CH 6 SM

CHAPTER SIX
STRATEGY ANALYSIS AND STRATEGY

FORMULATION
1/4/2020 By Woldetsadik K. (Assist. Prof) 1

6.1 The Nature of Strategy Analysis and Choice
• Nature of Strategy Analysis & Choice

– Establishing long-term objectives
• Generating alternative strategies
• Selecting strategies to pursue
• Best alternative – achieve mission & objectives

Alternative Strategies Derive From:
• Vision
• Mission
• Objectives
• External audit
• Internal audit
• Past successful strategies

Generating Alternatives
• Participation in generating alternative

strategies should be as broad as possible
• Alternative strategies proposed by participants
should be considered, discussed, and ranked in
order of attractiveness

6.2 Long-Term Objectives
• Long-term objectives represent the results

expected from pursuing certain strategies.
Strategies represent the actions to be taken to
accomplish long-term objectives.

The Nature of Long-Term Objectives
• Objectives should be quantitative, measurable, realistic,

understandable, challenging, hierarchical, obtainable,
and congruent among organizational units.
• Each objective should also be associated with a
timeline.
• Objectives are commonly stated in terms such as
growth in assets, growth in sales, profitability, market
share, degree and nature of diversification, degree and
nature of vertical integration, earnings per share, and
social responsibility.

The Nature of…
• They provide direction, allow synergy, aid in
evaluation, establish priorities, reduce
uncertainty, minimize conflicts, stimulate
exertion, and aid in both the allocation of
resources and the design of jobs.
• Objectives provide a basis for consistent
decision making by managers whose values
and attitudes differ.

Objectives should be SMART:
• Specific – concrete, detailed, and well defined.

• Measurable – numbers, quantity, and comparisons
• Attainable- achievable and actionable.
• Realistic – considers resources, and can be
achieved.
• Time bound – a defined time line in which
activities are to be achieved.
• Straightforward and emphasize action and
outcome.
• Communicate what you would like to see happen.

• SMART Objectives:
• Some is not a number
• Soon is not a time
• “May be” is not an answer
How to set Specific Objectives?

• To help set specific objectives it helps to ask:
• WHAT am I going to do?
• WHY is this important for me to do?
• WHO is going to do what?
• Who else need to be involved?
• WHEN do I want this to be completed?
• HOW am I going to do this?
•

The Benefits of Having Clear Objectives
1. Provide direction by revealing expectations

2. Allow synergy
3. Aid in evaluation by serving as standards
4. Establish priorities
5. Reduce uncertainty
6. Minimize conflicts
7. Stimulate exertion
8. Aid in allocation of resources
9. Aid in design of jobs
10. Provide basis for consistent decision making

Financial versus Strategic Objectives
Two types of objectives are especially common in

organizations: financial and strategic objectives.
A. Financial objectives include those associated with growth
in revenues, growth in earnings, higher dividends, larger
profit margins, greater return on investment, higher
earnings per share, a rising stock price, improved cash
flow, and so on;
B. strategic objectives include things such as a larger market
share, quicker on-time delivery than rivals, shorter design-
to-market times than rivals, lower costs than rivals, higher
product quality than rivals, wider geographic coverage
than rivals, achieving technological leadership,
consistently getting new or improved products to market
ahead of rivals, and so on.
6.3 A comprehensive strategy formulation

• Important strategy-formulation techniques can be
integrated into a three-stage decision making
framework, as shown in Figure.
Stage 1:
The Input Stage
Stage 2: Stage 3:
The Matching Stage The Decision Stage
• The tools presented in this framework are applicable

to all sizes and types of organizations and can help
strategists identify, evaluate, and select strategies.
6.3.1 The Strategy-Formulation Analytical Framework

6.3.1.1 Stage 1 (The Input St Stage)
– summarizes the basic input information needed to
formulate strategies
– consists of the EFE Matrix, the IFE Matrix, and the
Competitive Profile Matrix (CPM)
Fig.5.4 Strategy-Formulation Analytical Framework for input
stage
Internal Factor Evaluation
Matrix (IFE)
Stage 1: External Factor Evaluation

The Input Stage Matrix (EFE)
Competitive Profile Matrix

(CPM)
Fig. Strategy-Formulation Analytical Framework for input stage

6.3.1.2 Stage 2: The Matching stage
SWOT Matrix
SPACE Matrix
Stage 2: BCG Matrix

The Matching Stage
IE Matrix
Grand Strategy Matrix

1. TOWS matrix
2. SPACE matrix (Strategic Position and Action
Evaluation)
3. BCG (Boston Consulting Group) matrix
4. IE (Internal and External) matrix
5. GS (Grand Strategy) matrix
17
1/4/2020 By Woldetsadik K. (Assist. Prof)

Matching Stage
– focuses on generating feasible alternative

strategies by aligning key external and internal
factors
– techniques include the Strengths-Weaknesses-
Opportunities-Threats (SWOT) Matrix, the
Strategic Position and Action Evaluation (SPACE)
Matrix, the Boston Consulting Group (BCG)
Matrix, the Internal-External (IE) Matrix, and the
Grand Strategy Matrix

• These tools rely upon information derived from the
input stage to match external opportunities and threats
with internal strengths and weaknesses.
• Matching external and internal critical success factors
is the key to effectively generating feasible alternative
strategies.
• For example, a firm with excess working capital (an
internal strength) could take advantage of the cell
phone industry’s 20 percent annual growth rate (an
external opportunity) by acquiring Cell fone, Inc., a
firm in the cell phone industry.

a. The Strengths-Weaknesses-
Opportunities-Threats (SWOT) Matrix

• The basic concept of matching is illustrate in Table
below.

• Any organization, whether military, product-
oriented, service-oriented, governmental, or even
athletic, must develop and execute good strategies
to win.
• A good offense without a good defense, or vice
versa, usually leads to defeat.
• Developing strategies that use strengths to
capitalize on opportunities could be considered an
offense, whereas strategies designed to improve
upon weaknesses while avoiding threats could be
termed defensive.

• The Strengths-Weaknesses-Opportunities-
Threats (SWOT) Matrix is an important
matching tool that helps managers develop
four types of strategies:
• SO (strengths-opportunities) Strategies, WO
(weaknesses-opportunities) Strategies, ST
(strengths-threats) Strategies, and WT
(weaknesses-threats) Strategies.

SWOT Matrix
• List the firm’s key external opportunities
• List the firm’s key external threats
• List the firm’s key internal strengths
• List the firm’s key internal weaknesses
• Match internal strengths with external
opportunities

b. Strategic Position and Action
Evaluation/SPACE/ matrix
• The SPACE matrix is an attempt to
overcome some of the limitations associated
with other portfolio analyses techniques
such as BCG, General Electric matrix
where one of the axes of the matrix
measures the overall attractiveness of the
industry in which the organization operates
and the other axis represents the
organization’s ability to compete in its
market(s).
• Is an approach that considers the company’s
strategic position in tandem with the strategic
position of the industry.
• As shown in Figure below, SPACE involves a
consideration of the following dimensions:
1. Organization’s Strategic advantage
2. Organization’s financial strength
3. Industry strength
4. Environment stability
• The table below presents factors which are
considered in assessing the above four
dimensions

Table: SPACE Factors
Internal dimensions
External Dimensions
Determinants of organization's Strategic position of
strategic position entire
industry
Competitive Advantage Industry Strength
•Market Share •Profit potential
•Product quality •Growth potential
•Product life cycle •Financial stability
•Product replacement cycle •Technical know-how
•Customer loyalty •Resource utilization
•Competition’s capacity utilization •Capital intensity
•Technical know-how •Ease of entry into market
•Vertical integration •Productivity, capacity
utilization
Financial Strength Environmental Stability

•Return on investment •Technological Change
•Leverage •Rate of inflation
•Demand variability
•Liquidity
•Price range of competing
•Capital required and available products
•Cash flow •Competitive pressure
•Ease of exit from market •Price elasticity of demand
•Risk involved in the business
1/4/2020 By Woldetsadik K. (Assist.•Entry
Prof) barriers 29
In developing a SPACE matrix the analyst is required to
pursue the following steps:
1. Selecting a set of variables to define internal and
external strategic position;
2. Assigning a value ranging from 0 (worst) to +6(best)
variables making up FS and IS and value ranging from 0
(best) to -6 (worst) to variables making up ES and CA;
3. Calculating the average score for FS, CA, IS, and ES;
4. Plotting the average scores for each dimension on the
suitable axis on the matrix;
5. Adding two scores on the X-axis and finding the resultant
point on X and adding two scores on the Y- axis and
finding the resultant point on Y, and then plotting the
intersection point; and
6. Drawing a directional vector from the origin of the
SPACE matrix through the intersection point.
Based on these degrees, SPACE diagram is prepared as
shown in figure below.

Financial Strength
5
Conservative Aggressive
Competitive Industry
Advantage Strength
-5
0 5
Competitive
Defensive
-5
Environmental
Fig. SPACE
1/4/2020 StabilityK. (Assist. Prof)
By Woldetsadik 31
diagram
Fig. 5.6 the SPACE Matrix
• Depending on the nature of four dimensions-
organization’s financial strength, its competitive
advantage, industry strength and environmental
stability, the organization may adopt any one of
the following strategic postures:
A. Aggressive posture
B. Competitive posture
C. Conservative posture, and
D. Defensive posture
1. Aggressive Posture: Aggressive posture is
adopted when an organization enjoys competitive
advantage and has strong financial strength
followed by industry attractiveness and stable
environment.
• Aggressive strategies include market penetration,
market development, product development,
backward integration, forward integration,
horizontal integration, conglomerate
diversification, and concentric diversification.
2. Competitive posture: Competitive posture is
suitable to an organization which enjoys
competitive advantage but has limited financial
strength.
• It operates in attractive industry but has limited
financial strength.
• It operates in attractive industry but
environment is relatively unstable.
• Such strategic posture leads to concentric
mergers, conglomerate merger, and turnaround.
• Competitive strategies include backward,
forward, and horizontal integration; market
penetration; market development; product
development; and joint ventures.
3. Conservative Posture: Conservative posture is
adopted when an organization has financial
strength but has very limited competitive
advantage.
The industry in which it operates is not attractive
though environment is relatively stable.
Such strategic posture leads to stability strategy
and conglomerate diversification.

4. Defensive Posture: Defensive posture is
suitable when an organization has low financial
strength and lacks competitive advantage.
• It operates in an industry which is not attractive
and environment is relatively unstable.
• Such a posture leads to divestment, liquidation,
and other forms of retrenchment.

The steps required to develop a SPACE Matrix are as follows:
1. Select a set of variables to define financial position (FP), competitive position (CP),
stability position (SP), and industry position (IP).
2. Assign a numerical value ranging from +1 (worst) to +7 (best) to each of the
variables that make up the FP and IP dimensions. Assign a numerical value ranging
from -1 (best) to -7 (worst) to each of the variables that make up the SP and CP
dimensions. On the FP and CP axes, make comparison to competitors. On the IP
and SP axes, make comparison to other industries.
3. Compute an average score for FP, CP, IP, and SP by summing the values given to
the variables of each dimension and then by dividing by the number of variables
included in the respective dimension.
4. Plot the average scores for FP, IP, SP, and CP on the appropriate axis in the SPACE
Matrix.
5. Add the two scores on the x-axis and plot the resultant point on X. Add the two
scores on the y-axis and plot the resultant point on Y. Plot the intersection of the
new xy point.
6. Draw a directional vector from the origin of the SPACE Matrix through the new
intersection point. This vector reveals the type of strategies recommended for the
organization: aggressive, competitive, defensive, or conservative.
c. The Boston Consulting Group (BCG)
Matrix
• The BCG is also known as the Growth-Share
Matrix and founded by Harvard Business
School alum Bruce Henderson in 1963.
• It helps to identify the cash flow
requirements of different businesses in a
company’s portfolio.
• The BCG matrix has three main functions:
• Helps in identifying and dividing the company
into SBUs
• Helps in assessing the prospects of each SBU
& comparing them by means of a matrix.
• Developing strategies for each SBU.
38

In the BCG-Matrix:
• The vertical axis represents the rate of
industry growth, an important
environmental factor – if the industry is
growing, there are favourable prospects
The horizontal axis shows that market share
relative to that of the biggest competitor,
an indicator of strength in the market place.
Relative market share position is given on the x-axis
of the BCG Matrix. The midpoint on the x-axis
usually is set at .50, corresponding to a division that
has half the market share of the leading firm in the
industry. The y-axis represents the industry growth
rate in sales, measured in percentage terms.
The growth rate percentages on the y-axis could
range from -20 to +20 percent, with 0.0 being the
midpoint.
Each product or unit is represented in the Matrix
by a circle. The area of the circle represents the
relative significance of each business unit or
product line to the corporation in terms of assets
used or sales generated.
• Industry (Market) growth rate is the
percentage growth of the market in the most
recent year.

The Growth-Share Matrix
+20
II: Stars I: Question marks
• Backward, Forward, or • Market Penetration
Horizontal Integration • Market Development
• Market Penetration • Product Development
• Market Development • Divestiture
• Product Development
High
* 
0
• Product Development
• Diversification
Industry
• Retrenchment
• Retrenchment
Growth • Divestiture • Divestiture
rate • Liquidation
IV: Dogs
Low
III: Cash cows
-20 Relative Market Share
1/4/2020 High By Woldetsadik K. (Assist. Prof) Low 41
0.5x
Describing the SBU’s
a. STARS
• The leading SBUs in a company’s portfolio.
• They offer attractive long-term profit &
growth opportunities – still growing but not
generating high profit.
b. QUESTION MARKS
• Question marks (sometimes called “problem
children” or “wildcats”) are new products
with the potential for success, but they need a lot
of cash for development. Also called CASH
HUNGRY!
• If such a product is to gain enough market share
to become a market leader and thus a star, money
must be taken from more mature products and
spent on the question mark. 42

• They are called “cash hungry”.
c. CASH COWS
• When a star’s market growth rate slows, it
becomes a cash cow.
• They are cost leaders in their industries.
• The capital investment requirements of cash
cows are not substantial– such businesses
generate a strong positive cash flow.
• Cash cows typically bring in far more money
than is needed to maintain their market share.
• In this declining stage of their life cycle, these
products are “milked” for cash that will be
invested in new question marks.
• Expenses such as advertising and R&D are
reduced.
d. DOGS:
• Question marks unable to obtain dominant
market share (and thus become stars) by the
time the industry growth rate inevitably slows
become dogs.
• Dogs have low market share and do not have the
potential (because they are in an unattractive
industry) to bring in much cash.
• They may require substantial capital
investments just to maintain their low market
share.
• Hence, dogs should be either sold off or
managed carefully for the small amount of
cash they can generate.

Strategic Implications of the BCG-Matrix
• The cash surplus from any cash cows
should be used to support the development
of selected question marks & nurture stars
• The long-term objective is to consolidate
the positions of stars and turn favoured
question marks into stars, thus making the
company’s portfolio more attractive.
• Question marks with the weakest or most
uncertain long-term prospects should be
divested to reduce demands on a
company’s cash resources.

Limitations of BCG
a. The Model is simplistic, only two factors are
assessed (market share & industry
growth).
b. The link between market share and
profitability is questionable. A business
having a low market share can be very
profitable & could have a strong competitive
position in certain segments of a market.
c. Many of the businesses fall in the middle of
the BCG matrix.
d. The BCG-Matrix lacks the dimension of
time, i.e. it doesn’t show whether various 46
divisions are growing over time.
d. The Internal-External matrix
It relate to internal (IFE) and external factor
evaluation (EFE). Where the IFE total weighted
scores is placed on the x-axis and the EFE total
weighted scores on the y-axis.
• It’s divided into three major regions:
 Grow and build – Cells I, II, or IV
 Hold and maintain – Cells III, V, or VII
 Harvest or divest – Cells VI, VIII, or IX
5 steps must be followed to apply IE matrix.

Steps for the development of IE matrix
1st Use two key dimensions IFE and EFE.
2nd Plot IFE total weighted scores on the x-axis and
the EFE total weighted scores on the y axis
3rd On the x-axis of the IE Matrix, an IFE total
weighted score of 1.0 to 1.99 represents a weak
internal position; a score of 2.0 to 2.99 is considered
average; and a score of 3.0 to 4.0 is strong.
4th On the y-axis, an EFE total weighted score of 1.0
to 1.99 is considered low; a score of 2.0 to 2.99 is
medium; and a score of 3.0 to 4.0 is high.
5th Decide the strategy to be followed depending on
the region in which that business exists.
e. Grand Strategy (GS) matrix
It is also called Model of Grand Strategy Clusters
and developed by Thompson and Strickland.
• It has 4 quadrants and any organization should
be placed in any one of four quadrants.
• Appropriate strategies for an organization to
consider are listed in sequential order of
attractiveness in each quadrant of the matrix.
• It is based two major dimensions
1. Market growth (Rapid and Slow) on the Y-axis
2. Competitive position (Weak and Strong on the
X-axis)

6.4 Stage 3: The decision stage
The Quantitative Strategic Planning Matrix
(QSPM)
In this stage it is decided that which way is most
appropriate or which alternative strategy should be
select.
That is only technique designed to determine the
relative attractiveness of feasible alternative action.
This technique objectively indicates which
alternative strategies are best. The QSPM uses
input from Stage 1 analyses and matching results
from Stage 2 analyses to decide objectively among
alternative strategies.
• Matching tools usually generate similar feasible
alternatives. However, not every strategy
suggested by the matching techniques has to be
evaluated in a QSPM.
• Strategists should use good intuitive judgment in
selecting strategies to include in a QSPM. After
assigning the weight to strategy, determine the
attractiveness score of each and afterwards total
attractiveness score. The highest total
attractiveness score strategy is most feasible.

Steps in preparation of QSPM
1st List a minimum 10 firm's key external
opportunities/threats and internal strengths/weaknesses
in the left column of the QSPM from IFE and EFE.
2nd Assign weights to each key external and internal
factors (These weights are identical to those in the
EFE Matrix and the IFE Matrix).
3rd Examine the Stage 2 (matching) matrices and
identify alternative strategies that the organization
should consider implementing
4th Determine the Attractiveness Scores (AS):
Attractiveness Scores should be assigned to each
strategy to indicate the relative attractiveness of one
strategy over others, considering the particular factor.
The range for Attractiveness Scores is 1 = not
attractive, 2 = somewhat attractive, 3 = reasonably
attractive, and 4 = highly attractive.
5th Compute the Total Attractiveness Scores
6th1/4/2020
Compute the Sum Total Attractiveness
By Woldetsadik K. (Assist. Prof) Score 54
Weight Strategy 1 Strategy 2 Strategy 3
Key External Factors AS TAS AS TAS AS TAS
Economic conditions
Social/Cultural/Demographic /Environmental
Political/Legal/Governmental
Competitive
Technological
Consumer attitude
Key Internal Factors
Research and Development
Management
Finance/Accounting
Production/Operations
Management Info. Systems
Marketing
Advantages
• Sets of strategies considered simultaneously or
sequentially.
• Integration of pertinent external and internal
factors in the decision making process.
Limitations
• Requires intuitive judgments and educated
assumptions.
• Only as good as the prerequisite inputs (subjective
decisions on the stage 1).
• Only strategies within a given set are evaluated
relative to each other.

6.4.2The none Quantitative Strategic Planning
A. Cultural Aspects of Strategy Choice

• All organizations have a culture.
• Culture includes the set of shared values, beliefs,
attitudes, customs, norms, personalities, heroes,
and heroines that describe a firm.
• Culture is the unique way an organization does
business.
• It is the human dimension that creates solidarity
and meaning, and it inspires commitment and
productivity in an organization when strategy
changes are made.
B. The Politics of Strategy Choice
• All organizations are political. Unless managed,
political maneuvering consumes valuable time,
subverts organizational objectives, diverts human
energy, and results in the loss of some valuable
employees.
• Sometimes political biases and personal
preferences get unduly embedded in strategy
choice decisions. Internal politics affect the
choice of strategies in all organizations.
6.5 The Balanced Scorecard
• The Balanced Scorecard is a strategy evaluation and
control technique.
• Balanced Scorecard derives its name from the
perceived need of firms to “balance” financial measures
that are oftentimes used exclusively in strategy
evaluation and control with nonfinancial measures such
as product quality and customer service.
• An effective Balanced Scorecard contains a carefully
chosen combination of strategic and financial
objectives tailored to the company’s business.

• The overall aim of the Balanced Scorecard is to
“balance” shareholder objectives with customer and
operational objectives.
• Obviously, these sets of objectives interrelate and many
even conflict.
• For example, customers want low price and high
service, which may conflict with shareholders’ desire
for a high return on their investment.
• The Balanced Scorecard concept is consistent with the
notions of continuous improvement in management
(CIM) and total quality management (TQM).

Balanced Scorecard Perspectives
1. Financial: How do we look to our
Shareholders?
2. Customer: How do our Customers See Us?
3. Internal Business Process: What should we
do that is Excellent?
4. Employee and Organization Innovation and
Learning: Can we continue to Improve and
Add Value?
Translating Vision and Strategy: Four Perspectives

6.6 The 7's Model ( of McKinsey)
• The McKinsey 7S Framework is a
management model developed by well-known
business consultants Robert H. Waterman, Jr.
and Tom Peters (who also developed the
MBWA-- "Management By Walking Around"
in the 1980s.
• This was a strategic vision for groups, to
include businesses, business units, and teams.
The 7S are structure, strategy, systems, skills,
style, staff and shared values.
Fig. The 7'S Framework

• Strategy: the direction and scope of the company over the long term.
• Structure: the basic organization of the company, its departments,
reporting lines, areas of expertise and responsibility (and how they
inter-relate).
• Systems: formal and informal procedures that govern everyday
activity, covering everything from management information systems,
through to the systems at the point of contact with the
• customer (retail systems, call center systems, online systems, etc).
• Skills: the capabilities and competencies that exist within the
company. What it does best.
• Shared values: the values and beliefs of the company. Ultimately
they guide employees towards 'valued' behavior.
• Staff: the company's people resources and how they are developed,
trained and motivated.
• Style: the leadership approach of top management and the
company's overall operating approach.
• The model is most often used as a tool to assess and monitor changes
in the internal situation of an organization.

• (To analyze how well an organization is positioned to achieve its intended
objective)
• Usage
• Improve the performance of a company
• Examine the likely effects of future changes within a company
• Align departments and processes during a merger or acquisition
• Determine how best to implement a proposed strategy
The Seven Interdependent Elements
• The basic premise of the model is that there are seven internal aspects of an
organization that need to be aligned if it is to be successful
Hard Elements
• Strategy
• Structure
• Systems
Soft Elements
• Shared Values
• Skills
• Style
• Staff

CH 6 SM

Hochgeladen von

Dokumentinformationen

Originaltitel

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

CH 6 SM

Hochgeladen von

Copyright:

Verfügbare Formate

CHAPTER SIX

STRATEGY ANALYSIS AND STRATEGY

1/4/2020 By Woldetsadik K. (Assist. Prof) 1

• Nature of Strategy Analysis & Choice

1/4/2020 By Woldetsadik K. (Assist. Prof) 2

1/4/2020 By Woldetsadik K. (Assist. Prof) 3

• Participation in generating alternative

1/4/2020 By Woldetsadik K. (Assist. Prof) 4

• Long-term objectives represent the results

1/4/2020 By Woldetsadik K. (Assist. Prof) 5

• Objectives should be quantitative, measurable, realistic,

1/4/2020 By Woldetsadik K. (Assist. Prof) 6

1/4/2020 By Woldetsadik K. (Assist. Prof) 7

• Specific – concrete, detailed, and well defined.

1/4/2020 By Woldetsadik K. (Assist. Prof) 8

How to set Specific Objectives?

1/4/2020 By Woldetsadik K. (Assist. Prof) 9

1. Provide direction by revealing expectations

1/4/2020 By Woldetsadik K. (Assist. Prof) 10

Two types of objectives are especially common in

1/4/2020 By Woldetsadik K. (Assist. Prof) 12

• The tools presented in this framework are applicable

1/4/2020 By Woldetsadik K. (Assist. Prof) 14

Stage 1: External Factor Evaluation

Competitive Profile Matrix

Fig. Strategy-Formulation Analytical Framework for input stage

Stage 2: BCG Matrix

Grand Strategy Matrix

1/4/2020 By Woldetsadik K. (Assist. Prof) 16

1/4/2020 By Woldetsadik K. (Assist. Prof)

– focuses on generating feasible alternative

1/4/2020 By Woldetsadik K. (Assist. Prof) 18

1/4/2020 By Woldetsadik K. (Assist. Prof) 19

1/4/2020 By Woldetsadik K. (Assist. Prof) 20

1/4/2020 By Woldetsadik K. (Assist. Prof) 21

1/4/2020 By Woldetsadik K. (Assist. Prof) 22

1/4/2020 By Woldetsadik K. (Assist. Prof) 23

1/4/2020 By Woldetsadik K. (Assist. Prof) 24

1/4/2020 By Woldetsadik K. (Assist. Prof) 28

Financial Strength Environmental Stability

1/4/2020 By Woldetsadik K. (Assist. Prof) 30

1/4/2020 By Woldetsadik K. (Assist. Prof) 35

1/4/2020 By Woldetsadik K. (Assist. Prof) 36

1/4/2020 By Woldetsadik K. (Assist. Prof)

1/4/2020 By Woldetsadik K. (Assist. Prof) 40

1/4/2020 By Woldetsadik K. (Assist. Prof)

1/4/2020 By Woldetsadik K. (Assist. Prof) 44

1/4/2020 By Woldetsadik K. (Assist. Prof) 45

1/4/2020 By Woldetsadik K. (Assist. Prof) 47

1/4/2020 By Woldetsadik K. (Assist. Prof) 50

1/4/2020 By Woldetsadik K. (Assist. Prof) 53

1/4/2020 By Woldetsadik K. (Assist. Prof) 56

A. Cultural Aspects of Strategy Choice

1/4/2020 By Woldetsadik K. (Assist. Prof) 59

1/4/2020 By Woldetsadik K. (Assist. Prof) 60

1/4/2020 By Woldetsadik K. (Assist. Prof) 62

1/4/2020 By Woldetsadik K. (Assist. Prof) 64

1/4/2020 By Woldetsadik K. (Assist. Prof) 65

Das könnte Ihnen auch gefallen