1!+00!<%9!<0!$&**,1!0(/$&10!,/'!$/+1,;0'+! 1,! 0:50$1!*,!8'#==+!,*!L,&'(J?!g7#'#2$(+$-EF)G)@'7$(+$4/#)$/(#.%$&4&/0&,0#$'2+.$("#$ #&%*>/+%CJh!
^%0!$,;5&*9P+!%0&(U/&'10'+-!'080''0(!1,!&+!60&+9_&*(-?!<&+!=,$&10(!&1!_,*(,*P+! _/1,*! &#'5,'1J! I/+1! =#S0! 1%0! &#'=#*0-! 0&+9_&*(! <&+! *,C8'#==+J! G;5=,900+! <0'0! #*+1'/$10(! 1,! ('0++! $&+/&==9-! &*(! @10=#,+! +&1! #*! 1%0! +&;0! ,50*C5=&*! ,88#$0! &+! 0>0'9,*0!0=+0J!A0!%&(!*,!50'+,*&=!+0$'01&'9-!;&#*1&#*0(!&!5&50'=0++!,88#$0-!&*(! 0:50$10(!0>0'9L,(9!0=+0!1,!(,!1%0!+&;0J!!
7*!MNNibN\!0&+9I01!+/880'0(!5'0C1&:!=,++0+!,8!`DJD!;#==#,*JM!A,<0>0'-!#*!MNN[!1%0! $,;5&*9! &**,/*$0(! &**/&=! 5'0C1&:! 5',8#1+! ,8! `EJD! ;#==#,*-! 1%0! 8#'+1! 1#;0! 1%0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! M!`MJZ!j!V@kMJiZJ!
For the exclusive use of J. Gao, 2019.
This document is authorized for use only by Jieyu Gao in Competitive and Strategic Analysis-1 taught by JERAYR HALEBLIAN, University of California - Riverside from Jan 2019 to Jul 2019.
I N T E R N A T I O N A L ! C!D!C! 7YTCDCZ[\D!
&#'=#*0! %&(! 5,+10(! &! 5',8#1! #*! #1+! L'#08! %#+1,'9J! g7#'#2$ (+$ -EF)G)@' +$ (+$ 2#4/#)$ #&%*O#(P%$'/1&1-/&0$;#2'+2.&1-#Jh!
#?@?ABCDEFGH+GI+EJ?+3B@GK?DH+9F@CFH?+!HLBME@N+
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
^%0! 5',=#80'&1#,*! ,8! &#'=#*0+! ,880'#*3! %#3%=9! $,;501#1#>0! 8&'0+! &810'! T0$0;L0'! MNNE! '0>,=/1#,*#R0(!G/',50&*!&#'! 1'&>0=-! 0+50$#&==9! 8',;! 1%0!V*#10(!c#*3(,;J! K0<!&#'=#*0+!<0'0!$'0&10(-!&*(!1'&>0=0'+!$,/=(!8=9!8',;!;,+1!&#'5,'1+!#*!1%0!Vc!1,! &=;,+1! &*9<%0'0! #*! 1%0! <,'=(! 8,'! >0'9! =,<! 5'#$0+J! ^%#+! 5',;510(! ,*0! $,;;0*1&1,'!1,!'05=9-!6W,/!$&*!*,<!8=9!8',;!,*0!0*(!,8!G/',50!1,!1%0!,1%0'!8,'! 1%0!$,+1!,8!1<,!%&'(L&$S!L,,S+J?!!"#$%&'(!f'#3%1!,8!1%0!F#>#=!Q>#&1#,*!Q/1%,'#19-! <%#$%! '03/=&10(! )'#1#+%! &>#&1#,*-! 5,+1/=&10(! 1%&1! ;&*9! *0<! $&''#0'+! +01! /5! ,50'&1#,*+!8',;!1%0!Vc-!'&1%0'!1%&*!,1%0'!G/',50&*!$,/*1'#0+-!L0$&/+0!1%0!)'#1#+%-! &=,*3!<#1%!1%0!40';&*+-!1'&>0=0(!;,+1!,810*J!
T0'03/=&1#,*!#*!G/',50-!%,<0>0'-!+5&<*0(!80<0'!*0<!$,;501#1,'+!1%&*!#*!1%0!V@J!! 7*! MNNN-! ,*=9!Dl! 1,! Ol!,8! 5&++0*30'+! #*!G/',50! 8=0<!,*! &! =,<C$,+1! $&''#0'-! $,;5&'0(!1,!E]l!#*!1%0!V@J!H*!+,;0!',/10+!#*!G/',50-!%#3%!+500(!'&#=!+0'>#$0! $,;5010(!(#'0$1=9!<#1%!&#'=#*0+J!./'1%0';,'0-! #*(/+1'9!0:50'1+!L0=#0>0(!1%&1! 1%0! $,+1!,8!'/**#*3!&*!&#'=#*0!#*!G/',50!<&+-!,*!&>0'&30-!]Zl!%#3%0'!1%&*!#*!1%0!V@J!!
V*(0'+1&*(&L=9-!80<!=,<C$,+1!$&''#0'+!0*B,90(!1%0!+&;0!+/$$0++!&+!0&+9I01J!H8!1%0! [Z!$&''#0'+!1%&1!%&(!L03/*!,50'&1#,*+!&810'!MNNE-!iZ!%&(!&='0&(9!3,*0!L&*S'/51!L9! MNNiJ!@1#==-!&*&=9+1+!5'0(#$10(!1%&1!1%0!G/',50&*!=,<C$,+1!;&'S01!$,/=(!3',<!L9!&+! ;/$%!&+!DZZl!L9!EZZ]J!
1/?0#@)*>'/*'1/2@'
)0$&/+0!0&+9I01!,880'0(! =,<!8&'0+-! #1! +,/3%1! 1,!;#*#;#R0!$,+1+!<%0'0!5,++#L=0J!! .,'!0:&;5=0-!0&+9I01!+&>0(!`M]!50'!5&++0*30'!L9!*,1!,880'#*3!;0&=!+0'>#$0-!&*(! 0+1#;&10(!1%&1!L9!8=9#*3!#*1,!_,*(,*P+!_/1,*!Q#'5,'1!#*+10&(!,8!4&1<#$S-!#1!+&>0(! `MZ!50'!5&++0*30'J!!^%0!&#'=#*0!&=+,!+%&>0(!$,+1+!L9!*,1!,880'#*3!L/+#*0++!$=&++! +0&1#*3-! 1%/+!&==,<#*3!8,'!;,'0!,>0'&==!+0&1#*3!$&5&$#19J!g7#'#2$(+$-EF)G)@'H$ (+$ 4/#)$&$-+.;&2/%+1$+'$("#$-+%(%$+'$#&%*O#($&13$+("#2$-&22/#2%6h!!!
Y,'0,>0'-! 0&+9I01! 0*$,/'&30(! 7*10'*01! +&=0+J! 7*! Y&'$%! MNNN-! 7*10'*01! +&=0+! &$$,/*10(! 8,'!MOl!,8! '0>0*/0+e!%,<0>0'-!L9!H$1,L0'!MNNN-! 7*10'*01! +&=0+!%&(! +,&'0(!1,!iZl!,8!'0>0*/0+J! !@10=#,+!,880'0(!(#+$,/*10(!8&'0+!1,!$/+1,;0'+!<%,! 5/'$%&+0(!,>0'!1%0!7*10'*01!L0$&/+0!+/$%!+&=0+!'0(/$0(!1%0!*00(!1,!%#'0!&((#1#,*&=! '0+0'>&1#,*!&30*1+J! !A0!&>,#(0(!$,;5/10'!'0+0'>&1#,*!+9+10;+!&*(!1'&>0=!&30*1+! L0$&/+0!%0!L0=#0>0(!1%&1!1%09!&((0(!EOl!1,!1,1&=!,50'&1#*3!$,+1+J!
For the exclusive use of J. Gao, 2019.
This document is authorized for use only by Jieyu Gao in Competitive and Strategic Analysis-1 taught by JERAYR HALEBLIAN, University of California - Riverside from Jan 2019 to Jul 2019.
I N T E R N A T I O N A L ! C!]!C! 7YTCDCZ[\D!
!CCBME@DEFGHO+7DNFHA+>G+1G+1@D-?C+9A?HEM+
7*!MNN[-!@10=#,+!0*'&30(!1'&>0=!&30*1+!#*!4'00$0!L9!+0==#*3!$%0&5!(&#=9!8=#3%1+!1,!Q1%0*+! &*(!8=&/*1#*3!%#+!$,;;#++#,*C8'00!+0'>#$0!L9!&(>0'1#+#*3!1,!68,'301!9,/'!1'&>0=!&30*1J?! ^'&>0=!&30*1+!1%0'0!1,,S!%#;!1,!$,/'1J!!A0!<,*!&*(!1%0*!#;;0(#&10=9!1%/;L0(!%#+!*,+0! &1!%#+!8,0+!L9!5=&+10'#*3!6+&9!*,!1,!1'&>0=!&30*1+?!#*!L'#3%1!,'&*30!=0110'+!&$',++!1%0!8#'+1! 5=&*0!1,!8=9!8',;!_,*(,*!1,!Q1%0*+-!0&'*#*3!%#;!%/30!&;,/*1+!,8!5'0++J!
^%0!&#'=#*0!&=+,!1/'*0(!#1+!&#'5=&*0+!&',/*(!8&+10'-!8=9#*3!5=&*0+!MMJO!%,/'+!50'! (&9-! #*+10&(!,8!i!%,/'+-! 1%0! #*(/+1'9!&>0'&30J! !)0$&/+0!0&+9I01! 8=0<!#1+!5=&*0+! ;,'0!%,/'+-!@10=#,+!$=&#;0(!1%&1!%0!$,/=(!8=9!B/+1!E!5=&*0+-!&*(!(,!1%0!<,'S!,8!DJ! Q=1%,/3%!0&+9I01!%&(!&$%#0>0(!5',8#1&L#=#19!#*!MNNN-!;&'3#*+!<0'0!U/#10!+;&==e!1%0! &#'=#*0!0&'*0(!`MJOZ!5',8#1!50'!5&++0*30'J!!!
1DPC?+/O+QGME+GI+DH+?DMNR?E+ICFAJE+I@GS+=GHLGH+EG+*?H?-D+ !
QGME+!E?S+ + + ! T+ U+ Q#'5,'1!$%&'30+! iZZ! MOl! Q#'$'&81!,<*0'+%#5! OiZ! M]l! Q#'!1'&88#$!$,*1',=! ][Z! MEl! F'0<! ]ZZ! MZl! Y&'S01#*3b+&=0+! ]ZZ! MZl! ./0=! ]ZZ! MZl! Y&#*10*&*$0! ]ZZ! MZl! H>0'%0&(! ]ZZ! MZl! 4',/*(!%&*(=#*3! DiZ! Nl! 1GEDC+QGMEM+ TVW&&&+ /&&U+
Q++/;51#,*+d!^%0!1&L=0!&55',:#;&10+!0&+9I01P+!$,+1+!8,'!&!,*0C<&9!1'#5J!!Q==!$,+1+!&'0!8#:0(J$
@,/'$0d!0&+9I01!
G>0*!1%,/3%!0&+9I01!$&'08/==9!;,*#1,'0(!$,+1+-!@10=#,+!0;5%&+#R0(!1%&1!+&8019!<&+! *0>0'!$,;5',;#+0(J!!^%0!&#'=#*0!,*=9!8=0<!L'&*(!*0<!),0#*3!\D\+-!&*(!,*=9!%#'0(! 0:50'#0*$0(!5#=,1+!<%,!<0'0!5&#(!;&'S01!'&10+J!@10=#,+!$,;;0*10(d!!
78!9,/!&(>0'1#+0!&!>0'9!$%0&5!5'#$0-!50,5=0!0:50$1!&*!,=(!&#'5=&*0J!!)/1!<%0*!1%09!$,;0!,*! L,&'(!&*(!+00!&!L'&*(!*0<!5=&*0-!1%09!&'0!#;5'0++0(J!_#S0<#+0-!;&*9!$/+1,;0'+!0:50$1!&*! /*%&559!+1&88!L0$&/+0!1%09!L0=#0>0!1%09!&'0!*,1!5&#(!<0==-!L/1!1%09!$,;0!,*!L,&'(!&*(!+00! 1%0!+1&88!#+!+;#=#*3a!!
! 1/?0#@)*>'/*'I#$")9#'
H*0!,8!1%0!(#+1#*3/#+%#*3!$%&'&$10'#+1#$+!,8!0&+9I01!<&+!#1+!&55',&$%!1,!$/+1,;0'! +&1#+8&$1#,*J!!@10=#,+!8=0<!,*!&1!=0&+1!8,/'!8=#3%1+!50'!<00S-!&*(!0*B,90(!#*10'&$1#*3! <#1%! $/+1,;0'+J!A0!%&(! 0>0*!L00*!S*,<*! 1,!<,'S! 1%0!5%,*0+! +0==#*3! 1#$S01+J!! @10=#,+!<&+!<&'9!,8!;&'S01!'0+0&'$%-!5'080''#*3!1,!$/==!#*8,';&1#,*!(#'0$1=9!8',;! 5&++0*30'+J!A0!&=+,! '0&(!&*(! '05=#0(! 1,!;&*9!,8! 1%0! 0;&#=+!%0! '0$0#>0(! 8',;! $/+1,;0'+J! ! A0! $,*+#(0'0(! %#;+0=8! &! ;&*! ,8! 1%0! 50,5=0! &*(! <,'S0(! %&'(! 1,! $/=1#>&10!1%#+!#;&30J!g7#'#2$(+$-EF)G)@'J'(+$4/#)$&1$#Q&.;0#$+'$"/%$-+..51/-&(/+1$ )/("$-5%(+.#2%Jh$!
For the exclusive use of J. Gao, 2019.
This document is authorized for use only by Jieyu Gao in Competitive and Strategic Analysis-1 taught by JERAYR HALEBLIAN, University of California - Riverside from Jan 2019 to Jul 2019.
I N T E R N A T I O N A L ! C!O!C! 7YTCDCZ[\D!
8FAB@?+/O+?DMNR?E+"FMMFGH+7EDE?S?HE+
^,!5',>#(0!,/'!$/+1,;0'+!<#1%!+&80-!=,<C$,+1-!3,,(!>&=/0-!5,#*1C1,C5,#*1!&#'!+0'>#$0+J!^,!,880'!&! $,*+#+10*1!&*(!'0=#&L=0!5',(/$1!&1!8&'0+!&550&=#*3!1,!=0#+/'0!&*(!L/+#*0++!;&'S01+!8',;!,/'!L&+0+!1,! &!'&*30!,8!(,;0+1#$!&*(!G/',50&*!(0+1#*&1#,*+J!^,!&$%#0>0!1%#+!<0!<#==!(0>0=,5!,/'!50,5=0!&*(! 0+1&L=#+%!=&+1#*3!5&'1*0'+%#5+!<#1%!,/'!+/55=#0'+J!
@,/'$0d!0&+9I01!
Q==!,8!0&+9I01P+!8&'0+!<0'0!,*0C<&9!8&'0+!&*(!%&(!1%0!+&;0!'0+1'#$1#,*+J!^%0!$,+1! 1,!$%&*30!&!8=#3%1!<&+!`MZ!5=/+!1%0!(#880'0*$0!L01<00*!1%0!1<,!8&'0+J!H*=9!]l!,8! $/+1,;0'+! 8&#=0(! 1,! +%,<! /5! 8,'! 1%0#'! 8=#3%1+-! &*(! 0&+9I01! ,880'0(! *,! '0#;L/'+0;0*1!8,'!;#++0(!8=#3%1+J!!!
^,!L,,S!&!8=#3%1-!$/+1,;0'+!0#1%0'!5/'$%&+0(!1%0#'!1#$S01+!,>0'!1%0!7*10'*01!,'!1%09! $&==0(!&!=,$&=!*/;L0'!&*(!<0'0!$,**0$10(!1,!,*0!,8!0&+9I01P+!'0+0'>&1#,*!&30*1+!#*! 0&+9_&*(J! )0$&/+0! 0&+9I01! <&+! &! MZZl! (#'0$1C+0==! ,50'&1#,*-! 1%0! ;&'S01#*3! (05&'1;0*1! S*0<! 1%0! '0=&1#>0! 0880$1#>0*0++! ,8! (#880'0*1!;0(#&! &*(! $,/=(! '0&$1! U/#$S=9J!H810*1#;0+-! 1%0!$,;5&*9!5=&$0(!(#880'0*1!5%,*0!*/;L0'+!,*!(#880'0*1! 1950+!,8!&(>0'1#+0;0*1+!1,!;0&+/'0!$,*+/;0'!'0+5,*+0!5'0$#+0=9J!!!!!
8FAB@?+0O+#?MEFHDEFGHM+M?@-?L+I@GS+=GHLGH6M+=BEGH+9F@KG@E+
! @,/'$0d!0&+9I01-!K,>0;L0'!MNNN!
F/+1,;0'+!<0'0!'0U/#'0(!1,!5&9!L9!$'0(#1!$&'(-!&810'!<%#$%!1%09!'0$0#>0(!&!+#:C $%&'&$10'! L,,S#*3! '080'0*$0! */;L0'J! ^%#+! '080'0*$0! */;L0'! <&+! 1%0! ,*=9! #*8,';&1#,*!5&++0*30'+!*00(0(!1,!L,&'(!1%0!5=&*0J!"0+0'>&1#,*!&30*1+!<0'0!5&#(! ,*!&!$,;;#++#,*!L&+#+-!&1!&!'&10!,8!`ZJ[Z!50'!+0&1!+,=(-!&*(!$,/=(!+0==!iZ!1,!NZ! +0&1+!(/'#*3!&*!&>0'&30!0#3%1C%,/'!+%#81J!
^%0!&#'=#*0!(#(!*,1!,880'!&*9!5'0C&++#3*0(!+0&1#*3-!L/1!#*+10&(!/1#=#R0(!&!5'#,'#19! L,&'(#*3!5',$0(/'0J! !m&++0*30'+!<0'0!3#>0*!&!*/;L0'!L&+0(!,*! 1%0! 1#;0! 1%09! $%0$S0(! #*-! &*(! 1%,+0! 5&++0*30'+! <%,! &''#>0(! =&10! 8,'! $%0$SC#*! %&(! 1,! +#1! #*! <%&10>0'!+0&1+!'0;&#*0(J!
For the exclusive use of J. Gao, 2019.
This document is authorized for use only by Jieyu Gao in Competitive and Strategic Analysis-1 taught by JERAYR HALEBLIAN, University of California - Riverside from Jan 2019 to Jul 2019.
I N T E R N A T I O N A L ! C!i!C! 7YTCDCZ[\D!
40*0'&==9!+50&S#*3-!0&+9I01!(08#*0(!#1+!1&'301!$/+1,;0'+!&+!650,5=0!<%,!5&9!8,'! 1'&>0=!8',;!1%0#'!,<*!5,$S01+J?!^%0!1&'301!3',/5!$,*+#+10(!,8! 1'&>0=0'+!>#+#1#*3! '0=&1#>0+-! =0#+/'0! 1'&>0=0'+! ;&S#*3! L'#08! 1'#5+-! &+! <0==! &+! 0*1'05'0*0/'+! &*(! ;&*&30'+! <,'S#*3! 8,'! +;&==! 8#';+J! f%#=0! 0&+9I01! 195#$&==9! #3*,'0(! 1%0! =&'30! ;&'S01!,8!L/+#*0++!1'&>0=0'+-!,*!+,;0!',/10+-!+/$%!&+!_,*(,*C4=&+3,<-!_,*(,*C G(#*L/'3%-!&*(!_,*(,*CQ;+10'(&;-!L/+#*0++! 1'&>0=0'+! '05'0+0*10(!OZl!,8! 1%0! 5&++0*30'+J! @10=#,+! &'3/0(! 1%&1! =&'30'! &#'=#*0+! '#550(! ,88! 1'&>0=#*3! L/+#*0++! $/+1,;0'+!<%,!/+/&==9!(#(!*,1!<&*1!1,!+1&9!,>0'!&!@&1/'(&9!*#3%1!,'!<%,!<&*10(! $,;5=010!8=0:#L#=#19!1,!$%&*30!1%0#'!1'&>0=!5=&*+J!! + 8FAB@?+%O+#?MEFHDEFGHM+M?@-?L+I@GS+*?H?-D+
!
@,/'$0d!0&+9I01-!K,>0;L0'!MNNN!
V+#*3!9#0=(!;&*&30;0*1-!0&+9I01!1'#0(!1,!8#==!&+!;&*9!+0&1+!&+!5,++#L=0J!@0&1+!<0'0! +,=(!#*!<%&1!$,/=(!L0!$,*+#(0'0(!&!=,110'9!+9+10;e!1%0!;,'0!50,5=0!(0;&*(0(!&! 5&'1#$/=&'!8=#3%1-!1%0!%#3%0'!1%0!8&'0J!!m/1!(#880'0*1=9-!#8!1%0!=,&(!8&$1,'!g50'$0*1&30! ,8!+0&1+!+,=(h!<&+!%#3%0'!1%&*!*,';&=-!5'#$0+!&/1,;&1#$&==9!#*$'0&+0(J!^%#+!+9+10;! <,'S0(!<0==!8,'!0&+9I01!L0$&/+0!#1!%0=50(!&>,#(!+0==#*3!,/1!5,5/=&'!8=#3%1+!;,*1%+! #*!&(>&*$0J!!!
W#0=(!;&*&30;0*1!&=+,!+0'>0(!&*,1%0'!5/'5,+0d!#1!('0<!5,10*1#&=!$/+1,;0'+!<%,! <0'0!#*!+0&'$%!,8!$%0&5!8&'0+J!!H*$0!1%09!8,/*(!1%0'0!<0'0!*,!;,'0!$%0&5!+0&1+-! 1%09!/+/&==9!L,/3%1!&!1#$S01!&*9<&9-!+#*$0!1%0!*0:1!%#3%0+1!8&'0!<&+!+1#==!$%0&50'! 1%&*!0&+9I01P+!$,;501#1,'+J!!@10=#,+!(080*(0(!%#+!5,=#$9!>#3,',/+=9d!6f0!(0$#(0(! 1%&1!50,5=0!<%,!&'0!<#==#*3!1,!3#>0!/+!1%0#'!;,*09!0&'=9!+%,/=(!301!&!L0110'!5'#$0-! &*(!1%,+0!<%,!<&*1!1%0!8=0:#L#=#19!,8!L,,S#*3!=&10!+%,/=(!5&9!&!L#1!;,'0J?!g7#'#2$ (+$-EF)G)@'K$(+$4/#)$&$2#;+2($+1$&4&/0&,/0/(*$+'$'&2#%Jh!
m/*$1/&=#19!&1!0&+9I01!<&+!#;5,'1&*1J!)0$&/+0!$/+1,;0'!+&1#+8&$1#,*!<&+!=#*S0(!+,! $=,+0=9!1,!5/*$1/&=#19-!'0+5,*(#*3!&(0U/&10=9!1,!1%0!*00(+!,8!$/+1,;0'+!<&+!>0'9! #;5,'1&*1!1,!@10=#,+J!78!&!8=#3%1!&''#>0(!;,'0!1%&*!8,/'!%,/'+!=&10-!@10=#,+!#*+1'/$10(! %#+!+1&88!1,!<'#10!&!=0110'!,8!&5,=,39!<#1%!%#+!+#3*&1/'0!&*(!1,!#++/0!&!8/==!'08/*(J! )0$&/+0! 1%0! &#'=#*0! %&(! ;&*9! '050&1! $/+1,;0'+-! @10=#,+! <&+! $,*8#(0*1! 1%&1!
For the exclusive use of J. Gao, 2019.
This document is authorized for use only by Jieyu Gao in Competitive and Strategic Analysis-1 taught by JERAYR HALEBLIAN, University of California - Riverside from Jan 2019 to Jul 2019.
I N T E R N A T I O N A L ! C!\!C! 7YTCDCZ[\D!
$/+1,;0'!+&1#+8&$1#,*!<&+!%#3%J! g7#'#2$ (+$-EF)G)@'L$ (+$4/#)$&33/(/+1&0$3&(&$+1$ ;51-(5&0/(*Jh! + 8FAB@?+VO+#?MEFHDEFGHM+M?@-?L+I@GS+=F-?@KGGC+
!
@,/'$0d!0&+9I01-!K,>0;L0'!MNNN!
;BEMGB@XFHA+
7*#1#&==9-! @10=#,+! %&(! ,/1+,/'$0(! ;&*9! ,8! 1%0! &#'=#*0P+! ,50'&1#,*+! L0$&/+0! #1! =,<0'0(!$,+1+!&*(!#*$'0&+0(!088#$#0*$9J!^95#$&==9-!1%0!&#'=#*0!5',>#(0(!1%0!5=&*0+-! 5#=,1+-!$&L#*!$'0<-!;&'S01#*3!&*(!+&=0+!50,5=0J!@/L$,*1'&$1,'+!%&*(=0(!&==!,1%0'! '0+5,*+#L#=#1#0+-!8',;!$%0$SC#*!1,!1%0!,*C+#10!$/+1,;0'!#*8,';&1#,*!(0+SJ!
)9!0&'=9!MNN[-!%,<0>0'-!0&+9I01!%&(!&$U/#'0(!#1+!,<*!,50'&1#*3!$0'1#8#$&10!&*(! '0&$%0(!&!+$&=0!<%0'0!#1!<,/=(!%&>0!L00*!5,++#L=0!1,!L'#*3!$0'1&#*!,50'&1#,*+!#*C %,/+0J!!K0>0'1%0=0++-!@10=#,+!+1#==!;&#*1&#*0(!1%&1!#1!;&(0!;,'0!+0*+0!1,!$,*1#*/0! <,'S#*3!<#1%!+/L$,*1'&$1,'+J!^%0!&#'=#*0P+!&L#=#19! 1,!'0;&#*! 1#$S01=0++-!;001! #1+! 3,&=!,8!&!EZC;#*/10!1/'*&',/*(!&1!1%0!3&10-!&*(!;&#*1&#*!#1+!+&8019!(050*(0(!,*! +/L$,*1'&$1,'+J!
^,! #;5',>0! #1+! '0=&1#,*+%#5+! <#1%! 1%0+0! ,/1+#(0! >0*(,'+-! 0&+9I01! ,810*! =0(! <,'S+%,5+-!',=0C'0>0'+&=!0:0'$#+0+-!&*(!+#;/=&1#,*+!1,!0:5=&#*!#1+!,LB0$1#>0+!&*(! 0:50$1&1#,*+J! ^%0! $,;5&*9! 0>&=/&10(! +/L$,*1'&$1,'+! *,1! ,*=9! ,*! U/&*1#1&1#>0! $'#10'#&-!+/$%!&+!50'$0*1&30!,8!,*C1#;0!8=#3%1+-!L/1!&=+,!,*!U/&=#1&1#>0!$'#10'#&-!+/$%! &+!/*(0'+1&*(#*3!,8!1%0!0&+9I01!$,*$051J!
1$#%@)*>'C$%*5'34%$#*#22'
)0$&/+0!@10=#,+!80=1!1%&1!L'&*(!&<&'0*0++!<&+!$'#1#$&=!1,!1%0!+/$$0++!,8!1%0!&#'=#*0-! &55',:#;&10=9!MZl!,8!0&+9I01P+! '0>0*/0+!<0'0!+50*1!,*!*0<+5&50'-!;&3&R#*0-! &*(! '&(#,! &(>0'1#+#*3J! )0$&/+0! ,8! #1+! ;&'S01#*3! &55',&$%-! 0&+9I01P+! 1,5! ;&*&30;0*1! L0=#0>0(! 1%&1! 0&+9I01! <&+! &L=0! 1,! (#880'0*1#&10! #1+0=8! 8',;! #1+!
For the exclusive use of J. Gao, 2019.
This document is authorized for use only by Jieyu Gao in Competitive and Strategic Analysis-1 taught by JERAYR HALEBLIAN, University of California - Riverside from Jan 2019 to Jul 2019.
I N T E R N A T I O N A L ! C![!C! 7YTCDCZ[\D!
$,;501#1,'+J! ! Y&*&30;0*1! <&+! &=+,! ,8! 1%0! ,5#*#,*! 1%&1! #1+! 088,'1+! %&(! L00*! '0<&'(0(!1%',/3%!&!+#3*#8#$&*1!3',<1%!#*!+&=0+!&*(!1%',/3%!1%0!$,;5&*9P+!%#3%! =0>0=!,8!L'&*(!&<&'0*0++J!Q!MNN[!#*(/+1'9!5,==!#*(#$&10(!1%&1!1%0!0&+9I01!L'&*(! %&(!&!'0$,3*#1#,*!'&10!,8![[l!#*!_,*(,*e!#*!40*0>&-!L'&*(!&<&'0*0++!<&+![ElJ!!
@10=#,+!&=+,!30*0'&10(!5/L=#$#19!8,'!0&+9I01!1%',/3%!%#3%=9!5/L=#$#R0(-!&*(!,810*! 8/==C+$&=0!&11&$S+!,*!%#+!$,;501#1,'+J!Q$$,'(#*3! 1,!m%#=#550!2#3*,*-!;&'S01#*3! (#'0$1,'-!6f%0*0>0'!1%0'0!#+!&*!,55,'1/*#19!1,!;&S0!+,;0!*0<+-!<0!(,!#1a?!g7#'#2$ (+$-EF)G)@2'M'&13'N$(+$4/#)$#Q&.;0#%$+'$#&%*O#(P%$&((&-C/1:$&3%Jh!
!CCBME@DEFGHO+1J?+5D@X?CGHD+QGHE@G-?@MN+
7*!0&'=9!MNNN-! 0&+9I01! &(>0'1#+0(! 8,'!;,*1%+! 1%&1! 1%0!&#'=#*0!<&+!5=&**#*3! 1,!,880'! +0'>#$0! 1,! )&'$0=,*&! n8',;! 40*0>&o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l!1,!iZl!,8!1%0!;,*09!%0!'08/*(0(!<&+!(,*&10(!L&$S!1,!0&+9I01J! V*(010''0(-!0&+9I01!8,/*(!&!=,,5%,=0J!!^%0!$,;5&*9!+01!/5!&!*0<!$,;5&*9-!$&==0(!0&+9I01!^,/'+-! <%#$%!,880'0(!$%&'10'0(!+0'>#$0!1,!)&'$0=,*&!&+!5&'1!,8!&!5&$S&30!1%&1!#*$=/(0(!1%0!8=#3%1-!&!L/+! 1#$S01-!&*(!1%0!'#3%1!1,!+1&9!#*!&!10*1!,*!&!$&;5+#10!*0&'!1%0!$#19J!g@1&9#*3!#*!1%0!10*1!<&+!*,1!&! '0U/#'0;0*1Jh!!@10=#,+!L0=#0>0(!+/$%!&$1+!$'0&10(!&88#*#19J!!!7*!&((#1#,*!1,!L/#=(#*3!L'&*(!=,9&=19-!1%0! 0:1'&!;0(#&!&110*1#,*!%0=50(!0&+9I01!3&#*!<#(0+5'0&(!+/55,'1!#*!@<#1R0'=&*(!8,'!#1+!<#==#*3*0++!1,! +1&*(!#1+!3',/*(!&3&#*+1!@<#++&#'J!
@,/'$0d!0&+9I01!
1/$0/$%@#'1.&@.$#'
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
@10=#,+!L0=#0>0(!#*!$,;5=010!1'&*+5&'0*$9-!&*(!&==!(,$/;0*1+!%&(!1,!L0!+$&**0(! &*(!5=&$0(!,*!1%0!$,;5/10'!+9+10;-!+,!1%&1!&*9,*0!#*!1%0!$,;5&*9!$,/=(!&$$0++! 1%0;J!^%#+!#*$=/(0(!;&#=-!#*10'*&=!;0;,+-!5'0++!$/11#*3+-!L/+#*0++!5=&*+-!&*(!+&=0+! (&1&!g1%0!,*=9!$,*8#(0*1#&=!#*8,';&1#,*!<&+!5&9',==C'0=&10(hJ!!!!
@10=#,+!+1'0++0(!1%&1!$/=1/'0!<&+!*,1!+,;01%#*3!=0&(0'+!$&*!$'0&10!,>0'*#3%1J!Q+!%0! 5/1!#1-!!6W,/!L/#=(!9,/'!=030*(!+=,<=9-!L#1!L9!L#1-!L&11=0!L9!L&11=0J!W,/!1&=S!&L,/1! #1-!&*(!1%0*!9,/!301!1,301%0'!&*(!%&>0!8/*J!!7!L0=#0>0!1%&1!<,'S!+%,/=(!L0!8/*J?!!!
For the exclusive use of J. Gao, 2019.
This document is authorized for use only by Jieyu Gao in Competitive and Strategic Analysis-1 taught by JERAYR HALEBLIAN, University of California - Riverside from Jan 2019 to Jul 2019.
I N T E R N A T I O N A L ! C!N!C! 7YTCDCZ[\D!
!CCBME@DEFGHO+1J?+8FAJE+YFEJ+*G+
7*!MNNi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f%0*!+%0!+&<!<%&1!<&+!,$$/''#*3-!+%0!=&5+0(!#*1,!+1/**0(! +#=0*$0J!!^%0!5/L=#$#19!+1/*1!5&#(!,88!8,'!0&+9I01J!!4,!Q#'=#*0+!&**,/*$0(!=,++0+!,8!`EE! ;#==#,*!#*!MNNNJ!!A,<0>0'-!@10=#,+!<&+!<,/*(0(!901!&3&#*!<%0*!)'#1#+%!Q#'<&9+!%#'0(! &<&9!0&+9I01P+!=&<90'!&1!&*!0+1#;&10(!&**/&=!+&=&'9!,8!`OZZ-ZZZJ!
@,/'$0d!0&+9I01!
@10=#,+!+1',*3=9!L0=#0>0(! 1%&1!L0#*3! 1%0!/*(0'(,3! #*!+/$%!&!%#3%=9!$,;501#1#>0! #*(/+1'9!+1'0*31%0*0(!%#+!10&;!&*(!L',/3%1!1%0;!$=,+0'!1,301%0'J!!A0!'0$&==0(d!
7!*,1#$0(!%,<!;/$%!;,'0!;,1#>&10(!1%0!+1&88!<&+!<%0*!)'#1#+%!Q#'<&9+!=&/*$%0(! 1%0!4,!&#'=#*0!&*(!<%0*!1%0!<%,=0!$,/*1'9!<&+!1&=S#*3!&L,/1!/+!&*(!<0!<0'0!,*! 10=0>#+#,*!0>0'9!*#3%1J!!Q==!,8!1%0+0!1%#*3+!$'0&10(!&!+0*+0!,8!5'#(0!8,'!1%0!$,;5&*9J!! ^%0!+&;0!1%#*3!%&550*0(!#*!@<#1R0'=&*(J!m0,5=0!&1!^GQ-!&!@<#++!$%&'10'!&#'=#*0-! <0'0!*,!=,*30'!;,1#>&10(-!+,!<0!L,/3%1!1%0!$,;5&*9!&*(!1/'*0(!#1!&',/*(J!Q+!+,,*! &+!<0!%&(!1%0!'/*C#*!<#1%!@<#++&#'-!;,'&=0!'0&==9!5#$S0(!/5J!f0!<0'0!1%0!/*(0'(,3+J!! H/'!0;5=,900+!<,/=(!3,!%,;0!&*(!1%0#'!*0#3%L,'+!%&(!%0&'(!&L,/1!1%0!$,;5&*9! 1%09!<,'S!8,'-!<%#$%!3&>0!1%0;!1%0!$,/'&30!1,!+1&9!&*(!8#3%1J!!!!!
)0$&/+0! ,8! 1%0! &#'=#*0P+! %#3%C5',8#=0! L&11=0+-! @10=#,+! %&(! L0$,;0! 8&;,/+! &*(! 50,5=0!L03&*!1,!'0$,3*#R0!%#;!<%0*!%0!<&+!,/1!#*!5/L=#$J!!f%0*!&+S0(!&L,/1!%#+! #*$'0&+#*3!5,5/=&'#19-!%0!'05=#0(d!
71!#+!*#$0!1,!L0!$,*+#(0'0(!&+!+,'1!,8!&!",L#*!A,,(-!&*(!%&>0!50,5=0!+1,5!9,/!#*!1%0! +1'001!&*(!+&9-!p^%&*S!9,/!8,'!8=9#*3!1,!_,*(,*J!K,<!7!$&*!3,!&*(!+00!;9!8&;#=9JP!! Y9!8&1%0'!<&+!&!>0'9!+/$$0++8/=!+%#550'-!L/1!*,!,*0!0>0'!+1,550(!%#;!#*!1%0!+1'001! &*(!+&#(-!p^%&*S!9,/!8,'!1'&*+5,'1#*3!,#=!1,!;9!%,/+0JP!!71!#+!>0'9!+&1#+89#*3!1,!L0! '0$,3*#R0(!&*(!1,!L0!&55'0$#&10(J!
1/?0#@)@)/*'
<NDHDF@+
"9&*&#'-!L&+0(!#*!7'0=&*(-!<&+!0+1&L=#+%0(!#*!MN[OJ!7*#1#&==9-!"9&*&#'!<&+!&!8/==C +0'>#$0-!1'&(#1#,*&=!&#'=#*0!<#1%!1<,!$=&++0+!,8!+0&1#*3-!L/1!#*!1%0!0&'=9!MNNZ+-!1%0! &#'=#*0!$%&*30(! #1+! 8,$/+! 1,!L0$,;0!&!*,C8'#==+!$&''#0'J!V*=#S0!0&+9I01-!"9&*&#'! /+0(! 1'&>0=! &30*1+-! #++/0(! 1#$S01+-! &*(! 5&'1#$#5&10(! #*! 1%0! 3=,L&=! (#+1'#L/1#,*! +9+10;J!V1#=#R#*3!&! 8=001!,8!EZ!),0#*3!\D\+!&*(! +0'>#$#*3!Ei!(0+1#*&1#,*+-! 1%0! &#'=#*0!%&(!;,'0!1%&*!MZZ!+$%0(/=0(!8=#3%1+!50'!(&9!#*!=&10!MNNN-!&*(!5=&**0(!1,! 0:5&*(!L,1%!#1+!',/10!L&+0!&*(!1%0!+#R0!,8!#1+!8=001J!!g7#'#2$(+$-EF)G)@2'O'&13'7,$'+2$ &33/(/+1&0$/1'+2.&(/+1$+1$#&%*O#(P%$-+.;#(/(+2%Jh$
For the exclusive use of J. Gao, 2019.
This document is authorized for use only by Jieyu Gao in Competitive and Strategic Analysis-1 taught by JERAYR HALEBLIAN, University of California - Riverside from Jan 2019 to Jul 2019.
I N T E R N A T I O N A L ! C!MZ!C! 7YTCDCZ[\D!
7*!MNNN-!"9&*&#'!0:50'#0*$0(!#1+!*#*1%!+1'%1!90&'!,8!+1',*3!3',<1%J!!.,'!1%0!+#:! ;,*1%!50'#,(!0*(#*3!I/*0!DZ-!MNNN-!"9&*&#'!%&(!+&=0+!,8!7"`iiJE!;#==#,*E-!&*(! 1%0!,50'&1#*3!5',8#1!;&'3#*!<&+!E[lJ!$
*G+
4,! <&+! 0+1&L=#+%0(! L9! )'#1#+%! Q#'<&9+! #*! Y&9! MNN[! &+! &! *,C8'#==+! &#'=#*0! 1,! $,;5010! #*! 1%0! =,<C$,+1! +03;0*1! ,8! 1%0!G/',50&*!;&'S01J! .#*&*$0(!<#1%! `EO! ;#==#,*! 8',;!)'#1#+%!Q#'<&9+-!4,!<&+! 8,/*(0(! #*! =&'30!5&'1! 1,!(080*(!)'#1#+%! Q#'<&9P+!;&'S01!+%&'0-! +#*$0!0&+9I01!<&+!+10&=#*3! #1+!5&++0*30'+J! ! 7*!MNNN! 1%0! $,;5&*9! +/880'0(! 8#*&*$#&=! =,++0+-! &=1%,/3%! 4,P+! FGH-! )&'L&'&! F&++&*#-! 0:50$10(!1,!&$%#0>0!5',8#1&L#=#19!L9!EZZMJ!!.,'!1%0!50'#,(!0*(#*3!Y&'$%!DM-!MNNN-! 4,!%&(!+&=0+!,8!`DMJi!;#==#,*-!&*(!,50'&1#*3!=,++0+!,8!`EE!;#==#,*J!)08,'0!4,! &**,/*$0(!1%&1!1%0!&#'=#*0!<&+!=,+#*3!;,*09-!@10=#,+!+01!/5!&!$,*10+1!,880'#*3!8'00! 0&+9I01!8=#3%1+!1,!<%,0>0'!$&;0!$=,+0+1!1,!3/0++#*3!1%0!&;,/*1!,8!4,P+!=,++0+J!!!!
4,P+! 8=#3%1+!<0'0!L&+0(!,/1!,8!_,*(,*P+!@1&*+10(!Q#'5,'1! #*+10&(!,8!_,*(,*P+! A0&1%',<!Q#'5,'1-!<%0'0!)'#1#+%!Q#'<&9+!<&+!%0&(U/&'10'0(J!!@10=#,+!$,*+#(0'0(! 4,!&!$,59$&1!,8!0&+9I01-!&*(!L0=#0>0(!1%&1!4,!<&+!%0&>#=9!#*8=/0*$0(!L9!5&'0*1! $,;5&*9!)'#1#+%!Q#'<&9+!#*!1%0!<&9!#1!+1'/$1/'0(!#1+!8&'0+J!!@10=#,+!&=+,!+/+50$10(! 1%&1!)'#1#+%!Q#'<&9+!/*8&#'=9!+/L+#(#R0(!4,e!1%0'08,'0-!%0!8#=0(!&!=&<+/#1!&==03#*3! 1%&1!)'#1#+%!Q#'<&9+!>#,=&10(!Q'1#$=0![i!,8!1%0!^'0&19!,8!",;0-!<%#$%!+&9+!1%&1! (,;#*&*1!5=&90'+!#*!&!;&'S01!+%,/=(!*,1!,50'&10!&1!L0=,<!1%0!$,+1!,8!5',(/$1#,*J!!
:F@AFH+3ZK@?MM+
2#'3#*!G:5'0++!A,=(#*3+!5=$-!%0&(U/&'10'0(!#*!)0=3#/;-!<&+!+01!/5!#*!MNNi!<%0*! 1%0!2#'3#*!4',/5!&$U/#'0(!&!$,*1',==#*3!+1&S0!#*!G/',)0=3#&*!Q#'=#*0+J! !2#'3#*! G:5'0++!A,=(#*3+!5=$!<&+!5'#*$#5&==9!0*3&30(!&+!&!=,<C8&'0!$&''#0'-!&*(!5',>#(0(! +%,'1!1,!;0(#/;C%&/=!B01!+0'>#$0!1,!;&'S01+!5'#*$#5&==9!<#1%#*!$,*1#*0*1&=!G/',50! 8',;!1%0!$,;5&*9q+!L&+0! #*!)'/++0=+J!.,'! 1%0!8#+$&=!90&'!0*(#*3!T0$0;L0'!DM-! MNN[-!2#'3#*!G:5'0++!%&(!+&=0+!,8!)G.!MZJO!L#==#,*JD!!!
2#'3#*!G:5'0++! (#880'0*1#&10(! #1+0=8! 8',;!,1%0'! =,<C$,+1! $&''#0'+! #*! 1%&1! #1! %&(! 8,';0(! &*! &==#&*$0! <#1%! @&L0*&! Q#'=#*0+-! 1%0! 8=&3! $&''#0'! #*! )0=3#/;J! ^%#+! '0=&1#,*+%#5!5',>#(0(!2#'3#*!G:5'0++!<#1%!&!+10&(9!+1'0&;!,8!$,*1'&$1/&=!'0>0*/0-! +#*$0!@&L0*&!L,/3%1!+0&1+!,*!2#'3#*!G:5'0++!#*!,'(0'!1,!,880'!L0110'!$,**0$1#,*+! 1,!(0+1#*&1#,*+!1%',/3%,/1!G/',50J!
5B[[+
7*!@0510;L0'!MNNN!c_Y!&**,/*$0(!1%&1!#1!<,/=(!0*10'!1%0!=,<C$,+1!+03;0*1!,8! 1%0!;&'S01!<#1%!)/RR!&#'=#*0+J!!.',;!#1+!L&+0!&1!_,*(,*P+!@1&*+10(!&#'5,'1-!)/RR! 5=&**0(! 1,!,880'!+0'>#$0! 1,!)0'=#*-!T/++0=(,'8-!.'&*S8/'1-!Y#=&*-!2#0**&-!m&'#+-! &*(!_9,*J!!c_Y!&='0&(9!%&(!,*0!L'&*(!#*!5=&$0!&1!_,*(,*!@1&*+10(-!c_Y!VcJ!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! E!7"`MJZZ!j!V@kMJDZJ! D!)G.!]Z!j!V@kMJZZJ!
For the exclusive use of J. Gao, 2019.
This document is authorized for use only by Jieyu Gao in Competitive and Strategic Analysis-1 taught by JERAYR HALEBLIAN, University of California - Riverside from Jan 2019 to Jul 2019.
I N T E R N A T I O N A L ! C!MM!C! 7YTCDCZ[\D!
^,! &>,#(! $,*8/+#,*-! ;&*&30;0*1! +1&10(! 1%&1! c_Y! 8=#3%1+! <,/=(! 3,! 1,! Q;+10'(&;-!<%#=0!)/RR!<,/=(!8=9!1,!&==!,1%0'!(0+1#*&1#,*+J!!!
1F%&&#*>#2'
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p"08/*(!0>0'9!$/+1,;0'!,*!1%0!40*0>&!8=#3%1P! =#S0!7!(#(r!! Y9!8#*&*$0!(#'0$1,'!<&+!5/==#*3!%#+!%&#'!,/1a?!!Q=1%,/3%!5=&*+!<0'0!/*(0'<&9!1,! 8=,&1!1%0!$,;5&*9!,*!1%0!_,*(,*!@1,$S!G:$%&*30!&*(!KQ@TQs!#*!0&'=9!EZZZ-! @10=#,+!8'0U/0*1=9!&+S0(!%#;+0=8!&*(!,1%0'+!&',/*(!%#;!#8!1%0!;&'S01!<,/=(!1'/+1! %#;!1,!'/*!1%0!$,;5&*9!1%0!<&9!%0!80=1!<&+!L0+1J!
@0$,*(-!1%0!&#'=#*0!%&(!&!%#+1,'9!,8!/+#*3!+/L$,*1'&$1,'+-!L/1!8,/*(!1%&1!&1!1#;0+-! 1%0!,/1+,/'$#*3!,8!>#1&=!8/*$1#,*+!5,+0(!$0'1&#*!5',L=0;+J!!.,'!0:&;5=0-!&1!+,;0! &#'5,'1+!1%&1!<0'0!*,1!8'0U/0*1=9!+0'>#$0(-!0&+9I01!%#'0(!0:10'*&=!3',/*(!%&*(=0'+J!! )0$&/+0! 1%0! %&*(=0'+! <0'0! *,1! 0&+9I01! 0;5=,900+-! 1%09! (#(! *,1! &110*(! 1,! $/+1,;0'+P!*00(+!#*!&!;&**0'!1%&1!+&1#+8#0(!@10=#,+J!!A0!$,;;0*10(d!
Y&S#*3!+/'0!1%&1!1%0+0!+/L$,*1'&$1,'+!;001!1%0!U/&=#19!+1&*(&'(+!<0!%&>0!+01!#+!>0'9! (#88#$/=1J!!^%0!<0&S0+1!=#*S!#*!1%0!$%&#*!#+!#*!Y&==,'$&J!!^%0'0-!<0!%&>0!50,5=0!<%,! ;&9L0!<,'S!,*!&*!0&+9I01!8=#3%1!,*$0!&!(&9!,'!,*$0!&!<00S-!&*(!1%0'08,'0!(,*P1! S*,<!1%0!$,;5&*9!>0'9!<0==J!!7P>0!L00*!10==#*3!;9!+1&88-!p78!7!%0&'!&*,1%0'!3',/*(! %&*(=0'!'080'!1,!0&+9I01!#*!1%0!1%#'(!50'+,*-!7!<#==!+&$S!%#;aP!^%0'0!#+!*,1%#*3!<,'+0! 8,'!&!$/+1,;0'!1,!3,!1,!&!$%0$SC#*!(0+S!&*(!+&9-!pf%0*!#+!1%0!8=#3%1rP!&*(!1%0!50'+,*! '0+5,*(+-! p0&+9I01! #+! &*! %,/'! =&10JP! ! f%0*! 1%0! $/+1,;0'! &+S+! <%9-! 1%0! 50'+,*! '0+5,*(+-!pQ+S!0&+9I01aP?!!!
^%#'(-! @10=#,+! L0=#0>0(! 1%&1! 0&+9I01! *00(0(! 1,! L0$,;0! ;,'0! $,'5,'&10! #*! #1+! 5',$0++0+J!!7*!%#+!,5#*#,*-!#1!1,,S!$0'1&#*!+S#==+!1,!+1&'1!&!$,;5&*9!8',;!+$'&1$%-! &*(!50,5=0!<%,!<0'0!3,,(!&1!+1&'1#*3!$,;5&*#0+!<0'0!*,1!*0$0++&'#=9!3,,(!&1! '/**#*3!L#3!$,;5&*#0+J!7*!=&10!MNNN-!1%0!$,;5&*9!<&+!'0$'/#1#*3!D!,'!]!+0*#,'! ;&*&30'+J!
Q!8,/'1%!$%&==0*30!&1!0&+9I01!<&+! 1%0!'0=&1#>0!9,/1%!&*(!#*0:50'#0*$0!,8!+,;0! 0;5=,900+J!Q=1%,/3%!#1!<&+!*,1!/*/+/&=!1,!8#*(!&!E]!90&'C,=(!%&*(=#*3!&!;,*1%=9! L/(301!,8!`OZZ-ZZZ-!1%0!&#'=#*0!*,*01%0=0++!%&(!%#3%!'&10+!,8!&L+0*100#+;!&;,*3! 5%,*0!,50'&1,'+J!
"0$,3*#R#*3! 1%&1! 0&+9I01! <&+! #*! &! 5%&+0! <%0'0! #1! *00(0(! 1,! +1&L#=#R0! #1+0=8! #*10'*&==9-!@10=#,+!(0$#(0(!*,1!1,!0*10'!&*9!*0<!;&'S01+!#*!1%0!+%,'1C10';J!!A0!80=1! 1%&1!%0!*00(0(!1,!$,*+,=#(&10!&*(!(,!;,'0!#*!1%0!$,/*1'#0+!<%0'0!1%09!%&(!&='0&(9! +01!/5!,50'&1#,*+J!!A0!&+S0(-!6f%&1P+!<',*3!<#1%!8=9#*3!MZ!1#;0+!&!(&9!L01<00*! _,*(,*!&*(!40*0>&r?!!A0!&((0(-!6H*0!,8!1%0!L#330+1!;#+1&S0+!1%&1!&#'=#*0+!;&S0! #+!+5'0&(#*3!1%0;+0=>0+!1,,!1%#*J?!
For the exclusive use of J. Gao, 2019.
This document is authorized for use only by Jieyu Gao in Competitive and Strategic Analysis-1 taught by JERAYR HALEBLIAN, University of California - Riverside from Jan 2019 to Jul 2019.
I N T E R N A T I O N A L ! C!ME!C! 7YTCDCZ[\D!
f%0*!&+S0(!%,<!;&*9!=,<C$,+1!$&''#0'+!$,/=(!+/'>#>0!#*!G/',50-!@10=#,+!'05=#0(d!
^%0!;&'S01!#+!L#330'!1%&*!;,+1!50,5=0!1%#*S-!&=1%,/3%!&>&#=&L#=#19!,8!+=,1+!&1!&#'5,'1+!#+!&! 5',L=0;J!_,*(,*!#+!3011#*3!&!L#1!$',<(0(-!L/1!1%0*!&3&#*-!_,*(,*!#+!&!L#3!5=&$0!&*(!B/+1! &L,/1!&*9!$#19!,/1!,8!_,*(,*!$&*!<,'S!&+!&!(0+1#*&1#,*J!@1&'1!=,,S#*3!&',/*(!G/',50-!&*(! 1%0'0!&'0*P1!;&*9!,1%0'!=,<C$,+1!$&''#0'+J!nto!^%0!L#3!5'#R0!#*!G/',50!#+!m&'#+J!^%0'0!#+!*,! =,<C$,+1!8=9#*3!#*!&*(!,/1!,8!m&'#+!<%&1+,0>0'J!Q*9!$#19!<#1%!D!,'!]!;#==#,*!50,5=0!+%,/=(! L0!$&5&L=0!,8!+/+1&#*#*3!&!=,<!$,+1!&#'=#*0J!
P$/?'#%2:Q#@'@/'#%2:-"#$:@F)*>'
m=0&+0(!<#1%!%#+!+/$$0++!#*!1%0!&#'=#*0!#*(/+1'9-!@10=#,+!<&+!'0&(9!1,!1'9!%#+!%&*(!&1! ,1%0'!L/+#*0++0+!#*!MNNNJ!!Q;,*3!%#+!501!5',B0$1+!<&+!1%0!$'0&1#,*!,8!&!$9L0'$&8X! L/+#*0++! $&==0(! 0&+9G>0'91%#*3! $&8XJ!^%0! #(0&! L0%#*(! 0&+9G>0'91%#*3!<&+! 61,! ,880'!1%0!7*10'*01!1,!1%0!;&++0+?!&*(!!61,!L0!1%0!$%0&50+1!<&9!1,!&$$0++!1%0!<0LJ?!! F%&'3#*3!`M!50'!%,/'!,8!f0L!&$$0++-!@10=#,+!+1&10(! 1%&1!+/'8#*3! 1%0!7*10'*01!&1! 0&+9G>0'91%#*3!<&+!=0++!1%&*!1%0!$,+1!,8!&!5%,*0!$&==!#*!_,*(,*J!!A0!%,50(!1%&1! $/+1,;0'+!<,/=(!$,;0!1,!1%0!$&8X!*,1!,*=9!1,!+/'8!1%0!7*10'*01-!L/1!&=+,!1,!+0*(! 0;&#=+!&*(!(,!1%0#'!,*=#*0!+%,55#*3J!!@10=#,+!B,S0(-!678!8=9#*3!50,5=0!1,!@$,1=&*(! 8,'!`EN!#+!$'&R9-!1%#+!#+!$'&R#0'a?!!
^%0!8#'+1!0&+9G>0'91%#*3!$&8X!(0L/10(!#*!_,*(,*!,*!I/*0!EM-!MNNN!*0&'!2#$1,'#&! @1&1#,*!&*(!<&+!,50*!*,*C+1,5!E]!%,/'+!50'!(&9J!!71!<&+!U/#$S=9!$,*+#(0'0(!,*0!,8! 1%0!%,1!+5,1+!#*!_,*(,*-!&*(!1%0'0!<&+!,810*!&!U/0/0!1,!301!#*+#(0-!0>0*!&1!D!QYJ!! F/+1,;0'+!$,/=(!5/'$%&+0!$,8800!&*(!+*&$S+!,'!'0*1!1%0!+0'>#$0+!,8!&!1/1,'-!<%,! +%,<0(!1%0;!%,<!1,!/+0!1%0!7*10'*01!1,!&$$0++!,*=#*0!L&'3&#*+J!!!!!
7*!I/*0!MNNN-!@10=#,+!+#3*0(!8,/'!;,'0!=0&+0+!8,'!L#330'!=,$&1#,*+!#*!_,*(,*J!!^%0! S09!1,!+/$$0++!8,'!1%0!$&8X!<&+!1%,/3%1!1,!L0!+#R0e!1%0!8#'+1!$&8X!$,*1&#*0(!]ZZ! 10';#*&=+J!!Q*,1%0'!50'$0#>0(!&(>&*1&30!<&+!1%0!/+0!,8!+1&10C,8C1%0C&'1!%&'(<&'0-! #*$=/(#*3!8=&1!+$'00*+!&*(!8#L0'C,51#$!$,;;/*#$&1#,*!=#*0+-!<%#$%!,880'0(!;/$%! 8&+10'!$,**0$1#,*!&*(!(,<*=,&(#*3!1%&*!;,+1!%,;0!+9+10;+J!!
K,1!$,*10*1!1,!+1,5!<#1%!$9L0'$&8X+-!@10=#,+!&=+,!$,*+#(0'0(!0*10'#*3!1%0!'0*1&=!$&'! L/+#*0++! &*(! +1&'1#*3! /5! &*! 7*10'*01CL&+0(! L&*SJ! A0! <,*(0'0(! #8! %0! $,/=(! +/$$0++8/==9!&55=9!1%0!$,*$051!L0%#*(!0&+9I01!1,!1%0+0!*0<!L/+#*0++0+J!!4#>0*!1%&1! @10=#,+!<&+!S*,<*!1,!L0!'&1%0'! '#+SC&>0'+0-! 1%0!(0$#+#,*!<,/=(!*,1!L0!&*!0&+9! ,*0J]!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ]!^%0! $&+0!<&+!<'#110*!/+#*3! #*10'>#0<+! &*(!;&10'#&=+! 5',>#(0(!L9! 1%0! $,;5&*9J!Q;,*3! 1%0!;&10'#&=+! 5',>#(0(!<0'0!&!$&+0!+1/(9!8',;!1%0!.0L'/&'9!MNNN!#++/0!,8!1%0!G/',50&*!Y&*&30;0*1!I,/'*&=!<'#110*!L9! T,*!@/==-!&*(!&*!&'1#$=0!,*!0&+9I01!8',;!1%0!K,>0;L0'!MNNN!#++/0!,8!)#=&*!;&3&R#*0!<'#110*!L9!4#/+0550! Y0=#==,-!<%#$%!<0!<,/=(!=#S0!1,!3'&108/==9!&$S*,<=0(30J!!!
$
For the exclusive use of J. Gao, 2019.
This document is authorized for use only by Jieyu Gao in Competitive and Strategic Analysis-1 taught by JERAYR HALEBLIAN, University of California - Riverside from Jan 2019 to Jul 2019.
I N T E R N A T I O N A L ! C!MD!C! 7YTCDCZ[\D!
3ZJFPFE+/+ 8GGL+7?C?XEFGHM+I@GS+EJ?+?DMN\FGM]+
+
@,/'$0d!0&+9I01!
+
For the exclusive use of J. Gao, 2019.
This document is authorized for use only by Jieyu Gao in Competitive and Strategic Analysis-1 taught by JERAYR HALEBLIAN, University of California - Riverside from Jan 2019 to Jul 2019.
I N T E R N A T I O N A L ! C!M]!C! 7YTCDCZ[\D!
3ZJFPFE+0+ 8FHDHXFDC+^?@IG@SDHX?W+/__($/__'+
! ?DMNR?E+9F@CFH?+QGSKDHN+=FSFE?L+ ^<;8!1+9>#+=;77+9QQ;`>1+
MNN\! `!
MNN[! `!
1B@HG-?@+ VaW&%VWbV_+ ((W&&&W&%b+ F,+1!,8!@&=0+! gD[-NiD-MOZh! giM-OEO-EO\h! ! ! ! *@GMM+^@GIFE+ (W&(/W%__+ /bWV(VW(('+ T#+1'#L/1#,*!&*(!;&'S01#*3! gi-DE]-Zi[h! g\-\][-EEOh! Q(;#*#+1'&1#>0!0:50*+0+! g]-]NM-DD[h! gi-EiZ-ME]h! ! ! ! ;K?@DEFHA+K@GIFEc)CGMM,+ )%W(VVW&&(,+ /WVaaWV0_+ H1%0'!#*10'0+1!'0$0#>&L=0!&*(!+#;#=&'!#*$,;0! iZ\-DNE! N\[-Ei[! 7*10'0+1!5&9&L=0!&*(!+#;#=&'!$%&'30+! gMDO-EOZh! gMEO-\ONh! ! ! ! ^@GIFEc)CGMM,+GH+G@LFHD@N+DXEF-FEF?M+P?IG@?+EDZDEFGH+ )%W0(/W'ab,+ 0W%/'W_%'+ ^&:!,*!5',8#1!,*!,'(#*&'9!&$1#>#1#0+! C! C! ! ! ! <?EDFH?L+K@GIFEc)CGMM,+IG@+EJ?+N?D@+ )%W0(/W'ab,+ 0W%/'W_%'+ "01&#*0(!=,++!L',/3%1!8,'<&'(! gO-[\E-iEMh! gN-M]]-][ih! ! ! ! <?EDFH?L+CGMM+XD@@F?L+IG@YD@L+ )_W/VVWV'a,+ )aW'0bWbV',+ ! + + ?DMNR?E+9F@CFH?+QGSKDHN+=FSFE?L+ 59=9>Q3+72331+
MNN\! `!
MNN[! `!
8FZ?L+DMM?EM+ + + !!!!!^&*3#L=0!&++01+! /Wb0_W/a/+ 0Wa&/W/'V+ ! + + QB@@?HE+DMM?EM+ + + !!!!!"0+1'#$10(!(05,+#1+! D]D-]\i! M-]Mi-]O\! !!!!!T0L1,'+! D-[[[-O]i! MZ-[[\-\iM! !!!!!F&+%!&1!L&*S!&*(!#*!%&*(! Mi-[\\-iED! ME-OZi-iiO! !!!!!F'0(#1,'+! gM\-\[D-ENEh! gEZ-ED\-iMOh! +++++>?E+XB@@?HE+DMM?EM+ %W%0aW%b%+ VWb(%W0a'+ ! + + >?E+DMM?EM+ VW'bbWb/V+ (W/(VWVb0+ ! + + QDKFEDC+DHL+@?M?@-?M+ ! + F&==0(!/5!+%&'0!$&5#1&=! M]-ZZZ-ZZZ! M]-ZZZ-ZZZ! m',8#1!&*(!=,++!&$$,/*1! gN-M]]-][ih! gi-[EO-O][h! ! + + 3dBFEN+MJD@?JGCL?@M6+IBHLM+ VW'bbWb/V+ (W/(VWVb0+
@,/'$0d!T#'0$1,'+P!'05,'1!&*(!8#*&*$#&=!+1&10;0*1+-!@0510;L0'!DZ-!MNN[!
For the exclusive use of J. Gao, 2019.
This document is authorized for use only by Jieyu Gao in Competitive and Strategic Analysis-1 taught by JERAYR HALEBLIAN, University of California - Riverside from Jan 2019 to Jul 2019.
I N T E R N A T I O N A L ! C!MO!C! 7YTCDCZ[\D!
3ZJFPFE+%+ QGME+QGSKD@FMGH+
!
@,/'$0d!0&+9"#(0'!;&3&R#*0-!I/=9!MNNN!
!
For the exclusive use of J. Gao, 2019.
This document is authorized for use only by Jieyu Gao in Competitive and Strategic Analysis-1 taught by JERAYR HALEBLIAN, University of California - Riverside from Jan 2019 to Jul 2019.
I N T E R N A T I O N A L ! C!Mi!C! 7YTCDCZ[\D!
!
3ZJFPFE+V+ "?MMDA?+I@GS+7E?CFGM+
!
"#!$%&#!%''(&#)*!+"#,,-!./'0!/123!4$#!5,0(6%0#!6%7%8(9#!1/'!1%0!:%0!;5.(9#..!0'%&#,#'.!)()!%!</,,!/1!(0.!'#%)#'.-! %9)! =#! =#'#! &/0#)! 0$#! ;#.0! ,/=>:/.0! %(',(9#2! "$%0! <,#%.#.! 6#! 6/'#! 0$%9! %9?0$(97! (.! 0$%0! =#! ;#%0! 0$#! ,/=> :/.0!:,/9#!;?!@'(0(.$!A('=%?.!+@A32!B0C.!9/0!;%)!(1!?/5!0$(9D!0$%0!0$#?!,/.0!EFF6!(9!0$#!1('.0!?#%'!%,/9#!0'?(97!0/! ;'#%D!(90/!/5'!6%'D#02!!
G/!=#!65.0!;#!)/(97!./6#0$(97!'(7$02!"(0$!/5'!1,##0!/1!HI!@/#(97!JKJ>KLL.-!/9#!/1!0$#!?/597#.0!(9!0$#!=/',)-! %9)! %! 1%'! ;#00#'! <59:05%,(0?! '#:/')! 0$%9! @A! %9)! /0$#'! ./>:%,,#)! 1,%7! :%''(#'.-! =#! %'#! 1,?(97! 15,,#'! 0$%9! #&#'! ;#1/'#2! "#! 9/=! $%&#! FJ! '/50#.-! %9)! 9/0! /9,?! =(,,! =#! 1,?! 6/'#! 1'#M5#90,?! /9! /5'! #N(.0(97! '/50#.-! ;50! =#! %'#! %,./!<,%99(97!9#=!/9#.!,%0#'!(9!0$#!?#%'!FLLL-!=$#9!0$#!9#N0!HO!;'%9)!9#=!JKJ>JLL.!.0%'0!%''(&(972!!
P9!/0$#'!1'/90.-!6?!B90#'9#0!.$/<.!%'#!)/(97!&#'?!=#,,!%9)!B!=(,,!#N<%9)!#%.?Q&#'?0$(97!(9!%,,!0$#!:(0(#.!0$%0! #%.?R#0!1,(#.!%.!.//9!%.!B!:%92!A0!0$#!0(6#!/1!<5;,(.$(97!0$(.!6#..%7#!/9!0$#!=#;!.(0#-!=#!$%&#!.(79#)!1/'!1(&#! (9!S/9)/9!=(0$!%!0/0%,!/1!FKLL!.#%0.!+?#.!>!0$#!;(77#.0!$%.!TKL!.#%0.*3-!%9)!$%&#!%,'#%)?!.(79#)!1/'!.(0#.!(9! Q)(9;5'7$!%9)!A6.0#')%62!!
U?!#%.?V#90%:%'2:/6!<'/W#:0!(.!/9!0'%:D!1/'!;#(97!5<!%9)!'599(97!;?!A<'(,!FLLL-!%9)!?/5!.$/5,)!;#!%;,#!0/! '#90!%9!C/'%97#!:%'C!/&#'!0$#!B90#'9#0!1/'!EXY)%?2!!
A.!?/5!:%9!.##-!0$#!:/66/9!0$#6#!1/'!%,,!6?!Ή'#.!(.!0$#!$#%&?!5.#!/1!0$#!B90#'9#02!4%D#!6?!=/')!1/'!(0-! %,,!0$#!;#.0!)#%,.!/9!0$#!%(',(9#!=(,,!;#!%&%(,%;,#!/9!0$#!Z#0!1'/6!9/=!/92!G/-!(1!?/5!)/9C0!7#0!/9,(9#!?/5!6(7$0! ,/.#!/502!V#6#6;#'!?/5!:%9!%,=%?.!5.#!%9!#%.?Q&#'?0$(97!B90#'9#0!.$/<!0/!;//D!?/5'!1,(7$0!/'!:%'-!:/6(97! 0/!%!<,%:#!9#%'!?/5!.//9*!!
P9!%9/0$#'!.5;W#:0-!=#!:/90(95#!/5'!;%00,#!%7%(9.0!G=(..%('2!!A.!?/5!6%?!'#6#6;#'-!(9!R5,?!=#!=#'#!;,/:D#)! 1'/6!/<#'%0(97!%!.:$#)5,#)!.#'&(:#!;#0=##9![#9#&%!%9)!@%':#,/9%-!)5#!0/!</,(0(:%,!<'#..5'#!1'/6!G=(..%('! =$/!=%90#)!0/!<'#.#'&#!0$#('!6/9/</,?!/9!0$(.!'/50#2!G/-!0/!7#0!'/59)!0$(.-!B!.#0!5<!#%.?R#0!4/5'.-!%!:$%'0#'! /<#'%0(/9! =$(:$! /11#'.! <%..#97#'.! '#05'9! 1,(7$0.-! 0'%9.1#'.-! %9)! %::/66/)%0(/9! +#	! 0$/57$! 0$(.! (.! /9,?! %! 0#90*32!4$(.!.#'&(:#!$%.!<'/&#)!&#'?!</<5,%'!+B!6#%9!0$#!1,(7$0.-!9/0!0$#!0#90.3-!%9)!=#!=(,,!:/90(95#!0/!1,?!0$(.! '/50#! 0$'/57$/50! 0$#! =(90#'2! B9! 0$#! 6#%90(6#-! =#! =(,,! :%''?! /9! ,/;;?(97! 0$#! G=(..! 7/&#'96#90! 0/! 6%D#! :$%97#.! 0/! 0$#! ,%=2! B! %6! #9:/5'%7#)! ;?! 0$#! 1%:0! 0$%0! %! ,%'7#! 956;#'! /1! G=(..! U\.! $%&#! .(79#)! %! 6/0(/9! .5<</'0(97!0$(.!:%5.#-!#	!;#1/'#!(0!(.!)#;%0#)!(9!\%',(%6#902!!
4$%9D!?/5!1/'!&(.(0(97!/5'!=#;!.(0#2!
$$
@,/'$0d!0&+9I01-!K,>0;L0'!MNNN!
For the exclusive use of J. Gao, 2019.
This document is authorized for use only by Jieyu Gao in Competitive and Strategic Analysis-1 taught by JERAYR HALEBLIAN, University of California - Riverside from Jan 2019 to Jul 2019.
I N T E R N A T I O N A L ! C!M\!C! 7YTCDCZ[\D!
!
3ZJFPFE+b+ 9+7BHLDN+1FS?M+<?KG@E?@+!H-?MEFADE?M+9-DFCDPFCFEN+GI+?DMNR?E6M+=GY+8D@?M+
! !"#$%&''()%*'+"$'%,$-.'/%0-,'1%
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
! 23$''%&''()%*'+"$'%,$-.'/%0-,'1%
! \'(:#.!=#'#!0$#!.%6#-!;50!0$#'#!=#'#!0$#9!/9,?!.(N!.#%0.!1/'!0$#!'#05'9!,#72!! B!1#,0!<'#..5'#)!0/!;//D-!./!B!)()2!!4$#'#!=%.!9/!:$%'7#!1/'!5.(97!6?!:'#)(0! :%')!%9)!9/!$%')!.#,,!0/!0%D#!#%.?R#0!(9.5'%9:#2!!B!=%.!7(	!%!'#1#'#9:#! 956;#'!%9)!0/,)!B!=/9_0!;#!(..5#)!%!0(:D#02!!`/91('6%0(/9!/1!6?!1,(7$0!=%.! 1%N#)! 0$'/57$! %;/50! %9! $/5'! ,%0#'a! 0$#! <%<#'=/'D! %''(&#)! (9! 0$#! </.0! %! =##D!,%0#'-!=(0$!%!)(.:/590!&/5:$#'!1/'!0'%(9!0'%&#,2!
! 2&"%&''()%*'+"$'%,$-.'/%0-,'1%
! 4$#!<'(:#.!$%)!'(.#9!;?!EHL!1/'!0$#!/50=%')!1,(7$0a!0$#!^]^O!\U!1,(7$0!=%.! ./,)!/502!
! 45'%&''(%*'+"$'%,$-.'/%0-,'1%
! U?! /50=%')! 1,(7$0! =%.! ET^a! 0$#'#! =#'#! /9,?! 0=/! .#%0.! ,#102! ! B90#'#.0(97,?-! .#	!.#%0.!=#'#!%&%(,%;,#!%7%(9!/9!0$#!'#05'9!1,(7$0!%0!EHFX2!
! 45'%0-6%*'+"$'%,$-.'/%0-,'1%
! 4$#!/50=%')!1,(7$0!:/.0!ETX-!%9)!0$#!'#05'9!1,(7$0!:/.0!EHKX2!
@,/'$0d!6.&'0!m=&9J?!M513&*$!/.#%-!H$1,L0'!M[-!MNN[!
!
For the exclusive use of J. Gao, 2019.
This document is authorized for use only by Jieyu Gao in Competitive and Strategic Analysis-1 taught by JERAYR HALEBLIAN, University of California - Riverside from Jan 2019 to Jul 2019.
I N T E R N A T I O N A L ! C!M[!C! 7YTCDCZ[\D!
!
3ZJFPFE+a+ 9F@CFH?+^BHXEBDCFEN+QGSKD@FMGHM+IG@+EJ?+^?@FGL+3HLFHA+9BABME+/___O++
9@@F-DCM+DHL+#?KD@EB@?M+
! !
^?@X?HEDA?+GI+8CFAJEM+=DE?+ !
% ! + 3D@CN+EG+/b+ SFHBE?M+
+ /a+EG+%&+ SFHBE?M+
+ %/+EG+a&+ SFHBE?M+
+ /+EG+%+ JGB@M+
+ %+EG+a+ JGB@M+
_,*(,*C4=&+3,<! NZl! [l! El! Zl! Zl! _,*(,*Cu/'#$%! OEl! DDl! MMl! ]l! Zl!
% !
_,*(,*CY&==,'$&! \Nl! MDl! il! El! Zl! % ! ! ! ! ! ! % ! ! ! ! ! !
_,*(,*CY&=&3&! i]l! M[l! Nl! il! Dl!
% _,*(,*CY&==,'$&! ODl! [l! EOl! M]l! Zl!
% ! ! ! ! ! ! % ! ! ! ! ! !
! _,*(,*CT/L=#*! iDl! EZl! MZl! \l! Zl!
% ! ! ! ! ! ! % ! ! ! ! ! !
_,*(,*CY&=&3&! \Zl! Zl! MZl! EZl! Zl!
%
_,*(,*CY&==,'$&! \[l! MMl! MMl! Zl! Zl!
! ! ! ! ! ! ! ! ! ! ! ! ! !
! _,*(,*Cu/'#$%! ]Dl! DMl! M[l! [l! Zl!
! ! ! ! ! ! ! ! ! ! ! ! ! !
_,*(,*C4=&+3,<! [[l! il! Dl! Dl! Zl!! _,*(,*Cu/'#$%! iNl! EDl! il! El! Zl!
@,/'$0d!Vc!F#>#=!Q>#&1#,*!Q/1%,'#19!
$
For the exclusive use of J. Gao, 2019.
This document is authorized for use only by Jieyu Gao in Competitive and Strategic Analysis-1 taught by JERAYR HALEBLIAN, University of California - Riverside from Jan 2019 to Jul 2019.
I N T E R N A T I O N A L ! C!MN!C! 7YTCDCZ[\D!
!
3ZJFPFE+(+ 9L+9EEDX]FHA+5@FEFMJ+9F@YDNM+
!
@,/'$0d!0&+9I01!
!
For the exclusive use of J. Gao, 2019.
This document is authorized for use only by Jieyu Gao in Competitive and Strategic Analysis-1 taught by JERAYR HALEBLIAN, University of California - Riverside from Jan 2019 to Jul 2019.
I N T E R N A T I O N A L ! C!EZ!C! 7YTCDCZ[\D!
!
3ZJFPFE+'+ 7E?CFGM6+^?E+2DE?M+
!
@,/'$0d!0&+9I01!
For the exclusive use of J. Gao, 2019.
This document is authorized for use only by Jieyu Gao in Competitive and Strategic Analysis-1 taught by JERAYR HALEBLIAN, University of California - Riverside from Jan 2019 to Jul 2019.
I N T E R N A T I O N A L ! C!EM!C! 7YTCDCZ[\D!
!
3ZJFPFE+_+ 9F@CFH?M+<GBE?M+GI+QGSK?EFHA+=GY+QGME+QD@@F?@M+
+ ! %
% %
%
% %
% %
5?CAFBS+ ! ! )'/++0=+! )'/++0=+v!
Q[?XJ+ <?KBPCFX+
! m'&3/0!! ! !
#?HSD@]+ ! F,50*%&30*! w'%/+! F,50*%&30*!
8@DHX?+ K#$0! _9,*! )#&''#1R-!F&'$&++,**0-! T#**&'(-!_9,*-!m&'#+-! @1J!G1#0**0-!^,/=,/+0!
K#$0!
*?@SDHN+ ! Y/*#$%! .'&*S8/'1! !
*@??X?+ Q1%0*+! ! ! !
!@?CDHL+ )0=8&+1! ! F,'S-!T0''9-!T/L=#*v-! c0''9-!c*,$S!
@%&**,*!
!EDCN+ ! ),=,3*&-!Y#=&*-! ",;0-!20*#$0!
Q*$,*&-!40*,&-!m#+&-! "#;#*#-!^/'#*-!20*#$0!
Y#=&*-!",;0!
1J?+ >?EJ?@CDHLM+
Q;+10'(&;! ! ! ",110'(&;!
>G@YDN+ ! ! H+=,! !
^G@EBADC+ ! .&',-!_#+L,*! ! !
7XGECDHL+ QL0'(00*-! G(#*L/'3%-!
4=&+3,<-!7*>0'*0++!
G(#*L/'3%! 4=&+3,<v! !
7KDFH+ )&'$0=,*&-!Y&('#(-! Y&=&3&-!Y&==,'$&!
Q=#$&*10-!)&'$0=,*&-! )#=L&,-!Y&('#(-! Y&=&3&-!Y&==,'$&!
! )&'$0=,*&-!Y&('#(-! Y&=&3&-!Y&==,'$&!
7Y?L?H+ ! ! c'#+1#&*+1&(-!Y&=;x-! @1,$S%,=;!
!
7YFE[?@CDHL+ 40*0>&v-!u/'#$%! u/'#$%! ! !
`HFE?L+ \FHALGS+
_#>0'5,,=v-! _,*(,*v!
_,*(,*v! )#';#*3%&;-! ),/'*0;,/1%-!)'#+1,=-!
F&'(#88-!_00(+! )'&(8,'(-!_#>0'5,,=-! _,*(,*v-!!Y&*$%0+10'-!
^00++#(0!
_,*(,*!
v!"05'0+0*1+!&!%/L! @,/'$0+d!y%115dbb<<<J0&+9I01J$,;ze!y%115dbb<<<J4,C.=9J$,;ze!y%115dbb<<<J"9&*&#'J$,;ze! y%115dbb<<<J2#'3#*CG:5'0++J$,;zJ!
For the exclusive use of J. Gao, 2019.
This document is authorized for use only by Jieyu Gao in Competitive and Strategic Analysis-1 taught by JERAYR HALEBLIAN, University of California - Riverside from Jan 2019 to Jul 2019.
I N
T E
R N
A T
I O
N A
L !
C!E E! C!
7Y T CD CZ [\ D!
!
3 ZJ FP FE +/ &+
Q GS KD @D EF -? +8 FH DH XF DC +e +; K? @D EF GH DC +7 ED EF ME FX M+ IG @+ 7? C? XE ?L +9 F@ CFH ?M +
! +
G Q @W IG ^ !
! M!
4 H ! ! E!
" W Q K Q 7" !!
! D !
2 7" 4 7K !
G { m" G @@ !
] !
@H V ^ A f G @^ !!
! O !
) " 7^ 7@ A !!
Q 7" f Q W @! !
i !
@f 7@ @Q 7" !
! \!
! ` 7f +S FCC FG H+
` 7f +S FCC FG H+
` 7f +S FCC FG H+
` 7f +S FCC FG H+
` 7f +S FCC FG H+
` 7f +S FCC FG H+
` 7f +S FCC FG H+
" 0> 0* /0 !
ME D!
OM !
DZ D!
Ei E! !
]- Mi ]!
M] -E i] !!
\- EN Z!
H 50 '& 1#* 3! 0: 50 *+ 0+ !
ME M! !
[D !
ED D! !
Ei M!
D- ][ Z!
MD -O O\ !
i- [N \!
H 50 '& 1#* 3! 5' ,8 #1b g= ,+ +h !
E! gD Eh !
\Z !
M! i[ ]!
[Z i! !
]O E!
K 01 !5 ', 8# 1bg =, ++ h!
]! !
gE Eh !
ON !
gD h!
]D D!
DD Z!
ED D!
Y &' S0 1!F &5 #1& =#R &1 #, *! !
*b &!
*b &!
M- \N ]! !
NO !!
[- MN \!
i- OZ ]! !
E- ]D N!
m' 0C 1& :! m' ,8 #1! Y &' 3# *!
DJ Z!
gi Dh !
EO Ji !
ZJ O!
Mi JN !
EJ O!
]J N!
" 01 /' *! ,* !Q ++ 01 +!
DE JD !
gO \h !
M[ J[ !
gE J[ h!
NJ \!
MJ i!
EJ i!
" 01 /' *! ,* !G U/ #19 !
Mi Ji !
gM \\ h!
DM Ji !
gi Ji h!
MN J\ !
iJ M!
MD JZ !
T 0L 1bG U/ #19 !
MJ ]!
*b &!
ON JD !
M] ZJ D!
Ni J\ !
E[ EJ E!
D[ OJ E!
@& =0 +! 1, !Q ++ 01 +!
MZ J\ !
NM JM !
Ni JN !
EN EJ Z!
NE JN !
iN JO !
[E JO !
m' #$ 0C G &' *# *3 +! " &1 #, !
*b &!
*b &!
EM J\ !
M\ ZJ [!
EZ J] !
EM J] !
MZ JZ !
F &5 &$ #19 !gp ZZ Zh !| !Q @c Y !& !
E- [Z M- ZZ Z!
E- ZO E- ZZ Z!
D- ZZ Z- ZZ Z! L !
E- iO \- [M ]!
\i -Z iN -i E] !
Mi M- EN M- ZZ Z!
]Z -O iZ -Z ZZ !
_ ,& (! .& $1 ,' !
\O l !
OD l !
\M l !
\O l !
ii l !
\M l !
\E l !
m& ++ 0* 30 '+ !5 0' !9 0& '!
M- \M ]- \i M!
E- ZZ Z- ZZ Z!
]- NZ Z- ZZ Z!
E- iZ Z- ZZ Z!
OE -O [i -] ZZ !
]O -Z ]N -Z ZZ !
ME -M NN -Z ZZ !
K /; L0 '!, 8!Q #' $' &8 1!
[! MD !
EZ !
EZ !
E[ Z!
E\ [!
ME N!
G ; 5= ,9 00 +!
DN ]!
OZ Z!
MZ N] !
iD N!
EO -[ ]] !
iD -\ \N !
]D -i Ni !
! M!! !!! !!! ., '!1 %0 !5 0' #, (! 0* (# *3 !D ZJ ZN JN [J !
]- O- \ ! !! . ,' !1% 0! 50 '# ,( !0 *( #* 3! DM JM EJ N[ J!
E- D- i ! !. ,' !1% 0! 50 '# ,( !0 *( #* 3! DM JZ DJ NN J!
& ! Q @c Y !j !Q >& #=& L= 0! @0 &1 !c #=, ; 01 0' +e !L !^ %# +! 8# 3/ '0 !#+ !& *! 0+ 1#; &1 0J !!
@, /' $0 d!F ,; 5& *9 !Q ** /& =!" 05 ,' 1+ -!" 0/ 10 '+ !) /+ #* 0+ +! ) '# 08 #* 3!
For the exclusive use of J. Gao, 2019.
This document is authorized for use only by Jieyu Gao in Competitive and Strategic Analysis-1 taught by JERAYR HALEBLIAN, University of California - Riverside from Jan 2019 to Jul 2019.