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#Asset Management Solutions Virginia
schleifmanlaw · 1 month
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Comprehensive Guide to Estate Planning Across Regions
Understanding the Role of an Estate Planning Lawyer Maryland
When it comes to safeguarding your assets and ensuring your estate is handled according to your wishes, the expertise of an estate planning lawyer Maryland is indispensable. These professionals are skilled in navigating the complex landscape of estate law within Maryland, providing tailored solutions that address local legal requirements and personal goals. An estate planning lawyer Maryland can help create a solid plan that manages your assets, minimizes tax liabilities, and ensures that your estate is administered smoothly.
Expertise of Estate Planning Lawyer Maryland
An estate planning lawyer Maryland offers a deep understanding of state-specific regulations and tax laws, which is crucial for effective estate planning. Their expertise extends to drafting wills, setting up trusts, and addressing other legal documents essential for estate management. Engaging with a local lawyer ensures that your estate plan is not only compliant with Maryland laws but also aligned with your individual circumstances and objectives.
Choosing an Estate Planning Attorney Maryland
Selecting the right estate planning attorney Maryland is a critical decision in managing your estate effectively. An estate planning attorney Maryland provides comprehensive legal services designed to safeguard your assets and achieve your estate planning goals. This professional can offer valuable advice on how to structure your estate plan to protect your assets and provide for your loved ones according to your wishes.
Benefits of an Estate Planning Attorney Maryland
An estate planning attorney Maryland brings significant benefits, including expertise in Maryland's estate laws and a personalized approach to planning. This lawyer can assist with various aspects of estate planning, from creating legal documents to advising on tax implications and ensuring that your plan reflects your current wishes and future needs.
Navigating Estate Planning with a Washington DC Estate Planning Lawyer
For those residing in or near Washington DC, working with a Washington DC estate planning lawyer is essential for effective estate management. An estate planning lawyer Washington DC understands the unique legal landscape of the District of Columbia and can provide specialized guidance tailored to local regulations. This expertise ensures that your estate plan is robust, compliant, and adapted to the specific requirements of Washington DC.
Importance of a Washington DC Estate Planning Lawyer
A Washington DC estate planning lawyer plays a vital role in addressing the complexities of estate planning in the capital. Their knowledge of local estate laws and tax regulations ensures that your estate plan is designed to meet all legal requirements and address any potential challenges that may arise. Their professional guidance is invaluable in creating a comprehensive plan that protects your assets and aligns with your long-term goals.
Working with an Estate Planning Lawyer Virginia
For individuals in Virginia, an estate planning lawyer Virginia offers essential services to ensure that your estate is managed according to your preferences. An estate planning lawyer Virginia has a thorough understanding of Virginia's estate planning laws and can provide tailored advice to help you navigate the legal landscape effectively. Their expertise is crucial for developing a plan that addresses all aspects of your estate.
Role of an Estate Planning Lawyer Virginia
An estate planning lawyer Virginia assists with creating a detailed estate plan that meets Virginia’s legal requirements. From drafting wills and trusts to providing advice on estate taxes and asset protection, a lawyer in Virginia ensures that your estate planning needs are comprehensively addressed. Their local knowledge and legal expertise are critical for ensuring that your estate plan is effective and legally sound.
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vaitservices · 5 months
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The Strategic Imperative: Leveraging Managed Service Provider VA for Network and Server Management
In the dynamic business environment of Virginia, organizations are increasingly recognizing the strategic importance of robust network and server management services. As technology continues to evolve and cyber threats become more sophisticated, businesses must prioritize the protection and optimization of their digital infrastructure. Managed service provider VA offers tailored solutions to address these challenges and empower businesses to thrive in the digital age.
A managed service provider VA specializes in delivering comprehensive network and server management services designed to meet the unique needs of businesses in Virginia. These providers leverage their expertise and advanced technologies to monitor, maintain, and optimize network and server infrastructure, ensuring maximum performance and reliability. By partnering with a reputable MSP, businesses can benefit from proactive support and strategic guidance to navigate the complexities of IT management.
Effective network and server management are essential for protecting sensitive data and maintaining regulatory compliance. Virginia managed services providers employ robust security measures and best practices to safeguard against cyber threats and ensure data integrity. From implementing encryption protocols to conducting regular security audits, MSPs help businesses mitigate risks and maintain the trust of their customers and stakeholders.
Moreover, network and server management services contribute to operational efficiency and agility, enabling businesses to adapt to evolving market demands and technological trends. By optimizing network performance and scalability, MSPs help businesses leverage technology as a strategic asset for growth and innovation. Whether it's supporting remote workforce initiatives or integrating emerging technologies, managed service provider VA plays a crucial role in driving business transformation and success.
In conclusion, the strategic imperative of leveraging managed service provider VA for network and server management cannot be overstated in today's competitive business landscape. By partnering with a reputable MSP, businesses in Virginia can enhance their security posture, optimize performance, and achieve their strategic objectives with confidence.
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jarverfinancial03 · 8 months
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Unlocking Opportunities in Hampton Roads: Your Financial Advisor’s Role
In the dynamic landscape of Hampton Roads, Virginia, where opportunities abound, having a seasoned financial advisor by your side can be a game-changer. As you navigate the intricacies of this vibrant region, understanding the pivotal role your financial advisors plays is essential in unlocking the full spectrum of possibilities for your financial success.
1. Local Market Insight
A financial advisor familiar with Hampton Roads brings valuable local market insight. They understand the unique economic trends, employment landscape, and potential investment opportunities specific to the region. This localized knowledge enables them to tailor financial strategies that align with the opportunities prevalent in Hampton Roads.
2. Strategic Wealth Planning for Regional Goals
Hampton Roads, with its diverse economic sectors, presents unique wealth-building opportunities. Your financial advisor should be adept at crafting strategic wealth plans that align with the regional goals and capitalize on sectors such as defense, tourism, and emerging industries.
3. Navigating Military Transitions
Given the significant military presence in Hampton Roads, transitions within the military community are frequent. A skilled financial advisor can provide guidance on navigating these transitions, offering tailored solutions for retirement planning, investment strategies, and insurance needs specific to military personnel.
4. Real Estate Expertise
The real estate market in Hampton Roads is dynamic, with fluctuating property values and diverse housing options. A financial advisor well-versed in local real estate trends can assist you in making informed decisions, whether you are looking to buy a home, invest in properties, or explore real estate as part of your investment portfolio.
5. Community Engagement and Networking
Beyond financial acumen, an effective financial advisor actively engages with the Hampton Roads community. Their local network can open doors to valuable opportunities, connecting you with key influencers, business leaders, and potential collaborators, enhancing your overall financial prospects.
6. Adapting to Economic Shifts
Hampton Roads, like any region, experiences economic shifts. A proactive financial advisor will keep you informed about these changes and adjust your financial strategies accordingly. Whether it’s capitalizing on emerging industries or navigating economic downturns, their adaptability is crucial to your financial success.
7. Personalized Risk Management
Hampton Roads’ economic diversity brings a range of investment opportunities but also requires careful risk management. Your financial advisor should personalize risk management strategies to safeguard your assets while maximizing growth potential in this dynamic environment.
In conclusion, unlocking opportunities in Hampton Roads requires a financial advisor who not only understands your unique financial goals but also possesses a deep understanding of the regional landscape. With their local insights and expertise, your financial advisor becomes a key ally in steering you towards prosperity in the vibrant Hampton Roads community.
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ins4dallas · 8 months
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Expert HR Solutions Tailored for San Antonio's Unique Business Landscape
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HR Outsourcing companies for small businesses in San Antonio are proving to be a game-changer for local businesses, especially those in the small business and restaurant sectors. These companies offer a range of services designed to alleviate the burden of HR management, allowing business owners to focus on their core operations. From payroll and benefits administration to ensuring compliance with local and federal laws, HR outsourcing firms provide a comprehensive suite of services. This strategic move not only helps in streamlining business operations but also plays a crucial role in cost reduction and efficient management of human resources. For small businesses and restaurants in San Antonio, where every decision and investment is critical, HR outsourcing offers a practical solution to manage their workforce effectively, ensuring compliance and enhancing overall business performance.
More information can be found at :
HR Outsourcing Companies in San Antonio provide specialized services that are essential for the growth and sustainability of these enterprises. Small businesses often face challenges in managing HR tasks due to limited resources and expertise. By partnering with an HR outsourcing company, they gain access to a wealth of knowledge and experience, ensuring that their HR functions are managed professionally. These firms offer tailored solutions that address the specific needs of small businesses, including recruitment, employee training, and performance management. Furthermore, the flexibility and scalability of services offered by these HR firms make them an ideal choice for small businesses looking to expand their operations in San Antonio. The integration of advanced technology in HR processes further enhances the efficiency and effectiveness of these services, making them an invaluable asset for small business owners in the city.
HR Outsourcing companies for restaurants in San Antonio cater to the unique requirements of the hospitality industry. Restaurants face distinct challenges such as high employee turnover, seasonal staffing demands, and specific compliance requirements. Outsourcing HR functions to a firm that specializes in the restaurant industry provides a solution to these challenges, enabling restaurant owners to maintain efficient operations while focusing on providing quality food and service. These HR firms offer comprehensive support tailored to the restaurant industry, including managing complex scheduling needs, ensuring compliance with food safety regulations, and handling staffing intricacies. By partnering with an HR outsourcing firm experienced in the restaurant sector, owners can ensure that their HR needs are managed effectively, contributing to the success and growth of their establishments in San Antonio’s competitive culinary landscape.
Insurance4Dallas, (I4D), helps insure all of Texas, Oklahoma, Arkansas, Arizona, Louisiana, New Mexico, Alabama, Virginia and Florida. Insurance4Dallas provides consumers with detailed information on health insurance with the ability to purchase health insurance online. Insurance4Dallas provides a full spectrum of health, dental, vision, life and ancillary insurance products, providing a diverse selection of price and benefit options complemented by personal customer service. Available via phone, email or fax, Insurance4Dallas answers consumer questions throughout the purchasing process and during the utilization of its health insura https://insurance4dallas.com/hr-outsourcing-companies-in-san-antonio/
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New Post has been published on https://www.dawgsinc.com/miami-vacant-property-security-with-dawgs/
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lawyersdatascraping · 9 months
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Illinois Law Firms Email List
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Unleashing Strategic Growth: The Power of Illinois Law Firms Email List by Lawyersdatalab.com
In the ever-evolving landscape of legal marketing, the importance of precision and targeted outreach cannot be overstated. Law firms and legal professionals continually seek ways to enhance their marketing strategies, and Lawyersdatalab.com offers a game-changing solution with its Illinois Law Firms Email List. Unveiling strategic advantages, this curated list becomes a powerful tool for law firms and marketing companies seeking to elevate their outreach in the dynamic legal industry.
Precision in Legal Marketing
The Illinois Law Firms Email List by Lawyersdatalab.com isn't just a collection of contacts; it's a precision-focused resource designed for targeted legal marketing. By accessing this comprehensive list, law firms gain the ability to reach specific demographics, practice areas, or geographic locations, ensuring that their marketing efforts are highly relevant and impactful.
Building Relationships with Decision-Makers
For legal marketing companies, establishing meaningful connections with decision-makers in law firms is paramount. The Illinois Law Firms Email List provides direct access to key individuals, allowing marketers to tailor their outreach strategies to engage partners, managing attorneys, and other influential figures. This personalized approach increases the chances of building lasting relationships with the right stakeholders.
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In the legal industry, the importance of local presence cannot be overlooked. The Illinois Law Firms Email List facilitates geographic targeting, enabling law firms and marketing companies to focus their efforts on specific regions within the state. Whether targeting Chicago, Springfield, or other areas, this list allows for precise localization of marketing campaigns.
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Different law firms specialize in diverse practice areas, and Lawyersdatalab.com recognizes the significance of tailoring marketing campaigns accordingly. The Illinois Law Firms Email List is categorized by practice areas, allowing legal marketers to design niche-specific campaigns. This ensures that their messaging resonates with the unique needs and interests of law firms specializing in various legal domains.
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Efficiency in legal marketing is a key factor for success. The Illinois Law Firms Email List streamlines marketing efforts by providing a ready-to-use database. This not only saves time but also allows law firms and marketing companies to allocate resources more effectively, focusing on crafting compelling content and strategies rather than spending time on data collection.
In the competitive realm of legal marketing, the Illinois Law Firms Email List by Lawyersdatalab.com emerges as a strategic asset, offering unparalleled advantages for law firms and marketing professionals. For those eager to enhance their targeted legal marketing initiatives, unlocking the potential of this curated list is a step towards precision, efficiency, and impactful outreach.
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datascraping001 · 1 year
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Solar Industry Email Lists
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Shining a Light on Success with Solar Industry Email Lists. In a world that's becoming increasingly aware of the importance of sustainable energy sources, the solar industry stands at the forefront of this global shift. For companies operating in this sector, having access to accurate and up-to-date information is the key to success. That's where Solar Industry Email Lists, offered by Datascrapingservices.com, come into play.
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The solar industry has experienced remarkable growth in recent years. As the demand for clean, renewable energy sources has soared, solar power has emerged as a powerful and viable solution. From solar panel manufacturers to installation companies and green energy consultants, businesses in this sector are thriving. However, with such rapid growth and innovation comes the challenge of staying competitive and relevant. Having access to the right contacts, decision-makers, and market insights is crucial for companies operating in the solar industry.
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icsi · 8 months
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Get The Best IT Service in Richmond Now
USA, Jan’24: ICSI IT Services increase your IT and security maturity levels. By executing your IT and security roadmaps using ICSI’s proven frameworks, they systematically transform your IT environment into a strategic business asset and improve your ability to combat cyber risk from any attack surface.
To keep ahead of the curve in the rapidly changing world of technology, businesses in Richmond are looking for dependable IT services. The success of your company can be greatly impacted by the selection of an appropriate IT partner who can provide strong cybersecurity solutions in addition to effective network management.
It is impossible to overstate the value of IT for corporate operations in today's digital innovation environment. IT services are essential to modern businesses because they protect data and streamline processes. Richmond's changing business environment demands IT solutions that are efficient and customized to fit the needs of individual organizations.
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ICSI builds, protects, and advances your business through the best-in-class security and IT infrastructure.
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Elevate your business operations to new heights through ECF Data's pioneering Managed IT Services in Virginia. Our comprehensive solutions encompass Managed Support and Security, Cloud Support, and top-tier Cybersecurity Services, all meticulously designed to revolutionize your business's technological landscape.
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phantomtutor · 2 years
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SOLUTION AT Academic Writers Bay College of Administrative and Financial Sciences Department of Business Administration Assignment for MGT401 Strategic Management 1st Semester-2020-2021 Assignment 3 Deadline: 28/11/2020 @ 23:59 Course Name: Strategic Management Student’s Name: Course Code: MGT 401 Student’s ID Number: Semester: I CRN: Academic Year: 1441/1442 H For Instructor’s Use only Instructor’s Name: Students’ Grade: Marks Obtained/Out of 5 Level of Marks: High/Middle/Low Instructions – PLEASE READ THEM CAREFULLY • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. • Assignments submitted through email will not be accepted. • Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page. • Students must mention question number clearly in their answer. • Late submission will NOT be accepted. • Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. • All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism). • Submissions without this cover page will NOT be accepted. Assignment No 3 ▪ ▪ ▪ ▪ Submission Date by students: Before the end of Week- 13th Weight: 5 Marks Place of Submission: Students Grade Centre Learning Outcomes: 1. Gain insights into the strategy-making processes of different types of organizations (Lo 1.7). 2. Understand issues related to strategic competitive advantage in diversified organizations (Lo 2.2) 3. Identify appropriate strategies for different situations (Lo 3.1). From real national/international market, select any type of strategic alliance between two firms and answer the following questions: 1. Briefly introduce your chosen firms, partners of alliance (Industry, nationality, size…). (1Mark) 2. What type of strategic alliance that form your selected firms? Explain its different reasons. (1Mark) 3. Is this alliance successful? Justify. (1.5Mark) 4. What is the method used by the firms to manage their cultures after alliance? underline the pros and cons of this method.(1.5Mark) Good Luck Answers Question 1. ……………….. Strategic Management Model Environmental Scanning: Strategy Formulation: Strategy Implementation: Evaluation and Control: Gathering Information Developing Long-range Plans Putting Strategy into Action Monitoring Performance External: Opportunities and Threats Natural Environment: Resources and climate Societal Environment: General forces Task Environment: Mission Reason for existence Objectives What results to accomplish by when Strategies Plan to achieve the mission & objectives Policies Broad guidelines for decision making Industry analysis Programs Activities needed to accomplish a plan Budgets Cost of the programs Procedures Sequence of steps needed to do the job Internal: Strengths and Weaknesses Structure: Chain of command Culture: Beliefs, expectations, values Resources: Assets, skills, competencies, knowledge Feedback/Learning: Make corrections as needed Performance Actual results THIRTEENTH EDITION Strategic Management and Business Policy TOWARD GLOBAL SUSTAINABILITY This page intentionally left blank THIRTEENTH EDITION Strategic Management and Business Policy TOWARD GLOBAL SUSTAINABILITY Thomas L. Wheelen J. David Hunger Formerly with University of Virginia Trinity College, Dublin, Ireland Iowa State University St. John’s University with major contributions by Kathryn E. Wheelen Alan N. Hoffman Bentley University Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sa~o Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo Editorial Director: Sally Yagan Editor in Chief: Eric Svendsen Senior Acquisitions Editor: Kim Norbuta
Editorial Project Manager: Claudia Fernandes Editorial Assistant: Carter Anderson Director of Marketing: Patrice Lumumba Jones Senior Marketing Manager: Nikki Ayana Jones Marketing Assistant: Ian Gold Senior Managing Editor: Judy Leale Production Project Manager: Becca Groves Senior Operations Supervisor: Arnold Vila Operations Specialist: Cathleen Petersen Creative Director: Blair Brown Senior Art Director/Supervisor: Janet Slowik Cover Designer: Liz Harasymcuk Cover Photo: Courtesy of NASA/Shutterstock Interior Designer: Maureen Eide Media Project Manager, Editorial: Denise Vaughn Media Project Manager, Production: Lisa Rinaldi Full-Service Project Management: Emily Bush, S4Carlisle Publishing Services Composition: S4Carlisle Publishing Services Printer/Binder: Courier/Kendalville Cover Printer: Lehigh-Phoenix Color/Hagerstown Text Font: 10/12 Times Roman Credits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on the appropriate page within text. Copyright © 2012, 2010, 2008, 2006, 2004 by Pearson Education, Inc., publishing as Prentice Hall. All rights reserved. Manufactured in the United States of America. This publication is protected by Copyright, and permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. To obtain permission(s) to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Department, One Lake Street, Upper Saddle River, New Jersey 07458, or you may fax your request to 201-236-3290. Many of the designations by manufacturers and sellers to distinguish their products are claimed as trademarks. Where those designations appear in this book, and the publisher was aware of a trademark claim, the designations have been printed in initial caps or all caps. Library of Congress Cataloging-in-Publication Data Wheelen, Thomas L. Strategic management and business policy : toward global sustainability / Thomas L. Wheelen, J. David Hunger. — 13th ed. p. cm. Includes bibliographical references and index. ISBN-13: 978-0-13-215322-5 ISBN-10: 0-13-215322-X 1. Strategic planning. 2. Strategic planning—Case studies. 3. Sustainability. I. Hunger, J. David, II. Title. HD30.28.W43 2012 658.4’012—dc22 2011013549 10 9 8 7 6 5 4 3 2 1 ISBN 10: 0-13-215322-X ISBN 13: 978-0-13-215322-5 Dedicated to KATHY, RICHARD, AND TOM BETTY, KARI AND JEFF, MADDIE AND MEGAN, SUZI AND NICK, SUMMER AND KACEY, LORI, MERRY AND DYLAN, AND WOOFIE (ARF!). SPECIAL DEDICATION TO KATHRYN WHEELEN: Kathryn has worked on every phase of the case section of this book. Until this edition, she also managed the construction of the Case Instructor’s Manual. She has done every job with a high level of dedication and concern for both the case authors and the readers of this book. This book is also dedicated to the following Prentice Hall/Pearson sales representatives who work so hard to promote this book: NOLA AKALA KASEY CROCKETT BRIDGET HANNENBERG DAVID ALEVY DAN CURRIER BRYAN HARRELL TARA ALGEO KELLY DAN TARA HARTLEY DAVID ARMSTRONG MICHLENE DAOUD HEALY KENNY HARVEY MIKE ASKEW STACY DAVIS ALISON HASKINS LAURA BAILEY FRANK DEL CASTILLO CAROL HAWKS NICK BAKER MEREDITH DELA ROSA JENNIFER HEILBRUNN ALICIA BARNES CHRIS DELANEY CHRISTINE HENRY ASHLEY BARNES GEORGE DEVENNEY LYNN HICKS ALICE BARR DANA DODGE (Frick) JULIE HILDEBRAND SHERRY BARTEL KATE DOLDER DAUNNE HINGLE KENDRA BASSI BARBARA DONLON WENDI HOLLAND JAY BECKENSTEIN HEIDI DRESSLER CHRISTY HUMENIUK JOSH BECKENSTEIN TRACY DYBALSKI GENE HUMENIUK NICOLE BELL BRIAN DYK ANDREA IORIO CATHY BENNETT KIM ECK SUSAN JACKSON KATIE BOLLIN TRISH EICHHOLD PAM JEFFRIES SCOTT BORDEN KRISTIN ELBER BRITTANY JUCHNOWSKI JENNIFER BOYLE KELSEY ELLIOTT ANJALI JUSTUS AUNDREA BRIDGES KATIE EYNON CHERYL KABB SUZANNE BROWN GENEVA FARROW LAURA KAPPES ALEXANDRA BUEHLER MARIA FELIBERTY
GIA KAUL KYLE BURDETTE MIKE FINER JULIE KESTENBAUM WHITNEY CAMERON MICHELLE FINNERTY KARTAPURKH KHALSA RUTH CARDIFF CANDAS FLETCHER KIM KIEHLER AMY CAREY ROBERT FLORY AMANDA KILLEEN MEGAN CARRICO MARCIA FLYNN WALT KIRBY MARTI CARTER BRAD FORRESTER MARY-JO KOVACH ANDREA CATULLO-LINN MARGARET FRENCH ROBYN KOVAR MEREDITH CHANDLER STEPHANIE FRITSON GREG KRAMP LUKE CLAEYS MARK GAFFNEY DANIEL KRAUSS KAYLEE CLAYMORE MICHELLE GARCIA-JUCHTER MICHAEL KRISANDA BRIAN COBB SYBIL GERAUD GINA LaMANTIA JENNIFER COLE AMBER GOECKE CHAFIKA LANDERS TARYLL CONNOLLY CAROLYN GOGOLIN DOROTHY LANDRY THAYNE CONRAD ADAM GOLDSTEIN DUSTIN LANGE DONNA CONROY BETH GRUNFELD ALIX LaSCOLA CAITLIN COUTHEN MICAELA HAIDLE JOE LEE MEGAN JOY COWART GREG HAITH APRIL LEMONS CYNDI CRIMMINS DEMETRIUS HALL KIMBERLY LENAGHAN vi DEDICATION TRICIA LISCIO COLLEEN O’DELL MARY SHAPIRO BETH LUDWIG DEBBIE OGILIVE BARBARA SHERRY CARY LUNA SARI ORLANSKY KEN SHIPBAUGH JEMINA MACHARRY DAVE OSTROW DAVE SHULER KATIE MAHAN DARCEY PALMER JESSICA SIEMINSKI LAURA MANN KRISTINA PARKER LEA SILVERMAN PATRICIA MARTINEZ TONI PAYNE AUTUMN SLAUGHTER CHRISTINA MASTROGIOVANNI JULIANNE PETERSON KRISTA SLAVICEK SONNY MATHARU MELISSA PFISTNER SCOTT SMITH TONY MATHIAS CANDACE PINATARO ADRIENNE SNOW BROOK MATTHEWS BELEN POLTORAK LEE SOLOMONIDES GEORGIA MAY ELIZABETH POPIELARZ BEN STEPHEN ALICIA MCAULIFFE MEGAN PRENDERGAST DAN SULLIVAN MASON McCARTNEY NICOLE PRICE JOHN SULLIVAN KAREN McFADYEN JILL PROMESSO LORI SULLIVAN BRIAN McGARRY LENNY ANN RAPER STEPHANIE SURFUS MICHELLE McGOVERN JOSH RASMUSSEN AMANDA SVEC IRENE McGUINNESS AMANDA RAY CHRISTINA TATE RYAN McHENRY SONYA REED SARAH THOMAS CRISTIN McMICHAEL RICHARD RESCH ABBY THORNBLADH KEVIN MEASELLE MARY RHODES KATY TOWNLEY RAY MEDINA BRAD RITTER ELIZABETH TREPKOWSKI KELLY MEIERHOFER DAN ROBERTSON TARA TRIPP MOLLY MEINERS MATT ROBINSON CAROLYN TWIST MATT MESAROS JENNIFER ROSEN JOE VIRZI SHALON MILLER DOROTHY ROSENE AMANDA VOLZ JAMI MINARD KELLEEN ROWE BRITNEY WALKER WILLIAM MINERICH RICH ROWE MADELEINE WATSON EMILY MITCHELL PEYTON ROYTEK BEN WEBER JILINE MIX SENG SAECHAO DANIEL WELLS JULIE MOREL STEVE SARTORI MARK WHEELER RAFAEL MORENO LYNDA SAX LIZ WILDES TRACY MORSE BOB SCANLON MICHELLE WILES OLIVIA MOUG MARCUS SCHERER BRIAN WILLIAMS DOLLY MUNIZ KIMBERLY SCHEYVING ERIN WILLIAMS TRICIA MURPHY HEIDI SCHICK (Miller) CINDY WILLIAMSON LAUREN MURROW BRAD SCHICK RACHEL WILLIS AMBER MYLLION (Parks) CHRIS SCHMIDT SIMON WONG LINDA NELSON DEBORAH SCHMIDT KIMBERLY WOODS LYNNE NICLAIR MOLLY SCHMIDT JACKIE WRIGHT BOB NISBET CORRINA SCHULTZ HEATHER WRUBLESKY BETSY NIXON WHITNEY SEAGO GEORGE YOUNG TOM NIXON CHRISTIANA SERLE MARY ZIMMERMANN LAURA NOAH MARTHA SERNAS KACIE ZIN vii This page intentionally left blank Brief Contents PART ONE Introduction to Strategic Management and Business Policy 1 1 Basic Concepts of Strategic Management 2 2 Corporate Governance 42 3 Social Responsibility and Ethics in Strategic Management 70 CHAPTER CHAPTER CHAPTER PART TWO Scanning the Environment 93 4 Environmental Scanning and Industry Analysis 94 5 Internal Scanning: Organizational Analysis 136 CHAPTER CHAPTER PART THREE Strategy Formulation 173 6 Strategy Formulation: Situation Analysis and Business Strategy 174 7 Strategy Formulation: Corporate Strategy 204 8 Strategy Formulation: Functional Strategy and Strategic Choice 236 CHAPTER CHAPTER CHAPTER PART FOUR Strategy Implementation and Control 269 CHAPTER CHAPTER CHAPTER 9 Strategy Implementation: Organizing for Action 270 1 0 Strategy Implementation: Staffing and Directing 300 1 1 Evaluation and Control 328 PART FIVE Introduction to Case Analysis 363 CHAPTER 1 2 Suggestions for Case Analysis 364 PART SIX WEB CHAPTERS Other Strategic Issues WEB CHAPTER WEB CHAPTER WEB CHAPTER A Strategic Issues in Managing Technology & Innovation B Strategic Issues in Entrepreneurial Ventures & Small Businesses C Strategic Issues in Not-For-Profit Organizations PART SEVEN Cases in Strategic Management 1-1 GLOSSARY G-1 NAME INDEX I-1 SUBJECT INDEX
I-7 ix This page intentionally left blank Contents Preface xxix PART ONE CHAPTER 1 Introduction to Strategic Management and Business Policy Basic Concepts of Strategic Management 2 1.1 The Study of Strategic Management Phases of Strategic Management Benefits of Strategic Management 1 5 5 6 1.2 Globalization and Environmental Sustainability: Challenges to Strategic Management 7 Impact of Globalization 8 Impact of Environmental Sustainability 8 Global Issue: REGIONAL TRADE ASSOCIATIONS REPLACE NATIONAL TRADE BARRIERS 9 Environmental Sustainability Issue: PROJECTED EFFECTS OF CLIMATE CHANGE 12 1.3 Theories of Organizational Adaptation 1.4 Creating a Learning Organization 13 1.5 Basic Model of Strategic Management Environmental Scanning Strategy Formulation 12 14 16 17 Strategy Highlight 1.1: DO YOU HAVE A GOOD MISSION STATEMENT? 18 Strategy Implementation Evaluation and Control 21 22 Feedback/Learning Process 23 1.6 Initiation of Strategy: Triggering Events 23 Strategy Highlight 1.2: TRIGGERING EVENT AT UNILEVER 24 1.7 Strategic Decision Making 25 What Makes a Decision Strategic 25 Mintzberg’s Modes of Strategic Decision Making 25 Strategic Decision-Making Process: Aid to Better Decisions 1.8 The Strategic Audit: Aid to Strategic Decision-Making 1.9 End of Chapter Summary 27 28 29 APPENDIX 1.A Strategic Audit of a Corporation 34 xi xii CONTENTS CHAPTER 2 Corporate Governance 42 2.1 Role of the Board of Directors Responsibilities of the Board 45 45 Members of a Board of Directors 48 Strategy Highlight 2.1: AGENCY THEORY VERSUS STEWARDSHIP THEORY IN CORPORATE GOVERNANCE 50 Nomination and Election of Board Members Organization of the Board 53 54 Impact of the Sarbanes-Oxley Act on U.S. Corporate Governance 55 Global Issue: CORPORATE GOVERNANCE IMPROVEMENTS THROUGHOUT THE WORLD 56 Trends in Corporate Governance 2.2 The Role of Top Management 57 58 Responsibilities of Top Management 58 Environmental Sustainability Issue: CONFLICT AT THE BODY SHOP 59 2.3 End of Chapter Summary CHAPTER 3 62 Social Responsibility and Ethics in Strategic Management 3.1 Social Responsibilities of Strategic Decision Makers Responsibilities of a Business Firm 72 72 Sustainability: More than Environmental? Corporate Stakeholders 70 75 75 Environmental Sustainability Issue: THE DOW JONES SUSTAINABILITY INDEX 76 Strategy Highlight 3.1: JOHNSON & JOHNSON CREDO 78 3.2 Ethical Decision Making 79 Some Reasons for Unethical Behavior 79 Strategy Highlight 3.2: UNETHICAL PRACTICES AT ENRON AND WORLDCOM EXPOSED BY “WHISTLE-BLOWERS” 80 Global Issue: HOW RULE-BASED AND RELATIONSHIP-BASED GOVERNANCE SYSTEMS AFFECT ETHICAL BEHAVIOR 81 Encouraging Ethical Behavior 3.3 End of Chapter Summary 83 86 Ending Case for Part One: BLOOD BANANAS 90 PART TWO CHAPTER 4 Scanning the Environment 93 Environmental Scanning and Industry Analysis 4.1 Environmental Scanning 94 98 Identifying External Environmental Variables 98 Environmental Sustainability Issue: MEASURING AND SHRINKING YOUR PERSONAL CARBON FOOTPRINT 100 CONTENTS Global Issue: IDENTIFYING POTENTIAL MARKETS IN DEVELOPING NATIONS 107 Identifying External Strategic Factors 108 4.2 Industry Analysis: Analyzing the Task Environment Porter’s Approach to Industry Analysis Industry Evolution International Risk Assessment Strategic Types 110 114 Categorizing International Industries Strategic Groups 109 114 115 115 117 Hypercompetition 117 Using Key Success Factors to Create an Industry Matrix 118 Strategy Highlight 4.1: MICROSOFT IN A HYPERCOMPETITIVE INDUSTRY 118 4.3 Competitive Intelligence 120 Sources of Competitive Intelligence 121 Strategy Highlight 4.2: EVALUATING COMPETITIVE INTELLIGENCE 122 Monitoring Competitors for Strategic Planning 4.4 Forecasting 122 123 Danger of Assumptions 123 Useful Forecasting Techniques 124 4.5 The Strategic Audit: A Checklist for Environmental Scanning 4.6 Synthesis of External Factors—EFAS 4.7 End of Chapter Summary 5 126 127 APPENDIX 4.A Competitive Analysis Techniques CHAPTER 133 Internal Scanning: Organizational Analysis 136 5.
1 A Resource-Based Approach to Organizational Analysis Core and Distinctive Competencies 138 138 Using Resources to Gain Competitive Advantage Determining the Sustainability of an Advantage 5.2 Business Models 125 139 140 142 5.3 Value-Chain Analysis 143 Strategy Highlight 5.1: A NEW BUSINESS MODEL AT SMARTYPIG 144 Industry Value-Chain Analysis Corporate Value-Chain Analysis 145 146 5.4 Scanning Functional Resources and Capabilities Basic Organizational Structures 147 Corporate Culture: The Company Way 149 147 xiii xiv CONTENTS Global Issue: MANAGING CORPORATE CULTURE FOR GLOBAL COMPETITIVE ADVANTAGE: ABB VERSUS MATSUSHITA 150 Strategic Marketing Issues Strategic Financial Issues 151 153 Strategic Research and Development (R&D) Issues Strategic Operations Issues 154 156 Strategic Human Resource (HRM) Issues 158 Environmental Sustainability Issue: USING ENERGY EFFICIENCY FOR COMPETITIVE ADVANTAGE AND QUALITY OF WORK LIFE 161 Strategic Information Systems/Technology Issues 162 5.5 The Strategic Audit: A Checklist for Organizational Analysis 163 5.6 Synthesis of Internal Factors 5.7 End of Chapter Summary 164 165 Ending Case for Part Two: BOEING BETS THE COMPANY 170 PART THREE CHAPTER 6 Strategy Formulation 173 Strategy Formulation: Situation Analysis and Business Strategy 6.1 Situation Analysis: SWOT Analysis 174 176 Generating a Strategic Factors Analysis Summary (SFAS) Matrix 176 Finding a Propitious Niche 177 Global Issue: SAB DEFENDS ITS PROPITIOUS NICHE 181 6.2 Review of Mission and Objectives 181 6.3 Generating Alternative Strategies by Using a TOWS Matrix 6.4 Business Strategies 182 183 Porter’s Competitive Strategies 183 Environmental Sustainability Issue: PATAGONIA USES SUSTAINABILITY AS DIFFERENTIATION COMPETITIVE STRATEGY 187 Cooperative Strategies 195 6.5 End of Chapter Summary CHAPTER 7 199 Strategy Formulation: Corporate Strategy 7.1 Corporate Strategy 7.2 Directional Strategy Growth Strategies 204 206 206 207 Strategy Highlight 7.1: TRANSACTION COST ECONOMICS ANALYZES VERTICAL GROWTH STRATEGY 210 CONTENTS Global Issue: COMPANIES LOOK TO INTERNATIONAL MARKETS FOR HORIZONTAL GROWTH 212 Strategy Highlight 7.2: SCREENING CRITERIA FOR CONCENTRIC DIVERSIFICATION 215 Controversies in Directional Growth Strategies 216 Stability Strategies 217 Retrenchment Strategies 7.3 Portfolio Analysis 218 220 BCG Growth-Share Matrix 221 Environmental Sustainability Issue: GENERAL MOTORS AND THE ELECTRIC CAR GE Business Screen 222 223 Advantages and Limitations of Portfolio Analysis Managing a Strategic Alliance Portfolio 7.4 Corporate Parenting 225 226 Developing a Corporate Parenting Strategy 227 Horizontal Strategy and Multipoint Competition 7.5 End of Chapter Summary CHAPTER 8 225 228 229 Strategy Formulation: Functional Strategy and Strategic Choice 8.1 Functional Strategy 238 Marketing Strategy 238 Financial Strategy 236 239 Research and Development (R&D) Strategy Operations Strategy 241 242 Global Issue: INTERNATIONAL DIFFERENCES ALTER WHIRLPOOL’S OPERATIONS STRATEGY Purchasing Strategy 243 244 Environmental Sustainability Issue: OPERATIONS NEED FRESH WATER AND LOTS OF IT! Logistics Strategy 245 246 Human Resource Management (HRM) Strategy Information Technology Strategy 247 8.2 The Sourcing Decision: Location of Functions 8.3 Strategies to Avoid 246 247 250 8.4 Strategic Choice: Selecting the Best Strategy Constructing Corporate Scenarios Process of Strategic Choice 257 251 251 xv xvi CONTENTS 8.5 Developing Policies 258 8.6 End of Chapter Summary 259 Ending Case for Part Three: KMART AND SEARS: STILL STUCK IN THE MIDDLE? 266 PART FOUR CHAPTER 9 Strategy Implementation and Control 269 Strategy Implementation: Organizing for Action 270 9.1 Strategy Implementation 272 9.2 Who Implements Strategy? 9.3 What Must Be Done? 273 273 Developing Programs, Budgets, and Procedures 274 Environmental Sustainability Issue: FORD’S SOYBEAN SEAT FOAM PROGRAM 274 Strategy Highlight 9.1: THE TOP TEN EXCUSES FOR BAD SERVICE 277 Achieving Synergy 278 9.
4 How Is Strategy to Be Implemented? Organizing for Action Structure Follows Strategy 279 Stages of Corporate Development Organizational Life Cycle 280 283 Advanced Types of Organizational Structures Reengineering and Strategy Implementation Six Sigma 278 285 288 289 Designing Jobs to Implement Strategy 290 Strategy Highlight 9.2: DESIGNING JOBS WITH THE JOB CHARACTERISTICS MODEL 291 9.5 International Issues in Strategy Implementation International Strategic Alliances 291 292 Stages of International Development 293 Global Issue: MULTIPLE HEADQUARTERS: A SIXTH STAGE OF INTERNATIONAL DEVELOPMENT? 294 Centralization Versus Decentralization 294 9.6 End of Chapter Summary 296 CHAPTER 10 Strategy Implementation: Staffing and Directing 10.1 Staffing 300 302 Staffing Follows Strategy 303 Selection and Management Development 305 Strategy Highlight 10.1: HOW HEWLETT-PACKARD IDENTIFIES POTENTIAL EXECUTIVES 306 Problems in Retrenchment 308 International Issues in Staffing 309 CONTENTS 10.2 Leading 311 Managing Corporate Culture 311 Environmental Sustainability Issue: ABBOTT LABORATORIES’ NEW PROCEDURES FOR GREENER COMPANY CARS 312 Action Planning 316 Management by Objectives 318 Total Quality Management 318 International Considerations in Leading 319 Global Issue: CULTURAL DIFFERENCES CREATE IMPLEMENTATION PROBLEMS IN MERGER 321 10.3 End of Chapter Summary CHAPTER 11 Evaluation and Control 322 328 11.1 Evaluation and Control in Strategic Management 11.2 Measuring Performance Appropriate Measures Types of Controls 330 332 332 332 Activity-Based Costing 334 Enterprise Risk Management 335 Primary Measures of Corporate Performance 335 Environmental Sustainability Issue: HOW GLOBAL WARMING COULD AFFECT CORPORATE VALUATION 340 Primary Measures of Divisional and Functional Performance International Measurement Issues 342 344 Global Issue: COUNTERFEIT GOODS AND PIRATED SOFTWARE: A GLOBAL PROBLEM 346 11.3 Strategic Information Systems 347 Enterprise Resource Planning (ERP) 347 Radio Frequency Identification (RFID) 348 Divisional and Functional IS Support 348 11.4 Problems in Measuring Performance 348 Short-Term Orientation Goal Displacement 349 350 11.5 Guidelines for Proper Control 351 Strategy Highlight 11.1: SOME RULES OF THUMB IN STRATEGY 351 11.6 Strategic Incentive Management 11.7 End of Chapter Summary 352 354 Ending Case for Part Four: HEWLETT-PACKARD BUYS EDS 360 xvii xviii CONTENTS PART FIVE CHAPTER Introduction to Case Analysis 12 Suggestions for Case Analysis 12.1 The Case Method 363 364 365 12.2 Researching the Case Situation 366 12.3 Financial Analysis: A Place to Begin Analyzing Financial Statements 366 369 Environmental Sustainability Issue: IMPACT OF CARBON TRADING 370 Global Issue: FINANCIAL STATEMENTS OF MULTINATIONAL CORPORATIONS: NOT ALWAYS WHAT THEY SEEM 371 Common-Size Statements 371 Z-value and Index of Sustainable Growth Useful Economic Measures 371 372 12.4 Format for Case Analysis: The Strategic Audit 12.5 End of Chapter Summary 373 375 APPENDIX 12.A Resources for Case Research 377 APPENDIX 12.B Suggested Case Analysis Methodology Using the Strategic Audit APPENDIX 12.C Example of a Student-Written Strategic Audit 380 383 Ending Case for Part Five: IN THE GARDEN 391 GLOSSARY G-1 NAME INDEX I-1 SUBJECT INDEX I-1 PART SIX WEB CHAPTERS WEB CHAPTER A Other Strategic Issues Strategic Issues in Managing Technology and Innovation 1 The Role of Management Strategy Highlight 1: EXAMPLES OF INNOVATION EMPHASIS IN MISSION STATEMENTS 2 Environmental Scanning External Scanning Internal Scanning 3 Strategy Formulation Product vs. Process R&D Technology Sourcing Global Issue: USE OF INTELLECTUAL PROPERTY AT HUAWEI TECHNOLOGIES Importance of Technological Competence Categories of Innovation Product Portfolio CONTENTS 4 Strategy Implementation Developing an Innovative Entrepreneurial Culture Organizing for Innovation: Corporate Entrepreneurship Strategy Highlight 2: HOW NOT TO DEVELOP AN INNOVATIVE ORGANIZATION 5 Evaluation and Control Evaluation
and Control Techniques Evaluation and Control Measures 6 End of Chapter Summary WEB CHAPTER B Strategic Issues in Entrepreneurial Ventures and Small Businesses 1 Importance of Small Business and Entrepreneurial Ventures Global Issue: ENTREPRENEURSHIP: SOME COUNTRIES ARE MORE SUPPORTIVE THAN OTHERS Definition of Small-Business Firms and Entrepreneurial Ventures The Entrepreneur as Strategist 2 Use of Strategic Planning and Strategic Management Degree of Formality Usefulness of the Strategic Management Model Usefulness of the Strategic Decision-Making Process 3 Issues in Corporate Governance Boards of Directors and Advisory Boards Impact of the Sarbanes-Oxley Act 4 Issues in Environmental Scanning and Strategy Formulation Sources of Innovation Factors Affecting a New Venture’s Success Strategy Highlight 1: SUGGESTIONS FOR LOCATING AN OPPORTUNITY AND FORMULATING A BUSINESS STRATEGY 5 Issues in Strategy Implementation Substages of Small Business Development Transfer of Power and Wealth in Family Businesses 6 Issues in Evaluation and Control 7 End of Chapter Summary WEB CHAPTER C Strategic Issues in Not-for-Profit Organizations 1 Why Not-for-Profit? Global Issue: WHICH IS BEST FOR SOCIETY: BUSINESS OR NOT-FOR-PROFIT? xix xx CONTENTS 2 Importance of Revenue Source Sources of Not-for-Profit Revenue Patterns of Influence on Strategic Decision Making Usefulness of Strategic Management Concepts and Techniques 3 Impact of Constraints on Strategic Management Impact on Strategy Formulation Impact on Strategy Implementation Impact on Evaluation and Control 4 Not-for-Profit Strategies Strategic Piggybacking Strategy Highlight 1: RESOURCES NEEDED FOR SUCCESSFUL STRATEGIC PIGGYBACKING Mergers Strategic Alliances 5 End of Chapter Summary PART SEVEN SECTION A CASE 1 Cases in Strategic Management 1-1 Corporate Governance and Social Responsibility: Executive Leadership The Recalcitrant Director at Byte Products Inc.: Corporate Legality versus Corporate Responsibility 1-7 (Contributors: Dan R. Dalton, Richard A. Cosier, and Cathy A. Enz) A plant location decision forces a confrontation between the board of directors and the CEO regarding an issue in social responsibility and ethics. CASE 2 The Wallace Group 2-1 (Contributor: Laurence J. Stybel) Managers question the company’s strategic direction and how it is being managed by its founder and CEO. Company growth has resulted not only in disorganization and confusion among employees, but in poor overall performance. How should the board deal with the company’s founder? SECTION B CASE 3 Business Ethics Everyone Does It 3-1 (Contributors: Steven M. Cox and Shawana P. Johnson) When Jim Willis, Marketing VP, learns that the launch date for the company’s new satellite will be late by at least a year, he is told by the company’s president to continue using the earlier published date for the launch. When Jim protests that the use of an incorrect date to market contracts is unethical, he is told that spacecraft are never launched on time and that it is common industry practice to list unrealistic launch dates. If a realistic date was used, no one would contract with the company. CONTENTS CASE 4 xxi The Audit 4-1 (Contributors: John A. Kilpatrick, Gamewell D. Gantt, and George A. Johnson) A questionable accounting practice by the company being audited puts a new CPA in a difficult position. Although the practice is clearly wrong, she is being pressured by her manager to ignore it because it is common in the industry. SECTION C CASE 5 International Issues in Strategic Management Starbucks’ Coffee Company: The Indian Dilemma 5-1 (Contributors: Ruchi Mankad and Joel Sarosh Thadamalla) Starbucks is the world’s largest coffee retailer with over 11,000 stores in 36 countries and over 10,000 employees. The case focuses on India as a potential market for the coffee retailer, presenting information on India’s societal environment and beverage industry. Profiles are provided for various existing coffee shop chains in India.
The key issue in the case revolves around the question: Are circumstances right for Starbucks to enter India? CASE 6 Guajilote Cooperativo Forestal: Honduras 6-1 (Contributors: Nathan Nebbe and J. David Hunger) exclusive SECTION This forestry cooperative has the right to harvest, transport, and sell fallen mahogany trees in La Muralla National Park of Honduras. Although the cooperative has been successful thus far, it is facing some serious issues: low prices for its product, illegal logging, deforestation by poor farmers, and possible world trade restrictions on the sale of mahogany. D General Issues in Strategic Management INDUSTRY ONE: Information Technology CASE 7 Apple Inc.: Performance in a Zero-Sum World Economy 7-1 (Contributors: Kathryn E. Wheelen, Thomas L. Wheelen II, Richard D. Wheelen, Moustafa H. Abdelsamad, Bernard A. Morin, Lawrence C. Pettit, David B. Croll, and Thomas L. Wheelen) new exclusive CASE 8 Apple, the first company to mass-market a personal computer, had become a minor player in an industry dominated by Microsoft. After being expelled from the company in 1985, founder Steve Jobs returned as CEO in 1997 to reenergize the firm. The introduction of the iPod in 2001, followed by the iPad, catapulted Apple back into the spotlight. However, in 2011 Jobs was forced to take his third medical leave, leading to questions regarding his ability to lead Apple. How can Apple continue its success? How dependent is the company on Steve Jobs? iRobot: Finding the Right Market Mix? 8-1 (Contributor: Alan N. Hoffman) new exclusive CASE 9 Founded in 1990, iRobot was among the first companies to introduce robotic technology into the consumer market. Employing over 500 robotic professionals, the firm planned to lead the robotics industry. Unfortunately, its largest revenue source, home care robots, are a luxury good and vulnerable to recessions. Many of iRobot’s patents are due to expire by 2019. The firm is highly dependent upon suppliers to make its consumer products and the U.S. government for military sales. What is the best strategy for its future success? Dell Inc.: Changing the Business Model (Mini Case) 9-1 (Contributor: J. David Hunger) new exclusive Dell, once the largest PC vendor in the world, is now battling with Acer for second place in the global PC market. Its chief advantages—direct marketing and power over suppliers—no longer provided a competitive advantage. The industry’s focus has shifted from desktop PCs to mobile computing, software, and technology services, areas of relative weakness for Dell. Is it time for Dell to change its strategy? xxii CONTENTS CASE 10 Rosetta Stone Inc.: Changing the Way People Learn Languages 10-1 (Contributors: Christine B. Buenafe and Joyce P. Vincelette) new exclusive CASE 11 Rosetta Stone’s mission was to change the way people learn languages. The company blended language learning with technology at a time when globalization connected more and more individuals and institutions to each other. How should the company move forward? Would it be appropriate for Rosetta Stone to offer products like audio books or services in order to increase market share? Which international markets could provide the company with a successful future? Logitech (Mini Case) 11-1 (Contributor: Alan N. Hoffman) new exclusive Logitech, the world’s leading provider of computer peripherals, was on the forefront of mouse, keyboard, and video conferencing technology. By 2010, however, Logitech’s products were threatened by new technologies, such as touch pads, that could replace both the mouse and keyboard. As the peripherals market begins to disintegrate, Logitech is considering a change in strategy. INDUSTRY TWO: CASE 12 INTERNET COMPANIES Google Inc. (2010): The Future of the Internet Search Engine 12-1 (Contributor: Patricia A. Ryan) new exclusive CASE 13 Google, an online company that provides a reliable Internet search engine, was founded in 1998 and soon replaced Yahoo as the market leader in Internet search engines.
By 2010, Google was one of the strongest brands in the world. Nevertheless, its growth by acquisition strategy was showing signs of weakness. Its 2006 acquisition of YouTube had thus far not generated significant revenue growth. Groupon, a shopping Web site, rebuffed Google’s acquisition attempt in 2010. Is it time for a strategic change? Reorganizing Yahoo! 13-1 (Contributors: P. Indu and Vivek Gupta) Yahoo! created the first successful Internet search engine, but by 2004 it was losing its identity. Was it a search engine, a portal, or a media company? On December 5, 2006, Yahoo’s CEO announced a reorganization of the company into three groups. It was hoped that a new mission statement and a new structure would make Yahoo leaner and more responsive to customers. Would this be enough to turn around the company? INDUSTRY THREE: CASE 14 ENTERTAINMENT AND LEISURE TiVo Inc.: TiVo vs. Cable and Satellite DVR: Can TiVo survive? 14-1 (Contributors: Alan N. Hoffman, Randy Halim, Rangki Son, and Suzanne Wong) TiVo was founded to create a device capable of recording digitized video on a computer hard drive for television viewing. Even though revenues had jumped from $96 million in 2003 to $259 million in 2007, the company had never earned a profit. Despite many alliances, TiVo faced increasing competition from generic DVRs offered by satellite and cable companies. How long can the company continue to sell TiVo DVRs when the competition sells generic DVRs at a lower price or gives them away for free? CASE 15 Marvel Entertainment Inc. 15-1 (Contributors: Ellie A. Fogarty and Joyce P. Vincelette) exclusive Marvel Entertainment was known for its comic book characters Captain America, Spider Man, the Fantastic Four, the Incredible Hulk, the Avengers, and the X-Men. With its 2008 self-produced films, Iron Man and The Incredible Hulk, Marvel had expanded out of comic books to become a leader in the entertainment industry. The company was no longer competing against other comic book publishers like DC Comics, but was now competing against entertainment giants like Walt Disney and NBC Universal. What should Marvel’s management do to ensure the company’s future success? CONTENTS CASE 16 xxiii Carnival Corporation and plc (2010) 16-1 (Contributors: Michael J. Keeffe, John K. Ross III, Sherry K. Ross, Bill J. Middlebrook, and Thomas L. Wheelen) new exclusive With its “fun ship,” Carnival Cruises changed the way people think of ocean cruises. The cruise became more important than the destination. Through acquisition, Carnival expanded its product line to encompass an entire range of industry offerings. How can Carnival continue to grow in the industry it now dominates? INDUSTRY FOUR: CASE 17 TRANSPORTATION Chrysler in Trouble 17-1 (Contributors: Barnali Chakraborty and Vivek Gupta) new CASE 18 On April 30, 2009, Chrysler Motors, the third-largest auto manufacturer in the United States, filed for bankruptcy protection along with its 24 wholly owned U.S. subsidiaries. As a condition of the U.S. federal government’s loan of more than $8 billion, Fiat was given 20% of the new Chrysler Corporation with the option of increasing its stake to 51% by 2016 after the new company had repaid the federal government’s loan. What does Chrysler need to do to ensure the success of its partnership with Fiat? Tesla Motors Inc. (Mini Case) 18-1 (Contributor: J. David Hunger) new exclusive CASE 19 Tesla Motors was founded in 2004 to produce electric automobiles. Its first car, the Tesla Roadster, sold for $101,000. It could accelerate from zero to 60 mph in 3.9 seconds and cruise for 236 miles on a single charge. In contrast to existing automakers, Tesla sold and serviced its cars through the Internet and its own Tesla stores. With the goal of building a full line of electric vehicles, Tesla Motors faced increasing competition from established automakers. How could Tesla Motors succeed in an industry dominated by giant global competitors? Harley-Davidson Inc. 2008: Thriving through a Recession 19-1 (Contributors: Patricia A.
Ryan and Thomas Wheelen) exclusive CASE 20 Harley-Davidson 2008: Thriving Through Recession is a modern success story of a motorcycle company that turned itself around by emphasizing quality manufacturing and image marketing. After consistently growing through the 1990s, sales were showing signs of slowing as the baby boomers continued to age. Safety was also becoming an issue. For the first time in recent history, sales and profits declined in 2007 from 2006. Analysts wondered how the company would be affected in a recession. How does Harley-Davidson continue to grow at its past rate? JetBlue Airways: Growing Pains? 20-1 (Contributors: Shirisha Regani and S. S. George) JetBlue Airways had been founded as a “value player” in the niche between full service airlines and low-cost carriers. Competition had recently intensified and several airlines were taking advantage of bankruptcy protection to recapture market share through price cuts. JetBlue’s operating costs were rising as a result of increasing fuel costs, aircraft maintenance expenses, and service costs. Has JetBlue been growing too fast and was growth no longer sustainable? CASE 21 TomTom: New Competition Everywhere! 21-1 (Contributor: Alan N. Hoffman) new exclusive TomTom, an Amsterdam-based company that provided navigation services and devices, led the navigation systems market in Europe and was second in popularity in the United States. However, the company was facing increasing competition from other platforms using GPS technology like cell phones and Smartphones with a built-in navigation function. As its primary markets in the United States and Europe mature, how can the company ensure its future growth and success? xxiv CONTENTS INDUSTRY FIVE: CASE 22 CLOTHING Volcom Inc.: Riding the Wave 22-1 (Contributors: Christine B. Buenafe and Joyce P. Vincelette) new exclusive CASE 23 Volcom was formed south of Los Angeles in 1991 as a clothing company rooted in the action sports of skateboarding, surfing, and snowboarding. By 2008, Volcom-branded products were sold throughout the United States and in over 40 countries. It did not own any manufacturing facilities, but instead worked with foreign contract manufacturers. As a primary competitor in the boardsports community, Volcom was committed to maintaining its brand, position, and lifestyle and needed to reassess its strategy. TOMS Shoes (Mini Case) 23-1 (Contributor: J. David Hunger) new exclusive INDUSTRY SIX: CASE 24 Founded in 2006 by Blake Mycoskie, TOMS Shoes is an American footwear company based in Santa Monica, California. Although TOMS Shoes is a for-profit business, its mission is more like that of a not-for-profit organization. The firm’s reason for existence is to donate to children in need one new pair of shoes for every pair of shoes sold. By 2010, the company had sold over one million pairs of shoes. How should the company plan its future growth? SPECIALTY RETAILING Best Buy Co. Inc.: Sustainable Customer Centricity Model? 24-1 (Contributor: Alan N. Hoffman) new exclusive CASE 25 Best Buy, the largest consumer electronics retailer in the United States, operates 4,000 stores in North America, China, and Turkey. Best Buy distinguishes itself from competitors by deploying a differentiation strategy based on superior service rather than low price. The recent recession has stressed its finances and the quality of its customer service. How can Best Buy continue to have innovative products, top-notch employees, and superior customer service while facing increased competition, operational costs, and financial stress? The Future of Gap Inc. 25-1 (Contributor: Mridu Verma) Gap Inc. offered clothing, accessories, and personal care products under the Gap, Banana Republic, and Old Navy brands. After a new CEO introduced a turnaround strategy, sales increased briefly, then fell. Tired of declining sales, the board of directors hired Goldman Sachs to explore strategies to improve, ranging from the sale of its stores to spinning off a single division.
CASE 26 Rocky Mountain Chocolate Factory Inc. (2008) 26-1 (Contributors: Annie Phan and Joyce P. Vincelette) exclusive CASE 27 Rocky Mountain Chocolate Factory had five company-owned and 329 franchised stores in 38 states, Canada, and the United Arab Emirates. Even though revenues and net income had increased from 2005 through 2008, they had been increasing at a decreasing rate. Candy purchased from the factory by the stores had actually dropped 9% in 2008 from 2007. Was the bloom off the rose at Rocky Mountain Chocolate? Dollar General Corporation (Mini Case) 27-1 (Contributor: Kathryn E. Wheelen) new exclusive With annual revenues of $12.7 billion and 9,200 stores in 35 states, Dollar General is the largest of the discount “dollar stores” in the United States. Although far smaller than its “big brothers” Wal-Mart and Target, Dollar General has done very well during the recent economic recession. In 2011, it plans to open 625 new stores in three new states. Given that the company has substantial long-term debt, is this the right time to expand the company’s operations? CONTENTS INDUSTRY SEVEN: CASE 28 xxv MANUFACTURING Inner-City Paint Corporation (Revised) 28-1 (Contributors: Donald F. Kuratko and Norman J. Gierlasinski) Inner-City Paint makes paint for sale to contractors in the Chicago area. However, the founder’s lack of management knowledge is creating difficulties for the firm, and the company is in financial difficulty. Unless something is done soon, it may go out of business. CASE 29 The Carey Plant 29-1 (Contributors: Thomas L. Wheelen and J. David Hunger) exclusive The Carey Plant was a profitable manufacturer of quality machine parts until it was acquired by the Gardner Company. Since its acquisition, the plant has been plagued by labor problems, increasing costs, leveling sales, and decreasing profits. Gardner Company’s top management is attempting to improve the plant’s performance and better integrate its activities with those of the corporation by selecting a new person to manage the plant. I N D U S T R Y E I G H T: CASE 30 FOOD AND BEVERAGE The Boston Beer Company: Brewers of Samuel Adams Boston Lager (Mini Case) 30-1 (Contributor: Alan N. Hoffman) new exclusive CASE 31 The Boston Beer Company was founded in 1984 by Jim Koch, viewed as the pioneer of the American craft beer revolution. Brewing over 1 million barrels of 25 different styles of beer, Boston Beer is the sixth-largest brewer in the United States. Even though overall domestic beer sales declined 1.2% in 2010, sales of craft beer have increased 20% since 2002, with Boston Beer’s increasing 22% from 2007 to 2009. How can the company continue its rapid growth in a mature industry? Wal-Mart and Vlasic Pickles 31-1 (Contributor: Karen A. Berger) A manager of Vlasic Foods International closed a deal with Wal-Mart that resulted in selling more pickles than Vlasic had ever sold to any one account. The expected profit of one to two cents per jar was not sustainable, however, due to unplanned expenses. Vlasic’s net income plummeted and the company faced bankruptcy. Given that Wal-Mart was Vlasic’s largest customer, what action should management take? CASE 32 Panera Bread Company (2010): Still Rising Fortunes? 32-1 (Contributors: Joyce Vincelette and Ellie A. Fogarty) new exclusive CASE 33 Panera Bread is a successful bakery-café known for its quality soups and sandwiches. Even though Panera’s revenues and net earnings have been rising rapidly, new unit expansion throughout North America has fueled this growth. Will revenue growth stop once expansion slows? The retirement of CEO Ronald Shaich, the master baker who created the “starter” for the company’s phenomenal growth, is an opportunity to rethink Panera’s growth strategy. Whole Foods Market (2010): How to Grow in an Increasingly Competitive Market? (Mini Case) 33-1 (Contributors: Patricia Harasta and Alan N. Hoffman) new exclusive Whole Foods Market is the world’s leading retailer of natural and organic foods.
The company differentiates itself from competitors by focusing on innovation, quality, and service excellence, allowing it to charge premium prices. Although the company dominates the natural/organic foods category in North America, it is facing increasing competition from larger food retailers, such as WalMart, who are adding natural/organic foods to their offerings. xxvi CONTENTS CASE 34 Burger King (Mini Case) 34-1 (Contributor: J. David Hunger) new exclusive CASE 35 Founded in Florida in 1953, Burger King has always trailed behind McDonald’s as the second-largest fast-food hamburger chain in the world. Although its total revenues dropped only slightly from 2009, its 2010 profits dropped significantly, due to high expenses. Burger King’s purchase by an investment group in 2010 was an opportunity to rethink the firm’s strategy. Church & Dwight: Time to Rethink the Portfolio? 35-1 (Contributor: Roy A. Cook) Church & Dwight, the maker of ARM & HAMMER Baking Soda, has used brand extension to successfully market multiple consumer products based on sodium bicarbonate. Searching for a new growth strategy, the firm turned to acquisitions. Can management successfully achieve a balancing act based on finding growth through expanded uses of sodium bicarbonate while assimilating a divergent group of consumer products into an expanding international footprint? new SECTION E WEB CASE Web Mini Cases Additional Mini Cases Available on the Companion Web Site at www.pearsonhighered.com/wheelen. 1 Eli Lily & Company (Contributor: Maryanne M. Rouse) A leading pharmaceutical company, Eli Lilly produces a wide variety of ethical drugs and animal health products. Despite an array of new products, the company’s profits declined after the firm lost patent protection for Prozac. In addition, the FDA found quality problems at several of the company’s manufacturing sites, resulting in a delay of new product approvals. How should Lily position itself in a very complex industry? WEB CASE 2 Tech Data Corporation (Contributor: Maryanne M. Rouse) Tech Data, a distributor of information technology and logistics management, has rapidly grown through acquisition to become the second-largest global IT distributor. Sales and profits have been declining, however, since 2001. As computers become more like a commodity, the increasing emphasis on direct distribution by manufacturers threaten wholesale distributors like Tech Data. WEB CASE 3 Stryker Corporation (Contributor: Maryanne M. Rouse) Stryker is a leading maker of specialty medical and surgical products, a market expected to show strong sales growth. Stryker markets its products directly to hospitals and physicians in the United States and 100 other countries. Given the decline in the number of hospitals due to consolidation and cost containment efforts by government programs and health care insurers, the industry expects continued downward pressure on prices. How can Stryker effectively deal with these developments? WEB CASE 4 Sykes Enterprises (Contributor: Maryanne M. Rouse) Sykes provides outsourced customer relationship management services worldwide in a highly competitive, fragmented industry. Like its customers, Sykes has recently been closing its call centers in America and moving to Asia in order to reduce costs. Small towns felt betrayed by the firm’s decision to leave—especially after providing financial incentives to attract the firm. Nevertheless, declining revenue and net income has caused the company’s stock to drop to an all-time low. CONTENTS WEB CASE xxvii 5 Pfizer Inc. (Contributor: Maryanne M. Rouse) With its acquisition in 2000 of rival pharmaceutical firm Warner-Lambert for its Lipitor prescription drug, Pfizer has become the world’s largest ethical pharmaceutical company in terms of sales. Already the leading company in the United States, Pfizer’s purchase of Pharmacia in 2002 moved Pfizer from fourth to first place in Europe. Will large size hurt or help the company’s future growth and
profitability in an industry facing increasing scrutiny? WEB CASE 6 Williams-Sonoma (Contributor: Maryanne M. Rouse) Williams-Sonoma is a specialty retailer of home products. Following a related diversification growth strategy, the company operates 415 Williams-Sonoma, Pottery Barn, and Hold Everything retail stores throughout North America. Its direct sales segment includes six retail catalogues and three e-commerce sites. The company must deal with increasing competition in this fragmented industry characterized by low entry barriers. WEB CASE 7 Tyson Foods Inc. (Contributor: Maryanne M. Rouse) Tyson produces and distributes beef, chicken, and pork products in the United States. It acquired IBP, a major competitor, but has been the subject of lawsuits by its employees and the EPA. How should management deal with its poor public relations and position the company to gain and sustain competitive advantage in an industry characterized by increasing consolidation and intense competition? WEB CASE 8 Southwest Airlines Company (Contributor: Maryanne M. Rouse) The fourth-largest U.S. airline in terms of passengers carried and second-largest in scheduled domestic departures, Southwest was the only domestic airline to remain profitable in 2001. Emphasizing highfrequency, short-haul, point-to-point, and low-fare service, the airline has the lowest cost per available seat mile flown of any U.S. major passenger carrier. Can Southwest continue to be successful as competitors increasingly imitate its competitive strategy? WEB CASE 9 Outback Steakhouse Inc. (Contributor: Maryanne M. Rouse) With 1,185 restaurants in 50 states and 21 foreign countries, Outback (OSI) is one of the largest casual dining restaurant companies in the world. In addition to Outback Steakhouse, the company is composed of Carrabba’s Italian Grill, Fleming’s Prime Steakhouse & Wine Bar, Bonefish Grill, Roy’s, Lee Roy Selmon’s, Cheeseburger in Paradise, and Paul Lee’s Kitchen. Analysts wonder how long OSI can continue to grow by adding new types of restaurants to its portfolio. WEB CASE 10 Intel Corporation (Contributor: J. David Hunger) Although more than 80% of the world’s personal computers and servers use its microprocessors, Intel is facing strong competition from AMD in a maturing market. Sales growth is slowing. Profits are expected to rise only 5% in 2006 compared to 40% annual growth previously. The new CEO decides to reinvent Intel to avoid a fate of eventual decline. WEB CASE 11 AirTran Holdings Inc. (Contributor: Maryanne M. Rouse) AirTran (known as ValuJet before a disastrous crash in the Everglades) is the second-largest lowfare scheduled airline (after Southwest) in the United States in terms of departures and, along with Southwest, the only U.S. airline to post a profit in 2004. The company’s labor costs as a percentage of sales are the lowest in the industry. Will AirTran continue to be successful in this highly competitive industry? xxviii CONTENTS WEB CASE 12 Boise Cascade/Office Max (Contributor: Maryanne M. Rouse) Boise Cascade, an integrated manufacturer and distributor of paper, packaging, and wood products, purchased OfficeMax, the third-largest office supplies catalogue retailer (after Staples and Office Depot), in 2003. Soon thereafter, Boise announced that it was selling its land, plants, headquarters location, and even its name to an equity investment firm. Upon completion of the sale in 2004, the company assumed the name of OfficeMax. Can this manufacturer become a successful retailer? WEB CASE 13 H. J. Heinz Company (Contributor: Maryanne M. Rouse) Heinz, a manufacturer and marketer of processed food products, pursued global growth via market penetration and acquisitions. Unfortunately, its modest sales growth was primarily from its acquisitions. Now that the firm has divested a number of lines of businesses and brands to Del Monte Foods, analysts wonder how a 20% smaller Heinz will grow its sales and profits in this very competitive industry.
WEB CASE 14 Nike Inc. (Contributor: Maryanne M. Rouse) Nike is the largest maker of athletic footwear and apparel in the world with a U.S. market share exceeding 40%. Since almost all its products are manufactured by 700 independent contractors (99% of which are in Southeast Asia), Nike is a target of activists opposing manufacturing practices in developing nations. Although industry sales growth in athletic footwear is slowing, Nike refused to change its product mix in 2002 to suit Foot Locker, the dominant global footwear retailer. Is it time for Nike to change its strategy and practices? WEB CASE 15 Six Flags Inc.: The 2006 Business Turnaround (Contributor: Patricia A. Ryan) Known for its fast roller coasters and adventure rides, Six Flags has successfully built a group of regional theme and water parks in the United States. Nevertheless, the company has not turned a profit since 1998. Long-term debt had increased to 61% of total assets by 2005. New management is implementing a retrenchment strategy, but industry analysts are unsure if this will be enough to save the company. WEB CASE 16 Lowe’s Companies Inc. (Contributor: Maryanne M. Rouse) As the second-largest U.S. “big box” home improvement retailer (behind Home Depot), Lowe’s competes in a highly fragmented industry. The company has grown with the increase in home ownership and has no plans to expand internationally. With more than 1,000 stores in 2004, Lowe’s intended to increase its U.S. presence with 150 store openings per year in 2005 and 2006. Are there limits to Lowe’s current growth strategy? WEB CASE 17 Movie Gallery Inc. (Contributor: J. David Hunger) Movie Gallery is the second-largest North American video retail rental company, specializing in the rental and sale of movies and video games through its Movie Gallery and Hollywood Entertainment stores. Growing through acquisitions, the company is heavily in debt. The recent rise of online video rental services, such as Netflix, is cutting into retail store revenues and reducing the company’s cash flow. With just $135 million in cash at the end of 2005, Movie Gallery’s management finds itself facing possible bankruptcy. Preface Welcome to the 13th edition of Strategic Management and Business Policy! Although the chapters are the same as those in the 12th edition, many of the cases are new and different. We completely revised seven of your favorite cases (Apple, Dell, Google, Carnival, Panera Bread, Whole Foods, and Church & Dwight) and added 12 brand-new ones (iRobot, Rosetta Stone, Logitech, Chrysler, Tesla Motors, TomTom, Volcom, TOMS Shoes, Best Buy, Dollar General, Boston Beer, and Burger King) for a total of 19 new cases! More than half of the cases in this book are new to this edition! Although we still make a distinction between full-length and mini cases, we have interwoven them throughout the book to better identify them with their industries. This edition continues the theme that runs throughout all 12 chapters: global environmental sustainability. This strategic issue will become even more important in the years ahead, as all of us struggle to deal with the consequences of climate change, global warming, and energy availability. We continue to be the most comprehensive strategy book on the market, with chapters ranging from corporate governance and social responsibility to competitive strategy, functional strategy, and strategic alliances. To keep the size of the book manageable, we offer special issue chapters dealing with technology, entrepreneurship, and not-for-profit organizations on the Web site (www.pearsonhighered.com/wheelen). FEATURES NEW TO THIS 13th EDITION Nineteen New Cases: Both Full Length and Mini Length Eleven full-length new or updated comprehensive cases and eight mini-length cases have been added to support the 16 popular full-length cases carried forward from past editions. Twelve of the cases are brand new. Seven are updated favorites from past editions. Of the 35 cases appearing in this book, 22 are exclusive and do not appear in other books.
쏋 쏋 쏋 쏋 쏋 쏋 쏋 Five of the new cases deal with technology issues (Apple, iRobot, Dell, Rosetta Stone, and Logitech). One of the new cases deals with the Internet (Google). One new case involves entertainment (Carnival). Three new cases are of old and new transportation firms (Chrysler, TomTom, and Tesla Motors). Two new cases are of entrepreneurial clothing companies (Volcom and TOMS Shoes). Two new specialty retailing cases spotlight electronics (Best Buy) and variety (Dollar General). Five new cases come from the food, beverage, and restaurant industries (Boston Beer, Panera Bread, Whole Foods Market, Burger King, and Church & Dwight). HOW THIS BOOK IS DIFFERENT FROM OTHER STRATEGY TEXTBOOKS This book contains a Strategic Management Model that runs through the first 11 chapters and is made operational through the Strategic Audit, a complete case analysis methodology. The Strategic Audit provides a professional framework for case analysis in terms of external xxix xxx PREFACE and internal factors and takes the student through the generation of strategic alternatives and implementation programs. To help the student synthesize the many factors in a complex strategy case, we developed three useful techniques: 쏋 쏋 쏋 External Factor Analysis (EFAS) Table in Chapter 4 This reduces the external Opportunities and Threats to the 8 to 10 most important external factors facing management. Internal Factor Analysis (IFAS) Table in Chapter 5 This reduces the internal Strengths and Weaknesses to the 8 to 10 most important internal factors facing management. Strategic Factor Analysis Summary (SFAS) Matrix in Chapter 6 This condenses the 16 to 20 factors generated in the EFAS and IFAS Tables into the 8 to 10 most important (strategic) factors facing the company. These strategic factors become the basis for generating alternatives and a recommendation for the company’s future direction. Suggestions for Case Analysis are provided in Appendix 12.B (end of Chapter 12) and contain step-by-step procedures for how to use the Strategic Audit in analyzing a case. This appendix includes an example of a student-written Strategic Audit. Thousands of students around the world have applied this methodology to case analysis with great success. The Case Instructor’s Manual contains examples of student-written Strategic Audits for each of the full-length comprehensive strategy cases. FEATURES FOCUSED ON ENVIRONMENTAL SUSTAINABILITY 쏋 쏋 쏋 쏋 Each chapter contains a boxed insert dealing with an issue in environmental sustainability. Each chapter ends with Eco Bits, interesting tidbits of ecological information, such as the number of plastic bags added to landfills each year. Special sections on sustainability are found in Chapters 1 and 3. A section on the natural environment is included in the societal and task environments in Chapter 4. TIME-TESTED FEATURES This edition contains many of the same features and content that helped make previous editions successful. Some of the features are the following: 쏋 A Strategic Management Model runs throughout the first 11 chapters as a unifying concept. (Explained in Chapter 1) PREFACE 쏋 쏋 The Strategic Audit, a way to operationalize the strategic decisionmaking process, serves as a checklist in case analysis. (Chapter 1) Corporate governance is examined in terms of the roles, responsibilities, and interactions of top management and the board of directors and includes the impact of the Sarbanes-Oxley Act. (Chapter 2) FIGURE 3–1 Discretionary Responsibilities of Business 쏋 Social responsibility and managerial ethics are examined in detail in terms of how they affect strategic decision making. They include the process of stakeholder analysis and the concept of social capital. (Chapter 3) 쏋 Equal emphasis is placed on environmental scanning of the societal environment as well as on the task environment. Topics include forecasting and Miles and Snow’s typology in addition to competitive intelligence techniques and Porter’s industry analysis.
(Chapter 4) Social Responsibilities Ethical Economic Legal SOURCE: Based on A. B. Carroll, “A Three Dimensional Conceptual Model of Corporate Performance,” Academy of Management Review (October 1979), pp. 497–505; A. B. Carroll, “Managing Ethically with Global Stakeholders: A Present and Future Challenge,” Academy of Management Executive (May 2004), pp. 114–120; and A. B. Carroll, “The Pyramid of Corporate Social Responsibility: Toward the Moral Management of Organizational Stakeholders,” Business Horizons (July–August 1991), pp. 39–48. 쏋 쏋 쏋 쏋 xxxi Core and distinctive competencies are examined within the framework of the resourcebased view of the firm. (Chapter 5) Organizational analysis includes material on business models, supply chain management, and corporate reputation. (Chapter 5) Internal and external strategic factors are emphasized through the use of specially designed EFAS, IFAS, and SFAS tables. (Chapters 4, 5, and 6) Functional strategies are examined in light of outsourcing. (Chapter 8) xxxii PREFACE 쏋 쏋 쏋 Two chapters deal with issues in strategy implementation, such as organizational and job design plus strategy-manager fit, action planning, corporate culture, and international strategic alliances. (Chapters 9 and 10) A separate chapter on evaluation and control explains the importance of measurement and incentives to organizational performance. (Chapter 11) Suggestions for in-depth case analysis provide a complete listing of financial ratios, recommendations for oral and written analysis, and ideas for further research. (Chapter 12) PREFACE 쏋 쏋 쏋 xxxiii The Strategic Audit Worksheet is based on the time-tested Strategic Audit and is designed to help students organize and structure daily case preparation in a brief period of time. The worksheet works exceedingly well for checking the level of daily student case preparation—especially for open class discussions of cases. (Chapter 12) Special chapters deal with strategic issues in managing technology and innovation, entrepreneurial ventures and small businesses, and not-for-profit organizations. (Web Chapters A, B, and C, respectively) These issues are often ignored by other strategy textbooks, but are available on this book’s Web site at www.pearsonhighered.com/wheelen. An experiential exercise focusing on the material covered in each chapter helps the reader to apply strategic concepts to an actual situation. 쏋 쏋 쏋 쏋 A list of key terms and the pages in which they are discussed enable the reader to keep track of important concepts as they are introduced in each chapter. Learning objectives begin each chapter. Each Part ends with a short case that acts to integrate the material discussed within the previous chapters. Timely, well-researched, and class-tested cases deal with interesting companies and industries. Many of the cases are about well-known, publicly held corporations—ideal subjects for further research by students wishing to “update” the cases. Both the text and the cases have been class-tested in strategy courses and revised based on feedback from students and instructors. The first 11 chapters are organized around a Strategic Management Model that begins each chapter and provides a structure for both content and case analysis. We emphasize those concepts that have proven to be most useful in understanding strategic decision making and in conducting case analysis. Our goal was to make the text as comprehensive as possible without getting bogged down in any one area. Endnote references are provided for those who wish to learn more about any particular topic. All cases are about actual organizations. The firms range in size from large, established multinationals to small, entrepreneurial ventures, and cover a broad variety of issues. As an aid to case analysis, we propose the Strategic Audit as an analytical technique. xxxiv PREFACE SUPPLEMENTS Instructor Resource Center At www.pearsonhighered.com/irc, instructors can access teaching resources available with this text in downloadable, digital format.
Registration is simple and gives you immediate access to new titles and new editions. As a registered faculty member, you can download resource files and receive immediate access and instructions for installing course management content on your campus server. In case you ever need assistance, our dedicated technical support team is ready to assist instructors with questions about the media supplements that accompany this text. Visit http://247.pearsoned.com/ for answers to frequently asked questions and toll-free user support phone numbers. The Instructor Resource Center provides the following electronic resources. Instructor’s Manuals Two comprehensive Instructor’s Manuals have been carefully constructed to accompany this book. The first one accompanies the concepts chapters; the second one accompanies the cases. Concepts Instructor’s Manual To aid in discussing the 12 strategy chapters as well as the three web special issue chapters, the Concepts Instructor’s Manual includes: 쏋 쏋 Suggestions for Teaching Strategic Management: These include various teaching methods and suggested course syllabi. Chapter Notes: These include summaries of each chapter, suggested answers to discussion questions, and suggestions for using end-of-chapter cases/exercises and part-ending cases, plus additional discussion questions (with answers) and lecture modules. Case Instructor’s Manual To aid in case method teaching, the Case Instructor’s Manual includes detailed suggestions for use, teaching objectives, and examples of student analyses for each of the full-length comprehensive cases. This is the most comprehensive Instructor’s Manual available in strategic management. A standardized format is provided for each case: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Case Abstract Case Issues and Subjects Steps Covered in the Strategic Decision-Making Process Case Objectives Suggested Classroom Approaches Discussion Questions Case Author’s Teaching Note Student-Written Strategic Audit, if appropriate EFAS, IFAS, and SFAS Exhibits Financial Analysis—ratios and common-size income statements, if appropriate PowerPoint Slides PowerPoint slides, provided in a comprehensive package of text outlines and figures corresponding to the text, are designed to aid the educator and supplement in-class lectures. PREFACE xxxv Test Item File This Test Item File contains over 1,200 questions, including multiple-choice, true/false, and essay questions. Each question is followed by the correct answer, page reference, AACSB category, and difficulty rating. TestGen TestGen software is preloaded with all of the Test Item File questions. It allows instructors to manually or randomly view test questions, and to add, delete, or modify test-bank questions as needed to create multiple tests. Videos on DVD Exciting and high-quality video clips help deliver engaging topics to the classroom to help students better understand the concepts explained in the textbook. Please contact your local representative to receive a copy of the DVD. CourseSmart CourseSmart eTextbooks were developed for students looking to save on required or recommended textbooks. Students simply select their eText by title or author and purchase immediate access to the content for the duration of the course using any major credit card. With a CourseSmart eText, students can search for specific keywords or page numbers, take notes online, print out reading assignments that incorporate lecture notes, and bookmark important passages for later review. For more information or to purchase a CourseSmart eTextbook, visit www.coursesmart.com. Acknowledgments We thank the many people at Prentice Hall/Pearson who helped to make this edition possible. We thank our editor, Kim Norbuta. We are especially grateful to Kim’s project manager, Claudia Fernandes, who managed to keep everything on an even keel. We also thank Becca Groves and Emily Bush, who took the book through the production process. We are very thankful to Jeanne McNett, Assumption
College; Bob McNeal, Alabama State University; Don Wicker, Brazosport College; Dan Kipley, Azusa Pacific University; Roxanna Wright, Plymouth State University; Kristl Davison, University of Mississippi; Francis Fabian, University of Memphis; Susan Fox-Wolfgramm, Hawaii Pacific University; Conrad Francis, Nova Southeastern University; and Gene Simko, Monmouth University for their constructive criticism of the 12th edition cases. They helped us to decide which of our favorite cases to keep and which to delete or update. We are very grateful to Kathy Wheelen for her first-rate administrative support of the cases and to Alan N. Hoffman for helping us with the Case Instructor’s Manual. We are especially thankful to the many students who tried out the cases we chose to include in this book. Their comments helped us find any flaws in the cases before the book went to the printer. In addition, we express our appreciation to Wendy Klepetar, Management Department Chair of Saint John’s University and the College of Saint Benedict, for her support and provision of the resources so helpful to revise a textbook. Both of us acknowledge our debt to xxxvi PREFACE Dr. William Shenkir and Dr. Frank S. Kaulback, former Deans of the McIntire School of Commerce of the University of Virginia, for the provision of a work climate most supportive to the original development of this book. We offer a special thanks to the hundreds of case authors who have provided us with excellent cases for the 13 editions of this book. We consider many of these case authors to be our friends. A special thanks to you!! The adage is true: The path to greatness is through others. Lastly, to the many strategy instructors and students who have moaned to us about their problems with the strategy course: We have tried to respond to your problems and concerns as best we could by providing a comprehensive yet usable text coupled with recent and complex cases. To you, the people who work hard in the strategy trenches, we acknowledge our debt. This book is yours. T. L. W. Saint Petersburg, Florida J. D. H. St. Joseph, Minnesota About the Contributors MOUSTAFA H. ABDELSAMAD, DBA (George Washington University), is Dean of the College of Business at Texas A&M University–Corpus Christi. He previously served as Dean of the College of Business and Industry at University of Massachusetts–Dartmouth and as Professor of Finance and Associate Dean of Graduate Studies in Business at Virginia Commonwealth University. He is Editor–in-Chief of SAM Advanced Management Journal and International President of the Society of Advancement of Management. He is author of A Guide to Capital Expenditure Analysis and two chapters in the Dow Jones–Irwin Capital Budgeting Handbook. He is the author and coauthor of numerous articles in various publications. Hitesh (John) P. Adhia, CPA, MS and BA (University of South Florida), is the President and Chief Investment Officer of Adhia Investment Advisors, Inc. (the “Firm”). Mr. Adhia is a CPA and has been in the finace industry since 1982. Mr Adhia is the founder and Investment Manager for the Adhia Twenty Fund, and the Adhia Health Care Fund, the Adhia Short Term Advantage Fund, the Adhia Arbitrage Fund, and the Adhia Derivative Fund. Prior to forming Adhia Investment Advisors, Mr. Adhia owned a Tampa-based public accounting practice and also served as Acting CFO and Independent Advisor to the Well Care Group of Companies. Mr. Adhia has over twenty years experience in managing fixed income strategies. KAREN A. BERGER, PhD (M. Phil and New York University), MBA (University of Connecticut), MA (Columbia University), and BA (S.U.N.Y. at Buffalo), is Chairperson of the Marketing Department and Associate Professor of Marketing at Pace University. She previously held academic positions with New York University, Stern School of Business, and Mercy College. Berger has published literature in the field of Marketing and has won several teaching awards. CHRISTINE B. BUENAFE,
student of The College of New Jersey, co-author with Joyce Vincelette of the Rosetta Stone and Volcom cases in this edition. BARNALI CHAKRABORTY, is a faculty member at the ICFAI Center for Management Research (ICMR). RICHARD A. COISER, PhD (University of Iowa), is Dean and Leeds Professor of Management at Purdue University. He formerly was Dean and Fred B. Brown Chair at the University of Oklahoma and was Associate Dean for Academics and Professor of Business Administration at Indiana University. He served as Chairperson of the Department of Management at Indiana University. For seven years prior to assuming his current position, he was a Planning Engineer with Western Electric Company and Instructor of Management and Quantitative Methods at the University of Notre Dame. Dr. Coiser is interested in researching the managerial decisionmaking process, organization responses to external forces, and participative management. He has published in Behavior Science, Academy of Management Journal, Academy of Management Review, Organizational Behavior and Human Performance, Management Science, Strategic Management Journal, Business Horizons, Decision Sciences, Personnel Psychology, Journal of Creative Behavior, International Journal of Management, The Business Quarterly, Public Administration Quarterly, Human Relations, and other journals. In addition, Dr. Coiser has presented numerous papers at professional meetings and has coauthored a management xxxvii xxxviii ABOUT THE CONTRIBUTORS text. He has been active in many executive development programs and has acted as managementeducation consultant for several organizations. Dr. Coiser is the recipient of Teaching Excellence Awards in the MBA Program at Indiana and a Richard D. Irwin Fellowship. He belongs to the Institute of Management, Sigma Iota Epsilon, and the Decision Sciences Institute. ROY A. COOK, DBA (Mississippi State University), is past Associate Dean of the School of Business Administration and previously a Professor at Fort Lewis College, Durango, Colorado. He has written a best-selling textbook, Tourism: The Business of Travel, now in its 2nd edition, and has two forthcoming textbooks: Cases and Experiential Exercises in Human Resource Management and Guide to Business Etiquette. He has authored numerous articles, cases, and papers based on his extensive experience in the hospitality industry and research interests in the areas of strategy, small business management, human resource management, and communication. Dr. Cook has served as the Director of Colorado’s Center for Tourism Research® and Editor of The Annual Advances in Business Cases, and also on the editorial boards of the Business Case Journal, the Journal of Business Strategies, and the Journal of Teaching and Tourism. He is a member of the Academy of Management, Society for Case Research (past President), and the International Society of Travel and Tourism Educators. Dr. Cook teaches courses in Strategic Management, Small Business Management, Tourism and Resort Management, and Human Resource Management. STEVEN M. COX, PhD (University of Nebraska), is an Associate Professor of Marketing, McColl School of Business, Queens University of Charlotte. He has a 25-year career in executive level marketing and sales positions with AT&T, GE, and several satellite imaging companies. He owns and manages LSI, a geographic information system company. He currently serves as a case reviewer for the Business Case Journal and the Southeast Case Research Journal. DAVID B. CROLL, PhD (Pennsylvania State University), is Professor Emeritus of Accounting at the McIntire School of Commerce, the University of Virginia. He was Visiting Associate Professor at the Graduate Business School, the University of Michigan. He is on the editorial board of SAM Advanced Management Journal. He has published in the Accounting Review and the Case Research Journal. His cases appear in 12 accounting and management textbooks. DAN R. DALTON, PhD (University
of California, Irvine), is the Dean of the Graduate School of Business, Indiana University, and Harold A. Polipl Chair of Strategic Management. He was formerly with General Telephone & Electronics for 13 years. Widely published in business and psychology periodicals, his articles have appeared in the Academy of Management Journal, Journal of Applied Psychology, Personnel Psychology, Academy of Management Review, and Strategic Management Journal. CATHY A. ENZ, PhD (Ohio State University), is the Lewis G. Schaeneman Jr. Professor of Innovation and Dynamic Management at Cornell University’s School of Hotel Administration. She is also the Executive Director of the Center for Hospitality Research at that institution. Her doctoral degree is in Organization Theory and Behavior. Professor Enz has written numerous articles, cases, and books on corporate culture, value sharing, change management, and strategic human resource management effects on performance. Professor Enz consults extensively in the service sector and serves on the Board of Directors for two hospitality-related organizations. ELLIE A. FOGARTY, EdD (University of Pennsylvania), MBA (Temple University), MLS (University of Pittsburgh), and BA (Immaculata University), is the Director of Compliance and Ethics at The College of New Jersey (TCNJ). Previously, she served as the Associate Provost for Planning and Resource Allocation, Executive Assistant to the Provost, and Business and ABOUT THE CONTRIBUTORS xxxix Economics Librarian, all at TCNJ. She has written five cases used in earlier editions of Strategic Management and Business Policy. She has taught management courses at both TCNJ and Rutgers University. GAMEWELL D. GANTT, JD, CPA, is Professor of Accounting and Management in the College of Business at Idaho State University in Pocatello. Idaho, where he teaches a variety of legal studies courses. He is past President of the Rocky Mountain Academy of Legal Studies in Business and a past Chair of the Idaho Endowment Investment Fund Board. His published articles and papers have appeared in journals including Midwest Law Review, Business Law Review, Copyright World, and Intellectual Property World. His published cases have appeared in several textbooks and in Annual Advances in Business Cases. S. S. GEORGE is a faculty associate at the ICFAI Center for Management Research (ICMR). NORMAN J. GIERLASINSKI, DBA, CPA, CFE, CIA, is Professor of Accounting at Central Washington University. He served as Chairman of the Small Business Division of the Midwest Business Administration Association. He has authored or coauthored cases for professional associations and the Harvard Case Study Series. He has authored various articles in professional journals as well as serving as a contributing author for textbooks and as a consultant to many organizations. He also served as a reviewer for various publications. VIVEK GUPTA is a faculty member at the ICFAI Center for Management Research (ICMR). RENDY HALIN, MBA and BS (Bentley University), is currently focusing on equity and commodity trading, as well as venturing on a new startup company. Actively involved in his church ministry, he is also contributing his time and thought on how to properly manage the church’s management and financial report effectively. PATRICIA HARASTA, MBA (Bentley McCallum Graduate School of Business), is Director of Quality Assurance at CA (formerly Computer Associates). She manages a distributed team responsible for new development and maintenance QA activities for products that provide management of applications such as SAP, Microsoft Exchange, Lotus Domino, WebSphere, WebLogic, MQ, and Web Servers. ALAN N. HOFFMAN, MBA, DBA (Indiana University), is Professor of Strategic Management and Director of the MBA program at the McCallum Graduate School, Bentley University. His major areas of interest include strategic management, global competition, investment strategy, and technology. Professor Hoffman is coauthor of The Strategic Management Casebook and Skill Builder textbook.
His recent publications have appeared in the Academy of Management Journal, Human Relations, the Journal of Business Ethics, the Journal of Business Research, and Business Horizons. He has authored more than 20 strategic management cases including The Boston YWCA, Ryka Inc., Liz Claiborne, Ben & Jerry’s, Cisco Systems, Sun Microsystems, Palm Inc., Handspring, Ebay, AOL/Time Warner, McAfee, Apple Computer, Tivo Inc., and Wynn Resorts. He is the recipient of the 2004 Bentley University Teaching Innovation Award for his course: “The Organizational Life Cycle—The Boston Beer Company Brewers of Samuel Adams Lager Beer.” J. DAVID HUNGER, PhD (Ohio State University), is currently Strategic Management Scholar in Residence at Saint John’s University in Minnesota. He is also Professor Emeritus at Iowa State University where he taught for 23 years. He previously taught at George Mason University, the University of Virginia, and Baldwin-Wallace College. He worked in brand management at Procter & Gamble Company, worked as a selling supervisor at Lazarus Department Store, and xl ABOUT THE CONTRIBUTORS served as a Captain in U.S. Army Military Intelligence. He has been active as a consultant and trainer to business corporations, as well as to state and federal government agencies. He has written numerous articles and cases that have appeared in the Academy of Management Journal, International Journal of Management, Human Resource Management, Journal of Business Strategies, Case Research Journal, Business Case Journal, Handbook of Business Strategy, Journal of Management Case Studies, Annual Advances in Business Cases, Journal of Retail Banking, SAM Advanced Management Journal, and Journal of Management, among others. Dr. Hunger is a member of the Academy of Management, North American Case Research Association, Society for Case Research, North American Management Society, Textbook and Academic Authors Association, and the Strategic Management Society. He is past President of the North American Case Research Association, the Society for Case Research, and the Iowa State University Press Board of Directors. He also served as a Vice President of the U.S. Association for Small Business and Entrepreneurship. He was Academic Director of the Pappajohn Center for Entrepreneurship at Iowa State University. He has served on the editorial review boards of SAM Advanced Management Journal, Journal of Business Strategies, and Journal of Business Research. He has served on the Board of Directors of the North American Case Research Association, the Society for Case Research, the Iowa State University Press, and the North American Management Society. He is coauthor with Thomas L. Wheelen of Strategic Management and Business Policy and Essentials of Strategic Management plus Concepts in Strategic Management and Business Policy and Cases in Strategic Management and Business Policy, as well as Strategic Management Cases (PIC: Preferred Individualized Cases), and a monograph assessing undergraduate business education in the United States. The 8th edition of Strategic Management and Business Policy received the McGuffey Award for Excellence and Longevity in 1999 from the Text and Academic Authors Association. Dr. Hunger received the Best Case Award given by the McGraw-Hill Publishing Company and the Society for Case Research in 1991 for outstanding case development. He is listed in various versions of Who’s Who, including Who’s Who in the United States and Who’s Who in the World. He was also recognized in 1999 by the Iowa State University College of Business with its Innovation in Teaching Award and was elected a Fellow of the Teaching and Academic Authors Association and of the North American Case Research Association. P. INDU is a student of Vivek Gupta at the ICFAI Center of Management Research (ICMR). GEORGE A. JOHNSON, PhD, is Professor of Management and Director of the Idaho State University MBA program. He has published in the fields of Management Education, Ethics, Project Management, and Simulation.
He is also active in developing and publishing case material for educational purposes. His industry experience includes several years as a Project Manager in the development and procurement of aircraft systems. SHAWANA P. JOHNSON, PhD (Case Western Reserve University), is president of Global Marketing Insights, Inc. She has 27 years of management and marketing experience in the Hi-Tech Information and Geospatial Technology Industry with companies such as Lockheed Martin and General Electric Aerospace. MICHAEL KEEFFE, PhD (University of Arkansas), is Associate Professor of Management and Chair of Undergraduate Assurance of Learning in the McCoy College of Business Administration, Texas State University. He was the developer and draft writer of the College of Business policy and procedure system, co-director of initial AACSB-International accreditation efforts, sponsor of the Alpha Chi University Honor Society for over a decade, and developed and implemented the Assurance of Learning system for the McCoy College. Additionally, he has been Chair or Acting Chair of three departments in the college. With over a dozen journal articles and ABOUT THE CONTRIBUTORS xli numerous refereed proceedings, Dr. Keeffe is an avid case writer with over 21 cases appearing in 32 textbooks over the last 20 years. JOHN A. KILPATRICK, PhD (University of Iowa), is Professor of Management and International Business, Idaho State University. He has taught in the areas of business and business ethics for over 25 years. He served as Co-Chair of the management track of the Institute for Behavioral and Applied Management from its inception and continues as a board member for that organization. He is author of The Labor Content of American Foreign Trade, and is coauthor of Issues in International Business. His cases have appeared in a number of organizational behavior and strategy texts and casebooks, and in Annual Advances in Business Cases. DONALD F. KURATKO is the Jack M. Gill Chair of Entrepreneurship, Professor of Entrepreneurship, and Executive Director of the Johnson Center for Entrepreneurship & Innovation at The Kelley School of Business, Indiana University–Bloomington. He has published over 150 articles on aspects of entrepreneurship, new venture development, and corporate entrepreneurship. His work has been published in journals such as Strategic Management Journal, Academy of Management Executive, Journal of Business Venturing, Entrepreneurship Theory & Practice, Journal of Small Business Management, Journal of Small Business Strategy, Family Business Review, and Advanced Management Journal. Dr. Kuratko has authored 20 books, Entrepreneurship: Theory, Process, Practice, 7th edition (South-Western/Thomson Publishers, 2007), as well as Strategic Entrepreneurial Growth, 2nd edition (South-Western/Thomson Publishers, 2004), Corporate Entrepreneurship (South-Western/Thomson Publishers, 2007), and Effective Small Business Management, 7th edition (Wiley & Sons Publishers, 2001). In addition, Dr. Kuratko has been consultant on Corporate Entrepreneurship and Entrepreneurial Strategies to a number of major corporations such as Anthem Blue Cross/Blue Shield, AT&T, United Technologies, Ameritech, The Associated Group (Acordia), Union Carbide Corporation, ServiceMaster, and TruServ. Before coming to Indiana University, he was the Stoops Distinguished Professor of Entrepreneurship and Founding Director of the Entrepreneurship Program at Ball State University. In addition, he was the Executive Director of The Midwest Entrepreneurial Education Center. Dr. Kuratko’s honors include earning the Ball State University College of Business Teaching Award 15 consecutive years as well as being the only professor in the history of Ball State University to achieve all four of the university’s major lifetime awards: Outstanding Young Faculty (1987); Outstanding Teaching Award (1990); Outstanding Faculty Award (1996); and Outstanding Researcher Award (1999). He was also honored
as the Entrepreneur of the Year for the state of Indiana and was inducted into the Institute of American Entrepreneurs Hall of Fame (1990). He has been honored with The George Washington Medal of Honor; the Leavey Foundation Award for Excellence in Private Enterprise; the NFIB Entrepreneurship Excellence Award; and the National Model Innovative Pedagogy Award for Entrepreneurship. In addition, Dr. Kuratko was named the National Outstanding Entrepreneurship Educator (by the U.S. Association for Small Business and Entrepreneurship) and selected as one of the Top 3 Entrepreneurship Professors in the United States by the Kauffman Foundation, Ernst & Young, Inc. magazine, and Merrill Lynch. He received the Thomas W. Binford Memorial Award for Outstanding Contribution to Entrepreneurial Development from the Indiana Health Industry Forum. Dr. Kuratko has been named a 21st Century Entrepreneurship Research Fellow by the National Consortium of Entrepreneurship Centers as well as the U.S. Association for Small Business & Entrepreneurship Scholar for Corporate Entrepreneurship in 2003. Finally, he has been honored by his peers in Entrepreneur magazine as one of the Top 2 Entrepreneurship xlii ABOUT THE CONTRIBUTORS Program Directors in the nation for three consecutive years including the #1 Entrepreneurship Program Director in 2003. RUCHI MANKAD is a former faculty member at the ICFAI Center for Management Research (ICMR). BILL J. MIDDLEBROOK, PhD (University of North Texas), is Professor of Management at Southwest Texas State University. He served as Acting Chair of the Department of Management and Marketing, published in numerous journals, served as a consultant in industry, and is currently teaching and researching in the fields of Strategic Management and Human Resources. BERNARD A. MORIN, B.S., M.B.A., Ph.D., Professor Emeritus of Commerce at the University of Virginia. NATHAN NEBBE, MBA and MA (Iowa State University), has significant interests in the indigenous peoples of the Americas. With an undergraduate degree in Animal Ecology, he served as a Peace Corps Volunteer in Honduras, where he worked at the Honduran national forestry school ESNAACIFORE (Escuela National de Ciencias Forestales). After some time in the Peace Corps, Nathan worked for a year on a recycling project for the Town of Ignacio and the Southern Ute Indian Tribe in southwestern Colorado. Following his experience in Colorado, Nathan returned to Iowa State University where he obtained his MBA, followed by an MA in Anthropology. He is currently studying how globalization of the Chilian forestry industry is affecting the culture of the indigenous Mapuche people of south central Chile. LAWRENCE C. PETTIT, Jr., B.S., M.S., D.B.A., Professor Emeritus of Commerce at the McIntire School of Commerce University of Virginia. ANNIE PHAN, BS (The College of New Jersey), is currently an associate at Goldman Sachs Asset Management, and is an MBA candidate at New York University Leonard N. Stern School of Business. In addition, she has assisted with research for The Global Corporate Brand Book. SHIRISHA REGANI is a faculty associate at the ICFAI Center for Management Research (ICMR). JOHN K. ROSS III, PhD (University of North Texas), is Associate Professor of Management at Southwest Texas State University. He has served as SBI Director, Associate Dean, Chair of the Department of Management and Marketing, published in numerous journals, and is currently teaching and researching in the fields of Strategic Management and Human Resource. SHERRY K. ROSS, CPA (Texas), MBA (Southwest Texas State University), is a Senior Lecturer at Texas State University–San Marcos, Texas. She is the core course coordinator for financial accounting and teaches introductory financial accounting courses. Her recent work experience is Executive Director of a not-for-profit corporation. MARYANNE M. ROUSE, CPA, MBA (University of South Florida) was a faculty member, Assistant Dean, and Director of Management
Education and Development at the College of Business Administration of the University of South Florida until her retirement. PATRICIA A. RYAN, PhD (University of South Florida), is an Associate Professor of Finance, Colorado State University. She currently serves on the Board of Directors of the Midwest Finance Association and was the Associate Editor of the Business Case Journal. Her research ABOUT THE CONTRIBUTORS xliii interests lie in corporate finance, specifically initial public offerings, capital budgeting, and case writing. She has published in the Journal of Business and Management, the Business Case Journal, Educational and Psychological Measurement, the Journal of Research in Finance, the Journal of Financial and Strategic Decisions, and the Journal of Accounting and Finance Research. Her research has been cited in the Wall Street Journal, CFO Magazine, and Investment Dealers Digest. RANGKI SON, MBA, earned his degree in Finance at the McCallum Graduate School of Business, Bentley University, in May 2007. He is currently working for KPMG Korea as a Business Performance Service Consultant. LAURENCE J. STYBEL, EdD (Harvard University), is cofounder of Stybel Peabody Lincolnshire, a Boston-based management consulting firm devoted to enhancing career effectiveness of executives who report to boards of directors. Its services include search, outplacement, outplacement avoidance, and valued executive career consulting. Stybel Peabody Lincolnshire was voted “Best Outplacement Firm” by the readers of Massachusetts Lawyers Weekly. Its programs are the only ones officially endorsed by the Massachusetts Hospital Association and the Financial Executives Institute. He serves on the Board of Directors of the New England Chapter of the National Association of Corporate Directors and the Boston Human Resources Association. His home page can be found at www.stybelpeabody.com. The “Your Career” department of the home page contains downloadable back issues of his monthly Boston Business Journal column, “Your Career.” JOEL SAROSH THADAMALLA is a faculty member at the ICFAI center for Management Research (ICMR). MRIDU VERMA serves as a Consulting Editor at ICFAI Business School (ICMR). JOYCE P. VINCELETTE, DBA (Indiana University), is a Professor of Management and the Coordinator of Management and Interdisciplinary Business Programs at The College of New Jersey. She was previously a faculty member at the University of South Florida. She has authored and coauthored various articles, chapters, and cases that have appeared in management journals and strategic management texts and casebooks. She is also active as a consultant and trainer for a number of local and national business organizations as well as for a variety of notfor-profit and government agencies. She currently teaches and conducts research in the fields of Strategic Management and Leadership. KATHRYN E. WHEELEN, MEd (Nova Southern University), BA, LMT, (University of Tampa), has worked as an Administrative Assistant for case and textbook development with the Thomas L. Wheelen Company (circa 1879). She works as a Special Education Teacher in the Hillsborough County School District at Citrus Park Elementary School, Tampa, Florida. RICHARD D. WHEELEN, BS (University of South Florida), has worked as a case research assistant. He is currently practicing in the field of Health Care. He currently lives in Everett, Washington. THOMAS L. WHEELEN, DBA (George Washington University), MBA (Babson College) and BS cum laude (Boston College), has taught as Visiting Professor at Trinity College of the University of Dublin, University of South Florida as Professor of Strategic Management, the McIntire School of Commerce of the University of Virginia as the Ralph A. Beeton Professor of Free Enterprise, and Visiting Professor at both the University of Arizona and Northeastern xliv ABOUT THE CONTRIBUTORS University. He was also affiliated with the University of Virginia College of Continuing Education,
where he served in the following capacities: (1) Coordinator for Business Education (1978–1983, 1971–1976)—approve all undergraduate courses offered at seven regional centers and approved faculty; (2) Liaison Faculty and Consultant to the National Academy of the FBI Academy (1972–1983) and; (3) developed, sold, and conducted over 200 seminars for local, state, and national governments, and companies for McIntire School of Commerce and Continuing Education. He worked at General Electric Company, holding various management positions (1961–1965); U.S. Navy Supply Corps (SC)–Lt. (SC) USNR–Assistant Supply Officer aboard nuclear support tender (1957–1960). He has been published in the monograph, An Assessment of Undergraduate Business Education in the United States (with J. D. Hunger), 1980. He’s also authored 60 published books, with 14 books translated into eight languages (Arabic, Bahasa, Indonesia, Chinese, Chinese Simplified, Greek, Italian, Japanese, Portuguese and Thai); he is coauthor with J. D. Hunger of four active books: Strategic Management and Business Policy, 13th edition (2012); Concepts in Strategic Management and Business Policy, 13th edition (2012); Strategic Management and Business Policy, 13th edition International edition (2012); and Essentials of Strategic Management, 5th edition (2011). He is co-editor of Developments in Information Systems (1974) and Collective Bargaining in the Public Sector (1977), and co-developer of the software program STrategic Financial ANalyzer (ST. FAN) (1989, 1990, 1993—different versions). He has authored over 40 articles that have appeared in such journals as the Journal of Management, Business Quarterly, Personnel Journal, SAM Advanced Management Journal, Journal of Retailing, International Journal of Management, and the Handbook of Business Strategy. He has created roughly 280 cases appearing in over 83 text and case books, as well as the Business Case Journal, Journal of Management Case Studies, International Journal of Case Studies, and Research and Case Research Journal. He has wo… CLICK HERE TO GET A PROFESSIONAL WRITER TO WORK ON THIS PAPER AND OTHER SIMILAR PAPERS CLICK THE BUTTON TO MAKE YOUR ORDER Related posts: (Mt) – MGT 401 SEU Strategic Management Strategic Alliance Paper Questions (Mt) – SEU Strategic management Red Bull & GoPro Strategic Alliance Questions Strategic Human resource management Questions (Mt) – SEU Management Strategic Alliance Question
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pycube1 · 2 years
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morimocchi · 3 years
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Stretch of land Clearing Services That will Preserve Nature
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Stretch of land Clearing Services That will Preserve Nature
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notebooknebula · 4 years
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Dr. Paul White of RealNumberz
https://www.jayconner.com/dr-paul-white-of-realnumberz/
Jay Conner is joined by none other than Dr. Paul White, the founder and CEO of White Orthodontics, and author of several best-selling books.
White Orthodontics is a high-end, technology-focused orthodontic practice based in Virginia.
Dr. White created RealNumberz with his son, Trey, to utilize the latest technology to “supercharge” his real estate investments.
RealNumberz is the only comprehensive software application designed to help investors manage a diverse set of assets that includes rental properties, private lending, fix-and-flip, and fix-and-hold projects, as well as mortgage notes and syndications.
This incredible software eliminates investor anxiety by using real-time data and an automated reminder system to allow real estate investors to maximize their returns with 50 percent less time.
Paul believes the key to achieving financial freedom has as much to do with optimizing your existing investments as it does with acquiring more of them.
RealNumberz is the easy-to-use solution for the ongoing problems associated with late or inaccurate rents, incorrect note payoffs, uncontrolled and over-budget rehab projects, “yield drag”, and much, much more.
RealNumberz has helped many of its clients save thousands of dollars and manage their real estate investments from their pockets! Go to https://www.realnumberz.com to see how you can “supercharge” your portfolio with this amazing software!
Real Estate Cashflow Conference: 
https://www.jayconner.com/learnrealestate/
Free Webinar: 
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Jay Conner is a proven real estate investment leader. Without using his own money or credit, Jay maximizes creative methods to buy and sell properties with profits averaging $64,000 per deal.
#RealEstate #PrivateMoney #FlipYourHouse
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Jay Conner (00:00): Well, hello there and welcome to another episode of Real Estate Investing with Jay Conner. I’m Jay Conner known as the Private Money Authority. Also the host of the show today. And if you’re brand new to the show, we talk about all things that relate to real estate investing. We talk about how to find off market deals, motivated sellers. We talk about how to get your deals funded without relying on banks or mortgage companies also talked about how to rehab houses. We talk about how to sell them fast. And just as importantly, we talk about how to automate the business because after all, why are we in this business? Well, we’re in the business for the wealth and the freedom. So we’re not looking to replace our day job with another job, called real estate investing. We’re looking to run the show to where we are running our business and our business is not running us.
Jay Conner (01:03): Well, again if you’re brand new, I started back in 2003 in Eastern North Carolina, investing in single family houses. And for the first six years, until 2009, I relied on the local banks. I got cut off like the rest of the world did in January, 2009, after being in the business for six years. And I learned about this world of private money and private funding. How to use people’s individual investment capital and their individual retirement accounts to where I can have an unlimited number of private lenders into an unlimited number of private deals. As of today, my wife, Carol Joy, and I have got 49 private lenders individuals, just like you, that are investing with us and and funding our deals. So if you are also interested in learning how you can get funding for your deals and not ever miss out on another deal, because you didn’t have the money and you don’t want to rely on your credit, you don’t rely on your verification of income and your credit score.
Jay Conner (02:05): I’ve got a free gift for you. And that free gift is to come join me, access free for the first 30 days to my new Private Money Academy membership. So why in the world would you want to come check me out for free? Well, first of all, you get me live two times a month in a Zoom coaching call in the group setting for all of the members. Right now, we’ve got about 150 members or so, and it’s growing very, very quickly. We do that twice a month. You can bring all of your questions to the Academy membership, Zoom call. And we also update content every month, talking about locating deals and funding and et cetera. And on each Zoom coaching call twice a month, we put one of the Academy members such as yourself in what we call the hot seat, where we analyze your business, figure out what your challenges are and help you put together a plan to help take you to the next level in your business.
Jay Conner (03:04): So come join me for free for the first 30 days at Jay Conner, www.JayConner.com/Trial again, that’s Jay Conner, JayConner.com/Trial. You will absolutely love coming and checking out these Zoom calls and et cetera, with all the benefits that you get as being in the membership. Well, if you are brand new to joining the show, you may not know this, but if you’ve been tuning in for awhile then my lands, we launched June, 2018. We’re almost North of 300,000 downloads and growing very, very quickly. I have some amazing experts here as guest on the show. Well, today is no different. Let me introduce to you my friend and expert. Well, this gentleman is the founder and CEO of a company called White Orthodontics, which is a high end technology focused orthodontic practice in Virginia.
Jay Conner (04:12): And he’s also the author of several bestselling books. Now this gentleman also created a service that is called Real Numberz that ends in a Z. And he created that with his son, Trey, and the reason he created it, they created it was to utilize the latest technology to supercharge their real estate investments. Well, here’s what Real Numberz is about. It is the only comprehensive software application that’s designed to help real estate investors manage. And that’s the key word because this gentleman is an expert when it comes to managing deals after you bought them, which is a challenge for some people, but he designed this software to help real estate investors manage a diverse set of assets, which could include rental properties, private lending. There you go! Fix and flip properties, buy fix and hold properties, as well as if you’re into notes, mortgage notes, or syndications, his software will also help manage those investments as well after you get in.
Jay Conner (05:25): So this incredible software that he and his son Trey developed eliminates the number one investor anxiety by using real time data and an automated reminder system that allows real estate investors to maximize their return with 50% less time of yours involved in the deal. He also believes the key to achieving financial freedom has much to do with optimizing your existing investments as it does with acquiring and getting more investments. Well, his software Real Numberz is that easy to use solution for the ongoing problems associated with later inaccurate rents, incorrect note pay offs, uncontrolled or over budget rehab projects, and much, much more. In addition to that, this software has helped many of their clients save thousands of dollars and manage their real estate investments from their pocket. So with that, let me welcome my friend to the show and expert Dr. Paul White. Hello, Dr. White!
Dr. Paul White (06:35): Hey Jay, how are you doing?
Jay Conner (06:37): I am Fantastic! And just for the sake of these, may I call you Paul on the show?
Dr. Paul White (06:42): Oh, please do.
Jay Conner (06:45): So. Welcome to the show Paul. So glad to have you. Of all the experts and guests that I’ve had on this show. I haven’t had anybody else come on the show with this type of software and this kind of service to help real estate investors. I mean, in my business still today, we keep up with everything on an Excel spreadsheet. Seems to work pretty well since our average profits are 67,000, but you know, one of the four pillars that I teach in my business is what I practice. And that is automation. I actually work in the business less than 10 hours a week because of automation, other software we use and the team we have. And so I’m so excited to hear about this automation software that you and your son Trey have developed.
Dr. Paul White (07:33): Well, Jay, thank you so much for having me and, you know, I appreciate so much what you do and the great coaching that you give your clients. And it’s an issue that I have seen. It’s the same thing you just said. There’s just not much out there, right? We’ve never had anybody on that talked about this stuff. And it was a problem that I had and, went to solve the problem by looking for software. And all I found were spreadsheets and things like that. And I had sort of a bigger list of things I wanted to accomplish. And so spreadsheets are great, but they don’t take care of everything that you want to do with them. And so as a matter of fact, I was a member of a mastermind years ago, and I’m doing a lot of what you were coaching and that is to acquire stuff.
Dr. Paul White (08:09): You know, I had been for too long that guy that did what Dave Ramsey said, and that was to just save your money and pay off all your debts and do all those things. And that’s great if you’re in debt or if you have, if you can’t manage your money, but it’s not a great formula for managing wealth , and so anyway I started, you know, I had some money saved up. So when I got into these masterminds, I started, you know, acquiring a bunch of assets and I was feeling really good until the phone started ringing, you know, for more money and, you know, verifying payoffs and all this stuff. And I just started going, Oh my gosh! You know, what do I do? And here’s the problem. I went and talked to some of the guys in the group that had been in there before me.
Dr. Paul White (08:43): And I said, what are you doing to kind of keep track of all this stuff? And surprisingly the answer was nothing, you know, and occasionally the really sharp guys were using spreadsheets. And so then I asked, okay, well, what, what kind spreadsheet? And one guy said, well, I got this one off the internet. And other guy said, well, I got this from my brother-in-law. And I looked at him and they weren’t even the same, you know, and as orthodontists, we were like things nice and straight and neat, and even, and I just, I wouldn’t see in any kind of congruency there. So it made me a little nervous. So that’s sort of how it got started.
Jay Conner (09:11): There’s no doubt. There’s a huge demand for this type of service. Let me go to your background for just a moment.
Dr. Paul White (09:17): Sure!
Jay Conner (09:17): Please share with me and the audience, your story. You’re a doctor. And you know, you can straighten people’s teeth, right? And then you got into real estate investing along the way. So let’s hear your backstory.
Dr. Paul White (09:31): Well, you know, thank you for the question, cause it’s a great question. And it’s a lot of what we wrestle with it, you know, Warren Buffet famously said, you know, if you don’t make money, while you sleep, you work till you die. And that was sort of a, you know, kind of a crazy thing. And the Aha moment for me was when I finally understood the difference between income and wealth, you know I have a great job, but as Kiyosaki would say in his book, Cashflow Quadrant, I owned my job and that was all I had. I didn’t have wealth and I wasn’t building any wealth I was just working. So, you know, just like you’re trying to do with your clients, we’re trying to have freedom. You have to have income for that. Actually I have to have wealth from that.
Dr. Paul White (10:08): And I had income and I didn’t have freedom. And even still with my job, I own a good job and I make a good living, but I can’t leave the job for more than, you know, a week or so because of the amount of work that it creates before I leave and the tremendous amount of work that leaves when I get back. And so you just never gone very far and you’re always, you know sort of tied or chained to the practice. And so that was sort of a big Aha for me, is understanding that if I’m going to have some more freedom, I have to have something that’s making money while I’m not there. And for me, orthodontics was not that, not that thing. I love it it’s been great, but I started looking for other ways to make money and I discovered what you know, and what all your clients have known or will know.
Dr. Paul White (10:46): And that is that all the wealthy people in the world that are successful have real estate as a major portion of their portfolio, if not all of it. And so including our current president. Thanks. So, anyway it’s one of the things that I’ve learned is that real estate is the way to go. And, as I said, when I was in this mastermind sort of, you know, a little hand holding and trying to learn how to learn the ropes I just found that no one was keeping track of things. And so you see these pictures of messy desk and and so mine, wasn’t a messy desk. It was on a pool table. So I had paperwork spread everywhere and I was just excited, you know, I was acquiring stuff left and right. And I was just leaving this pile of, paperwork and assets behind me.
Dr. Paul White (11:26): And I thought, that’s all I had to do. Right. Cause you hear the term passive income. And so I thought that was it right? I’m there I’ve arrived. And then, you know, the headaches started coming and the questions started coming and you’re getting a lot of emails and phone calls asking for more information or more money or any of these things. And I just started going, Oh my gosh, how am I going to handle this? So my, momentary moment of sort of peace and I feel finally arrived and I’ve got it going, just sort shattered into the reality of my portfolio was chaos. And so I had to find a way to get control of it. And and that’s when I went to my son. Cause I know you mentioned you know, spreadsheets Excel. And to be honest with you, I’m a little intimidated by that.
Dr. Paul White (12:08): It’s not that I don’t like numbers, but for some reason I never learned Excel and all the other software that I ever learned, I just sort of picked it up and started working with it. So, and I can do the basics in Excel, but I can’t really do, you know, create all the sales and do those kinds of things. And so I asked my son who is a programmer. I said, can you make me an Excel spreadsheet? And he said, sure, what do you want on it? And so I told him a few things and as he’s programming, I said, I started asking more and I started adding more things. He goes, alright, do me a favor before I keep this madness going, make a list of all the things you want this to do, and then I’ll make it happen. Right? And I made the list and I handed it to him and he goes, he said, data, a spreadsheet.
Dr. Paul White (12:42): I mean, spreadsheets, can’t do this kind of stuff. I said, If I said, so what are we doing? He goes, you need an app. And I went, A what? Cause I had no idea what an App was Right? And so that’s how we started Real Numberz. And that’s been the, probably the most rewarding thing for me has been to have these ideas of how I want to manage my real estate and all the different investments that are real estate related investments have him sort of have these ideas in my head and I write them down on a piece of paper and he makes it happen. Now in the software world, they call Wire Frame is how you plan out every little step in the development of software out. And I, I call what I’m doing, you know, Wire Frame me. He said, dad, just writing crap on a piece of paper.
Dr. Paul White (13:20): You’re not Wireframing so, that’s been kind of fun, but it’s been amazing. Number 1, to recapture some of the money or my investment in his education. And number 2, to be able to work together with him and sort of work through these tools. And to be honest with you when it first happened, you know, and I looked at for spreadsheets, I go, well, there’s gotta be something else out there. And I looked everywhere for some software that was as comprehensive as what we’ve created and there’s nothing out there. So that’s been, you know, my why for 30 years was to make the quality of orthodontic treatment in the Richmond area better than it was when I got into it. And now my why’s to help real estate investors know their numbers so they can get to freedom faster.
Jay Conner (13:59): I love it! S, what different, before we actually get into what Real Numberz does.
Dr. Paul White (14:07): Sure!
Jay Conner (14:07): And the benefits of it. Because it definitely sounds multifaceted as to what it will do before we get into that. What type of different business models can this software serve and help real estate investors? For example, my business model is two fold. I either buy them in single family houses. So we’re talking to here all single family houses, I mean, in my case. So that will be a subset of my question. What different business model is that many single family houses only is it also commercial? We’ll get to that in a second. But in my single family house world, I’ve got two business models. I buy them. Business model, number one, I buy them, I fix them up. I flip them, I cash out, right? So we kill the golden goose, no wealth right there.
Jay Conner (15:01): That’s just big checks. My second business model or that I do with other deals is I’ll buy them. If they need fix up, I’ll fix up. If they don’t need fix up. And they’re a pretty house in either case. The second business model is I sell on rent to own. Now what makes my rent own or selling a lease purchase different is I actually believe it or not actually require my buyers to enter my credit repair program. And I actually help them get a mortgage. Therefore, 80% of mine cash out. Most of the real estate investors may be 5% cash out on least purchase. Those are my two business models. So leading up to my question what are the different models that Real Numberz will serve?
Dr. Paul White (15:54): Yeah, that’s a great question. Well, you know, what’s so funny about software and this is a true expression software’s never done. So you have this long runway of things that we’re trying to accomplish. And, basically real numberz is divided into four basic buckets. One is real property. The next one is private lending. The third is mortgage notes. And then the fourth is funds and syndications. And so within the real property space you can it takes care of any kind of property think of multifamily, single family you know, self storage, all those kinds of things. And, and what’s really neat about it is also there’s a dashboard for the entire portfolio. And so what we’re trying to build is a piece of software that not only manages all of your properties or all of your assets day to day as needed, but it also gives you a global input about how you’re doing as far as having some kind of target date for retirement or job transfer or, you know, whatever it is that you’re trying to do.
Dr. Paul White (16:49): And so what we’ve gotta do is have weighted average returns on all those things. And that’s a pretty complicated piece that we’re building. As far as real estate now, all there’s a general ledger for the entire portfolio for your entire asset base. And so, regardless of what kind of assets or different types of assets you’re doing, there’s a ledger that keeps track of all the money coming in and out of your portfolio. Then each individual asset has a ledger as well. And so it obviously takes care of transactions. And then those ledger items are then used to drive analytics, and then eventually it’ll drive tax reporting as well. And one of the features that we added to it, what’s sort of speaks to your fix and flip is I, years ago I was buying active turnkeys, like you’re talking about.
Dr. Paul White (17:35): And I had bought a piece of property and and from a guy in CG and so they were rehabbing it. And then I got an email that said we needed, you know, $8,000 more. And so I just wired the money site on scene. And, you know, one of the challenges with professionals, doctors, dentists, lawyers, whatever is at least for medical professionals, is we do whatever it takes to make things right for a patient, even if it costs us money. So we’re just, you know, we just want people to trust us. So we do whatever it takes. And we tend to have that same mentality with those that we work with. And what I’ve discovered in all other walks of life is not everybody’s that way. And even there’s some, I guess, in the medical profession, not the way, but I don’t know any of them.
Dr. Paul White (18:15): And so we’ve just always done whatever it takes to make it right. So there’s a high level of trust. So if somebody said I needed $8,000 more, I just would wire the money. Right? I don’t do that anymore, but that’s what I did when I first started. And it turns out after the the property had been rehabbed and closed, and then we had a tenant in place. We had actually then just finished creating real numberz. So I went back and just to play with the software, entered in all of the the data from the acquisition. And it turns out that that $8,000 was $8,000 over the budget. And I didn’t know it, and I had no clue. And and so I called the property management. So what’s the deal with this $8,000 is, Oh, we put new windows in the house and I go, well, great!
Dr. Paul White (18:53): I’m not saying I wouldn’t have done it, but that certainly would have been a decision I would have liked to been involved in. And so that really sparked me to create one of the features of a real property is a thing called a rehab tracker. And so you create a budget and you create as many different rehab projects as you want to name them. And then you put the amount of the budget, and then you start making deposits towards that budget, which come off your balance sheet, but then any of the charges against those do not, again, hit your, ledger again. So it keeps track of those things, and it keeps a running balance of how much money was spent in those kinds of things. So it can certainly be used for that. If you’ve got a business where they’re flipping a bunch of houses all the time, you know, there are other softwares out there where you need a professional to help you develop it for you, but for the average investor, it’s a great, it’s a great solution.
Dr. Paul White (19:37): That’s a fairly inexpensive to be able to manage those things, and then to have the property and track the income, if you’re renting it as far as the the selling part of it, it’s one of the things that’s actually in development is a sell feature that then you create a subject to, and then seller finance the houses as well. So in our mortgage note section, we already have that capability. So you can then turn and open that app up in the mortgage part, and then keep the mortgage that way, if you want it to. But eventually I want to meld the two, but we’re trying to get a basic program that works for enough people. Cause that what you’re talking about is fairly sophisticated. So,
Jay Conner (20:12): So you mentioned there’s actually four different categories for Real Numberz, one was flipping, Right?
Dr. Paul White (20:22): Well, real property in general. Yes.
Jay Conner (20:24): So just real property though whether you’re flipping or holding,right?
Dr. Paul White (20:27): right, right.
Jay Conner (20:28): And then you said private money or private lending. Tell us how.
Dr. Paul White (20:31): Yeah.
Jay Conner (20:32): Tell us how the software helps that category.
Dr. Paul White (20:37): That’s ,Thank you for the question. Yeah, one of the things that’s funny is, you know everything that we do in Real Numberz, I wanted everything lifestyle wise to be able to my portfolio from my pocket. So everything you need is stored on the app. Your pictures, your photos, your contacts, your documents,security duct, documents, all those things are right there in the app. And so one of the things that’s interesting if you’ve done, I know you have, but I don’t know about your listeners that have done private lending, but you know, at some point in time that the borrower wants to pay you back. And so they want you to verify the payoff. And again, because of my ignorance and inexperienced, I just assumed when they gave me a pay-off amount, I went, yep, that’s right. And it turns out I went back and checked them off by several thousand dollars or one of them.
Dr. Paul White (21:18): And so, and I typically lend out of my self directed IRA for those, those types of investments. And so one of the things that I kept noticing was the sense of urgency when they want to close all of a sudden, they out of the blue, they need to close some cause some deals coming up or they need money. And so anyway I got an email one time that said,we want to close this deal today, if possible, can you verify this pay-off? And I got, well, you know, my stuff, the documents are on a pool table back in my house. I don’t even have them here at work. And I’ve got my hands in somebody’s mouth all day. And so, I said, I can get it to you as fast as I can.
Dr. Paul White (21:52): And so, you know, worked all day. And then I went home and then I found the folder. At first I had things in piles on the pool table, my wife at least put them in folders put address on. So I found the folder and I find the the promissory note and I started doing the math. And at first I didn’t even understand that. So I’m doing it monthly, which is not the right way to do it either. And so of course now know that. And so I did the math for how much I was owed. Then I had to log into my self directed IRA account, find that asset, then look at all the amount of money that had been paid to me and then subtracted them, and then add it back to my original principle. And five hours later, I got the instant pay-off for him.
Dr. Paul White (22:27): And I was like, well, there’s gotta be a better way to do this. And so, because each asset, regardless of whether it’s your lending or flipping a house or whatever, has its own ledger, you’re tracking all the payments that you’ve received, which actually saved me a lot of money in the long run. But anyway, and so it knows the deal of the, of the original note, even if you’re wrapping somebody, which you can do, you can have a, we shouldn’t use the term JV, but a partner in the terms it’ll keep track of what the partner what his portion of the deal is. If you’re wrapping somebody. And when you hit, pay-off, there’s a button called pay-off and you hit that button, select a date, and it’ll give you the pay-off amount instantaneously. And it’s accurate. I closed five lending deals in January and every one of them was wrong to my favor, you know? And so it’s nice to have a piece of software. I just pull it out of my pocket and do find the, you know, open the app, find the asset and then push a button. And it tells me what I need. So it takes no time. And, It’s really kind of fun to be able to do that and people know, I know what I’m talking about now, so.
Jay Conner (23:25): That’s awesome! So that’s,
Dr. Paul White (23:27): yeah,
Jay Conner (23:28): That’s an App or that category confirms to the private lender as to how much they should be paid off.
Dr. Paul White (23:37): That’s right. So, yeah. And so it’s great for me. So I’m doing mostly most of the lending, so it’s telling me to pay off what it should be so that they, and they want me to verify it. So that’s the way that it works best. What’s really interesting is again, before I hadn’t created the software with my son I went back and again, sort of historically looked at a deal I’d done. And it turns out that they had missed a payment to my IRA. And I just thought, I didn’t really understand what a custodian did. I just thought they keep track of all the payments and call them when there’s a missed payment. And then they will give you some analytics to tell you how much money they’re making. And it turns out that that’s not right either. I looked up the word custodian means, it hold your stuff.
Dr. Paul White (24:19): You know, so I had closed the deal. I went back and just entered all the numbers. And this particular borrower had not paid a $1,500 payment during the whole transaction of the whole note. But then they closed the note as if they had paid that. So I missed a $1,500 payment, you know, and didn’t even know it and had already closed the note. So I couldn’t get that money back. So the app, just for that reason alone has saved me thousands and thousands of dollars. And it’s been great. And we hear that same thing from other investors that use the software.
Jay Conner (24:50): And I suppose that, of course, for the app to give you an accurate pay-off, then when you receive money you or someone is putting in the App, Oh, I received.
Dr. Paul White (25:03): that’s right.
Jay Conner (25:03): $1,500 payment on such and such a date. So it’s keeping up with what you have received so far.
Dr. Paul White (25:09): Yeah. And even if you get part of your capital returned, it’ll track that as well. So it’s really doing the math based on what you’re owed and what you’ve already received. And so that’s really, you know, and again, if you have a lot of these going, it’s hard to keep up with that kind of stuff. You know, spreadsheet can do it, but you know, what’s great about this software is it sends me a reminder of somebody misses a payment. Now, again, my need was somebody didn’t pay me and I didn’t know it cause an IRA is not calling them. I thought they were right. So, now I get a reminder if the payment has not been entered as received into the software. And so it’s a great way for me not to have to scan all the investments all the notes that I’ve got to see if there’s a problem. You know, it tells me if there’s a rent, a missed rent payment, it tells me I don’t have an interest payment from a loan, or if a note, a monthly payment hadn’t been made, all those things I know without having to go looking for it. So it really does make it easy to it reduces my stress and it alerts me when there’s a problem. So I can kind of keep doing what I’m doing and not have to worry about it all the time.
Jay Conner (26:06): Dr. Paul White’s website, that you can check out Real Numberz is www.RealNumberz.com , Paul there’s two other categories you mentioned that this software keeps that where, so it keeps up with any kind of real property investment keeps up with private money when you are the lender and what was the third category?
Dr. Paul White (26:32): Well, the other is a mortgage note, and I make a distinction between private lending and mortgage notes, because it’s a longer term investment and what’s unique about, and you can do these things with a lot the private lending, but a lot of private lending is usually straight answers with some points. And so what’s interesting with mortgage notes is you know, it’s an amortizing investment. And so it keeps track of all those things. And basically you can just buy a note and hold it and that, and just have this income for as long as you want. But there are other things you can do with a mortgage note that really can supercharge it. And one of the things you can do is sell it. And you can sell either a portion of it, or you can sell all of it.
Dr. Paul White (27:08): If you sell a portion of it’s called a partial.And so you can actually, in some deals, like if you bought a note, that’s, you know, say $50,000 and you bought that note for $30,000 let’s say a 10% rate, you can turn around and sell it to another friend or investor let’s say a 6% rate and get your 30,000 back out of it. And they will tell you in the app itself, it’ll calculate the number of payments that you have to sell in order to get your money back. And then at the end, the note comes back to you and you’ve got zero money in and invest it. And yet you have this stream of payments that are coming to you. And so, you know, a zero invested money returned is a pretty good infinite return that we all like to hear about.
Dr. Paul White (27:45): So that’s one of the things you can do. And the other thing you can do is borrow money against that note. So it’s just like having a house where you can borrow money against it. You know, it has that same kind of value to a bank or to a private lender. So there’s the things, and it keeps track of all these things. And again, if you sell five months, five years of a mortgage note, it creates a reminder at 4 years and 11 months to tell you that this payment’s coming back to you. So again, it gives you a heads up when a note is coming due when investment’s coming due. When rent is coming. And when the end of a lease on a rental that you have, it’ll send you a reminder, say this rental is coming due in 30 days. And so it helps me to send a note, send that very thing I just forward it cause it comes to my desktop or to my phone to be able to forward that note to the property managers say, okay, what are the plans for this property? We got anybody rolling here. Is he going to reinvest, you know, or renew? And so that way, again, I look like I’m on top of my game and I’m not having to do all that. I love that kind of aspect to it.
Jay Conner (28:41): That’s what I call automation. And then there’s a fourth category that this app provides service for, right?
Dr. Paul White (28:47): Yeah. Some people do funds or syndications and we’re just starting to build that part of it out. It’s mainly to track, you know, the issue with funds or syndication, is really no money in it and not much is returned to you until the deal closes. So, you know, a typical fund or syndication, will go five to seven years. Some of them pay off early. And so that one, we haven’t put as much time into it. Cause not as many people do those. It’s a great way for people that maybe don’t have a whole lot of experience to, if you can trust them. That’s, that’s the deal because a lot of those things can, you can lose your principal real quickly. So you have to be able to trust the people that you’re doing business with, but you don’t have to know a whole lot about real estate. But again, everything has due diligence. A better way is to have somebody like you start them off with a single family home because you can see that thing. You have all the control where you have no control over a syndication. So it’s one of those things that we’re sort of programming out for some of the other investors that have requested that. But most of what we do is those first three buckets.
Jay Conner (29:45): So the bottom line Paul, as I understand it is whether you are investing in single family houses, commercial, any kind of real property, the software is going to keep up with where you are and make sure you’re not, you know, wasting money or losing money, same thing as a private lender, make sure you got coming to you. What was in the promissory note and then mortgage notes, which are longer term you can do fractionals and then again, syndications. So, wow!This is simply amazing, Paul! And I’m so glad I’ve had you on here. So what do people need to do to go check out this software?
Dr. Paul White (30:25): Well you know, if you go to our website, RealNumberz.com and there’s a 14 day free trial. If you want to check it out, we’ve now adjusted it. So we’ve got a special running now where there’s a discount of 30% off the monthly fee and we do it by property. So if you have five properties or less, it’s less than it’s $47 a month as a subscription. And you have all the software, one of the cool piece of software that I didn’t talk about, there’s a piece of software attached to this, again, that you can’t do with a spreadsheet that actually connects to your bank account securely. So we don’t store any of the data. So it’s secure and encrypted, but it’ll pull the numbers and the transactions that go to that account. So on the general ledger, you’ll get uncategorized transactions and you would simply assign those transactions to one of your assets and it automatically populates the the ledger for that particular asset.
Dr. Paul White (31:14): And then it keeps track of all the other things that are going on. So it’s really helps you understand what’s going, coming and going and your business account. So it’s a great way to keep up with things and you should have a separate business account. Don’t keep this in your personal account. I’m sure you already have taught them that, but I’ve seen guys do that too. And it’s like, yeah, they have no idea where their money is or what’s going on with it. And you have to keep some reserves. Cause you know, real estate takes a little bit of management sometimes. So anyway, and then there’s an unlimited version of that, which is which also includes the mortgage notes part plus all the other things. And it’s unlimited data, all those other things and it’s $97 a month with a discount.
Dr. Paul White (31:49): And so one of the things that’s interesting to me is we had a client that was, I think he was spending a thousand dollars a month for a Bookkeeper’s account just to keep track of some rentals. And I’m like, dude, we can save you some money here. And he jumped on this in a heartbeat. He goes, this is way more than what I was getting before. I said, well, that’s, you know, we’re trying to make it something that you just, after you start using it, you won’t want to go without it. And that’s been my experience. It has saved me literally thousands, thousands of dollars.
Jay Conner (32:14): That’s wonderful!
Dr. Paul White (32:15): Yeah.
Jay Conner (32:16): Well Paul, thank you so much for joining me here on the show. And folks there you have it. Be sure and check out www.RealNumberz.com And go check out how to stay on top of your business and save a lot of money. Paul, thank you so much. I look forward to staying connected with you and folks, I’m Jay Conner, Private Money Authority wishing you all the best. Here’s to taking your Real Estate Investing business to the next level. We’ll see you on the next show!
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ins4dallas · 8 months
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lawyersdatascraping · 10 months
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Education Lawyers Email List Scraping
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Elevate Legal Marketing Strategies with Lawyersdatalab.com's Education Lawyers Email List. In the dynamic legal landscape, where specialization is key to success, Lawyersdatalab.com introduces a powerful resource designed to revolutionize law firm marketing—the Education Lawyers Email List. This comprehensive database is tailored to meet the unique needs of legal professionals specializing in education law. In this article, we'll explore how Lawyersdatalab.com's Education Lawyers Email List proves invaluable for law firm marketing and lawyers' marketing companies.
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datascraping001 · 1 year
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Unlocking Opportunities with Golf Courses Email Database
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Golf Courses Email Database
The golf industry is a lucrative market with numerous opportunities for various businesses. Datascrapingservices.com offers a powerful solution with its Golf Courses Email Database. In this article, we will explore how this database can unlock new opportunities and drive success for businesses targeting the golf industry.
1. Targeted Marketing Campaigns:
The Golf Courses Email Database provides businesses with access to a comprehensive list of golf courses and their contact information. This database allows businesses to execute targeted marketing campaigns directly to golf course owners, managers, and decision-makers. By reaching out to these individuals with tailored messages and offers, businesses can maximize their chances of success and generate higher response rates.
2. Partnerships and Collaborations:
The golf industry thrives on partnerships and collaborations. With the Golf Courses Email Database, businesses can identify potential partners such as equipment manufacturers, golf apparel brands, event organizers, and more. Establishing strategic alliances with golf courses can lead to joint marketing efforts, sponsorship opportunities, and shared customer bases. This database serves as a valuable resource for businesses looking to forge partnerships within the golf industry.
3. Product and Service Offerings:
Understanding the needs and preferences of golf courses is essential for businesses looking to offer products or services tailored to their requirements. The Golf Courses Email Database provides valuable insights into the specific needs of golf courses, allowing businesses to customize their offerings accordingly. Whether it's grounds maintenance equipment, golf course management software, or hospitality services, businesses can align their product and service offerings with the demands of the golf industry.
4. Market Research and Analysis:
Access to the Golf Courses Email Database enables businesses to conduct in-depth market research and analysis within the golf industry. By studying the contact information of various golf courses, businesses can gain insights into market trends, competition, and customer preferences. This information empowers businesses to make informed decisions, develop effective marketing strategies, and stay ahead of the curve.
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Conclusion:
The Golf Courses Email Database offered by Datascrapingservices.com is a valuable asset for businesses targeting the golf industry. Through targeted marketing campaigns, partnerships, customized offerings, and market research, businesses can unlock new opportunities and drive success within the golf industry. To leverage the benefits of the Golf Courses Email Database and take your business to new heights, contact Datascrapingservices.com at [email protected]. Capitalize on the potential of the golf market and forge successful relationships within this thriving industry.
Website: Datascrapingservices.com
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