本論文以台灣最大的網路通信製造商－友訊科技為研究標的，探討個案公司從1986年創立至2003年期間，經歷了四個重要的階段，（1）從專注經營品牌業務附帶少量經營白牌業務、（2）專注品牌經營之外，透過國外代工客戶的協助，精進研發管理與能力，並提昇製造水準、（3）代工機會大量到來時，進行變革以抓住另一個擴大代工事業版圖的機會，並透過雙主軸策略的執行與落實，同時兼顧品牌業務與代工業務的發展、（4）因應內、外部變化，對雙主軸策略進行調整；最後，因為品牌與代工業務相互產生負面的影響：代工客戶對於同一組織之下運作的品牌業務有戒心與深深的疑慮，造成代工事業發展的瓶頸；而策略性外包的配合廠商，對於代工部門的虎視眈眈，也造成配合上的問題，使得外購產品的長遠發展受到嚴重影響；加上內部人員對於同時兼顧品牌與代工業務也有衝突。在這些難題的影響下，發生的兩難的情況；時序推進到2003年2月，公司經營階層必須要對於這樣的內、外部衝突，與影響未來成長與發展的難題：品牌或代工？做出釜底抽薪的策略更動，進一步謀求個案公司的長治久安與永續經營。本研究採用個案研究法，探討個案公司的發展歷程與最後發生的難題，並對個案公司進行一些分析與總結。

This paper analyzes the No.1 Networking manufacturer in Taiwan - D-Link Corporation. D-Link was founded in 1986, from 1986 to 2003, D-Link went through four important stages (1). Focus on developing D-Link OBM (Ordnance Bench Mark) business with few non-brand businesses, (2). Focus on D-Link OBM business, at the same time, leveraging the capabilities and expertise of ODM/OEM clients to assist D-Link in improving the Product Development and Management System, and Quality Control System on production, (3). When ODM/OEM opportunities was booming since 1995, D-Link started changing its core mindset and system in order to gain more growth from ODM/OEM business, and utilized the Dual-Axis strategy to catch both OBM business and ODM/OEM business, (4). D-Link modified the Dual-Axis strategy to adopt more and more challenges from internal and external environment. Finally, conflicts were likely to break out between the OMB and ODM/OEM: ODM/OEM clients had serious concern because OBM was doing better and better, so this serious concern caused ODM/OEM department had bottleneck to gain more growth, and the Strategic Outsourcing Partners had serious concern as well because D-Link ODM/OEM department had strong R&D capability to take over their business, so this situation would damage D-Link OBM at the same time. Furthermore, employees had critical problems because there were mindset and process conflict between OBM and ODM/ODM process and nature. It became to a dilemma to D-Link for keeping both OBM and ODM/OEM under one organization. Feb. 2003, top management team had to take action to deal with this crisis from external and internal right away. OMB or ODM/OEM? Create new sustainable strategy rather than the Dual-Axis Strategy? This paper adopts case study methodology to analyze the evolution of D-Link Corporation and the dilemma that was happened to the company in the end, and have some analyses and conclusions.

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