| Summary: | 碩士 === 國立臺灣大學 === 商學研究所 === 92 === With the increasing of hedging and speculating demand and the introducing of various futures categories, the development of Taiwan futures market is highly expected. The purpose of this study is to discuss the correlation between the competition behavior and operating performance and find out key success factors of building FCM’s sustainable competitive advantage.
Based upon the framework of “Sustainable Competitive Advantage in Service Industries — Bharadwaj, Varadarajan & Fahy”, the thesis utilizes a 3-step research methodology listed as below,First, to uncover potential sources of competitive advantage, industry analysis method is used to analyze industry structure and characteristic of futures industry. Second, the study turns to the issue on how can FCMs construct “imitation barrier” through competition behaviors. Third, by analyzing correlations between FCM’s competition behaviors and operation performance, this study identifies several key factors that lead to the sustainable competitive advantage of FCMs.
The multiple-regression method is then applied in the study and has come to a conclusion showing that both market share and sales revenue are highly correlated to five key factors, including pricing strategy, marketing activities, infrastructure investment, market share of IBs, and average number of employees. In other words, as long as these key factors can be efficiently executed within a FCM, FCM can achieve superior performance in market share and sales revenue.
The conclusions above are significant to the management in the following aspects:
1. The bottom line for FCM is to acquire significant market
share. FCMs cannot focus on niche market. In the long un,
FCMs laggard in attaining market share would be forced to
leave the market.
2. In the pursuit of differentiating marketing activities and
services, FCM can build imitation barrier to prevent
competitions from other FCMs.
3. Continuous improvement of trading platform will be the
critical factor to retain current clients and to attract
prospect clients.
4. FCMs rely on quality human resources to provide clients
professional and customer-oriented financial services.
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