- In 1993 Vodafone’s business ventures extended world-wide with partnerships to Germany, Fiji, Greece, Australia, and South Africa;
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June 30th 1999: Vodafone complete their merger with AirTouch Communications producing a new organisation called Vodafone AirTouch PLC. This merger created one of the biggest International mobile telecommunications companies in the world, with customers covering most of Europe and the United States of America;
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April 12th 2000: Vodafone received conditional European Commission consent to the acquisition of Mannesmann, confirming Vodafone as one of the largest organisations in the United Kingdom and putting them into the top ten organisations in the world.
Vodafone have proved so far that their intentions on being the market leader have been fulfilled. This is due to the company having a set of values that are shared within the organisation.
Their set values are that they value their customers, so that the customers are satisfied with their service; they value their employees so that they can develop, retain, promote and reward them; they value their results which makes them focused to be the best in what they do and they value the environment around us so that improvements that have been made must be respected throughout the world.
Mission Statement
Some organisations like to have a written statement about their mission and objectives. Some of them will have these statements but refer to them by a different name.
Vodafone, by using their mission statement actually tells the consumer what their purpose is by being involved with their organisation. This is used to explain:
- The benefits on offer
- The type of business they are involved in
- Are the consumers likely to be happy?
- Who is to be served?
This is self explanatory in their mission statement:
“The Vodafone Group Foundation is driven by a passion for the World around us. The Foundation makes social investments that help the people of the world to have fuller lives by:
- Sharing the benefits of developments in mobile communications technology as widely as possible;
- Protecting the natural environment; and
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Supporting the local communities in which Vodafone’s customers, employees, investors and suppliers live.” (2)
By issuing a mission statement Vodafone had tried and possibly gained a physiological advantage over their competitors by having a planned and written statement of important objectives.
The style of Vodafone’s mission’s statement came across as very detailed but straight to the point. There is no perfect way that a mission statement should be written as long as your message comes across effectively. This statement worked for Vodafone and furthermore they gained huge amount of benefits by using this style.
Vodafone’s Objectives
The primary objective of any organisation is to survive and the second most important objective would be to maximise the shareholders profits.
Vodafone aimed to succeed at both objectives by setting very high standards. This consisted of:
- The aim to be the world’s mobile communications leader;
- By going into joint ventures around the world;
- By making customers use their mobile communications and making their life more fulfilled due to their experience;
- And by making mobile communications the primary means of personal communications.
5. Internal and External Environment of Vodafone
SWOT Analysis
Company’s strengths
Vodafone is strong in countries with high GDPs. Despite its diversity, the company still generates the vast majority of its revenue in Europe. Asia is the second most important region, just ahead of the Americas.
Vodafone has management control of most of its businesses. This will allow it to fully leverage its global scale through cost savings on infrastructure and handset contracts.
Vodafone is now achieving modest improvement in average revenue per user is some countries. This is being driven by an improvement in its customer mix and by higher usage by its existing customers. At the end of September 2002, 71% of Vodafone’s customers were post paid customers.
Usage of mobile data is helping to lift revenues. Data contributes 13.3 per cent to Vodafone’s group revenues in the 12 month ending September 3, 2002. This represents a healthily increase from 11.1 per cent for the 12 months ending March 31, 2002. The largest data contributions are now in Japan and Germany. In Japan for example, data contributed more than 20 per cent of revenues during August and September 2002.
Vodafone is quickly becoming a market leader in relation to its mobile content applications. The new Vodafone Live! Service has been well designed and marketed, and had attracted more than 380,000 customers by the end 2002.
Weaknesses
Vodafone’s commitments in the next two to three years will restrict its ability to make further acquisitions. The effect of this is already noticeable. In comparison with previous years, Vodafone’s acquisitions in the 12 months through September 2002 were very limited. Its expansion was largely limited to increasing its stakes in existing operations, such as Portugal, and in Sweden, where they increased their holdings to 74.5 percent from 71 per cent. They also increased their stakes in their businesses in Germany, Spain, Australia and China.
Vodafone is heavily committed to 3G technology, and their associated costs and uncertainties. By the end of September 2002, Vodafone had begun internal field trials of 3G networks in five European countries, in addition to Japan. Yet, 3G will not provide a return on investment for Vodafone within the next five years, and possibly longer.
Vodafone risks losing the market share as it focuses on customer acquisitions costs. During the six months through September 2002, Vodafone’s operating expenses decreased by 5 per cent. As it continues to reduce handset subsidies in some markets, it runs the real risk of losing customers to its competitors.
The imposition of lower termination charges by the UK regulator will negatively impact Vodafone’s UK revenues over the next four years. Vodafone won’t succeed in its proposed legal challenge to the regulator’s ruling.
Opportunities
Vodafone will reduce costs aggressively by leveraging its large scale. Specifically, they will focus on savings in relation to the purchase of handsets and infrastructure, along with product development and advertising.
Vodafone will increase their use of common platforms across its operations. They will drive down wholesale handset costs by engaging in more strategic relationships with fewer handset suppliers.
The Vodafone Live! Service will be a success. Customer numbers will meet targets, and partly due to this service, Vodafone will see further improvement in average revenue per user in its European operations
Threats
The threats include fellow competitors in the UK, there are other competitors around the world, but the closest and most competitive rivals are the UK base rivals O2, T-mobile and Orange. Main Competitors in the UK are O2, T-Mobile and Orange.
O2
O2, formally known as BT Cellnet, are a company which was until recently, owned by British Telecommunications PLC. O2 has 8million subscribers and are Vodafone’s Main competitors. They hold a 40% stake in “Link” a chain on telecommunication stores.
Competitive Advantage
As with Vodafone, O2 is a long service provider of mobile communication and have a very strong reputation for providing quality, reliable service, especially to corporate users. They are particularly suited to corporate users as they offer services like Dictation Line. This is where you can call in to the office from your mobile phone and dictate a fax or letter, which will appear with your personal details. O2 were the first to offer pre-pay and Pay-as-you-go for WAP mobile service.
Promotion
O2 advertises heavily in a wide range of media. They regularly advertise on prime time television. They have the largest number of retail outlets as they have their existing O2 shops and own a 40% stake in the Link chain of branches, which gives them a competitive advantage over other network providers.
Orange PLC
Orange is the third largest UK mobile phone network provider and also the youngest, launching their first service in 1994. The company first started as a joint venture between British Aerospace and Hutchison Telecommunications and has around 6 million subscribers.
Competitive Advantage
Even though Orange are the youngest mobile communications company, they have been able to keep up with strong competition by offering to match any tariff which another network provider is offering. They also have a very strong advantage with customer service satisfaction with Which magazine and OFTEL (The Office of Telecommunications) selecting them as the company with the highest customer service and performance level.
Promotion
As with other network providers, Orange advertise on prime time television and is involved just as heavily on the price war on Pre-Pay and Pay As You Go Services. Orange also sponsors the BAFTA (British Academy of Film & Television Arts) awards, which gives them huge promotion. They also have over 160 outlets in the UK. (3)
T-MOBILE
T-Mobile has been wholly owned by a German company Deutsche Telekom who are a telecommunications group, who bought the company for 8.4 billion in October 1999. Originally owned by a joint venture between Cable and Wireless and the American group, Media One. The company was the first to launch the all-digital pre-pay tariff “Its up to you” package.
Competitive Advantage
They have heavily promoted their pre-pay mobile tariffs and are the only company to offer a standard tariff whereby there is no distinction between off-peak and peak calls. T-mobile usage dominates the London area, but their network coverage of the country is only 98%.
Promotion
T-mobile competes heavily along with the other mobile communications giants on prime time television. They retail within their own branches, via the Internet and through retailers like the Car Phone Warehouse.
PEST Analysis
Political
As Vodafone is a worldwide company and operates in over 27 different countries, this makes analysing the external environment fairly difficult using a PEST analysis. The PEST analysis in this report is mainly directed at Vodafone’s UK external environment.
Political factors can have a direct impact on the way businesses operate. Decisions made by the government affect our everyday lives and can come in the form of policy or legislation. The Government’s introduction of a statutory minimum wage affects all businesses, as do consumer, Health & Safety laws and so on. The current increase in global petrol prices is having a profound impact on major economies, it is estimated that £200bn has been added to the global fuel bill since the price increases started.
Another political factor is OFTEL, the telecommunications regulator in the UK whose purpose is to ensure phone companies, meet their obligations under telecoms and competition laws and regulations. The UK government regulates this industry through OFTEL. (4)
Economical
All businesses are affected by economical factors nationwide and globally. Interest rate policy and fiscal policy will have to be set accordingly. Within the UK the climate of the economy dictates how consumer may behave within society. Whether an economy is in a boom, recession or recovery will also affect consumer confidence and activities.
Economies internationally also have an impact on UK businesses, cheaper labour abroad affects the competitiveness of UK products nationally and globally. An increase in interest rates in the USA will influence the share price of UK stocks.
A truly global player like Vodafone has to be aware of economic conditions across all borders and ensure they employ strategies and tactics that guard their business.
Social
Within society forces such as family, friends, and media affect our attitude, interest and opinions. These forces shape who we are as people and the way we behave and what we ultimately purchase. The end users of wireless products are becoming increasingly aware of quality and expect a product that is reliable during use. GSM has been an unqualified success because it works, offers definite advantages over first generation and is at a price where everyone can access the technology. One problem that has been apparent over recent years is the high market exposure given to new features and technologies, which are not well proven and tested before launch. WAP was a prime example of this. A great deal of effort has been injected into WAP to make sure the early teething problems have been overcome, but the public can sometimes demonstrate memory akin to an elephant and changing opinions is a much harder marketing nut to crack. The market expectation for Bluetooth™ and 3G has been raised considerably so now we are at a critical stage in fulfilling the advertised dream.
Technological
Advanced technology is changing the way businesses operate. The Internet is having a profound impact on the marketing mix strategy of organisations. Consumers can now shop 24 hours a day, comfortably from their homes. Vodafone has been using the Internet for advertising like a lot of other organizations trying to sell their business.
There is renewed interest by many governments to encourage investment in research and development and to develop technology that will give their country the competitive edge. The "one-stop-shop" customer need, and the manufacturers’ success in integrating cellular, cordless and internet user applications into a single unit has meant that a wireless test company has to consider all major technologies and review each for their commercial benefits. In some instances some technology advancements will not create a profitable business in isolation. Vodafone has introduced new technology such as Vodafone ‘Live’, and now the introduction of the new 3G mobile phones means Vodafone will implement the new technology into their system to bring the service to the customer.
6. Business Strategies
Porter gives one of the best known explanations of competitive advantage in his generic strategy framework. Porter is of the opinion that competitive advantage occurs as a result of the selection of a generic strategy, which is most suitable for the organisation in light of its’ competitive environment. Value adding activities are then arranged so that they support the chosen strategy. There are three main strategies:
- Differentiation – involves creating a customer awareness that a product is of a better quality than that of its competitors’. A higher price can therefore be charged.
- Cost leadership – accomplishing lowest cost levels, leading to above average profits without having to charge above average price.
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Focus – use either a differentiation or a cost-leadership strategy in a narrow profile of market segments.(5)
Figure 1: Illustration of cost and differentiation strategies
Vodafone has completed a number of major business transactions over the past three years, the most significant of witch were the merger with AirTouch, the acquisition of Mannesmann AG and, recently, the acquisition of further interests in Japan Telecom and the J-phone group. By combining with these companies it is reducing cost and at the same time improving services and facilities.
In early 1994 Vodafone launched a new service called ‘ALL IN ONE PACKAGES’. This allowed customers to pay for their line rental up front and use their mobile phones without having to pay for the line rental for the rest of the year.
This illustrates how Vodafone is extending its existing core competences. Here Vodafone has taken customer perceptions into account and the company is constantly looking to improve and develop their products in order to get ahead of their competitors. Vodafone have partially adopted a differentiation and cost-leadership based strategy, as they have charged more for there services than those of the competitors as Vodafone customers know that they will be receiving quality and reliable products and service.
What makes this an appropriate strategy to use in this situation is the fact that with this particular market segment, demographic variables such as income, and psycho-graphic variables such as lifestyle have to be taken into consideration.
Vodafone also launched ‘PAY AS YOU GO’ packages, which targeted school and college students, and aims to encourage more students to use ‘PAY AS YOU GO’ services as they will have the opportunity to own a mobile phone before they become 18 years of age. This is an example of the implementation of a cost-leadership strategy, as it involves low costs.
This strategy is appropriate is because students represent a large part of the population around the world. The fact that secondary and college students are not legally allowed to own monthly payment contract phones is to the advantage of the company to provide the ‘PAY AS YOU GO’ service. More students using ‘PAY AS YOU GO’ service leads to the increase in sales and as a result a potential increase in profits. Profits can be used in a variety of ways in which a company can benefit in a long term and secure its position in the industry, and market in which it operates.
A Successful strategy can also be based upon a combination of differentiation, price and cost control. Such strategy is known as HYBRID strategy (see figure 2).
The degree of differentiation, price and cost control will depend on the nature of the market in which the business is operating. If consumers prefer quality rather than lower prices, emphasis on price and cost will be lower, but in markets where demand is price sensitive, the company will try to keep price and cost as low as possible. In order to adjust to market conditions, advertising and different promotion strategies may be used to influence preferences of consumers. (5)
Figure 2: Diagram of Hybrid strategy
Market price responsiveness
Price insensitivity Price sensitivity
Stuck in the ‘middle’ strategy
Appropriate strategic approach
An example of the ‘Stuck in the middle’ strategy was illustrated when the company worked closely Air Touch to ensure better network coverage globally, by installing more transmitters around the world, by satisfying those customers who are finding difficulties in receiving network coverage around some areas of the world.
This project also represents Kay’s framework, where in this particular project distinctive capability results from Architecture (relationship with other organisations to improve its own service), Reputation (Superior product/service quality) and innovation (researching, designing, developing and marketing) sources. (5)
Competence-based competitive advantage
The competence or resource-based model underlines that competitive advantage can be gained from competences or capabilities of the organisation, which will let it perform better than its competitors.
Prahalad and Hamel (1990) state:
‘Core competences are the collective learning of the organisation, especially how to co-ordinate diverse production skills and integrate multiple streams of technologies’.
There are three tests, which should be applied when identifying and developing core competence.
A core competence should:
- Provide the business with the ability to enter and successfully compete in numerous markets.
- Add more apparent customer value to the business’s products and services than that of the competitors’ products.
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Be complicated for competitors to copy.(6)
Distinctive capabilities
Kay (1993) developed a framework, which explains competitive advantage. Here competitive advantage is defined in terms of distinctive capability. This has much in common with the concept of the core competence. It is Kay’s contention that, distinctive capability can arise from one or more of the following sources:
- Architecture – Unique network of relationships with suppliers, distributors or customers, which competitors don’t have. Relationships may be internal as well as external.
- Reputation – Superior product quality, characteristics, design, service etc.
- Innovation – Researching, designing, developing and marketing new products.
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Strategic assets – Natural monopoly, patents and copyrights, which restricts competition.(7)
Application of Kay’s distinctive capabilities to Vodafone
Vodafone engages in two forms of marketing: Brand Marketing designed to increase general public awareness of the Vodafone brand – its values, products and services-and marketing specifically directed at certain distribution channels. Brand communication includes sponsorship and advertising on radio, television, in general circulation newspapers, in magazines and in specialized publications.
This activity provides us with an insight of how the company is trying to achieve its aims. It is an example of Kay’s framework, where distinctive capability results from sources such as Innovation.
The company now has interests in 28 countries across five continents. Based on ownership interests at 31 March 2002, the company, through its subsidiary undertakings, joint ventures, associated undertakings and investments, had approximately 101.1 million registered customers, excluding paging customers, calculated on a proportionate basis in accordance with the company’s percentage interest in its ventures. There were over 229.1 million registered customers in ventures in witch the company has control or invests.
7. Strategy Implementation
In order for strategy to be implemented successfully, it is essential that the organisation has deduced maximum benefit from any strategic analysis, which has taken place. This is vital as it gives the organisation an accurate account of their internal and external strengths and weaknesses, and also identifies any opportunities or threats that may exist. Once this information has been gathered, the organisation can then make informed decisions as to how they can implement their strategies in the most effective form, and as smoothly as possible so as to minimise impact on the operational activities of the business. The output from strategic analysis becomes one of the inputs into strategic implementation. Strategic analysis also assists in successful resource planning. Poor resource planning will hinder progress and negatively affect the organisations implementation of any proposed strategies. Resource planning must take place in many areas, namely;
- Physical resources such as land, buildings, plant, equipment and machinery.
- Financial resources such as investment capital, shares, loan, debentures and bond capital.
- Human resources such as obtaining the required number of employees, agents, contractors and specialists. The decision on whether to employ and train new employees, train existing employees or appoint agencies to recruit specialists or individuals.
- Intellectual resources or non-physical inputs that may be necessary such as databases, legal permissions brand or design registration and contacts.
Resource planning is an exercise that can determine how much or how little strategic implementation will cost. In competitive markets, organisations are competing with one another for the best people, the cheapest and most adequate sources of finance and the best locations for development.
Structure and culture also need to be reconfigured, so that these support the proposed strategy. Generally, organisations are one of the two main types of structure. Firstly, a tall structure is one where there are many layers or levels in the organisation. This means communication takes longer and there are generally more supervisors and managers. However, this setup also enables the organisation to coordinate a wide range of activities across different product and market sectors. It is suited to large organisations in complex environments. Secondly, a shorter structure typically has fewer layers or levels in the organisation. This means that there are fewer intermediaries between operational staff and top-level management. This eases communication and also gives management a greater degree of control. This setup is usually suited to smaller organisations working in simpler environments.
Management of Change is also vital. Naturally, humans are resistant to change. In order to achieve full capacity utilisation of human resources, it is essential that they are highly motivated. Motivation levels decrease if change is imposed on the workforce; alternatively, if management highlight the benefits of change and include the workforce in the operational decision making process, they are likely to better understood and accept changes.
The results of Vodafone’s strategic analysis have been outlined earlier; as a result the following resource planning took place:
Vodafone are one of the largest communications providers in the world, and therefore it is important that their resources are arranged in a manner in which requirements are met. As Vodafone is such a large organisation it is difficult to maintain complete control over its resources. In order to implement their proposed strategy, Vodafone have split their operations into six managerial divisions; Northern Europe, Central Europe, Southern Europe, Americas, Asia Pacific and Middle East and Africa. This reorganisation would better help Vodafone to keep some control over its resources.
Physical resource planning is evident, as Vodafone have aimed to improve the quality of the network they provide. This is only possible through physical assets such as mobile switching centres and digital base stations. As of March 2002, Vodafone’s UK digital network consisted of 108 mobile switching centres and 8,253 digital base stations. As a result, they achieved 99% coverage of the UK. This has improved their services and as a result, their customer base has increased by 7% since March 2001. Vodafone UK mobile service revenue share is 33%, a lead of 5.5% over its nearest competitor. Other physical resources include computerised mobile telephone exchanges, operator centres and retail premises.
Financial resource planning is evident. Vodafone disposed of certain interests generating income; Disposal of Orange Plc, which was completed in March 2002, generated £2.9 billion. This was as required by the competition commission. Vodafone no longer has any interests whether direct or indirect with Orange Plc. The major sources of finance have been generated from borrowings from bank facilities and asset disposals.
Human resource planning is evident as Vodafone aim to attract the most talented people to work with them. They aim to do this by a flexible remuneration package. This may be a challenge as the markets within which they operate are highly competitive. This means they will be competing for the best staff. As a part of strategic implementation they aim to educate and train employees to be able to satisfy and excel the demands of their jobs.
Intellectual resource planning is evident as Vodafone have been awarded one of the five 3G licences in the auction that was held in April 2000. Vodafone have started a campaign in which they aim to expose the Vodafone brand as much as possible, the single Vodafone brand is now being used over fourteen group subsidiaries. By doing so, Vodafone aim to increase global awareness and this will present Vodafone as a trusted and reliable business operator.
As stated earlier, Vodafone has been split into six global regions. This aims to reduce complexity and allows a degree of flexibility allowing individual regions to cater for the needs in the markets within which they operate. Vodafone, due to the complex nature of the environment within which they operate is of a tall nature. The main reason for this is as they are a very large organisation; many layers are needed to maintain control.
Employees are included in strategy formation exercises, keeping them well aware of what is happening. This maintains and increases their levels of motivation. They also feel important. Vodafone in their annual report aim to be open and involving towards employees with regards to strategy. This in turn means the need for management of change is significantly reduced, as employees understand the benefits of change, as they were involved in the process.
8. Recommendation
It not easy to make a recommendation for highly successful company like Vodafone however we believe these following recommendations could benefit the company in the long run.
Diversification
The mobile phone industry is a high growth industry, high growth involves a high risk. For example, so far, there is no proven link between mobile phone use and any health implication. However what if someone establishes a link, you can envisage what is going to happen to the industry. Vodafone can reduce the risk by diversifying into other industries. After all Vodafone was created by a way of diversification by a relatively small company. The well-established brand name and the financial ability can help Vodafone achieve success in other industries as well. As they say “don’t put all your eggs in one basket”.
Price Simplification
Currently, Vodafone offers 8 different tariffs. Even within one tariff the call charges vary, depending on the time of the day, whether the call is made to fixed line or mobile, local or national, voice mail or text message and so on. Comparing that to a fixed telephone line where there are very few tariffs hence it would be easy to choose. That could be defended by saying different tariffs are designed for different market segments. However that argument could be disputed because if you have an expensive monthly tariff the call charges are lower and if you have a cheaper monthly tariff the charges will be higher. We believe for most people whichever tariff they use they are likely to pay more or less a similar monthly bill. Most people find it difficult to choose a tariff or price plan. If Vodafone reduces its tariffs and simplify the call charges it could benefit its present customers and potential customers.
Overseas expansion
In this county nearly two-thirds of the population own a mobile phone. This figure is unlikely to grow significantly and also Vodafone will not be allowed by the Monopoly and Merger Commission to take over or merge with its rivals in the UK. In order to carry on growing, overseas expansion is essential. Currently the company operates in 27 different countries. Vodafone should carry on expanding in other countries as well, such as countries with high population and also high disposable income.
Research and Development
Currently Vodafone spend £10m a week for Research and development. This figure might sound a lot, however putting into consideration the company’s size, market position, turnover and the technology involved, Vodafone should invest more to maintain it position as being the market leader for long time to come.
Summery
Vodafone was formed in 1984 as a subsidiary of Racal Electronics plc; at the time it was known as Racal Telecom Limited. In 1982 Racal was awarded UK’s first mobile licence. The company made the first mobile call at midnight on the 1st of January 1985.
Vodafone is the UK’s leading network operator with the highest number of users. The UK’s mobile market is an oligopoly market.
Vodafone have always focused on one vision and that is to be the world’s mobile communications leader - improving lives of the customers, helping organizations, people and communities be more connected in a rapidly improving mobile communications world.
Vodafone is strong in countries with high GDPs. Despite its diversity, the company still generates the vast majority of its revenue in Europe. Asia is the second most important region, just ahead of the Americas
Vodafone’s commitments in the next two to three years will restrict its ability to make further acquisitions
Vodafone will reduce costs aggressively by leveraging its large scale. Specifically, they will focus on savings in relation to the purchase of handsets and infrastructure, along with product development and advertising.
The threats include fellow competitors in the UK, there are other competitors around the world, but the closest and most competitive rivals are the UK base rivals O2, T-mobile and Orange.
Vodafone is extending its existing core competences. Here Vodafone has taken customer perceptions into account and the company is constantly looking to improve and develop their products in order to get ahead of their competitors. Vodafone have partially adopted a differentiation and cost-leadership based strategy, as they have charged more for there services than those of the competitors as Vodafone customers know that they will be receiving quality and reliable products and service.
Vodafone are one of the largest communications providers in the world, and therefore it is important that their resources are arranged in a manner in which requirements are met. As Vodafone is such a large organisation it is difficult to maintain complete control over its resources. In order to implement their proposed strategy, Vodafone have split their operations into six managerial divisions; Northern Europe, Central Europe, Southern Europe, Americas, Asia Pacific and Middle East and Africa.
The mobile phone industry is a high growth industry; high growth involves a high risk. In order to reduce this risk Vodafone should diversify into other industries.
If Vodafone reduces its tariffs and simplifies the call charges it could benefit its present customers and potential customers.
Bibliography
General
Richard Lynch (2000) Corporate Strategy, London: Pitman
Roger Bennett (1999): Corporate Strategy, 2nd edition: Financial Times Professional Limited
G Johnson and K Scholes (1997): Exploring Corporate Strategy, 4th edition, Hemel Hempstead: Prentice Hall Europe
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David Campbell, George Stonehouse & Bill Houston (2002) - Business Strategy: An Introduction, 2nd edition – Butterworth Heinemann
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Gary Hamel and C.K. Prahalad (1994): Competing for the Future,Boston,Mass.:Havard Business School Press
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Key,J (1993): Foundations of Corporate Success, Oxford: Oxford University Press