MGT 450 Question - Human Resource Management
Can someone take a look at this question and help me please?
Prior to beginning work on this discussion forum, carefully read Chapters 5 and 6 of the course text.
Strategic intent is an important aspect of maintaining or improving market position and market share. Week 3 looks closely at strategy and the concept of strategic alternatives and strategic alternative bundling. For this discussion, identify and define the various types of strategic alternatives and how the process of bundling might help or harm the strategic motivation of the organization. What is the goal of strategic bundling?
Research the technology company Lenovo. Summarize the history of the organization. Define their current market position and market share. Describe what type of strategic alternative helped to facilitate their current market position. What strategic alternative might the organization use for future growth and improvement?
Guided Response: Your initial post must be specific and significant. The initial post must be between 300 and 350 words. You must support your post with at least two scholarly resources in addition to the text to defend your positions and findings. Use the Scholarly, Peer-Reviewed, and Other Credible Sources (Links to an external site.)
document for additional guidance.
Creating Strategic-Alternative
Bundles
Learning Objectives
By the time you have completed this chapter, you should be able to do the following:
• Develop strategic issues from having done a full situational analysis.
• Understand what it means to develop strategic alternatives and why many companies don’t do it.
• Develop strategic alternatives from the list of key strategic issues.
• Create strategic-alternative bundles that meet certain criteria.
• Understand why the key strategic issues and bundle elements should match.
6
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CHAPTER 6Section 6.1 Key Strategic Issues
Chapter Outline
6.1 Key Strategic Issues
6.2 Strategic Alternatives
6.3 Creating Strategic Alternatives
6.4 Creating Strategic-Alternative Bundles
6.5 Closing the Loop with Strategic Issues
This chapter shows how to develop a set of key strategic issues that summarize the most critical
elements of the entire situation analysis, and from such issues create a small number of viable
strategic alternatives, or bundles, for the company to seriously consider.
6.1 Key Strategic Issues
Identifying key strategic issues is an act of synthesis, that is, taking what you know about the orga-
nization and its changing environment (the situation analysis) and distilling the critical questions
and issues the organization must address in its strategic plan. Strategic issues derive from both
external and internal sources. The former includes the company’s industry, competitors, customers,
suppliers, opportunities and threats, and other environmental forces. The latter includes key orga-
nizational resources, culture, technology, or strategic decisions that the company must address.
For example, consider a medium-sized private university based in the United States. Some critical
external strategic issues may include the nature of private higher education in the United States;
the attitude toward it of the surrounding community; legislation and policy governing higher edu-
cation; the pool of graduating PhDs, which represents potential faculty; economic forces affecting
education in general and private education in particular; the comparable universities that prospec-
tive students consider; and the profile of students the university attracts. Some internal issues may
include the size of the university’s financial endowment, scholarship monies available, aspects of
the university’s history and culture, the relationship between faculty and administration, resources
available for faculty research and teaching, and technologies available to students and faculty.
Together, these strategic issues form the basis for generating the strategic alternatives. Too often,
alternatives are generated from only a subset of these categories, which means leaving out a lot
of information that is probably known and should be considered.
External issues may take the form of a trend, for example, likely increases in the interest rate, price of
a critical raw material, or the frequency and severity of terrorist acts. Another form of external issue
is an impending event such as legislation that is about to be enacted or a large competitor about to
enter the competitive arena, perhaps with strategic consequences for the firm. Internal issues may
present as a strategic decision or choice, something that will have a dramatic impact on the firm and
the way it does business. For example, a company may need to decide whether to merge or acquire
another firm, go public, form strategic alliances, go international, vertically integrate, change its vision
and core character, and so on.
Even after identifying a strategic issue, determining whether it is really critical is still difficult. It is
useful to think of a strategic issue as something that keeps the CEO up at night.
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CHAPTER 6Section 6.1 Key Strategic Issues
Andy Grove, former chairman and CEO of Intel, wrote a book called Only the Paranoid Survive.
In the preface, he described himself as quite a worrier. He said that he worried about everything
from manufacturing problems to competitive threats to the failure to attract and retain the best
talent. Many concerns kept him up at night. He believed fervently in the “value of paranoia.” So
when reviewing a list of strategic issues, use this imagery as a way of pruning from the list those
that do not merit such obsessive attention. Try also looking at a particular strategic issue in rela-
tion to others on the list; is it as important or less important? Ultimately, the final decision is sub-
jective; what one person might consider critical another might cross off the list. More to the point,
a CEO or top manager should rely on gut instincts when creating the list of strategic issues: What
are the real issues, problems, or dilemmas facing the firm (Roberto, 2009)?
Case Study
Riverbank University
We have just described how the list of strategic issues used by an organization to formulate a plan
may be either too limiting or too broad and that to inform strategy effectively, the issues must be
thoughtfully generated and edited. The following brief case study summarizes how a recently hired
university chancellor and her cabinet wrestled with the strategic issues needing to be faced by a
small, private liberal arts college in the Northwest United States. (The identity of both the university
and the individuals has been masked.)
Riverbank University was situated in a metropolitan area with many public and private higher educa-
tion institutions. It had a long tradition of excellent undergraduate teaching that primarily attracted
local and in-state students. Professors were known for the long hours they spent advising students
on both course-related and personal issues, and for their strong mentoring skills. Research was not
part of the landscape for either professors or students at this undergraduate-only institution. Fac-
ulty at Riverdale regularly invited students to their homes for meals and participated in on-campus
events that afforded them informal opportunities to meet and get to know students. Most Riverbank
faculty had spent their entire careers there, and turnover among professors and administration was
very low.
In the late 1990s, as Riverbank’s board of trustees and administration designed a strategic plan for
the new millennium, there was talk about the desire to become a nationally, rather than regionally,
known and respected university. Officials reasoned that attracting a more diverse pool of students as
well as benefactors would enhance the university’s profile and set the stage for continued growth and
competitiveness into the 2000s. With this goal in motion, a search ensued for a qualified chancellor
(chief academic officer) that had experience in leading the transformation from a regionally to nation-
ally recognized institution and eventually, one was selected.
When Dr. Irene Carson arrived on campus to begin assessing the climate and identifying the critical
issues at hand, she quickly became overwhelmed with the internal and external factors that both
inhibited and encouraged growth. Professor satisfaction and morale were huge issues: Faculty at Riv-
erbank liked things the way they were and had no experience with an “outside” administrator being
hired and setting the agenda for them. University relationships with key stakeholders—donors, board
members, and other “friends” of the school—were delicate and needed to be carefully managed.
The city where the school was located was resistant to growth of the physical size of the university.
The structure of the university’s academic schools and departments seemed unbalanced and illogi-
cal. Many professors were using outdated and outmoded teaching methods. The university offered
no online courses in an era when all other schools did. Physical infrastructure, such as technology and
(continued)
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CHAPTER 6Section 6.1 Key Strategic Issues
The strategy development process is not a time to pull punches or shy away from the truth. As
Dennis Rheault, former vice president responsible for corporate strategy and development at
Motorola, wrote, “The purpose of an effective strategy-development process is not to avoid but
to confront uncertainty: to pose the really tough questions that you do not have the answers to—
the issues and opportunities that can make or break the business” (Rheault, 2003, p. 33). This is
not a time to parrot what the CEO wants to hear. Unless these issues are real and phrased in plain
terms, the resulting strategic alternatives that are designed will not likely be in the company’s best
interest. Having strategic conversations with colleagues or outside experts over the course of a
year will help to unearth the real issues that the company must confront. As has been emphasized
earlier, this process is most fruitful if it is undertaken on an ongoing basis rather than as an annual
exercise.
lab space, was lacking. Moreover, Dr. Carson knew that universities don’t rise to national prominence
based on excellent teaching. She knew that she needed the resources to attract some star researchers.
So, Dr. Carson set about having strategic conversations with key constituents: members of fac-
ulty senate, deans, board members, students, community members, and other university officials.
Through these private meetings, informal conversations, and public town hall events, Dr. Carson and
her team began to clarify, prune, and prioritize the list of strategic issues into manageable, realistic,
and relevant order. This bundle of strategic issues allowed Riverbank to move forward toward its goal
of national recognition.
First, Dr. Carson identified structural problems and corrected them by moving some academic depart-
ments to different schools within the university where they made more sense and stood a better
chance of becoming accredited. For example, a School of Performing Arts was created to house the-
atre and dance, because Riverbank’s dance department’s primary barrier to national accreditation
was the lack of such a school. Next, the chancellor leveraged important and longstanding relationships
with key benefactors and the board of trustees to gain commitments toward new facilities that would
enhance the university’s goal of attracting high-profile, high-achieving research faculty. With these two
critical strategic issues covered, the new chancellor and her team then focused on recruiting “stars.”
Within five years, Riverbank was home to a growing number of graduate programs, a Nobel laure-
ate, numerous prestigious faculty members recruited from well-known research universities, and
a student body that, for the first time, represented all 50 states in the United States. All concerned
acknowledged that the university’s strategy was working.
Questions for Critical Thinking and Engagement:
1. When you consider Riverbank’s history and the case presented, do you believe that Dr. Carson’s
eventual list of priorities (key strategic issues) was appropriate? Why or why not? (Note that the
question uses the term “appropriate” rather than “successful.”)
2. Based on your reading and analysis of this brief case, was the list of critical issues thorough
enough? Was anything left off the list that should have been there?
3. Without any additional personal knowledge of this institution, continue writing the case study.
The case ends on a note of success, but what “fallout” might you expect based on the back-
ground you were given? Be as specific as possible.
4. Comment on Dr. Carson’s practice of strategic conversations with key constituents. Based on your
reading of this chapter to this point and your own experience, did she do the right thing? Why or
why not?
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CHAPTER 6Section 6.1 Key Strategic Issues
Comstock/Thinkstock
One informal strategic planning process
involves “HERs”—hallways, elevators and
restrooms. These informal meetings can be
where the most interesting conversations
take place.
Strategic Conversations
A strategic conversation is a free-ranging discussion on a topic of strategic interest to an organiza-
tion. Because of its characteristic “no-holds-barred” freedom to say whatever needs to be said, it
invariably produces ideas and thinking that are ultimately useful in the strategic-planning process
and that might not be captured in any formal process.
All major strategic planning, according to Peter
Schwartz, cofounder of the Global Business Network,
does not, in fact, take place during the strategic-
planning process (Abraham, 2003). What goes on in a
formal process is almost always a ratification of what
has already happened. A strategic conversation is an
attempt to understand the real strategic-planning
process and often takes place entirely informally.
Schwartz’s colleagues at Bell South used to call it the
HERs process—hallways, elevators, and restrooms—
because that’s where the most interesting conversa-
tions take place. While real decisions got made, real
issues got confronted, real knowledge was developed,
almost all of it took place in this conversational mode.
And that is how real learning also takes place. If you
are going to have good strategy, it involves good learn-
ing—learning about new realities, new facts, new
competition, new opportunities, new directions—and
challenging old knowledge. Simply writing a strategic
plan as an act of listing a set of new objectives for the
coming year as if nothing had changed is pointless.
The problem is that if everything has changed and you
need to come up with a plan, how are you going to
learn about those changes?
Furthermore, again paraphrasing Schwartz, it is one
thing to do this for an individual, but how do you get
a group of decision makers, who almost always have
to act together, to acquire that knowledge and to
develop and implement strategic plans? He maintains that the only way you learn together is
through conversations (Abraham, 2003). Whether formal or informal, a strategic conversation is
the learning vehicle through which the group adjusts to a new worldview to enable strategic plans
to be developed and implemented. The steps in the process often follow this sequence: shared
conversations, shared learning, change one’s mental models, then develop better strategic plans.
Tony Manning echoes Schwartz in endorsing the value of informal dialogue:
Strategic conversation is far more than just an occasional practice that can be
adopted or abandoned at will: it is without doubt the central and most important
executive tool. . . . What senior managers talk about—clearly, passionately, and
consistently—tells me what they pay attention to and how sure they are of what
they must do. (Manning, 2002)
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CHAPTER 6Section 6.1 Key Strategic Issues
© SOMOS / SuperStock
When considering strategic issues, lists of 12 items or more
should be reduced to 8–10 items by the CEO and/or the top
management team.
The viewpoint of most strategic analyses is assumed to be that of the CEO or leader of the orga-
nization and may include the top-management team. When examined from the viewpoint of a
board of directors, other variables could be added to the list of strategic issues, such as whether
to go public, and even whether it is time to replace the CEO.
There is one final check on whether you are dealing with the proper set of strategic issues.
Because they constitute the critical questions and issues a company should address, they
should all be taken into account explicitly when forming strategic alternatives. In the event that
the alternatives fail to take into account one of the strategic issues, it could mean that either
(a) the strategic alternatives have not been properly formulated and should be further modified
to take it into account, or (b) the
issue in question is not as impor-
tant as was initially assumed, and
thus could be deleted.
While it is possible that a firm could
have any number of strategic issues
at a given point, the larger the num-
ber of issues proposed, the higher
the chances are that some of them
are not as critical as others. Long lists
of over 12 items should be pruned
down, eliminating those that are
not so critical or combining some of
them. If the list cannot be reduced
at this stage, another chance to do
so will be when the strategic alter-
natives have been created if it is
found that they have still not taken
into account every issue.
Strategic issues are typically expressed in one of two forms: either as a statement or as a question.
For example:
• Whether the company should acquire XYZ Corporation.
• Should the company acquire XYZ Corporation?
The second is phrased as a question and is the recommended form because, if the outcome is
known with certainty—”Yes, the company should acquire XYZ Corporation”—then the issue is not
a strategic issue; it is a decision the company has already taken. It is not sufficient, however, that
one simply pose a question on a matter of strategic concern. Consider the following:
• Should the company try to lower costs?
• How can the company lower its costs?
The strategic issue is not whether to lower costs; the answer to that question is that of course it
should. Rather, the strategic issue might be “How can the company lower its costs?” because that
answer may be uncertain, so it could be included as a bona fide strategic issue.
Thus, one criterion for a strategic issue is that the answer to the issue is uncertain. The way in
which that uncertainty is resolved is through the design of strategic alternatives and choosing a
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CHAPTER 6Section 6.2 Strategic Alternatives
preferred one. Given a strategic issue, “Should the company broaden its product line?” one alter-
native could say, “Broaden it” and another, leave it out altogether (not broaden it). Thus, through
deciding which alternative is preferred, the one that is chosen automatically “resolves” the uncer-
tainty inherent in the issue.
6.2 Strategic Alternatives
An ordinary alternative is one of several means by which a goal is attained or a problem solved. A
strategic alternative is one of several ways by which a firm might compete in a marketplace, achieve
its vision, or, if no vision has been articulated, decide where it might go and what it might achieve.
Notice two things about the definition: (a) The designation “strategic” is necessary because alter-
natives are fashioned in a competitive environment, where actions and retaliations of competitors
must be taken into account; and (b) the alternatives are created at the level of the whole firm and
not any one of its functions or units. In addition, they provide choices about marketplace strategy or
about configuring the organization, address issues of central importance to the organization, have
uncertain outcomes, and require resources to develop before action can be taken (Lyles, 1994).
Alternatives are of three general types. “Obvious” alternatives arise from current strategies or
simple extrapolations of what the organization is currently doing. For example, utilizing Facebook,
Twitter, and a blog to communicate with consumers represents an obvious strategic alternative.
“Creative” alternatives take different conceptual approaches than existing strategies do and break
away, to some extent, from the assumptions and beliefs underlying current strategies. A training-
and-development organization specializing in the creation and facilitation of live, face-to-face,
trainer-led instruction might pursue a creative alternative by entering the e-learning market.
“Unthinkable” alternatives reflect a radical departure from the organization’s historic mindset
(Lyles, 1994). For instance, as a result of the organization’s organizational culture and values, alco-
holic beverages have never been made available for sale within Disney theme parks. The idea that
the sale of liquor could enhance profit or attract new customers would represent an unthinkable
strategic alternative. As in the Disney example, an unthinkable alternative might be appropriately
labeled as such because it violates some demonstrated, effective core value of the organization.
However, sometimes alternatives are unthinkable simply because no one before has bothered
to break the rules of what is appropriate for how an organization does business—even when
experimenting with such alternatives might be the right move. Typically, such alternatives have
little chance of being accepted by management unless arguments for their adoption are persua-
sive and made by someone who commands respect in the organization. Unthinkable alternatives
Discussion Questions
1. Having done a thorough situation analysis—both external and internal—do you agree that it
makes sense to synthesize the results? Explain your answer.
2. In your view, would the external analysis previously done be more useful in scenario planning
than in forming strategic issues? Why or why not?
3. It’s possible that managers don’t go through a process of coming up with strategic issues because
it involves phrasing questions to which the answers are unclear. Could there be any truth to such
a view?
4. Suggest ways of shortening a list of 20 strategic issues to a more manageable number of about 12.
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CHAPTER 6Section 6.2 Strategic Alternatives
Business Wire via Getty Images
Pep Boys, an auto-service firm in Southern California, created
a strategic alternative to their business strategy when they
decided to start advertising on television.
illuminate the current situation in a radically different light and inspire other managers to propose
creative solutions. However, this typology, while insightful, is typically not advocated as a frame-
work to generate alternatives.
For some companies, the decision-making about their future may involve tweaking their present
strategy slightly. This might be something as simple as adding a distribution channel or start-
ing to advertise on television. Although the company might claim that this represents a change
in strategy, it is, in fact, simply a change in implementation. Dutch digital-navigation-equipment
developer TomTom recently announced that it would scale back the personal-navigation-device
division that had made it famous and shift focus to its built-in automotive-navigation systems.
TomTom had consistently lost profit on the small personal-navigation devices since consumers
began relying on free or low cost mapping applications on smartphones and tablets. Conversely,
financial reports suggested the strategy shift: The built-in-automotive systems is the fastest grow-
ing division in the company (TomTom shares, 2011).
For other companies, the strategy itself may remain unaltered, but the objectives may change,
such as from 10% per year to 15% per year growth in revenues or profits. Companies may mis-
takenly characterize this as a change in strategy; however, if the basic way in which the company
competes has not changed, then this is not a change in strategy.
Obstacles to Creating Strategic Alternatives
What many companies do when planning ahead, it would appear, involves simpleminded extrapola-
tions of past accomplishments involving no change in strategy, or they make the first change that
occurs to them that makes sense at the time. Sometimes it works or works only for a short time, but
more often it does not. As naïve as
this analysis sounds, how else can
we account for so many poor deci-
sions made by various companies
over the years? Even the best deci-
sion made at a given time can lead to
a poor result because of unforeseen
events and actions. Poor results are
notoriously the inevitable byprod-
uct of poor execution, even with an
otherwise sound strategy in place.
In each of these cases, is the strat-
egy the company chose the best
one it could have adopted in the
circumstances? The only way to
tell, really, is to have analyzed the
subset of all plausible alternative
strategies and chosen one for very
good, defensible reasons. If this is
done, then any challenge or ques-
tion about what else might have
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CHAPTER 6Section 6.2 Strategic Alternatives
Comstock/Thinkstock
Small groups of managers sometimes brainstorm ideas that
later become strategic alternatives. This process must begin
with framing a problem and identifying a list of alternatives.
been done can be preempted because one can argue convincingly why the chosen strategy is
superior or at least preferable to any other that might be proposed.
Focus on Perceived Costs
Why don’t companies develop alternative strategies routinely? Many companies forego developing
strategic alternatives because they perceive obstacles, real or imagined. An excuse commonly heard
is that it takes a lot of effort and time: “We’re in a hurry and can’t afford to wait.” In fact, to do some-
thing well does require time and effort, so claiming to be in a hurry is just a convenient excuse. True,
circumstances sometimes demand a quick decision, but even so, making a decision without consider-
ing alternatives is foolhardy. Besides, to make any decision at all, one needs at least two alternatives.
Another reason offered for not constructing strategic alternatives is that the exercise doesn’t
guarantee the “right” answer, so it may be a waste of time and resources. It is true that no one
can guarantee the correctness of a decision whose consequences play out in the future, but by
considering the significant trends and impacts, including the relevant variables, assessing the fit
with the company’s capabilities and resources, and considering plausible strategic alternatives,
the chances of making the “right” decision for the company are substantially enhanced. Only
when 3, 5, or even 10 years have passed, can you look back in hindsight and know whether a stra-
tegic decision was good or not. Otherwise, one has to make the decision while not knowing how
things will actually turn out. All one can do in the circumstances is one’s best. But companies that
skip the process entirely for lack of certainty do not give themselves a fighting chance to make the
best decision they can; they short-change themselves.
Focus on the Past
Many managers are more comfortable thinking about and analyzing the past than the future. They
seem to find nothing wrong about examining past data and then making a decision that will play out
in the future. The past is certain; the
future is not. In these days of rapid,
even discontinuous change, past
data are often irrelevant. What we
need to examine are trends about
everything that is changing and
likely future moves of competitors.
How are industries changing? What
will merging industries become?
How will technology affect our lives,
what we buy, how we use products,
how we think, how we do business?
People are less comfortable in the
future because they are unable
to predict or forecast it, unable to
extrapolate, and unused to ambigu-
ity and uncertainty. An oft-repeated
joke is that people would rather
be certainly wrong than not sure
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CHAPTER 6Section 6.2 Strategic Alternatives
whether they were right. The thought that they might even influence the outcome of future events
even escapes them. Many people simply regard the future as something beyond their control.
Complacency
There are managers who don’t take the responsibility for strategic planning seriously enough, or
they don’t devote enough time to ask themselves really tough questions that might put their com-
panies on a stronger, albeit different course. It is much easier to keep doing what the company has
been doing, particularly if the company is performing reasonably well. Setbacks can be blamed on
a competitor, an unexpected piece of new legislation, a downturn in the economy, or a rise in sup-
plier prices. True, the unexpected often happens, but in hindsight, many “unexpected’ occurrences
could have been anticipated and taken into account had strategic planning been properly done.
Insufficient …
Assessing the Company Itself
Learning Objectives
By the time you have completed this chapter, you should be able to do the following:
• Understand what is involved in a thorough financial analysis of a company and how to make sense of
the data.
• Perform an analysis of a company’s strengths, weaknesses, opportunities, and threats (SWOT analysis).
• Determine whether a company has a core competence and a competitive advantage.
• Understand a company’s internal and external value chains.
• Determine the customer-value proposition and how strong it is.
• Understand the significance of brand reputation, how strong it is, and how to manage it.
5
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CHAPTER 5Section 5.1 Analysis of Financial Performance and Condition
Chapter Outline
5.1 Analysis of Financial Performance and Condition
5.2 Conducting a SWOT Analysis
5.3 Core Competence and Competitive Advantage
5.4 Competitive Strength
5.5 Value-Chain Analysis
5.6 Brand Reputation, Equity, and Loyalty
5.7 Assessing Management and Leadership
Analyzing and assessing the internal environment of the company is a key part of the strategic-
planning process. The recent financial performance and current financial condition is an obvious
place to start using quantitative data with which to reach an objective conclusion. There are also
more subjective measures including an examination of a company’s competitive strengths and
weaknesses, its capabilities, and determining which, if any of them, might be core competencies
that would give the company a competitive advantage. The value of a company’s brand and the
effectiveness of its management are also taken into consideration.
5.1 Analysis of Financial Performance and Condition
Any analysis of an organization usually begins with careful evaluation of its financial position. To assess
the recent financial performance and current financial condition of the company, you need three to five
years of historical financial data—income statements and balance sheets (see box on financial state-
ments for generic templates)—including the most recent year for which complete data are available.
Financial statements: Generic templates
Income-statement Balance sheet
Total revenues (sales) Assets
Cost of goods sold (COGS) Cash & cash equivalents
Operating income (gross profit) Accounts receivable (A/R)
Selling expenses Inventory
General & administrative (G&A) Other current assets
Earnings before interest & taxes &
depreciation & amortization (EBITDA)
Total current assets
Total fixed assets
Depreciation & amortization Total assets
Earnings before interest & taxes (EBIT) Total liabilities and stockholders’ equity
Net interest expense Accounts payable
Other expense (income) Accrued liabilities
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CHAPTER 5Section 5.1 Analysis of Financial Performance and Condition
An annual income statement
presents a financial picture of a
company’s operations over the pre-
vious 12 months. A balance sheet
is a “snapshot” at a point in time
(usually at the close of a company’s
fiscal year) that presents a financial
picture of its assets and the pro-
portion in which those assets are
financed through debt and equity.
In a balance sheet, the total assets
equal the total liabilities (debt)
and stockholders’ equity—the two
sides must “balance.”
A convenient way of analyzing sev-
eral years’ worth of financial data
is to create a spreadsheet and
enter the data for each year in a
different column (Tables 5.1 and
5.2). Doing so enables annual changes in line items and ratios to be computed. More specifi-
cally, a thorough analysis of multiyear financial statements consists of the following elements
(Bangs & Pellecchia, 1999):
• Computing all liquidity, activity, leverage, and profitability ratios for all years.
• Computing year-to-year changes for all line items (in both the income statement and bal-
ance sheet) and all ratios for all years.
• Computing average annual changes over all years for line items and financial ratios.
Net income before taxes (NIBT) Other current liabilities
Income tax expense Total current liabilities
Net income after taxes (NIAT) Long-term debt
Total liabilities
Common stock
Retained earnings
Paid-in capital
Other equity
Total stockholders’ equity
Total liabilities and stockholders’ equity
Each subtotal in bold is equal to the Each subtotal is the sum of elements above it.
previous bold subtotal minus the Total assets = current assets + fixed assets
items in between. For example, Total liabilities = current liabilities + L-T debt
NIAT = NIBT – income tax expense. Total assets = total liabilities + stockholders’ equity
iStockphoto/Thinkstock
To properly assess the financial state of a company, you need
three to five years of historical financial data in the form of
income statements and balance sheets.
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CHAPTER 5Section 5.1 Analysis of Financial Performance and Condition
• Computing common-size income statements for all years (everything on the income
statement expressed as a percent of revenues).
• Computing a Z- or Z2-score for each year (Calandro, 2007). This computation involves
financial ratios (see box on Z- and Z2-scores).
• Forming a conclusion about how the company has been performing financially (from the
income statements—revenue and NIAT performance) and about its current financial con-
dition (from the balance sheets—financial structure, cash flow, degree of debt, liquidity),
and its overall financial health (Z- or Z2-scores).
Table 5.1: Multiyear income statements for Netflix
In $ Thousands 2000 2001 2002 2003 2004
Subscriptions 35,894 74,255 150,818 270,410 500,611
Sales — 1,657 1,988 1,833 5,617
Total Revenues or Sales 35,894 75,912 152,806 272,243 506,228
Cost of Goods Sold 24,861 49,907 78,136 148,360 276,458
Operating Income 11,033 26,005 74,670 123,883 229,770
Operating Expenses 62,511 59,138 78,606 109,826 194,129
General & Administrative 6,990 4,658 6,737 9,585 16,287
Earnings Before Interest, Taxes,
Depreciation & Amortization (EBITDA)
(58,468) (37,791) (10,673) 4,472 19,354
Depreciation and Amortization — — — — —
Earnings Before Interest & Taxes (EBIT) (58,468) (37,791) (10,673) 4,472 19,354
Interest and other income (1,645) (461) (1,697) (2,457) (2,592)
Interest and other expense 1,451 1,852 11,972 417 170
Net Income Before Taxes (NIBT) (58,274) (39,182) (20,948) 6,512 21,776
Provision for income taxes — — — — 181
Net Income After Taxes (NIAT) (58,274) (39,182) (20,948) 6,512 21,595
Source: Maddox, B., & Thompson, A. A., Jr. (2007). Netflix versus Blockbuster versus Video-on-Demand. A case in Thompson, A. A., Jr.,
Strickland III, A. J., & Gamble, J. E. (Eds.), Crafting and Executing Strategy: Concepts and Cases (15th ed.; pp. C-148 to C-161).
New York, NY: McGraw-Hill.
Table 5.2: Multiyear balance sheets for Netflix
2000 2001 2002 2003 2004
Assets
Cash & cash equivalents 14,895 16,131 59,814 89,894 174,461
Short-term investments — — 43,796 45,297 —
Other current assets — 3,421 3,465 3,755 12,885
Total Current Assets 14,895 19,552 107,075 138,946 187,346
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CHAPTER 5Section 5.1 Analysis of Financial Performance and Condition
Net investment in DVD library — 3,633 9,972 22,238 42,158
Other fixed assets 37,593 18,445 13,483 14,828 22,289
Total Fixed Assets 37,593 22,078 23,455 37,066 64,447
Total Assets 52,488 41,630 130,530 176,012 251,793
Liabilities & Stockholders’ Equity
Liabilities
Current liabilities 16,550 26,208 40,426 63,019 94,910
Total Current Liabilities 16,550 26,208 40,426 63,019 94,910
Notes & sub notes payable 1,843 2,799 — — —
Other LT debt 107,362 103,127 748 285 600
Total Liabilities 125,755 132,134 41,174 63,304 95,510
Stockholders’ Equity
Red. conv. preferred stock 101,830 101,830 — — —
Other equity (175,097) (192,334) 89,356 112,708 156,283
Total Stockholders’ Equity (73,267) (90,504) 89,356 112,708 156,283
Total Liabilities &
Stockholders’ Equity
52,488 41,630 130,530 176,012 251,793
Source: Maddox, B., & Thompson, A. A., Jr. (2007). Netflix versus Blockbuster versus Video-on-Demand. A case in Thompson, A. A., Jr.,
Strickland III, A. J., & Gamble, J. E. (Eds.), Crafting and Executing Strategy: Concepts and Cases (15th ed.; pp. C-148 to C-161).
New York, NY: McGraw-Hill.
Financial Ratios
Liquidity Ratios
Current ratio (CR) = Current assets / current liabilities
(When this ratio > 1.0, working capital (current assets – current liabilities) is positive,
which is desirable.)
Quick ratio (QR) = (Current assets – inventory) / current liabilities
Inventory-to-net-working-capital ratio (INV/NWC) = Inventory / (current assets – current
liabilities)
Activity Ratios
Inventory turnover (INV Turns) = Revenues / inventory
Total-asset turnover (TAT) = Revenues / total assets
Average collection period (ACP) (days) = Accounts receivable (A/R) / average daily sales
or revenues/365
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CHAPTER 5Section 5.1 Analysis of Financial Performance and Condition
Leverage Ratios
Debt-to-equity ratio (D/E) = Total liabilities / total equity
(When this ratio > 2.0, debt is too high and needs to be reduced; when it is negative, debt is so high
as to exceed the assets of the firm and cause stockholders’ equity to go negative, a serious problem.)
Debt-to-assets ratio (D/A) = Total liabilities / total assets
(When this ratio > 0.67, debt is too high and needs to be reduced; when > 1.0, debt is so high as
to exceed the assets of the firm and cause stockholders’ equity to go negative indicating a serious
problem. Either D/E or D/A ratio is used, not both.)
Times interest earned (TIE) or coverage ratio = EBIT / interest expense
(When this ratio < 1.0, the company doesn’t have enough money to pay the interest on the debt,
a serious condition only experienced with very high debt.)
Profitability Ratios
Net profit margin (NPM) or Net return on sales (NROS) = Net income after taxes (NIAT)
/ revenues
Return on equity (ROE) = NIAT / total stockholders’ equity
Return on assets (ROA) = NIAT / total assets
Two ratios reveal how productive assets are—TAT and ROA; when these are declining, increasing
one’s assets is problematical. Cash flow is made up of operational, financial, and investing cash
flows; when overall cash is increasing from year to year, cash flow is positive, otherwise it is negative.
Z- and Z2-Scores
Z- and Z2-scores are bankruptcy predictors, or indicators, developed by Edward I. Altman, a profes-
sor of finance at New York University. The Z-Score is based on data from manufacturing companies,
while the Z2-score is based on data for nonmanufacturing companies. Each is a very important
indicator of a company’s financial health or imminent bankruptcy.
Both indicators take the form of a regression equation:
Z-Score = 1.21X1 + 1.4X2 + 3.3X3 + 0.6X4 + 1.0X5
Z2-Score = 6.5X1 + 3.26X2 + 6.72X3 + 1.05X4
Where X1 = Net Working Capital / Total Assets
X2 = Retained Earnings / Total Assets
X3 = Earnings Before Interest & Taxes (EBIT) / Total Assets
X4 = Total Stockholders’ Equity / Total Liabilities
X5 = Sales / Total Assets
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CHAPTER 5Section 5.1 Analysis of Financial Performance and Condition
Note that four of the financial ratios have total assets in the denominator and the other has total
debt in the denominator. Thus, increasing assets through borrowing is not a good idea financially
(unless performance improves), while one of the first things to do when a company is in financial
trouble is to sell off some assets and use the proceeds to pay down debt. The final scores are com-
pared to the following cutoffs to assess their significance:
Criteria Safe Region Gray Region Bankrupt Region
(Financially healthy) (In serious trouble)
Z-Score > 2.99 1.81 – 2.99 < 1.81
Z2-Score > 2.59 1.11 – 2.59 < 1.11
The last step in the analysis is the most important. What sense can be made of the numbers?
What picture do they paint of the company’s performance over the past several years and current
condition? You could draw any one of the following conclusions:
1. The company is very well managed, has been performing extremely well, and is in
strong financial condition and overall financial health (all key indicators are good and
none is bad).
2. The company is very well managed, has been performing extremely well, and is in
strong financial condition and overall financial health except for one major bad thing,
for example, having very high debt or declining total-asset turnover (a predominance of
good indicators with one or possibly two bad ones).
3. The company turned in a mixed performance over this period and is neither perform-
ing well nor in serious trouble. The results are, in fact, inconclusive (an equal or roughly
equal number of good and bad indicators).
4. The company’s performance and financial condition is poor and key result indicators
were declining steadily (or precipitously) over time; the company is or should be in seri-
ous financial trouble except for one major good thing, such as increasing revenues (a
predominance of bad indicators with one or possibly two good ones).
5. The company’s performance is poor, and key result indicators were declining steadily
(or precipitously) over time; the company has not been managed well and is in seri-
ous financial trouble (all indicators of performance and condition are bad and none
is good).
After completing the financial analysis, only one of the preceding five conclusions is possible.
Whichever one is selected, it must be supported with selected statistics that summarize the cur-
rent financial performance, condition, and health of the company, or the conclusion isn’t valid.
Because the principal ways for a company to finance any strategic initiative are through cash or
debt (or in the case of a public company, stock), the financial analysis provides essential informa-
tion to top management as to the company’s ability to fund a proposed strategy. As an example,
an analysis of the financial data for Netflix presented in the multiyear income statement (Table
5.1) and multiyear balance sheets (Table 5.2) produces the conclusion summarized in the follow-
ing section.
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CHAPTER 5Section 5.2 Conducting a SWOT Analysis
Example of a Financial-Analysis Conclusion
Based on the income statements and balance sheets to 2004, Netflix has performed very well
financially, is in strong financial condition, and financially healthy.
In 2004:
• Revenues increased 86% (for the fourth straight year)
• NIAT increased 231.6% (also for the fourth straight year)
• Current ratio is 1.97 (good working capital)
• D/E ratio is 0.61 (low debt, excellent financial leverage)
• Cash flow is positive, and increased 94.1% to $174.46 million.
This conclusion is #1, where all the indicators are good and none are bad. When the conclusion is
supported by data—particularly from the most recent year—it becomes hard to refute.
5.2 Conducting a SWOT Analysis
Once a company has a firm understanding of where it stands financially, the next part of the
internal assessment is conducting a SWOT analysis, which stands for a company’s strengths, weak-
nesses, opportunities, and threats. To be sure, opportunities and threats are more appropriately
part of an external analysis, but doing a SWOT analysis is so widespread as part of a strategic
analysis that they are discussed together here for convenience. As was discussed in Section 3.2,
the search for opportunities is an integral part of strategic thinking.
Strengths
Strengths and weaknesses are the “internal” aspects of the traditional SWOT analysis. Whenever
something—or someone—is reviewed or assessed, it makes sense to point out the good points or
Discussion Questions
1. What can you tell about a company’s operations from looking at the past few years of income
statements?
2. How much profit a company makes after all its expenses are deducted (NIAT) is shown on the
income statement. Yet, a company cannot “spend” the profits it makes—it can spend only cash,
which is a balance-sheet item. How do you explain this?
3. In a balance sheet, total assets must equal or balance total liabilities + total stockholders’ equity.
In what other ways is this principle of “balancing” useful?
4. In the newspapers, one often reads about companies that are “not managed well financially.”
Given what you have learned in this section (and perhaps in a previous course on finance), what
do you think this means?
5. The Z- and Z2-scores contain similar financial ratios as terms in their regression equations. From
this, the two scores would go up with increasing working capital, retained earnings, EBIT, equity,
and sales, and with decreasing assets and debt. However, all but EBIT and sales are balance-sheet
items. Why do you think such bankruptcy indicators focus on balance-sheet items so heavily?
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CHAPTER 5Section 5.2 Conducting a SWOT Analysis
iStockphoto/Thinkstock
Evaluating an organization’s strengths based on its competitors
can provide a more accurate assessment of the organization.
what was done well, as well as the areas that need improvement. They are two sides of the same
coin. This assessment is easy to do superficially, which is often the case, but difficult to do candidly
and realistically. It is nearly always subjective, but less so if done by a group with multiple per-
spectives, which is why companies sometimes hire outside consulting firms to help them analyze
their strengths and weaknesses.
Regardless of who conducts it, the
strength analysis should compare
the firm to itself at some previous
point in its history, perhaps 2–4
years ago, and determine what it
is doing better and what has not
improved.
It might also be useful to think of
strengths as special capabilities or
expertise. These are things a com-
pany does well that have enabled it
to be successful to this point, and
how it has prepared itself to com-
pete in the future. Comparing a
company’s strengths against those
of its competitors and identifying
the industry’s critical success fac-
tors (Section 4.1) also provides a
useful assessment.
Typical strengths that companies have might include the following:
• Adequate financial resources to implement any likely strategy
• Strong cash flow
• Strong brand recognition
• Effective differentiation
• Effective advertising and promotion
• Consistent high quality in products/services
• Effective distribution
• Economies of scale
• Insulation from competition
• Proprietary technology and patents
• Low-cost leader
• Product-innovation skills
• Proven management
• Visionary CEO, strong leader
• Productive corporate culture that supports the strategy
The problem is that it can be easy to classify what a company does “well,” but what exactly con-
stitutes a “strength”? The answer is subjective; it depends on how high a company’s internal
standards are and how widely they are shared. For this reason, it should also compare strengths
(and weaknesses) with its closest competitors. In assessing whether their company’s brand is
a strength or a weakness, executives at Wendy’s must compare the brand to those of McDon-
ald’s and Burger King. Similarly, the athletic apparel offered by Adidas must be compared to the
abr82381_05_c05_p129-158.indd 137 3/29/12 1:26 PM
CHAPTER 5Section 5.2 Conducting a SWOT Analysis
Stockbyte/Thinkstock
When the top management of struggling companies meets, it is
quite common for one department to blame the other for the
company’s poor performance.
products offered by Nike. Because Wendy’s and Adidas are established and successful companies,
it is tempting to consider Wendy’s and Adidas to possess strengths in terms of brand and apparel.
These firms’ standing relative to their closest rivals, however, would suggest that these areas are
in fact weaknesses.
Weaknesses
Much like the strengths that a com-
pany may possess, weaknesses are
also internal. They include prob-
lems that need to be corrected,
deficiencies recognized through a
comparison with competitors, or
deficiencies relative to proposed
strategies such as lacking the
resources to grow. Whether or not
what is identified is an actual weak-
ness, it is the perception of a weak-
ness that counts.
Some managers have no problem
admitting to weaknesses when
they are self-evident, while others
find them hard to own up to in the
belief that doing so casts them in a
bad light as an ineffective manager. Sometimes, if a company is having problems and the top man-
agement team is meeting to discuss them, it is not unheard of for one department to find a way of
blaming another department for the company’s problems. The production manager might blame
human resources for inadequate training resulting in low quality. Marketing might complain that
engineering and R&D failed to act on its good market intelligence to create new products. Or R&D
could complain about a cut in its budget for something far less important. In all these examples,
grappling with weaknesses is not about finding who is at fault or who is to blame. It is about gain-
ing a realistic understanding of the company’s weaknesses so that steps can be taken to alleviate
or correct them.
Weaknesses can take many forms, including the following:
• Obsolete facilities
• Key skills and competences missing or obsolete
• No core competence, hence no competitive advantage
• Internal operating problems and inefficiencies
• Too narrow a product line
• Long cycle time to get product out
• Poor marketing skills
• A culture that hasn’t changed with the strategy
• Weak or eroding brand image
• Poor or negative cash flow from operations, including low or negative profits, resulting in
an inability to service debt or fund needed programs
abr82381_05_c05_p129-158.indd 138 3/29/12 1:26 PM
CHAPTER 5Section 5.2 Conducting a SWOT Analysis
Bill Pugliano/Getty Images
When Ford Motor Company bought Jaguar,
Ford’s company executives found multiple
weaknesses and wondered how Jaguar had
survived.
Weaknesses become real when compared to other
companies in the industry. For example, you might
think your company has low costs and believe that
to be a strength only to discover that your costs are
among the highest in the industry. Suddenly, that
supposed strength becomes a weakness. A new CEO
participating in a SWOT analysis with his or her new
management for the first time will have a different
frame of reference and a different set of standards
from the managers, so the CEO might have difficulty
agreeing with them on what strengths and weak-
nesses the company has. As noted previously, it is the
perception that is important.
These illustrations show that when making any assess-
ment, even a seemingly casual one like identifying a
strength or weakness, you are using an implicit stan-
dard or reference in making it. More experienced
people will tend to be more critical because they may
once have worked in organizations where they have
observed things done better, thus raising their own
standards. Again, the goal here is not to be “right” at
the expense of someone else being “wrong.” Rather,
it is to reach consensus on what is real and problem-
atic so that it can be attended to and the firm’s future
prospects improved.
Opportunities
An analysis of strengths and weaknesses covers what is internal to the firm, but that is only half the
story as it pertains to assessing a company’s potential success or failure. In order to stay competitive
in an industry, one has to go looking for opportunities that would improve the company’s situation.
An opportunity has a specific technical definition; it is a product-market issue. It must include a
product or service the firm offers, including the existing ones, and a defined customer group at
which that product or service is targeted, including the existing ones. The following are examples
of real opportunities (and concentration strategies):
• Staying with an existing product and existing market and penetrating the market further.
• Improving the product for an existing market; that is, implementing a product-development
strategy. Examples include automobile companies producing new models annually, and
software companies releasing upgraded versions of their software.
• Creating a new product for an existing market, which is also a product-development strat-
egy. Examples include Nike offering athletic apparel in addition to athletic shoes for the
same market, Microsoft creating application software for users of its Windows operating
system, and Calvin Klein selling perfumes as well as clothes.
• Expanding the market for an existing product by implementing a market-development
strategy, such as promoting the product to appeal to young adults in addition to teenagers
abr82381_05_c05_p129-158.indd 139 3/29/12 1:26 PM
CHAPTER 5Section 5.2 Conducting a SWOT Analysis
or lowering the price so that more people can afford to buy the product. Facebook, for
example, has gradually expanded its market from young people to people of all ages.
• Finding a new market for an existing product, which is another market-development strat-
egy. Examples abound of companies going regional from being just local or a regional
company going national or entering a new country, all without changing the product or
service. For example, Indian automobile manufacturer Mahindra & Mahindra is planning
to start selling pick-up trucks in the United States by 2016 (Hamprecht, 2011).
If a company goes to the trouble of identifying opportunities, it does so only when doing strategic
planning, usually once a year. But why not have an opportunity-finding mechanism operating all
the time? Why not formalize it and use it to generate ideas and feasible proposals on an ongoing
basis? This is what is truly meant by “being opportunistic.”
Many companies have new-product-development committees through which they screen new-
product proposals. They encourage promising ones by asking for more detailed information or
requiring a prototype demonstration, and giving increasing support as needed at each stage of
development to those ideas that show potential for commercial success (Cooper, 1993). While
such new products could form the basis for a future revenue stream, the probabilities for most
companies are distressingly small.
By its very nature, the process can be likened to a funnel, where a large number of items are
successively narrowed to a small number: only a few of the many ideas for new projects are
researched further, even fewer are found to be feasible, fewer in turn are finally adopted, and
fewer still achieve success. Indeed, many fields experience a similar, narrowing effect. Consider
the example of the game of baseball. Each year more than 2 million youngsters worldwide play
on Little League teams, many with dreams of one day making it to the “big leagues.” Players who
actually reach the minor league level number a few thousand while the active rosters in Major
League Baseball include only 750 players.
Contrast such a system to another where the number of ideas vastly increases, and sifting through
them becomes a fulltime job for several people. Why not ask customers for their suggestions?
Few companies do. Why not have everyone in the company participate, instead of just the engi-
neers? And why not broaden the suggestions to embrace any kind of improvement or innovation,
not just new product ideas? This way, the ongoing focus of the company would be opportunity-
recognition, and its revenue model continually refreshed.
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effect relationship becomes more difficult—as the researcher cannot enact total control of another person even in an experimental environment. Social workers serve clients in highly complex real-world environments. Clients often implement recommended inte
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One thing you will need to do in college is learn how to find and use references. References support your ideas. College-level work must be supported by research. You are expected to do that for this paper. You will research
Elaborate on any potential confounds or ethical concerns while participating in the psychological study 20.0\% Elaboration on any potential confounds or ethical concerns while participating in the psychological study is missing. Elaboration on any potenti
3 The first thing I would do in the family’s first session is develop a genogram of the family to get an idea of all the individuals who play a major role in Linda’s life. After establishing where each member is in relation to the family
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Note: The requirements outlined below correspond to the grading criteria in the scoring guide. At a minimum
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Read Connecting Communities and Complexity: A Case Study in Creating the Conditions for Transformational Change
Read Reflections on Cultural Humility
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Use the bolded black section and sub-section titles below to organize your paper. For each section
Losinski forwarded the article on a priority basis to Mary Scott
Losinksi wanted details on use of the ED at CGH. He asked the administrative resident