STR 581 Week 6 Individual Assignment - Strategic Plan Update—Final Version
STR 581 Week 6 Individual Assignment - Strategic Plan Update—Final Version
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1 Running head: STRATEGIC PLAN UPDATE – FINAL VERSION Individual Assignment: Strategic Plan Update—Final Version YOUR NAME STR/581 DATE NAME OF PROFESSOR Confidential STRATEGIC PLAN UPDATE – FINAL VERSION Individual Assignment: Strategic Plan Update—Final Version Executive Summary Established in 1998, Kudler Fine Foods is a company that provides quality food products at a reasonable price in order to provide its customers within the San Diego metropolitan area with the best options. Kudler maintains three stores with various departments. The company prides itself in providing value for its employees and customers. From a financial perspective, Kudler’s financial statements reflect a competitive market presence within its industry based on its size and history; this can be seen within its income statement and balance sheet. Kudler’s financial forecast demonstrates that the company expects a great deal of growth in the future. An environmental scan shows that although the company faces several threats, the company has numerous opportunities it can capitalize on that may foster continued growth. Company Background Opened by Kathy Kudler in 1998, Kudler Fine Foods is a specialty food store that provides its customers with quality services and products at reasonable prices. Kudler has three stores, with locations in Del Mar, La Jolla, and Encinitas. These stores have departments that provide produce, bakeries and pastries, meat and seafood, condiments and packaged foods, and specialty dairy products. Mission Statement The purpose of a mission statement is essentially to explain the underlying rationale for a company’s existence, and at the same time, inquire as to what a company’s function is in relation to how the company places itself within society (Pearce & Robinson, 2009). The mission Confidential STRATEGIC PLAN UPDATE – FINAL VERSION statement is critical in that it expresses a company’s true identity and philosophy while establishing an image in which the general public will perceive. As such, it is important that the mission statement of Kudler Fine Foods emphasize the aforementioned premises. The previous mission statement of Kudler Fine reads as follows: “Kudler Fine Foods is committed to providing our customers with the finest selection of the very best foods and wines so that your culinary visions can come true” (Kudler Fine Foods Web Site, 2007). A more appropriate mission statement for Kudler would be: “The mission of Kudler Fine Foods is to provide a large assortment of high quality foods and wines at the best possible prices with the assistance of a well tenured and obliging workforce in order to meet and exceed the expectations of its customers to make their shopping experience as enjoyable as possible”. Vision Statement A vision statement is one that explains the position in which a company wishes to be in within the company’s future (Pearce & Robinson, 2009). This kind of statement involves thinking strategically on a longterm level while establishing its intentions. For most companies, the vision involves growth or sustainment in regard to overall size, capacity, and input/output. The previous vision statement of Kudler Fine Foods reads as follows: “Kudler Fine Foods will be the premiere gourmet grocery store for those savvy shoppers who are searching for the finest meats, produce, cheeses, and wine” (Kudler Fine Foods Web Site, 2007). A more appropriate vision statement for Kudler would be: “The vision of Kudler Fine Foods is to focus on its customers while capitalizing on its capacity to be profitable by offering the variety, quality, and prices on its food and wine products in order to continue its growth and become a leader within the industry and highly recognized by the people in which its serves”. Confidential STRATEGIC PLAN UPDATE – FINAL VERSION Value Statement A value statement entails its values in terms of its social, cultural, and ethical responsibilities to its internal and external clients (Pearce & Robinson, 2009). The value statement is an expression of a company’s foundational priorities and the actions in which the company takes in this capacity. The previous value statement of Kudler Fine Foods reads as follows: “Kudler Fine Foods uses only the finest organic ingredients. Whenever possible, we purchase local produce from organic farmers. We use unbleached flour in our bakery goods and we don’t add unnecessary preservatives to our products. Food is rotated from the shelves on an ongoing basis. Those items that are still in “good” condition are donated to local homeless shelters and food kitchens” (Kudler Fine Foods Web Site, 2007). A more appropriate value statement for Kudler would be: “Kudler Fine Foods centers all of its actions in order to benefit its internal and external customers. Kudler prides themselves in its reliability, quality, commitment, and honesty while offering the best products while utilizing the finest ingredients. Kudler Fine Foods’ quality, customer service, cleanliness cannot be matched. Kudler values the proficiency, capability, vision, and knowledge of its employees and realizes that its customers are critical to its success. Kudler’s customers are critical to its success and as such, the company is customerfocused and receptive. Kudler treats all of its employees with trust and respect while leading through creativity and teamwork to foster a positive environment for its employees. Environmental Scan and Summary When conducting an environmental scan, it is most beneficial for Kudler to utilize both an internal environmental scan and an external environmental scan. In order to effectively conduct an internal environmental scan, it is most appropriate for Kudler to utilize a SWOT Confidential STRATEGIC PLAN UPDATE – FINAL VERSION analysis in order to identify the company’s strengths, weaknesses, opportunities, and threats. In this capacity, if Kudler ultimately wants grow and further expand, it will certainly have to capitalize on its key strengths while overcoming its major weaknesses and threats. Additionally, Kudler should particularly focus on minimizing its operating expenses and costs in order to survive in today's highly competitive market and current economic recession. When it comes to strengths, Kudler’s product mix is solid. Kudler offers its customers fresh, highquality food that has essentially given the company a reputable market presence within its markets (Kudler Fine Foods Web Site, 2007). As such, Kudler has been able to price its products accordingly. One of Kudler’s primary weaknesses pertains to its inability to expand. Kudler has a restricted presence and is not recognized on a national level. This is largely due to the fact that company lacks in its overall resources, while its competition has more at their disposal. As far as opportunities are concerned, Kudler can certainly build upon its image and store recognition while expanding to new locations. Additionally, Kudler has the capacity to build upon its current product mix that offers quality products by offering more varieties to both the current and new locations. Kudler’s threats derive from its strong competition. The industry in which Kudler operates in is comprised of large, nationally recognized food chains that have far greater resources (Kudler Fine Foods Web Site, 2007). Additionally, Kudler’s target market is everchanging in its desire and requirements for food. Since Kudler’s major strengths lies within its product mix, it is essential for Kudler to promote its products’ quality and superiority over its competition’s products. The company should also build upon its existing market presence and reputation in the areas in which it serves. Kudler has been able to effectively charge premium fees for its quality foods. Nonetheless, Confidential STRATEGIC PLAN UPDATE – FINAL VERSION Kudler does not appear to be an enormous retailer; its geographical presence is somewhat narrow. It may be wise for the company to build upon its current resources and become larger in order to make it easier to compete against its competition. In this capacity, Kudler should reevaluate its bargaining power. In order for Kudler to gain a more competitive advantage, it would be beneficial for the company to bargain with its suppliers more effectively in an attempt to free up some of its resources. This, in turn, may allow for them to grow by establishing additional retail locations. If Kudler is not able to effectively do this, the company may potentially be paying higher rates for its products and materials in comparison to its competition; this will make its competition more efficient and potentially more powerful. It is also essential that Kudler continue to invest in Research and Development and push innovation in order to make sure that the company continues to offer the bestquality specialty foods within its market(s) at the best prices possible. Kudler needs to additionally evaluate the current economic condition that its markets are facing. The economic recession has affected the nation in numerous ways; this has a direct affect on the ability for a company such as Kudler to grow. As such, Kudler will find it increasingly difficult to maintain its growth rate. This is especially true for Kudler due to the fact that it is functioning in an upscale market. Even though Kudler’s customers are not feeling the effects of the economic recession, it would still be beneficial for Kudler to become more price sensitive and pay extra attention to its cost related issues in order to offer the best possible value to some of its priceconscious consumers. It is also imperative for Kudler to place an emphasis on demographics. Consumers and their preferences change on almost a constant basis. In this capacity, specialty food [grocery] stores such as Kudler seem to have more and more competition from larger chains that have Confidential STRATEGIC PLAN UPDATE – FINAL VERSION more resources. It is necessary for Kudler to successfully identify and adapt to changes in consumer demographics in order to adhere to the everchanging requirements and preferences of the consumers. Consumers always want products that are affordable, and there is a growing movement toward health and organic foods. Kudler needs to appropriately modify its strategic plans in order to remain competitive. Overall, Kudler is in a good position in order to utilize its resources to establish themselves within their niche market. If the company continues to focus on its internal and external environments, it will be beneficial because Kudler could then come up with a potentially successful future strategic initiative while preparing for the changes that occur within its diverse industry. It is essential for Kudler to implement a planning strategy while focusing on its technological resources in order for the company to continue having success while continuing to grow in the future. Kudler must promote its products’ quality and superiority over its competition’s products and build upon its existing market presence and reputation. Kudler has been able to effectively charge premium fees for its quality foods. Nonetheless, Kudler does not appear to be an enormous retailer; its geographical presence is somewhat narrow. Kudler should therefore build upon its current resources and become larger in order to make it easier to compete against its competition. Alternative Strategies for Kudler Fine Foods Kudler Fine Foods has experienced huge success since its birth in 1998 due to consumers’ desire for organic products. Kudler currently has three locations: La Jolla, Del Mar and Encinitas and specializes in sales of the following organic products: meat, seafood, produce, cheese, dairy, and wine. In order for Kudler to expand more rapidly throughout the industry, it Confidential STRATEGIC PLAN UPDATE – FINAL VERSION should consider implementing several strategies, including focusing on concentrated growth, product development, horizontal integration, growth industry strategy, and differentiation. Confidential STRATEGIC PLAN UPDATE – FINAL VERSION Concentrated Growth To streamline product management, Kudler will implement a department that will process and track customer product transactions through Internet and store locations to focus on local and international customers. Concentrated growth allows for aggressive marketing where an organization strong position and favorable market allows it to control resources and efforts for future growth. First, Kudler will establish a purchasing department that will organize transactions to ensure quality organic foods, wines, and spices for the lowest price. Second, Kudler will establish longterm relationships with suppliers that will ensure availability of the quality and quantity of orders (Pearce & Robinson, 2009). Third, Kudler will partner with FedEx for delivery of all Internet sales. In addition, the purchasing department will arrange delivery of products from the supplier to individual stores. Last, the department will utilize an automated ordering system that facilitates in collecting valuable information on Internet and store sales and Kudler catering service. For instance, it will determine profitability for each store location and Internet transactions. Product Development In an effort to increase cash flow with limited financial exposure, Kudler has the opportunity to apply product development as a strategy. Product development is the substantial modification of existing products or the creation of new unrelated products that can be marketed to current customers through established channels (Pearce & Robinson, 2009). Kudler can undertake product development based on the research obtained in the environmental scan and from data extrapolated from the customer loyalty program. It will know which new types of cuisine customers are trending towards, and make these products readily available in the stores. Cooking utensils and lessons can be marketed to the same clientbase using this strategic initiative. The firm could also introduce tableware such as linens, napkin Confidential STRATEGIC PLAN UPDATE – FINAL VERSION rings, and candles. Additionally, customized holiday baskets could be sold to existing clientele supporting the product development strategy. Horizontal Integration Horizontal integration is a strategy that Kudler would use to enter its products into other markets. To achieve this strategic plan, Kudler would acquire Cardiff Seaside market and implement catering services through restaurant operations. Profit margin from Kudler catering service is 25% higher than stores profit margin. This is due primarily to the lowoperating cost. The acquisition of Cardiff will enhance Kudler’s ability to enter another market through lowcost supply (raw materials would come from its local stores or current supply chain). Setup and operating cost for Kudler catering services would be minimal using resources from Cardiff. Currently 12% of Kudler perishable goods are either thrown away or donated to local charities (University of Phoenix, 2010). By acquiring Cardiff, perishable goods can be delivered to the restaurant daily to supplement food preparation for both restaurant and catering operations. The restaurant and catering service would also market new store products with minimum marketing cost. Acquiring Cardiff will generate superior profit gain for Kudler (Kampe, 20042005). Growth Industry Strategy A growth industry strategy is a type of business strategy that is advantageous for firms participating in rapidly growing industries (Schulz & Hofer, 1999). At this stage, a growth strategy that focuses on expansion and emphasizes product recognition can be key strengths for the Kudler organization. Although Kudler has experienced tremendous growth since its birth, further expansion to Carlsbad will give Kudler the competitive edge the executive team is striving to achieve. Kudler dominates the market at its current locations experiencing little competition. Therefore, now would be the appropriate time to expand into a new market. It would offer both organic products and the catering service from this expansion. Kudler’s major weakness is its Confidential STRATEGIC PLAN UPDATE – FINAL VERSION limited presence. Therefore, Kudler should leverage its brand reputation for offering premium quality food through its new catering service. Besides bringing premium quality products to the area, Kudler will bring it to the consumers’ doorstep. Kudler has achieved much success but to reach its true growth potential, it must be ready and willing to make some definite location and servicing changes to meet the needs of the consumers. Differentiation It would be profitable for Kudler to implement a skillbased strategy in order for the company to realize its growth and differentiate. Implementing this strategic plan would allow Kudler to place emphasis on the company’s overall resources and build competitive advantage over its competitors. In this capacity, Kudler would profile the skills of its manpower and the potential opportunities the company could capitalize on while factoring in its current customers and competition (Schulz & Hofer, 1999). It would also be beneficial for Kudler to explore its dynamic capabilities, followed by static assets, thus creating a unique level of service to its customers. By Kudler gaining an understanding of its skills and resources, the company will have the capacity to recognize opportunities considered valuable for organizational growth. Additionally, once the requirements and desires of the customers are categorized, Kudler would be equipped to develop a competitive advantage by focusing on its customer base. Having this kind of competitive advantage would provide the company with the differentiation the company wishes to possess within its industry. Confidential STRATEGIC PLAN UPDATE – FINAL VERSION Best Recommendation for Kudler to Realize Growth Kudler Fine Foods is an organization poised for growth, it is necessary for the company to evaluate several strategies that will accommodate growth. As such, a concentrated growth strategy would be the strategic plan most relevant and beneficial to Kudler. By establishing a Product Management Department and focusing on “market needs, knowledge of buyer behavior, and customer price sensitivity”, Kudler would be able develop the infrastructure to build on its core competencies and achieve growth (Pearce & Robinson, 2009). It would accomplish this by focusing on selling quality organic products with the implementation of catering services. In doing so, Kudler would achieve growth from “increased productivity, better coverage of its productmarket segment, and more efficient use of its technology” (Pearce & Robinson, 2009). Confidential STRATEGIC PLAN UPDATE – FINAL VERSION Work Breakdown Structure Organizational Chart Work Breakdown Structure Project Name: Kudler Fine Foods Sales Growth Strategy Focus Area: Supply Chain Overhaul Prepared By Document Owner(s) Project/Organization Role Michelle Pritchard Director of Operations Project Closure Report Version Control Version Date Author Change Description 1 03/22/2010 MP Created document Confidential 14 Work Breakdown Structure Purpose and Limitations Purpose: Identify applicable and required work Identify applicable and required resources Establish milestones for each segment Work Breakdown Structure Organization Chart Supply Chain Purchasing Advertising Accounting Inv. Mgt. Forecasting Pricing A B C D E F Department Store Managers Pointofsale Department Kathy/ Kathy Department Managers Kathy Terminals Managers Managers Confidential STRATEGIC PLAN UPDATE – FINAL VERSION 15 Resource Work Work Allocation Success ID Name Responsibility (%) Complexity Objective Action Item Factors A Purchasing Department 20 High Utilize marketing Department managers Obtain better Managers mix to enhance will utilize a marketing pricing, price, promotion, mix approach to quality, and product and implement the strategy delivery distribution. by utilizing the most common variables: price, promotion, product and distribution. They will then determine requirements and place purchase orders with suppliers while capitalizing on the best price, quality, and delivery possible. Hand off to: Suppliers/Accounting B Advertising Store Managers 10 Moderate Utilize Store managers will Advertising segmentation to utilize segmentation by reaches make advertising classifying the market target more effective. on various parameters market(s) pertaining to more demographics to ensure effectively the advertising is reaching its target market. It will consist of both primary and secondary research. Sale items will be determined by store managers during weekly operations meetings and cleared by Kathy. Hand off to: Kathy C Accounting Pointofsale 20 High Ensure Accounting data will be Data Terminals accounting data collected through the integrity is is being correctly pointofsale terminals. validated gathered through All items, quantities, the pointofsale prices, and totals will be STRATEGIC PLAN UPDATE – FINAL VERSION 16 Resource Work Work Allocation Success ID Name Responsibility (%) Complexity Objective Action Item Factors terminals. determined on a daily basis and reconciled. Hand off to: Accounting D Inventory Department 20 High Determine proper Department managers Inventory Management Managers inventory levels. will utilize the data levels are from the pointofsale synchronized terminals to determine proper levels of inventory. Stockouts should not occur more than 23 times a year and a customer service level of 95% will continue to be the goal. Hand off to: Kathy E Forecasting Kathy 20 Moderate Effectively Competitive Forecasting monitor the intelligence will be is accurate competitive utilized in order to environment by continuously monitor collecting and the competitive analyzing data. environment. Kathy will then be able to make appropriate forecasting decisions pertaining to marketing, research and development, investing, and additional long term business strategies. This will be a continuous process involving the legal and ethical collection and analysis of pertinent data. Kathy and her department managers will continue to utilize historical data (last 23 years) in these projections to prepare monthly and quarterly forecasts. Hand off to: STRATEGIC PLAN UPDATE – FINAL VERSION 17 Resource Work Work Allocation Success ID Name Responsibility (%) Complexity Objective Action Item Factors Department Managers F Pricing Kathy 10 Moderate Analyze the Competitive Prices are market and intelligence will be determined competition to utilized to analyze theappropriately determine selling market and see what prices. Kudler’s competitors are planning/doing in the near future. Kathy will monitor other comparable gourmet foods stores and websites and provide the information to management to provide recommendations. Kathy will ultimately determine selling prices. Hand off to: Managers The strategic plan in which Kudler will incorporate important factors including the company’s stability and growth, in addition to price and cost differentiation as it pertains to the supply chain. Management will utilize a marketing mix approach to implement the strategy by utilizing the most common variables: price, promotion, product and distribution. Requirements will also need to be established. Kudler will capitalize on the best price, quality, and delivery possible. The company will also make use of segmentation through the classification of the market using demographics; this will ensure advertising reaches its target market through primary and secondary research. This strategy will also involve the collection of accounting data through pointofsale terminals on a daily basis. All items, quantities, prices, and totals will be determined. Stockouts should not STRATEGIC PLAN UPDATE – FINAL VERSION 18 occur more than 23 times a year and a customer service level of 95% will continue to be the goal. Competitive intelligence will also be used to continuously monitor the competitive environment. It will also assist in making forecasting decisions pertaining to marketing, research and development, investing, and additional longterm business strategies. This will be a continuous process involving the legal and ethical collection and analysis of pertinent data. Historical data (last 23 years) will also be used to prepare monthly and quarterly forecasts. Additionally, competitive intelligence will be used to analyze the market and determine what Kudler’s competitors are planning/doing in the near future; this will greatly assist in determining appropriate selling prices. Cash Budget It is necessary for Kudler to employ financial analysis and establish a cash budget to efficiently implement its strategy. The budget in which Kudler will establish will factor in contingencies and possible shortages of funds. It will primarily account for the inflow of purchases, cash, rent, depreciation, advertising, R&D, and salaries. The cash budget will assume that sales will increase between 20% on a monthly basis. Additionally, purchases will equate to half of the previous month’s ending balance. Salaries, rent, depreciation, advertising, and R&D will remain constant. Also, it is projected that sales will have a 15 percent increase on a monthly basis. Cash Budget July August September October November December Balance $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 Collections $150,000 $172,500 $198,375 $228,131 $262,351 $301,704 Sales $25,000 $28,750 $33,063 $38,022 $43,725 $50,284 Total $275,000 $351,250 $431,438 $516,153 $606,076 $701,988 STRATEGIC PLAN UPDATE – FINAL VERSION 19 Purchases $100,000 $70,250 $123,250 $136,844 $172,405 $199,586 Salaries $22,000 $22,000 $22,000 $22,000 $22,000 $22,000 Rent $2,500 $2,000 $2,000 $2,000 $2,000 $2,000 Depreciation $1,000 $1,500 $1,500 $1,500 $1,500 $1,500 Advertising $7,500 $7,500 $7,500 $7,500 $7,500 $7,500 Reasearch/Development $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 Total $134,500 $104,750 $157,750 $171,344 $206,905 $234,086 Ending Balance $140,500 $246,500 $273,688 $344,809 $399,171 $467,902 STRATEGIC PLAN UPDATE – FINAL VERSION 20 Project Milestones STRATEGIC PLAN UPDATE – FINAL VERSION 21 Risk Management Plan It is necessary for Kudler to establish a risk management plan. Basically, such a plan will involve some kind of document that essentially anticipates unexpected risks and formulates a specific response plans in an attempt to reduce risk. This document should identify, evaluate, and prioritize the risks through a specific application of resources in an attempt to somehow manage the impact of ominous consequences. In this capacity, Kudler Fine Foods should identify, evaluate, and prioritize prospective risks in an attempt to manage the impact(s) of the potential risks. Kudler’s risk management plan includes identifying all of the risks that are associated with the implementation plan. Risk management is often times overlooked during an implementation. It is difficult to initiate the plan, but once it has finally been initiated, it is even more difficult to establish the plan’s requirements. Therefore, requirements are necessary in order to prevent risks from coming to fruition. The implementation plan also has to be an adequate ‘size’ and utilize an appropriate amount of resources – this is certainly difficult to establish. Sometimes the costs of an STRATEGIC PLAN UPDATE – FINAL VERSION 22 implementation can be too much and/or there may not be enough resources to execute it effectively. In this capacity, it is also possible that the system and/or users are not able to meet the exact specifications that have been provided. Risk management often times falls short when it comes to cost. Sometimes it turns out that costs actually end up being more than the value of the NPV resulting from the cash flow from the project. Therefore it is necessary for Kudler to adhere to the parameters of the cash budget and make changes as needed. Oftentimes a company’s database/system causes such problems to arise. Kudler needs to make sure that its system is able to provide the necessary data to all appropriate parties. Also, all appropriate parties within the organization will need to have access to the system in order to prevent them from lacking required data. The planning must also account for potential issues or defects and it can throw off a project’s timing, costs, control measures, and overall development. The primary risks include using the wrong product mix and failing to obtain better pricing, quality, and delivery. The demographics may not be properly obtained in order to ensure the advertising is reaching its target market. Accounting data may not be properly collected through the pointofsale terminals. As such, the items, quantities, prices, and totals will not be determined on a daily basis and properly reconciled. Forecasting data may also be skewed as a result of the collection methods and analysis of pertinent data. On an overall level, the primary risks fall on the hands of management, poor communication, and inadequate planning. As such, it is essential for management to analyze alternatives in order to mitigate the potential risks. The main alternatives available to Kudler in this capacity are to establish a solid appraisal and monitoring system and creating a sufficient planning system. Also, Kudler will need to evaluate STRATEGIC PLAN UPDATE – FINAL VERSION 23 the implementation’s progress in order to determine any possible issues or defects so that they can be properly resolved in a timely and efficient manner. This, in turn, will result in a higher likelihood of the implementation being successful. STRATEGIC PLAN UPDATE – FINAL VERSION 24 To: Kathy Kudler From: YOUR NAME Subject: Plan and Thoughts on Strategic Planning Date: DATE I believe that it is necessary for Kudler to continuously utilize strategic planning in order to reach our goals and fulfill the objectives of our company. Such planning is essential in order to facilitate our planning function and execute our strategies; our mission and values are dependent upon it. In order to remain competitive and remain current in this capacity, Kudler Fine Foods should incorporate this way of thinking. By Kudler utilizing strategic planning, it is essentially letting everyone know that we are focused on longterm growth. It will assist in establishing and directing future decisions that will keep our company on its projected path. Kudler may incorporate strategic thinking in keeping the plan current while capitalizing on the benefits that it produces. Basically, the more planning we do, the more we will accomplish. In order to fulfill our potential, it is necessary for us to realize and appreciate the demands of accomplishment; our company needs to remain focused and productive. By incorporating strategic thinking in keeping the plan current, we will be able to better focus on our goals while providing our employees with a real sense of achievement when our goals are ultimately reached. Initials STRATEGIC PLAN UPDATE – FINAL VERSION 25 References Kampe, E. (20042005). Horizontal Integration: Small Business ProfitMaker Bootcamp. Integrative Performance. Retrieved from http://www.integrativeperformance.com/marketingglossary/horizontalintegration.htm Kudler Fine Foods Web Site (2007). Accessed March 7, 2010 from https://ecampus.phoenix.edu/secure/aapd/CIST/VOP/Business/Kudler/Internet/KudlerPor t.htm Pearce, J. A., & Robinson, R. B. (2009). Strategic management: Formulation, implementation, and control. (11 ed.). New York: McGrawHill/Irvin. Schulz, W. C., & Hofer, C. W. (1999). Creating Value through SkillBased Strategy and Entrepreneurial Leadership (Technology, Innovation, Entrepreneurship and Competitive Strategy) (1 ed.). London: Pergamon.
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