International Business Policy and Strategy I

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1.1 INTRODUCTION

Few if any topics in management have been given so much attention over the past 25 years as was strategy.There is a general agreement that strategy is about the future, or rather about how our individual ororganisational goals may come true. Setting feasible, yet ambitious goals needs first an understanding of our

present situation (Where are we now?). This helps to define the desired future position (Where do we want tobe?). To make the transition between the present and the future operation, the path that takes the individualor the organisation from where it is to where it wants to be needs to be clarified (How do we get there?).

Strategy is, in its origins, a military concept. And indeed, great military thinkers such as theChinese Sun Tze from the 6th century BC (!) or the Prussian Clausewitz from the early 19 th

century still provide a rich pool of thought for those seeking strategic advice. The lessons ofwars waged by Alexander the Great in Persia, by Scipio against Carthage, the ancient city inNorth Africa, or by Hannibal against Rome, or by the Byzantine Belisar in Africa, just to namea few from the old times, are still worth of studying by students of todays business strategy.One should beware, however, of taking the military parallel too far. There are no doubtwinners and losers, plans of attack or defence in business, as well, but strategy is more thana zero-sum game, that is, when somebodys victory is its opponents defeat. Strategy is notsimply about competing for a bigger share of a finite market it is about creating new

markets through meeting human needs in new and exciting ways.

Table 1.1 What successful organisational strategies are based on?

A vision of the future A firm footing in reality

Re-inventing the organisation and Careful matching of organisationalits industry strengths to market opportunities

Stretching the organisation beyond Deploying the key strengths ofwhat is currently possible the organisation

Creating a shared vision by empowering Strong, charismatic leadershippeople

Seeing the big picture Attention to detail

John Middleton, Bob Gorzynski, Strategy Express, Capstone Publishing, 2002

While each of these statements is true, it is tempting to conclude that it is impossible to follow therecommendations on the left-hand side simultaneously with those on the right. There is a set of contradictionshere, often underlying the discourse on strategy. One had better accept that strategy itself is paradoxical.Strategies that have ultimately proved successful often appeared contradictory or even absurd at first sight.Conventional wisdom has often been debunked by reality. It was for instance accepted for long that therewas a trade-off between the cost and the quality of a product: you had either higher than average quality orhigher than average cost. Then first came the Japanese cars, and then the low-cost providers of variousservices (airlines, hotels, etc.) who proved that this conventional wisdom may be conventional but hardly wiseor true.Strategy is both a state of mind (challenging, questioning, innovating) and a set of tools and techniques. Wewant to assist you both in learning the latter and developing the former! Unit 1 will familiarise you with theconcept of business strategy, and elaborate when you need to develop a strategy, and if you do, what sort of

strategic goals you may set for yourself. Unit 2 will focus on what tools and techniques should be used to bestanalyze and understand the broad (social, regulatory and technological) and closer (industry, industrysegment) environment of the organisation. It will also consider the best ways to map the organisations owninternal endowments (resources, capabilities, ideas). Unit 3 will focus on the critical factors in developing andappraising strategic options whereas Unit 4 will offer a short introduction into the critical challenges ofstrategy implementation.

1.2 BUSINESS STRATEGYMost simply, business strategy can be defined as the rules and actions used to steer a business towards makingmuch more money.

For a good, and enjoyable, yet less simplistic summary of strategy definitions seeFred Nickols article.
http://www.ibs-b.hu/portal/page/portal/intra/modules/baeng/e_bps/attach/Fred%20Nickols.pdfhttp://www.ibs-b.hu/portal/page/portal/intra/modules/baeng/e_bps/attach/Fred%20Nickols.pdfhttp://www.ibs-b.hu/portal/page/portal/intra/modules/baeng/e_bps/attach/Fred%20Nickols.pdf


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Major strategy revisions rarely happen once a quarter or even once a year. Strategies are drafted for a period ofthree years or more, and only updated in-between. When is it inevitable that you develop a new strategy orseriously reconsider the old one? Here are some rationales for doing so:

Profitability is slipping, and no-one knows precisely why or how to restore it.

Profitability is below shareholders required rate of return.

While performance is acceptable, executives dont know or disagree on which areas are the mostprofitable.

The business has such a broad portfolio of products or customers that the actual directions of businessis obscured.

There is an air of complacency. Business is as usual, and needs to be revitalized with clear insights andobjectives.

The business is investing in new projects outside its core business and they dont seem to be bearingfruit.

Shifts are evident in the marketplace but there is no consensus on how important they are or how thebusiness should react to them.

New competitors are making inroads, or new products or substitutes are coming into the market.Source: R. Koch, P. Nieuwenhuizen, Simply Strategy, FT Prentice Hall, Great Britain, 2006,

pp.147-148.

Business strategy comes in two flavour. There is corporate strategy plotting the direction of businesses, usuallyby a corporate head office. Then there is business or business unit (often called also competitive) strategycrafting the strategy for individual businesses. That is what you need if you are a practical manager or anentrepreneur.1.2.1 Corporate StrategyCorporations are responsible for creating value (or more simply, for making money) through their businesses, i.e.various products / services that may be in unrelated business segments.Corporate strategy fundamentally is concerned with the selection of businesses in which the company shouldcompete and with the development and coordination of that portfolio of businesses.To be able to answer the question: What is Corporate Strategy, Really?, please read Michael E. Raynorsexcellent article that was published with the same title in the Ivey Business Journal, in December 2007.(http://www.iveybusinessjournal.com/article.asp?intArticle_id=722)

1.2.2 Business-unit (or Competitive) StrategyA strategic business unit may be a division, product line, or other profit centre that can be managed and plannedindependently from the other business units of the firm. Or, it can be an individual, self-contained business (thecorner shop e.g.), supplying one main market.At the business unit level, strategic issues are less about the coordination of operating units and more aboutdeveloping and sustaining competitive advantage for the goods and services they produce.

At the business unit level, strategic success depends on in what industry your business is, and on the relativeposition of your products / services within that industry.

Industry structure Industries can be attractive in terms of profitability and less so. Moreover, withineach industry there are always forces at work (for a detailed elaboration on Porters Five Forces see Unit2) that can either improve or deteriorate the long-term average profitability of the industry.

Relative position Your products or services have a position within their own industry which can bemeasured by (growing or shrinking) market share. Why do certain products or product groups end up

with an attractive position? Because they have attained a sustainable competitive advantage over theothers. Competitive advantage can be attained by low costs of production or by differentiation , i.e. byproviding higher than average perceived customer value. (If you want to learn more about positioningwhile having fun, visit IBS Library and read Positioning the Derrire: Toilet Nirvanaby James Brooke inMintzberg et. al., Strategy Bites Back, Prentice Hall, 2005, pp.117-119.)

Scope It is the array of product and buyer segments served, vertically or horizontally. Scope must bechosen wisely (both over- and undershooting should be avoided) if the provider wants to attainsustainable competitive advantage.

Deciding between these three dimensions is what makes strategy at the business unit level. To put it simply, agood position in an attractive industry within an optimal scope provides sustainable competitive advantage. Agood position can be attained through low cost or differentiation, sometimes through both. But more often thannot, there is trade-off at the heart of any strategy. A good position through cost leadership or differentiation willdefend your company against the adverse affects of the Five Forces of your industry.
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A well-drafted two-page summary of the above concepts youll find athttp://www.quickmba.com/strategy/competitive-advantage/. It is a must!1.3. STRATEGIC GOALSMany authors argue that strategic goal setting must rely on a vision which leads the management to articulatingthe organisations mission which defines the boundaries of organisational activity within the framework of the

overall vision. The mission, in turn, may be the bottom line for formulating strategic goals and objectives.

This may or may not be so. Visions can sometimes be motivating. Just like the one that is attributed to ArnoldSchwarzenegger who was elected Governor of the State of California in 2003:

I will come to America, which is the country for me. Once there, I will become thegreatest bodybuilder in history.......... I will go into movies as an actor, producer andeventually director. By the time I am 30 I will have starred in first movie and I will bea millionaire...... I will collect houses, art and automobiles. I will marry a glamorousand intelligent wife. By 32, I will have been invited to the White House.

Personal visions are forceful driving forces. Business leaders may also have personal visions which they moreoften than not project onto the organisation they head. If employees come to share that vision, it helps to createcommitment and loyalty. Behind several successful businesses there is a strong personality with a far-fetchedvision: think of Sam Walton (Wal-Mart), Ingvar Kamprad (IKEA) or Andrew Grove (Intel).

Mission or Purpose is a precise description of what an organization does. It should describe the business theorganization is in. It is a definition of why the organization exists currently. If a mission statement is good, then itprovides an orientation for strategists, that is, it keeps future scenarios and action plans in line.Intel's original plan, written on the back of a menu, is an excellent example of a good mission statement:

The company will engage in research, development, and manufacture and sales ofintegrated electronic structures to fulfil the needs of electronic systemsmanufacturers. This will include thin films, thick films, semiconductor devices,and ......... A variety of processes will be established, both at a laboratory andproduction level ...... as well as the development and manufacture of specialprocessing and test equipment required to carry out these processes. Products mayinclude dioded transistors ....... Principal customers for these products are expectedto be the manufacturers of advanced electronic systems ..... It is anticipated thatmany of these customers will be located outside California.

Source: http://www.planware.org/strategicplan.htm#2.Todays corporate world, however, is abounding in meaningless mission statements that are articulated andannounced only because managements believe that a serious company cannot do without it. If you'd prefer astatement of this kind, use the Dilbert Mission Statement Generator. It is fun!

With or without visions and articulated missions, strategic goals need to be set right. The overall goal of allbusiness strategies is superior and sustainable financial performance, i.e. higher profits than earned by theaverage players in the industry in which the business is active. Higher than average profits can only be earnedand sustained (continued to be earned) if the organisation has competitive advantage over its rivals.Nevertheless, to say that we want to have superior financial performance or that we want to have competitiveadvantage is not a strategic goal. It should be more specific if you have a liking for acronyms, set your strategic

goals and objectives SMART:

Specific - the objective should state exactly what is to be achieved.Measurable - an objective should be capable of measurement so that it is possible to determine whether (orhow far) it has been achieved.Achievable - the objective should be realistic given the circumstances in which it is set and the resourcesavailable to the business.Relevant - objectives should be relevant to the people responsible for achieving them.Time Bound - objectives should be set with a time-frame in mind. These deadlines also need to be realistic.

Source: http://www.tutor2u.net/business.

Aside from presumably indicating a necessity to achieve regular profits (expressed as return on shareholders'funds), objectives should relate to the expectations and requirements of all the major stakeholders, including

employees, and should reflect the underlying reasons for running the business. These objectives could covergrowth, profitability, technology, offerings and markets. They can cover the business as a whole including such
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matters as diversification, organic growth, or acquisition plans, or they can relate to primary matters in keyfunctional areas.Figure 1.1 Example: Strategic Objectives

Source:http://www.csuchico.edu/mgmt/strategy/module2/sld033.htm

Read carefullySteven Flinn s article that elaborates in an attractively concise manner how the way you look uponthe external and internal circumstances of your organisation will effect your approach to setting your strategicgoals. This article, and the strategy development frameworks it highlights leads us straight to the depths ofstrategic management.

1.4. STRATEGIC MANAGEMENTStrategic management, in its broadest sense, is about taking decisions based on long-term objectives, the deepunderstanding of the competitive environment and the appraisal of own resources and capabilities. In practice,strategic management has the components shown in the figure below:Figure 1.2 The Strategic Management Process

Strategic Analysis is about analyzing the strengths (and weaknesses) of a business position and understandingthe important external and internal factors that may influence that position, to the worse or the better. The processof Strategic Analysis can be assisted by a number of tools which will be dealt with in Unit 2
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Strategy Formulation involves identifying, evaluating and selecting strategic options based on the strategicanalyses as well as on the understanding of what the customer wants and what the stakeholders expect (theground rules). (Unit 3).Strategy Implementation is to translate the analyzed and selected strategy into organisational action, often thehardest part. This e-material deals with implementation in brief in Unit 4. Further knowledge on strategy

implementation can be gained in the subsequent seminar sessions.In the strategic management process first corporate strategies must be developed, followed crafting competitivestrategies for the business units. Competitive strategies must then be translated to functional areas such asproduct development, production, sales & marketing, HR and the rest (functional and operational strategies) byadding detail and defining the ways of implementation. If you have a single-business company, you can startimmediately with developing your competitive strategy.

You will have more details to come in the following Units. Yet, there is one final warning here. You can and shouldlearn about strategic management. But you cannot learn it. It is like cooking. You must learn the basics of how toget around in the kitchen but that will not make you beat Jamie Oliver. After all,

creating strategy is judgemental designing, intuitive visioning, and emergentlearning; it requires personal thinking and social interacting, cooperative as well as

conflictive; it can include analyzing before and programming after as well asimagining during.Providing any answer short of this would be doing you a disservice because when itcomes to strategy there are no easy answer. Except, of course, to make sure youunderstand deeply what you are strategizing about, that you act engagingly,responsively, and responsibly, and that you have the courage to see with your owneyes, think with your own brain, and act with your own heart.Henry Mintzberg, Bruce Ahlstrand and Joseph Lampel, Strategy Bites Back, Prentice

Hall, 2005, p. 276.

Again, it is like cooking

A recipe is not meant to be followed exactly it is a canvas on which you can embroider.Add a zest to this, a drop or two of that, a tiny pinch of the other. Let yourself be led byyour palate and your tongue, your eyes and your heart. In other words, be guided by yourlove of food, and then you will be able to cook.

Chef Roger Verg, in: Henry Mintzberg, Bruce Ahlstrand and Joseph Lampel, Strategy BitesBack, Prentice Hall, 2005

2.1 INTRODUCTION

Whether personal life or business, it is imperative to know where you are going to, i.e. where you want to seeyourself in 5, 10 or 25 years. This is what in the strategic vocabulary is called vision, goals and objectives.However, it is equally important to be aware of where you are at present, relative to your vision, goals and

objectives, in terms of your own strengths and weaknesses and in terms of the environment in which you need toreach your goals. Achievements both depend on yourself and your respective environment, narrow and broad. Inthe strategic vocabulary, getting to know yourself and your environment figures as strategic analysis.In business, strategic analysis, as a part of the strategic management triangle (see Figure 1.2 in Unit 1), includesthe external orenvironmentalanalysis of the economic system, the competition, opportunities and threats in theenvironment; and the internal orcorporate appraisal of the resource-base, the capabilities and the strengths andweaknesses of the organization.2.2 ANALYTICAL TOOLS & CONSIDERATIONS SUPPORTING COMPETITIVE STRATEGIESThe profound understanding of the competitive environment is as critical ingredient of a successful strategy as isthe appraisal of the internal strengths and weaknesses of the company. Business strategy is essentially a questfor profit. But you will be able to earn an above average return for your company and stakeholders only if you are

able to deliver superior value to your customers. In other words, you will make good money only if you have acompetitive advantage. The sources of sustainable competitive advantage must be identified both within yourcompany and its external environment.


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2.2.1 ENVIRONMENTALAUDITOne can identify various overlapping levels of the external environment. The macro environment comprises thecountry and its economic system where the company operates. When analysing the macro environment, oneshould look at issues like the political system or the economic health of the given country, the technological and

legal background, socio-cultural factors, or environmental issues. Read this short summary(http://www.netmba.com/strategy/pest/) on the so-called PEST analysis that provides an easy framework toremember the factors to be analyzed.Since the world is uncertain, and it is difficult, or rather impossible to forecast what is going to happen exactly inyour macro-environment, gain some insight into scenario making techniques athttp://www.netmba.com/strategy/scenario/.

If you find the issue of predicting uncertain futures challenging, you may enjoy reading the following excellentarticle: Strategy for uncertainty.2.2.2 INDUSTRY ANALYSISAND COMPETITIVE STRATEGYNow you have a clearer picture of the country/region, where you operate or where you want to invest. Therefore

you can make a decision whether to choose country A over country B, market X over market Y. But analysing themacro environment in itself is not enough. You also need to understand the industry where you are going tocompete.

Industries differ widely in growth trends, economic distinctiveness, the intensity of competition, technology andyou name it. But in the end, average industry-level profitability is something that can be compared across therange of industries. In terms of average profitability, there are good industries and less attractive ones. Someindustries (such as tobacco, pharmaceuticals, and medical equipment) consistently earn high rates of profit;others (such as iron and steel, nonferrous metals, airlines, and basic building materials) can hardly earn their costof capital. In terms of return on equity, the difference between the top earning industries and the rearguard can be5-fold.

There are many factors that determine in which category an industry falls in terms of its profit potential. A helpfulframework for classifying and analysing these factors is the one developed by Michael Porter of Harvard BusinessSchool.Porters Five Forces model views the average profitability of an industry as determined by five sources ofcompetitive pressure. And evidently, the more competitive pressure in an industry, the less profit it will earn. Thefive forces that drive as Porter suggests competition are:

1. Rivalry among existing firms2. Threat of new market entrants3. Bargaining power of buyers4. Bargaining power of suppliers5. Threat of substitute products (including technology change)

Familiarize yourself with the model athttp://www.12manage.com/methods_porter_five_forces.html.Please note (repeatedly) that the weaker the Five Forces, the greater an industrys profits. Your competitiveenvironment can be deemed ideal when:

rivalry is only moderate, entry barriers are relatively high,

there are no good substitutes, and

suppliers and customers are in a weak bargaining position.For good illustrations of changing industry dynamics in IT, airlines and energy, read the enclosed article frompage 12 through page 20:Industry evolution.From a strategic viewpoint, your objective must be to craft a strategy that will

insulate your company from competitive forces,

influence the industrys competitive rules in your companys favour,

provide a strong position from which to play the game of competition,

help to create sustainable competitive advantage.

If you want to see how a good, one-page executive summary of a Five Forces analysis looks like, visit IBSLibrary and see Prospects for the US Casino Industry in R.M. Grant, Contemporary Strategy Analysis, FifthEdition, Blackwell, London, 2005, p. 86.
http://www.netmba.com/strategy/pest/http://www.netmba.com/strategy/scenario/http://www.netmba.com/strategy/scenario/http://www.ibs-b.hu/portal/page/portal/intra/modules/baeng/e_bps/attach/uncertainty_strategy.pdfhttp://www.12manage.com/methods_porter_five_forces.htmlhttp://www.12manage.com/methods_porter_five_forces.htmlhttp://www.ibs-b.hu/portal/page/portal/intra/modules/baeng/e_bps/attach/industry_evolution.pdfhttp://www.ibs-b.hu/portal/page/portal/intra/modules/baeng/e_bps/attach/industry_evolution.pdfhttp://www.netmba.com/strategy/pest/http://www.netmba.com/strategy/scenario/http://www.ibs-b.hu/portal/page/portal/intra/modules/baeng/e_bps/attach/uncertainty_strategy.pdfhttp://www.12manage.com/methods_porter_five_forces.htmlhttp://www.ibs-b.hu/portal/page/portal/intra/modules/baeng/e_bps/attach/industry_evolution.pdf


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2.2.3 COMPETITIVE STRATEGY ANALYSISHow should you position your firm (your products) within the industry (within their relevant business segments) soas to build and sustain, even against adverse Five Forces, competitive advantage? The answer to this question isthe foundation and cornerstone of all strategy.

Without competitive advantage, firms are doomed to the strategic hell of perfect competition in which profits areelusive, products are commodities and firms are creatures of their environment. With competitive advantage, wecan have strategic choice and exercise discretion. Competitive strategies can be deployed in different strategicclothes: these clothes we call generic strategies.Before telling you more about the strategic clothes you may choose to wear, you d better take some furtheranalytical steps.

(i) What business are you in?This seems to be a silly question to which you could answer: why? I am in the publishing business. But if yougive it some thought, you will come to realize what a difference there is in publishing business schooltextbooks versus publishing books by Dan Brown. They are different products, and therefore different

business segments.Different segments can arise also if some buyers require the basic version of your product whereas otherswant it to be adapted to their own special requirements. The differences in the same productmay simply lie inhome delivery, or extra after-sale service needs, etc. The customer will pay for your extras, but they will alsocost you more you are due to have a different business segment because of different profitability.Or think of a butcher who supplies both large supermarkets and small family shops. The former are difficultbuyers (especially when it comes to payment) whereas the other make hardly any trouble. You havecustomers with different buying criteria in spite of getting the same or similar products.You also may sell your product to different regions, at home or abroad. You may face a high-growth market inone and a mature, low-growth one in another. In the latter, you are due to face fierce competition, lowerprices, and even losses while happily cashing in on the former.In different segments there are different competitive forces at work, and therefore your strategic responsesalso need to be different. It is for this reason that a proper answer to the question under subtitle (i) isimperative.In order to avoid that you get lost in segmenting your business by coming up with an unmanageable list ofparameters, we suggest that you use, at least for a start, the quick-and-dirty test proposed by Richard Kochand Peter Nieuwenhuizen.

Toolbox 2.1 Business segmentation quick and dirty

(i)

Where do you make your money?Now that you have defined your business segments, the most important thing to know is which of thesesegments generates most of your money, both in terms of revenues and profits. Knowing your segmentprofitability will help you to apply an order of importance when strategizing.Toolbox 2.2 Arriving at P&L for a business segment

Note: Allocating S&D (sales and distribution), R&D (research and development) and G&A(general and administration) costs to business segments might not be as straightforward as

it seems. If you want to learn more about a useful cost allocation method, click on

http://www.pitt.edu/~roztocki/abc/abctutor/sld001.htm.
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(i) How good are your competitive positions?A simple and yet telling marker of your competitive position is relative market share. This is the best proxy forcompetitive advantage you can have. RMS is the market share or sales of your company in a given segmentdivided by the market share or sales of your largest competitor in the same segment. If your sales in the

segment total 800,000 per year, and those of your largest competitor amount to 1,100,000 then your relativemarket share equals 0,73.Figure 2.1 The rule of thumb for relative market share (RMS)

RMS Position Explanation

4.0 or greater Dominance Extremely strong position

1.5 to 3.9 Clear leadership Very strong position

1.0 to 1.49 Narrow leadership Strong position

0.7 to 0.99 Strong follower Fairly strong position

0.3 to 0.69 Follower Moderate position

Less than 0.3 Marginal player Weak position

Source: Koch, Nieuwenhuizen (2006), p. 47.

If you then plot your RMSs against your best estimate of future market growth, you will arrive at the famousBCG-matrix developed by Bruce Henderson, the founder of Boston Consulting Group.Figure 2.2 The growth/share matrix by BCG

In the BCG matrix, market growth rate serves as a proxy for industry attractiveness, that is, an idealconstellation of the Five Forces. Being a Star means having a strong competitive advantage in an attractiveindustry the dream of all businesses. You are strongly advised to learn more about the contents andimplications of the BCG matrix athttp://www.netmba.com/strategy/matrix/bcg/.Now you are fairly well equipped analytically to start with the hard part strategizing about the futurepositions of your businesses, that is, developing competitive strategies. These will be dealt with in Unit 3. Butbefore doing so, you still need to have a look at the inside of your company: what is in-house that can supportyour competitive strategy?

2.2.4LINKING CORE COMPETENCIESTO COMPETITIVE STRATEGYIf you find that you are more profitable than your competitors, why is this? Or, if you are gaining market share,there must be a reason. This reason often lies in the special skills and competences your firm or business unitpossesses relative to competitors.Figure 2.3 Core competences and competitive advantage
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Source: John McGee, Howard Thomas, David Wilson, Strategy: Analysis and Practice, McGraw-Hill,London, 2005, p.254.

Core competencies are those capabilities that are critical to a business achieving competitive advantage. Thestarting point for analysing core competencies is recognising that competition between businesses is as much arace for competence mastery as it is for market position and market power.

While resources are the assets owned by the firm, capabilities are what the firm can do by deploying itsresources. Individual resources do not lead to competitive advantage on their own; they must work together tocreate organizational capability.

It is often the case that two companies have very similar resources but one is more competitive than the other.The reason for this lies in how smartly can one company deploy its resources, create linkages and thereforecreate competences. Strategic capability of a company includes its resources and competences. This means thatsimilar companies may have differing strategic capability, depending on how well they can create competencesfrom their resources. Please note that core competence = strategic asset = distinctive capability.

3M Corporation has expanded from sandpaper, into adhesive tapes, audio- andvideotapes, road signs, medical products, and floppy disks. Its product list comprisesover 30,000 separate products. Is it an unstructured conglomerate? Certainly not,claims 3M. Its vast product range rests on a foundation of key technologies relating

to adhesives and thin-film coatings, and its ability to manage the development andmarketing of new products.

Reversely, serious problems may arise when a company faced with the obsolescenceof its leading product focuses its strategy on continuing to serve the respectivecustomer needs rather than deploying its proven resources and capabilities in othermarkets. When Olivetti, the Italian typewriter manufacturer saw the displacement oftypewriters by PCs during the late 1980s, it sought to serve the word processingneeds of its customers by expanding into microcomputers. The venture was a costlyfailure. By contrast, Remington, another leading typewriter manufacturer moved intoproducts that required similar resources, technological skills and competences:electric shavers and other personal care appliances.

All organizations have a variety of capabilities without which they could not stay afloat. However, not all of them

possess or are aware of one or more core capabilities or competences which in fact are the crux of superiorperformance and the basis for future strategies.Read carefully the attached article on core competences, with particular regard to why and when a competence ora capability can be regarded core or distinctive:http://www.quickmba.com/strategy/core-competencies/.On the more practical side, when doing strategic analysis with a view to identifying the core competences of yourcompany or business unit, you should seek answers to questions as follows:

What is your business particularly good at doing? What is it that the customers really value?

How rare are these competences in your industry?

How easily can your competitors imitate them? How can you prevent them from doing so?

How can you deepen and reinforce these competences throughout your company or business unit?

Are the competences different across the different business segments?

If you wanted to expand into adjacent segment, where would the competences be most valuable to

customers and least subject to imitation by competitors?Source: Koch, Nieuwenhuizen (2006), p. 75.2.3 ANALYTICAL TOOLS & CONSIDERATIONS SUPPORTING CORPORATE STRATEGIESCertainly, most of the analytical tools you got to know above, can and should be used also in corporate strategymaking. Corporations also need a proper understanding of their macro-environment (Chapter 2.1.1), or that of thecompetitive forces in their industry (2.1.2), or a mapping of their portfolio of businesses (2.1.3 iii.)There are three main insights that are fundamental to corporate strategy makers:

1 Portfolio management the businesses that should make up the portfolio.2 Relatedness the way in which the synergies between businesses are to be managed and exploited.3 Growth potentials the ways in which profitable growth is to be achieved through internal investmentand/or external acquisition, alliance.
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To put it more simply, the corporate strategy of a diversified company concerns three different questions: whatbusinesses the corporation should be in; how the corporate headquarter should manage the array of businessunits and what are the critical resources that should be acquired externally through M&As and strategic alliances?The issue ofportfolio management, or rather, the required analysis prior to portfolio management has alreadybeen touched upon in Chapter 2.13. If portfolio management is of special interest to you, you may greatly benefitfrom going through the attached self-study module:http://www.csuchico.edu/mgmt/strategy/module8/.

How corporate headquarters, and their corporate strategies may add or subtract value is often called theparenting advantage. Corporate offices may, in principle, choose from three main role models. They can behaveas (i) restructurers, or as (ii) synergy managers, or as (iii)parental developers.

(i) Restructurers

Corporate parents as restructurers need to be adept at identifying restructuring opportunities in businessesand have the skills to intervene to transform performance in those businesses. They may well hold a diverserange of businesses within their portfolio. They do have a limited role at business unit level, which is toidentify ways in which businesses can be turned round or fitness improved and to manage the re-structuringperiod. They will acquire another corporation and sell off businesses which do not have restructuring orimprovement opportunities but they will also move specialist managers from the centre into the businesses

they keep to set them on a profitable course. They will then leave the businesses alone. So the emphasis ison autonomous business units with a small corporate centre, but, with specialist turnaround skills ofcorporate staff.

(ii) Synergy managersSynergy can occur in situations where two or more activities or processes complement each other, to theextent that their combined effect is greater than the sum of the parts. In terms of corporate strategy synergyis often seen as the raison dtre of the corporate centre. The logic is that value can be enhanced acrossbusiness units in a number of ways: activities might be shared; common brand names may provide value todifferent products within different businesses; there may exist common skills or competences acrossbusinesses.

However there are problems in achieving such synergies: the skills or competences on which synergy issupposed to be based may not really exist or, if they do, may not add value. There also needs to be a benefitin such sharing or transferring of skills which outweigh the costs involved in doing so. In terms of practicalrealities managers in the businesses have to be prepared to cooperate in such transfers and sharing. Therealso needs to be compatibility between the systems and culture of the business units that are to do thesharing. Finally the corporate centre needs to be determined to achieve such synergies. The need here, at aminimum, is for central staff to act as integrators, and therefore to understand the businesses well enough todo so. The centre may also need to be prepared to intervene at the business level in terms of strategicdirection and control to ensure such potential synergies bear fruit.

(i) Parental developerThe corporate centre as a parental developer seeks to employ its own competences to add value to itsbusinesses. Parental developers have to be clear about the relevant resources or capabilities they have toenhance the potential of business units, for example, experience in globalising domestically basedbusinesses; or a valuable brand that may enhance the performance of image of a business; or perhapsspecialist skills in financial management, brand marketing or research and development. If such parenting

competences exist, corporate managers then need to identify a "parenting opportunity": a business orbusinesses which are not fulfilling their potential but where improvement could be made by the application ofthe competences of the parent.

This is the main difference between the synergy manager and the parental developer: while the synergymanager concentrates on helping create or develop benefits across business units or transfer capabilitiesacross business units, parental developers have to be clear about the relevant resources and capabilitiesthey themselves have as parents to enhance the potential of the business units.The corporate parent may also realise that there are some business units within its portfolio where it can addlittle value. This may help identify businesses that should not be part of the corporate portfolio. Moreuncomfortably, however, such business units could be high performing businesses, successful in their ownright and not requiring the competences of the parent. The logic of the parental development approach is thatsince the centre cannot add value, it is a cost and is therefore destroying value; that the parent should

therefore consider divesting such a business, realising a premium for it and reinvesting it in businesseswhere it can add value. Logical as this may seem it is unlikely to find favour, not least because the executivesat the centre might be indicted by their own shareholders for selling the "crown jewels.
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The third big question of corporate strategy is whether the resources and capabilities for a growth strategy areavailable or can be developed in-house or must be acquired from the market and what are the costs of eitherapproach. In order to avoid overwhelming you, here we are going to point only to some of the external expansionpossibilities that figure high on the analytical agenda of all corporate strategy makers.

Figure 2.4 Corporate expansion options

Source: McGee, Thomas, Wilson (2005), p.394

Use the suggested, attractively short articles to familiarize yourself with the concepts of horizontal(http://www.quickmba.com/strategy/horizontal-integration/) and vertical integration(http://www.quickmba.com/strategy/vertical-integration/) anddiversification.

Please note, as each article emphasizes, that each corporate expansion options needs a careful analysis of allpros and cons. Also note, without going no into the details, that whether integration or diversification can beachieved through competitive and co-operative means. Competitive implementation implies takeovers,acquisitions and mergers whereas co-operative methods include joint ventures, various partnerships andalliances.2.4WHATDOTHE STAKEHOLDERSSAY? ANOTHER IMPORTANT ISSUESFOR STRATEGIC ANALYSISWhether you are up to competitive or corporate strategy development, you need to pay special attention to howthe stakeholders of your business may relate to your strategic plans and directions.

Stakeholders are individuals or organisations that have an interest in, or some kind of stake in, the firms ongoingand future activities. Primary stakeholders of all businesses are owners, customers and employees, secondarystakeholders of varied importance are financial intermediaries, suppliers, local communities, governmentagencies, activist (e.g. environmental) groups, unions and the like.

Stakeholder analysis is the process of identifying, understanding and prioritizing the needs of key stakeholders sothat the question of which stakeholders deserve management attention in the process of strategy development isaddressed. A fair summary on stakeholder analysis you will find athttp://www.12manage.com/methods_stakeholder_analysis.html. When going through this concise summary, donot forget to click on stakeholder mapping in the text as it will teach you some simple and useful analytical tools.

2.5 SWOT ANALYSIS ANUSEFUL INTEGRATIVE TOOLIN STRATEGIC ANALYSIS
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SWOT analysis is a popular tool in management and strategy formulation. It can help to identify the Strengths,Weaknesses, Opportunities and Threats of a particular business or company.

Strengths and weaknesses are internal factors that create value or destroy value. They can include resources,skills or competences that a company has at its disposal, compared to its competitors. They can come from yourinternal assessments.

Opportunities and threats are external factors that create value or destroy value. A company cannot control them.But they emerge from either the competitive dynamics of the industry/market (Five Forces) or from demographic,

economic, political, technical, social, legal or cultural factors (PEST).

Confronting your SWOT factors not only can help you to summarise the major findings of your strategic analysisbut it also can assist you in arriving at new strategic insights. Please, read carefully this one-page summary atHTTP://WWW.QUICKMBA.COM/STRATEGY/SWOT/.If you want more details, study the following presentation:http://www.tutor2u.net/business/presentations/strategy/swotanalysis/default.html.

For fun, make your personal SWOT analysis using free spreadsheets offered byhttp://www.mindtools.com/pages/article/newTMC_05_1.htm.

3.1 INTRODUCTIONIn Unit 1 and Unit 2 we have learned what strategy is, why companies have strategies and what is meant bystrategic management. Once we know our general strategic goals, we carry out numerous analyses to see wherewe are at present. We must be aware of our position relative to our competitors, as well as within the economicsystem, the industry, the markets and the business segments where we compete. We can only build on thoseresources and competences that we possess. Alternatively we must acquire them if they are critical in achievingour strategic goals.

Please note that suitable, realistic strategic choices (action plans) must always rely on the results of the analysesyou had performed.

We have also learned that within the overall quest for value and profit, corporate strategy, i.e. the overall strategy

for diversified firms is concerned with deciding which industries, which markets the firm should be engaged in withwhat products and services. Business or competitive strategy is concerned with establishing competitiveadvantage within selected industries/markets, based on consumer needs and preferences. (Lots of interestingexamples on assessing and understanding consumer needs you can find athttp://www.va-interactive.com/inbusiness/leadership_art.html.)

3.2 COMPETITIVE STRATEGY OPTIONSCompetitive strategy refers to how a company competes in a particular business (business or market segment).Competitive strategy is concerned with how a company can gain a competitive advantage in a distinct marketthrough a distinctive way of competing.

Competitive advantage grows out of value a firm is able to create for its buyers thatexceeds the firm's cost of creating it. Value is what buyers are willing to pay, andsuperior value stems from offering lower prices than competitors for equivalentbenefits or providing unique benefits that more than offset a higher price. There aretwo basic types of competitive advantage: cost leadership and differentiation.

Source: Michael E. Porter, Competitive Advantage, New York, FreePress, 1985, p.3

Figure 3.1 defines the choices of "generic strategy" a business can follow. Porters generic strategies are thewidely accepted pool for any business to pursue to achieve competitive advantage. Businesses may besuccessful choosing and implementing any of these strategic options as long as they stick closely to the chosenoption and do not move toward being stuck in the middle by trying to be all things (i.e. offering quality specialtyproducts at low costs) to all customers.Figure 3.1 Porters generic strategies
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First, you should read a short summary on the basics of generic strategy options athttp://www.quickmba.com/strategy/generic.shtml. Pay particular attention to the figure in the summary thatdescribes how the competitive structure of an industry (the Five Forces) effects the applicability of genericoptions.Subsequently, read an article published in the prestigious Journal of Business Strategy (Danny Miller: TheGeneric Strategy Trap) that will deepen your understanding of generic strategies through a set of real-lifeexamples.3.3 STRATEGIC OPTIONSATTHE COMPANY LEVELStrategic options at the corporate level can be numerous including expanding along the value chain; growing newproducts and services; using new distribution channels; entering new geographies; addressing new customersegments; and moving into the white space with a new business based on a strong capability. No matter which

approach is taken by successful strategists, they share two characteristics: they were tremendously disciplined,applying rigorous analysis before opting for a new strategic direction, and in almost all cases, they developed theirrepeatable formulas by carefully studying their customers.For the sake of simplicity, the good old Ansoff-matrix compresses the wide range of strategies open for acompany in a 2x2 matrix.Figure 3.2 The Ansoff growth matrix
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Depending on whether the company chooses to focus on new or its existing markets, and whether it sticks to itsold product range or develops new ones, it can aim at:

Market penetration i.e., selling its existing products in known, existing markets in a defensive manner(defending market share) or in an aggressive one (driving out competitors).

Defending market share may prompt the company to:

increase advertising spending,

provide higher levels of customer service,

introduce more brands to match product attributes of rivals brands,

broaden product line to close off vacant niches,

keep prices reasonable & quality attractive,

build new capacity ahead of market demand,

invest enough to remain cost competitive,

patent feasible alternative technologies,

sign exclusive contracts with best suppliers & distributors.Offensive strategies require you to

remember that the best defense is a good offense, be a first-mover,

relentlessly pursue continuous improvement & innovation,

force rivals to scramble to keep up,

launch initiatives that keep rivals off balance,

try to grow FASTER than industry & to wrest market share from rivals.

product development i.e., innovating new products for existing markets (see a good article by de Bonoand Heller on product development options athttp://www.thinkingmanagers.com/management/product-development.php.; examples from the household cleaning market, you can find athttp://www.tutor2u.net/business/marketing/casestudy_%20products_household_cleaning.asp.

market development i.e., entering geographically new markets (on entering international markets,readhttp://www.tutor2u.net/business/presentations/strategy/global/default.html), or testing newdistribution channels often under new brand names, or targeting new customer segments;
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diversification i.e., taking the risk of entering new markets with new products through upward odownward integration or diversification as explained in Chapter 2.2 (see for lots of illustration and ideashttp://www.thinkingmanagers.com/management/diversification.php.)

3.4 EVALUATING YOUR CHOSEN STRATEGIC OPTIONS

Once you have decided on the major strategic directions of your business, you are a big step forward but notnecessarily destined for success. Several things can go wrong: you may have based your strategy formulation ondeficient or untrue analysis of the market or the business itself; you may have set too ambitious or too modestgoals; you may have invented something that cannot be implemented; and the like. Read a recent interview withMichael Porter who answers: Why Do Good Managers Set Bad Strategies?http://knowledge.wharton.upenn.edu/article.cfm?articleid=1594#

Important questions must be answered before you set to implement your competitive or corporate strategies:

Does the strategy look attractive in terms of financial returns and the timescale required for delivery?

What are the risks involved in following the strategy and how significant are they?

Are the assumptions made about the strategy reasonable and justifiable given the context?

What is the likelihood of success for the strategy given conditions within the external environment?

All these questions can be combined under the three broad criteria of suitability, acceptabilityand feasibility, butto find answers to the questions involved in assessing and selecting particular options requires the application ofrelevant tools, models and frameworks. Below is a revised list of the questions implied by each of the broad setsof criteria are linked to some possibly relevant tools.

Toolbox 3.1 Strategy evaluation signposts and tools

Criteria & Questions Tools, Models & Techniques

Suitability Does the strategy

address the externalenvironment?

Is the strategy viableand achievable givenconditions within theenvironment?

Does the strategybuild upon or exploit thestrategic capabilities of theorganisation?

Does the strategycreate/exploit synergy

across the organisation? Does the strategy fit

with the current corporateculture of the organisation?

Does the strategycreate/maintain competitiveadvantage?

SWOT analysis (Ch. 2.4)PEST analysis (Ch. 2.2.1)Five forces framework (Ch. 2.2.2)Strategic group analysis (http://www.csuchico.edu/mgmt/strategy/module3/ Slides41-45)Market segmentation analysis (Ch. 2.1.3 (i))Resource analysis (http://www.tutor2u.net/business/strategy/resources.htm)Value chain analysis(http://www.tutor2u.net/business/strategy/value_chain_analysis.htmCore competences analysis (Ch. 2.1.4)Activity mapping(http://www.valuebasedmanagement.net/methods_value_stream_mapping.html)Cultural web mapping

(http://www.12manage.com/methods_lewin_force_field_analysis.html)Generic strategy identification (Ch. 3.2)Synergy analysis portfolio; linkages; core competences; management styles

Acceptability

What are theexpected outcomes of thestrategy and are theyconsistent with stakeholderexpectations?

Does the strategy lookattractive in terms of

Stakeholder mapping (Ch. 2.3)Profitability analyses return on capital employed; payback period & net presentvalue of discounted cash flowsRisk analyses financial ratio projections; sensitivity analysis & simulations(http://www.12manage.com/methods_slywotzky_strategic_risk_management.html)
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financial returns and thetimescale required fordelivery?

What are the risksinvolved in following thestrategy and how significantare they?

Feasibility

Has the organisationgot the resources andcapabilities to deliver thestrategy?

What gaps inresources and capabilitiesneed addressing in order toensure success?

Resource analysisValue chain analysisCore competences analysisActivity mappingResource and capability gap identificationCultural web re-mappingStakeholder re-mapping

4.1 INTRODUCTIONAn integral part of the strategic management process is strategy implementation. Once the position of theorganisation is assessed, the strategic route is set and all possible choices evaluated, it is time to turn strategyinto action.Quite often this turns out to be the trickiest part of strategic management as it requires total commitment fromevery layer of the organisation. Besides, strategy implementation almost always requires changes in theorganisation. Even if change is well managed, there will always be some resistant towards it, be it reorganisationor simply introducing a new technology or a new IT system.

Implementing strategy is organisation specific and situation dependent. It is not possible to collect all the goodadvice how to go about it. Therefore, this course is structured so that in your next semester you will read anddiscuss a number of case studies in order to get an insight how (mis)manage strategy and most importantly,how to be successful in turning strategy into action.In this last unit we will not come forward with much theory. This is more of a collection of some articles and casesthat can help you understand the cornerstones of strategy implementation. And your next semester will give you aperfect opportunity to use all the knowledge you gained from going through this e-learning material.

- How do you make God laugh?- Tell him your plans.

An old joke, but one that can raise a wry smile with many managers who have tried to formulate and implementstrategies within organisations. Whatever the plan, however well it has been thought out, life seems to have a wayof throwing a monkey wrench into the works.4.2 DELIBERATEOR EMERGENT STRATEGY?In their work on the nature of the strategy process, Mintzberg and Waters (Mintzberg, H., Waters, J.A. (1985), "Ofstrategies, deliberate and emergent", Strategic Management Journal, Vol. 6 pp.257-72.) make a distinctionbetween intendedand realisedstrategies, which provides a key insight into the strategy process.

Figure 4.1 Deliberate vs. emergent strategy


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Where a strategy is realised as intended, this can be seen as the outcome of a deliberate process. However,many intended strategies are notrealised in practice, these are unrealised strategies.In many cases, a successfully realised strategy is not the outcome of original intentions. Sometimes eventsintervene or the strategy changes during the process, perhaps as early results become apparent. This can bebest described as an emergentstrategy.Deliberate and emergent strategies form the polar extremes of a continuum, with a range of types in betweendepending on the extent and how they meet the perfect conditions at either end.

4.3 STRATEGYAS PLANOR PATTERN?

The distinction between deliberate and emergent strategies underpins the debate about strategy process

paradigms how organisations should go about the process of developing strategy.

A broad distinction can be drawn between two competing approaches that form the limits of a continuum:

Theplanning approach which is based the deliberate strategy view, seeing strategy as a process offormulating and successfully implementing plans; and

The incrementalist approach which is based on a view of strategy as pattern emerging from a stream

of organisational activities and decisions.

The planning approach sees strategy formulated then implemented in a series of steps, involving rational

analysis and evaluation of options, explicit communication of a course of action, followed by implementation

through detailed functional plans and budgets. Whilst there may be iteration and feedback between the

stages, the overall logic remains clear (see for details:http://www.bain.com/management_tools/tools_planning.asp?groupCode=2).
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The Planning Approach

Strategies are the outcome of rational, sequential, planned and methodical procedures

Definite and precise strategic objectives are set

The organisation and environment are analysed

Potential strategic options are generated and the optimum solution chosen

Defined procedures for implementation and the achievement of the strategic objectives are developed

The strategy is made explicit in the form of detailed plans

The incremental approach sees strategy as a pattern emerging from the activities and decisions of the

organisation. The future is difficult to predict and organisations are difficult to control rationally. Rather than

commit to a single plan and to past experience, the organisation needs to maintain flexibility and adapt to the

changing environment. For several good examples and advice, read

http://www.thinkingmanagers.com/management/future-strategies.php.

This is nota haphazard approach that ignores analysis or planning, rather it sees the strategy evolving from a

process of continual formulation, implementation, testing and adapting, with the distinction between the

stages often blurred.

The Incremental Approach

Evolutionary but purposeful strategy development

Strategy is developed as issues arise

Strategy is continually adjusted to match changes in the operating environment

Early commitment to a strategy is tentative and subject to review

Strategic options are continually assessed for fit

Successful options gain additional resources

Strategic options are developed from existing strategies by experimentation and through gradual

implementation.

The extent to which the strategy process is, and should be, planned or incremental is a matter of debate. It

could also be argued that different approaches suit different contexts for example, the planned approach

might be most applicable in a turnaround situation, whilst the incremental approach is best suited to changing

situations with high levels of uncertainty.
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4.4 SUCCESSFUL IMPLEMENTATIONIS NO ACCIDENTToo often, managers ask the question of "how to implement" far too late. They start thinking aboutimplementation only after they've developed their strategies. That's a mistake. They should takeimplementation steps both before and during strategy development as well.

Michael K. Allio, a long-time strategy consultant contends that implementation lies at the core of strategy anddeserves as much attention as the formulation of strategy. Read carefully his practice-driven implementationguide (A Short, Practical Guide to Implementing Strategy)

A peculiar concept, called corporate culture plays a critical role in implementing strategy. Your company culture issimply what your company is in terms of traditions, shared beliefs, feel-good or feel-bad combinations. AsGraham Yemm, another strategy consultant suggests where your culture does not fit with strategyimplementationpeople are in conflict. Should they be loyal tocompany traditions and resist actionspromoting better strategy execution? Or should they support strategy by engaging in behaviours that run counter

to the culture?. His advice is worth reading in Does Your Culture Support or Sabotage Your Strategy?.

4.5 SCORECARDS: TRANSLATING STRATEGYINTO CONTROLLED ACTION

Scorecards, also called strategy, performance or balanced scorecards, are now ubiquitous. Scorecards are aprimary means of translating strategy into action. They define, through measurement, the intent and purpose ofstrategic objectives and provide clarity to managers, staff and external observers on the meaning of performancefor an organization.For decades, companies focused solely on financial numbers to keep score. This worked fine in stableenvironments when "making the numbers" simply meant doing a little better this year than last year. Those daysare gone and, as Robert Kaplan and Thomas Johnson argued in their history of management accounting. Theirbook, Relevance Lost suggested that performance reporting designed for external financial disclosure and

constrained by local accounting standards is wholly inadequate to the task of modern business management.Written at the end of the 1980s, Relevance Lost marked the beginning of an urgent search for bettermeasurement approaches that has been underway ever since. Ultimately, this search led to the balancedscorecard (BSC), created by Kaplan and David Norton.

The term balanced comes from the fact that the scorecard strives to measure performance in both financial andnon-financial terms - using the four perspectives of financial, customer, internal process and enablers oforganizational learning and growth (see Figure 4.2). These four perspectives are often misunderstood to implythat results for different stakeholders are all equally important. This is not the case. As Kaplan and Norton explainin each of their books, the source of these different categories of measures is the business strategy, whichclarifies how an organization intends to create sustainable profits and growth.

Figure 4.2: The elements of a balanced scorecard for an airline company
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The learning perspective includes employee training and corporate cultural attitudes related to both individual andcorporate self-improvement. In a knowledge-worker organization, people, the only repository of knowledge arethe main resource. In the current climate of rapid technological change, it is becoming necessary for knowledgeworkers to be in a continuous learning mode. Metrics can be put into place to guide managers in focusing trainingfunds where they can help the most. In any case, learning and growth constitute the essential foundation forsuccess of any knowledge-worker organization.

The business process perspective refers to internal business processes. Metrics based on this perspective allowthe managers to know how well their business is running, and whether its products and services conform tocustomer requirements (the mission). These metrics have to be carefully designed by those who know theseprocesses most intimately; with our unique missions these are not something that can be developed by outsideconsultants.

In addition to the strategic management process, two kinds of business processes may be identified: a) mission-oriented processes, and b) support processes. Mission-oriented processes are the special goals of companiesand businesses, and many unique problems are encountered in these processes. The support processes aremore repetitive in nature, and hence easier to measure and benchmark using generic metrics.

Recent management philosophy has shown an increasing realization of the importance of customer focus and

customer satisfaction in any business. These are leading indicators: if customers are not satisfied, they willeventually find other suppliers that will meet their needs. Poor performance from this perspective is thus a leadingindicator of future decline, even though the current financial picture may look good.

In developing metrics for satisfaction, customers should be analyzed in terms of kinds of customers and the kindsof processes for which we are providing a product or service to those customer groups.The BSC methodology does not disregard the traditional need forfinancial data. Timely and accurate funding datawill always be a priority, and managers will do whatever necessary to provide it. In fact, often there is more thanenough handling and processing of financial data. With the implementation of a corporate database, it is hopedthat more of the processing can be centralized and automated. But the point is that the current emphasis onfinancials leads to the "unbalanced" situation with regard to other perspectives.

Useful, practical suggestions as for measures and targets within the realm of the four perspectives (learning,internal, customer and financial) you can find at http://www.tutor2u.net/business/strategy/balanced-scorecard-perspectives.html.
http://www.tutor2u.net/business/strategy/balanced-scorecard-perspectives.htmlhttp://www.tutor2u.net/business/strategy/balanced-scorecard-perspectives.htmlhttp://www.tutor2u.net/business/strategy/balanced-scorecard-perspectives.htmlhttp://www.tutor2u.net/business/strategy/balanced-scorecard-perspectives.html


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Documents

International Business Policy and Strategy I