Nintendo’s Wii Strategy
Nintendo has pursued a fundamentally different strategy and business model with the Wii console than that of its competitors, the Microsoft Xbox 360 and Sony PlayStation 3. The heart of Nintendo’s strategy was the assumption that consoles do not necessarily require leading-edge power and performance. This is a radical stance since the gaming industry traditionally competed on technological performance, graphic quality, and game realism: factors valued primarily by die-hard gaming fans.Nintendo shifted its focus to providing a new form of player interaction targeted at a wider demographic than the traditional avid game audience. Nintendo’s new business model has the following characteristics: 1) a shift from hardcore to casual gamers, which allowed the company to reduce console performance and add a new element of motion control that created more fun; 2) elimination of state-of-the-art chip development and increased use of off-the-shelf components; 3) reducing costs which allowed lower console prices; and 4) elimination of console subsidies resulting in profit on each console sold.Nintendo’s current strategy for the Wii, which is known as a “Blue Ocean” strategy, has led the product to become the market leader in sales of game consoles.
The extra functionality and features appeal to diverse areas of the market such as health conscious people, seniors and families. With its blue ocean approach, Nintendo has found a niche in the market and is successfully exploiting it. 1. 2 Problem Statement It is unknown how far the gaming market could expand, and it is considered to be high risk that Wii is focusing on the new gaming market but not the core gaming market.Consequently, Nintendo is facing significant challenges including: 1) How to continue to expand its customer base; 2) How to maintain its current customer base; and 3) How to defend its market from its rivals. 2.
0 ANALYSIS AND EVALUATION 2. 1 External Analysis The video game console industry can be characterized by fierce competition among three major companies: Nintendo, Microsoft, and Sony. The companies continuously fight to gain more consumers by developing products that are technologically superior and more powerful than the offerings of rivals.They focus on the degree of creativity, innovation, and each continue to turn profits from their new products, but have never gained a significant edge over one another. The industry is characterized by high velocity, fast evolution of consumers’ requirements, short product life, and technologically oriented clients.
2. 1. 1Industry Key Success Factors There are several key success factors in the video gaming industry. Innovation and Creativity – The product life cycle is short. New products which are more creative and innovative are quickly launched to capture more market share.
Low Production Cost – In the highly competitive industry, it is difficult to make profits. If a company controls the product cost through applying new technologies to improve their productivity and assure high product quality, it is possible the company will remain financially viable. Strong Distribution Network – A strong network of wholesale distributors or dealers increases the product visibility to the consumers, establishes a strong brand image, and increases the possibility of sales. Well-fit to Consumers Needs – Listening to the consumers’ voice is very important in this industry.More features and functions that fit consumers’ increasing needs lead to higher demands of new products.
2. 1. 2Porter’s Five Forces Analysis Supplier Bargaining Power – High The suppliers to the video game console industry are few and are large market players. The console industry is an important market, but not the only one. The gaming software requires the services of talented software developers, whether working in-house or as third parties.
Thus, suppliers’ bargaining power is very high.For example, Nintendo used to engage a single supplier, Foxconn Precision Components, a Taiwan-based manufacturer, who also manufactured the Apple iPhone, Sony’s PlayStation 3, and personal computers. Due to the inability to supply the components required in 2007, Nintendo diversified its manufacturing base and formed additional partnerships for key components. However, it was still predicted there would be a global shortage of the Wii during 2008’s holiday season.
The delay in the supply of the components is a strong threat to every player in the console ndustry. It also impacts the production and distribution costs, which can be detrimental to the industry’s profits. Buyer Bargaining Power – Moderate According to the Entertainment Software Association, as of 2006 video game revenues contributed about $3. 8 billion (Arthur A. Thompson Jr 2010) to the gross domestic product of the United States.
The video game console industry caters to a growing market. This gives the consumers choices and bargaining power because consumers have a number of retail options to purchase from or are able to switch to another brand.The companies need to keep the consumers happy by providing quality games to encourage their future purchases, and retailers need to keep the products on the shelves as long as they are profitable. As a result, although the buyers in the market are important, they do not have enough power to take a controlling right in negotiations due to the large market demand and the success of the consoles. Threat of New Entrants – Low In the video game industry there are several barriers to entry. One barrier to entry is the significant initial investment in order to meet the capital requirements and perform research and development.
Production costs can be high, there is a major learning curve, and access to distribution channels and inputs can also create challenges. In this technological advancement driven industry, the possession of proprietary technology, partnerships with the best but cheapest suppliers can be considered high barriers to new entrants. Once a game console is on the market, more money needs to be invested into games and accessories as well as production due to the fact that most of the profits come from game sales rather than console sales.From the economies of scale standpoint, given that both Microsoft and Sony had traditionally been operating at a loss in hopes of making significant profit gains in software and game sales, even though both were taking steps to reduce their production costs later in 2008, a new entrant may need to either enter on a large scale or accept a cost disadvantage and consequently lower profits. The current three rivals are large global companies and put large amounts of resources into their consoles, indicating that a new and small firm would find it extremely difficult to compete in the video game industry.
Therefore, the threat of new entrants is relatively low. Threat of Substitute Products – High All three major players offer competitively priced products with similar features, as well as other forms of entertainment such as personal computers, music, films, live events, and participation in sports. Therefore, the threat of substitution is high. By providing exclusive game titles and gaming accessories, the companies are increasing the switching costs associated with the products. This helps to establish brand loyalty as well.Existing players in this industry constantly need to establish a strong brand presence, viable competitive advantages, and carve out a unique niche for oneself.
Competitive Rivalry – Very High The rivalry in the video game console industry can be described as very strong. The three major players are generally of equal size, yet both Microsoft and Sony are part of many different industry sectors unlike Nintendo, which is solely video game oriented. Each are active in making fresh moves to capture a larger share of the core gamers market, and to improve business performance.As the industry has been driven by technological advancements, new generations of products have been emerging in an endless stream. Wii, which represents the seventh generation of the products of the video game console industry and Nintendo’s latest gaming console system, contributed significantly to the advancement in video gaming technology.
Meanwhile, Microsoft’s Xbox 360 and Sony’s PlayStation 3 also introduced different types of breakthrough technology. From price and profit standpoints, all three players have been striving to reduce production costs in order to lower their selling prices.Both Microsoft and Sony have also attempted to operate at a loss in hopes of making profits from their software and game sales. By doing so they were also able to increase consumers’ switching costs. 2.
1. 3PEST Analysis Political & Regulation Factors – Political and regulatory factors do not seem to create restrictions for the video game console industry at this time. Government bodies have not imposed any taxes or tariffs on the sale of video games and consoles. Nonetheless, Nintendo is facing a challenge of patent infringement lawsuits filed by multiple companies.The settlement of these lawsuits may result in an increase to Nintendo’s production costs.
Being a global company, Nintendo needs to take any foreign trade sanctions and local regulations into consideration. Economic Factors – The video gaming industry was financially viable, despite the economic strains of 2007 and 2008. One NPD analyst suggested that this was a result of the population desiring to be entertained in time of economic trouble (Arthur A. Thompson Jr 2010). The exchange rates and interest rates fluctuated in Nintendo’s favour in 2007 and 2008.
Social & Cultural Factors – The video gaming industry has been growing over the past few decades. One of the major drivers of this factor is societal trends. Video games have become part of people’s lives, especially after long stressful working hours, leisure time is important and people usually resort to either watching television or playing video games. Nintendo’s Wii has successfully attracted significant first-time video gaming consumers, as well as has become a healthy activity that the entire family can take part in.Technological Factors – The other major driver of the video gaming industry is technological advancements.
New technology is the lifeblood of the industry. New concepts are what make consumers excited about the products. As technology develops quickly, products quickly become obsolete as well. In Nintendo’s case, the Wii was able to attract the “ordinary” consumers by simplifying the design and use of the system. Hence, consumers were able to learn the advanced systems quickly and enjoy the recreational entertainment.
2. 1. 4Competitor ComparisonIn the continually growing video gaming industry, the three major players have been fighting to capture a larger share of the core gamers in the market by applying different technologies and strategies. Appendix 1 compares the major modern games consoles. Appendix 2 shows the total unit sales as of October 1, 2008 for the three leading companies. Appendix 3 shows the product positioning of the three products.
Nintendo – Wii Nintendo applied a “Blue Ocean” strategy to create an innovative product, which appealed to an entirely new demographic and new players of video ames. The Wii successfully attracted new “ordinary” consumers and the games became popular family activities. With the brand new design of the controller and low price when initially launched, Wii became an immediate success with casual gamers and outsold its fellow seventh-generation gaming consoles, the Xbox 360 and PlayStation 3, which focused on the traditional market of “hard core” gamers. Microsoft – Xbox 360 When Microsoft launched the Xbox 360, a key component of Microsoft’s strategy was the availability of its Xbox Live service.Through the access of its online multiplayer gaming network, the users were able to access a number of features depending on their choices of different level of services.
Also because of the utilization of PC-style features, the online gaming community became a success. Later in 2008, Microsoft established a partnership with Netflix, an online distributor of movies and television shows, to allow Xbox Live users to watch television and movies instantly. Sony – PlayStation 3 Sony aimed at leading in high-end video, entertainment, and electrical appliance.PlayStation 3 has a unique feature of unified online gaming via the PlayStation Network. It uses a high-definition Blu-ray disc as the primary storage solution and offers various aggressive multimedia capabilities.
A new service named PlayStation Home launched by the end of 2008 allowed users to interact with others in the virtual world in a number of ways. In conducting a competitive strength assessment, one can confirm that Nintendo has a competitive advantage. Nintendo’s brand and image are well recognized by loyal consumers and gamers.Nintendo strategically outsources some of its manufacturing, and also has a wide distribution channel. Wii are new and innovative to their target market and the simplicity of them makes them more attractive.
Nintendo is in a strong financial position as the company closely controls its production costs. 2. 1. 5Implications of External Analysis The video game console industry has a very high competitive pressure created by the rivalry among competing sellers, high pressures from substitute products and supplier bargaining power, moderate pressures from buyer bargaining power, and low pressures due to the threat of new entrants.In order to be successful in this industry, Nintendo needs to continue to establish a sound strategic plan for coping with industry and competitive conditions, continuously evaluate its performance and initiating adjustments if necessary. In addition, political, economic, social and technological factors can have influential impacts that continuously need to be monitored for change.
Blue Ocean strategies that enable Nintendo to continue launching innovative products will definitely assist in creating competitive advantages required. 2. 2 Internal Analysis . 2. 1SWOT Analysis The table below summarizes Nintendo’s strengths, weaknesses, opportunities, and threats in the video gaming industry to assess the company’s resources and competitive position.
The analysis allows the opportunity to strategize for the future and capitalize on the company’s resources. Strengths Nintendo systems have a long globally established and successful history in entertainment and gaming industry. Nintendo is in a dominant position in the marketplace. It has the expertise and reputation to maintain its position.Nintendo has strong brand recognition and it is viewed as a more wholesome, family-oriented company exclusively specializing in user-friendly gaming consoles and peripherals. Wii enhanced interactivity, simplicity and ease of control, making Wii games enjoyable for the whole family.
Affordable price for a variety of economic classes. Wii’s price is the lowest price on the market. Innovative and simple game-play using a mix of motion sensitivity and aiming devices. It was first in the industry to develop the motion sensor remote.Lower software development cost as opposed to that is the competing Xbox 360 or PlayStation 3. Unique game controllers coupled with enticing games for all ages and non-gamers.
Viral marketing campaign Wii integrates educational and sports dimensions to its game play. Stronger cash flow in comparison to competitorsWeaknesses Lack of interesting games that incorporate intense action to engage the audience that like violent games. Inability of Nintendo systems to play DVDs or CDs diverted consumers towards competitors. Nintendo does not have the capability of integrating online computer gaming with online console gaming.Graphics quality: Xbox 360 and PlayStation 3 offered better graphics which was lacking in Nintendo DS and Wii. Dependency on hardware producers: Nintendo doesn’t produce its products hardware; they buy it from 3 party constructors such as IBM for microprocessors and ATI for graphical cards. This makes the company dependent on the HW constructors in terms of delays of production and supply. Inability to meet consumer demand resulting in product shortages. Opportunities With Sony’s high price tag and dropping sales with the PlayStation 3, Nintendo has a good chance to sell more of its Wii units.Nintendo has introduced a new gaming experience on the market with new and totally different ideas about the game play.
With this kind of disruptive products they could also introduce games consoles to all the family members and enlarge their marketing audience. By this way, Nintendo switches from being market driven to a market driving company. By aggressively pursuing the online gaming community and integrating online computer gaming with online console gaming Wii can gain more market penetration. Lower development cost which enable a higher profit margin. Develop console with faster processors and better graphicsThreats Competitors willing to suffer major financial losses to gain market shares.
Some non-gamers may revert back to not using the games despite of the easy interesting games. Shortage in supply being viewed as marketing tactics by analysts and critics. Fluctuation in foreign exchange rates. Nintendo distributes its products globally with overseas sales accounting for approximately 80% of total sales. The majority of monetary transactions are made in local currencies Economic recession may cause the video games industry market to be subject to a serious decrease in sales volumes.Development of new products Overseas business expansion and international activities Dependency on third-party manufacturers Business operations affected by seasonal fluctuation (a major portion of demand is focused around the holiday season).
Piracy. Other possible gaming entrants into the market ie: computers This SWOT analysis reveals that Nintendo is in an attractive situation. Nintendo is in a solid competitive position, just as management believe it is, as it targeted a market which Microsoft and Sony had not and were very successful at it.Nintendo’s competitive advantage surrounds the low cost of the console and low production costs, the simplicity of the games that individuals of all ages can catch on to, and the fun surrounding family interaction. At this time, the competitive advantage appears to be sustainable as competitors do not appear to want to ‘down grade’ their current consoles to compete. Providing Nintendo keeps their strategies in check and do not lose sight of their target market and the current strategies in place, their competitive advantage should be sustainable as they compete with a winning strategy.
. 2. 2Financial Analysis Liquidity Ratios Nintendo’s liquidity ratios shown in Appendix 4 reveal Nintendo’s ability to pay off its short term debt obligations. The company has a high current ratio and quick ratio, which signifies that its short term liquidity position is very healthy. However, high current and quick ratios may also signify idle use of cash and the company may be losing opportunities of earnings. Nintendo had very high current and quick ratios in the years 2005 and 2006.
There was some improvement in 2006 and 2007; however, the ratios were still above 2.Asset Management Ratios Asset management ratios presented in Appendix 5 measure how effectively Nintendo is managing its assets. Inventory turnover measures the number of times inventory turns in a year. High turnover signifies a healthy selling position for the company. However, Nintendo’s low asset turnover signifies inefficient usage of assets in generating sales.
Debt Management Ratios Nintendo has no debts. Therefore, there is no risk in long term liquidity for the company, signifying a solid financial position. It also signifies that he company has an opportunity to expand and invest utilizing its cash or getting debts from outside. The company may consider a potential merger or acquisition opportunity with its suppliers to have better control. Profitability Ratios Analyzing Nintendo’s profitability ratios in Appendix 6 reveal the following: 1) sales have increased over the years from 2005 to 2008; 2) gross profit margin has been consistent over the years; 3) profit margin has been consistent over the years; there is a slight decline in the year 2008 though; and 4) return on assets has increased significantly, 7.
2% to 14. 28%, from the year 2006 to 2008 signifying more efficient use of assets over the years. Overall, Nintendo’s financial performance has been very strong as recent sales have exceeded all expectations. Pretty well all of Nintendo’s financial figures have improved from 2005 to 2008 including revenues, assets and equity, resulting in increasing amounts of dividends being paid to common shareholders. Overall, shareholders should be very pleased.
Two or three weaknesses that can be identified in Nintendo’s financial performance are an inefficient use of assets.Given that Nintendo has no debts, they are not using cash or debt to take risks, invest, and potentially grow further in the market. Management is not leveraging the company efficiently and taking advantage of short and long-term loans. Further assets may not be being used efficiently to generate sales. Lastly, as mentioned in the financial analysis, Nintendo has very strong liquidity ratios demonstrating that the company has idle cash that is not working for them. Nintendo could further increase its profitability by effectively using cash that has been accumulated.
2. 2. Corporate and Functional Strategies Of the five generic competitive strategies that companies employ in order to get ahead in the market, Nintendo has implemented a focused strategy based on differentiation. Nintendo’s strategy was to produce a game console that was fit for the whole family to get involved and particularly targeted ‘moms’. It used tactics such as simplicity along with creativity to capture the market. Their new controller also caught the attention of many.
Nintendo also implemented corporate and functional strategies that lead them to low cost production and strong profits.Nintendo also used other offensive and defensive strategies in order to stay strong in the video game market. Nintendo implemented strategic tactics such as low development costs and outsourcing in order to gain an advantage in the market. In addition, Nintendo introduced Wii Fit and other active games that were not only a hit with families, but also in retirement homes and rehabilitation facilities. These strategies have been proven to be very successful for Nintendo and have resulted in Nintendo being positioned accordingly in the fiercely competitive market.
2. 2. 4Implications of Internal AnalysisThe above internal analysis of Nintendo reveals that they have a strong competitive position in the market place. They are also in a strong financial position. While they could use their assets more efficiently and perhaps take advantage of debt, by means of taking risk and investing, their financial position can be attributed to the strength of their resources and their low production costs. Nintendo needs to continue to be mindful of the external threats that surround them in the ever so competitive industry in order to be able to sustain their competitive advantage with the target market they have reached.
. 0 KEY DECISION CRITERIA Some key decision criteria Nintendo should consider when brainstorming and selecting alternatives for the future of Wii include the following: 1) Low production costs; 2) Creative and innovative; 3) Fits the target market; 4) Achieves a competitive advantage; 5) Availability of components; 6) Reaction of competition; and 7) Continued demand from consumer. 4. 0 ALTERNATIVES Given the uncertainty and high risk associated with the video gaming market, and in Nintendo’s continual effort to expand its customer base, maintain its urrent customer base and defend its market from its rivals the following alternatives have been put forth for consideration: 1. Status Quo Nintendo can proceed with their current strategy which has led to strong competition in their favour. Pros: •Cost remains low and purchase prices remains stable.
•Nintendo is familiar with the target market and can meet their needs. •Allows consumers that are waiting for a console to have access over time. Cons: •No development to improve console. •Competitors can copy approach and acquire some of the market. Competitive advantage does not evolve with changes in consumers taste and wants.
2. Create an updated version of the Wii console to be compatible with blue ray or video discs, increase speed and graphic capabilities, and create an online environment similar to that of Xbox and Sony. Pros: •Nintendo would be ramping up its direct competitors. •More consumers may be willing to purchase a Wii to replace their outdated DVD player and achieve double the efficiency. •Competition may increase between extended family being able to compete through online, further increasing sales. New product innovation.
•Instant feedback from customers. •Creates an online purchasing point and increase revenue. Cons: •Production and maintenance costs may increase. •A great deal of research, development, and time may have to be spent revamping the console to incorporate these concepts. •Nintendo would be following competitors, not leading its competitors in this strategic move. •Moves away from original intention of the Wii.
•Sony owns parts of the patent for Blue Ray technology. •Some segments may not understand or be interested in online environment. Protection of privacy issues using online database. 3. Increase production of Wii consoles through outsourcing. Nintendo has had many successes with its strategy and it has changed given the evolving market needs and business environments.
The market demand has increased over time due to its innovative user interface, distinctively different controllers and simplicity. Pros: •Nintendo will meet demand and increase sales. •Everyone including grandparents to kids which were not the traditional gamers market will be able to experience Wii and meet their needs faster. No large capital outlay since manufacturing will be outsourced.. •In line with growth strategy.
•Consumers will not choose alternative consoles if their desire is met to buy a Wii. •Reduced costs of components due to greater buying power. •Nintendo can continue to focus on core business activities. Cons: •Storage and inventory costs will increase •May prove difficult to find quality manufacturing. •Any increased costs will be passed on to consumer. 4.
Target traditional gamers with different games.Targeting segments of the population that were not gamers sets Nintendo apart from their primary competitors, Sony and Microsoft. However, some traditional gamers are not included in the primary target market. Pros: •Develop games that appeal to traditional games and tap into competitors’ primary markets. •Market research shows what demands are such as technological capabilities and better graphics which can be copied to gain market share.
•Potential to develop better games than Sony and Microsoft given strong cash position which can allow future development and growth. Cons: Competition is intense for traditional gamers. •Offering similar products like Sony and Microsoft may weaken product differentiation. •Not aligned with company mission. •May lose its unique playful, family and simple reputation.
•Limited by current capabilities of the Wii. 5. 0 RECOMMENDATIONS It is our group’s opinion that Alternative 3: Increase Wii Production Through Outsourcing should be selected as Nintendo’s first strategy. Alternative 1- Status Quo does not reignite the brand name or product. It allows other competitors to move forward, attacking the Wii segments.Nintendo’s mission is to “constantly improve products” which will not meet this alternative.
Alternative 4 – Target Traditional Gamers may be a possibility, however, the console must be updated prior to the launch of tech heavy games and this may alienate some of the current Wii customers. Group H recommends increasing Wii production through outsourcing as Nintendo’s manufacturing plant is currently at capacity. Suppliers are unable to increase production. Nintendo’s low production has the potential to seriously deteriorate relationships with retailers and consumers.Outsourcing the production of the consoles to a third party could resolve these problems.
Outsourcing would be done parallel to current production. Additional production would fulfill the demands during the holiday season. Major advantages of outsourcing are that Nintendo would not require a huge capital investment to expand the production capacity and it may discontinue the supplier when the demand decreases. Outsourcing will allow Nintendo to refocus on core business activities, one aspect being the maintenance of sale projections and fulfillment of orders.However, it will be difficult to find a quality supplier that will be able to manufacture the consoles.
Quality controls will be needed to ensure Nintendo’s standards are met. 5. 1Action Plan DateItemDescription Immediately (Oct. 2008)Cost AnalysisHave accountants determine the maximum amount Nintendo could pay for outsourcing while still maintaining a healthy ROI. Immediately (Oct.
2008)Request for QuotationDetail a request for quotation specifying the qualifications of consoles to be produced, the quantity and timeline. Immediately (Oct. 008)Advertise Request for QuotationAdvertise in national newspapers and give companies 2 weeks to respond. In 2 weeksChoose Outsourcing CompanyAnalyze quotations given and select the one with the lowest cost that meets qualifications. Check cost with accountants to ensure financial performance. In 2 weeksOutsourcing Set-upCommunicate quote accepted to successful company, begin implementing outsourcing plan, company to begin production 1 month (November 2008)Distribution ChannelsSet up delivery from outsourcer to retailers, determine schedule of how many consoles go to which stores and when.
weeksOutsourced production on shelvesBegin distributing outsourced production by this time. 2 months (December 2008)Analyze supply vs. demandDetermine if the additional production outsourced is helping. Are enough units being produced to handle demand? Are we in a good position to handle the holiday rush? Once a month after that going forwardMonthly analyze supply vs. demandCheck supply vs. demand monthly.
If demand decreases in the future consider stopping outsourcing and just continue producing in-house 5. 2Contingency PlanAs a contingency plan, Alternative 2 – Create an Updated Version of the Wii, would give the console updated technology (speed and graphics), attract new consumers and excite current customers. Prices of the Blue Ray technology or an alternative (DVD, AOD, and DVD HD) have lowered considerably since its introduction, which will help keep the costs down. Just having the ability to play movies will help new and current consumers make the choice of a Wii console. The introduction of a new version of the Wii, would offer Nintendo the chance to introduce a newer technology as it did with the controllers in 2006.This will continue to support Nintendo’s mission of targeting a wide demographic at an attractive price, but caution should be taken as Nintendo’s strategy to attract non-gamers with simplistic graphic and features may be lost in the upgrade.
6. 0 APPENDICES Appendix 1 – Comparison of Major Modern Gaming Consoles Nintendo WiiSony PlayStationMicrosoft Xbox UsersNon-gamers, kids, grey gamersKids, young adultsKids, young adults PriceThe least expensiveLess expensiveThe most expensivePromotionFocus on users in all agesFocus on graphic capability, high performanceFocus on graphic capability, high performance GamesSimple, more versatileMore adult-oriented, complexMore advanced user-oriented, complex PlaceHome, school, Museums, Seniors’ ResidentsHomeHome Appendix 2 – Comparison of Total Unit Sales As of October 1, 2008 (in millions) Appendix 3 – Market Positioning Appendix 4 – Liquidity Ratios Year2008200720062005 Current Ratio2. 92. 985. 594.
84 Quick Ratio2. 722. 795. 424. 60 Appendix 5 – Asset Management Ratios Year2008200720062005 Inventory Turnover9.
276. 429. 545. 98 Total Assets Turnover0. 930. 10.
440. 45 Appendix 6 – Profitability Ratios Year2008200720062005 Gross Profit Margin %41. 8641. 1642. 2442.
21 Net Profit Margin %15. 3918. 0319. 3216. 97 Return on Assets14. 2811.
068. 487. 72 7. 0 WORKS CITED Arthur A. Thompson Jr, . A.
J. Strickland III, and John E. Gamble. “Crafting & Executing Strategy: The Quest for Competitive Advantage, Concepts and Cases. ” 240. New York: McGraw-Hill, 2010.
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