STRATEGY - CanalBlog

STRATEGY - CanalBlog

Corporate Strategy The Grand Strategies Universit Paris Ouest - Master 1 - Strategy 1 Corporate Strategy Business-level Strategy integrated and coordinated set of commitments and actions To gain competitive advantage By exploiting core competencies in specific product markets.

Universit Paris Ouest - Master 1 - Strategy 2 Corporate Strategy Universit Paris Ouest - Master 1 - Strategy 3

Corporate Strategy A diversified company has two levels of strategy: Business Unit (or competitive) Strategy Corporate (or Companywide) Strategy. Universit Paris Ouest - Master 1 - Strategy 4 Corporate Strategy Competitive Strategy => How to create competitive advantage in each of the businesses in

which a company competes? Corporate Strategy => What businesses the corporation should be in? How the corporate office should manage the array of business units? Universit Paris Ouest - Master 1 - Strategy 5 Corporate Strategy Corporate-level Strategy Actions to be taken to gain a competitive advantage

Select and manage a group of different businesses competing in different product markets Expected to help firm earn above - average returns Universit Paris Ouest - Master 1 - Strategy 6 Corporate Strategy - Premises of Corporate Strategy You need a number of premises to be successful These are facts of life about diversification

Premises: Cannot be altered When ignored Explain in part why so many corporate strategies fail Universit Paris Ouest - Master 1 - Strategy 7 Corporate Strategy Competition Occurs at the Business Unit Level Diversified companies do not compete

Only their business units do Corporate Strategy Goal = Ensure the success of each unit Universit Paris Ouest - Master 1 - Strategy 8 Corporate Strategy Successful corporate strategy must: Grow out Reinforce competitive strategy.

Universit Paris Ouest - Master 1 - Strategy 9 Corporate Strategy Diversification: Adds Costs Add Constraints to Business Units. Universit Paris Ouest - Master 1 - Strategy

10 Corporate Strategy Obvious costs such as: The corporate visible costs (overhead allocated to a unit) The hidden costs and constraints (possibly higher than visible ones) Universit Paris Ouest - Master 1 - Strategy 11

Corporate Strategy Identified Costs & Constraints: BU must explain its decisions to top management BU must spend time complying with planning & Corporate systems Live with parent company guidelines and personnel policies Motivate employees with direct equity ownership. They can be reduced but not entirely eliminated! Universit Paris Ouest - Master 1 - Strategy 12

Corporate Strategy Shareholders Can Diversify Themselves. Shareholders can diversify their own portfolios of stocks Best match their preferences and risk profiles. Shareholders can often diversify more cheaply than a corporation Buying shares at the market price Avoid hefty acquisition premiums Universit Paris Ouest - Master 1 - Strategy

13 Corporate Strategy Corporate strategy cannot succeed unless if: It truly adds value to business units It provides tangible benefits It offset the inherent costs of lost independence Universit Paris Ouest - Master 1 - Strategy 14

Corporate Strategy - Passing the Essential Tests How to formulate corporate strategy? How to create Shareholders Value? What type of diversification must be selected? These conditions can be summarized in three essential tests. Universit Paris Ouest - Master 1 - Strategy 15 Corporate Strategy - Passing the Essential Tests

1. The attractiveness test The industries chosen for diversification must be structurally attractive or capable of being made attractive. 2. The cost-of-entry test The cost of entry must not capitalize all the future profits. 3. The better-off test Either the new unit must gain competitive advantage from its link with the Corporation or vice versa. Universit Paris Ouest - Master 1 - Strategy

16 Corporate Strategy - Passing the Essential Tests Corp. make certain that their proposed strategies pass some of these tests. When companies ignored one or two of them, the strategic results can be disastrous. Universit Paris Ouest - Master 1 - Strategy 17

Corporate Strategy - Passing the Essential Tests How Attractive Is the Industry? In the long run, the rate of return available from competing in an industry is a function of its underlying structure. Universit Paris Ouest - Master 1 - Strategy 18 Corporate Strategy - Passing

the Essential Tests An attractive industry with a high average return on investment (ROI) will be difficult to enter because entry barriers are high: Suppliers and buyers have only modest bargaining power, Substitute products or services are few, Rivalry among competitors is stable. Universit Paris Ouest - Master 1 - Strategy 19 Corporate Strategy - Passing

the Essential Tests Example: unattractive industry - Steel Strong structural flaws Plethora of substitute materials Powerful and price-sensitive buyers Excessive rivalry caused by high fixed costs Large group of competitors (many of whom are state supported). Universit Paris Ouest - Master 1 - Strategy 20

Corporate Strategy - Passing the Essential Tests Diversification cannot create shareholder value unless: New industries have favorable structures Expected returns => exceeding the cost of capital. Universit Paris Ouest - Master 1 - Strategy 21 Corporate Strategy - Passing the Essential Tests

If the industry doesnt have such returns: Company must be able to restructure the industry Company must gain a sustainable competitive advantage Advantage that leads to returns (ROI) well above the industry average. Universit Paris Ouest - Master 1 - Strategy 22 Corporate Strategy - Passing the Essential Tests An industry need not be attractive before diversification.

Company might benefit from entering before the industry shows its full potential. Early Player The diversification can then transform the industrys structure. Universit Paris Ouest - Master 1 - Strategy 23 Corporate Strategy - Passing the Essential Tests

Company should never suspend the attractiveness Test! Mistake #1: believe that the industry fit very closely with their own businesses. Mistake #2: Ignore the poor industry structure because of the Corporate comfort (leading to a happy outcome). Universit Paris Ouest - Master 1 - Strategy 24 Corporate Strategy - Passing the Essential Tests

Result #1: Positive If the close fit allows substantial competitive advantage the Organization may resist Result #2: Downside Such comfort will turn into pain when diversification results in poor returns. Universit Paris Ouest - Master 1 - Strategy 25 Corporate Strategy - Passing the Essential Tests Target industrys attractiveness:

Rapid growth indicator More simple indicators as a proxy for a target. Universit Paris Ouest - Master 1 - Strategy 26 Corporate Strategy - Passing the Essential Tests Fast-growing industries (personal computers, video games, and robotics for example) were burned because they mistook early growth for long-term profit potential.

Industries are profitable not because they are sexy or high tech they are profitable only if their structures are attractive. Universit Paris Ouest - Master 1 - Strategy 27 Corporate Strategy - What Is the Cost of Entry? Diversification cannot build shareholder value if the cost of entry into a new business eats up its expected returns. A company can enter new industries by acquisition or startup.

Acquisitions expose it to an increasingly efficient merger market. An acquirer beats the market if it pays a price not fully reflecting the prospects of the new unit. Universit Paris Ouest - Master 1 - Strategy 28 Corporate Strategy - What Is the Cost of Entry? Acquisition premiums are high and reflect the acquired companys future prospectssometimes too well.

Philip Morris paid more than four times book value for Seven-Up Company, for example. Universit Paris Ouest - Master 1 - Strategy 29 Corporate Strategy - What Is the Cost of Entry? Simple arithmetic meant that profits had to more than quadruple to sustain the pre-acquisition ROI. Philip Morris invested in sophisticated marketing campaigns

to participate to the soft-drink industry competition Universit Paris Ouest - Master 1 - Strategy 30 Corporate Strategy - What Is the Cost of Entry? The result was the unsatisfactory financial performance of Seven-Up Ultimately the decision to divest was taken

Universit Paris Ouest - Master 1 - Strategy 31 Corporate Strategy - What Is the Cost of Entry? Start-up phase: Company must overcome entry barriers Catch-22 situation: Attractive industries are attractive because their entry barriers are high. Full cost of the entry barriers might dissipate potential profits.

Otherwise, other entrants to the industry would have already eroded its profitability. Universit Paris Ouest - Master 1 - Strategy 32 Corporate Strategy - What Is the Cost of Entry? Finding an appealing new business = Excitement Risk: Companies can forget to apply the cost-of-entry test! The more attractive a new industry, the more expensive it is to get into.

Universit Paris Ouest - Master 1 - Strategy 33 Corporate Strategy - Will the Business Be Better Off? Corporation must bring significant competitive advantage to the new unit New unit must offer potential for significant advantage to the Corporation. Universit Paris Ouest - Master 1 - Strategy

34 Corporate Strategy - Will the Business Be Better Off? The benefits to the new unit can: Occur only once At the time of entry When Parent Company instigate a strategy change When Parent Company installs a first-rate management team. Universit Paris Ouest - Master 1 - Strategy

35 Corporate Strategy - Will the Business Be Better Off? Parent Company has only a 1-time benefit: Will not keep the New Unit in its portfolio over the long term. Parent Company will not add any new value to the New Unit: One-time improvement results are clear Inevitable costs are imposed on the New Unit (loan, guidance) => Best time to sell the unit and free up Corporate Resources. Universit Paris Ouest - Master 1 - Strategy

36 Corporate Strategy - Results 3 tests for successful diversification: Set the standards that any Corporate Strategy must meet Meeting them is so difficult that most diversification fails! Universit Paris Ouest - Master 1 - Strategy 37 Corporate Strategy - Results

Failure: Lack of a clear concept of corporate strategy to guide the diversification Pursue a concept that does not address the tests. Poor implementation of the strategy. Universit Paris Ouest - Master 1 - Strategy 38 Corporate Strategy Strategic Alternatives

Cost Leadership Differenciation Focus Growth Concentration Integration Diversification Mergers and Acquisitions

Joint Ventures Stability Retrenchment Maintaining Turnaround Divestment status quo Sustainability Liquidation growth

Universit Paris Ouest - Master 1 - Strategy Portfolio Restructuring Combination strategy 39 Corporate Strategy Grand strategies (called master / business strategies) provide: Basic direction for strategic actions

Coordinate and sustain efforts Focus on achieving long term business objectives. Universit Paris Ouest - Master 1 - Strategy 40 Corporate Strategy Grand strategies indicate: How long range objectives will be achieved Grand strategy can be defined as: A comprehensive general approach that guides major actions.

Universit Paris Ouest - Master 1 - Strategy 41 Corporate Strategy Grand strategies fall under four categories: 1. Growth 2. Stability 3. Retrenchment 4. Portfolio restructuring Universit Paris Ouest - Master 1 - Strategy

42 Corporate Strategy Four concepts of corporate strategy that have been put into practice: Portfolio management Restructuring Transferring skills Sharing activities. Universit Paris Ouest - Master 1 - Strategy

43 Corporate Strategy Growth strategies Organizations usually seek growth in sales, profits, market share, or some other measure as a primary objective. The different Grand Strategies in this category are: Concentration Integration Diversification Mergers and acquisitions Joint Ventures

Universit Paris Ouest - Master 1 - Strategy 44 Corporate Strategy Growth strategies Concentration (on a current business) Organization focuses on a single line of business The firm directs its resources to the profitable growth of: a single product in a single market and with a single technology

Universit Paris Ouest - Master 1 - Strategy 45 Corporate Strategy Growth strategies Americas largest and most successful companies have traditionally adopted the concentration approach. For example, Mc Donalds concentrates on the fast food industry

Universit Paris Ouest - Master 1 - Strategy 46 Corporate Strategy Growth strategies Key of success factors : advantages of business level specialization Type of companies : A vast majority of smaller firms Universit Paris Ouest - Master 1 - Strategy

47 Corporate Strategy Growth strategies By concentrating on: One product, In one market, And with one technology Universit Paris Ouest - Master 1 - Strategy 48

Corporate Strategy Growth strategies A firm can gain competitive advantages over its more diversified competitors in: production skill, marketing know-how, customer sensitivity, and reputation in the marketplace. Universit Paris Ouest - Master 1 - Strategy 49

Corporate Strategy Growth strategies Concentration: Lowest in risk and in additional resources required. Based on the known competencies of the firm. Negative side: Tend to result in steady but slow increases in growth and profitability Narrow range of investment options (narrow base of competition) Strong impact resulting from industry trends (performance variation) Universit Paris Ouest - Master 1 - Strategy

50 Corporate Strategy Growth strategies Integration Integration may take two forms: Vertical integration Horizontal integration Universit Paris Ouest - Master 1 - Strategy 51

Corporate Strategy Growth strategies Vertical integration involves growth through acquisition of other organizations in a channel of distribution. When an organization purchases other companies that supply it, it engages in backward integration. The organization that purchases other firms that are closer to the end users of the product (such as wholesalers and retailers) engages in forward integration. Universit Paris Ouest - Master 1 - Strategy

52 Corporate Strategy Growth strategies Vertical integration is used To obtain greater control over a line of business To increase profits through greater efficiency or better selling efforts. Universit Paris Ouest - Master 1 - Strategy

53 Corporate Strategy Growth strategies Horizontal integration Growth through the acquisition of competing firms in the same line of business. Increase the size, sales, profits, and potential market share. Used by smaller firms in an industry dominated by one or a few large competitors (soft drink and computer industries). Universit Paris Ouest - Master 1 - Strategy

54 Corporate Strategy Growth strategies Diversification: growth through the acquisition of firms in other industries or lines of business Organizations in slow-growth industries may purchase firms in faster-growing industries to increase their overall growth rate. Organizations with excess cash often find investment in another industry (particularly a fast-growing one) a profitable strategy. Universit Paris Ouest - Master 1 - Strategy

55 Corporate Strategy Growth strategies Diversify in order to spread their risks across several industries. Acquiring organization for their management talent, financial and technical resources, or marketing skills (to increase profitability). Universit Paris Ouest - Master 1 - Strategy 56

Corporate Strategy Growth strategies When the acquired firm has: production technology Products channels of distribution and /or markets similar to those of the firm purchasing it Strategy is called concentric diversification.. Universit Paris Ouest - Master 1 - Strategy 57

Corporate Strategy Growth strategies This strategy is useful when the organization can acquire: Greater efficiency Greater market impact Through the use of shared resources. Universit Paris Ouest - Master 1 - Strategy 58 Corporate Strategy Growth

strategies Unrelated or conglomerate diversification: When the acquired firm is in a completely different line of business, the strategy is called unrelated or conglomerate diversification. Universit Paris Ouest - Master 1 - Strategy 59 Corporate Strategy Growth strategies

Mergers and acquisitions In a merger, a company joins with another company to form a new organization. A C B Universit Paris Ouest - Master 1 - Strategy 60 Corporate Strategy Growth

strategies Joint ventures An organization works with another company on a project too large to handle by itself (elements of the space program) Similarly, organizations in different countries may work together to overcome trade barriers in the international market or to share resources more efficiently. Universit Paris Ouest - Master 1 - Strategy 61 Corporate Strategy Strategic

alliances and J.V. J.V. stands for Joint Ventures Strategic alliances Reasons for forming alliances Types of alliances Typology of alliance Continuum of alliances Mutual service consortia Joint venture licensing arrangement Value-chain partnership Universit Paris Ouest - Master 1 - Strategy

62 Corporate Strategy Strategic alliances and J.V. Intense competition Changing technology Need for expansion Are the major drivers to look out for opportunities to take over other firms or form alliances. Universit Paris Ouest - Master 1 - Strategy

63 Corporate Strategy Strategic alliances and J.V. When geographical boundaries are open for business operations, international tie-ups are common. Strategic alliances may take different forms from just marketing or production tie-ups to mergers. Managing alliances requires special caution. Managers should be aware of the principle of managing them. Universit Paris Ouest - Master 1 - Strategy

64 Corporate Strategy Strategic alliances and J.V. Strategic alliances defined Strategic alliances are cooperation arrangements between two or more companies for achieving a common objective. Universit Paris Ouest - Master 1 - Strategy 65

Corporate Strategy Strategic alliances and J.V. A cooperative arrangement between two or more companies where: A common strategy is developed in unison and a win-win attitude is adopted by all parties The relationship is reciprocal, with each partner prepared to share specific strengths with each other, thus lending power to the enterprise. A pooling of resources, investments, and risks occurs for mutual gain. Universit Paris Ouest - Master 1 - Strategy

66 Corporate Strategy Strategic alliances and J.V. Reasons for forming strategic alliances Enhance organizational capabilities Gain competitive advantage. Universit Paris Ouest - Master 1 - Strategy 67

Corporate Strategy Strategic alliances and J.V. Major reasons: To obtain technology and / or manufacturing capabilities For example, Intel formed a partnership with Hewlett-Packard to use HPs capabilities in RISC technology in order to develop the successor to Intels Pentium microprocessor. Universit Paris Ouest - Master 1 - Strategy 68

Corporate Strategy Strategic alliances and J.V. Major reasons: To obtain access to specific markets Rather than buy a foreign company or build breweries of its own in other countries, Anheuser-Busch chose to license the right to brew and market Budweiser to other brewers, such as Labatt in Canada, Modelo in Mexico, and Kirin in Japan. Universit Paris Ouest - Master 1 - Strategy

69 Corporate Strategy Strategic alliances and J.V. Major reasons: To reduce financial risk: To reduce the risk of financial investment a company may join hands with another company or companies Because the costs of developing a new large jet airplane is becoming too high for any manufacturer, Boeing, Aerospatiale of France, British Aerospace, Constucciones Aeronautics of Spain, and Deutsche Aerospace of Germany planned a joint venture to design such a plane. Universit Paris Ouest - Master 1 - Strategy

70 Corporate Strategy Strategic alliances and J.V. Major reasons: To reduce political risk: Political risk is another important factor. Besides cultural factors, political factors are complex and difficult to mange. It is better to tie up with a local firm to find way s of overcoming such risks. Universit Paris Ouest - Master 1 - Strategy

71 Corporate Strategy Strategic alliances and J.V. Major reasons: To achieve or ensure competitive advantage Alliances may be formed for mutual advantage to use of the specialized nature of resources or skills. General Motors and Toyota formed Nummi Corporation as a joint venture to provide Toyota a manufacturing facility in the United States and GM access to Toyotas low-cost, high-quality manufacturing expertise.

Universit Paris Ouest - Master 1 - Strategy 72 Corporate Strategy Strategic alliances and J.V. Typology of strategic alliances Universit Paris Ouest - Master 1 - Strategy 73

Corporate Strategy Strategic alliances and J.V. Pro-competitive Alliances Alliances within the industry exemplified by vertical valuechain relationships between manufactures and their suppliers and distributors. Such relationships are advantageous to both parties. Supplier and buyer organizations entering upon long-term contracts constitute pro-competitive alliances. Universit Paris Ouest - Master 1 - Strategy 74

Corporate Strategy Strategic alliances and J.V. Non-competitive Alliances These are partnerships within the industry. Such alliances are entered upon by organizations that operate in the some industry yet do not perceive each others as rivals. Their areas of activity do not coincide and/or their products and services are sufficiently dissimilar to prevent competition. Universit Paris Ouest - Master 1 - Strategy 75

Corporate Strategy Strategic alliances and J.V. Competitive Alliances These are relationships that bring rival organizations in a cooperative arrangement. These alliances may be intra industry or inter-industry. Universit Paris Ouest - Master 1 - Strategy 76 Corporate Strategy Strategic alliances and J.V.

Pre-competitive Alliances These partnerships bring two organizations from different, often unrelated industries to work on well-defined activities. This is often seen in activities such as, mass awareness campaigns or environmental and social issues. Universit Paris Ouest - Master 1 - Strategy 77 Corporate Strategy Strategic alliances and J.V.

Continuum of alliances The types of alliances range from mutual consortia to value chain partnerships as described below. Mutual service consortia Joint venture Licensing arrangement Value-chain partnership Universit Paris Ouest - Master 1 - Strategy 78 Corporate Strategy Strategic

alliances and J.V. Mutual service consortia - A partnership of similar companies in similar industries who pool their resources to gain a benefit that is too expensive to develop alone, such as access to advanced technology. For example, IBM of the United States, Toshiba of Japan, and Siemens of Germany formed a consortium to develop new generations of computer chips. Universit Paris Ouest - Master 1 - Strategy 79

Corporate Strategy Strategic alliances and J.V. Joint venture A cooperative business activity formed by 2 or more separate organizations for strategic purposes, that: Creates an independent business entity Allocates ownership, Allocate operational responsibilities, And financial risks and rewards to each member, While preserving their separate identity autonomy. Universit Paris Ouest - Master 1 - Strategy 80

Corporate Strategy Strategic alliances and J.V. Licensing arrangement Is an agreement in which the licensing firm grants rights to another firm in another country or market to produce and / or sell a product. The licensee pays compensation to the licensing firm in return for technical expertise. Universit Paris Ouest - Master 1 - Strategy 81

Corporate Strategy Strategic alliances and J.V. Managing Strategic Alliances Have a clear strategic purpose. Integrate the alliance with each partners strategy. Ensure that mutual value is created for all partners. Find a fitting partner with compitable goals and complementary capabilities Identify likely partnering risks and deal with them when the alliance is formed. Universit Paris Ouest - Master 1 - Strategy

82 Corporate Strategy Strategic alliances and J.V. Allocate tasks and responsibilities so that each partner can specialize in what it does best. Create incentives for cooperation to minimize differences in corporate culture or organization fit. Minimize conflicts among the partners by clarifying objectives and avoiding direct competition in the market place. If an international alliance, ensure that those managing it should have

comprehensive cross-cultural knowledge. Universit Paris Ouest - Master 1 - Strategy 83 Corporate Strategy Strategic alliances and J.V. Exchange human resources to maintain communication and trust. Dont allow individual egos to dominate. Operate with long-term time horizons. The expectations of future gains can minimize short-term conflicts.

Develop multiple joint projects so that any failures are counterbalanced by successes Agree upon a monitoring process. Share information to build trust and keep projects on target. Monitor customer responses and service complaints. Universit Paris Ouest - Master 1 - Strategy 84 Corporate Strategy Strategic alliances and J.V. Agree upon a monitoring process. Share information to build trust

and keep projects on target. Monitor customer responses and service complaints. Be flexible in terms of willingness to renegotiate the relationship in terms of environmental changes and new opportunities. Agree upon an exist strategy for when the partners objectives are achieved or the alliance is judged a failure Universit Paris Ouest - Master 1 - Strategy 85

Corporate Strategy Stability Strategy Focus on its existing line or lines of business and attempts to maintain them through one of the following ways: Maintaining status quo-continue to do what it has been doing Sustainability - reinforcing the organization with more competencies to carry on things in a better or innovative way. Universit Paris Ouest - Master 1 - Strategy 86

Corporate Strategy Stability Strategy This type of Strategy can be used to: Avoid government controls or penalties for monopolizing the industry. Further growth is too costly and could have detrimental effects on profitability. A low- growth or no-growth industry that has no other viable options may be forced to select a stability strategy. Universit Paris Ouest - Master 1 - Strategy 87

Corporate Strategy Retrenchment Strategies When an organizations survival is threatened and it is not competing effectively, retrenchment strategies are often needed. The three basic types of retrenchment are: Turnaround Divestment Liquidation. Universit Paris Ouest - Master 1 - Strategy 88

Corporate Strategy Retrenchment Strategies Turnaround strategy is used when an organization is performing poorly but has not yet reached a critical stage. It usually involves: Getting rid of unprofitable products Pruning the work force Trimming distribution outlets Seeking other methods of making the organization more efficient. Universit Paris Ouest - Master 1 - Strategy

89 Corporate Strategy Retrenchment Strategies If the turnaround is successful, the organization may then focus on growth strategies. Universit Paris Ouest - Master 1 - Strategy 90 Corporate Strategy

Retrenchment Strategies Divestment strategy involves: selling the business or setting it up as a separate corporation. Divestment is used when: A particular business doesnt fit well in the organization Or fails to reach the objectives set for it Improving financial position of the divesting organization. Universit Paris Ouest - Master 1 - Strategy 91

Corporate Strategy Retrenchment Strategies Liquidation strategy involves closure of the business, which is no longer profitable. It may be technologically obsolete or out of times with market trends. Universit Paris Ouest - Master 1 - Strategy 92 Corporate Strategy Choices?

Choices: How do firms choose strategies? Stability strategy is adopted because It is less risky, involves fewer changes and people feel comfortable with things as they are The environment faced is relatively stable Expansion may be perceived as being threatening Consolidation is sought through stabilizing after a period of rapid expansion. Universit Paris Ouest - Master 1 - Strategy 93

Corporate Strategy Choices? Expansion strategy is adopted because When the environment demands increase in pace of activity Psychologically, strategists may feel more satisfied with the prospects of growth Good perception of growth-oriented Corporations Increasing size may lead to more control over the market vs competitors Advantages from the experience curve and scale of operations may accrue Universit Paris Ouest - Master 1 - Strategy

94 Corporate Strategy Choices? Retrenchment strategy is adopted because: The management no longer wishes to remain in business either partly or wholly due to continuous losses and unviability The environment faced is threatening Stability can be ensured by reallocation of resources from unprofitable to profitable businesses. Universit Paris Ouest - Master 1 - Strategy 95

Corporate Strategy Choices? Combination strategy is adopted because: The organization is large and faces a complex environment The organization is composed of different businesses, each of which lies in a different industry requiring a different response Universit Paris Ouest - Master 1 - Strategy 96 Corporate Strategy Choices?

Combination strategy is adopted because: The organization is large and faces a complex environment The organization is composed of different businesses, each of which lies in a different industry requiring a different response Universit Paris Ouest - Master 1 - Strategy 97

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