《戴尔：差异化战略》案例分析(2)

能力不断增强。此外，由于这种战略涉及到高度相关的行动和持续的组织变革，因此戴尔的经营模式很难复制，这使得戴尔的竞争优势能够得以持续。

参考文献：

［1］企业核心竞争力经典案例?美国篇---戴尔：差异化战略成就\新霸主\［2］企业核心竞争力经典案例?美国篇---戴尔：差异化战略成就\新霸主\［3］张世国, 戴尔帝国：微利时代的铁血赢家, 中国商业出版社, 2004. ［4］樊立沙, 戴尔直销战略研究, 中国商界, 2009.7.

表一：

DELL INC.Condensed Conlidated Statement of Operations($ millions)

Income Statement Net revenue Sequential Growth Y/Y Growth Cost of revenue Gross margin SG&A R&D Total operating expenses Operating income Investment and other

income,net Income before taxs Income tax provision

Net income Sequential Growth Y/Y Growth

EPS Basic Diluted Weighted Average Shares Outstanding:

Basic Diluted Percentage of Net

Revenue Gross margin Selling,general and administrative Research,development and engineering Total operating expenses Operating income Income before income

taxes Net income Income tax rate

Q4-FY10

14,900 16% 11% 12,431 2,469 1,780 179 1,959 510 (41) 469 135 334 -1% -5% 0.17 0.17 1,957 1,971 16.6% 12.0% 1.2% 13.2% 3.4% 3.2% 2.2% 28.7%

14,874 0% 21% 12,358 2,516 1,830 167 1,997 519 (68) 451 110 341 2% 18% 0.17 0.17 1,961 1,973 16.9% 12.3% 1.1% 13.4% 3.5% 3.0% 2.3% 24.4%

Prior Quarter Results Q1-FY11

Q2-FY11

15,534 4% 22% 12,948 2,586 1,679 162 1,841 745 (49) 696 151 545 60% 16% 0.28 0.28 1,952 1,960 16.6% 10.8% 1.0% 11.8% 4.8% 4.5% 3.5% 21.7%

Q3-FY11 Q4-FY11

15,394 -1% 19% 12,391 3,003 1,816 163 1,979 1,024 52 1,076 254 822 51% 144% 0.42 0.42 1,939 1,949 19.5% 11.8% 1.0% 12.8% 6.7% 7.0% 5.3% 23.6%

15,692 2% 5% 12,401 3,291 1,977 169 2,146 1,145 (18) 1,127 200 927 13% 177% 0.48 0.48 1,924 1,938 21.0% 12.6% 1.1% 13.7% 7.3% 7.2% 5.9% 17.8%

Prior Annual Results(As Restated) FY081 61,133 6% 49,462 11,671 7,538 693 8,231 3,440 387 3,827 880 2,947 14% 1.33 1.31 2,223 2,247 19.1% 12.4% 1.1% 13.5% 5.6% 6.3% 4.8% 23.0%

FY09 61,101 0% 50,144 10,957 7,102 665 7,767 3,190 134 3,324 846 2,478 -16% 1.25 1.25 1,980 1,986 17.9% 11.6% 1.1% 12.7% 5.2% 5.4% 4.1% 25.4%

FY10 52,902 -13% 43,641 9,261 6,465 624 7,089 2,172 (148) 2,024 591 1,433 -42% 0.73 0.73 1,954 1,962 17.5% 12.2% 1.2% 13.4% 4.1% 3.8% 2.7% 29.2%

FY11 61,494 16% 50,098 11,396 7,302 661 7,963 3,433 (83) 3,350 715 2,635 84% 1.36 1.35 1,944 1,955 18.5% 11.9% 1.0% 12.9% 5.6% 5.4% 4.3% 21.3%

Revenues by Business

Unit: Global Large Enterprise Global Public Global Small and Medium Business Global Consumer Operating income by Business Unit Global Large Enterprise Global Public Global Small and Medium Business Global Consumer Revenues by product

Servers and Networking Storage Services Software&Peripherals

Mobility Desktop PCs

14,900 4,197 3,820 3,336 3,547 905 281 333 282 9 14,900 1,804 599 1,922 2,477 4,653 3,445

14,874 4,246 3,856 3,524 3,248 911 283 298 313 17 14,874 1,785 554 1,891 2,496 4,563 3,585

15,534 4,549 4,580 3,535 2,870 959 288 369 323 (21) 15,534 1,890 624 1,915 2,535 4,700 3,870

15,394 4,326 4,442 3,665 2,961 1,242 400 451 391 - 15,394 1,844 543 1,924 2,579 4,858 3,646

15,692 4,692 3,973 3,749 3,278 1,387 502 366 450 69 15,692 2,090 574 1,943 2,651 4,850 3,584

61,133 61,133

61,101 18,011 15,338 14,892 12,860 3,995 1,158 1,258 1,273 306 61,101 6,512 2,666 5,352 10,603 18,604 17,364

52,902 14,285 14,484 12,079 12,054 3,327 819 1,361 1,040 107 52,902 6,032 2,192 5,622 9,499 16,610 12,947

61,494 17,813 16,851 14,473 12,357 4,499 1,473 1,484 1,477 65 61,494 7,609 2,295 7,673 10,261 18,971 14,685

1.

Results for fiscal year ended February 2, 2007 (including the interim periods within that year) and the fiscal year 2008 quarters include stock-based compensation expense due to the implementation of ASC718 Compensation – Stock Compensation. Dell implemented ASC 718 using the modified prospective method effective February 4, 2006.

Note: Percentage growth rates and ratios are calculated based on underlying data in thousands and rounded per share data.

表二：

项目名称 销售收入（亿美元） 净利润（亿美元） 经营活动产生的现金净流量（亿美元） 市场占有率（%） 总资本报酬率1（%） 流动比率 2001 319 21.77 41.95 13 50.89 1.44 2002 312 2003 354 2004 414 26.45 36.70 18 50.00 0.98 2005 492 33.23 53.10 19 51.00 1.20 2006 559 35.72 48.39 20 65.20 1.11 12.46 21.22 37.97 35.98 15 17 38.80 48.50 1.05 0.99

1

总资本报酬率(Retun on Total Capital)=(税前利润+利息费用)÷(长期负债+股东权益)。

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