04 Sustentación de le Ventaja Competitiva (parte 2)

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La sustentación de la ventaja 
competitiva, parte 2
Prof. Jorge Tarziján
2019 
Un paréntesis: How does McDonalds make money?
Franchise initiation 
fees
Fees collected with the granting of the franchise.
Q: By opening more stores, McDonald´s gets additional fees. 
Trade-offs of this?
Franchise royalties Fees collected as a percent of total store revenues.Q: Why revenues and not operating or net income?
Franchise rent Rent collected on the land and building owned by the corporation
Company sales Revenues from small percentage (7%) of company stores
What are the advantages and disadvantages of franchising for McDonald´s?
Should McDonald´s spin-off its real-state business?
•Valiosa? 
•Rara (escasa)? 
•Imitable? 
•Firma organizada para obtenerla?
• Vtja en costo: debe ser difícil de imitar, camino recorrido, curva de aprendizaje, 
economías de escala, etc.
• Vtja en diferenciación: incrementar valor percibido respecto a valor percibido de 
productos/servicios de competidores.
Sustentación de ventaja debe satisfacer criterio V.R.I.O.
Ejemplos de factores que apoyan sostenibilidad de vtja competitiva
 En general, es un conjunto de factores interdependientes…
Costos de cambio
Efectos de red
Aprendizaje
“Inversiones hundidas”
Economías de escala
Patentes
 4
Amenazas a Walmart en segmento de bajo precio
Ejemplos: Aldi.
Tiendas con solo 5 pasillos y tamaño de 20%-30% de los grandes supermercados. 90% marcas propias. Pocas 
variedades en cada categoría. Operaciones mucho menos complejas.
¿Amenaza de nuevas empresas?
• ¿Qué pasa con las nuevas empresas?
• Tienen que encontrar un nicho donde no son ni el oferente de más bajo costo ni el que 
compite “cara a cara” con los“grandes” (a2MC?).
• Requiere diferenciación, fundamentalmente del modelo de negocios.
• Algunas veces (no en forma frecuente) llegan a ser “big players”
• Por ejemplo: Panera Bread en USA comenzó como un player muy de nicho…
Amenaza a la sustentación de la ventaja competitiva
Principales 
amenazas a 
sustentación
Imitación Sustitución
Disipación de rentas:
factores internos 
(Slack) o externos 
(Holdup)
• Capacidad de competidores de replicar lo que hacemos. Más difícil a medida que:
Amenaza de imitación
Nuestras actividades generan consecuencias rígidas (requieren tiempo para ser imitadas)
Experiencia Cultura Reputación
Complementariedad de las actividades. Agrega complejidad 
Ejemplo: dificultad de imitar MNs como los de Latam y Disney
Conocimiento Rutinas/procesos
Amenaza de sustitución
Cambio 
tecnológico
Competidores/
Barreras entrada
Gustos 
consumidores
Precios de 
insumos
MN 
disruptivos
– Decrecimiento de valor percibido por presencia de otros MNs que sustituyen al mío.
– ¿Causas?
Ejemplo: teléfono fijo - teléfono móvil - email - mensajería (WhatsApp)
Amenazas del “slack”
– Gasto innecesario dentro de la empresa. Slack tiende a ser mayor cuando:
No hay mucha 
competencia
Managers maximizan su 
propia utilidad
Poco control de 
dueños a managers
– Slack tiende a mejorar (disminuir) cuando se utilizan mejor:
Incentivos Monitoreo
Amenaza de holdup
• Lleva valor a clientes, proveedores, o complementadores con poder de negociación.
• Poder de negociación a favor de terceros, arreglos contractuales incompletos.
• Mejora con:
“Buenos” 
contratos
Integración 
vertical
Teniendo mayor 
“value added”
Example: Stakeholder value appropriation: the case of labor in the 
worldwide mining industry. Cristián Ramirez & Jorge Tarziján. 
Strategic Management Journal, 2018
• Companies are in countries that differ in their labor regulations: 
• For instance, in its capacity given to workers to bargain collectively, the easiness of hiring and firing, and the 
feasibility of having different employment contracts.
• Companies also differ in their ownership structures: 
• Privately owned vs stated owned. Large ownership dispersion vs concentrated ownership.
• Country and institutional characteristics may impact how the value created is distributed among 
stakeholders. Stakeholders’ bargaining power can be determined by external factors.
Value 
capture by 
employees 
rises if: 
The 
exogenous 
price of the 
firm 
product 
rises
-Stated owned 
companies
-Centralized 
determination of wages
-More flexible hiring and 
firing policies
-Regulations allow 
productivity-based 
payments
+
Example: Stakeholder value appropriation: the case of labor in the worldwide mining 
industry. Cristián Ramirez & Jorge Tarziján. Strategic Management Journal, 2018 
Hypotheses?
Example: Stakeholder value appropriation: the case of labor in the worldwide mining 
industry. Cristián Ramirez & Jorge Tarziján. Strategic Management Journal, 2018 
Hypotheses?
1. The value captured by employees rises if the price of the firm 
product increases (shareholders are not the only residual claimants).
2. The increase in the value captured by employees (as a result of the 
increase in prices) is greater in state-owned companies.
3. The increase in the value captured by employees (as a result of the 
increase in prices) depends on country regulations (e.g., it is greater 
with centralized negotiations)
Example: Stakeholder value appropriation: the case of labor in the worldwide mining 
industry. Cristián Ramirez & Jorge Tarziján. Strategic Management Journal, 2018 
Main Results
Example: Stakeholder value appropriation: the case of labor in the worldwide mining 
industry. Cristián Ramirez & Jorge Tarziján. Strategic Management Journal, 2018 
Example: graphical representation of an individual result
For example, keeping everything else at its mean value, when wage decentralization takes its lowest value (i.e., centralized 
negotiations), a 100% increase in price is, on average, associated with an increase of almost USD 7,500 in employee 
earnings, whereas when individual mines are able to negotiate with their employees directly, the same change in price 
raises earnings by approximately USD 800.
General managerial implications?
• The value captured by the different stakeholders do not depend only on the industry but 
also depends upon more general “environmental” conditions such as country’s regulations 
and the type of ownership of companies.
• Entry /expansion /contraction /exit firm decisions may be taken considering this type of 
analysis.