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Industry characteristics and Firm Strategy are two prominent reasons for financial differences of companies Unique economic

c features within industries cause financial statements to vary from one industry to another Companies within the same industry tend to very in financial characteristics as well due to different operating procedures and strategies

Worlds largest prescriptionpharmaceutical company Broad pipeline of ethical pharmaceuticals Strong R&D budget Divested several of its non-pharmaceutical businesses Partner of choice for licensing deals with other pharmaceutical and biotechnology firms

Diversified healthproducts company Manufactures and massmarkets broad line of prescriptions, OTC remedies, beauty products, and medical diagnostics and devices Brand development and management are major element of massmarketing strategy

National brewer of massmarket consumer beers sold under various brand names Operates extensive network of breweries and distribution systems Owns several beerrelated businesses (snack and aluminumcontainer manufacturing, theme parks, etc.)

Seasonal and yearround beers Lower supply, higher prices Outsources majority of brewing activity Financially conservative Recently undergone cost-savings initiative to counterbalance sure in packaging and freight costs.

Mail-order sales of built-to-order computers and related equipment Assembler of PC components manufactured by suppliers Customer designs, price, and purchases through website

Differentiable line of computers and related equipment/software Recovering from decline in market share Aggressive retail strategy aimed at attracting high volume of consumer traffic into stores

Vast retail-store presence Leader in traditional book retailing, through community store concept and discount policy Online presence and owns publishing imprint

Sells books, music, and videos solely through internet ~75% of sales is media, but also sells electronics and general merchandise Only recently became profitable Aggressive strategy of acquiring related online businesses.

Worlds largest maker of paper, paperboard, and packaging Vertically integrated Owns Timberland, numerous facilities, and a distribution network Rationalizing capacity: closing inefficient mills, cost-containment initiatives, selling nonessential assets

Small producer of printing, writing, and technical specialty papers, as well as towel and tissue products Products marketed under branded labels Purchases wood fiber used in manufacturing process on the open market

Global manufacturer and marketer of power tools, accessories, hardware, home improvement products, and fastening systems Sells to retailers, wholesalers, and distributors Appear under various well-known brand names

Manufacturers and markets high quality precision tools and diagnostic-equipment systems for professionals Sells through technical representatives and mobile franchise dealers Provides financing for franchisees and for large customer purchases

Carries wide variety of nationally advertised general merchandise Known for low-prices, breadth of merchandise, and volume-oriented strategy Most stores are leased and located near network of distribution centers Plans to expand internationally and in large urban areas

Rapidly growing chain of upscale discount stores Matches other discounters prices on similar merchandise Partnerships with leading designers Recently divested several non-discount department-store businesses Company offers credit to qualified consumers

Diversified media company Generates most revenue from newspaper sales globally Strong central controls Competition is fierce Recently built large HQ office building

Owns several newspapers in small communities throughout Midwest and Southwest Analysts say this firm holds a portfolio of small local monopolies in newspaper publishing Significant amount of goodwill on balance sheet - acquisitions Decentralized decision making and administration