Industry and Competitor Analysis

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Value Creation and Delivery

Sequence

Value Chain Analysis

Critical Success Factors (CSF)

Skills and core competenciesBenchmarking

Strategic Alliances /

collaboration

The top management and the marketing function, in particular, start thinking about the marketing strategies

of their product(s) they intend to offer.

Bus ines s and Cus tomer Va lue

PrefacePreface“Proving business and customer value” have always been a point of discussion among

scholars, business and technology students, and practicing managers. This topic is highly

regarded as the backbone of any business success; it is, therefore, included in diverse

range of subject modules in business and management studies e.g. Management

Information Systems, Marketing Management, Principles of Marketing, Customer

Relationship Management, Human Resource Management and Information Systems, etc.

While realizing the significance of the topic in today’s business world, the author made

an initial attempt to address some of its fundamental issues. These key notes and ideas are

compiled and edited from different resources. In addition, readers are also encouraged to

carry out their own research to facilitate their arguments.

Keywords:Keywords: The Value Delivery Process, Value Creation and Delivery Sequence, Importance of Competitor Analysis, Michael E. Porter’s Generic Value Chain, Composite Value Chain, Critical Success Factors (CSF), Management Information Systems (MIS), Benchmarking.

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Sunday, August 01, 2010version 2.1

Compiled and edited by:S h a h n a w a z A d i lS h a h n a w a z A d i lAssistant Professor (Strategies & Management)Iqra University Gulshan Campus, Karachi.

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Please note that your examination will include questions from this literature.

Initial idea: The task of any business is to deliver customer value at a profit.

Q. Why has it become more critical to the business sustainability?1. Hypercompetitive economy;2. increasingly rational buyer; and3. abundant choices / assortment (mean: variety with competitive features)

What is Hypercompetition?What is Hypercompetition?

According to the new dogma (mean: view/belief/doctrine), rivals can quickly copy any market position; and competitive advantage is, at best, temporary.

In any industries Hypercompetition is a self-inflicted wound, not the inevitable outcome of a changing paradigm of competition.

Often a characteristic of new markets and industries, Hypercompetition occurs when technologies or (product and/or service) offerings are so new that standards and rules are in rapid fluctuation, resulting in competitive advantages that cannot be sustained.

In response, companies must constantly compete in price or quality, or innovate in supply chain management, new value creation, or have enough financial capital to live longer than their competitors.

This phenomenon is described in Richard D'Aveni’s book (pictured) of the same name.

The Value Delivery ProcessThe Value Delivery ProcessQ. What happens normally (i.e. Traditional View)?

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Dr. Richard D'Aveni Professor of Strategic Management at the Tuck School of Business at Dartmouth College, USA

(http://oracle-www.dartmouth.edu/dart/groucho/tuck_faculty_and_research.faculty_profile?p_id=A332QC)

The firm makes something and then sells it. In this view, Marketing takes place in the second half of the process. The company knows what to make and the market will buy enough units to generate profits. This view is acceptable when there are shortages of goods as well as customers are not fussy (mean: choosy or selective) about quality, features, or style.

You will agree that this traditional view of the business process will not work in those economies where people face abundant choices. It means that the “mass market” actually splinters into numerous micro-markets, each with its own wants, perceptions, preferences, and buying criteria. The smart competitor must design and deliver offerings for well-defined target markets. This belief is the core of the new view of business processes, which places Marketing at the beginning of the planning.

Idea: Instead of emphasizing on making and selling, good companies see themselves as part of the value delivery process.

Q. What should happen (i.e. Emergent View)?The business should adopt the following value creation and delivery sequence.

Value Creation and Delivery SequenceValue Creation and Delivery Sequence

The process consists of three phases:

Phase 1: Choosing the Value: represents the “homework” marketing must do BEFORE and product exists. The marketing staff must:

a. segment the market;b. select the appropriate market target; and c. develop the offering’s value positioning.

Formula: “Segmentation, Targeting, and Positioning (STP)” is the essence of Strategic Marketing.

Phase 2: Providing the Value: Once the business unit has chosen the value, the second phase is providing the value. Marketing must determine specific product features, prices, sourcing (making) and distribution.

Phase 3: Communicating the Value: by utilizing the sales force, sales promotion, advertising and other communication tools to announce and promote the product.

Idea: Each of these value phases has cost implications.

Q. What are the five Japanese concepts which as redefined this emergent view of value creation and delivery sequence?

1. Zero Customer feedback time: Customer feedback should be collected continuously after purchase to learn how to improve the product and its marketing.

2. Zero product improvement time: The company should evaluate its improvement ideas and introduced the most valued and feasible improvements as soon as possible.

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3. Zero purchasing time: The company should receive the required parts and supplies continuously through Just-in-Time (JIT) or “zero inventory” arrangements with suppliers.

Idea: By lowering its inventories, the company can reduce its costs.

4. Zero setup time: The company should be able to manufacture any of its products as soon as they are ordered, without facing high setup time or costs.

5. Zero defects: The product should be of high quality and free of flaws.

Importance of Competitor AnalysisImportance of Competitor Analysis

In conducting and external analysis, one of the key areas for review is the competition. Despite this, it often tends to be neglected or subjected to less formal analysis than other elements of the market appreciation. Following are the three major reasons due to which companies usually condone ‘competitor analysis’:

Reason 1: Far too little emphasis has been given to competitor analysis due to over-confidence about its importance;

Reason 2: confusion as to how to set about it; and/or

Reason 3: concern that such analysis might require companies to do some thing unethical or illegal.

Following questions are usually suggested to ask:

1. Who is the competition now and who will it be in the future?2. What are the key competitor’s strategies, objectives, and goals?3. How important is a specific market to the competitors and are they committed enough to

continue to invest?4. What unique strengths do the competitors have?5. Do they have any weaknesses that make them vulnerable?6. What changes are likely in the competitors’ future strategies?7. What are the implications of competitors’ strategies on the market, industry and one’s own

company?

Idea: A company may easily get answers of above questions by reviewing its competitors’ annual reports, own statements and financial analysts’ reports.

In the new competitive environment which emerged in the second half of the 20 th century, the Rediscovery of Marketing, the sources of competitive advantages which had characterized competition from the time of the industrial revolution began to change. For instance, while technological innovation in both process and product development remains a necessary condition for competitiveness, it is no longer sufficient save in a few industries such as pharmaceuticals where it is still possible to enforce intellectual property rights (IPR).

Advantage based on technology is quickly eroded as firms benchmark their competitors and develop comparable products of their own. In this climate, other sources of competitive advantage

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assume greater importance many of which depend on relationship with suppliers and customers and recognition of the fact that firms do not exist in isolation but are part of a network or a system represented by a Value Chain.

Q. What are the main key effects when a firm realizes the importance of Value Chain?

Recognition of the existence of such a value chain focuses analysis on the organizations that comprise them and the nature and strength of the relationships between them. In turn such analysis has led the following attempts:

1. To establish and define critical success factors and the role of skills and competences as source of advantage.

2. To do so, benchmarking has become has both important and fashionable and 3. Led to recognition that success will often depend more on collaboration than competition

leading to the formation of partnerships and strategic alliances.

Idea: It is these issues which lie at the heart of Competitor Analysis.

The Value Chain Analysis & Competitive Advantage (CA)

Value chain analysis was developed first by McKinsey and Co. in the late 1960s as a tool to evaluate competition based on the view that business is a system which links raw materials (supply) with customers (demand) and comprising six basic elements:

Raw materials Production Wholesale Distribution Retail Distribution Consumer or User After-sale service.

Idea: McKinsey termed it as Creative Marketing Strategy in 1960s. But it was Michael E. Porter (of Harvard Business School, USA) who firmly established it as an important diagnostic technique to create more value to the customers.

Porter (1985, p.33) states:The value chain disaggregates a firm into its strategically relevant activities in order to understand the behavior of costs and the existing and potential sources of differentiation. A firm gains CA by performing these strategically important activities more cheaply and better than its competitors.

.

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Key point to ponder:

Support activities work in parallel with all the five primary activities. On the contrary, each primary

activity takes place one after another. Hence, the output of the first primary activity is the input for

the following next primary activity and so on. A firm can observe competitive advantage (or margin)

over its competitor(s) once both secondary and primary activities possess a closed link and

appropriate level of synchronization with each other.

For instance, suppose a senior manager from the Marketing function (i.e. primary activity) leaves

the organization at a critical point in time during business growth (due to any reason); in this case

the HR function (i.e. support activity) should be capable enough to provide the most suitable

replacement as quickly as possible thus reducing the setup time that could have been consumed in

getting on the normal routine procedures. The quicker the replacement is, the more chances are to

add values to the Marketing activities which, in turn, could lead towards paying its contribution to

gain competitive advantage.

Important: According to Porter (1985, p.36), “The most complete descriptions of the business

system concepts are Gluck (1980) and Bauron (1981). See also Bower (1973)”.

1. Primary Activities Source: Porter (1985, p. 39 to 40)

1.1 INBOUND LOGISTICS: Activities associated with receiving, storing and disseminating inputs to the product, such as material handling, warehousing, inventory control, vehicle scheduling and return to suppliers.

1.2 OPERATIONS:Activities associated with transforming inputs into the final product form, such as machining, packaging, assembly, equipment maintenance, testing, printing, and facility operations.

1.3 OUTBOUND LOGISTICS:Activities associated with collecting, storing and physically distributing the product to buyers, such as finished goods, warehousing, material handling, delivery vehicle operation, order processing, and scheduling.

Key point to ponder: Buyers does not always mean customer and/or consumer . Resellers, distributors, and warehouse operators, wholesalers etc. may constitute as buyers of an organization.

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Example 1: Approximately over 75% of steel (produced by a steel mill) is bought by car

manufacturing companies or car assemblers. For instance, Toyota is one of the major

buyers of a steel firm. Toyota’s (manufacturing company) Corolla (product) is made

available to its showrooms (Toyota’s buyers, say Toyota Eastern Motors, Karachi) for

customers to purchase.

Example 2: Boeing (manufacturing company 1) and Airbus (manufacturing company 2) aircrafts (products) are purchased by different airline companies (buyers of Boeing and Airbus) viz. Pakistan International (PIAC), American Airlines (AA), Lufthansa, Qatar Airways, British Airways (BA), KLM-Air France, etc. Now you, as a traveler or commuter, purchase a travel ticket from airline companies.

1.4 MARKETING AND SALES:Activities associated with providing a means by which buyers can purchase the product and inducing them to do so, such as advertising, promotion, sales force, quoting, channel selection, channel relations, and pricing.

1.5 SERVICE:Activities associated with providing service to enhance or maintain the value of the product such as installation, repair, training, parts supply, and product adjustment.

2. Support Activities (specific to a given industry)Please refer Porter (1985, p. 41 to 61)

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Idea: As originally conceived the value chain is concerned primarily with Value Creation and Value Delivery and some aspects of Value Improvement. The Holistic Marketing Framework is designed to address three key management questions:

1. Value Exploration: How can a company identify new value opportunities?2. Value Creation: How can a company efficiently create more promising new value

offerings?3. Value Delivery: How can a company use its capabilities and infrastructure to deliver the

new value offerings more efficiently?

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Car manufacturing companies or car assemblers

(a buyer of a steel mill)

Car manufacturing companies or car assemblers

(a buyer of a steel mill)

A steel millConsumer / Corporate client

(a buyer of a car)

Car Showrooms(A buyer of a

car manufacturing company)

Car Showrooms(A buyer of a

car manufacturing company)

Pakistan Steel Mills(‘Steel’ as their finished product)

Toyota Indus Motors(‘Steel’ as the raw material to be used in the manufacturing of Toyota Corolla

2009 model)

Toyota Eastern Motors You (as an individual) or ICI Pakistan, KPMG buy Toyota

Corolla 2009 models for their senior executives / partners.

Example:

Since 1985, a number of other influential contributions by writers have elaborated further on value improving activities. These authors include:

1. Hamel and Prahalad, 19942. Bartlett and Ghoshal, 1989

The additional insight proposed by these two authentic literatures and then Senge’s (1990) work on Learning Organization led to Norman and Remirez (1993) to propose an expansion of the concept of the value chain into one of value constellation (mean: collection or a group). They conclude that

The ‘value constellation’ does not offer any breakthrough which warrants replacement of the value chain concept but it does lead them to the conclusion that the latter (i.e. the new model called Value Enhancement Activities) is capable of further enrichment by taking into account those activities which involve the entire organization for value improvement.

Value Enhancement Activities:Organizational entrepreneurshipOrganizational learningCross-functional synergyCore competence buildingOrganizational creativity, innovation and imagination

Idea: Now we have the Composite Value Chain shown below:

Figure: Composite Value Chain ModelFigure: Composite Value Chain Model

Value Chain – an example

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• Organizational entrepreneurship

• Organizational learning

• Cross-functional synergy

• Core competence building

• Organizational creativity, innovation

Value Enhancement Activities

As discussed, Value Chain Analysis is a well known strategic concept which enables you to establish how value is being added within a business. The whole enterprise is 'broken down' into key 'Support' and 'Primary' activities which are then compared with competitive 'benchmarks' representing best practice.

Using the Value Chain example below, individual 'Support' and 'Primary Activities' can be configured for a company as appropriate. Using activity based cost analysis, the resource consumed by each value area in the production of a good or service is then determined. Deducting these monetary values, together with the cost of raw materials from the overall selling price gives an indication of the gross and net margins. The effect of changing the underlying data, for example increasing the cost of raw materials, or reducing production costs can then be seen on overall profitability. Comments about the competitiveness and colour coding can be added in to highlight areas of strength and weakness.

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Critical Success Factors (CSF)Critical Success Factors (CSF)

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Idea: There are few factors which are decisive for the success of the company, and that these factors can be ascertained.

It was first introduced by Daniel (1961) and later mainly elaborated by Rockart (1979); Bullen and Rockart (1981) in the context of designing ‘Management Information Systems (MIS)’.

The identification of the critical success factors was promoted by the observation that many senior managers did not make use of formal MIS. In turn, this led to the conclusion that this was due to the fact that these systems were unnecessarily complex and should be structured around a smaller number of what they called critical success factors.

… The limited number of areas in which satisfactorily results will ensure successful competitive performance for the individual, department of organization. Critical success factors are the few key areas where “things must go right” for the business to flourish and for the managers’ goals to be attained.

Five sources of CSF:

1. The industry, e.g. demand characteristics, technology employed, product characteristics, and so on. These can also affect all competitors within an industry, but their influence will vary according to the characteristics and sensitivity of individual industry segments.

2. Competitive Strategy and Industry Position of the business in question, which is determined by the history and the competitive positioning in the industry.

3. Environmental factors are the macro-economic influences that affect all competitors within an industry, and over which the competitors have little, or no influence, e.g. demographics, economic and governmental legislative policies, and so on.

4. Temporal factors which are areas within a business causing a time limited distress to the implementation of a chosen strategy, e.g. lack of managerial expertise or skilled workers.

5. Managerial position that is the various functional managerial positions in a business have each their generic set of SCF.

The above are the major factors which are often emphasized on the development of management information systems as only one of four different approaches to CSF, the others being:

1. As a unique characteristic of a company;2. As a heuristic tool for managers to sharpen their thinking3. As a description of the major skills and resources required to perform successfully in a

given market.

Based on these considerations, SCF can be defined as:

A skill or resource that a company can invest in, which, on the market the company is operating on, explains a major part of the observable differences in perceived value and/or costs.

BenchmarkingBenchmarking

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Traditionally, a benchmark was a survey mark or reference point used to determine altitude. In a business context this has now come to mean as reference point for the measurement of quality or excellence. A firm benchmarks its competitors in order to gain a clear understanding which competitors possess some competitive advantage over the firm.

Benchmarking is all about organizational learning if it is carried out in a systematic and structured way. This is relatively same as environmental scanning, an activity most managers practice in an informal and unstructured way on a continuing basis.

Four kinds of Benchmarking:

1. Internal Benchmarking using comparisons with successful practice within the organization

2. Competitive Benchmarking using comparisons with successful practicing firms with one is competing directly.

3. Functional Benchmarking using comparisons with firms in any industry which have developed particularly effective processes and / or procedures for given functions, e.g. order processing, inventory control.

4. Generic Benchmarking using comparisons with firms in any industry to try and understand how they have achieved superior performance.

Seven benefits of Benchmarking:

1. Improved understanding of the internal systems and business practices.2. Establishment of the key success factors and true measure of productivity.3. New ideas leading either to continuous improvement or breakthrough change.4. Improvement in understanding and meeting the needs of customers.5. A view of external conditions leading to the establishments of more relevant goals. 6. Becoming more competitive in the marketplace.7. Becoming aware of and emulating industry best practices.

Summary

We looked at competitor analysis as an initial input to the development of the competitive

advantage. In achieving this, it was argued that it is important to understand where one’s own

organization lies within the Value Chain that converts resources and skills into products and

resources that compete with one another in the marketplace. In turn, such analysis should lead to

the identification of Critical Success Factors which are necessary conditions to be met if one is to

compete effectively.

While the critical success factors are necessary to compete effectively they are rarely sufficient – to

outperform the competition something extra is required. In fact, it is the skills and competences

which firms possess that determine performance relative to their competitors. In identifying both

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critical success factors and skills and competences, the evaluation of one’s competitors using

benchmarking techniques has become a common practice. Seven major benefits and types

mentioned in the literature also facilitate the understanding and usage of benchmarking.

Value Disciplines:

Treacy, M. & Wiersema, F. (1997) The discipline of market leaders

"The message of The Discipline of Market Leaders is that no company can succeed today by trying to be all things to all people. It must instead find the unique value that it alone can deliver to a chosen market. Why and how this is done are the two key questions the book addresses." (Treacy & Wiersema, 1997, p.xii)

The authors maintain that there are three different types of 'value discipline' that successful companies can adopt to command leadership in their markets. Which of these (if any) is taken by any particular firm depends upon the sort of product or service that they provide, and upon the organizational culture that they maintain. These three 'value disciplines' are summarized in the chart below:

'Value Discipline' Basic Philosophy Examples

1. operational excellence customer proposition is simple: low or lowest price and hassle-free service

Wal-Mart, McDonalds

2. product leadership offer products that push performance boundaries

Intel, Nike, 3 M

3. customer intimacy delivering what specific customers want

Airborne Express, Nordstrom

The book describes the philosophy and operation of these three value disciplines, and provides a detailed case study of a business that exemplifies the operation of each.

The first value discipline is 'operational excellence', which is an approach to the market dedicated to providing the lowest cost goods and services, while at the same time minimizing problems for the customer. This discipline bases its success on several key principles:

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the efficient management of people - employees are trained in the most efficient and lowest cost way of doing things the management of efficient transactions - for greater efficiency and speed, processes between suppliers and the organization are often merged (for example, the quality control function, which historically has taken place once by the supplier to ensure a good product leaving their shop, and once at the buyer's end to ensure a good product coming in, is merged into one quality control inspection, undertaken under the auspices of both the supplier and the customer - this reduces cycle time considerably, allowing just-in-time supply and at lower overall cost as well) dedication to measurement systems - to ensure rigorous quality and cost control, businesses dedicated to operational excellence are geared to monitoring and measuring all processes, continually searching for ways to reduce cost, and improve service and quality management of customer expectations - under the principle that 'variety kills efficiency', operationally excellent companies provide only one or a limited number of product or service options, and manage customer expectations accordingly

The case study that the book uses to illustrate the 'operational excellence' value discipline is AT&T's experience in introducing the 'Universal Card', a combined long-distance calling card and general purpose credit card, featuring low annual fees and very customer-friendly service

The second value discipline is 'product leadership', which is dedicated to providing the best possible products from the perspective of the features and benefits offered to the customer. Product leadership is based upon the following principles:

the encouragement of innovation - through small ad hoc working groups, an 'experimentation is good' mind-set, and compensation systems that reward success, constant product innovation is encouraged a risk-oriented management style - product leadership companies are necessarily innovators, which requires a recognition that there are risks (as well as rewards) inherent in new ventures a recognition that the company's current success and future prospects lie in its talented product design people and those who support them a recognition of the need to educate and lead the market regarding the use and benefits of new products

The company that the book uses to illustrate the 'product leadership' value discipline is Intel, and it describes in some detail how they are organized to encourage constant innovation.

The third value discipline is 'customer intimacy', which involves the selection of one or a few high-value customer niches, followed by an obsessive effort at getting to know these customers in detail. This requires anticipating the target customer's needs as well as (if

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not better than) they themselves do, and sometimes sharing risks with them when the development of new products or services is required. The operating principles of this value discipline include:

having a full range of services available to serve customers upon demand - this may involve running what the authors call a 'hollow company', where a variety of goods or services are available quickly through contract arrangements, rather than the supplier business having everything in stock all the time a corporate philosophy and resulting business practices that encourage deep customer insight and breakthrough thinking about how to materially improve the client's business are essential

The case study that the book uses to illustrate the operation of the 'customer intimacy' value discipline is Airborne Express, and their special relationships with IBM and Xerox.

Treacy and Wiersema maintain that, because of the focus of management time and resources that is required, a firm can realistically choose only one of these three value disciplines in which to specialize. Most companies in fact, do not specialize in any of the three, and thus they realize only mediocre or average levels of achievement in each area. These companies are in no sense market leaders. In today' s business environment of increased competition and the need more than ever before for competitive differentiation, their complacency will not lead to increased market share, sales or profits.

"...when we look at these managers' businesses [complacent firms], we invariably find companies that don't excel, but are merely mediocre on the three disciplines. Sure, as the ante has risen in their markets, they've improved their cost structure and become more aware of their customers. They've added new products and line extensions over the years. They've kept up with rising parity levels to stay in the game. They've maintained threshold levels of performance in each dimension of value. What they haven't done is create a breakthrough on any one dimension to reach new heights of performance. They have not traveled past operational competence to reach operational excellence, past customer responsiveness to achieve customer intimacy, or beyond product differentiation to establish product leadership. To these managers we say that if you decide to play an average game, to dabble in all areas, don't expect to become a market leader." (p.44)

In the last part of the book, the authors outline a plan whereby companies can examine their existing operations and choose which of the three value disciplines the can and should focus upon. This process that they advocate is for a company to form a senior management team which then goes through a three-stage process, where they ask themselves some quite difficult questions (drawing upon external expertise to supply competitive intelligence, data about market growth potential, customer satisfaction feedback, etc). The three phases of investigation, and the questions to be asked in each, include:

Phase 1 - Understanding the status quo in your business

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What are the dimensions of value that our customers care about? For each dimension of value, what proportion of customers focus upon it as their primary or dominant decision criterion? Which competitors provide the best value in each of these value dimensions? How do we measure up against our customers on each dimension of value? Why do we fall short of the value leaders in each dimension of value?

Phase 2 - Identify the realistic options for your company Irrespective of industry, what are the benchmark standards of value performance that will affect customer's expectations? How do firms achieve these standards? For value leaders, what will be their standards of performance three years from now? How must the operating models of these value leaders be designed to attain those levels of performance?

Phase 3 - Detailed designs and hard choices

What does the required operating model look like - i.e. what are the design specifications for the core processes, management systems, structure and other elements of the model? How will the model produce superior value? What levels of threshold value will the market require in the other value dimensions? How will these be attained? How large will the potential and captured market be for this value proposition? What is the business case - including costs, benefits and risks - in pursuing this option? What are the critical success factors that can make or break this solution? How will the company make the transition from its current state to this new operating model over a two- to three-year period?

Within the context of redesigning the operating model of a company to focus upon a particular value discipline, Treacy and Wiersema discuss creating what they call 'the cult of the customer'. This is a mind-set that is oriented towards putting the customer's needs as a key priority throughout the company, at all levels. They also review some of the challenges involved in sustaining market leadership once it is attained (i.e. avoiding the natural complacency that tends to creep into an operation once dominance of the market is achieved).

Altogether The Discipline of Market Leaders is an insightful and interesting book, with much food for thought on how companies might reposition themselves to meet the increasingly challenging times that undoubtedly lie ahead.

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Source: http://www.consulttci.com/Book_reviews/marketleaders.html

http://www.business-wisdom.com/articles/ArtclDisciplineOfMarket.html

Treacy & Wiersema (1997) The discipline of market leader.pdf

Location: D:\0. Shahnawaz Adil\Iqra University (Gulshan Campus)\3. Summer 2009\

SMR2009_SM

The Discipline of Market Leaders by John Moore.pdf

Location: D:\0. Shahnawaz Adil\Iqra University (Gulshan Campus)\3. Summer 2009\

SMR2009_SM

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Bartlett, C. A. and Ghoshal, S. (1989) Managing Across Borders: The Transnational

Solution. London: Hutchinson

Bauron (1981) <further details not available>

Bower, J. L.(1973) Simple economic tools for strategic analysis, Harvard Business

School Case Study, No. 9-373-094

Gluck, F. W. (1980), Strategic choice and resource allocation, The McKinsey

Quarterly, pp.22-23

Hamel, G. and Prahalad, C.K. (1994) Competing for the Future. Boston, MA:

Harvard Business School Press

Kotler, P. and Keller, K.L (2006) Marketing Management, 12e Low Price Edition,

Pearson Prentice Hall.

Norman, R. and Remirez, R. (1993) From Value Chain to Value Constellation:

Designing Interactive Strategy, Harvard Business Review.

Porter, M. E. (1985) Competitive Advantage: creating and sustaining superior

performance, New York: Free Press

Rockart, J.F. (1979) “Chief Executives define their own data needs”, Harvard

Business Review.

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Senge, P. M. (1990) The Fifth Discipline: The Art and Practice of the Learning

Organization. New York: Doubleday/Currency.

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