When companies decide to diversify, entering new markets outside their core area, they need to consider three things: market attractiveness, cost of entry, and synergy effect.
● Market Attractiveness
In order to ascertain this, we have to look at the Five Forces model that was discussed in section 13. Using it, we examine the relative relationships and strengths of suppliers, customers, new entrants, substitute products and existing competition. In an industry where the cumulative effect of these forces is strong, profit potential would be low. However, if the opposite is true, then the industry has potentially high profits and is an attractive one.
● Cost of Entry
It is important that a company consider all the costs associated with entering a new industry. This includes the initial start-up costs as well as the first few years’ working capital / operating losses. The ironic thing is that industries that may be considered attractive will have high entry costs, and those that are not attractive will have relatively low entry costs. There is obviously a correlation between the two.
當企業決定多角化，以進入核心領域之外的新市場時，要考慮到三件事：市場吸引力、進入成本以及綜合效果。
市場吸引力
為了弄清楚這點，我們必須看一下 section 13 所討論過的五力分析模型。我們可以用它來檢視供應商、顧客、潛在競爭者、替代品和現有競爭者間的相對關係與強項。在這些力量的累加效果很強之行業中，獲利的潛力會偏低。不過，假如情況相反，那這個行業就有機會帶來高獲利，並且具有吸引力。
進入成本
很重要的是，公司要考慮到進入新產業的所有相關成本。這包括初始開創成本以及頭幾年的日常營運資金／營業損失。令人覺得諷刺的是，當產業可能被視為有吸引力時，進入成本會偏高；當產業沒有吸引力時，進入成本則相對偏低。兩者之間顯然有相關性。
● Synergy Effect (1+1=3)
The idea here is whether the diversification makes the company stronger. To answer that, we need to address the idea of synergy, which is the compatibility with the core business. Many companies diversify into areas that have very little to do with their main business. As a result, they are unable to share resources or transfer existing knowledge or skills between their core business and their new business. The best diversification is the kind that allows a company to do both. This will allow it to reduce costs and improve efficiencies.
● Diversification Methods
There are basically two ways for a company to diversify. First, it can be done organically (internally) using the company’s existing resources. This allows for greater control but tends to be more costly and time-consuming. The other way is to acquire an outside company who is already in that industry. This method tends to provide more immediate results but may lead to integration issues with conflicting corporate cultures.
綜合效果（1 + 1 = 3）
此處必須思考的是，多角化能不能讓企業更加強大。如果要回答這點，我們就要搞懂綜效的觀念，也就是核心事業的相容性。有很多企業多角化的領域跟本業毫無關係，如此一來，它們就無法資源共享，或是把現有的知識或技能在核心事業與新事業之間進行移轉。最好的多角化就是能讓公司魚與熊掌兼得。這樣既能降低成本，又能提高效率。
多角化的方法
企業要多角化，基本上有兩種方法。第一，它可以利用公司現有的資源，自體性地（從內部）實施。這樣會有較大的掌控權，但往往比較花錢又耗時。另一種方法是收購外面已經存在於該產業的公司。這種方法往往比較容易立竿見影，但卻可能引發公司文化衝突的整合問題。
Word List 重要字彙
diversify (v.) 多角化 / core area 核心領域 / attractiveness (n.) 吸引力 / ascertain (v.) 查明；弄清 / relative relationship 相對關係 / entrant (n.) 進入者 / substitute (adj.) 替代的 / cumulative (adj.) 累加的 / start-up cost （事業的）開創成本 / working capital 營運資本 / operating loss 營業損失 / ironic (adj.) 具有諷刺意味的；出乎意料的 / correlation (n.) 相關性；相互關係 / compatibility (n.) 相容性 / organically (adv.) 固有地；有組織地 / costly (adj.) 花錢的 / integration issue 整合問題
Lecturer’s Tips
如何以多角化的方式發揮綜效？
■ 在此將能有效判斷多角化策略可否成功的「三項評估標準」整理如下：
〈多角化策略的三項評估標準〉
| 評估標準 | 要點 |
| 1. 市場吸引力 (Market Attractiveness) | ・排除華而不實及純粹的點子 ・利用「五力分析」模型來進行產業分析 |
| 2. 進入成本 (Cost of Entry) | ・計算開創成本、營運資本、經營虧損等所有費用 ・存在著越有吸引力的產業進入成本越高這種情況 |
| 3. 綜效 (Synergy effect) | ・對核心業務來說是否有綜效 ・是否能共享經營資源 ・既有的知識與技術是否能移轉 |
■ 多角化的做法 (Diversification Methods) 有兩種：
1. 運用內部既有的經營資源
2. 收購外部的公司
■ 多角化有優點也有缺點。在此將其主要優缺點整理如下：
〈多角化的優點與缺點〉
| 優點 | ・綜效（成本、附加價值） ・移轉（人才、技術、know-how） ・共享共用（販賣、行銷、製造、研究開發、品牌） ・分散風險 |
| 缺點 | ・業務領域不明確 ・喪失向心力 ・喪失焦點 ・因經營資源分散而同歸於盡 |
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