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125 Cards in this Set
- Front
- Back
what are the 6 functions of management |
forecasting Planning Commanding Coordinating Controlling Organising |
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What is an industry? |
A group of companies producing products or services that are essential the same or perform the same function |
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How can organisations be measured |
Number of employees Turn over Gross Profit |
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What are the reasons for growth |
Greater income and security increase market share- control Economies of scale and scope diversification to reduce risk Size required by industry type reduce competition carry out R&D Global pressures |
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What are the benefits of SMES |
Flexibility Clear defined markets High expertise Non standardised Goods Easier to control New idea development ability to customise to consumer needs |
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What are the disadvantages of SMES |
Limited Access to finance Reliant on few people High burden of regulation Little growth from exporting Difficult to carry out R&D |
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What are the 3 methods of growth |
Mergers Acquisitions Organic growth |
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What are the key features of MNES |
Not Reliant on home base Take oppurtunities abroad Strength from resource pool Can plan and control all repairs Tension between the need to act globally and gain economy of scale and scope and meet the need for global responsiveness |
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What are the four stages of industry lifecycle |
Development Growth Maturity Decline |
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What are the porters five forces model? |
Bargaining power of suppliers Bargaining power of consumers threat of new entrants threat of substitutes products |
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What is the purpose of an organisation |
a framework within which strategies are formed. |
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What are managers? |
rely on control do the things right stick to the status quo ask when and how short range view they copy |
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What are leaders? |
inspire trust think about people do the right thing ask why and what long run view they innovate |
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What is the classical approach |
based on formal structures - bureaucratic and scientific approach |
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What is the human relations approach ? |
social and psychological factors that affect behaviour |
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?What is the systems approach |
based on seeing the organisation as a socio technical system interacting within its environment |
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What are the three taylorism of objectives |
efficiency predictability control |
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What are the five principles of taylorism |
Clear distinction between the roles of the manager and the employees. Using scientific methods to determine the best way to do a job use scientific selection to determine the person who is to do the newly designed job. use training of selected worker to perform the job in the way specified. Use surveillance for the use of hierarchy of authority and close supervision. |
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What are the criticisms of taylorism? |
neglected subjective side of work failed to appreciate workers meanings of new procedures and being closely supervised ignored psychological needs too simple of an approach functional formeanship didnt really work |
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What is structure? |
The pattern of relationships among the positions in the organisation and among the members of the organisation. |
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what is organisational structure? |
A framework through which the firms activities can be planned, directed, organised and controlled. |
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What are the advantages of the functional form ? |
enhances operating efficiency well suited to a single business permits centralised control of strategic decision making |
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What are the disadvantages of functional form? |
problems of functional coordination and handoffs risk of overspecialization forces profit responsibility to the top discourages creativity may promote competition between rilvary |
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What are the advantages of the geographical form |
area units are excellent managment training grounds delegates profit/loss responsibility takes advantages of economies of local operations |
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What are the disadvantages of geographical form? |
headquarters must constantly reconcile geographic diversity with uniformity adds another layer of managment possible duplication of staff services local and HQ level |
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What are the advantages of a line of business? |
puts repsonsibility of business stratergy closer to the unique environment of each business free CEO to handle corporate issues puts profit loss responsibility on business unit managers allows each unit to organise around its own key activities |
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What are the disadvantages of a line of business? |
risk of excessive beuracracy and administrative costs staff duplication possible divisonal rilvary corportate managers may lose touch with the business |
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What are the advantages of matrix structure |
high functional flexibility service provided much closer to the customer liberates indiviudal and teams opportunities for staff development |
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What are the disadvantages of the matrix structure |
coping with dual authority - conflict and confusion ambiguity constant change complex structure problems with coordination |
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What are the characterisitics of virtual organization |
boundryless and inclusive hybrid forms lack of physical structure reliance on communication technologies mobile work |
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What are the seven s elements |
strategy structure system skills staff style subordinate goals |
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What is culture |
belief values and customs the way in which people solve problems |
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What are the organisation culture systems? |
Process culture Tough guy culture work hard play hard culture person culture power culture task culture |
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What does SWOT stand for |
strength weaknesses opportunites threats |
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What are the five cultural dimensions |
power distance long term orientation uncertainity avoidance masculinity/femnitity indiviudalism |
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What is marketing |
A process by which create a value for customers and build strong customer relationships. |
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What are market offerings? |
Combination of products/services information or experiences offered to a market to satisfy needs or wants |
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What is marketing myopia |
Focusing only on existing wants and losing sight of underlying consumer needs |
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What is exchange |
The act of obtaining a desired object by offering something in return |
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What is marketing mix |
Combination of variables that business can use to carry out a particular marketing stratergy and meet customer needs- 4 PS |
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What are the 4Ps |
Product Price Promotion Place |
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What is marketing managment |
Art and science of choosing target markets and building profitable relationships with them |
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What is market segment |
Dividing the market into segments of customers |
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What is target marketing |
Choosing the segment you wish to go after |
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What is value propostion |
Set of benefits or values a company promises to deliver to customer to satisfy their needs |
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What is the purposes of HRM |
Ensure that employees of the company are used in such a way that the employer obtains the greatest possible benefit of their abilities and the employees gains material and pschological rewards for their work |
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What are the benefits of training and devleopment |
improvment in the job performance- higher productivity building a pool of skilled manpower for the organisation improvement of existing skills increase knowledge and experience of employees improve service to customer |
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What is operations management ? |
The business function responsbile for planning coordinating and controlling the resources needed for the company to produce its products and services |
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What are five performance objectives |
Quality Cost Dependability Flexibility Speed |
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What are the five types of quality ? |
transcendent approach manufacturing based user based value based product based |
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What is law? |
A body of rules created by the state, binding within its jurisidction and enforced with the authority of the state through the use of sanctions |
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What is justice |
Applying the legal rules to everyone in the same way |
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Why do we need law? |
provide governmental structure and legislative procedures provides public services raises taxes and regulates the economy promotes public orders ensures personal rights provide a legal framework for tansactions |
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What is a constitution ? |
Enacted document containting the rules which determine the composotion and functions of government bodies and the relationsip between the state and its citizens |
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What is the rule of law ? |
No one is above the law everyone has to abide by the law (subject to the law) law should be open clear stable and persepctive |
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What are the three main aspects of the supremacy of parliament |
Unlimited competencies Primary legislation cannot be overriden by any body parliamnet cannot be bound by predecessor or bind a successor |
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What are the three arms of the state? |
Legislature Executive |
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What is an executive? |
Responsivle for the innitiation formulation direction and implementation of government policy |
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What is at the base of the heirarchy |
magistrates or county court |
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What is at the top of the heirarchy |
the supreme court |
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What is criminal law? |
called a prosecution Brought by the state objectives : punishimet and deterrence punishment brings no benefit to the victim Heard in the magistrates court or crown court Decision is by magistrates or jury |
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What is civil law |
brought by claimaint Obkective: usually compensation for lossess depenedent is found liable or not liable Heard in country court or high court decision by judge |
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What does bi cameras mean |
composed of two houses |
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What does tripartite mean? |
Composed of three elements the queen house of commons house of lords |
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What is the period between parliament known as? |
term and each term is subdivided into a maximum of 5 divisions. |
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What are the characterisitcs of english law? |
adversarial nature evolved slowly not codified judge made law doctrine of binding precedent |
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What are the sources of Uk law? |
Parliament European Law Human Rights act 1990 The courts |
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What is a contract? |
An agreement giving rise to obligations which are enforced or recognised by law |
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When is writing essential |
COntracts for sale of land credit agreements |
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What are the essentials of a binding contract? |
agreement consideration intention to create legal relations |
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What is an offer |
A define promise to be bound on specified terms
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How can things be communciated |
written or spoken by conduct |
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What is an invitation to treat? |
not an offfer- merely invites offers includes: goods in shop auctions and invitations to tender advertisiments |
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What are terminations of offers |
death of offeror acceptance rejection counter offer lapse of time revocation |
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What must an accpetance be? |
unequivocal distinct from a counter offer and a request for information |
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What are the rules of consideration |
past consideration is no consideration consideration must move from the promisee it must be sufficient but need not be adqueate |
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What is the traditional view |
performance of an exisiting public duty is not good consideration performance of an existing contractual duty is not good consideration unless the contractual duty is exceeded |
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What are the intention to create legal restrictions |
social and dometic agreements commerical agreements |
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Why are enterprises important |
crucial to economic growth and development engine of innovation agents of choice cultural heroes of western capitalism |
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What are the types of entrepreneuers |
intermediary orginator innovator risk taker corodinator |
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what are entrepreneurial skills? |
identifying opportunities creating solutions taking calculated risks learning from failure decision making building something of value |
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Why are enterprises important to the economy |
Boost the economy creates new ventures encourage independence employment opportunities contributed to development and social change |
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Whate are the push factors of self employment |
no qualifications unemployment discrimination family pressure |
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What are the pull factors of self employment s |
family tradition identified gap beureaucracy independence entrepreneurial |
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What do entrepreneuers focus on |
growth |
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What are the four dimensions of innovations |
paradigm process product position |
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What are the types of innovation |
incremental- do what we do but better radical- doign something different disruptive - create a new market and eventually disrupts an existing market displacing established market leaders and alliances |
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What is the innovators dilema |
the establish companies can fall behind if thye put too much empahis on customers current needs and fail to adopt new technologies or business modesl that will meet their customers future needs. |
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What is organisational inertia |
it reduced the capability of incumbents to adapt successfuly to the new technological environement |
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What are the soruces of innovation? |
Accidents and the unexpected resources based on internal knowledge push market based view or need pull |
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What is strategic alignment ? |
The process of enaging the senior leadership team, the organisaton and key external stakeholders |
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What is industry foresight? |
A top down perspective |
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What is consumer/customer insight |
a bottom up perspective |
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What is core technologies and competencies |
the set of internal capabilities, assets |
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What is organisational readiness |
its ability to act |
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What is disciplend implemenation |
AN organisations capacity for effective |
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What are the elements of culture |
beliefs and value customs arterfacts rituals symbols common set of values rituals and behaviour filters of an interpreter of information |
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What can an organisation culture be influenced by? |
founder history leadership and managment style strucutre and systems indsutry location society in which it operates |
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what are the key dimesnions of culture |
power distance uncertainity avoidance individualism/collectivism masculintiy/feminimity long or short term orientatin |
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What is power distance |
the exten to which the less powerful memebers of institutions and organisatins within a country expect and accept that power is distributed unequally. |
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What is an individualist society |
Ties are loose ande veryone looks out for himself or herself |
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What is a collectivist society |
people interfrated into strong cohesive groups. Protection is exchanged for loyalty |
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What is masculine society |
Social gender roles are distinct. A focus on material success and taking responsbility. |
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What is a femine society |
social gender roles overlap. A focus on quality of life and helping others to achieve |
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What is uncertainity avoidance |
the extent to which the memebers of a culture feel threatend by uncertain or unknown situations
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What does strategy do? |
sets decision focuses effort by sitting between objective and implementation/action defines the organisation and its strucutre matches competences to opporutnitie s privdes consistency and a means of measuring success |
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what is strategic managmetn |
a set of related action managers take to increase company performance |
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what is strategic leadership |
effectively managing a sompanys statergy making process |
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what is stratergy formulation |
determing and selecting the right strategies |
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what is stratergy implementation |
putting those stratergies into action to improve companys efficiency and effectivness |
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what is an information system |
A system for capturing storing data and turning it into information which is usable to the person people for whom it is intended |
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why do we need IS |
in order to thrive a business needs to make a decisions to make decisions a business need information to get information a business needs data and an information system to process that data and trun it into information |
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what is data |
a by product of an organisation daily business data is unstrucutre and needs context and processsing to turn it into soemthing useufl for decision makers to analuse |
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What is information? |
The fact or state of knwoing. Data processed for a purpose can now be considered information |
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What does information allow us to know |
Best worst selling products customers buying trends regional buying trends cheapest most reliable suppliers most profitbale stores customer most least favourite stores |
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What are the levels of decision taking |
strategic - seniro managment
tactical- middle managemt operational- day to day activities
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types of information systems? |
transaction processing system decision support system managment infomration systems executive information systems eneterprise reosurce planning systems expert systems |
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What are the three aproaches for control |
output behabiour cultural |
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What are the three states of change |
current transition future |
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What are lewins three phase model for a change process |
unfreezing moving/chaning refreezing |
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What is dawsons ten general lessons |
No simple universal prescriptions for how to manage change Change strategies must be sensitive to people and context Major change takes time Different people experience change in different ways We can learn from all change experiences not just successful ones Employers need to be trained in new methods and procedures - often overlooked Communications must be ongoing and consistent Change strategies must be tailored to fit the substance and context Change is a political process Change involves the complex interaction of often contradictory process |
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What are firm Specific advantages |
A unique capability proprietary to the organisation May be built upon product or process technology Marketing of distributional skills |
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What are location specific advantages |
Natural Resource Endowments The Labour Force Associated Cultural factors Potential markets |
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What are building firm SA's |
Increasing operating scale to grow margins Building capabilities and specialist skills Reinvesting in innovation Acquire knowledge by purchasing a business |
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Seeking Location SA's |
Exploit fast growing markets Operating within economic blocks Provide superior service close to customers Low operating cost of new locations |