Nike, Inc.

Strategic
Analysis
2009
Jarryd
Phillips,
Jermaine West, Spencer
Jacoby, Othniel Hyliger, Steven Pelletier

HISTORY
MAJOR MILESTONES
CURRENT VISION & MISSION
STATEMENTS
PROPOSED VISION & MISSION
STATEMENTS
EXTERNAL ASSESSMENT
POSITIONING MAP
CPM MATRIX
OPPORTUNITIES & THREATS
EFE MATRIX
INTERNAL ASSESSMENT
ORGANIZATIONAL CHART
2009 INCOME STATEMENT
2009 BALANCE SHEET
CURRENT FINANCIAL RATIOS

FINANCIAL TRENDS
STRENGTH & WEAKNESSES
IFE MATRIX
STRATEGIC ASSESSMENT
SWOT MATRIX
SPACE MATRIX
GRAND STRATEGY MATRIX
BCG MATRIX
IE MATRIX
MATRIX ANALYSIS
QSPM
RECOMMENDATIONS
OBJECTIVES
STRATEGIC IMPLEMENTATION
PROJECTED INCOME STATEMENT
PROJECTED BALANCE SHEET
PROJECTED FINANCIAL RATIOS
EVALUATION
BALANCED SCORECARD
SOURCES
QUESTIONS
2

1970- The Swoosh first appears on a football/soccer cleat called the Nike.
1978- Tennis "bad boy" John McEnroe is signed by Nike to an endorsement
contract.
1989- Nike enters the European football market
1994 +2003- Nike wins Advertiser of the Year at the Cannes Advertising Festival.
1996- Nike signs Tiger Woods
1999- Bill Bowerman, co-founder of Nike, dies on Dec. 24 at age 88.
2002- Nike purchases Hurley International
2003- Nike acquires once-bankrupt rival Converse for $305 million
2004- Phil Knight steps down as CEO and President of Nike, but continues as
chairman
2005- Nike Signs Tennis Pro Rafael Nadal.
2006- Nike and Apple release the Nike+iPod sports kit
2008- Nike sells its Nike Bauer hockey equipment division & purchases Umbro.

"To bring inspiration and innovation to every

athlete in the world"
If you have a body, you are an athlete.
Nike co-founder Bill
Bowerman

To lead in corporate citizenship through

proactive programs that reflect caring for the
world family of Nike, our teammates, our
consumers, and those who provide services
to Nike.

To equip every athlete with products

that combine performance, quality,
and fashion.

At Nike, we desire to deliver superior products to customers and athletes

that are both safe and dependable (1, 2 and 6). Our well trained
employees and experienced executives will ensure a competitive
advantage for our markets, growth for the company, and profits for our
shareholders (5). Our commitment to social responsibility and the
communities in which we operate will ensure business relationships and
alliances for the future and a perception of concern with our stakeholders
(6, 8). We will continue to utilize innovation and technology to provide our
employees with the best possible work environment while adapting to the
many changes in the global market (3, 4, 7, and 9).

1. Customers
2. Products or services
3. Markets
4. Technology.
5. Concern for survival, growth, and
profitability
6. Philosophy
7. Self-concept
8. Concern for public image
9. Concern for employees
8

High Performance

Low Price

High Price

Low Performance

10

NIKE
Critical Success factors

Advertising
Product Quality
Price Competitiveness
Management
Financial Position
Customer Loyalty
Global Expansion
Market Share
Brand
Endorsement Deals
Portfolio Diversification
Product Placement
Research & Development

Totals

Weights Rating
0.0 to 1.0

1 to 4

0.10
0.08
0.08
0.06
0.08
0.05
0.05
0.08
0.09
0.10
0.08
0.09
0.06
1.00

3
4
2
3
4
3
3
4
4
4
3
3
3

Weighted
Score

ADIDAS
Rating

Weighted
Score

1 to 4

0.30
0.32
0.16
0.18
0.32
0.15
0.15
0.32
0.36
0.40
0.24
0.27
0.18
3.35

4
3
3
4
3
2
4
2
3
3
4
2
4

PUMA
Rating

Weighted
Score

1 to 4

0.40
0.24
0.24
0.24
0.24
0.10
0.20
0.16
0.27
0.30
0.32
0.18
0.24
3.13

3
2
1
2
1
1
2
1
1
3
2
1
1

0.20
0.16
0.08
0.12
0.08
0.05
0.10
0.08
0.09
0.30
0.16
0.09
0.06
1.57
11

1. Creating sportswear that would incorporate recycled

materials from their own production lines and other
places.
2. Promotion as a fashionable wear, not just sportswear.
3. Growing segment of the female athletes.
4. International expansion into emerging markets e.g..
India
5. Additional marketing of existing products to appeal to new
demographic groups.
6. Develop new alliances with companies that are respected
regarding social responsibility.
7. Brand reorganization by market regions

12

1. High competitive industry

2. Failure to respond to market trends in timely
manner could greatly affect financial position.
3. Production of counterfeit goods, and generic
products.
4. Negative public perception created by
environmental, child labor, contracted
manufacturing issues, and sponsored athletes.
5. International currency changes could decrease
profits.
6. Federal Trade regulations in dealing with foreign
manufactures.
13

External Opportunities
1. Creating sportswear that would incorporate recycled
materials from their own production lines and other places.
2.
Promotion as a fashionable wear, not just sportswear.
3.
Growing segment of the female athletes.
4.
International expansion into emerging markets e.g. India
5.
Additional marketing of existing products to appeal to new
demographic groups.
6.
Develop new alliances with companies that are respected
regarding social responsibility.
7.
Brand reorganization by market regions
External Threats
1.
High competitive industry
2.
Failure to respond to market trends in timely manner could
greatly affect financial position.
3.
Production of counterfeit goods, and generic products.
4.
Negative public perception created by environmental, child
labor, contracted manufacturing issues, and sponsored athletes.
5.
International currency changes could decrease profits.
6.
Federal Trade regulations in dealing with foreign
manufactures.
Totals

0.05
0.06
0.08
0.12

3
2
3
4

0.15
0.12
0.24
0.48

0.07

0.14

0.06
0.07

1
2

0.06
0.14

0.14

0.56

0.09
0.06

4
2

0.36
0.12

0.09
0.06

3
2

0.27
0.12

0.05

0.27

1.00

3.03

14

15

16

Year Ended May 31

(In millions, except per share data)

2009

2008

2007

Revenues

$ 19,176.10

18,627.0

16,325.9

Cost of sales

$ 10,571.70

10,239.6

9,165.4

Gross margin

8,604.40

8,387.4

7,160.5

Selling and administrative expense

6,149.60

5,953.7

5,028.7

Restructuring charges (Note 16)

195.00

Goodwill impairment (Note 4)

199.30

Intangible and other asset impairment (Note 4)

202.00

Interest income, net (Notes 1, 7 and 8)

(9.50)

(77.1)

(67.2)

Other (income) expense, net (Notes 17 and 18)

(88.50)

7.9

(0.9)

Income before income taxes

1,956.50

2,502.9

2,199.9

Income taxes (Note 9)

469.80

619.5

708.4

Net income

1,486.70

1,883.4

1,491.5

Basic earnings per common share (Note 12)

3.07

3.80

2.96

Diluted earnings per common share (Note 12)

3.03

3.74

2.93

Dividends declared per common share

0.98

0.875

0.71
17

May 31,
2009
(In millions)
ASSETS
Current assets:
Cash and equivalents
Short-term investments
Accounts receivable, net (Note 1)
Inventories (Notes 1 and 2)
Deferred income taxes (Note 9)
Prepaid expenses and other current assets
Total current assets
Property, plant and equipment, net (Note 3)
Identifiable intangible assets, net (Note 4)
Goodwill (Note 4)
Deferred income taxes and other assets (Notes 9 and 18)
Total assets
LIABILITIES AND SHAREHOLDERS EQUITY
Current liabilities:
Current portion of long-term debt (Note 8)
Notes payable (Note 7)
Accounts payable (Note 7)
Accrued liabilities (Notes 5 and 18)
Income taxes payable (Note 9)
Total current liabilities
Long-term debt (Note 8)
Deferred income taxes and other liabilities (Note 9)
Commitments and contingencies (Notes 15 and 18)
Redeemable Preferred Stock (Note 10)
Shareholders equity:
Common stock at stated value (Note 11):
Class A convertible 95.3 and 96.8 shares outstanding
Class B 390.2 and 394.3 shares outstanding
Capital in excess of stated value
Accumulated other comprehensive income (Note 14)
Retained earnings
Total shareholders equity
Total liabilities and shareholders equity

2008

$ 2,291.10
$ 1,164.00
$ 2,883.90
$ 2,357.00
$
272.40
$
765.60
$ 9,734.00
$ 1,957.70
$
467.40
$
193.50
$
897.00
$ 13,249.60

$ 2,133.90
$
642.20
$ 2,795.30
$ 2,438.40
$
227.20
$
602.30
$ 8,839.30
$ 1,891.10
$
743.10
$
448.80
$
520.40
$ 12,442.70

$
$
$
$
$
$
$
$
$
$

32.00
342.90
1,031.90
1,783.90
86.30
3,277.00
437.20
842.00
0.3

$
$
$
$
$
$
$
$
$
$

6.30
177.70
1,287.60
1,761.90
88.00
3,321.50
441.10
854.50
0.3

$
$
$
$
$

0.1
2.7
2,871.40
367.50
5,451.40
8693.1
13249.6

$
$
$
$
$

0.1
2.7
2,497.80
251.40
5,073.30
7825.3 18
12442.7

Liquidity Ratios
Current
Quick
Leverage Ratios
Debt to total assets
Debt to equity
Long-term debt to equity
Times-interest-earned ratio
Activity Ratios
Fixed Assets Turnover
Total Assets Turnover
Inventory Turnover
Profitability Ratios

2.97
2.25
0.06
0.09
0.05
61.06
9.8
1.45
8.14

Gross profit margin

Operating profit margin
Net profit margin
Return on assets
Return on equity

0.45
0.13
0.08
0.11
0.17

Price-earnings ratio
EPS

18.83
3.03

Growth Ratios
Sales Growth%
Net Income Growth%
Earnings per share Growth%

3 Years
0.28226
0.06803
-0.4261

Dividends per share Growth%

-0.1695

19

Date
May-09

Sales
19.18
Bill

EBIT

DEPRECIATION TOTAL NET INCOME LONG TERM DEBT

1.96 Bill

347.00 Mill

1.49 Bill

437.20 Mill

May-08

18.63
Bill

2.50 Bill

312.80 Mill

1.88 Bill

441.10 Mill

May-07

16.33
Bill

2.20 Bill

279.60 Mill

1.49 Bill

409.90 Mill

May-06

14.95
Bill

2.14 Bill

291.80 Mill

1.39 Bill

410.70 Mill

May-05

13.74
Bill

1.86 Bill

266.50 Mill

1.21 Bill

687.30 Mill

20

1. Recognized brand name Swoosh is ubiquitous

2. Strong in research and development innovative
product development
3. Strong marketing campaign - sponsors top
athletes. Marketing practices enables them to
expand the athletic market.
4. Diverse portfolio
5. Successful advertising campaigns.
6. Customer loyalty
7. Strong financial position
8. Strong international presence
21

1. Products are highly priced

2. Revenues are still mostly dependent upon
footwear sales
3. History for violations of minimum wages, child
labor and over times in its manufacturing
countries.
4. Little control over quality of products from 3 rd
party contractors
5. Anti-globalization groups
6. Price sensitivity of products
22

Internal Strengths
Recognized brand name Swoosh is ubiquitous
Strong in research and development innovative
product development
Strong marketing campaign - sponsors top athletes.
Marketing practices enables them to expand the
athletic market
A very professionally competitive company
Diverse portfolio
Successful advertising campaigns
Customer loyalty
Strong financial position
Strong international presence
Internal Weaknesses
Products are highly priced
Revenues are still mostly dependent upon footwear
sales
History for violations of minimum wages, child labor
and over times in its manufacturing countries.
Little control over quality of products from 3rd party
contractors
Anti-globalization groups
Price sensitivity of products
Totals

0.10

0.40

0.07

0.21

0.09

0.36

0.08
0.08
0.09
0.06
0.09
0.10

3
3
4
3
4
4

0.24
0.24
0.36
0.18
0.36
0.4

0.06

0.12

0.05

0.10

0.06

0.12

0.05
0.04
0.06
1.00

1
2
2

0.05
0.08
0.12
3.10

23

24

25

Financial Strength
rating is 1 (worst) to 6 (best)
1 Liquidity
2 Leverage
3 Working capital
4 Return on assets
5 Return on equity
6 Price per earnings
7 Earnings per share
Industry Strength
rating is 1 (worst) to 6 (best)
1 Profit potential
2 Extent Leveraged
3 Economies of scale
4 Growth potential
5 Financial stability
6 Resource utilization
7 Diverse Portfolio
Environmental Stability rating is -1 (best) to -6 (worst)
1 Price range of competing products
2 Competitive pressure
3 Ease of exit from market
4 Successful and recognized advertising
5 Endorsement agreements
6 Price elasticity of demand
7 Risk involved in business
Competitive advantage rating is -1 (best) to -6 (worst)
1 Market share
2 Global presence
3 Strong investor reputation
4 Technological innovation
5 Product life cycle
6 Customer loyalty
7 Control over suppliers and distributors

FS Total

IS Total

ES Total

CS total

Ratings
6.0
6.0
6.0
4.0
4.0
6.0
5.0
37.0
6.0
5.0
5.0
5.0
6.0
5.0
5.0
37.0
-2.0
-2.0
-1.0
-1.0
-1.0
-1.0
-1.0
-9.0
-1.0
-1.0
-1.0
-1.0
-2.0
-1.0
-3.0
-10.0

ES average
CA average
IS average
FS average
X Coordinate
Y Coordinate
Strategy ->>>>

-1.29
-1.43
5.29
5.29
3.86
4.00
Aggressive

26

Rapid Market
Growth

Quadrant II

Quadrant I

Weak
Competiti
ve Market

Strong
Competiti
ve Market

Quadrant III

o Market Development
o Market Penetration
o Product
Development
o Forward Integration
o Backward
Integration
o Horizontal
Integration

Quadrant IV

Slow Market
Growth

27

High

+2
5
+2
0
+1
5
+5
(3) 17%

1.0

0.9
0.2

0.8
0.1

0.7

0.6

0.5

0.4

0.3

Low

I
I
Stars

Question Marks

(4) 11%
(1) 35%

IGR

-5
15
20
25
Low

(2) 37%

Dogs

Cash Cow

IV

III

Divisions

Revenue

% Revenue

Profits

% Profits

RMSP

IG Rate%

(1) U.S.

6,542.9

39%

837.2

35%

1.20%

(2) AMEA
(3) Asia
Pacific

5,512.2

33%

877.1

37%

-2.20%

3,322.0

20%

394.6

17%

2.70%

(4) Americas

1,284.7

8%

263.6

11%

1.20%

Total

16,661.8

100%

2,372.5

100%

28

High 34

E
F
E

Medium 22.99

Low 11.99

Strong 34

Average 22.99

Weak 11.99

IFE

29

Alternative
Strategies
Forward Integration
Backward
Integration
Horizontal
Integration
Market Penetration
Market
Development
Product
Development
Related
Diversification
Unrelated
Diversification
Horizontal
Diversification

IE
x

SPACE
x

GRAND
x

BCG
x

Count
4

x
x

x
x

x
x

x
x

4
4

30

Market Expansion

Prod/Recycle/Materi
als
Add. Sports Accessories

Key factors
External
Create products from recycled materials
Promotion as a fashionable wear, not just
sportswear.
Growing segment of the female athletes
International expansion into emerging markets India
Add. marketing of existing prod - appeal to new
groups
New alliances with co. respected for social
responsibility
Brand reorganization by market regions
High competitive industry
Failure to respond to market trends in timely manner
Negative public perception
Federal Trade regulations with foreign manufactures
International currency changes could decrease
profits
Production of counterfeit goods, and generic
products

Weight

AS
1 to 4

TAS

AS
1 to 4

TAS

AS
1 to 4

TAS

0.1

0.3

0.2

0.4

0.07
0.08

3
-

0.21
-

1
-

0.07
-

2
-

0.14
-

0.12

0.48

0.24

0.12

0.1

0.3

0.2

0.4

0.06
0.06
0.08
0.06
0.06
0.08

3
4
4
4

0.18
0.24
0.32
0.32

2
1
3
3

0.12
0.06
0.24
0.32

1
2
2
2

0.06
0.12
0.16
0.16

0.07

0.14

0.32

0.21

0.06

0.18

0.12

0.06

total should be 1.0

1 to 4

1 to 4

1 to 4

0.1
0.09
0.08
0.09
0.07
0.07
0.08
0.08
0.06

4
4
2
1
1
3
2
4
1

0.4
0.36
0.16
0.09
0.07
0.21
0.16
0.32
0.06

3
2
1
3
2
2
3
3
2

0.3
0.18
0.08
0.27
0.14
0.14
0.24
0.24
0.12

2
3
3
2
3
1
4
1
3

0.2
0.27
0.24
0.18
0.21
0.07
0.32
0.08
0.18

0.05

0.15

0.1

0.05

0.06

31-

Internal
Recognized brand name Swoosh is ubiquitous
Strong in research and development/innovation
Strong marketing campaign/sponsors top athletes
Diverse portfolio
Successful advertising campaigns
Customer loyalty
Strong financial position
Strong international presence
Products are highly priced
Revenues still mostly dependent upon footwear
sales
Violations for wages and child labor in manuf.
countries
Little control over quality of prod. from 3rd party

32

 To continue being the world leader in sports equipment

and apparel.
To complete brand reorganization within market
regions that will lower cost of sales.
To create sportswear that would incorporate recycled
material.
To develop new alliances with companies who are well
respected regarding social responsibility.
To invest in additional marketing of existing products
that will appeal to new demographic groups.
To promote products as fashion wear, not just
sportswear.

33

34

Year Ended May

31
2009

Projected
2010

(In millions, except per share data)

Revenues
Cost of sales
Gross margin

$
19,176.10
$
10,571.70
$
8,604.40

$
Selling and administrative expense
6,149.60
$
Restructuring charges (Note 16)
195.00
$
Goodwill impairment (Note 4)
199.30
Intangible and other asset impairment
$
(Note 4)
202.00
$
Interest income, net (Notes 1, 7 and 8)
(9.50)
Other (income) expense, net (Notes 17
$
and 18)
(88.50)
$
Income before income taxes
1,956.50
$
Income taxes (Note 9)
469.80
$
Net income
1,486.70
Basic earnings per common share (Note
$
12)
3.07
Diluted earnings per common share (Note $

Forecasted
1.5% revenue
$ 19,463.74 increase.
$ 10,730.28 1.5% increase.
$

8,733.47

$
$

3.3% increase
from previous
6,351.95 year.
-

$
50.00
$

$
(9.50)
$
(88.50)
$ 2,429.52
$
Based on 24%
583.08
from 2009
$ 1,846.43
$
3.20
$

35

Year Ended May 31,

2009
ASSETS
Current assets:
Cash and equivalents
Short-term investments
Accounts receivable, net (Note 1)
Inventories (Notes 1 and 2)
Deferred income taxes (Note 9)
Prepaid expenses and other current assets
Total current assets
Property, plant and equipment, net (Note 3)
Identifiable intangible assets, net (Note 4)
Goodwill (Note 4)
Deferred income taxes and other assets (Notes 9 and 18)
Total assets
LIABILITIES AND SHAREHOLDERS EQUITY
Current liabilities:
Current portion of long-term debt (Note 8)
Notes payable (Note 7)
Accounts payable (Note 7)
Accrued liabilities (Notes 5 and 18)
Income taxes payable (Note 9)
Total current liabilities
Long-term debt (Note 8)
Deferred income taxes and other liabilities (Note 9)
Commitments and contingencies (Notes 15 and 18)
Redeemable Preferred Stock (Note 10)
Shareholders equity:
Common stock at stated value (Note 11):
Class A convertible 95.3 and 96.8 shares
outstanding
Class B 390.2 and 394.3 shares outstanding
Capital in excess of stated value
Accumulated other comprehensive income (Note 14)
Retained earnings
Total shareholders equity
Total liabilities and shareholders equity

Projected
2010

$ 2,291.10
$ 1,164.00
$ 2,883.90
$ 2,357.00
$
272.40
$
765.60
$ 9,734.00
$ 1,957.70
$
467.40
$
193.50
$
897.00
$ 13,249.60

$ 2,163.80 Minus $161.67 in investment.

$ 1,164.00
$ 2,976.18 3.2% previous
$ 2,628.00 Influenced by the cricket line
$
272.40
$
900.00
$ 10,104.38
$ 1,972.70 Plus $15 million for three new stores.
$
467.40
$
95.00
$
977.56
$ 13,617.04

$
$
$
$
$
$
$
$
$
$

$
$
$
$
$
$
$
$

32.00
342.90
1,031.90
1,783.90
86.30
3,277.00
437.20
842.00
0.30

$
0.10
$
2.70
$ 2,871.40
$
367.50
$ 5,451.40
$ 8,693.10
$ 13,249.60

6.90
375.00
1,051.50
1,783.90
90.00
3,307.30
405.20 Less portion of $32.0
872.71
0.30

$
0.10
$
2.70
$ 2,995.40
$
367.50
$ 5,665.83
$ 9,031.53
$ 13,617.04

36

2009

Projected 2010

2.97
2.25

3.06
2.26

0.06
0.09
0.05

0.06
0.09
0.04

48.55

65.66

9.8
1.45
8.14

9.87
1.43
7.41

0.45
0.1
0.08
0.11
0.17
18.83
3.03

0.45
0.12
0.09
0.14
0.20
17.83
3.20

Growth Ratios
Sales Growth%
Net Income Growth%

3 Years
0.28226
0.06803

1 Year
1.50
24.20

Earnings per share Growth%

-0.4261

4.23

Dividends per share Growth%

-0.1695

2.04

Liquidity Ratios
Current
Quick
Leverage Ratios
Debt to total assets
Debt to equity
Long-term debt to equity
Times-interest-earned ratio
Activity Ratios
Fixed Assets Turnover
Total Assets Turnover
Inventory Turnover
Profitability Ratios
Gross profit margin
Operating profit margin
Net profit margin
Return on assets
Return on equity
Price-earnings ratio
EPS

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Area of Objectives
Customers
1. Customer satisfaction
2. Customer Loyalty

3. Accessibility
Managers/Employees
1. Improve working conditions
2. Improve employee training

Measure

Time Expectation

Primary Responsibility

Customer and online surveys

Quarterly

Managers/ Marketing

Product and purchasing reviews.

Memberships and number of returning and
new customers.
Open more stores in various countries.

Quarterly

Marketing

Biannually- Annually

Marketing

Quarterly
Quarterly

CEO
Human Resources

Annually

CEO

Biannually

CEO

Biannually

Regional Managers

Quarterly

CEO

Quarterly

CEO/ Marketing

Annually

Marketing

Annually

CFO

Annually

CFO

Increase in productivity, employee surveys.

Increase in productivity and overall operating
efficiency

Community/Social Responsibility
1. Business Ethics
Endorse positive role model athlete`s.
Increase promotion of sports and wellness.
2. Environmentally Friendly
Recycle materials, improve reputation and
customer perspective.
3. Community involvement
Run local sports camps, community/ city
events- increase customer awareness.
Operations/ Processes
1. Improve Brand Image
Increase in sales and customer
recommendations.
2. Product Innovation
Number of new stores, products and
marketing
3. Market Penetration
Number of stores and sales in new/ other
countries
Financial
1. Reduce Cost of production
Decrease in production expenses.
2. Increase Revenue

Increase in annual sales

39

 http://www.youtube.com/watch?v=4
Uugz5Y7u6M

40

http://investors.nikeinc.com/Investors/Financial-Reports-and-Filings/Annual-Reports/default.aspx
http://investors.nikeinc.com/Theme/Nike/files/doc_financials/AnnualReports/2009/docs/Nike_200
9_10-K.pdf
http://investors.nikeinc.com/Theme/Nike/files/doc_financials/AnnualReports/2006/docs/10k.pdf
http://
investing.businessweek.com/research/stocks/financials/financials.asp?ticker=NKE:US&dataset
=incomeStatement&period=A&currency=native
http://finance.yahoo.com/q/is?s=NKE+Income+Statement&annual
http://www.nike.com/nikeos/p/nike/en_US/?&ref
Datamonitor.com UMFK library sites
http://en.wikipedia.org/wiki/List_of_most_populous_cities_in_India
www.yahoofinance.com
https://materials.proxyvote.com/Approved/654106/20090724/AR_44240/HTML2/default.htm
http://en.wikipedia.org/wiki/Nike_timeline
http://nikeinc.com/pages/history-heritage
http://investing.money.msn.com/investments/financial-statements?symbol=NKE
http://www.nike.com/nikeos/p/nike/en_IN/store_locator
Strategic Management Concepts and Cases 13 th Edition. Fred R. David.

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