learning objectives understand the basic corporate-level strategies and their strengths and...

Learning ObjectivesLearning Objectives Understand the basic corporate-level strategies and their strengths Understand the basic corporate-level strategies and their strengths

and weaknessesand weaknesses Identify the factors that are necessary for a diversification strategy to Identify the factors that are necessary for a diversification strategy to

produce synergyproduce synergy Analyze existing and suggest potential corporate-level competencies Analyze existing and suggest potential corporate-level competencies

for a firmfor a firm Suggest methods to avoid pitfalls and enhance the probability of Suggest methods to avoid pitfalls and enhance the probability of

success in mergers and acquisitionssuccess in mergers and acquisitions Understand the basic types of restructuring and how restructuring Understand the basic types of restructuring and how restructuring

can be successfully executedcan be successfully executed Create a portfolio matrix for a corporation and understand what it Create a portfolio matrix for a corporation and understand what it

meansmeans

Corporate-level Strategy Corporate-level Strategy Formulation ResponsibilitiesFormulation Responsibilities

Direction SettingDirection Setting Establishment and communication of organizational mission, Establishment and communication of organizational mission,

vision, enterprise strategy and long-term goalvision, enterprise strategy and long-term goal

Development of Corporate-level StrategyDevelopment of Corporate-level Strategy Broad approach to corporate-level strategy—concentration, Broad approach to corporate-level strategy—concentration,

vertical integration, diversification, international expansionvertical integration, diversification, international expansion Selection of resources and capabilities in which to develop Selection of resources and capabilities in which to develop

corporate-level distinctive competenciescorporate-level distinctive competencies

Selection of Businesses and Portfolio ManagementSelection of Businesses and Portfolio Management Buy and sell businessesBuy and sell businesses Allocation of resources to business units for capital equipment, Allocation of resources to business units for capital equipment,

R&D, etc.R&D, etc.

Corporate-level Strategy Corporate-level Strategy Formulation ResponsibilitiesFormulation Responsibilities

Selection of Tactics for Diversification and GrowthSelection of Tactics for Diversification and Growth Choice among methods of diversification—internal venturing, Choice among methods of diversification—internal venturing,

acquisitions, joint venturesacquisitions, joint ventures

Management of ResourcesManagement of Resources Acquisition of resources and/or development of competencies Acquisition of resources and/or development of competencies

leading to a sustainable competitive advantage for the entire leading to a sustainable competitive advantage for the entire corporationcorporation

Hire, fire and reward business-unit managersHire, fire and reward business-unit managers Ensure that the business units (divisions) within the corporation Ensure that the business units (divisions) within the corporation

are well managed, including strategic management. Provide are well managed, including strategic management. Provide training where appropriatetraining where appropriate

Develop a high-performance corporate management structureDevelop a high-performance corporate management structure Develop control systems to ensure that strategies remain relevant Develop control systems to ensure that strategies remain relevant

and that the corporation continues to progress towards its goalsand that the corporation continues to progress towards its goals

Corporate-level StrategiesCorporate-level Strategies

ConcentratioConcentrationn

ConcentrationConcentration

Vertical IntegrationVertical Integration

Related Related DiversificationDiversification

Unrelated Unrelated DiversificationDiversification

InternalInternalGrowthGrowth

MergersMergersandand

AcquisitionsAcquisitions

Joint Joint VenturesVentures

Advantages and Disadvantages of ConcentrationAdvantages and Disadvantages of Concentration

AdvantagesAdvantages Allows an organization to Allows an organization to

master one businessmaster one business Less strain on resources, Less strain on resources,

allowing more of an allowing more of an opportunity to develop a opportunity to develop a sustainable competitive sustainable competitive advantageadvantage

Lack of ambiguity concerning Lack of ambiguity concerning strategic directionstrategic direction

Often found to be a profitable Often found to be a profitable strategy, depending on the strategy, depending on the industryindustry

DisadvantagesDisadvantages Dependence on one area is Dependence on one area is

problematic if the industry is problematic if the industry is unstableunstable

Primary product may Primary product may become obsoletebecome obsolete

Difficult to grow when the Difficult to grow when the industry maturesindustry matures

Significant changes in the Significant changes in the industry can be very hard to industry can be very hard to deal withdeal with

Cash flow can be a serious Cash flow can be a serious problemproblem

Advantages and Disadvantages of Vertical IntegrationAdvantages and Disadvantages of Vertical Integration

Internal BenefitsInternal Benefits Integration economies Integration economies

can eliminate steps, can eliminate steps, reduce duplication and reduce duplication and cut costscut costs

Improved coordination Improved coordination reduces inventorying reduces inventorying and other costsand other costs

Avoids time-consuming Avoids time-consuming tasks, such as price tasks, such as price shopping, shopping, communicating design communicating design details and negotiating details and negotiating contractscontracts

Internal CostsInternal Costs Need for overhead to Need for overhead to

coordinate vertical coordinate vertical integrationintegration

Burden of excess Burden of excess capacity if not all output capacity if not all output is usedis used

Poorly organized firms Poorly organized firms do not enjoy enough do not enjoy enough synergy to compensate synergy to compensate for the higher costsfor the higher costs

Advantages and Disadvantages of Vertical IntegrationAdvantages and Disadvantages of Vertical Integration

Competitive BenefitsCompetitive Benefits Avoid getting shut out of Avoid getting shut out of

the market for rare inputsthe market for rare inputs Improve marketing or Improve marketing or

technological intelligencetechnological intelligence Can create differentiation Can create differentiation

through coordinated effortthrough coordinated effort Superior control of firm’s Superior control of firm’s

market environmentmarket environment Increased ability to create Increased ability to create

credibility for new productscredibility for new products Synergies could be Synergies could be

created by coordinating created by coordinating vertical activities carefullyvertical activities carefully

Competitive DangersCompetitive Dangers Obsolete processes may be perpetuatedObsolete processes may be perpetuated Reduces strategic flexibility due to being Reduces strategic flexibility due to being

“locked in” to a business“locked in” to a business May link to unprofitable adjacent May link to unprofitable adjacent

businessesbusinesses Lose access to information from Lose access to information from

suppliers or customerssuppliers or customers May not be potential for synergy May not be potential for synergy

because vertically integrated businesses because vertically integrated businesses are so differentare so different

May use the wrong method of vertical May use the wrong method of vertical integration (i.e., full integration instead of integration (i.e., full integration instead of contracting)contracting)

Transactions CostsTransactions Costs Transactions costs economicsTransactions costs economics

Study of economic transactions and their costsStudy of economic transactions and their costs Transactions costs are reflected by the time and Transactions costs are reflected by the time and

resources devoted to contract creation and resources devoted to contract creation and enforcementenforcement

Make or Buy DecisionsMake or Buy Decisions Firms should usually buy what they need in the market Firms should usually buy what they need in the market

as long as they do not have to expend an undue as long as they do not have to expend an undue amount of time or other resources in contract creation amount of time or other resources in contract creation and enforcementand enforcement

A market failure means that these costs are high and it A market failure means that these costs are high and it is in the best interests of the firm to vertically integrate is in the best interests of the firm to vertically integrate instead of buying from the marketinstead of buying from the market

Transactions costs economicsTransactions costs economics Study of economic transactions and their costsStudy of economic transactions and their costs Transactions costs are reflected by the time and Transactions costs are reflected by the time and

resources devoted to contract creation and resources devoted to contract creation and enforcementenforcement

Make or Buy DecisionsMake or Buy Decisions Firms should usually buy what they need in the market Firms should usually buy what they need in the market

as long as they do not have to expend an undue as long as they do not have to expend an undue amount of time or other resources in contract creation amount of time or other resources in contract creation and enforcementand enforcement

A market failure means that these costs are high and it A market failure means that these costs are high and it is in the best interests of the firm to vertically integrate is in the best interests of the firm to vertically integrate instead of buying from the marketinstead of buying from the market

Transactions CostsTransactions Costs

Transactions costs tend to be high when:Transactions costs tend to be high when: The future is highly uncertainThe future is highly uncertain There are only one or a small number of suppliersThere are only one or a small number of suppliers One party to the transaction has superior informationOne party to the transaction has superior information Asset specificity--asset investment that can be used for Asset specificity--asset investment that can be used for

only one purposeonly one purpose

Transaction costs are high (market failure) when:Transaction costs are high (market failure) when: Highly uncertain futureHighly uncertain future One or small number of suppliersOne or small number of suppliers Knowledge differencesKnowledge differences Asset specificityAsset specificity

Transactions costs tend to be high when:Transactions costs tend to be high when: The future is highly uncertainThe future is highly uncertain There are only one or a small number of suppliersThere are only one or a small number of suppliers One party to the transaction has superior informationOne party to the transaction has superior information Asset specificity--asset investment that can be used for Asset specificity--asset investment that can be used for

only one purposeonly one purpose

Transaction costs are high (market failure) when:Transaction costs are high (market failure) when: Highly uncertain futureHighly uncertain future One or small number of suppliersOne or small number of suppliers Knowledge differencesKnowledge differences Asset specificityAsset specificity

Substitutes for Full Vertical IntegrationSubstitutes for Full Vertical Integration Taper IntegrationTaper Integration

Produce some in-house and buy the restProduce some in-house and buy the rest Quasi IntegrationQuasi Integration

Purchase most of what you need from a Purchase most of what you need from a supplier in which the purchaser holds an supplier in which the purchaser holds an ownership stake (i.e., stock)ownership stake (i.e., stock)

Long-term ContractsLong-term Contracts Helps achieve some of the benefits of vertical Helps achieve some of the benefits of vertical

integration, such as more assurance of supply integration, such as more assurance of supply or more control over qualityor more control over quality

Reasons for DiversificationReasons for Diversification Strategic ReasonsStrategic Reasons

• Risk reduction through investments in dissimilar Risk reduction through investments in dissimilar businesses or less dynamic environmentsbusinesses or less dynamic environments

• Stabilization or improvement in earningsStabilization or improvement in earnings• Improvement in growthImprovement in growth• Use of excess cash from slower-growing traditional areas Use of excess cash from slower-growing traditional areas

(a form of organizational slack)(a form of organizational slack)• Application of resources, capabilities or core Application of resources, capabilities or core

competencies to related areascompetencies to related areas• Generation of synergy through economies of scopeGeneration of synergy through economies of scope• Use of excess debt capacity (also a form of organizational Use of excess debt capacity (also a form of organizational

slack)slack)• Ability to learn new technologiesAbility to learn new technologies• Increase in market powerIncrease in market power

Reasons for DiversificationReasons for Diversification

Motives of the CEOMotives of the CEO Desire to increase the value of the firmDesire to increase the value of the firm Desire to increase personal power and statusDesire to increase personal power and status Desire to increase personal rewards such as Desire to increase personal rewards such as

salary and bonusessalary and bonuses Craving for a more interesting and Craving for a more interesting and challenging challenging

management environmentmanagement environment

Requirements for the Creation of SynergyRequirements for the Creation of Synergy

RelatednessRelatedness TangibleTangible--same physical resources for multiple --same physical resources for multiple

purposespurposes IntangibleIntangible--capabilities developed in one area --capabilities developed in one area

can be used elsewherecan be used elsewhere Managerial actions to share resources or Managerial actions to share resources or

skillsskills Benefits must exceed costs of integrationBenefits must exceed costs of integration

Requirements for the Creation of SynergyRequirements for the Creation of Synergy

FitFit StrategicStrategic--matching of organizational --matching of organizational

capabilities--complementary resources and skills capabilities--complementary resources and skills (based on relatedness, as described above)(based on relatedness, as described above)

OrganizationalOrganizational--similar processes, cultures, --similar processes, cultures, systems and structuressystems and structures• Dominant logic--the way managers deal with Dominant logic--the way managers deal with

managerial tasks, the things they value, and their managerial tasks, the things they value, and their general management approachgeneral management approach

Potential Sources of Synergy from Potential Sources of Synergy from Related DiversificationRelated Diversification

Operations SynergiesOperations Synergies Common parts designs: Larger purchased quantities Common parts designs: Larger purchased quantities

allows lower cost per unitallows lower cost per unit Common processes and equipment: Combined Common processes and equipment: Combined

equipment purchases and engineering support allow equipment purchases and engineering support allow lower costslower costs

Common new facilities: Larger facilities may allow Common new facilities: Larger facilities may allow economies of scaleeconomies of scale


Operations Synergies Operations Synergies (Continues)(Continues)

Shared facilities and capacity: Improved capacity Shared facilities and capacity: Improved capacity utilization allows lower per unit overhead costsutilization allows lower per unit overhead costs

Combined purchasing activities: Increased influence Combined purchasing activities: Increased influence leading to lower costs, and lower cost shipping leading to lower costs, and lower cost shipping arrangementsarrangements

Shared computer systems: Lower per unit overhead Shared computer systems: Lower per unit overhead costs and can spread the risk of investing in higher costs and can spread the risk of investing in higher priced systemspriced systems

Combined training programs: Lower training costs per Combined training programs: Lower training costs per employeeemployee


R&D / TechnologyR&D / Technology Shared R&D programs: Spread overhead cost and risk of Shared R&D programs: Spread overhead cost and risk of

R&D to more than one businessR&D to more than one business Technology transfer: Faster, lower cost adoption of Technology transfer: Faster, lower cost adoption of

technology at the second businesstechnology at the second business Development of new core businesses: Access to Development of new core businesses: Access to

capabilities and innovation not available in the marketcapabilities and innovation not available in the market Multiple use of creative researchers: Opportunities for Multiple use of creative researchers: Opportunities for

innovation across business via individual experience and innovation across business via individual experience and business analogybusiness analogy


MarketingMarketing Shared brand names: Build market influence faster Shared brand names: Build market influence faster

and at lower cost through a common nameand at lower cost through a common name Shared advertising and promotion: Lower unit costs Shared advertising and promotion: Lower unit costs

and tie-in purchasesand tie-in purchases Shared distribution channels: Bargaining power to Shared distribution channels: Bargaining power to

improve access and lower costsimprove access and lower costs Cross-selling and bundling: Lower costs and more Cross-selling and bundling: Lower costs and more

integrated view of the marketplaceintegrated view of the marketplace


ManagementManagement Similar industry experience: Faster response to Similar industry experience: Faster response to

industry trendsindustry trends Transferable core skills: Experience with previously Transferable core skills: Experience with previously

tested, innovative strategies and skills in strategy and tested, innovative strategies and skills in strategy and program developmentprogram development

Forces that Undermine SynergiesForces that Undermine Synergies Management IneffectivenessManagement Ineffectiveness

Too Too littlelittle effort to coordinate between businesses effort to coordinate between businesses means synergies will not be createdmeans synergies will not be created

Too Too much much effort to coordinate between businesses can effort to coordinate between businesses can stifle creativitystifle creativity

Administrative CostsAdministrative Costs Additional layers of management and staff add costsAdditional layers of management and staff add costs Executives in larger organizations are often paid higher Executives in larger organizations are often paid higher

salariessalaries Delays from and expense of meetings and planning Delays from and expense of meetings and planning

sessions necessary for coordinationsessions necessary for coordination Extra travel and communications costs to achieve Extra travel and communications costs to achieve

coordinationcoordination

Forces that Undermine SynergiesForces that Undermine Synergies Poor Strategic FitPoor Strategic Fit

Relatedness without strategic fit decreases the Relatedness without strategic fit decreases the opportunity for synergyopportunity for synergy

Overstated (or imaginary) opportunities for synergies Overstated (or imaginary) opportunities for synergies Industry evolution that undermines strategic fitIndustry evolution that undermines strategic fit Overvaluing potential synergies often results in paying Overvaluing potential synergies often results in paying

too much for a target firm or in promising too much too much for a target firm or in promising too much improvement to stakeholdersimprovement to stakeholders

Poor Organizational FitPoor Organizational Fit Incompatible cultures and management stylesIncompatible cultures and management styles Incompatible strategies, priorities, and reward systemsIncompatible strategies, priorities, and reward systems Incompatible production processes and technologiesIncompatible production processes and technologies Incompatible computer and budgeting systemsIncompatible computer and budgeting systems

Unrelated DiversificationUnrelated Diversification

ConglomeratesConglomerates Large, unrelated diversified firmsLarge, unrelated diversified firms

Popularity of Unrelated Diversification in the 50s, Popularity of Unrelated Diversification in the 50s, 60s and early 70s60s and early 70s Rigid antitrust enforcementRigid antitrust enforcement Financial theories supported the idea that risk could Financial theories supported the idea that risk could

be reduced by investing in businesses in unrelated be reduced by investing in businesses in unrelated businesses with uneven revenue streamsbusinesses with uneven revenue streams

Unrelated DiversificationUnrelated Diversification

Most Research Suggests that Unrelated Most Research Suggests that Unrelated Diversification is Not High PerformingDiversification is Not High Performing Places unusual demands on managersPlaces unusual demands on managers Trend is towards reducing diversification (refocusing)Trend is towards reducing diversification (refocusing) In spite of the negative evidence, some firms have In spite of the negative evidence, some firms have

been successful with this strategy been successful with this strategy

Mergers and AcquisitionsMergers and Acquisitions

M&A BasicsM&A Basics Mergers occur any time two organizations combine into Mergers occur any time two organizations combine into

oneone Acquisitions occur when one firm buys another firmAcquisitions occur when one firm buys another firm Most mergers are in the form of an acquisition, so these Most mergers are in the form of an acquisition, so these

terms are often used as synonymsterms are often used as synonyms M&As tend to depress profitability, reduce innovation M&As tend to depress profitability, reduce innovation

and increase leverage, at least in the short runand increase leverage, at least in the short run

Industry ConsolidationIndustry Consolidation Occurs as competitors merge togetherOccurs as competitors merge together A dominant trend in the U.S. and elsewhereA dominant trend in the U.S. and elsewhere

Mergers and AcquisitionsMergers and Acquisitions

Corporate RaidersCorporate Raiders Engage in acquisitions, typically against the will of target Engage in acquisitions, typically against the will of target

companies (called hostile)companies (called hostile) Hostile acquisitions tend to be more expensiveHostile acquisitions tend to be more expensive May motivate target firm managers to be more May motivate target firm managers to be more

responsive to stockholder interests (reduce agency responsive to stockholder interests (reduce agency costs)costs)

Problems with Mergers and AcquisitionsProblems with Mergers and Acquisitions

High CostsHigh Costs High Premiums Typically Paid By Acquiring FirmsHigh Premiums Typically Paid By Acquiring Firms Increased Interest Costs from Higher LeverageIncreased Interest Costs from Higher Leverage High Advisory Fees and Other Transaction CostsHigh Advisory Fees and Other Transaction Costs Poison Pills—things target companies do so they are Poison Pills—things target companies do so they are

less attractive to takeoverless attractive to takeover

Problems with Mergers and AcquisitionsProblems with Mergers and Acquisitions

Strategic ProblemsStrategic Problems High Turnover Among the Managers of the Acquired High Turnover Among the Managers of the Acquired

FirmFirm Short-Term Managerial Distraction—takes managers Short-Term Managerial Distraction—takes managers

away from the critical tasks of the core businessesaway from the critical tasks of the core businesses Long-Term Managerial Distraction—lose sight of the Long-Term Managerial Distraction—lose sight of the

factors that lead to success in their core businessesfactors that lead to success in their core businesses Less InnovationLess Innovation No Organizational Fit—cultures or systems don’t No Organizational Fit—cultures or systems don’t

combine wellcombine well Increased Risk—increased leverage. Also the risk of Increased Risk—increased leverage. Also the risk of

unsuccessful managementunsuccessful management

Successful Mergers and AcquisitionsSuccessful Mergers and Acquisitions

Low debtLow debt Friendly negotiationsFriendly negotiations Complementary resources (relatedness)Complementary resources (relatedness) Cultures and management styles are similar Cultures and management styles are similar

(organizational fit)(organizational fit) Post-merger sharing of resourcesPost-merger sharing of resources Due diligence before mergerDue diligence before merger Learning occursLearning occurs

Corporate-level Distinctive Corporate-level Distinctive CompetenciesCompetencies

Come from achieving shared advantage across the Come from achieving shared advantage across the businesses of a multi-business firmbusinesses of a multi-business firm Integrated managerial skillsIntegrated managerial skills

• Attracting and retaining competent top managersAttracting and retaining competent top managers Shared use of resources that are hard to acquire except Shared use of resources that are hard to acquire except

through experiencethrough experience• A well-developed strategic planning systemA well-developed strategic planning system

Shared use of resources that contribute significantly to Shared use of resources that contribute significantly to perceived customer benefitsperceived customer benefits

• Excellent R&DExcellent R&D Resources that can be widely applied across businessesResources that can be widely applied across businesses

• Excellence in tax managementExcellence in tax management

Strategic RestructuringStrategic Restructuring Retrenchment (Downsizing)Retrenchment (Downsizing)

Turnaround through workforce reductions, plant closings, outsourcing, Turnaround through workforce reductions, plant closings, outsourcing, cost controls, etc.cost controls, etc.

Downsizing is dangerous to the health of an organizationDownsizing is dangerous to the health of an organization

Refocusing (Downscoping)Refocusing (Downscoping) Reducing diversification through selling off nonessential businessesReducing diversification through selling off nonessential businesses

• Divestiture--reverse acquisitionDivestiture--reverse acquisition• Spin-off--current shareholders are issued stockSpin-off--current shareholders are issued stock

Chapter 11 ReorganizationChapter 11 Reorganization Legal filing allowing protection from creditors and others while Legal filing allowing protection from creditors and others while

problems are worked outproblems are worked out Should probably be a strategy of last resortShould probably be a strategy of last resort

Strategic RestructuringStrategic Restructuring Leveraged BuyoutsLeveraged Buyouts

Private purchase of a business unit by managers, Private purchase of a business unit by managers, employees, unions or private investorsemployees, unions or private investors

High levels of debtHigh levels of debt Asset sales typically lead to a smaller, more focused Asset sales typically lead to a smaller, more focused

firmfirm Stifle innovationStifle innovation

Changes to Organizational DesignChanges to Organizational Design Switch to a new organizational structureSwitch to a new organizational structure

• More decentralized or more centralized, depending on needsMore decentralized or more centralized, depending on needs• Linked also to changes in the culture of a firmLinked also to changes in the culture of a firm

Reengineering involves radical redesign of core Reengineering involves radical redesign of core business processes to achieve dramatic improvements business processes to achieve dramatic improvements in efficiency and qualityin efficiency and quality

Boston Consulting Group (BCG) MatrixBoston Consulting Group (BCG) Matrix

BusinessGrowthRate

BusinessGrowthRate

Relative Competitive Position (Relative Market Share)Relative Competitive Position (Relative Market Share)

HighHigh

LowLow

HighHigh LowLow

StarStar

Cash

Cow

Cash

CowDogDog

Corporate-level strategy focuses on the selection of Corporate-level strategy focuses on the selection of businesses in which the firm will compete, and on the tactics businesses in which the firm will compete, and on the tactics used to enter and manage those businessesused to enter and manage those businesses

Primary corporate-level responsibilities include establishing Primary corporate-level responsibilities include establishing direction for the whole organization, formulation of a corporate direction for the whole organization, formulation of a corporate strategy, selection of businesses, selection of growth tactics, strategy, selection of businesses, selection of growth tactics, and resource managementand resource management

Concentration is associated with a focus on one business Concentration is associated with a focus on one business area, which allows the company to specialize; however, the area, which allows the company to specialize; however, the firm is dependent on one business for its growth and firm is dependent on one business for its growth and profitabilityprofitability

Major Concepts in Chapter 7Major Concepts in Chapter 7Major Concepts in Chapter 7Major Concepts in Chapter 7

Vertical integration allows a firm to become its own supplier Vertical integration allows a firm to become its own supplier or customer, which can provide more control over processes or customer, which can provide more control over processes and quality. However, the firm is still dependent on one and quality. However, the firm is still dependent on one businessbusiness

According to the theory of transaction costs economics, firms According to the theory of transaction costs economics, firms should generally purchase what they need from the market, should generally purchase what they need from the market, unless transactions costs are high.unless transactions costs are high.

Unrelated diversification was popular in the past due to Unrelated diversification was popular in the past due to financial theories and rigid antitrust enforcement; however, financial theories and rigid antitrust enforcement; however, unrelated firms are hard to manage and there is a recent unrelated firms are hard to manage and there is a recent trend towards refocusingtrend towards refocusing


Mergers and acquisitions are the quickest way to Mergers and acquisitions are the quickest way to diversify; however, they are fraught with diversify; however, they are fraught with difficulties, and most of them fail to meet difficulties, and most of them fail to meet expectationsexpectations

Restructuring approaches include retrenchment Restructuring approaches include retrenchment (downsizing), refocusing (downscoping), (downsizing), refocusing (downscoping), Chapter 11 reorganization, leveraged buyouts Chapter 11 reorganization, leveraged buyouts (LBOs) and changes to organizational design(LBOs) and changes to organizational design


learning objectives understand the basic corporate-level strategies and their strengths and...

Documents

diversification strategy

level strategy broad

enterprise strategy

business units divisions

portfolio management

strategic management

entire corporation hire

reward businessunit