1980年代，隨著全球PC市場的逐漸發展，記憶體模組產業亦隨之興起。1990年代中期，記憶體模組廠商逐步建立自有品牌，使記憶體模組產品，從電腦主機裡的規格化零組件，搖身成為消費者心目中具有品牌的產品。在這個從「無品牌」至「有品牌」的發展過程中，產業內的品牌商，共同創造了記憶體模組的品牌價值。然而，回溯到十餘年前的PC市場，對於消費者而言，為什麼開始要在乎所買的記憶體模組是什麼品牌？對於任何一家記憶體模組製造商而言，依照JEDEC所制訂的標準製造相關的模組化產品，究竟要如何創造超越競爭對手的價值？在這個記憶體模組廠商與消費者的交換過程當中，消費者用來交換產品的「成本」有哪些？這些既然是消費者的成本，那麼就包含了消費者在交換過程中會考量的因素，因此，廠商應如何降低這些可能存在的成本，進而創造更高的價值？本研究試圖透過策略行銷4C理論，探究記憶體模組產業內所有的交換關係與交換過程，並透過策略分析，歸納在交換關係中創造價值的模式。 / In the 1980’s, memory module industry had been growing up accompanied PC market development. In the middle of 1990’s, memory module manufacturers step by step built up their own brands, meanwhile, standardized memory module products went out from PC cases and have been made with their own name. It was manufacturers who turned “unknown” memory products into “branded” ones and created brand value in this process. However, in the market decades ago, for what reasons consumers started paying attention to what brand the memory module is? To any producer of memory module, the most important is how to create the exceeded value of its competitor under the standard of JEDEC. What “costs” do consumers have in the exchanging process between the producers? As we may see, these costs may be included in the exchanging process for consumers’ concern. So, how should producers do to create higher values by reducing the possible cost? This study is to explore the exchanging relationship and the process of memory module industry through 4C theory, and to generalize the model of creating values in the exchanging relationship.

記憶體模組製造產業(Memory module manufactures)競爭激烈，產品價格會受到DRAM與NAND Flash市場價格之影響，而且毛利率也如同筆記型電腦產品一樣，走向薄利(low profitability)的趨勢；除少數市占率(market share)能超過10%的大廠外，絕大多數的廠商市占率差異不大。面對變化劇烈的市場，記憶體模組製造商除了試圖穩住市占率，以求達到生產的經濟規模（Economies of scale），並且藉著不斷提升技術，開發出具差異化(differentiation)的產品，希望能提高產品的毛利率。個案公司能在這個競爭激烈的產業中立足，並且維持穩定的獲利能力(profitability)，其關鍵成功因素值得探討。 　　本研究主要採用個案深入訪談及問卷調查方式蒐集資料。第一部分個案深入訪談，以個案公司及通路夥伴之高階主管為對象，探討個案公司之關鍵成功因素以及與通路夥伴的合作模式。第二部份以問卷之方式對個案公司之客戶進行紙本問卷，藉以研究關鍵成功因素與顧客滿意度及顧客忠誠度之相關性、顧客滿意度與顧客忠誠度之相關性，同時亦研究顧客人口變數與關鍵成功因素、顧客滿意度與忠誠度是否具顯著差異。並以SPSS軟體做為統計資料分析工具。 　　本研究結果關鍵成功因素為與客戶建立長期合作關係、生產管理與技術創新、提升企業形象、品牌推廣與行銷通路、掌握市場環境與產業趨勢。且其與顧客滿意度、忠誠度皆成正相關。而人口變數對於關鍵成功因素、顧客滿意度及忠誠度大部份是不具顯著差異，僅在教育程度此變數呈現有顯著差異，意即表示此人口變數對成功關鍵因素、顧客滿意度及顧客忠誠度存在不同程度之要求。 　　本研究亦對個案公司之未來經營提出研究建議，希望對於提升市占率與獲利力能有所幫助。 / Facing on the extremly competitions in Memory module manufacturing industry, the price decisions of the product itself are therefore influenced by the DRAM’s market prices as well as the NAND Flash’s . The flows of the gross rates in memory modules commodities tend to be like low profitability, which is the same as in laptops merchandises. Generaly speaking, no manufactures can gain grater than 10% market shares in this industry, excepting few large organisations. Facing by the competitive impacts and in order to create gross rate increasing, those manufactures have the opportunities to develop new technologies, and innovate new products that have great differentiation to others. However, quite a few individuals can survive in such competitive industry, and successfully make stable profitability. It is critical to pay attention on how they can succeed, and valuable to analyse the major factors in depth. The relevant information of this study was collected based on the interviews and surveys. Firstly, I conducted interviews with A company’s top management and industrial specialists. During the interviews, two important topics were discussed. One was about A company’s key points to success in relations to market segmentation, and the other was on the business relationship between A company and its channel partners. Secondly, the collective information was derived from the surveys, which were distributed to A company’s channel partners and customers. The survey was used to ask for distributor’s point of view on A company’s success, their satisfactory to the overall business model, and the degree of brand loyalty in relation to A company. At the same time, this study would also examine whether the variable of distributor’s number had any relationship with key success factors, and if any difference between distributor’s satisfactory and loyalty. SPSS software was used for data analysis. In this research, the recommendations are concluded based on prospective bussiness strategies for the companies investigated, expecting to expand the market share and increase the profitabilities.

台灣記憶體模組產業發展在國內電子產業群聚效應的環境中，初期是令人欽羨的電子新貴事業，產業發展也始終高度依賴個人電腦銷售的特性，讓主要業者在”Wintel”時代享有不錯的成長與獲利。然而在上游記憶體供應業者逐期整併或退出製造，供應面整合漸成寡佔市場，而需求端在經過2008年金融風暴的影響與小筆電對價格的破壞，主要業者近期的經營績效上直接反應這樣的因素影響效應。 　　未來的「後PC時代」是漸進式的發展，由於網路基礎建設的成熟，讓雲端運算的構想得以實現，智慧型手機的發展讓初期應用獲得驗證，2010年Apple推出iPAD產品，業界皆預測個人電腦另一世代變革的來臨，因為iPad的容易使用、個性化的應用與長時效的電力等特點，讓產品的應用範圍擴及多個領域，對手機廠商、傳統電腦業者與潛在的進入者等都是商機的顯現或競爭的威脅。這樣的發展趨勢對記憶體模組業者而言，影響是巨大的，對記憶體IC製造業者可能是銷售的對象或產品的屬性變化，然而對記憶體模組業者則可能是經營模式或競爭態勢的轉變。面對這樣的變革，台灣記憶體模組產業的策略選項將影響業者未來競爭利基點的優劣。 　　「後PC時代」名詞漸被人們所提及，但查詢目前論文或文獻討論等，尚未對此有清楚的描述，更無針對這樣趨勢變化對記憶體模組產業的策略分析。本研究由模組產業形態與「後PC時代」改變的形態的連接，由實務經務的基礎中分析當中的可能策略因應，提供給業者考量未來營運模式組合。

記憶體是半導體產品之一，其規格及運用皆已標準化，沒有很大的差異性，價格受到供需的影響，因時因地而各不相同。由於，記憶體供應來源只局限少數幾家廠商，交易金額往往是百萬美元計，任何價格的變動都會影響企業營收，但是對記憶體模組業者而言，價格變動是常態，比其他的零組件波動性更強。在沒有進入障礙、價格波動、沒有龐大設廠資金及技術涉入下，記憶體模組業者，如何以更有效率的模式經營企業，以取得世界市場一席之地。 記憶體模組業者除了提供Memory Module外，現也經營Flash產品。這是因為Flash 產品的零件來源、組裝及通路與Memory Module有類似共通性，但Flash產品才崛起數年，而市場成長高於Memory Module，吸引許多非記憶體模組業者進入該市場，這其中包括國際性大廠，對現有的記憶體模組業者，如何以記憶體模組的經營模式，複製於Flash產品是另外一個課題。 本研究是探討記憶體模組業者，在記憶體模組及Flash 產品的經營模式，分別從其與供應商之關係、自有能力調整及與通路商之配合方式著手。此方式可以一窺記憶體模組業者，實際的經營方式與其他資訊硬體廠商大不相同，也構成外人無法知悉的進入障礙。 藉由廠商訪談，可以瞭解業者對記憶體模組及Flash產品運作的方式，最後本研究對記憶體模組業者提出二項建議：分別為面對變動環境下，應具備有的經營策略；如何強化自有的能力以面對未來的競爭。 / Memory, one of the semiconductor products, is a homogeneous product in terms of specification and application. Its prices are subject to the market - the supply and the demand at a certain time and place. The memory world is dominated by a limited number of makers, and one transaction usually amounts to millions of US dollars. A slight change in market price, therefore, would result in a noticeable number on the bottom line. However, to the memory module makers, price fluctuation is normal, though it is much more volatile than any other components. This study intends to explore how memory module makers can play a key role in the global market by getting more efficient under the premises that there are no entry barrier, price fluctuation, nor huge capital investment and high-tech involvement required. Memory modules players also carry flash products for these two products having similarity in their component source, assembly and marketing channel. The flash product, which appeared to the market just a few years ago, is a high-growth product and thus attractive to a herd of non-memory module makers, including international giants. How to apply the memory module business model to the flash product is a key subject for the existing memory module players. This study is aimed to discuss the business models used by memory module players to the memory modules and to the flash products. Relationship with suppliers, self adjustability and distributorship are separately explored herein. The finding is module players are actually running the business in a way greatly different from other hardware players and such difference in fact poses an entry barrier to the outsiders. Interviews with the industry players were conducted to gain insights to the business approaches being taken. At the end of this study, two suggestions are forwarded: the must-have business strategies in the ever-changing environment and the competitiveness for future challenges.

在全球化市場及國際化競爭的環境中，企業需加強對競爭對手的瞭解、對整體市場變動的認知、致力於開發有特色的產品、開發多元的行銷通路以及提供創新服務；而透過競爭智慧系統(Competitive Intelligence System, CIS)提供企業做預警的準備，估計競爭者未來可能採取的策略和反應，以有效地制定企業自己的策略方向及策略措施，適時反應市場變化。 本研究以五力分析為基礎與PEST結合形成九力分析，藉此分析記憶體模組產業此九項作用力間的強弱關係，並以九力觀點針對個案公司進行深入探究，得知個案公司於「供應商議價能力」之作用力對其他威脅性較高之市場因素。並透過SWOT 分析協助個案公司知悉目前定位，本研究藉由九力分析結果結合SWOT策略矩陣，建議個案公司建置競爭智慧系統，協助尋找上下游競爭決策流程之關鍵智慧議題，並深入探討如何設計對於上游採購之流程與相關競爭智慧之動態需求，並建立概念資料模型以供決策之用。 研究結果發現，記憶體模組產業目前所面臨最大挑戰為記憶體顆粒市場變化劇烈，需隨時掌握記憶體價格波動情況，並隨時監控市場交易情況，藉由建置競爭智慧系統了解各家競爭公司對於供應商之合作關係，快速反應市場的變化，提供個案公司完整之資料來源和結構化資料，以便未來企業做為決策之依據並追求機會，以提升自身競爭優勢。 / In the globalization market and competitive environment, enterprises need to understand their competitors and changes of the globalization market, to develop unique products, to diversify marketing channels, and also to provide innovative services. Through Competitive Intelligence System (CIS), enterprises can predict competitors’ strategies and responses in the future develop their own business strategy and have quick response to the change of the globalization market. This study uses the nine forces to investigate the critical production factors that have great impacts on the memory module industry. By means of the SWOT cross-matrix analysis, the study forms find out, analyze, constructs the strength and weakness of the case in this industry. According to the analysis, the force of the supplier’s bargaining power has more influence than the other forces. Then, this study explores how to design the process for the upstream procurement and the dynamic needs of competitive intelligence. Finally, according to the result to identify the key intelligence topic of the competitive decision-making process and build conceptual data model for decisions. The results show that the biggest challenge of the memory module industry is the price of the DRAM in the market. Therefore, enterprises need to know the whole industry market conditions. By implementing the Competitive Intelligence System, it is easily to understand various competitors for the cooperation between suppliers, and to respond to market changes rapidly. Furthermore, CIS provides complete data sources and structured data to the enterprise as a basis for decision-making and help business to look for the opportunities to enhance their competitive advantage in the future.

記憶體產業是最10年隨著電腦及通訊產業的發展而快速崛起的產業，但也由於國際及國內各大廠前仆後繼的投資擴產，最近幾年面臨產能過剩及供過於求現象，而2008年遇全球不景氣，消費性電子產品需求疲弱不振，即使減產也難挽頹勢；而在記憶體產業如此惡劣環境下，本研究之個案公司-創見資訊，仍能維持一相對高而穩定之獲利，本研究係透過對其所處產業—記憶體模組/通路商之產業分析、及其歷史性財務報表分析加上相關預測資料，據以作為評價的基礎，評估出創見資訊之真實價值，得到以下研究結論： 一、記憶體應用之產品，因低價電腦 (Netbook) 及固態硬碟 (SSD) 相繼問市，產業前景仍十分樂觀，但其同時存在有同業間彼此產品差異性不大，未來競爭更趨激烈。 二、創見資訊已具備如充沛的營運資金、具一定經濟規模及領先之市占率、高品牌知名度、實質緊密的供應商關係、產品組合差異化、分散的代理商客戶、遍及全球的運籌網路及快速的新產品的開發速度等記憶體模組/通路商應有之關鍵成功因素。 三、創見資訊MVA 與EVA 相關性分析中得知的相關性高達0.80326，由此得知EVA變化對MVA 變化有很大的解釋能力，顯示該公司較無資訊不對稱問題。 四、銷售利潤率的變化造成創見資訊 ROIC下降主因，其主要係受到上游關鍵性原材料供過於求導致價格急速下跌，進而影響終端產品售價下滑幅度；雖然創見資訊過去五的移動平均ROIC 雖超過30%，但移動平均ROS 則逐漸下滑，甚至低於10%，加上移動平均資本週轉率走高，推論近年來逐漸傾向於Commodity Business。 五、創見資訊除因2006年預期Vista效應將帶來業績成長而積極備貨，造成2006 年存貨指標略有惡化外；而毛利指標雖均大於0，係由於近年來無論是上游關鍵原材料IC (約占製造成本80%以上)及產品售價亦大幅下跌之影響，若與同業較，其銷貨毛利指標已明顯優於其他同業；其他二個指標均在0左右，顯示其應收帳款、管銷費用並無不當膨脹，整體盈餘品質尚佳。 六、在經營績效方面，無論是現金週轉天數、營運現金流量與稅後淨利相比方面，創見資訊均呈逐年改善趨勢，而威剛科技則有逐漸惡化現象。 七、本研究發現，即使價格波動幅度劇烈，無論是毛利率或是ROIC表現，創見資訊均明顯優於威剛科技，且在因應關鍵性材料價格波動之能力亦優於威剛科技。 八、在評價分析方面，由銷售導向DCF 法評價出來的每股股東價值區間在64.86元~102.10元之間而盈餘導向DCF 法評價出來的可能股東價值區間為85.40元~115.50元，若與最近12個月平均市價89.95元相較，則兩個方法評價結果，仍具參考價值。 九、根據企業評價分析，在敏感性分析後，本研究發現要提升公司價值之各個價值因子的重要性依序為邊際利潤率＞銷售成長率＞盈餘成長率＞資金成本＞總投資/銷售率，此研究結果可提供公司經營者在排列策略優先順序時的重要參考。