Nectar Of Wisdom

Adam Smith has famously said, “Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to only so far as it may be necessary for promoting that of the consumer.”
Consumption depends on the consumer. Consumer does not necessarily buy the best, or reject the worst. Consumers purchase what offers them value. Value is always in the eyes of the beholder. Organization has to ensure customer satisfaction by offering value. Most authors define value as benefit to cost ration. To equate…

Benefit Functional Benefit + Emotional Benefit + Experiential
Value = ————– = ————————————————————————————–
Cost Acquisition cost + Time cost + Energy cost + Psychological cost

Benefit has two components Function and Emotional. The functional component comes from the quality of the product, its ability to perform. Emotional benefit most comes from the communication done with the customer, the positioning strategy employed by the company. Position is in the mind of the customer.

Components of the cost are acquisition cost, time cost, energy cost and psychological cost. Value to the customer can be increased by increasing the benefit, or reducing cost, or keeping cost same but reducing cost, or maintaining benefit same but reducing cost, or increasing benefit more than increased cost, or reducing benefit but reducing cost more etc. Similarly, value can be increased by reducing time cost, energy cost or psychological cost of the customer. Time costs can be reduced by reducing the lead period, energy costs can be reduced by using good IT systems and MIS. Customer’s psychological cost can be reduced by ensuring delivery schedule, consistent quality, etc.

The five elements discussed in this book actively interact with each other.
To improve the quality, quantity and quickness; when the organization improves strategies, structures and systems along with careful analysis of resources and relationships, each of the five elements contributes to the outcome.

The three generic strategies suggested by Michael Porter are
Overall cost leadership,
Differentiation and

Economies of scale offers price competitiveness. M&A by increasing the scale of operations offer better economies of scale. Horizontal integration, integration of companies at the same stage of production, offer price competitiveness as result of increased production. Efficient manufacturing processes also offer price competitiveness. Increased demand through market penetration and market development warrants increased production offering economies of scale, leading to price competitiveness. When an organization enters into Joint Venture (JV), JV partner, depending upon the agreement may either offer better technology leading to better quality product or share production, giving economies of scale. Quantity is thus an important element.

Quality offers functional as well as psychological benefit to customer. Quality of the output depends on raw material used, production process employed and skills of the employees. Good quality of raw material can be ensured by vertical integration strategy. Backward integration ensures better raw material quality whereas forward integration by virtue of better customer service ensuring improved customer satisfaction. JV, long term partnership and strategic alliances as well help in improving quality of the product.

Operational efficiencies can be achieved by eliminating unnecessary activities, and giving time targets to employees. Organizational structure and efficient systems also contribute to quicker response to dynamic market conditions and changing customer needs.

There are multiple strategic options open for an organization to grow. However, which strategic option to select is based on the objective that the organization want to achieve. Having determined its values, vision and mission, the organization’s objective, preferred future positions that it wishes to accomplish, should be ascertained. Objectives denote sought after results which the organization aspires to accomplish. They indicate the specific domain of aims, activities and accomplishments.

The five tasks of strategic management are as follows.
Develop a strategic vision and business mission
Set objectives
Craft a strategy to achieve objective
Implement and execute the strategy
Evaluate performance, monitor new development, corrective action
For growth, organizations should primarily overcome its weakness and challenges and leverage its strengths and opportunities. We have discussed that the organization is exposed to two types of environment, internal as well as external. Internal environment comprises of

• Value system: Choice of business, mission and objectives, business policies and practices.
• Vision, Mission and Objectives
• Management structure and nature
• Internal power relationship
• Human resources
• Company Image and brand equity, Infrastructure, R&D, Marketing resources, Financial factors
And the external environment comprises of
• Economic,
• Political,
• Regulatory,
• Socio/cultural,
• Demographic,
• Technological,
• Natural, and
• Global environment.

Thus, while formulating a strategy organization must put emphasis on internal as well as external environment.
Chris Bradley, et al., (2011) listed following tests for a strategy…

Will your strategy beat the market?
Does your strategy tap a true source of advantage?
Is your strategy granular about where to compete?
Does your strategy put you ahead of trends?
Does your strategy rest on privileged insights?
Does your strategy embrace uncertainty?
Does your strategy balance commitment and flexibility?
Is your strategy contaminated by bias?
Is there conviction to act on your strategy?
Have you translated your strategy into an action plan?

To answer these questions organization must go for SWOC analysis and identify area of emphasis to determine the appropriate strategic option. Pearce and Robinson (1988) in the book Strategic management: strategy formulation and implementation discussed the SWOT analysis .

Area of emphasis
Internal External

Overcome Weakness & Challenges

Redirect resources

Turnaround / Retrenchment



Acquire resources

Vertical integration




Leverage Strengths & Opportunities


Market development

Product development


Horizontal integration

Concentric diversification

Joint Venture

Source: Adapted from Pearce and Robinson 1988


Company can set out its strategic agenda based on the above guidelines.
It is the external environment which exposes the organization to challenges and internal weaknesses. As listed above, the external environment: Economic, Political, Regulatory, Socio/cultural, Demographic, Natural, and Global environment are common to all firms. However, technological changes could be company specific, as advantage to innovator and challenge to competitors.

As we discussed in the Arthur D Little matrix, strategy to be employed by the organization depends on the competitive position of the company. Yet the decision making has to be quick because if the technology is accepted by the industry in a short span of time then it quickly gets into the growth and maturity stage reducing the response time available to other firms and adversely altering their competitive position. Company thus has the option of internally redirecting resources to either develop the competitive technology, or else attempt turnaround. If the challenge still persists then go for retrenchment, divestment or liquidation as the situation may demand.

A cash rich company can however think of acquiring the resource, in this case the technology from the innovator to improve the quality of its product. The other option available is to attempt cost leadership compared to the innovators product, which demands either economies of scale, indicating quantity, by vertical integration to save cost. Company can as well go for diversification to reduce dependence on the product and form a conglomerate or geographical diversification to get access to new markets and thereby ensuring quantity but it has to be quick to avoid becoming laggard.

Organizations growth depends on its ability to overcome weaknesses and challenges and leveraging its strengths and opportunities.

The Three Qs and five elements: Quality, Quantity, Quick
Q-1: Ensure quality of the product
With increasing automation, quality in production will be at parity. Quality of the output (product) is no more a production function. Quality of the product is now a strategic function. Benchmarking quality of the product with competitor would be suicidal. Quality improvement is not about increasing the features of the product. Quality is something that the customers will experience while using and disposing off the output of the organization. Companies will have to look beyond their industry boundaries to develop a quality product.

Quality of the output also improves with the technology. For instance, the communication business. If the communication earlier was oral through a media, it moved to written through post, or personal delivery. It moved to telegrams, fax, email which ensured the speed of communication. Mobiles over a period of time ensured real time oral communication. As technology improved communication is audio visual. Initially improved communication meant only noise free communication, incremental improvements. Audio visual communication was a radical improvement in communication, much beyond noise free. Organizations thus must look at the core functional benefit customers look forward to and improve the customer experience with the core benefit.

Quality of communication has improved from written to video communication, not by adding features but by importing more benefits from other product categories like, audio equipment (mike, speaker etc.) and video equipment (camera, display etc.).

Strategies which can improve the quality of product are JV, strategic alliances and M & A, and Value Chain Analysis. As the organization concentrates on quality of raw material procured, operational efficiency, outbound logistics, marketing and sales and service.

Apart from feedback from customer, distributors and channel partners; involving suppliers in production process helps companies get better quality consistently. To ensure good quality, V-guard works closely with its vendors. “More than being a vendor, we work for V-Guard as a partner. The company is quite committed to maintain the quality of its products and provides constant feedbacks to improve upon the various aspect of production,” asserted Vivek Mahajan, executive director Navrich Electronics, supplier of stabilisers and invertors to V-Guard.

Following table indicates strategies, structures and systems and their relative impact on quality, quantity, quickness, as well as resource utilization and relationships. As mentioned earlier the five elements are interrelated and have impact on each other as well. Thus a good strategy has positive impact on relationship as well as resource utilization. Thus the elements are presented as consolidated.

Impact on
Strategy Quality Quantity Quick Resource Relationship
Stability ü      ü      ü   
Growth ü    ü      ü     
Market Penetration ü    ü      ü    ü   
Market Development ü    ü         
Product Development ü          ü   
Diversification ü           
Vertical Integration ü      ü  * ü  * ü  *
Horizontal Integration ü    ü  * ü  * ü  *  
JV, SA, Long Term Contract ü  *   ü    ü  * ü  *
M & A ü  * ü  * ü  * ü  *  
Value Chain Analysis ü        ü    ü   
Overall Cost Leadership   ü      ü    ü   
Differentiation ü        ü    ü   
Focus ü        ü    ü   
Line     ü  * ü    ü  *
Line and Staff ü    ü      ü     
Functional ü  * ü  *   ü  *  
Geographic   ü    ü      ü   
Product Specialization ü  * ü  * ü       
Customer Specialization ü  * ü    ü      ü   
Matrix ü    ü    ü    ü     
System ü      ü    ü    ü   
*Indicate highest impact

Structure refers to the relatively more durable organizational arrangements and relationships. It prescribes the formal relationships among various positions and activities.
V-Guard had a strong network of 200 plus service centres, 3,000 channel partners and about 20,000 dealers . It had presence in diverse geographies, with 28 branches and 1,800 employees. The company’s seven manufacturing units located in Coimbatore, Uttarakhand and Himachal Pradesh, while its R&D centre, approved by the Department of Scientific and Industrial Research, was at Kochi. Kochouseph Chittilappilly, Chairman, V-Guard mentioned, “All these years, we have been a dominant player in south, now we are aiming to replicate this success story to other non-south markets as well. All our efforts towards this end have paid rich dividend so far, with product evoking more than satisfactory response in newer markets.”

To strengthen its distribution network, V-Guard was adding 725-750 channel partners annually for a period between 2007-08 to 2011-12. To be a pan-India player, the company strengthened its sales and marketing network considerably by increasing its distribution network. It expanded the non-south distribution network from 34 exclusive distributors and 16 channel partners in 2007-08 to 95 exclusive distributors and 1,365 channel partners in 2011-12. To make a dent into the newer territories, V-Guard had been wooing the distributors in these markets with higher margins of 5.5 per cent, as against 4.0-4.5 per cent in South.
System, as discussed earlier (in chapter IX) refers to a set of detailed methods, procedures and routines created to carry out a specific activity, perform a duty, or solve a problem. Systems set the time targets and ensure elimination of unnecessary activities.

Amul, is India’s best known milk brand – despite credible competition from the slew of home-grown and MNC brands and mom-and-pop vendors. In its efforts to connect with a younger and wider audience, ice-creams and some quirky advertising are hardly the only things that Amul has been consistently working at. Considering the changing demographics, socio-cultural factors, the Gujarat Co-operative Milk Marketing Federation (GCMMF) that owns the brand is looking to augment its presence across newer territories, age groups and product categories .
For years, Amul was protected by the Government’s licensing norms, which didn’t let private sector players get into the act . Cooperative brands such as Punjab’s Verka, Maharashtra’s Warana and Anshra Pradesh’s Vijaya, made up for what Amul couldn’t deliver.

In 1991, private companies were allowed in. Armed with sophisticated product technologies, they had the know-how to whip away the market’s cream. They needn’t stick to the top end; equipped with efficient production tools, they could play the cost-crimping game with finesse. With these challenges were new opportunities. Newer retail opportunities were in a younger, aspirational India and aggressive private players seek to grow in the ever expanding dairy space – India was the world’s largest consumer of milk products and the demand for these was only growing as prosperity levels went up.

Strategy: Amul responded by augmenting its presence across newer territories, age groups and product categories. Brand entered a whole new, unexpected space – chocolate-flavoured milk additive, Amul Pro, to compete with likes of Boost, Complan, Bournvita, Horlicks in the milk additives market. Amul Pro was differentiated on two parameters, price and quality. The then managing director, and current CEO GCMMF, R. S. Sodhi was quoted as saying, “This is superior to other brown health drinks brands in cost and in nutrition value. It makes nutrition affordable to consumers.” Mr. R. S. Sodhi added, “In terms of product innovations, we will sharpen our focus on value-added derivatives, moving further up the value chain. We will continue to enhance our range of fresh and fermented products.”
Amul also ensured quality by controlling the raw material, operations, distribution and sales and marketing.

Amul model is, more than 16 million milk producers pour their milk in 1,85, 903 dairy co-operative societies across the country. Their milk is processed in 222 District Co-operative Milk Unions and marketed 28 State Marketing Federations . Typically, just 60 per cent of a normal plant’s capacity is used, taking as an average over the year. In the peak season – winter – processing sees a high utilisation level of 90 per cent, falling to 50 per cent in summer. The factories are built to handle the peak flows.

Amul model establishes a direct link between the milk producer and consumer eliminating the middlemen. Since the procurement is across the country the inbound logistic costs are reduced and so are the distribution cost with the 222 District Co-operative Milk Unions and marketed by 28 State Marketing Federations.
If a sector, industry is driven by technological advances, Joint Venture may help the organization gain foothold in the market.

Indian automobile industry, post liberalization saw most of the home-grown companies go to multinationals for technology. Bajaj – Kawasaki, Hero Cycles – Honda, Kinetic – Honda, TVS – Suzuki to name a few. Companies had internal strength of being present in Indian market with distribution network and brand name, the external emphasis to improve the quality was to get contemporary technologies.
Strategic alliances too can help organization for a specific purpose. For instance, procuring important components.

Q-2: Manage the Quantity
In highly competitive and price sensitive markets, organization must manage the quantity. Quantity does not refer to only production quantity but the distribution and promotion as well. Operational synergies reduce the cost and offer price competitiveness.

Internally an organization can increase its presence in new markets, market development strategy, and thus get favourable quantity. Or increase its product portfolio and get economies of scale in distribution and promotion.
Externally, Integration strategies, particularly horizontal acquisitions offer economies of scale by increasing the quantity. The benefits of economies of scale can be passed on to the customer for price competitiveness by retaining higher profits improve the bottom line.

From a mere manufacturer of electrical voltage stabilisers, V-Guard Industries came a long way. Company diversified its product range – voltage stabilisers, pumps and water heaters to electrical wires, fans, solar water heaters, digital UPS systems, inverters, induction cooking tops and switchgears, thereby reducing dependence on stabilisers. V-Guard geographically expanded to Delhi-NCR, Uttar Pradesh, Punjab, Haryana, Maharashtra and other states by expanding its distribution network significantly. “From being a household name in south India, the company has now consciously spread its wings to a much bigger geography. This is not only an attempt to de-risk our business model from regional concentration, but also to provide the desired scale and growth, moving forward. We have already begun reaping the benefits”. Mentioned Mithun Chittilappilly, Managing Director, V-Guard Industries. Robust brand equity, coupled with strong distribution network and diversified portfolio, has provided the company with a chance to go head on against the competition.

When the company has strengths it should leverage its strengths internally by being focused, should develop new markets for existing products, develop new products to cater to changing consumer preference and should invest in R&D to innovate.

Innovation is not necessarily in product development only but also in the entire value chain.
In intensely competitive markets proven and tested products should be launched in the new markets when the organization is employing market development strategy. All the parameters of value chain have to be addressed when the organization is looking forward to expanding its markets.

When an organization is going for market development strategy, apart from, efficient inbound logistics, efficient operations and outbound logistics; the efforts have to be backed up by a well-chalked-out promotional drive.
As a brand building exercise, Publicis Ambience had undertaken national level activities for V-Guard. V-Guard associated with a premium sport event such as IPL, it was official partner to Kerala’s IPL team Kochi Tuskers. Kaustav Das of Publicis Ambience mentioned, “We are not just acting as a creative agency; we are also a partner helping V-Guard achieve its goals in a desired fashion. We are trying to contemporise the brand as per the changing demographics.”

To be price competitive, on Manufacturing front, V-Guard followed an asset light model where 60 per cent of its total portfolio is outsourced from multiple vendors. While the company makes almost the entire lot of wires, cables and solar water heaters, it outsources other products in varied quantities. Even as the company outsources a majority of its product basket, it lays greater emphasis on product developments and innovations.

To ensure quantity, Amul employed product development strategy, ensured superior product quality, affordable price and addressed changing consumer needs. Simultaneously Amul employed market penetration strategy by focusing on expanding category penetration and enlarging consumer base to tap the huge potential of for branded, packaged, value-added dairy products in urban, semi-urban and rural India.

Milk turns sour easily, thus the production planning is critical. Projections of milk supplies have to be accurate, and what it goes into has to be synchronised with the rest of the sales and distribution. Amul’s priority order is clear: liquid milk, baby food, butter, ghee and then the rest.
GCMMF’s core products remain pouched milk and products like butter and ghee. But steadily added to its bouquet – from khoya to shrikhand, butter, cheese and paneer to yoghurt and butter milk, the brand-name Amul is synonymous with any of these – GCMMF is striking newer ground to take on emerging competition from NMCs and private dairies and government supported competition cum sibling Mother Dairy.

Q-3: Be quick
The business environment is dynamic. Yesterday’s strategies and products may not be motivating to staff as well relevant to customers. Organizations need to quickly address to external environment. This does not mean that it should introduce new products every day, or innovate every day. But when the company wants to reduce its dependence on a set of products of wants entry in new market it has to be done as quickly as possible, obviously with due diligence.

Strategy to be quick in market entry or new product is M&A. Vertical as well as Horizontal. Vertical integration quickly gives access to key resources or distribution network depending upon the nature of acquisition. Whereas, a horizontal acquisition quickly gives access to new markets and production capacities.
Mergers & Acquisitions are not inevitable. Companies can organically too, quickly gain access to markets, though not as quickly as M&A.

V-Guard while consolidating its position in the southern markets was ramping up its operations in non-south markets like Delhi-NCR, Uttar Pradesh, Punjab, Haryana, Maharashtra by expanding its distribution network significantly. Out of 230 exclusive distributors the company had, a little more than half were in non-south markets.

With its distribution network, V-Guard gets feedback from its dealers about the product performance and customer needs. Company’s asset-light structure reduces capex and working capital requirements and generate higher return ratio. Thus company can optimise its resources and focus on brand building and product diversification initiatives.

Replicate its success story on a pan-India level. Consolidate its presence in south, and gain desired traction in the non-south markets. While aiming to leverage its strong brand recall of south, is putting efforts to contemporise the overall brand image to take on the competition in a much wider geography.

The innovation, new product lines and market penetration increased sales of Amul, all this was possible with excellent procurement policy. The dairy sector is largely unorganized. The cattle ownership in India is fairly fragmented. Amul developed a three-tier system to procure milk from millions of farmers across India, some owning just a cow or two giving as little as 10 litres a day. Individuals give milk to local cooperatives, which pass it on to district-level unions for pasteurisation and, if need be, spray-drying and other higher-order types of processing jobs.

System: The robust supply chain run bottom up and a large distribution network gave Amul an almost unassailable advantage. In the value added products categories like butter and cheese, competitors are compelled to give higher margins to their distributors, to compete with Amul products.

Relationship with the supplier, the farmers is of highest level. The co-operative structure delivers on both quality and quantity of milk procured. With a mandate to look after the interest of farmers, rather than only work at profit margins, federation pays better than anyone else in the business, farmers remain loyal to co-operative dairies and ensure that these get good quality and quantity of milk.

Farmer members also receive additional incentives in terms of free veterinary service to their cattle, a good quality feed at lower prices and a bonus at the end of the financial year. The farmers are also paid a fixed price throughout the year, unlike private players who give less price for the milk during the peak season.
Strategy [Market development, Product Development, Market Penetration, Innovation, Low cost, Quality]
If Amul had restricted itself to selling only milk, the GCMMF would not have been able to provide remunerative price to its members. In order to give higher price for milk to its farmer members (it gives the highest procurement price to farmers in the country), the federation added more value-added products over the years. Company could nearly double the procurement price of milk mainly because of higher profit margins on value added products.

Structure [Procurement, Operations, Distribution, Value Chain]
In the business of milk, the amount of volumes player handles is obviously crucial and it is here that co-operatives like GCMMF or indeed the Karnataka Co-operative Milk Producers Federation (KMF), the second-largest in the country hold sway.

System [Time targets, Eliminate]
Since the co-operatives and organisations such as the government backed Mother Dairy with its stronghold in the NCR, handle such large volumes, they focus on liquid milk (and ghee). The Co-operatives also work at wafer-thin profit margins that private entities do not necessarily find attractive or even worthwhile. So, private players in the space seem to have developed a different approach to the business by focussing on value-added products that can be marketed at a premium, largely to higher-paying urban/metro consumers.

Resources [Procurement, Machine, Manpower, Money]
Companies resources include its capabilities, competencies of its employees. When faced with weakness internally company can divert its resources or if the company is cash it should rich acquire resources to overcome the weakness and meet the challenge. Other recommended strategies for the organization to overcome the weakness or challenges it should go for vertical integration to reduce dependency on suppliers or distributors as the case may be. To reduce dependency on a market or a product company should go for diversification or form a conglomerate.
Private dairies are not in a position to augment their milk procurement and distribution network on Amul’s scale. Amul has nothing to fear from private players mainly because of the advantages in terms of distribution network and logistics. Moreover, Amul has also been adding to its areas of procurement to maintain its leadership position and cater to the rising demand for both milk and value-added products, even as it innovates and looks to widen consumer base.

Relationship [Supplier, Customer]
The GCMMF, as a policy, deals only with co-operative institutions in other states. In fact, its member unions have also helped set up village-level co-operatives in states like Haryana and UP. A strong focus at the federation now is on reducing the number of infertile animals. As part of the fertility improvement programme being implemented from 2007-08, milk unions have deployed teams of veterinary consultants. The milk animals have been made productive through artificial insemination at the appropriate time and by providing nutritious feed; both measures for which farmers willingly pay to their own benefit.

The federation has prepared a mixed ration programme to provide nutritionally balanced animal feed to farmers at their doorstep and to reduce the cost of feeding and increase health and productivity of the livestock. The continuing thrust on small farmers remain clear in the midst of all this.
In order to make its members co-operatives clearly understand the broader vision and mission, the GCMMF also holds regular training workshops twice a year. Called Hoshin Kanri, a Japanese phrase for policy deployment, these discuss organizational goals and targets.

Video recordings of the exercise at the headquarters are shared with field sales team and distributors. This ensures that everyone is involved in the marketing process and has complete clarity about the organization’s goals and strategy.

In order to strengthen knowledge and skill base of young girls and women in the villages about milk production management, the federation, with technical collaboration and resources of Anand Agriculture University, has initiated a mahila pashupalan talim karyakram program for women resource persons of the member unions. The federation also supports member unions in strengthening infrastructure for quality and clean milk production.
The federation has also continued with its policy of appointing professionals as top executives. While the board of directors comprises of elected heads of the district co-operatives, the staff employed by it are technically qualified persons either with an MBA degree or degrees in dairy technology, veterinary science, finance and accounting from reputed educational institutions.

The attrition rate at the federation has been low, especially at the higher management level. The low attrition rate at the top management level has enabled the federation to quickly address new challenges that came along with Amul’s foray into new products and markets. Consistency in marketing communication strategy has also helped build Amul’s brand equity even while it introduced new products at short intervals in newer markets.
To improve quality of the product, companies should employ value chain analysis, JV or get into strategic alliance. To get economies of scale and the desired quantity company can employ horizontal integration, JV, strategic alliance and market development strategies. To ensure quickness M&A prove more effective provided there are no cultural mismatch.

Organizational structure should be restricted to the geographic, functional, product or matrix types. Structure goes much beyond that as observed in case of large number of organizations. Mahindra & Mahindra, Amul, V-Guard all had structure to innovate, develop new product, suppliers other stake holders. Structural arrangements also help in improving quality, quantity as well as operational efficiency, quickness.
Systems of the organization help organization improve its quality, quantity and quickness. Systems at Amul helped it improve entire value chain, quality of its products, handle large procurement and responsiveness to changing customer needs.

To leverage its strengths and opportunities internally, company should develop markets and new products, focus and innovate. Externally, company can look for horizontal integration, concentric diversification or JV.
Though organization can employ multiple strategies for growth the success of the strategy still depends on the Internal consistency, consistency with the environment, appropriateness in the light of available resources, satisfactory degree of risk, appropriate time horizon, and workability in the organizational context.


Smith, Adam. 1776. An Inquiry into the Nature and Causes of the Wealth of Nations. London: Methuen & Co (Book IV, chapter 8, 49)
Stanton, William, J, Etzel Michael J, Walker Bruce J. Fundamentals of Marketing, McGraw-Hill International Editions, Tenth Edition; Kotler, Philip; Keller, Kevin Lane; Koshy, Abraham; Jha, Mithileshwar; (2009), Marketing Management. A South Asia Perspective, 13th edition.
Bradley, Chris, Hirt, Martin and Smit, Sven (2011) Have you tested your strategy lately? January McKinsey Quarterly
Pearce John A., Robinson, Richard Braden, (1988) Strategic management: strategy formulation and implementation, Irwin,
Gupta, Arbind (2013) Taking a fresh guard, Business India, May 12
Desai, Nachiketa (2012) Never too old for growth, Business India May 13
Kohli, Vinita with Prabhakaran, Prasant (1996) When tomorrow comes, A&M May 15
Desai, Nachiketa (2012), April 11, 2020 14.49 hours
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Desai, Nachiketa (2012)

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