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Analele Universit ii Constantin Brncui din Trgu Jiu, Seria Economie, Nr. 2/2009

Annals of the Constantin Brncui University of Trgu Jiu, Economy Series, Issue 2/2009

7

DE LA GLOBALIZARE LA

FRAGMENTARE UN NOU NCEPUT

N AFACERILE INTERNAIONALE

Conf. Univ. Dr. Liviu NeamuUniversitatea Constantin Brncui din Trgu

Jiu

Prof.univ.dr. Adina Claudia NeamuUniversitatea Constantin Brncui din Trgu

Jiu

Rezumat: nregistrarea mrcilor regionalei localesau chiar a mrcilor tradiionale devine astzi unfenomen din ce n ce mai ntlnit pe piaa internaionaln lupta firmelor mici i mijlocii pentru protecia peanumite piee i produse. n acelai timp marile firme cedein mrci i branduri independente sau de grupurmresc treptat trecerea acestora de la nivelul de mrci

globale ctre nivelele de mrci tehnologice, mrciregionale sau mrci poziionate care s acopere

fragmente limitate de pia pe care s vnd mult maieficiente. n acest fel constatm o lupt acerb ntre

tendina de globalizare a pieelori cea de fragmentare aofertei de produse de pe aceste piee globale.

Cuvinte cheie:globalizare, fragmentare, integrare, mrci, pia

IntroducereGlobalizareaeste unul dintre cuvintele cheieale sfritului celui de-al douzecilea secol.Globalizarea a fost foarte mult utilizat pentru actiga i a susine puterea n cadrul pieei. ntr-adevr crearea unui monopol global prinintermediul procesului de consolidare poate fiuna dintre cele mai eficiente ci de a ctigarandamente prin intermediul unei afaceriextinse.Consolidarea afacerilor prin strategii deglobalizare au evoluat de-a lungul ultimuluisecol fiind mbuntite prin utilizarea unuicadrul metodologic i abordri mai riguroase.

Istoric vorbind exist trei ci de consolidare a

FROM GLOBALIZATION TO

FRAGMENTATION A NEW

BEGINNING IN THE

INTERNATIONAL AFFAIRES

Assoc. Prof. Ph.D. Liviu NeamuConstantin Brncui University of Trgu

Jiu

Prof. Ph.D. Adina Claudia NeamuConstantin Brncui University of Trgu

Jiu

Abstract: Registration of regional and local, oreven traditional brands, are becoming in today's anincreasingly met phenomenon on internationalmarket in small and midsize companies struggle to

protect certain markets and products. While largecompanies that hold independent or grouptrademarks and brands pursuing gradual transitionof that trademarks from the level of global brands tothe levels of technological brands, regional brandsor positioned trademark to cover limited parts of themarket to sell more effectively. In this way we find a

fierce battle between the trend of globalization ofmarkets and the fragmentation of the product supplyon the global market.

Key words: globalization, fragmentation,integration, trademarks, market

IntroductionGlobalizationis one of the key words of thelate 20th century. Globalization has long

been used to achieve and sustain power inthe marketplace. Indeed, creating a globalmonopoly position through consolidationcan be one of the most effective ways ofachieving economic returns through a

business venture.Consolidation of affaires by globalizationstrategies, have evolved through the pastcentury, and they was improved using amore rigorous framework. The historyfocuses on three major waves of


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afacerilor globale. Prima dintre acestea afavorizat apariia mogulilor afacerilor,antreprenori care au crescut pe fondulschimbrilor rapide din epoca revoluiei

industriale. Aceste afaceri au crescut n specialn industriile grele mai puin sofisticate, pefondul depirii barierelor de intrare de la nivelnaional dar i internaional, reuind sfavorizeze accesul la capital. Cea de-a doua serefer la mari corporaii care s-au orientat ctrecretere i diversificare urmnd modelulconglomerrii afacerilor, ncepnd cu anii 60.Adeseori achiziiile noilor afaceri sunt realizaten afara domeniului de baz n care activeazfirma, rezultnd un conglomerat fundamentat

pe o form modern a strategiei de focalizare.Cea de-a treia cale de cretere i consolidareglobal este n mod special sprijinit deschimbri n mediul de afaceri al firmei iar omare parte a factorilor favorizeaz cretereaexploziv a afacerilor. n ansamblu orientareaactual a globalizrii i consolidrii este multmai complex cuprinznd combinaii ale celortrei forme prezentate, la nivelul afacerilorindustriale i serviciilor. n plus juctoriifinanciari specializai acioneaz n mod

tradiional ca i consolidatori ai pieelor iafacerilor, rezultnd o activitate masiv lanivelul pieelor.Prin toate cele trei ci de globalizare,companiile i corporaiile utilizeaz strategii deconsolidare, strategii care ncorporeazurmtoarele idei: creterea gradului de acces lacapitalul global ca un element cheie dembuntire a strategiilor de consolidare iasigurarea unui avantaj strategic prin mai buneresurse financiare globale.Fragmentareapieei de masreprezint un altfenomen care s-a ntmplat. ntorcndu-ne ntimp, n anii 90, dac doream o buturrcoritoare, aveam de ales ntre Coca-Cola sauPepsi-Cola. Sau cel mult mrci asociate brand-urilor de baz, precum Seven-Up. Pe ansambluse putea alege din patru-cinci produse de acesttip. S privim ce se ntmpl astzi la nivelul

pieei. Avem probabil apte feluri diferite debuturi rcoritoare de tip cola. n acest mod,

proliferarea produselor a devenit imens.

consolidation by global affaires. First, therise of moguls represents entrepreneurs whoseized on the changes presented by thecontinuous industrial revolution. They

seized on relatively unsophisticatedindustries to build large industrial empires,breaking down national and regionalbarriers and improving access to capital.Second, large corporations seeking growthand diversification undertook theconglomeration that began in the 1960s.Although their acquisitions were frequentlyoutside of their traditional lines of business,these conglomerates present a parallel tothe modern consolidation strategy of

bundling. The third way of growth andglobal consolidation is ultimatelyencouraged by changes in the externalenvironment, and many factors align todrive the current boom. However, thecurrent wave of globalization andconsolidation is much broader, spanningindustrial and service industries. Inaddition, specialized financial players have

joined the traditional consolidators,resulting in even greater market activity.

In all three waves of globalization,individuals and corporations useconsolidation strategies, incorporating thefollowing ideas: enhancing global capitalaccess as a key leverage point forconsolidation strategies, providing anadvantage through better global financialresources. Finally, in light of these factors,the globalization tries to identify the waysto create and sustain competitive advantage,either through economies of scale and scopeor through the leveraging of managementtalent.Fragmentation of the mass market isanother thing that has happened. Back inthe 90s say, you would have - if you wentto the soda aisle, you would have Coke, youwould have Pepsi. Maybe you got Seven-Up. Maybe you had four or five products.And that was it. Look what's happenedtoday. You've got probably seven different

kinds of diet colas along. And so the


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Aceasta a fost posibil datorit faptului coamenii cer mai mult varietate, mai puternicsatisfacere a gusturilori dietei. i astfel avemfragmentarea pieei de mas. Nimeni nu mai

poate s creeze doar un singur produs i ssupravieuiasc din asta. Aceasta datoritfaptului c piaa este n continu schimbare.Piaa urmrete continuu noi produse. i dacnu aduci lucruri noi n pia, trebuie s ncercis-i defineti locul n cadrul pieei. Reducereaciclului de via al produsului, este un altfenomen specific pieei. Din nou, cu ani nurm ciclul de dezvoltare al produsului avea

probabil doi ani durat de la momentulconcepiei pn la momentul introducerii

acestuia pe pia. Credei probabil c acestlucru este normal. n schimb dorii ca n cinciani s v recuperai banii investii. Astzi poateavem 12 pn la 18 luni ca s recuperm baniiinvestii. i dac nu o vom face n acest fel, nuavem o afacere viabil. Nimic nu poate fi lansatfr s garanteze c ne putem recupera banii ctmai repede. Este evident c produsele suntnlocuite i evolueaz mult mai rapid. Astzioamenii sunt n cutare de satisfacie maxim.Iar firmele nu au produse pe care s le lansezei s reziste de-a lungul ntregii perioade dederulare a afacerii. i din nou, ratele de creterentr-adevr nu sunt suficiente pentru a meninemodele de afaceri de multe organizaii. Deci, ceavem de fcut? Ar fi de ajuns s inovm.Trebuie s aducem noi produse pe pia.Trebuie s mutm mai repede pe pia. Va finecesar s fim prezeni n mai multe segmentede pia dect eram nainte, probabil. Cum

putem ine pasul cu toate astea? De multe ori nuavem fragmentarea pieei de mas, n situaia ncare are loc consolidarea productorilor.Reducerea ciclului de via de producieidetermin o cretere lent a pieei. Ce trebuie sfacem? Ei bine n aceast situaie aparefenomenul de reducere a dimensiunilor. Demulte ori se renun la o important parte dinresurse. Avem mai puine resurse pentru arealiza munca. Dar n acelai timp trebuie sconcurm pe mai multe segmente de pia saus concurm mai eficient. Introducerea de

produse noi, modernizeaz continuu produsele

proliferation of products has becomeimmense. Because people are demandingmore variety, more excitement in their diet.And so you have the fragmentation of the

mass market. So you can't just make oneproduct any longer, and live off from that.Because you're market is changing. Yourmarket is looking for new things. And ifyou don't bring new things to market youknow, all you are going to have to be in themarket place. Reduced product life cycles isanother phenomenon on market. Again,years ago the product development cycle

probably was two years long, from the timeof conception to bringing the product up

into the marketplace. We could look out tookay. We'll look for a five-year payback onour money invested. Today, maybe we got12 to 18 months to get our money back.And if we do not, we do not have a business

proposition. Nothing will get launchedunless we can get our money back muchquicker. So again, the products are turningover much more quickly again. Today,

people looking for more excitement. Andthe firms don't have the products that they

can launch and live off them for the lengthof their business. And again, those types ofgrowth rates are not really sufficient tomaintain the business models of manyorganizations. So what do we have to do?We have got to innovate. We have to bringnew products to the market place. We havegot to move faster. We have got to be inmore categories than we were before

perhaps. How do we keep up with all ofthis? A lot of times we don't have the - aftergoing through the consolidation of themanufacturers, fragmentation of the massmarket. The reduced product life cyclegoing to slow growth of market. What dowe do? Well now we have downsized. Wehave kicked out a lot of our resources. Wehave got less resources to do the work. Butwe have got to compete in more marketsegments, or compete more effectively.Bringing out new products, continually

upgrading our products. And that requires


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noastre. Aceasta implic, ns unele resursesuplimentare. i este posibil ca acestea s nu nefie disponibile. Deci, unde ne ndreptm?Companiile se orienteaz n afar la resursele

externe, n aceeai msur ca i spre celeinterne.Recent, importana fragmentrii n procesele de

producie, ca unul dintre motivele pentru care aevoluat procesul de globalizare a economieimondiale, a fost discutat n literatura despecialitate (de exemplu, Jones i Kierzkowski,1998). n acest context, "fragmentarea" serefer la separarea proceselor de producie ndiversele componente, producie care poate fisituat n diferite locaii din ntreaga lume.

Fragmentarea implic o din ce n ce mai marespecializare a firmei n cadrul lanului devaloare a unei industrii sau produs. Acest lucrunseamn c firmele devin ce n ce maieterogene, deoarece fiecare fragment din lanulde valoare necesit diferite resurse i capaciti,ceea ce duce la economii de scar diferite.Adam Smith (1776) tia c o din ce n ce maisofisticat diviziune a muncii implic ofragmentare ce n ce mai mare a cunoaterii. Deasemenea, el tia c acest dinamism, de

asemenea, genereaz eterogenitatea idiversitatea de cunotine prin producerea de

bunuri i servicii noi. Ricardo (1828) i maitrziu Sraffa (1960) au vzut, de asemenea,rolul important pe care acest dinamism l joacn circuitul de producie, precum i n generareaunui excedent care promoveaz consumul,creterea economici comerul internaional.Acest document va lua n discuie problemafragmentrii n contextul economiei politiceclasice i al contribuiilor mai recente elaboratede Ron Jones, S. Engerman (2000), HenrykKierzkowski (2001), i E. Helpman, MJMelitzi SRYeaple (2004). Eterogenitatea tot maimare a firmelor ntr-o industrie poate fi testat

prin luarea n considerare a caracteristicilorselectate ale firmelor, cum ar fi economiile descar, creterea firmelor, diferenele privind rata

profitului, utilizarea activelor necorporale,consumul intermediar, nivelul de salarizare,intensitatea importului i exportului.

ntreprinderile aflate n diferite industrii care se

some resource. And we may not have thatavailable. So where do we go? Companiesgot outside to outsource resources such asourselves.

Recently, the importance of fragmentationin production processes as one of thereasons for the increased globalization ofthe world economy has been discussed inthe literature (for example, Jones andKierzkowski, 1998). In this context,fragmentation refers to the breaking-up of

production processes into variouscomponents, the production of which can belocated in different locations around theglobe.

Fragmentation implies increasinglyspecialization of firms within the valuechain of an industry or product. This meansthat firms become increasinglyheterogeneous because each fragment of thevalue-chain requires different resources andcapabilities, which results in different scaleeconomies. Adam Smith (1776) knew thatan ever more sophisticated division oflabour implies an ever increasingfragmentation of knowledge. He also knew

that this dynamism also generatesheterogeneity and diversity of knowledgethrough the production of new goods andservices. Ricardo (1828) and later Sraffa(1960) also saw the important role that thisdynamism plays within the circular flow of

production, and in the generation of asurplus that promotes consumption, growthand international trade.This paper will discuss the fragmentationissue in the context of classical politicaleconomy and more recent contributions byRon Jones, S. Engerman (2000), HenrykKierzkowski (2001), and E. Helpman,M.J.Melitz and S.R.Yeaple (2004). Theincreasing heterogeneity of firms within anindustry can be tested by consideringselected characteristics of firms, such asscale economies, growth of firms, profitrate differentials, use of intangible assets,intermediate consumption, wage levels,

import-intensity and export-intensity. If


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specializeaz n segmente similare ale lanuluide valoare, tind s devin asemntoare cufirmele din toate aceste industrii n careintervin.

Consolidarea calea ctre globalizaren cadrul prezentului proces de globalizare,numeroase companii au ateptri de capitalizaren condiiile existente pe o anumit pia. ncontrast evident cu etapa dezvoltrii deconglomerate, astzi mania fuziunii este oncercare de a construi afaceri de volum n jurulunui nucleu similar. Companiile caut s obinavantaje de cost sau de marketing prin gsireaunor segmente int cu orientri asemntoare.

Strategia de conglomerare s-a concentrat peconcept de "grupare", sau furnizarea de produsei servicii legate de aceluiai client baz. Chiari firmele ridicate prin investiii externe s-auconcentrat pe consolidarea industriei prininvestiii ale platformei de operare.Ca i n etapa iniial de consolidare antreprinderilor pe piaa mondial, aceastaciune continu n industria grea, cu o viitoareconsolidare domeniul infrastructurii, industrieisiderurgice i energiei. Noul val s-a extins, de

asemenea, n industria serviciilor, pe msur cecompaniile ncearc s ridice branduri coerentei operaiuni comune. Viitoare creteri sunt deateptat la nivelul companiilor aeriene, detelecomunicaii i servicii financiare.Aceast consolidare puternic a unor afaceri pe

piaa global este rezultatul ctorva factorifavorabili. Aceti factori includ: uurina deintrare n pia, lipsa de economii semnificativede scar; dezeconomii majore n relaiileorientate spre comunitate, activitile deasigurare a calitii; diverse solicitri plasatectre furnizorii de afaceri; natura balcanizat areglementrilor guvernamentale, precum i unnumr mare de proprietari interesai mai puinde marjele de profit dect mplinirea personalsau misiunea social.Michael Porter [5] spune "Eforturile deconsolidare a unei industrii fragmentate pot firidicate, deoarece costurile de intrare sunt, prindefiniie, mici i exist tendina s existe mici i

relativ slabi concureni care ofer o slab

firms in different industries specialize in thesimilar segments of the value chain, theyoften become more similar to each thanother firms in the same industry.

Consolidation - way of businessglobalizationOn the current process of globalization,many companies are attempting tocapitalize on the current market conditions.In stark contrast to the age ofconglomerates, todays merger mania is anattempt to build mass around a similar core.Companies seek to gain cost or marketingadvantages by finding targets with similar

focus. The conglomeration strategy hasbeen focused through a concept ofbundling, or providing related productsand services to the same customer base.Even leveraged buyout firms have focusedon industry consolidation through platforminvestments.As with the original consolidation of

businesses on the global market, actioncontinues in heavy industry, with furtherconsolidation in infrastructure, steel, and

energy. The new wave has also spread toservice industries, as companies seek toleverage consistent brands and commonoperations. Further activity is expected inairlines, telecommunications, and financialservices.This strong consolidation of some

businesses on global market is the result ofsome favorable factors. These factorsinclude the: ease of entry into the market,lack of significant economies of scale;diseconomies of scale in communityrelations and quality assurance activities;diverse demands placed on business

providers; balkanized nature of governmentregulation; and large numbers of ownersinterested less in profit margins than

personal fulfillment or social mission.Michael Porter [5]says The payoff toconsolidating a fragmented industry can behigh because the costs of entry are by

definition low, and there tend to be small


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ameninare cu represalii". Depireafragmentrii este fundamental pentru mariifurnizori de strategii de afaceri i o presupunereimplicit a investiiilor de pe piee externe

pentru mbuntirea afacerilor.El identific cinci strategii de consolidare:1. "Crearea de economii de scar sau curbaexperienei." Cele mai promitoareoportuniti pentru economii de scar suntlegate de mbuntirea afacerii n planulvnzrilor i marketingului. De exemplu,firmele de distribuie de volum, mass-media, ifurnizorii de servicii bazate pe internet suntfoarte importante n privina marketingului icanalelor de vnzri. Aceste firme, investind

ani n construirea relaiilor cu firmele deproducie, ele au nevoie de produse pe care sle vnd. n schimb, firmele mici gsesc celedou funciuni, marketing i vnzri, sunt severimpozitare.2. "Standardizarea diverselor nevoi ale pieei."Cartierele de afaceri de azi sunt tentative deomogenizare, n sensul c acestea adun maimulte tipuri de clieni i companii mpreun,fiecare n afacerile lor specifice. Rezultatul esteo fals standardizare bazat pe nevoile i

dorinele medii manifestate.3. "Distruge ... aspectele cele mai responsabil

pentru fragmentarea industriei". Porter observc "atunci cnd cauzele fragmentrii centrate pe

procesul de producie sau de livrare deservicii... depirea fragmentrii ceredecuplarea produciei de restul de afacerii.Factorii locali, n mod constant cresc eforturilede a standardiza sau pentru a crea economii descar n jurul unei funciuni principale deafaceri. Un anumit grad de personalizare va fintotdeauna necesar pentru a servi fiecareconsumator, client, cumprtor i beneficiar.Mari ageni regionali de franciz echilibreazateptrile locale i ateptrile corporative

privitoare la calitate la intrarea n alte industrii.4. "Facei achiziii pentru un volum critic" "Inunele industrii s-ar putea,n cele din urm, a fi nite avantaje n a deineo cot semnificativ, dar este extrem de dificilde a construi concentrare, ca urmare a

fragmentrii". Scenariul cel mai probabil,

and relatively weak competitors who offerlittle threat of retaliation Overcomingfragmentation is fundamental to larger

providers business strategies and an

implicit assumption of outside investmentin business improvement.He identifies five consolidation strategies:1. Create Economies of Scale or

Experience Curve. The most promisingopportunities for economies of scale in

business improvement lie in sales andmarketing. For example, large distributionfirms, media, and internet-based service

providers and are in many respectsmarketing and sales channels. Having

invested years in building relationships withproduction firms, they need products to sell.In contrast, small firms find the twofunctions severely taxing.2. Standardize Diverse Market Needs.Today's business districts are attempts athomogenization, in the sense that they

blend many different kinds of client andcompanies together in each of their

businesses. The result is a falsestandardization based on average needs and

desires.3. Neutralize..Aspects Most Responsible

for Fragmentation. Porter notes thatwhen the causes of fragmentation centeraround the production or service delivery

process... overcoming fragmentationrequires decoupling production from therest of the business. Local factorsconstantly intrude on efforts to standardizeor create economies of scale around thecore function of business. Some degree ofcustomization will always be required toserve each consumer, client, buyer and

beneficiary. Large regional franchise agentsbalance local needs and corporate qualityexpectations in other industries.4. Make Acquisitions for a Critical Mass."In some industries there mayultimately be some advantages to holding a

significant share, but it is extremelydifficult to build share incrementally

because of the causes of fragmentation.


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pentru o mbuntire de afaceri implicachiziionarea altor firme pentru atragerea unornoi cote de pia. Firme la nivel mondialfondate pe schimbare, de asemenea, sunt

implicate n realizarea unor achiziii. Dar acetijuctori mari sunt peti mari ntr-un iaz de micidimensiuni. Dup ce au ctigat piaa a lungulanilor, se ateapt ca firmele s creasc preamult n raport de aceasta.5. S recunoti tendinele pieei nc de lanceput. Experienele trecute din industrie iafaceri arat c exist un avantaj al primuluiintrat. Acelai fenomen se nregistreaz i lanivelul serviciilor. Unele firme care s-au lansatn afaceri n anii 90, au avut un plan de

investiii pe care l-au urmat. Alturi de achiziii,strategiile de stopare a fragmentrii sunt extremde puternice , aa cum arat studiile despecialitate. Achiziiile sunt, de asemenea,dincolo de capacitatea financiar a firmelor, decele mai multe ori. Firmele care s-au descurcat

bine n pieele fragmentate sunt cele care auavut ostrategie de concentrare i au urmat-oconsecvent.Primele dou valuri de consolidare a luat formecomplementare: n primul rnd, antreprenorii i

corporaiile au cutat s stabileasc o putere demonopol, prin dimensiunea i domeniul deafaceri, ca urmare a integrrii regionale i pevertical. n al doilea rnd, corporaiileasambleaz portofolii de afaceri de mai multetipuri n interiorul i i n zona imediat a uneiindustrii, ntr-o ncercare de a realiza accesulmai ieftin la capital i a-i atinge obiectivele decretere.Cel mai nou val construiete n afara modeleloranterioare, dar include schimbri fundamentale.Antreprenorii i corporaiile sunt nc active cai consolidatori. Acest val este din nou condusde forele de pe pia. Cu toate acestea,consolidatorii din pia sunt acum mai bineorientai pe crearea de avantaj competitiv, spredeosebire de orientarea spre dimensiune sau decretere. n plus, juctorii implicai reprezint ocombinaie nou de juctori financiari istrategici.Cu toate c, n cele din urm, consolidatorii

realizeaz strategii de fuziune i achiziii,

The most likely scenario for a businessimprovement involves acquisition of otherfirms for further market shares. The globalfirms founded to change also have been

making acquisitions. But these players arebig fish in a small pond. After they havewinnowed the market over the years, expectthe firms to gobble many up.5. Recognize Industry Trends Early.Industry history reveals sustainable firstmover advantage. Business with services,are also memories. Few firms started in the1990s have realized the plans on whichinvestment was based. Aside fromacquisition, strategies to overcome

fragmentation take foresight, and disciplinedemonstrated in any industry. Acquisitionis also beyond the financial capacity ofmost providers. Providers that have donewell in the fragmented market have focusedstrategies and stuck with.The first two waves of consolidation tookcomplementary forms: In the first,entrepreneurs and corporate raiders soughtto establish monopoly power through sizeand scope, as a result of regional and

vertical integration. In the second,corporations assembled portfolios ofseveral businesses within and acrossindustry boundaries in an attempt toachieve cheaper access to capital and reachgrowth targets.The newest wave builds off of the priorwaves, but includes fundamental changes.Entrepreneurs and corporations are stillactive consolidators. This wave is againdriven by underlying market forces.However, consolidators are now betterfocused on the creation of competitiveadvantage, as opposed to size or growth. Inaddition, the players involved include a newmix of financial and strategic players.Although consolidators ultimately executemerger and acquisition strategies, the levelof activity is driven to a large degree byunderlying environmental forces. Theseforces are now combining to create an

unprecedented level of merger and


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activitate este guvernat n principal de ctreforele de mediu care stau la baza pieei. Acestefore sunt combinate acum pentru a crea unnivel fr precedent al fuziunilori achiziiilor.

Consolidarea a fost, de asemenea, alimentat deperformana extraordinar a pieelor bursiere alungul ultimilor ani. Creterea continu a pieeide capital prevestete capitaluri disponibile

pentru fuziuni de capitaluri.n plus, suma enorm de bani existent pe piacu care au contribuit fondurile mutuale iateptrile ridicate ale investitorilor lor au creatcreterea cererii pentru creteri prin investiiicorporative. Pentru a realiza aceast cretere,multe industrii stagnante se ndreapt ctre

achiziii.n cele din urm, globalizarea este generat de

procesul de consolidare, att n interiorul i nafara pieei naionale. Btlia pentru pieeilustreaz puternic c firmele sunt dispuse s

plteasc pentru asistena n domeniultransferului de active transfrontaliere.Consolidarea n Europa este ntro cretererapid, prin privatizare, dereglementare, iconvergen pan-european n domeniulconcurenei.

Fragmentare versus globalizareFragmentarea implic din ce n ce mai multspecializarea firmelor n cadrul lanului devaloare a unei industrii sau produs. Acest lucrunseamn c firmele sunt din ce n ce maieterogene, deoarece fiecare fragment din lanulde valoare necesit resurse i capaciti diferite,ceea ce duce la economii de scar diferite.Industriile fragmentate au concureni mici,multe i au factori structurali care inhib

procesul de concentrare. Motivele pentrufragmentare pot include:1. Barierele la intrarea pe pia.2. Puternica specializare a pieei pentru bunurii servicii necesit o specializare extrem afirmelor.3. Costurile de transport de mari.4. Lipsa de standardizare, sau lipsa nevoiiacesteia.5. Marea nevoie de ncredere iar firmele locale

de multe ori inspir mai mult ncredere

acquisition activity.Consolidation has also been fueled by thetremendous performance of stock marketsover the past few years. The continued rise

of stock market provides readily availablecapital for stock-for-stock mergers.In addition, the tremendous amount ofmoney contributed to mutual funds and thehigh expectations of their investors havecreated increasing demand for returnsthrough corporate growth. To achieve thisgrowth, many stagnant industries areturning to acquisitions.Finally, globalization is drivingconsolidation both in and outside the

national market. The battle for marketsillustrates the premium that companies arewilling to pay for cross-border assets.Consolidations in Europe are on a rapidrise, as privatization, deregulation, and pan-European competition converge.

Fragmentation versus globalizationFragmentation implies increasinglyspecialization of firms within the valuechain of an industry or product. This means

that firms become increasinglyheterogeneous because each fragment of thevalue-chain requires different resources andcapabilities, which results in different scaleeconomies.Fragmented industries have many smallcompetitors and have structural factors thatinhibit concentration. The reasons for thefragmentation may include:1. Low barriers to entry.2. Highly specialized market for goods andservices requires extreme specialization byfirms.3. High transportation costs.4. Lack of standardization, or lack of needfor it.5. High need for trust and local firms ofteninspire more trust in their customers.Fragmentation, as discussed in some detail

by Jones and Kierzkowski [4], refers to thebreaking-up of vertically integrated

production processes into various


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clienilor lor.Fragmentarea, dup cum s-a discutat n detaliude ctre Jones i Kierzkowski [4], se refer laruperea pe vertical a proceselor de producie

integrate n diferitele componente ale afacerilor.Diverse stadii de producie nu trebuie s aibloc sub un singur acoperi, n aceeai structur,dar pot fi contractate n diferite structuri deafaceri, fie prin aceeai firm sau prin firme cutotul diferite. n timp ce acest proces n sineeste mult timp recunoscut n literaturaeconomic, ceea ce este nou este domeniul deaplicare global a fragmentrii, care are loc nacest deceniu, precum i efectele directe asupradistribuiei internaionale a produciei, pentru

comerul internaional i fluxurile de capital,precum i pentru distribuia veniturilor (attnaionale ct i internaionale).Opiunile strategice de fragmentare includ:operaiunile de descentralizare i nchiriereamanagerilor locali; Construirea i operareafacilitilor de tip "formula"; realizarea unuisistem de low-cost al productorilor; oferireamai multor servicii la vnzare, care s adaugevaloare produsului; crete valorii client prinintegrarea pe vertical; specializarea pe tip de

produs; specializare pe tip de client; focalizareape o zon geografic limitat.Exemple de industrii fragmentate:1. Publicarea de carte2. Amenajarea teritoriului3. Reparaii auto4. Industria restauraiei5. Comerul cu amnuntul de mbrcminte6. Piaa de carne, mcelrii7. Mobilier9. Ciment / livrrile n vrac de construcii.Extrem de costisitoare pentru transport la nivelinternaional, i nu sunt greu de fabricat pe planlocal.10. Agricultur11. Componente/hardware - vnzare cuamnuntul12. ConstruciiDou distincii conceptuale sunt deosebit deadecvate la aplicarea conceptului defragmentare. n primul rnd, fragmentarea

poate lua forma intra-firm sau inter-firm. n

components. Different stages of productiondo not need to take place under one roof inthe same plant but may be contracted out todifferent plants of either the same firm or of

altogether different firms. While thisprocess of itself is long recognized in theindustrial economics literature, what is newis the global scope of the fragmentation thatis taking place in this decade, and theconsequent implications for theinternational distribution of production, forinternational trade and capital flows, andfor income distribution (both national andinternational).Fragmentation strategy options include:

Decentralize operations and hireprofessional local managers; Construct andoperate formula facilities; Become a low-cost producer; Provide more service withthe sale and add value to the customer;Increase customer value via verticalintegration; Specialize by product type;Specialize by customer type; Focus on alimited geographic area.Examples of fragmented industries:1. Book publishing

2. Landscaping3. Auto repair.4. Restaurant industry5. Clothing retailers6. Meat markets, butchers7. Furniture8. Cement/bulk building supplies.Extremely expensive to ship internationally,and are not difficult to manufacture locally.9. Agriculture10. Computer components/hardware retail11. ConstructionTwo conceptual distinctions are particularlyappropriate when applying the concept offragmentation. Firstly, fragmentation cantake an intra-firm or inter-firm form. In thecase of the former, plants belonging to thesame firm but operating at differentlocations specialized in the production ofdifferent components which are then

brought together for final assembly. On the

other hand, where different firms engage in


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cazul celei dinti, subdiviziunile aparinndaceleiai firme, dar care opereaz n diferitelocaii specializate n producia de componentediferite, sunt apoi reunite n final prin

asamblare. Pe de alt parte, n cazul n carediferite firme se angajeaz n asemeneaspecializare, uneori ca parte a unei reele de

producie sau a unei aglomeraii industriale ialteori ca furnizori de componentestandardizate pe o pia global, fragmentarea

poate fi numit "inter-firm". Acest tip defragmentare, de asemenea, este frecventmenionat adesea sub denumireade"outsourcing".n al doilea rnd, fragmentarea are loc dincolo

de granie sau n interiorul aceleai ri. n timpce fragmentarea internaional implicit ofermai multe posibiliti de exploatare adiferenelor ca avantaj comparativ ntre diferiteri, fragmentarea n cadrul aceleiai ri poate,

pe de alt parte, s ofere costuri detranzacionare mai reduse. Aprovizionareaglobal, fie n cadrul firmei fie inter-firm, estede preferat s se realizeze ntre diferite ri careau costuri diferite ale factorilor de producie iunde segmentele de activitate implic intensiti

diferite ale factorilor.Firmele se implic n procese de produciefragmentate atunci cnd este profitabil pentruele s o fac. Atunci cnd posibilitiletehnologice de fragmentare sunt posibile, ofirm care n mod curent este implicat ntrostrategie de integrare a produciei, opteaz

pentru fragmentare, alegnd ntre fragmentareaintra sau inter-firm n raport de costurile detranzacionare implicate. Aceste costuri includcosturile directe de tranzacionare a producieifragmentate dari costurile privind acoperireariscului de depreciere a capitalurilor.n cazul fragmentrii intra-firm, tranzacia esteintern firmei evitnd orice efect negativ externvenit din pia care se poate produce pe

parcursul derulrii procesului, cum ar fitransferul tehnologiei sau acumulrilor deexperien ctre subdiviziunile de producieintermediare. Aceast soluie este mult maiindicat cnd producia supus fragmentrii

este non-standardizat. Fragmentarea inter-

such specialization, sometimes as part of aproduction network or an industryagglomeration and other times as suppliersof standardized components to a global

market, fragmentation can be said to beinter-firm. This type of fragmentation isalso frequently referred to as "outsourcing".Secondly, fragmentation can take placeacross borders or within the same country.While international fragmentation arguablyoffers more possibilities for exploitingdifferences in comparative advantagesacross countries, fragmentation within thesame economy may, on the other hand,involve lower transaction costs. Global

sub-supplying, either inter or intra firm, ismost likely to happen among countrieswhich have factor costs differences andwhen fragments of production involvedifferent factor intensities.Firms engage in fragmented production

processes when it is profitable for them todo so. As the technological possibilities offragmentation emerge, a firm, which iscurrently engaged in integrated productionand opts for fragmentation, will choose

between intra- and inter-firm fragmentationin response to the particular transactioncosts involved. These costs include thedirect transaction costs of fragmented

production as well as the risk costs ofundesired spillovers of proprietary capital.In the case of intra-firm fragmentation, thetransaction is internal to the firm which

precludes any negative external marketeffects which could occur due to, forexample, the transfer of technology orknow-how to the intermediate-producing

plant. This is likely to be more importantwhen the fragmented product is non-standard. However, intra-firmfragmentation may involve diseconomies ofscope, the attempt to produce all necessarycomponents of the good within the samefirm may lead to higher costs. This isespecially likely to happen when productsare complex and there are large information

costs associated with producing at each


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firm poate genera dezeconomii de scar, intimp ce orientarea de a produce toatecomponentele necesare ale ofertei n cadrulaceleiai firme poate conduce la costuri

ridicate. Aceasta este n mod special preferabilatunci cnd produsele sunt complexe i existcosturi informative despre toate nivelelelanului de producie. Pe de alt parte costurilede implantare implicate de crearea unei unitide producie ntr-o nou locaie (posibil nstrintate) pot fi substaniale comparativ cueconomiile produse de o nou locaie. Costurilesczute cu fora de munc n rile n curs dedezvoltare nu ntotdeauna sunt exploatate de ofirm care este angrenat n proces de

fragmentare intra-firm. Mai mult, o strategieexclusiv intra-firm va exclude firma de la orapid alimentare extern, prin aceasta fiind nsituaia expunerii la o posibil, riscant, situaiede subaprovizionare, situaie care poate fi olovitur puternic pentru subdiviziune iactivitatea sa pe o anumit pia naional.n cazul fragmentrii inter-firm, o companieeste liber s aleag sursa intrrilorintermediare i are posibilitatea culegerii

beneficiilor specializrii internaionale ntr-un

mod mult mai complet. n plus posibilele efecteexterne negative menionate anterior se potaduga costurilor de tranzacionare cnd firmase dezvolt prin intermediari, n special pestegraniele pieei naionale. Costurile decomunicare i transport pot fi ridicate n timp cenoile tehnologii conduc ctre reducerea costuluiacestor factori. Diferenele de cultur ntrefirme i mediile naionale i, nu n ultimul rnd,diferenele de limb pot genera costurisuplimentare pentru firmele angajate nfragmentarea global.Exist numeroase studii de caz ale succeselorsau eecurilor fragmentrii n industriaelectronicii, din perspectiva unei firmeindependente. Spre exemplu, IBM a simit nanii 80 posibilele efecte externe alefragmentrii inter-firm, cnd produceacomputere personale asamblnd diferitecomponente de la productori intermediari.Modelul tehnologiei tip arhitectur deschis

a permis competitorilor, ncepnd cu firma

level of the production chain. Also, sunkcosts involved with setting up an own plantin another location (possibly abroad) may

be substantial, such that economies of

different locations. Low wages indeveloping countries may not be fullyexploited if a firm engages in intra-firmfragmentation. Furthermore, an exclusiveintra-firm strategy will preclude the firmfrom readily multi-sourcing, therebyleaving itself exposed to possible sub-supply risks, a strike at a particular plant ora national disaster at the location of such a

plant.In the case of inter-firm fragmentation, a

firm is free to choose from where to sourceintermediate inputs and may, therefore, beable to reap the benefits of internationalspecialization more fully. However, inaddition to the possible negative externaleffects noted above, there may also beadditional transactions costs where a firmoutsources intermediates, especially fromabroad. Communication and transportationcosts may be higher and, while newtechnologies have led to a reduction of

these cost factors. Differences in culture,both firm and national, and, not least,language may impose additional costs onthe firm engaging in global fragmentation.There are many case-study examples of theapparent successes and failures offragmentation in the electronics industry,from the perspective of an individual firm.For example, IBM experienced the possiblenegative external effects of inter-firmfragmentation in the 1980s when it

produced personal computers (PCs)assembled using various components fromintermediate producers. The openarchitecture technology allowedcompetitors, starting with Compaq, toengage in backward production and producemachines similar to IBM's at substantiallylower costs. However, IBM alsoexperienced the possible diseconomies ofscope associated with intra-firm

fragmentation in the production of


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Compaq, s dezvolte sistemele de producie dinamonte i s produc computere similare celorde la IBM dar la un cost substanial mai redus.n orice caz, IBM a ncercat s dezvolte

dezeconomii de scar asociate cu fragmentareaintra-firm n producia computerelor din anii80. Producia tuturor componentelor n interiorse pare c a condus la o structur organizatoricineficienti inflexibil.

Concluzii

Specialitii apreciaz c afacerile industrialeevolueaz ctre specializarea de volum a

firmelor cu active mari sau mici.Nevoile de fonduri organizaionale, pentru aavea o propunere de afaceri solid, vadetermina o cretere a specializrii ifragmentrii activelor din industria global.Modelul organizaiilor structurate la nivel mareeste pe sfrit. Vor fi din ce n ce mai multesubdiviziuni care s produc inovativ sauadaptat local, subdiviziuni desprinse din marilecapitaluri, oferind mai mult flexibilitateinvestiiilor n echipele de lucru i active.

n ciuda prediciilor privind creterea numruluide juctori specializai pe pia, credem c ntr-un viitor apropiat aici va fi zon deredimensionare a afacerilor, mari sau micicapitaluri sau chiar mici afaceri, pentru caafacerile s se desfoare cu succes.Practicienii i specialitii consider c oricine

poate fi ctigtor n viitor, indiferent c suntorganizaii mari sau mici. Unele mari asocieride capitaluri vor continua s creasc n timp cevom vedea aprnd noi firme specializate foarteactive pe pia. O industrie devine nesntoasdac este dominat de cteva companii de maridimensiuni, formate din asocieri mari decapitaluri. Totodat o industrie poate devenifoarte dezorganizat dac este fragmentat ntrezeci sau sute de mici competitori de tipulfirmelor boutique.

Noile firme specializate vor crete, altele vordisprea iar unele vor fi nghiite de altele.Considerm c exist un avantaj n a fi o firm

mare, pentru dezvoltarea i conducerea afacerii.

computers in the 1980s. The production ofall parts in-house appears to have led to aninefficient and inflexible organizationalstructure.

Conclusions

The specialists assess industry opinion onthe trend towards specialization and theimplications this has for small and largeassets.The need for institutional fund to have aclearly identifiable alpha proposition willfuel increasing specialization and

fragmentation of the global asset industry.The model of very big structuredorganizations is declining. There will bespin-offs from established multi-asset firmswhich are already separating and offeringmore flexibility to their in-house investmentteams in order to retain talent.However, despite predicting a proliferationof specialist players, we believe that for theforeseeable future there will be area for arange of business models large and small,

multi-asset and boutique to operatesuccessfully.That everyone will be a winner in the futureis a view shared by industry practitionersrepresenting both large and smallorganizations. A few large multi-asset firmswill continue to grow while we willcontinue to see vibrant specialist players. Itwould be an unhealthy industry if it weredominated by a few very large scale multi-asset firms. Likewise it would be a chaoticindustry if it was incredibly fragmented intotens of thousands of boutiques.

New specialized firms emerge, others willbe taken over and some will go bankrupt.We contend that there are advantages in

being a multi-asset firm in terms ofdeveloping and managing the business. Forinstance, large firms can leverage theirresearch platforms for the benefit of clientswith different investment portfolios.

Specialists maintain that diversity of


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Spre exemplu, marile firme pot sprijinidezvoltarea unor platforme de cercetare n

beneficiul clienilor cu diverse investiii deportofoliu.

Specialitii susin c diversificarea produsuluieste critic pentru managementul firmei, devreme ce natura ciclic a pieelor genereazdificulti la un anumit moment de a face banin diferite tipuri de afaceri. Companiile gigantar putea fi afectate de viitoare fragmentri aleindustriei globale aa cum prevestescspecialitii pieelor financiare. Marile companiiconsum mai mult timp pentru lupte n justiiecu guvernele, competitorii din aceeai industriei mai recent cu proprii consumatori.

Ct de curnd, profiturile acestor companii nuvor avea de suferit, dar giganii corporativi ar

putea disprea, fiind lsate n urm de viteza deevoluie a industriei de activitate. Erau uniispecialiti n anii 70 i 80 care considerau cIBM va fi nfrnt de pia. Nu a fost nfrntde competitorii direci, ci de procesul defragmentare a industriei. Acesta este fenomenulcare va putea s afecteze competitorii actuali -

posibilitatea fragmentrii pieelor iar marilecompanii vor fi prea mari s poat urma

tendinele pieei.Marile firme pot ns utiliza schimbrile pieein propriul avantaj. Din ce n ce mai mult lumease ndreapt ctre achiziia de servicii n raportde produse, iar giganii industriali vor fiincapabili s genereze servicii asociate. Odatce o firm crete ntr-o industrie productoare,este foarte greu s devin un furnizor deservicii, iar alte firme mult mai mici o vor facecu succes.

Bibliografie1. Helpman, E., M.J. Melitz, and S.R.

Yeaple - Export versus FDI withheterogeneous firms, AmericanEconomic Review, 2004, no. 94, pp.300.

2. Jones, R. W. - Globalization and TheTheory of Input trade, MIT press,Cambridge, 2000.

3. Jones, R.W. and Kierzkowski, H. - AFramework for Fragmentation,

product is critical to the risk management ofa firm, since the cyclical nature of marketsrenders it difficult at times to make moneyin certain asset classes.

The giant companies could be threatened byfurther fragmentation of the global industry,according to the specialists on financialmarkets.The giant firms spent more time tied up incourt battles with the governments, industrycompetitors and, most recently, theconsumers.So far, the profits of these companies don'tseem to have suffered, but giantcorporations could end up being left behind

by the pace of the industry. It was some ofthe specialists in the 70s and 80s who

believed IBM could never be beaten - well,IBM was beaten. It wasn't beaten by a head-to-head competitors, it was beaten by afragmentation of the industry. That iswhat's going to catch big competitors fromtoday - the possibility of fragmentation inthe marketplace - and they're either too bigto catch up with it or they don't spot it.Big firms could use market change to theirs

advantage. Increasingly, the world moves tobuying services rather than products, andthe giants will find it very difficult to

become a service provider. Once the firmgrows up in an industry making products,it's a very, very big shift to becoming aservice provider, and other small firmsoften do it better.

Bibliography

1. Helpman, E., M.J. Melitz, and S.R.Yeaple - Export versus FDI withheterogeneous firms, AmericanEconomic Review, 2004,no. 94, pp.300.

2. Jones, R. W. - Globalization andThe Theory of Input trade, MIT

press, Cambridge, 2000.3. Jones, R.W. and Kierzkowski, H. -

A Framework for Fragmentation,


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University of Rochester, 1998.4. Kierzkowski, H. - Joining the Global

Economy: Experience and Prospects ofthe Transition Economies, Graduate

Institute of International Studies,Geneva, 1998.5. Porter, Michael E. - Competitive

Strategy in Fragmented Industries.Competitive Strategy, Free Press-MacMillan, New York,1980.

University of Rochester, 1998.4. Kierzkowski, H. - Joining the

Global Economy: Experience andProspects of the Transition

Economies, Graduate Institute ofInternational Studies, Geneva, 1998.5. Porter, Michael E. - Competitive

Strategy in Fragmented Industries.Competitive Strategy, Free Press-MacMillan, New York,1980.

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