Strategic Management of Al-Ghanim Industries: Analysis and Recommendations
Verified
Added on  2023/06/04
|22
|5487
|153
AI Summary
This report provides a strategic analysis of Al-Ghanim Industries, Kuwait, including SWOT and PESTLE analysis, CPM, EFE and IFE matrix, BCG and Grand strategy matrix. Recommendations are provided for management, marketing and R&D departments for growth and expansion.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
Strategic Management
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
EXECUTIVE SUMMARY Strategic management refers to the preparation of long-term objectives and goals for the organization which also formulate the specific course of action for the achievement of those goals. The strategic management is helpful for companies to attain a competitive advantage in the global market. The report is related to strategic management of Al-Ghanim industries, Kuwait and for that different types of analysis has been done to know about the competitive position in the global market. In this regard, it has been identified that the company is keeping a competitively strong position in the market due to brand image, quality products and better customer relations.Hence, several recommendations have been provided for the management, marketing and R&D department for the improvements and new strategies have also been implemented for the expansion of businesses.
Table of Contents 1.0INTRODUCTION................................................................................................................1 2.0 EXISTING VISION, MISSION, OBJECTIVES AND STRATEGIES....................................1 2.1 Company information............................................................................................................1 3.0 DEVELOPING VISION AND MISSION STATEMENTS FOR ORGANIZATION.............2 4.0 EXTERNAL ANALYSIS.........................................................................................................3 4.1 Recognizing an organization's external opportunities and threats.........................................3 4.2 Developing PESTLE analysis................................................................................................3 5.0 CONSTRUCTING COMPETITIVE PROFILE MATRIX (CPM)...........................................5 6.0 CONSTRUCTING AN EXTERNAL FACTOR EVALUATION MATRIX (EFE)................6 7.0RECOGNIZINGTHEORGANIZATIONSINTERNALSTRENGTHSAND WEAKNESSES...............................................................................................................................7 8.0 CONSTRUCTING AN INTERNAL FACTOR EVALUATION MATRIX (IFE)..................8 9.0 RECOMMENDING LONG-TERM OBJECTIVES AND SPECIFIC STRATEGIES............9 9.1 Recommending long-term objectives....................................................................................9 9.2 Specific strategies to achieve long-term objectives...............................................................9 9.3 Comparing recommendations to actual strategies planned by the company.......................10 10.0 APPLICATION OF TWO MATRIXES...............................................................................10 10.1 Boston Consultancy Group Matrix (BCG)........................................................................11 10.2 Grand strategy matrix........................................................................................................11 11.0 SPECIFYING THE RECOMMENDATIONS FOR MANAGEMENT, MARKETING AND R&D...............................................................................................................................................13 12.0 RECOMMENDING PROCEDURES FOR STRATEGY REVIEW AND EVALUATION .......................................................................................................................................................14 13.0 CONCLUSION......................................................................................................................14
REFERENCES..............................................................................................................................16 List of tables Table 1: External opportunities and threats of Al-Ghanim industry...............................................3 Table 2: CPM matrix for Al-Ghanim industry................................................................................5 Table 3: EFE matrix of Al-Ghanim industries................................................................................6 Table 4: Internal strengths and weaknesses of Al-Ghanim industries.............................................7 Table 5: IFE matrix for Al-Ghanim industry...................................................................................8 List of figures Figure 1: BCG matrix for Al-Ghanim industries...........................................................................11 Figure 2: Grand strategy matrix of Al-Ghanim industries.............................................................12
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
1.0INTRODUCTION Strategic management is used by the organizations for the management of resources to achieve the vision, mission and objectives (Freeman, 2010; Wheelen and Hunger, 2011; Eden and Ackermann, 2013). It is also associated with the formulation and implementation of strategies to attain the organization’s strategic intentions. In this regard, the current report is basedonthestrategicanalysisofKuwaitbasedAl-Ghanimindustries.Inthiscontext, environmental analysis has been carried out by using SWOT and PESTLE analysis. Further, Competitive Profile Matrix (CPM), External Factor Evaluation (EFE) and Internal Factor Evaluation (IFE) matrix have been constructed with regards to Al-Ghanim industries. Apart from this, Boston Consultancy Group (BCG) and Grand strategy matrix have been applied for the entire analysis of the company. At the end, appropriate recommendations have also been provided for the growth of the businesses. 2.0 EXISTING VISION, MISSION, OBJECTIVES AND STRATEGIES 2.1 Company information Al-Ghanim industries is the largest multinational sector of several privately-owned companies of Gulf region, Kuwait. The company is operating the businesses since 1932 in Kuwait and it has various branches in almost 40 countries. Further, Al-Ghanim industries involve in 30 types of diversified businesses such as automotive, construction, media, FMCG products, furniture etc. Moreover, it also deals in oil and petroleum, travel, retail, food and beverages, insurance, engineering and other consumer services etc. (Al-Ghanim industries, 2018).Apartfromthis,thecompanyisamarketleaderwithdiversifiedmultinational corporations and products. On the other hand, the company is offering high-quality products and different new brands in the market involving ALGO elevators, Alaska air conditioners and Wansa consumer electronics (Al-Ghanim industries, 2018). The company is affiliated with 300 international and regional brands along with brand partners involving Europcar, Honda, OREO, Palmolive, American express etc. 1
Vision-Vision of the company is to become more successful, victorious and affluent company in the region as well as international level (Al-Ghanim industries, 2018). In this way, the company is straightforward towards the vision by offering the diversified products. Mission- The mission of the company is to deliver the remarkable values to stakeholders and consumers with the help of consistent quality products. Moreover, for the achievement of vision, the company is focused on empowerment, high performance and passionate teams in the industries (Al-Ghanim industries, 2018). Objectives and strategies- The objectives are helpful to create the firm more competitive in the market (Scarborough, 2016). The Al-Ghanim has several specific objectives to achieve the success and create value which are as follows- ď‚·To be customer centered by offering the quality products and services ď‚·To achieve the expected growth in the international market ď‚·To emphasize the empowerment and teamwork for the achievement of vision and mission ď‚·To maintain diversified and open cultural environment in the organization Strategies-Currently Al-Ghanim is using different types of business strategies such as growth revenues and constant improvement strategy etc. to attain vision, mission and objectives of the company. Further, the company is committed towards the expansion strategy along with an aim to enhance the retail industry in Kuwait as Assima mall which is a part of Assima project and going to launch in the upcoming year (Al-Ghanim industries, 2018.). 3.0 DEVELOPING VISION AND MISSION STATEMENTS FOR ORGANIZATION On the basis of existing vision, mission and objectives, the additional vision and mission have been developed for Al-Ghanim in a strategic manner, so that company can expand the business in other countries. New Vision- To enrich the retail industry in Kuwait, bring international brands to Assima mall along with a new vision for Arab employment. New Mission- For the achievement of new vision, the company decided to commit the expansion strategy for the diversified industries with the involvement of a skilled workforce. 2
4.0 EXTERNAL ANALYSIS 4.1 Recognizing an organization's external opportunities and threats A SWOT analysis is used to know about the external opportunities and threats of the company which also contains to strength and weaknesses (Nikolaou and Evangelinos, 2010). External threats affect the business adversely because they are not under the control of the company. In this regard, on the basis of SWOT analysis, it has been found that Al-Ghanim industries have various opportunities and threats in the international market as follows- Table1: External opportunities and threats of Al-Ghanim industry Opportunities (W) ď‚·Possibility to become a major supplier of a diversified product range ď‚·Coverage of entire consumer market ď‚·Usesofvibrantandexperienced employees for future success ď‚·Attractive investment opportunities as a low-income women entrepreneur ď‚·BecomeapartofCorporateSocial Responsibility(CSR)througha donation to Kerala relief fund Threats (T) ď‚·Availability of competitors ď‚·Easy access to subsidiary goods ď‚·Mis-managementofretailstoresall over the world 4.2 Developing PESTLE analysis PESTLE analysis is the framework which is used to analyze the external factors of the environment such as political, economic, social, technological, legal and environmental etc. (Srdjevic, Bajcetic and Srdjevic, 2012). In this context, a PESTLE analysis has been done for Kuwait country as follows- ď‚·Political factors- There is a political disturbance in Kuwait in various political leaders because the existing conditions of the country making it closed economy; however, the other political leaders want to make it liberalized economy to derive the advantages from the foreign countries (BBC News, 2018). On the other hand, the economy of Kuwait is 3
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
not vibrant enough due to which it is dealing with the issue of putting the higher prices of home-produced products. The economy of the country is based on the higher level of export of oil. Apart from this, the respective country is not following the business law which is a political issue for the country. For example- Kuwait airline was sued by an Israeli citizen because the airline does not issue a ticket to that citizen due to the absence of business law (Lucintel, 2016). ď‚·Economic factors- The economic conditions of Kuwait were strong before a century ago because the economy was based on the export of pearls. Now, the economy depends on the export of oil because it has a major contribution to the growth of GDP. Further, government income arising from the export of products which is 95% in a ratio(Business Wire Inc, 2013). Here, the government of Kuwait is emphasizing to make the country open economy by expanding the dependency of oil. On the other hand, the government of the respective country is trying to keep prices of products stable which is helpful to increase the revenue of the country. Apart from this, the current economic condition of Kuwait is not better because of reduction in GDP ratio. However, the government is putting efforts to improve the GDP in upcoming years from 0.8% to 3% p.a. which would be helpful to improve the lifestyle of people (The Heritage foundation, 2018). ď‚·Social factors- Kuwait is relatively surrounded by experienced people because of a large number of migrations from foreign countries to Kuwait. The major social factor of Kuwait is the availability of natural resources which enhances the GDP of the country. The government of the respective country is forced by the citizens to create employment opportunities for the local citizens on a primary basis and limits the number of migration ratio. Besides of these, Kuwait is dealing with the social challenges such as maximization of crime in the country which causes a higher level of corruption (Lucintel, 2016). ď‚·Technological factors-Technological factors of Kuwait are advanced in nature because the country is based on the mining of natural resources involving oil. In this context, the mining procedure is based on modern techniques which are helpful to cover the entire oil segment. The country is based on the technological projects which have a contribution to make Kuwait advanced in different types of industries (Business Wire Inc, 2013). On the other hand, the respective country has well educated and skilled workforce which is 4
fruitfulfortechnology-basedindustriestoprovideeffectiveservicesinvolvingan automobile, information technology, telecommunication etc. (Lucintel, 2016). 5.0 CONSTRUCTING COMPETITIVE PROFILE MATRIX (CPM) CPM is a strategic analysis which is used by the organizations to compare with major competitors of the industry (Capps and Glissmeyer, 2012; Sohel, Rahman and Uddin, 2014). In this regard, a CPM matrix has been consolidated for Al-Ghanim as per the critical external and internal environmental factors of the firm. So, the company can easily identify that the strategies are supportive or not for the critical success factors. Table2: CPM matrix for Al-Ghanim industry Al-Ghanim companyCompetitor1(Al- MullahAutomotive Company) Competitor2 (BehbehaniMotor Company) Critical success factors WeightScoreWeighted score ScoreWeighted score ScoreWeighted score Brand reputation0.2240.8840.8840.88 Marketing0.2230.6620.4420.44 Location0.0830.2440.3230.24 Customer Service0.24 0.8 40.840.8 Product quality0.240.840.840.8 Loyaltyof customers0.083 0.24 30.2430.24 Total Score13.623.483.4 Key milestones of table- Rank 4 - shows the strong position Rank 1- displays the poor requirements Weight has been assigned between 0 to 1 5
There is a set of standards for the CPM matrix that is 2.5 average weighted score is considered as a benchmark for the analysis of competitors (Borajee and Yakchali, 2011). In this regard, on the basis of critical success factors, Al-Ghanim industries has got 3.62 average weighted score, Al-Mullah automotive scored 3.48 and Behbehani Motor Company acquired 3.4 weighted average score in the competitive matrix. Hence, it shows that all the companies are having a strong position in the marketplace because they derived higher than 2.5 set of benchmarks. However, both are the strong competitors of Al-Ghanim industries in the international market. 6.0 CONSTRUCTING AN EXTERNAL FACTOR EVALUATION MATRIX (EFE) EFE matrix is used to analyze the external factors of the company through opportunities and threats (Ommani, 2011). In this context, an EFE matrix has been constructed for Al-Ghanim industries as follows- Table3: EFE matrix of Al-Ghanim industries WeightRatingWeighted score Opportunities 1.Possibility to become a major supplierofdiversified products 2.Coverage of entire consumer market 3.Usesofvibrantemployees for future 4.Investmentopportunitiesin low-incomewomen entrepreneurs 0.40 0.25 0.20 0.15 1 2 4 3 1.6 0.5 0.8 0.45 Threats ď‚·Availability of competitors ď‚·Easyaccesstosubsidiary goods ď‚·Mis-managementofretail stores all over the world 0.70 0.10 0.20 1 2 3 0.70 0.20 0.60 6
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Total weighted score6.4 In the EFE matrix, weight has been assigned between 0 to 1 and rate has been given between 1 to 4. On the basis of EFE matrix, it has been found that the respective company is having a strong position in the competitive market because it has a better total weighted score which is more than average score (2.5) of the company (refer table 3). In this matrix, 4 displays the company’s current strategies are not powerful and have the least importance to the company whereas 1 shows the superiority of strategies as well as more significant impact on the Al- Ghanim industry. Key points of table- Rank 1- shows that strong threats and opportunities of the market Rank 4- indicates the least impact of threats and opportunities on business and remaining are the average points for the company 7.0RECOGNIZINGTHEORGANIZATIONSINTERNALSTRENGTHSAND WEAKNESSES On the basis of SWOT analysis, internal strengths and weaknesses of Al-Ghanim industries has been identified. Strengths show the internal effectiveness of the company and weaknesses indicates that the respective company is lacking in the specific sectors (Amin, Razmi and Zhang, 2011). According to table 4, it has been recognized that a company has a strong market position for being a market leader. However, the company is lacking at internal cultural environment due to the diversity of employees. Table4: Internal strengths and weaknesses of Al-Ghanim industries Strengths (S) Diversified portfolio of products and services Strong brand value Quality products Better customer services Availability of skilled workforce Weaknesses (W) Excessive work load for employees Cultural barriers in the organization More associated with employees Do not follow the business laws 7
ď‚·Focus towards communities and giving foreword aspects 8.0 CONSTRUCTING AN INTERNAL FACTOR EVALUATION MATRIX (IFE) IFE matrix is a strategic tool of management which is adopted by organizations to evaluate the internal strengths and weaknesses (Capps and Glissmeyer, 2012). Table5: IFE matrix for Al-Ghanim industry WeightRatingWeighted score Strengths ď‚·Quality product ď‚·Strong brand value ď‚·Diversifiedportfolioof products ď‚·Availabilityofskilled workforce ď‚·Better customer services ď‚·Focused towards communities 0.25 0.25 0.20 0.10 0.10 0.10 1 1 2 3 2 4 0.25 0.25 0.4 0.3 0.2 0.4 Weaknesses ď‚·Excessiveworkloadfor employees ď‚·Culturalbarriersinthe organization ď‚·Moreassociatedwith employees(Decentralized decision-making) ď‚·Donotfollowthebusiness laws 0.20 0.30 0.30 0.20 4 3 2 1 0.4 1.2 0.9 0.6 Total weighted score3.1 8
Key elements of weight and rating- 1-Indicates the major weakness 4- shows the minimum weakness and rest are the medium range points On the basis of IFE matrix, it has been identified that the company is more affected by the quality of products as well as a brand image of the company whereas less impact of communities on the business. Apart from this, the company does not follow the business laws which is the weakest point that affects the environment of business. Besides this, Al-Ghanim industries have a strong market position because the weighted score is more than the average score of 2.5. 9.0 RECOMMENDING LONG-TERM OBJECTIVES AND SPECIFIC STRATEGIES Long-term objectives have been set for Al-Ghanim industries along with strategies to achieve the objectives. 9.1 Recommending long-term objectives Al-Ghanim industries can set the following objectives on the basis of long-term- ď‚·To maximize the sales revenue by 50% at the end of 2018 ď‚·To enhance the competitive position at global market ď‚·To achieve a technology leadership in a rapid growth market ď‚·To improve the profitability ratio by 30% at the end of the 4thquarter of 2018 9.2 Specific strategies to achieve long-term objectives To achieve the above recommended long-term objectives, Al-Ghanim industries can apply the following specific strategies are as follows- ď‚·Price-skimmingstrategy-Price-skimmingstrategycanbehelpfulforAl-Ghanim industries to achieve the long-term objectives. The company would set higher prices for the specific products which stand out the company in a competitive market. But, the products must possess unique characteristics so that the company can put a higher cost for those products and earn higher profits (Dolgui and Proth, 2010). For example, the company can be specific in the technological field by producing solar panel to attract a large number of customers. By this strategy, the company would be a single seller of that 9
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
products and customers would be ready to pay a higher price for the unique technological product. In this manner, the sales and profitability of the company can be maximized. ď‚·Continuous improvement strategy-The company can use this strategy for the purpose of achievement of competitive advantage in the global market. For example, Al-Ghanim industries can offer updated products in the technology, furnishing and automotive sector. Moreover, it can be helpful to enhance the sales revenue of the business and can become the market leader in the technology sector. Hence, the profitability of the company will gradually be maximized. This strategy can be actioned through producing the latest technology products on regular basis. 9.3 Comparing recommendations to actual strategies planned by the company Currently, Al-Ghanim industries is incorporating growth, product differentiation and expansion strategies for the growth of the company. However, the recommended strategies as price skimming and continuous improvement can create the additional value to the brand image of the company. Nonetheless, as per the actual strategies, the company is offering a variety of products but in new strategy, the company can bring the innovations in the diversified product range. On the other hand, according to expansion strategy company can emphasize on the rapid market expansion whereas in price skimming the entire specific range of products can be covered by uniqueness of Al-Ghanim industries. Therefore, the recommended strategies can be effective for Al-Ghanim industries for the attainment of long-term objectives. 10.0 APPLICATION OF TWO MATRIXES To analyze the competitive position of Al-Ghanim industries in the international market, Boston Consultancy Group and Grand strategy matrix have been applied as follows- 10
10.1 Boston Consultancy Group Matrix (BCG) Figure1: BCG matrix for Al-Ghanim industries (Source: Palia, De Ryck and Mak, 2014; Evans, 2015) BCG matrix is used to identify the position of the company according to relative market share and market growth rate (Lindgardt, Reeves, Stalk and Deimler, 2009). On the basis of BCG matrix, it has been recognized that Al-Ghanim industries lying under the category of Stars in the automotive sector because the company has a high market share as well as higher rate of growth. Further, it reflects that the company has a strong brand image in the international market. However, the company is dealing with a variety of products in different industries, so, here is a possibility to have low market growth rate but higher relative market share which shows the category of cash cows. Moreover, this type of situation can arise in engineering and construction due to a large number of competitors. Thus, it shows that the company is lying under two categories including stars and cash cows which represents the market growth rate and market share in the international market. 10.2 Grand strategy matrix Grand strategy matrix is applied by the organizations to recognize the position of the company that where it is lying such as rapid and slow market growth, weak and strong competitive position (David, 2011). 11
Figure2: Grand strategy matrix of Al-Ghanim industries (Source: Amin, Razmi and Zhang, 2011) On the basis of the grand strategy matrix, it has been evaluated that Al-Ghanim industry is working under the rapid market growth and strong competitive position. This category is derived by the company on the basis of diversified product portfolio and variety of businesses make it a strong competitor of relative companies. The condition displays that the company is consistently focusing on market development in several sectors involving retail, FMCG and automotive industry along with strong competitors. On the other hand, Al-Ghanim company is also acquiring a competitive position in rapid market growth due to product development and related diversification such as travel, consumer products, food and beverages etc. Hence, it reflects that the out of four quadrants, Al-Ghanim is having the position of strong market leader along with rapid growth in the market due to diversification. 12
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
11.0 SPECIFYING THE RECOMMENDATIONS FOR MANAGEMENT, MARKETING AND R&D Al-Ghanim industry is focusing on the innovations in the products range and offering quality products. However, in the global market, the sales revenue of the company may be low due to less awareness in public regarding new and automatic products. Further, the issue arises due to lack of marketing skills and inappropriate market research which shows the inability of the R&D department. It indicates management may be lacking somewhere so that marketing and R&Ddepartmentmightnotbeworkinginanappropriatemanner.Inthiscontext,few recommendations have been provided to resolve the related issues as follows- ď‚·Training and development- To enhance the marketing skills, the management should provide the required training which can be helpful for marketing people to treat with customers. In this regard, with additional skills and talent, marketing management can easily deal with customer expectations and create awareness regarding updated products. Hence, it would have a major contribution to profitability and sales revenue. ď‚·Involvement of skilled people in R&D department-The R&D department should employ the skilled workforce for the better analysis of results which are derived by the market research so that Al-Ghanim industries would be able to know about the reasons thatwhysalesisdecreasinginseveralsectors.Hence,througheffectiveR&D department, the company will be able to achieve the specific results and improve the sales revenue as well as profitability by proper research. ď‚·Effective management-It is not necessary that the company will be able to perform better in all fields of the businesses. This issue arises due to ineffective management of retail stores all over the world. In this context, it has been recommended that Al-Ghanim industries can hire the qualified and experienced people in the management team so that all the departments such as R&D, marketing and finance of the company can be managed effectively. This thing would take place through the proper structure of management in a hierarchical manner. 13
12.0RECOMMENDINGPROCEDURESFORSTRATEGYREVIEWAND EVALUATION A strategy can be reviewed and evaluated on the basis of several aspects such as internal and external analysis, environmental analysis, cultural barriers, customer insights etc. (Holland, 2010). Internal analysis- Strategy can be evaluated on the basis of internal factors of the organization.Inthiscontext,beforetheimplementationofstrategies,theinternal environment of the company should be observed that the strategies are favorable or not for the employees and management. Further, on the basis of internal conditions, it should be assumed that the long-term objectives of the company can be easily achieved. External analysis- Strategies can be evaluated on the basis of external factors involving customer’s expectations, competitors, stakeholders, technological factors etc. In this context, strategies should be reviewed as per the customer’s requirements that if the company would apply the new strategy then it can be favorable to meet the customers demands. On the basis of these, the strategy would be evaluated and final implementation can take place after the external environmental analysis. Identification of cultural barriers- Cultural factors should be analyzed before the execution of strategy because the strategiesare associatedwith the fulfillment of customer's demand; however, it is not possible for the company to implement the strategy in a diversified cultural environment. In this regard, the strategy should be evaluated as per the cultural requirements and then implement it in the international marketplace to attract a large number of customers. 13.0 CONCLUSION On the basis of the report, it has been concluded that Al-Ghanim industries have a competitivepositionin the global marketwhich is identifiedaccordingto CPMmatrix. Moreover, as per the EFE matrix, it has been summarized that Al-Ghanim has a strong position in the competitive market because the weighted score of the company is higher than the average score. Besides of these, on the basis of BCG and growth strategy matrix, it has been concluded that Al-Ghanim industry is a strong market leader in diversified businesses. However, on the basis of recommendations, it has been concluded that management can focus on training and 14
development, involvement of skilled people in R&D department for the achievement of long- term objectives. 15
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
REFERENCES Al-Ghanimindustries,2018.Aboutus.[Online].Availableat: <https://www.alghanim.com/about-us/>. [Accessed on 25th October 2018] Al-Ghanim industries, 2018.Alghanim Industries Brings International Brands to Assima Mall. [Online].Availableat:<https://www.alghanim.com/news/2018/alghanim-industries-brings- international-brands-to-assima-mall.aspx>. [Accessed on 25th October 2018] Al-Ghanimindustries,2018.Vision,Mission&Values.[Online].Availableat: <https://www.alghanim.com/about-us/vision-mission-values/>.[Accessedon25thOctober 2018] Amin, S.H., Razmi, J. and Zhang, G., 2011. Supplier selection and order allocation based on fuzzy SWOT analysis and fuzzy linear programming.Expert Systems with Applications,38(1), pp.334-342. BBCNews,2018.Kuwaitcountryprofile.[Online].Availableat:< https://www.bbc.com/news/world-middle-east-14644252>. [Accessed on 22ndOctober 2018] Borajee, M. and Yakchali, S.H., 2011. Using the AHP-ELECTRE III integrated method in a competitiveprofilematrix.InInternationalConferenceonFinancialManagementand Economics(pp. 68-72). Business Wire Inc, 2013.Research and Markets: PESTLE Analysis of Kuwait 2013: The Government has Planned to Spend Huge Sums on Infrastructure by 2014.[Online]. Available at: <https://www.businesswire.com/news/home/20131217005893/en/Research-Markets-PESTLE- Analysis-Kuwait-2013-Government>. [Accessed on 22ndOctober 2018] Capps III, C.J. and Glissmeyer, M.D., 2012. Extending the competitive profile matrix using internal factor evaluation and external factor evaluation matrix concepts.Journal of Applied Business Research,28(5), p.1059. David, F.R., 2011.Strategic management: Concepts and cases. Peaeson/Prentice Hall. 16
Dolgui,A.andProth,J.M.,2010.Pricingstrategiesandmodels.AnnualReviewsin Control,34(1), pp.101-110. Eden, C. and Ackermann, F., 2013.Making strategy: The journey of strategic management. Sage. Evans, N., 2015.Strategic management for tourism, hospitality and events. Routledge. Freeman, R.E., 2010.Strategic management: A stakeholder approach. Cambridge university press. Holland, D.S., 2010. Management strategy evaluation and management procedures. Lindgardt, Z., Reeves, M., Stalk, G. and Deimler, M.S., 2009. Business model innovation.When the Game Gets Tough, Change the Game, The Boston Consulting Group, Boston, MA. Lucintel,2016.PESTLEAnalysisofKuwait2016.[Online].Availableat:< https://www.lucintel.com/pestle-analysis-of-kuwait-2016.aspx>.[Accessedon22ndOctober 2018] Nikolaou, I.E. and Evangelinos, K.I., 2010. A SWOT analysis of environmental management practices in Greek Mining and Mineral Industry.Resources Policy,35(3), pp.226-234. Ommani, A.R., 2011. Strengths, weaknesses, opportunities and threats (SWOT) analysis for farming system businesses management: Case of wheat farmers of Shadervan District, Shoushtar Township, Iran.African journal of business management,5(22), pp.9448-9454. Palia, A.P., De Ryck, J. and Mak, W.K., 2014, March. Interactive Online Strategic Market Planning With the Web-Based Boston Consulting Group (BCG) Matrix Graphics Package. InDevelopments in Business Simulation and Experiential Learning: Proceedings of the Annual ABSEL conference(Vol. 29). Scarborough, N.M., 2016.Essentials of entrepreneurship and small business management. Pearson. 17
Sohel, S.M., Rahman, A.M.A. and Uddin, M.A., 2014.Competitive profile matrix (CPM) as a competitors’ analysis tool: A theoretical perspective.International Journal of Human Potential Development,3(1), pp.40-47. Srdjevic, Z., Bajcetic, R. and Srdjevic, B., 2012. Identifying the criteria set for multicriteria decision making based on SWOT/PESTLE analysis: a case study of reconstructing a water intake structure.Water resources management,26(12), pp.3379-3393. TheHeritagefoundation,2018.Kuwaiteconomiccondition.[Online].Availableat: <https://www.heritage.org/index/country/kuwait>. [Accessed on 22ndOctober 2018] Wheelen, T.L. and Hunger, J.D., 2011.Concepts in strategic management and business policy. Pearson Education India. 18