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Strategic Management Process and Role of Corporate Governance in Strategic Decision-Making
Strategic Management Process
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Strategic Management Process and Role of Corporate Governance in Strategic Decision-Making
Strategic management is the process by which organizations or firms use to create a vision, and analyze their external and internal environments, and choose one or more strategies to apply in order to maximize the value for shareholders, customers and other stake holders. In the vision, there are two components: mission that outlines the firm’s DNA and the “image” of the firm as it hopes to exist in future (Morrison & Wilson, 2003). The objective of the vision is to stimulate the employees realize the tomorrow aspirations of what the company can get and to facilitate the creation of the foundation for ethical behavior. A strategy is an action plan aimed at moving an organization towards the accomplishment of its vision. The mission states the firm’s core value and business in which it plans to run. The strategic management process is simplified in five steps as discussed below.
The first step is the goal setting, where the firm classifies its vision. Activities under this stage include definition for short- and long-term goals, steps provision on how to achieve the set goals and duty assignment to various staff. These goals need to be detailed, achievable and corresponding with the firm’s vision. Lastly the firm to provide mission statement that concisely relates the firm’s goals to both shareholder and employees (Morrison & Wilson, 2003).
The environmental analysis is the next step, where gathering, scrutinizing, and availing of information is conducted for strategic purposes. This assists in analyzing internal and external factors affecting the firm. The center for the analysis should be on the comprehending the requirements of the firm as a protractible enterprise, its strategic direction, and outlining proposals that will see the firm expand.
Third step is strategy formulation where data collected from completing analysis is reviewed. Available resources to the firm that can help achieve the desired goals are determined. The challenges facing the firm are also prioritized according to their significance towards success, and alternative approaches developed (Morrison & Wilson, 2003).
Strategy implementation is the fourth point which is also the action stage. It includes designing firm’s structure, supplying resources, developing decision-making process, and managing human resources. Lastly on the steps, is the strategic evaluation. Activities that are done here include a review of external and internal factors, performance measurement, and correcting actions where necessary. Evaluation confirms that firm’s strategy together with its implementation is per the firm’s objectives.
Strategic management is meant to integrate traditional management activities such as planning, budgeting, monitoring and controlling in to a broader context, accounting for internal and external organization abilities, and the firm’s overall purpose and course. Indeed, the emphasis on predicting the needs of stakeholders is a crucial factor in external analysis. Therefore, firms that adopt a complete, quality management are better prepared to face the challenges of competition in the global economy (Morrison & Wilson, 2003).
Role of Corporate Governance in Strategic Decision-Making
The Organization for Economic Cooperation and Development (OECD) defines corporate governance as “a set of relationships between the firm’s management, its board, shareholders, and other stakeholders.” The definition accounts for the relationship between the firm, shareholders, and other stakeholders like customers, employees, bondholders and suppliers. Corporate governance offer a structure on how the firm’s objectives are set, and the mechanism of achieving those goals, as well as, resolving issues related to supervisions and performances. Stakeholder theory recognizes the corporate governance for its capability to achieve stability and equality (Biswas, 2007). The theory argues that corporate governance is responsible for balancing between social and economic goals, and between personal and communal goals. Therefore, the framework of the governance provides efficient resource utilization and equality thereby encouraging accountability for the stewardship of those resources.
They corporate governance is also responsible for providing enough and desirable system of control in the firm leading to the safety of the assets. Secondly, it prevents an individual from amassing too much power and influence. The third role is the creation of a mutual existence between the firm’s management, shareholders, board of directors and other stake holders. Lastly, corporate governance provides transparency and accountability. The Corporate governance is an efficient mechanism to utilize resource more efficiently because it is a network among various corporate players like the managers, shareholders, lenders, government, suppliers and consumers (Biswas, 2007). Generally, main role of the corporate governance is to direct and control an organization. They have to establish and enforce policies that are necessary for the effective operation of the firm.
Environmental Analyses
Each organization runs in an environment that can be either external or internal. Therefore, environmental analysis is the process of monitoring and understanding various environmental factors, and establishing possible threats and opportunities availed by these factors. The environment is petitioned in to various components to display their nature, relationship and role for examining opportunities and threats and establish where they originate. External environment affecting the firm’s operation includes technological, legal, political, social economic factors among others.
Internal environmental factors include suppliers, customers, and competitors. The environmental analysis plays a crucial role in the strategy formulation process (Vandanaprap, 2012). Therefore, the environment should be carefully examined to establish factors within the environment and their possible opportunities they pose towards better achievements of firm’s objectives and what factors present threats. Economical tools that can help in environmental analyses are the PEST and SWOT analysis. The PEST stands for Political, Economic, Socio-cultural and Technological, and suitable for analyzing external environment. The other tool is the SWOT analysis, stands for Strength, Weakness, Opportunities and Threats (Vandanaprap, 2012).
Challenges in Strategy Implementation
One of the challenges may arise in the way and manner in which the information is conveyed up or down the ranks. If there is a barrier to the movement of information processes it means that decision would be established basing on outdated information. However, this can be resolved, through devolution of the central command, to facilitate information flow throughout the ranks and files particularly when implementing a new business strategy. Recognition of the organizational structure and designs set up should also be taken into account especially where strategic and operational decisions are made (Whonder, 2009).
Another challenge due to resource planning is failure to translate statements of strategic purpose, like gaining market share in to significant factors that will make the purpose realizable and ultimately accomplished. For instance, an unambiguous schedule might be required for a firm struggling to launch, say a new product for Christmas (Whonder, 2009). A detailed assessment of the scheduling has to be conducted if the production and its selling would be a success, as well as the provision of funds for this process. Here, the problem arises due to the non-uniformity in the times required for the various acts; it is difficult to establish where to begin.
The emergence of the problem is quite common in developing a plan of action. The question arising from this particular area is where to begin with an available level of funds, a market forecast, or a production-level constraint. However, the starting point may sometime pose little challenges because the plan has to be re-worked and adjusted severally (Whonder, 2009). A fundamental guideline is to enter the problem through what seems to be a crucial change area. A firm drafting fresh strategies of growth may as well begin with examination market opportunities. While a person who is starting a new enterprise may commence with a pragmatic evaluation of the amount of capital available with them.
Conclusion
There are many ways of defining strategy, and its implementation style may also differ and, therefore, different challenges and solutions occur. Implementation entails the controlling of others’ conduct, culture and perception; hence, most challenges are human related. This means that possible solutions will depend on management conduct and style of leadership in terms of availability, allocation and structure of resources. The environmental analysis, on the other hand, avails time to foresee the plan and opportunities to meet challenges as well as to warn the firm about the threats. It also examines the internal strengths and weakness of a firm in relation to the outside opportunities and threats it faces.
References
Biswas, P.K. (2007). Agency Problem and the Role of Corporate Governance Revisited. Retrieved from http://www.scribd.com/doc/34013436/Agency-Problem-and-the-Role-of-Corporate-Governance.
Morrison, J & Wilson, I. (2003). The Strategic Management Response to the Challenge of Global Change. Retrieved from http://horizon.unc.edu/courses/papers/Scenario_wksp.asp.
Vandanaprap . (2012). Environmental and Organizational Analysis – for Strategic Management. retrieved from http://www.scribd.com/doc/23775560/13/Environmental-and-Organizational-Analysis-%E2%80%93.
Whonder, J. (2009). Strategy implementation: Significant Problems Encountered in Implementing a New Strategy in a Business. Retrieved from http://community.businessballs.com/blogs/printblog?index_php?view=article&id=188&tmpl=component&print=1.
Strategic Management Paper
Strategic Management Paper
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Strategic Management Paper
Caterpillar Inc., usually also known as CAT when shortened, is a fortune 100 American corporation that is involved in the engineering developing, designing, manufacturing, selling, and marketing financial products, engines, insurance, and machinery to clienteles through a global dealer system. Caterpillar Inc. is considered amongst the world’s largest, if not the largest construction -apparatus manufacturer. According to ratings in 2018, the corporation was rated position 66 on the list of Fortune 500 and ranked 237 on the list of Global Fortune 500. The company’s headquarters are found in Deerfield, Illinois. Due to the stiff competition that Caterpillar’s faces from top competitors such as Scania, Doosan Infracore, Hyundai Heavy Industries Holdings, Allison Transmission, KOBELCO, Liebherr Group, Aggreko, and Cummins, the company has to come up short term and long term goals to equal the competition (Lynch, 2019). CAT’s short-term goals are to meet the customers’ everyday basic requirements such as food, shelter, and also an offering of water. Caterpillar Inc. seeks to establish the best group or team of staff that will give world-class safety and inclusion to its customers. Another short-term goal is producing a superior outcome that can be getting per share growth.
As part of its long-term goals, the CAT Company is determined to advance the sustainability of its merchandise by establishing systems that exhausts the profits of living and decreases the ownership cost. CAT additionally requires decreasing the emission of greenhouse gas, decrease consumption of water through product intensity, and raising the utilization of optional renewable sources. Improving the products sustainability, services, and resolutions, plus adding of management fleet whereas sales increase in the business is part of the long-term goals.
In the last 3-5 years, the company did buy or merged with several of its subsidiaries with the anticipation of improving its business to move ahead of the competition. These actions did contribute to good performance as improvements were seen on the capital base, price of a stock, and future progress prospects (Melo, 2017). CAT’s several acquisitions, actually managed to outweigh or tackle competitions from the very stiff rival companies. Economies of scale and synergies have been taken advantage of via acquisitions. The company was permitted by the M&A to decrease tax expenses on various nations through utilizing corporate inversions.
Caterpillar’s most critical acquisition was announced when it acquired Electro-Motive Diesel for $820 Million. The company has come up with advancements that have saved fuel in the recent decade. The leading of the advances includes Power-thick Engine, which advances the motor breadth that brings about a bundle that is lighter and means a greater Eco-friendliness in this manner lessens emanations (Melo, 2017). The company further presented a detecting water power that can reduce fuel usage via directing the stream to realize dependent on the conditions of working. That innovation, at the same time, lessens the heat age that assists in extra fuel investment funds. Energy Recovery System is another progress that assists in saving fuel without putting aside the presentation. The fresh innovation assists in reducing extreme motor speeds, consequently reducing fuel usage.
Whereas the company is reasoning about the transitional method, it does attempt to achieve both nationwide responsiveness and universal coordination. The company achieves its universal proficiency by creating strains to accomplish the universal responsiveness and needs. CAT achieves its universal system via the structure of indiscernible items and including the segments gathering in some remarkably enormous scope offices. Moreover, CAT is accumulating plants in every market that construct segments that might suit the requirements of the neighborhood broadcast. The company accordingly achieves a severe edge by characterizing an asset share and the earth to achieve the aims. Caterpillar Inc. separates itself along these boundaries by offering pieces of gear that satisfy the neighborhood requirements.
Reference
Lynch, L. J., & Haskins, M. E. (2019). Caterpillar Inc. Taps the Chinese Bond Market. Darden Case No. UVA-C-2418.
Melo, J. (2017). Equity report on caterpillar Inc (Doctoral dissertation).
Strategic Management in Net-a-Porter.com
Strategic Management in Net-a-Porter.comPresented by
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Word count: 2400
Table of Contents
TOC o “1-3” h z u 1.0 Introduction PAGEREF _Toc404125693 h 42.0 Vision, Mission Statement and Corporate objectives PAGEREF _Toc404125694 h 43.0 Situation analysis PAGEREF _Toc404125695 h 43.1 Microeconomic analysis PAGEREF _Toc404125696 h 53.2 Industry analysis PAGEREF _Toc404125697 h 64.0 Market Analysis PAGEREF _Toc404125698 h 95.0 Internal Analysis PAGEREF _Toc404125699 h 95.1 McKinsey 7’S framework PAGEREF _Toc404125700 h 95.2 SWOT analyses PAGEREF _Toc404125701 h 116.0 Marketing Objectives PAGEREF _Toc404125702 h 127.0 Marketing Strategies PAGEREF _Toc404125703 h 127.1 Ansoff Matrix PAGEREF _Toc404125704 h 127.2 Digital marketing PAGEREF _Toc404125705 h 148.0 Implementation strategy PAGEREF _Toc404125706 h 148.1 4 P’s marketing strategy PAGEREF _Toc404125707 h 159.0 Recommendation for future strategy PAGEREF _Toc404125708 h 169.1 Changes required PAGEREF _Toc404125709 h 169.2 Leadership PAGEREF _Toc404125710 h 1610.0 Conclusion PAGEREF _Toc404125711 h 16References List PAGEREF _Toc404125712 h 17
1.0 Introduction
The following paper conducts a strategic analysis for e-fashion company, Net-a-Porter. Net-a-Porter Company has established its business since 2000 as the world’s best online luxury fashion retailer. Net-a-Porter has invited the public to air their recommendations on the how the company should effectively serve its dedicated customers. The analysis program focuses on the following key analysis areas. Profit-oriented organizations concentrate more on competitive rivalry, growth, and cost control (Jeffs 2008). 2.0 Vision, Mission Statement and Corporate objectivesNet-a-Porter.com specializes in luxury fashion such as exclusive designer apparel and accessories; all sold using online means. The business promotes growth and development in order to become the best online luxury retailer globally.
Vision/Mission: To become the global fashion destination for content and commerce, and offer exceptional, and positive experience to all customers who purchases their product. In addition, the firm sees itself becoming the most fashionable fashion outlet and excels globally through offering best products and services (Best Companies 2014).
Corporate objectives: The objectives of Net-a-Portal e-business fashion retail is to increase) online sales through attracting more online users to view their products in their website and achieve highest level of profits. 3.0 Situation analysis
The situational analyzes process follows the firm’s corporate objectives. A change in the external environment plays a major role in offering new opportunities for an organization to achieve its goals. Currently, Net-a-Porter seeks different innovative ways of improving their customer experience and increase the competitive advantage in the global economy. However, the present technological advancements require more than general knowledge of IT because every firm strives to use a unique strategy that increases its competitiveness. The main areas focused on situational analysis of Net-a-Porter are the microeconomic analysis and industrial analysis.
3.1 Microeconomic analysisThe macroeconomic analysis includes political, economic, social, and technological factors affecting Net-a-Porter firm (PEST analysis). PESTLE analysis deals with different macroeconomic factors that influence organizations’ decision-making process while implementing different development strategies.
Political
The political environment in London favors Net-a-Porter operations. The government policies regulating business operations are not very strict, and the company has managed to fulfill all business obligations required by the Federal Government. The support offered by the state on the issue of internet and online marketing provides Net-a-Porter with an opportunity to diversify its operations.
Economic
The main economic factor affecting the operations of Net-a-Porter Company is the varying rates of taxation experienced in different countries. Net-a-Porter is an international company, and its business is prone to many factors including high-interest rates, inflation, and unstable foreign exchange rates.
Social
Social factors play an important role in the success of every organization. Changes in social trends affect business operations in terms of demand of specific products. Net-a-Porter understands different customer needs and with the current consultation, the firm stands a better chance of determining any change in social structures of any target group.
Technological factors
Technological advancements create new opportunities for market growth and diversification in the global market. Advancement in technology especially in London and other developed countries where the organization operates increases its opportunities to gain more online customer pools and increase sales. Additionally, present of the internet allows the company share all its new fashions and designs on the company website where people from all corners of the world can view their products.
Environmental factors
Changes in the business environment as the organization extends its business to different locations create a significant effect on business operations. Different locations offer different weather and climatic conditions. Products must be delivered to customers within the same day and any changes in the environment, like adverse weather conditions, interfere with logistics.
3.2 Industry analysisIndustry analysis helps in determining the position of the firm in terms number of competitors, customer attraction, business operations and strategies implementation (Kaiser 2008). The most essential tool for conducting industry analysis is the Porter’s five forces model, although there exists other tools such as the strategic groups, generic strategy and Key Factor for Success (KFS). Figure 1 represents the Porter’s Five Forces Model. These tools will be used in industrial analysis for Net-a-Porter Company.
Porter’s five forces’ model
Organizations used the Porter’s Five Forces Model in developing marketing analysis aimed at winning the competitive advantage. The five forces according to porter are; threat of new entrants, threats of substitutes, threat from buyers, threat from suppliers, and rivalry among competitors (Porter, 1979). The diagram below shows a representation of the Porter’s five forces model.
Figure 1: Porter’s five forces model (Source: Riley 2012)
Threats of new entrants
The fashion and luxury retail business is one of the most competitive industries in the business world. According to Kottler & Keller (2007), an attractive industry always faces many threats to new entrants but low exit barriers. Net-a-Profit deals with the high number of entrepreneurs entering the fashion and design industry through implementing unique strategies that offer customers with a variety of choices and attracts more online users.
Threats of substitutes
The main factors that determine threats of substitute are the price of substitutes, quality of substitutes, and switching costs to customers. Increased internet accessibility of top selling fashion brands provides better chances for fast-fashion brands to respond quickly and come up with similar fashions with weeks offering more threats (Hill & Jones 2007).
Threat from Buyers
Buyer’s bargaining power offers greater threats to businesses selling same products. The main factors affecting bargaining power of buyers are number of buyers in the market, level of dependency of buyers, switching costs, and buyers’ integration. Switching costs among buyers affects marketing of a product. Increased customer loyalty programs lead to increasing costs in the fashion industry (Hill & Jones 2007).
Threat from suppliers
Suppliers’ bargaining power causes major threats to the firm depending on the number of suppliers relative to buyers, effective substitutes, and levels of dependency on the supplier. Lack of skillful suppliers offering unique brands in the market creates the greatest threat to Net-a-Porter firm. Moreover, organizations experience hardships switching costs to other suppliers because it comes with many risks and threats (Hill & Jones 2007).
Rivalry among existing competitors
Existing competitors’ offer rivalry in the business environment depending on the competitive structure, demand condition, and exit barriers. Available market structure affects the product offering of the organization. Understanding the demand for a product in different locations offers the organizations greater chances of overcoming rivalry threats (Hill & Jones 2007). 4.0 Market AnalysisMany tools assist in conducting marketing analysis of an organization. The nature of business operated by Net-a-Profit and the diverse nature of the modern business environment calls for a close monitoring of marketing strategies in order to adhere to the modern advancements. According to Armstrong and Kotler (2011), organizations should establish effective management strategies through conducting through market analysis on the prevailing market conditions in order to achieve their corporate objectives. 5.0 Internal Analysis
5.1 McKinsey 7’S frameworkMcKinsey 7’s framework assists in analyzing the internal structure of Net-a-Porter Company. The framework aims at analyzing how well the organization is set to achieve its objectives. Figure 2 represents McKinsey 7’s model.
Figure 2: McKinsey 7’s model (Source: Plant 2000)
Strategy: Net-a-Porter establishes the most effective strategies that would ensure the organizations achieve its online marketing goals. Use of the current technological advancements assists in achieving these strategies.
Structure: The organization is structured in such a manner that every department controls their operations. In addition, the organization structure allows easier consultation between people from all levels of management.
Systems: Staff members engage in daily operations of the firm ensuring all areas is operational and working efficiently. Purchase of fashion brands and marketing them through the internet forms the main operations conducted in the firm.
Shared values: The firm maintains shared values that cater for the organization culture. The core values of the firm are highly respected and all activities are geared towards increasing the value of the firm.
Style: Net-a-Porter adopts the situational leadership style. All leaders in the firm adapt their leadership duties to development needs. Leaders work together with workers in ensuring every activity goes as expected. Leaders in the firm suffer from lack of enough knowledge on modern technology.
Staff: Staff members present at Net-a-Porter is professionals in their specific areas of specialization. Most of the employees come from the younger generation that understands application of current technology on sales and delivery of products to end users.
Skills: The company staff possesses the necessary skills and experience gained through working in the interactive environment and through various programs that educate employees on how to utilize their skills and acquire new skills in order to ensure more productivity and growth.
5.2 SWOT analysesStrengths
Enjoys global market presence
Offers quality fashions and designers (brand recognition)
Prices are affordable
Global shipping
Weaknesses
Poor leadership styles
Ineffective marketing and sales team
Difficulties connecting to customers that do not use e-commerce
Opportunities
Increased growing numbers of online users day-by-day
Increased sales in United States of America
Potential in luxury and beauty wear for both children and adults
Threats
High number of online luxury boutiques
Availability of other online websites offering direct shopping for fashion brands
Online trunk shows
6.0 Marketing ObjectivesThe following are the marketing objectives for Net-a-Portal:
To increase online sales
To increase the number of visitors viewing their websites and social network channels
To market its fashion brands and designs to all countries worldwide through online means
7.0 Marketing StrategiesNet-a-Porter utilizes a number of marketing strategies aimed at achieving the above marketing objectives. The main marketing strategies adopted by Net-a-Porter are Ansoff Matrix and digital marketing.
7.1 Ansoff MatrixNet-a-Porter uses the Ansoff Matrix in marketing its online products to customers in 170 countries across the globe. The Ansoff Matrix has four quadrants, as shown in figure 3, namely market penetration, market development, product development, and diversification (McDonald 2011).
Figure 3: The Ansoff matrix (Source: Ansoffmatrix.com 2013)
Market penetration
The main strategies used to ensure total market penetration are inviting guests who post on their customer’s blogs to the company website, article marketing posting blogs, posting more articles on social media sites, and inviting online users to contribute to the company blogs
Market development
Market development aims at increasing sales through selling existing products to emerging markets. The company conducts research on geographical location of emerging markets, cultures of new target groups, and availability of other competitors. Net-a-Porter has managed to develop market for its products in more than 170 countries globally.
Product development
In order to win the market competition for luxury and design products, Net-a-Porter keeps introducing new brands to the market. The company uses different unique packaging strategies that attract customer’s attention. Additionally, the marketing IT team creates add-on products where internet users can find their new products upon opening certain pages in the internet.
Diversification
Diversification allows the firm offers a variety of products and brands depending on customer tastes and preferences. Net-a-Porter offers different brands to different markets across the globe depending on the culture and economic status of the target group. The diversification strategy allows the firm to win customers from all locations where their shops are located.
7.2 Digital marketing
Net-a-Porter firm unveiled the net-a-porter.com website where the organizations could easily and efficiently carry out digital marketing. Natalie Massenet launched the digital marketing strategy in 1999. The website is accessed by ladies from all parts of the globe and has received many positive feedbacks because of its uniqueness. The digital marketing platform adopted by Net-a-Portal has helped achieving corporate aims through increased online sales, increased online visitors, and increased number of positive feedback from customers. The strategy utilizes social media channels like FaceBook, Twitter, MySpace, and Viber to invite users to visit the website. On the other hand, the firm’s digital marketing strategy faces major challenges associated with poor customer retention, and high number of visitors but a small percentage ends up buying goods (Fall 2012). 8.0 Implementation strategyNet-a-Portal Company requires a very effective strategic management plan in order to achieve its corporate objectives. The marketing strategies currently used by the organization do not meet the demands of present business environment. The best implementation strategy for Net-a-Portal would be the four P’s.
8.1 4 P’s marketing strategyThe four P’s marketing strategy plays an essential role in improving marketing of organizational products both locally and internationally. The 4 P’s are Product, Price, Promotion, and Place (Sighn 2012).
Product
Net-a-Portal deals with sale of fashion and design products for both male and female. Women seem to like fashion more than men and the organization should focus on more strategies that attract women to their website. The NET-A-PORTER 2014 customer base offers better chances for customers worldwide to access fashion and design products.
Price
The price of the commodity matters a lot in marketing. The price offered for different fashions must be consistent with the quality of the product and the type of clients. Women fashion brands should be sold at cheaper prices compared to men designs because women make more purchases. In addition, the marketing agents should listen to the voices of clients in order to offer prices that favor their pockets.
Place
All purchases in Net-a-Porter are made online. The company should improve the appearance of their website by putting more attractive logos, colors and photos in order to attract the attention of viewers. E-commerce websites offer best platforms for marketing products internationally.
Promotion
After putting the product on the right place, the company should embark on promotion. Online promotion should occur through various forms. The best forms of promotion would be through social channel networks. The marketing team should unveil the official FaceBook page and request more people to like the page. 9.0 Recommendation for future strategy
9.1 Changes requiredThe company should do an overhaul of all its IT database and purchase new and modern computers that are fast and reliable. In addition, the company should employ more team to cater for the increasing number of online users who are always looking for information regarding the company products
9.2 Leadership
The company needs to change its leadership structure and include more competent people who are quick in adopting change.10.0 Conclusion
According to chewable (2009), success of an organization in the present business environment depends on its ability to adopt Information Technology and use it effectively. Organizations today have turned into online marketing because it has proved to improve customer turnout and sales.
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