中國大陸改革開放近30年，自九○年代開始，台灣的傳統產業重心就已經陸續轉往中國大陸，並將台灣的生產經驗及技術帶到中國大陸進行深耕佈局。本研究試圖通過個案研究方式，探討鴻昌泡棉(隸屬於喬福集團)這20餘年來的營運過程，以展示台灣企業之經驗如何成功遷移至中國市場並幫助企業進一步獲得新的成長機會。傳統產業的企業的運營包含設計開發、生產製造及市場銷售、營運管理----等等複雜的層面，本研究個案將以鴻昌泡棉的市场拓展、生產运营為主體，結合其所處的中國市場環境進行全方位的分析，以獲取企業開闢逆境突破生存之道。具體個案分析內容包括：透過五力模型、SWOT分析、價值鏈模型分析等管理學分析工具分析喬福-鴻昌在不同階段面臨的挑戰及如何增強自己的核心競爭力，從案例分析可見，喬福在中國市場的高速拓展是以收購鴻昌為起點的，並在鴻昌成為子公司之後，以鴻昌的業務為核心再與日資、美資、韓資在中國市場展開合作，不斷增強鴻昌的競爭力，加之喬福集團總部和事業部的核心競爭力優勢之支持，鴻昌不斷與汽車產業的各大製造商，內飾供應商合作，產生輻射效應和與歐美日韓國際品牌合作帶來的光環效應，紮根中國市場。
本研究在生產製造層面上，進一步提供如下建議供業內惕勉：
一、人力資源是企業重要資產，從人才的訓練、儲備、生涯規劃、扶植創業，因勢利導、順勢而為，建立永續的企業資產鏈。
二、資源整合，包含物流動線與供應鏈整合，提升物流速率及有效周轉率，同質性產品以集群模式布局，開放式訊息化平台、交互作用相競增長。
三、創造價值鏈，主導扶弱內創體制、構建營運框架、掌握區域成本、著重微觀成本改善、厚植力量轉化成獨特競爭力.
四、透過自動化、智能化、訊息化生產模式,持續突破、朝規模化推進。
關鍵詞：鴻昌泡棉 五力分析 購併 核心競爭力 運營模式創新 中國市場

The policy of Reform and Open of China has been implemented around 30 years. Most firms of manufactures and production industries have been shifted from Taiwan to Mainland China. This also brings the production experience and technology to China. This research takes HongCheong Foam Company, ChiaoFu Group, as a case study to investigate and discuss its business experience within the past more than 20 years. The operation of an enterprise includes the design, production, market and processing management, all of the complicated levels, etc. This study will focus on market development and production-manufacturing, by using the Five Forces Model, SWOT Analysis, Value Chain Analysis, etc. to find a way for firms surviving and developing under the adverse situation. The case study initially shows that in the global concern China market, the acquisition of HongCheong Foam Company enables ChiaoFu Group to develop the local market of China with a high speed. HongCheong Foam Company is the anchor of ChiaoFu Group and the following co-operation of ChiaoFu Group with industrial partners in China is based on the business of HongCheong. The Radiation effects and Halo effects brought by HongCheong help ChiaoFu Group grow steadily in China’s market. Meanwhile, the core competitive capability from ChiaoFu Group support the Radiation effects and Halo effects.
This study further provides strategies for the industry practice and future study:
1. Human Resourcement is the importance enterprise asset, including talent training, careerdevelopment, fostering start up business, guiding, and setting-up the sustainable enterprise assets chain.
2. Integrating the logistics and supplier chain may increase the logistics speed and rotation rate and establish reciprocal competitive and development.
3. Creating value chain, guiding the help weak against the strong system, building operational framework, and paying attention to the micro-cost analysis, may strengthen the core competitiveness capability of a firm.
4. Bringing automation, intelligentization, and information into manufactory mode may help firms continuously breakthrough innovation and move to large-scale.
Keywords: Five-force Model，SWOT analysis，Value Chain Analysis，Enterprise Life Cycle Theory，Core Competitiveness.

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