This assignment content consists of a variety of resources, including articles, journals, and books, related to strategic management and business policy. The content includes topics such as the Ansoff Matrix, value network models, creative frameworks, and intellectual capital analysis, among others.
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STRATEGIC MANAGEMENT
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Table of Contents INTRODUCTION......................................................................................................................1 Corporate profile....................................................................................................................1 STRATEGIC ANALYSIS.........................................................................................................1 Competitive forces..................................................................................................................1 Macro environment analysis...................................................................................................3 Competencies and strengths...................................................................................................4 STRATEGIC PURPOSE...........................................................................................................6 Core purpose and mission......................................................................................................6 Main goals and vision.............................................................................................................6 Guiding principles and core values........................................................................................6 STRATEGIC OPTIONS FOR GROWTH.................................................................................7 STRATEGY IMPLEMENTATION........................................................................................10 ESSENTIAL CONDITIONS...................................................................................................12 REFERENCES.........................................................................................................................14
INTRODUCTION Strategic management is company current position and strategy analysis to determine its overall capabilities and effectiveness that are helpful to create more value for business. It is the company’s pattern or plan with which it can achieve its desired goals. The process is adequately comprised in the organization’s decision making management plus senior level management that is led by chief executive officer plus board. If a company have a proper management and use of its strategy than can attain productive outcomes that is the main purposeofanybusinesstoo.Also,strategicmanagementisreferredtoagroupof development, evaluation and implementation of cross functions decisions, which make it possible for company to achieve its decided goals. Here, the paper is analysing strategic management at world’s leading sports company, Nike. The below report gives an awareness into Nike with emphasis on its business external environment analysis as well as organization analysis of competence, culture and resources. Moreover, through the following analysis two strategic options for next three years are suggested to the company in relation to its resources based tactics. Corporate profile Nike was founded as a Japanese shoes importer and has developed to be world’s biggest marketer of athletic apparel and footwear. Nike products in US are sold through 20,000 retail accounts and in 110 nations. Both in overseas and domestically, the company operates its retail outlets including Nike factory and towns stores. Mainly all items are produced by independent contractors, located primarily overseas with Nike engaged in development, marketing and design. Besides this, its huge range of core athletic apparel and shoes, the organization also sells Bauer and Nike brand athletic equipment, Cole Haan brand casual and dress footwear and Sports specialities headwear line featuring logos of licensing team. STRATEGIC ANALYSIS Competitive forces This can be analysed by the application of Porter’s Five Forces framework, which include: 1
Figure1Porters Five Forces (Source: Myers, 2013) New entrant’s threat – The large retail chains have developed their power due to one stop shopping, operating effectiveness and marketing mix expenses. Hence, it is difficult for new players to raise capital because of highly developed supply chains and large fixed costs. Also, high investment required in advanced techniques for stock control systems and checkouts that influence both existing ones and new entrants (Austin and Pinkleton, 2015). Suppliers bargaining power – It represents the suppliers power that can be impacted by leading sports companies, which brings fear of dropping their business to big retailers. Hence, thisfurtherconsolidatesleadingpositionsofoutlets,likeNikeinnegotiatingbest promotional prices from suppliers that are unable to match by small individual. Buyers bargaining power – It is rather high. In this regards, Porter said that the more commodities that become undifferentiated or standardized, the less the cost of switching and thus more power is given to customers. This means customers can switch easily from one brand to other. For retaining customers, Nike runs several discount schemes that increases the profitability of business significantly (Clegg and et.al., 2011). Substitute’s threat – This threat in the market of retail sector is significantly below and it is from average up to high. Till the period economic recession prevails, the customers will be more inclined towards discounts and as a result, Nike has a threat of special purpose outlets. Competitors bargaining power – Threat of new rivalries occurring in the sports sector is low because huge investment of capital is required to create a brand and be competitive. The 2
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environment of retail sector has seen an important market dominance and growth in size of biggest players with enhanced concentration of retailers and use of various formats that are now prominent features of the sector. This highly competitive market has nurtured an accelerated development level, due to which retailers, like Nike have to be innovative for developing and maintaining good share in the market (Fano, 2012). Macro environment analysis The external factors impacts business operations of Nike can be identified through PESTLE analysis: Political– The performance of Nike is greatly affected by legislative and political situations of different countries where it operates. It also includes job opportunities required to be provided by retailers to meet certain population categories demand such as disabled, students, senior citizens and working parents (Grant, 2010). Economical– These factors are great concern for Nike, Inc., as they are likely to influence prices, profits, costs and demand. One most influential aspect on the economy is high rate of unemployment that lessens the demand for several commodities, adversely influencing the demand needed to produce such items. Social– Present trends shows that consumers have moved towards “bulk” and “one stop” shopping due to several social changes. Hence, Nike have enhanced amount of athletic products for sale. Individuals are now more conscious for their health. As a consequence, many people are joining fitness classes. There is an associated demand for sports products specifically, shoes, equipment and apparel. Nike is at on the top of this demand surge (Hill, Jones and Schilling, 2014). Technological– It is the main macro environmental factors that plays a great role in Nike’s product development. The new techniques benefit both company and customers. Satisfaction of customer rises, as services can be personalized, commodities are available readily and shopping more convenient. Environmental– The main societal problem threatening retailers is environmental issues, hence a main consideration for organizations is to act in socially responsible manner. In this respect, Nike social responsibility is concerned with the manners in which business surpass theminimumobligationstostakeholdersidentifiedthroughcorporategovernanceand regulation (Hitt, Ireland and Hoskisson, 2012). 3
Legal– Several government policies and legislations have direct influence on Nike’s performance. Without adequate management planning and leading in Nike, the organization would have suffered from issue of child labour. The company has made a real bounce back from negative attention of media and remain successful because of its strong business ethics (Jones, Conway and Steward, 2001). Competencies and strengths SWOT analysis is the best framework of identifying strengths and competencies of Nike: Strengths Strong brand name Flexibletochangewithbusiness environment Competitive pricing strategy Strong format of hypermarket New stores expansion Companybelievesindirectmarketing rather than through agent or middleman Customer relationship/loyalty Weaknesses High dependence on UK market High advertisement cost burden High rate of employees turnover Burdenofnewstafftrainingand development Opportunities Increasing health consciousnesscreating good demand Explore new locations for its store. It is in conjunction with present strategic plan to open more outlets Thereisanopportunitytodevelop commoditieslikesunglasses,jewellery and sport wear. These high value item will definitely bring high profit to company The business can be globally developed, building on its strong brand recognition. Alsothereareinternationalmarketing events that can support the brand like The Olympics and World Cup. Threats Stiff competition in the sector. Preferencesanddesiresofcustomers would change over time Worldwideeconomicrecessionisthe barrier and crated influence on business of Nike Environmental aspects like political issue, climatechangesandtaxissuescan become a threat for the company 4
Thecompetenceleadstoperformancelevelsfromaprocessoractivitythatis essentially better than rivals. Benchmarking may support in comprehending performance standards and what constitutes bad or good performance. But for Nike, it will be important to look at generic point. Core competencies might be deep embedded in operational level of company in work routines. According to Hamel and Prahalad (1990), organizations may create main expertise areas which are unique to that firm and critical to its long term growth (Kalb, 2013). In case of Nike, the expertise areas are most likely to develop in central and critical areas of company where value is added to its services. For instance, trust for the brand lies in such services and considered as long term business areas with possibilities to develop real scale. By a long operations period, Nike core competencies have to be reasonably fixed. It has been stated by Hamel’s and Prahalad approach that main competencies must alter in response to company’s environmental changes and be evolve and flexible over time. Hence, Nike is required to adopt with new fast changing opportunities and circumstances, so its core competencies will have to adjust and adapt. One example of this was when loyalty card has been launched by company and went into banking (Kaplan and Norton, 2001). Three factors has been suggested by framework of core competencies, such as: Give possible access to wide market place– It enables development of new services and products. For example, Nike has created a strong leadership in the sector of sports retail. The main competencies that make it able for Nike to enter into athletics retailing was exact distinctive proposition of brand, which has a concentration on adequately define segment of market. It is also recognized as an organization offering most effective and customized services on the basis of excellent customer relationship management (Myers, 2013). Makes vital contribution to perceived benefits of customers– The Company should deliver basic benefits to customers. With an aim to determine main competencies in specific market, one question is need to be addressed in relation to why the customer is willing to pay less or more for one service or product than other. For instance, Nike has been successful in capturing retailing sector leadership. It shows that the company develops plus executes adequate supply systems and deliver proper customer interface. Nike was the first sports retailer of UK and still has been the best one. Moreover, it is the only retailer that use to mail information to customers on monthly basis (Olsen, 2010). 5
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Difficult to imitate by rivals– It highlight the requirement for core competence to be unique competitively. The product differentiation importance is indicated by this. For instance, from many years, Nike has strong position in the retail sector. It had distinct approach to concept of service, offering good organization reputation and introducing new excellent quality products. Applying such framework to Nike shows that to become successful a company has to base its strategy of business on such capabilities. The capabilities outcome from ability of Nike to exploit and combine these resources in distinct manners. In the external atmosphere, the competition intensity is not completely under the control of retailers but to become competitive the organization have to determine its main competencies and utilize them for the benefit of business (Rugman, 2005). STRATEGIC PURPOSE Core purpose and mission The company mission is to lead in corporate citizenship by proactive programs that reflectcaringforcustomers,teammatesandthosewhooffertheirservicestoNike. Consumers desires for great commodities at good value that they can easily buy and it’s the job of Nike to deliver this in right manner to them. The company consider communities, colleagues and customers at its heart. Also, Nike provide high-quality and affordable products to people throughout the globe and create customers value. It is a large organization, touching millions of individual’s lives on daily basis. This scale provides an opportunity to make a positive difference to some biggest challenges world is facing (Sage, 2010). Main goals and vision A vision is an aspiring view of where the organization wants to reach. It gives a benchmarkforwhatthecompanywantstoattain.Nikebuiltaroundcolleaguesand customers. Its vision guides the corporate direction and strategic decision it makes. The vision of Nike is to become the most greatly valued business by the communities in which it operate, customers it service, through its committed and loyal colleagues and shareholders. Guiding principles and core values Nike follow an appropriate code of conduct that supports it in maintaining integrity, reputation, impartiality and objectivity. The organization also follows same conduct for its all units to consider all stakeholders interest. Furthermore, employees are well directed in Nike to follow decided guidelines of board members and they need to protect the assets of company for safeguarding interest of stakeholders. This code of conduct as well as principles 6
will surely assist the company in application of novel tactics in business and attain profitable results for shareholders (Vitalari, 2012). STRATEGIC OPTIONS FOR GROWTH For the reason to define best strategic option for growth, the model of Ansoff’s matrix can be used. It includes the opportunities to provide existing and new products in prevailing and new markets as well as level of risks linked with one another. Also, the particular matrix defined as Ansoff’s product and market growth matrix is a tool for marketing planning that mainly aids a company in determining its product and market growth. There are four marketing strategies alternatives included in Ansoff’s matrix, such as market development, diversification, product development and market penetration (Ward, 2016). Figure2Ansoff's Matrix (Source: Musculo, 2016) Product development– By adopting this tactic, an organization can launch new commodities into present market. The product development can differ from introduction of novel items in existing market or can include modifications of available products range. By making changes in the product, one would likely change its outlook or presentation, increase products performance and quality. By doing so, the company can appeal more effectively in its current place of market (Wheelen and Hunger, 2011). Market penetration– The particular strategy includes available items as well as commodities that are presented in current market. Furthermore, there can be exploitation of products in this 7
strategy without necessary changing the commodities plus its outlook. This will be possible through using promotional methods, putting various policies of pricing, which can influence many clients or make the process of distribution more far-reaching (Aaltonen and Ikävalko, 2002). Diversification– It includes an organization marketing or selling new stuffs into new market at same period. This strategy is very risky because includes two unknown activities, i.e. new products development and uncommon development problem that may occur in the process. Also, there is the truth that new market is being targeted that would bring problem in relation to having indefinite aspects. Market development– It can be explained as extension of market. By applying this strategy, the company sells its present commodities to new markets. This can be made possible through market further segmentations to aid in identifying new clientele base. The particular strategy also assumes that existing markets have been completely exploited thus there is requirement to venture into new places. There are various approaches to such strategies that include new geographical markets, new distribution channels, new product packaging and different pricing policies (Biem and Caswell, 2008). Here, in the following case of Nike, the strategy of market development will be best adequate one. This tactical option will assist the business in achieving more market share that will directly create impact on increasing shareholders value and attaining competitive edge over competitors. By implementing the market development strategy, Nike can put its emphasis on below strategic options: Segment to women’s– Nike has based its business historically by connecting itself with sport specifically chosen for its popularity and reach in some definite geographies. For instance, initially the company started out as distributor and manufacturer of basketball shoes and apparel in UK and branched out by taking incremental segments in several other sports. The company in Europe based its business around soccer as well as gradually grew enough large to become preferred brand of sporting in the 10 most significant cities for the business of sports gear in the continent (Breja, Banwet and Iyer, 2011). The strategy for targeting products to women’s should be equal. The organization can take notes from Lululemon for spottingsuccessfullyyogaasonefastestdevelopingactivitiesinU.S.withlargely participants are female. The corporation itself associated with the activity of providing several apps that facilitated individuals to identify not yoga centres only but also minded 8
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people interested in similar activities. It then promote such activities and sold its offerings to selected target audience. The company can pursue a same track by targeting running (BurgeSmani and Wheelwright, 2004). In addition to above, the organization can look at its main competitor Adidas business activities in China. It has been recognized by Adidas that voluntary participation in Chinese sports is not comparable to that in North America and Europe. Rather than seeing sports as some serious thing enough to develop a lifestyle around, customers of China mainly see it as activity for recreation. Such insight can be used by company to run its very well-received campaign all-in-for-my-girls centred on females doing fun things. Nike can also catch up with Adidas by developing strategic alliances with producers and distributors and grass root companies that supports in promoting these activities in the area (Chiang, Chhajed and Hess, 2003). New and innovative experience– To become leading sports brand in the globe both at present and in future, the company require to deliver new experiences and products in more appropriate manner. For Nike Inc., it is not regarding trading one challenge of business for other. It is in relation to recognizing such sustainability towards profitability in future (Crain and Abraham, 2008). While looking ahead, it can be determined that customers around the globe are developing new services and novel markets that need the company to concentrate on getting close to potential market, create digital, new solutions as well as to customized commodities for buyers more quickly than before. In order to fulfil these demands, the organizationshouldsuccessinaglovewherebothhumanandnaturalresourcesare constrained. In future, problems ranging from peaking prices of oil, mitigation of climate change and population growth to lessening natural resources availability can influence on Nike’s business and customers. As the world is moving to less carbon economy, the company see its possible effects to working conditions, labours forces, development, communities, supply chains, sports, youth and more (Doh, 2005). Nike FuelBand– In the direction of market developments strategy, FuelBand is recently introduced advanced electronic wristband, which is the other component in elastic journey of company that highlights its tactic. The latest FuelBand in wearable devices series supports individuals in tracking information of their workout that can be uploaded by them to business platform of Nike+. The particular band measures movement, time and calories (Doyle, 2010). Nike can also make partnership with other firms to provide watches, smart shoes and heart monitors. FuelBand is newest step in strong socially driven elastic tactic. At such point, the 9
organization has various robust platforms of business, a rising business ecosystem that comprises over 50+ million worldwide clients, universal connectors with partners like Polar, Apple,TechnoGym,LifeFitness,Cybex,PrecorUSA,StarTracandseveralother proprietary devices like Sensory Training Station SPARQ for athletes. Most significantly, all such efforts can add important monetizing opportunities plus diversified growth for the company. With such FuelBand addition, the new customers segments can be added to business of Nike for including all sports and any virtual activity of humans that burns calories. Hence, every new device by Nike can add new capabilities to platform of business as well as new growth options (Girotra and Yadav, 2001). STRATEGY IMPLEMENTATION Implementation of strategy– It is defined as the stage in overall procedure where strategic plans are actually translated into strategic actions. This is the operational procedure where focus of management must be on effective management of resources throughout the actions. Thus,itneedsadaptationofdifferencemanagementandleadershipskillsalongwith motivation of stakeholders for combining efforts. It is vital to look that adequate resources are offered (Hülsmann, Grapp and Li, 2008). Strategic control– It includes monitoring the process of implementation, reviewing outcomes in against of pre-defined goals plus analysing deviations as well as correcting them. The main idea in relation to effective management of strategy is that the strategy selected must be able to attain desired goals of company. Hence, earlier hypothesis assessment about the selected strategy outcome and actual performance periodic comparative review with past assumptions become important for attaining successful outcomes from implementing specific strategies. Strategic management control is referred to procedures through which various stakeholders are encouraged by company to act in a way that leads to corporate objectives and mission realization (Karlsson and Sköld, 2007). The strategic plan of Nike is to expand its business operations in other nations through designing products for more segments along with already available segments in those places. This can be done by company with the introduction of sports shoes, headwear, etc. for women’s. On one side, the particular strategy will outcome in increasing Nike, Inc. revenue and profitability and on other side, it will also add in increasing brand awareness and promoting brand name that would be supportive in long duration. The company will need to recognize their competencies and strengths before expanding their business operations into other nations. Also, they should take care of satisfying target audience demands and needs 10
(Mishina, Block and Mannor, 2012). Thus, available resources allocation is required to be adequately managed in the implementation process action driven nature. Also, it is significant to manage finances and people carefully. Hence, Nike should make concentration on placing right talents to their matching jobs as well as allocate resources based on right action plans. The below is the table summarizing framework of strategy implementation that will support the management of company in attaining desired goals (Okumus, 2003). Strategy Implementation Framework for Nike, Inc. DurationStrategyResponsibilityAction plan March 2016 – May 2017 Product development Product development Head Addmoreexciting commoditiesby introducing sportswear,athletes apparels, etc. June2016– February 2017 Market developmentHeadofplanning and operations Toincreasetarget marketinother nations January2017– November 2018 Market developmentAdvertising managerAdvertisenew products range with existingonesand create promotions or campaigns April 2018 – January 2019 Market penetrationResearch managerConductmore researchinthe marketforbeing knowledgeable regarding preferencesand tastes of audience March 2018 – May 2019 Market penetrationAdvertising managerPut efforts in ads for generatingmore awareness June2018– December 2019 DifferentiationProduct development head Undertakewide researchtocreate 11
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differentprograms as per preference of customers Therefore, a significant role is played by evaluation and monitoring the actual facts about strategic progress and support in reviewing the same. If any issue arises in the process planninganditsexecutionthancanbeeasilyidentifiedandaccordinglyadequate improvements can be planned. The practices and policies are integrated with past knowledge in the project. It enables in learning mistakes from such experiences and enhance expertise plus knowledge (Vukanovic, 2009). ESSENTIAL CONDITIONS Nike, Inc. is needed to inspire managerial staffs to give their feedback in forms of recommendations or opinions to support in realizing fields that required more attention. Innovation is significant for targeting new customers while monitoring external situations to determine options in competitive manners. Moreover, at the time of introducing products for new customers segment negative outcomes like over-saturation of market can generate. The negative influences on revenue can impede financial performance (Pugh and Bourgeois III, 2011). Also, other aspects that might lead to difficulty for Nike is the corporate culture. Even though, some tactics might be suitable for business goals, the organization must not follow the same if it does not match with business culture of Nike. In addition to these aspects, finance and time are two most essential elements that plays a great role in implementation of strategy. The company also required to take into consideration time bound actions plus balance the same with integrating budget. Development of new product will require good research that would consume more time and capital (Roos, Bainbridge and Jacobsen, 2001). Hence, such essential resources effective management is the priority while designing business strategy in which main focus is on customer’s satisfaction. One more vital element for successful implementation of strategy is manpower. Finally, it is desirable to schedule SMART targets that are Specific, Measurable, Achievable, Realistic and Time bound. It must be precisely expressed and stated positively that what benefits would be attained by Nike by implementingcertainstrategy.Suchobjectivesmustbequantifiabletodetermine effectiveness of strategies given in strategic planning and measure it progress. Furthermore, these targets must be communicated adequately with all stakeholders to put their contribution on right path (Siegel and Vitaliano, 2007). 12
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