This case describes the growth patterns of Germany's most prestigious car manufacturers - DaimlerChrysler and BMW - between 1998 and 2005. Both companies initially faced a simi-lar need for growth in order to remain independent and competitive in an ever more consoli-dated and demanding global car industry. Within the observed period, BMW not only over-took its rival in terms of sales in the premium car segment, but also nearly doubled its market value, while DaimlerChrysler lost more than 50% of its consolidated share price. The two rivals' changing fortunes are directly related to the fundamentally different growth strategies pursued. Daimler focused on external growth, initiating the blockbuster merger with Chrysler and acquiring major participations with Mitsubishi and Hyundai. The company diversified beyond its core business of producing premium cars, becoming one of the major players in the global mass market. BMW, conversely, remained focused on organic growth in its premium core business, benefiting from its superior capabilities in product and process innovation. The two cases show the importance of innovation in the core business, and growth into directly related segments. The Daimler example is furthermore a good illustration of the risks associ-ated with extensive expansion that relies strongly on diversification and large-scale acquisi-tions.
How fast should a company grow? This question is fundamental to managerial practice, and it is difficult to answer. On the one hand, companies need to grow to remain vital and competitive. On the other hand, growth creates a number of managerial challenges - and too much growth can lead to crises or even bankruptcy. Some researchers have suggested that growth is beneficial only up to a certain point, beyond which it destroys shareholder value.1 This raises a set of questions: Do companies have optimal growth rates? Can healthy growth be defined? And if so, how can managers determine the ideal growth rate for their organizations?
We have developed a model of a "growth corridor" that allows managers to determine how quickly their companies can safely grow. We tested this model using a large-scale empirical study of the growth paths of the Fortune Global 500 between 1995 and 2004.2 (See "About the Research," p. 67.) The results confirm the growth corridor's relevance for managerial practice: Companies that grew within the limits set by their growth corridor outperformed their peers that did not. So-called "smart growers" delivered an average return to shareholders of nearly double the rate of slower- or fastergrowing companies.
¿A qué velocidad debería crecer una empresa? Ésta es una pregunta fundamental para la práctica empresarial, pero no tiene fácil respuesta. Por una parte, las empresas tienen que crecer para mantener su fuerza y su competitividad. Por otra, el crecimiento supone una serie de desafios para la gestión, y si el crecimiento es excesivo, pueden surgir crisis o incluso se puede producir quiebra. Los autores de este artículo han definido un modelo de (pasarela de crecimiento) que permite a los gestores determinar la velocidad a la que sus empresas pueden crecer con seguridad y han llevado a cabo un estudio empísico que ofrece conclusiones muy esclarecedoras sobre el tema.
Nachhaltig profitables Wachstum ist und bleibt eine zentrale Herausforderung für die Wettbewerbsfähigkeit von Unternehmen. Um ein solches Wachstum zu erzielen, müssen komplexe strategische und organisatorische Herausforderungen gemeistert werden. Eine einseitige Ausrichtung auf Innovation ist dabei ebenso schädlich wie eine einseitige Steigerung der Effizienz. Die Autoren geben Handlungsempfehlungen und stellen Konzepte für die Unternehmenspraxis vor. Das Buch vereint Forschungsergebnisse des Center for Organizational Excellence (CORE) der Universitäten St. Gallen und Genf und die Erkenntnisse weiterer führender Experten. In praxisnahen und verständlichen Beiträgen werden alle wesentlichen Themen rund um das Unternehmenswachstum abgedeckt. Aktuelle Fallstudien bekannter Unternehmen wie BMW, Deutsche Bank, Holcim, Nestlé und Siemens zeigen ergänzend auf, wie in Unternehmen konkret nachhaltiges Wachstum realisiert wird.
