Operations and Strategy: Outback Steakhouse analysis - Case Study Example

Operations and Strategy: Outback Steakhouse case analysis Revise requires: Part A: Operations parts I need use key operation framework: 5 performaceobjectives and 4Vs. Also more importantly, we need focus on the impact of the issues and make the recommendations. She said there are too much description works, really we need do is brief descriptions 2.Analyse the impacts of the issues in the case, 3.Recommandations for the issues. Part B: Strategy Part, "1. Please read the assessment criteria carefully, everything you need do are inside! 2. too less evidence from the case. I know need the description words, really you need the find the details in the case to build your argument. 3. there are no internal analysis, less external analysis, no stakeholder analysis, produce a mission statement (again you need read and consider the questions). 5. Recommendations you need cover both areas where the company might consider continuing its current policies and areas for change. Again, there are too many description words in the both Part A and B, please modify it and remember you should analyses base on the case, for eg. how the case company running their business, then using the concepts in the right place, you need using it not to tell whats it is or what happened in the case. Table of Contents Operations and Strategy: Outback Steakhouse case analysis 1 Revise requires: 1 Part A: Operations parts I need use key operation framework: 5 performace objectives and 4Vs. Also more importantly, we need focus on the impact of the issues and make the recommendations. She said there are too much description works, really we need do is brief descriptions 2.Analyse the impacts of the issues in the case, 3.Recommandations for the issues. Part B: Strategy Part, "1. Please read the assessment criteria carefully, everything you need do are inside! 2. too less evidence from the case. I know need the description words, really you need the find the details in the case to build your argument. 3. there are no internal analysis, less external analysis, no stakeholder analysis, produce a mission statement (again you need read and consider the questions). 5. Recommendations you need cover both areas where the company might consider continuing its current policies and areas for change. Again, there are too many description words in the both Part A and B, please modify it and remember you should analyses base on the case, for eg. how the case company running their business, then using the concepts in the right place, you need using it not to tell whats it is or what happened in the case. 1 Table of Contents 2 Part A – Operations 3 Introduction 3 Key operational challenges that face the Outback Steakhouse in its bid to expand the business internationally 4 Part B – Strategy 13 Strategic plan for Outback Steakhouse 13 SWOT Analysis 14 PESTEL Analysis 16 Competitive Analysis 18 Mission Statement 20 Alternative Strategies 20 Recommendation 22 Reference 23 Bibliography 24 Part A – Operations Introduction Chris Sullivan along with Bob Basham and Tim Gannon in the early years of 1988 coming from the background of restaurant management opened two stores of Outback Steakhouse following an Australian style theme with an adventurous outdoor facility for the customers. At the beginning the company is financed by friends and family for the partnership but later during the year 1990 friends of the three entrepreneurs approached for being the franchise of Outback Steakhouse and the company started expanding into the business with joint ventures and franchise scheme. The company’s growth rate is very high as compared to other players in the market. The company is growing and opens around 70 stores per year and is expected to grow even more in coming years with an estimation of 500 to 600 stores in the next 5 years. With such a fast growing rate the company very soon reached its saturation level at US market thus expansion plan are very required for the company to maintain a sustainable growth rate in the restaurant market. But with an international expansion the company will also face several challenges in different countries which are needed to be evaluated by the company in order to understand the suitability of the market with the company’s operation. Finding a suitable market will result in sustainable growth for the company and the company will also be able to understand the trend in different market for the type of food produced by the company. Key operational challenges that face the Outback Steakhouse in its bid to expand the business internationally There are various factors like Market demand, Cultural and social factors, raw material suppliers, infrastructure and regulations and trade restriction of the particular country are required to be evaluated with proper research to find the suitability of the country of expansion with the company’s product. Market demand Market demand is of the major factor which is needed to be evaluated by the company before entering into new market. The market demand can be understood by the company by several factors like the level of disposable income of the country, demographics, socio economical condition of the country and the life style of the people in the region. Market size, growth and potential of the market are also very important for the expansion plan of the company (Luo, 1999, p. 120). In economically developed country people are more into spending for costly foods and other entertainments available in the market. Looking at the case of Outback Steakhouse, going international on one hand brings a lot of opportunities while on the other hand it brings many challenges, aligning the product offering with the level of income in the society is crucial in estimation of market demand. The case was same for Outback Steakhouse. Considering that estimation of market demand can be a crucial issue for a company during expansion, it is recommended that Outback steakhouse should estimate the market demand very carefully. The company needs to understand the demographics of a society in extensive detail in order to estimate the projected demand for the product and in case of a failure to do so the company will lose its brand image for example if the prices are beyond the range of masses in the society, it will eventually have a detrimental impact on the company. Life style of the country is another aspect to determine the market demand. The preference of people in a country towards a particular cuisine and style of dining convention are different for different regions. People preferring western cuisine can be a good prospect for the company on the other hand many countries many prefer different cuisine and dining style which is needed to be evaluated by the company before entering into the market. Outback Steakhouse may need to customize its products and even its name to match with the market demand of the country. Many companies follow this strategy to enter into the market for sustainable growth into the particular region like McDonald’s are renamed to ‘Croque McDos’ at france, ‘McArabia Koftas’ at Saudi Arabia region and the products are even modified like no beef and pork food for India and various another regions of the world (Schermerhorn, 2010, p. 220). Cultural and Social Factor Cultural and social activities in the international market can be another challenge for the company to explore its business in foreign market. People of every country have a specific trend and style which are due to the cultural and social influence of the country. For taking care of the social and cultural factor, Outback Steakhouse has to pay attention to the fact that matching the cultural and social need of the country is very difficult for many organizations especially in restaurant businesses where customers prefer to avail the services and the menus in the restaurant according to their taste and culture. Moreover, ambience of any restaurant plays a vital role in the process of attracting customers as they would like to eat their meal in an amiable and comfortable environment which should not only be soothing but also familiar to the customers. Same is the case with Outback steakhouse. Attention thus should be paid at this factor. Cultural tradition of the history, language barrier and regional values also acts as obstacle for the company to introduce new product in the market (Yu, 2004, p. 84). The employee management is also very crucial for Outback; it should hire employees from the same cultural and social background so they will better understand the customers and the hospitality style needed for the particular country. On the other hand, failure to do so where employees are from different social and cultural background will lead to customer dissatisfaction and miscommunication resulting in business loss. Since Outback is mainly focused towards the franchise practice for its expansion plan internationally the company need to select the entrepreneur also according to the cultural and social trend of the country (Gillespie, Jeannet, Hennessey, 2009, p. 531). It is imperative that the entrepreneurial potential of the employees is fully explored and developed in order to inculcate a feeling of ownership and loyalty towards the company and for their personal growth as well. Raw materials supplier Raw material supply is the primarily element for any business. International expansions for any food chain company need supply for food and drinks from the local market. This is one of the major barriers for any company expanding its business internationally. International traders often face problems in receiving products from suppliers in sufficient amount or of good quality. Suppliers Quality Assurance is very required to meet the demand of the customers in the market and maintain the brand image for producing quality foods in the industry (Dean, 2000, p. 127). These problems in international market may ruin the brand name for the company even in the local market. Again in international market the price are also not stable all the time which can be of immense problem for the company to maintain its price constant. Physical distance between the company and the suppliers can affect the franchise concept of Outback to great extent (Taylor & Grant, 2008, p. 7). Building relation with the suppliers is very important for any company to maintain low price for its products. Also the cost of transportation for the firm increases with more distance which leads to complication in processes like sourcing supplies, operational aspects and providing quality service from the management to the franchise. To overcome this barrier many companies implement their own supply chain management system for an easy access to raw material for the firm. But this convenience in business process incurs huge investment in the program. Being one of the leading brands Outback Steak can implement this strategy to enter into new market in other country. It is recommended that Outback steakhouse should follow the same strategy. Though it would be an expensive strategy but it will give Outback a competitive advantage over other companies since the primary objective of using own supply chain management system is to reduce cost of product and increase profit for the firm (Keat, 2011, p. 262). Infrastructure To establish business in a foreign country proper transportation and communication system are one of the basic requirement for any company. With proper means of various utilities like power, supply of water will help the company to establish its store and manufacturing plants in the country. Countries with inadequate supply of the basic needs of the living are not a suitable option for any new business establishment for any company. Infrastructure is a complex organization of various factors like employee needs, skilled labours, import export of the country, pollution factor and land usage policies of the country. Some of these factors are uncontrollable factors which are needed to be present beforehand to establish business in that particular market (Howes, Robinson, 2005, p. 58). Before entering into the market, Outback should conduct in-depth research on the place to understand the situation of the country. Another important issue are the availability of the suppliers in the particular region. This is the most important issue the company should evaluate before entering into the expansion plan into the new country. In case of Outback steakhouse it is highly recommended that restaurant should have available resources near to the location otherwise transportation of food and drinks from the suppliers will increase the cost of the product which in-turn will increase the price of food for the customers. The raw materials for the preparation of food, equipments for the manufacturing process, trained employees are very essential for the development process of the new firm into a new area. Regulation and trade restriction Import restriction of the country is not a very important aspect for the company to enter a new market. Most of the food products for the restaurant business are available from the local market. Very few materials are imported from outside the country. But sometimes Outback may face some problem in the import process of equipments for the restaurants and it might be expensive for the company to import goods from outside to start the process. In emerging markets there is restriction for foreign direct investments which might affect the company to enter. The even-handed tax regulation of the government may cause burden for international trade in some countries (Harrigan, 2003, p. 16). Food industry face strong problem primarily from national regulation of the country which is related to the food market and the standard of food which is supplied. Business licensing and business contracts are other issues which might affect the companies operation in a foreign country. Outback steakhouse should understand the rules and regulation of the country to find the suitability of the regulations with the business process. In most of the countries the regulation of the government are much more complicated than within US market. Since the company is mainly involved into Franchisee development process for its expansion it’s very difficult to deal with the complexities in the contractual agreements between the franchisee and the franchisor. Various issues of trademark, copyright, licensing, royalty payment and quality monitoring and control are needed to be aware of for a proper implementation process. Smooth trade will facilitate the process of allocation of resources in a more efficient manner for the firm (International Institute for Environment & Development, 1995, p. 1). Employment law is also an important factor from which Outback might face a challenge in their expansion plan. Various issues like ability to dismiss or lay off employees from the organization, requirements of union or board for the bargaining process over the wages and work condition might create some problem for the company to establish its business into the new market. Operations performance objectives To improve the performance of the operational techniques of the organization it is important to improve the all the factors which have direct impact on the performance level of the firm. The main performance objectives of the firm are Speed, Cost, Dependability, Flexibility and Quality. The speed of operations at Outback Steakhouse should be maximized to drive more crowds to the shop with the queue management technique for quicker service and the staff should be more trained in order to enhance their efficiency in delivering their services. The cost of products available at Outback should also be lowered to attract more customers by offering lower prices than its competitors in the market which can be done by using cost effective methods for production and servicing. Dependability is an important issue to be evaluated by the company to improve customer trust for the company. The company can make profits only if customers remain loyal and that is possible by making outback dependable and reliable. The operations should be effective from saving customers time perspective. Being flexible is also needed for Outback Steakhouse to meet the demand of the market. Adjusting price and operation of the company products according to the need of the customers will benefit the company in long run though it may incur more costs for the company. Adapting to the changing demands and tastes will also help the company to maintain its sales with the changing socio economic conditions. The quality level of the company is also needed to be examined from time to time to understand the position of the service and the product offerings. No compromise can be made on the quality of the products because the first thing customers evaluate after buying a meal is the quality and taste followed by the service of the company. 4Vs of Marketing The modern trend of marketing is changing at a very fast pace and from more supplier centric approach the concept s developing towards more customer centric approach with the new 4 V’s of marketing Validity, Value, Venue and Vogue. Validity Marketing of product is not only limited to the need of the market the validity of the product is needed to be understood by the company to offer products which is safe to the environment and the society. Outback has to make sure if their product is add positive social value to the society and eventually benefiting everyone without causing any environmental or social damage. Value Cost and price are not much concerned in today’s world. Customers are more focused towards value of the products they buy. If the customers do not perceive the product value to be in alliance with the price they are paying, company will eventually loose those customers. Outback needs to create value for the product rather than lowering the price of the products offered by sacrificing quality. Venue Venue is not only providing a place to supply products rather its now giving the comfort to the customers to avail products with ease and convenience to buy Outback food along with other needs at the same time. Time has changed and now people dine out to not only enjoy the meal but also ambiance and environment the restaurant has to offer. Outback should develop ambiance to enhance customer’s familiarity and emotional attachment to the place. Vogue Promotion is not only communicating with the customers but the promotion should be depending on the modern trend of the market. Outback should identify the advertising trend and then promote its product. Outback also must focus on the message that its product communicate to the customers as people don’t go for the product but for the value they derive from the consumption of those products. Part B – Strategy Strategic plan for Outback Steakhouse The company with the winning concept of the menu and the quality of food from the company Outback Steakhouse mainly focus on the customer centric approach of the business. They believe to provide the customer with the most possible pleasant experience with their quality service and food for the customers (Sunset Spiritualist Church, 2011). The atmosphere presented by Outback attracts the customers with their unique style. With the constant growth in the market the company still implements strategy to serve with the changing need of the customers and provide product and services according to the market choice. To offer quality service the company limits its seat capacity at different regions so that the employees are able to serve the customers with full attention towards them. This customer centric approach of the company is the most attractive quality of the firm which is needed to be carried out by the company at all locations. The quality service with high quality food is the main strategy of differentiation for the company which is needed to be maintained at all location of expansion with same standard to sustain its brand image. Along with the franchisee practice strategy the company should also look after the other expansion techniques like Foreign Direct Investment. The cost of Outback foods are also little higher than the competitors in the industry. Innovative products at low cost from the company can also attract the lower segment of the market. SWOT Analysis SWOT analysis helps the company to access its internal strength and weaknesses whereas also the opportunities and threats from the external environment (Bohm, 2009, p. 2). Analysing the environment will help the company to implement strategic decision in a more tactful manner. The strength, weakness, opportunity and threat for Outback Steakhouse can be referred as follows- Strength Outback revenue increased at a very fast pace in last five years and reached around $456 million from $25 million in five years. The company consistently over performed for the stakeholders thus have a great ground for any future financial needs from the stakeholders. The marketing strategy of the company with just providing the quality product to the customer is just unique for the customer to rely on the company. The strong brand image of the company for the quality and theme based service is very much preferred by the customers for its cheerful experience and ambience. Another strong reason for the growth and strong base of the company is due to the presence of the Entrepreneurial leaders at Outback Steakhouse with over 60 years of experience in restaurant industry. The corporate culture of giving equal importance to all the departments of the firm and maintaining an easy flow of information within gives a great advantage for the employee to interact and share ideas with the co-workers for more innovative approach towards customer satisfaction (Standard & Poors Industry Surveys, 1994, p. 6-8). Weaknesses The company suffered a loss in cash which reduces the firm’s capability to invest into new business processes. This will affect the company’s long term cash need for growth in future. Product differentiation according to the target market is not yet present at Outback menu. Also the company has not substantially differentiated its product from the rest and has not entered in other sectors of the restaurant business as well. The company’s plan to expand internationally with its ethnocentric view may fail in global market. Another weakness for Outback is, the company don’t have its own distribution system in international market which can act as a hindrance for the company to reach to customers in an effective manner. Opportunities The main opportunities for Outback Steakhouse are it’s yet to be reached market in domestic environment. The company brand image in domestic market is very strong thus it has great potential in international market also. International franchising can be very helpful for the firm to reach international market where there is still a huge potential to be tapped. Threats The main threats for the company are the direct rivals in the industry. The socio-cultural difference in the global market can also act as possible threat for the company. Selection of reliable franchisee upon going international can be a threat to the brand name if business is not conducted properly outside the US. Declining market growth due to saturation in domestic market will affect the business of Outback in recent future. Also the new entrants in international market can also act be a threat for the company in the expansion plan. PESTEL Analysis In order to understand the environmental effect on an organizational activity PESTEL analysis is conducted. This help the manager of the company a vivid idea of the external environment of the firm in which the expansion plans are conducted (Grant, 2005, p. 68). These factors of evaluation are as follows: Political The political issues of the country are an important aspect that the company should take care of. The taxation policies of the government and foreign trade restrictions are the major barriers for any expansion plan for any company (Donnelly, Harrison, Megicks, 2009, p. 82). Political turmoil and instability can cause serious problems in capital investment and ownership and result in declining foreign investment. Also, the consumption by the masses go down in the time of political crisis in a country which can severely impact the sales of outback hence it should evaluate these policies to understand the sustainability of the product in the particular market. Economical Economical condition of the country is another aspect of evaluation. The interest rate prevailing in the market, inflation and unemployment are major issues of the economy of the country which can have adverse effect on expansion plan for the company (Coles & Porter, 2008, p. 146). Social Various socio-cultural factors like population, income level of the people of the country, and the lifestyle of the people are important characteristic to access the sustainability of the Outback products. The company should concentrate towards the western country as it matches more with the company products and also should modify its product to suit the socio-cultural trend of the company (Henry, 2008, p. 56). Technological In food industry the company should use new technologies in their business and manufacturing process. Use of technologically developed equipments can reduce the cost of production for the company by using technology intensive methods while maintaining high quality food for the customers at the same time. Environmental The environmental law and waste disposal techniques available in the country must be well equipped in the target country. Being responsible to the environment is one of the major steps for a sustainable growth in the competitive environment of the industry. Also, people in many countries are more loyal to the environment conscious and socially responsible organizations and hence can be used as a factor to gauge customer’s attention. Legal The legal facet of the country is also needed to be understood by the company to find the suitability with the company’s operation with the employment law, competitive law and health and safety law of the country. Competitive Analysis To understand the competitive environment company use the Porter’s five forces model to evaluate the five factors which might affect the company in their business process (Hill & Jones, 2009, p. 42). These five forces are substitute products in the market, potential threat from new entrants, suppliers bargaining power, bargaining power of customers and the competitors in the market who are already prevailing in the industry (Roy, 2011, p. 26). Figure 1: Porters Five Force Model (Source: Kurtz, MacKenZie, Snow, 2009, p. 56) Substitute products in the market Substitute products for Outback steakhouse can be ready made food products which are available at supermarkets and retails. Foods available for home consumption can give the flexibility to the person to avail food at home comfort. But this acts a weak factor of threat for the company due to the rising household income and growing trend to avail food at restaurant. This factor can dominate if the prices charged by outback are increased beyond the range or willingness of customers in those case customers will prefer to avail the substitutes. Macro economic conditions can also have an impact on the sales, recession resulting in decrease in disposable incomes can significantly decrease the sales for outback or inflation can increase the cost of production etc. Threats from New Entrants Gaining a market share at domestic market from the existing players is difficult for any new entrants. Thus at domestic level the threat is low as compared to that at foreign countries as the domestic market is reaching the point of saturation so entry is no more highly profitable like it used to be couple of decades ago. Internationally there are huge untapped markets which are yet to be captured thus providing great opportunity for the firms to expand and creating moderate to strong threats for Outback in overseas market. Suppliers bargaining power There is enough number of suppliers in the market to supply materials for large restaurant chains. And also the domestic market has reached to saturation level thus the bargaining power of supplier are relatively low especially with long term relations with Outback. Bargaining power of customers Due to the existence of many restaurants in the market who are established for many years the customers are well informed about the food quality and services of the companies. Also, customers in today’s world have many options due to the increase in competition where prices have gone down to marginal cost and surpluses on parts of consumers in restaurant industry have gone up. Thus bargaining power of customer is relatively high as compared to other industries in the market. Rivals in the market With many players in the market in restaurant chain there is moderate to high competition for Outback Steakhouse to capture the market share. This competition is growing even more and with more rivalry it will intensify further in recent years. Outback was ranked 29th amongst 50 US restaurants present with around 0.53 percent of the total food service market of US (Standard & Poors Industry Surveys, 1994, p. 9-10). Mission Statement Being the leader in US market in restaurant industry the company should have a mission statement as follows- “To provide the customers with an experience of lifetime where they are not only served the most delicious meal available in town but also in the most comfortable and soothing ambiance from the leading entrepreneurs of the restaurant industry.” Alternative Strategies Domestic strategy application abroad Applying domestic strategies abroad will help the company to reduce its cost in implementation of new strategies in foreign countries. New strategies can also fail in new market as there is no experience for the company to implement that before and thus might fell short of expectation of the company. Following a single strategy of quality food and service will reduce the complexities in the business for the company. Applying domestic strategy will also help the company to maintain its existing style and structure of the organization thus resulting in decrease of associated cost with expansion plan but this implementation of same strategy is not very simple for the company in different markets as foreign markets are not always receptive to strategies from an outside market being implemented in their systems. So company has to work out every particular market by investigating and studying it painstakingly before it actually expands its operations in that market. The best policy would be to start from the nearest regions which have relatively similar socio economic conditions like Canada and Latin American countries and later expanding to other parts of the globe. Redirecting Investment Plans Investment plans with diversified products can also be an alternate strategy for the company. The company may invest into bar or alcohol centre as an extension of the existing restaurants or a completely separate business unit. On successful implementation the company will be able to understand the entrepreneurial ability of an individual along with growth in the separate unit. While deciding the alternate strategies the Outback Steakhouse should also evaluate the risk involved with the expansion plan along with the growth and profit prospect from the expansion internationally. The company should also carefully evaluate all the possibilities of risk and return before investing into different business units as the decisions made by the company would have an impact on the stakeholders as well. Recommendation Outback Steakhouse should possess a growth strategy comprising of both domestic and international expansion plans. Outback has to focus on its unique selling point (USP) in order to differentiate itself from the rest in the market and strengthen its brand identity so that wherever outback goes to expand, people would be able to relate with the brand name. Moreover, since domestic market is at the verge of saturation, it is high time that outback start executing policies to expand their business on global scale. Every company in the past that went international faced problems but with the leadership and dedication of outback’s management, it can overcome all the difficulties that might arise in its path. Also, it should enter other sectors in restaurant business by expanding the range of menu and meals it offers, restricting it to a particular style can limit the vast range of opportunities which can be investigated to attract the customers. Reference Bohm, A. (2009). The SWOT Analysis. GRIN Verlag. Coles, L. & Porter, E. (2008). Public health skills: a practical guide for nurses and public health practitioners. John Wiley and Sons. Dean, T. (2000). Food intolerance and the food industry. Woodhead Publishing. Donnelly, R. Harrison, G. Megicks, P. (2009). CIM Coursebook: The Marketing Planning Process. Butterworth-Heinemann. Gillespie, K., Jeannet, J., Hennessey, H. (2009). Global Marketing, 2009 Ed. Dreamtech Press. Grant, R. (2005). Contemporary strategy analysis. Wiley-Blackwell. Harrigan, J. (2003). Handbook of international trade, Volume 1. Wiley-Blackwell. Henry, A. (2008). Understanding Strategic Management. Oxford University Press. Hill, C. & Jones, G. (2009). Strategic Management Theory: An Integrated Approach. Cengage Learning. Howes, R., Robinson, H. (2005). Infrastructure for the built environment: global procurement strategies. Butterworth-Heinemann. International Institute for Environment & Development. (1995). Environmental Regulations As Trade Barriers for Developing Countries: Eco-Labelling and the Dutch Cut Flower Industry - 8121iied. IIED. Keat, G. (2011). Managerial Economics: Economic Tools For Today S Decision Makers, 6/E. Pearson Education India. Kurtz, D. MacKenZie, H. Snow, K. (2009). Contemporary Marketing. Cengage Learning. Luo, Y. (1999). Entry and cooperative strategies in international business expansion. Greenwood Publishing Group. Roy, D. (2011). Strategic Foresight and Porter’s Five Forces: Towards a Synthesis. GRIN Verlag. Schermerhorn, J. (2010). Management. John Wiley and Sons. Standard & Poors Industry Surveys. (1994). Outback Steakhouse, Inc.[Pdf] Available at: http://faculty.citadel.edu/betterton/BADM635/Sample_Team_Case_Outback.pdf. [Accessed on: July 20th 2011]. Sunset Spiritualist Church. (2011). Outback Steakhouse. [Online]. Available at: http://www.sunsetcamp.org/feeders/outback-steakhouse.htm. [Accessed on: July 20th 2011]. Taylor, M. & Grant, R. (2008). Outback Steakhouse. Yu, X. (2004). Cultural factors in international relations. CRVP. Bibliography Barney, J.B. and Hesterly, W.S., (2006). Competitive Management and Competitive Advantage. Pearson Prentice Hall. Hamel, G. and Prahalad, C.K., (1994). Competing for the Future Harvard. Business Press. Hill, T. (2005). Operations Management (2nd Edition). Palgrave Macmillan. Jarazabkowski, P, (2005) Strategy as Practice. Sage. Jick & Peiperl (2002). Managing Change, Text & Cases (2nd Edition). McGraw Hill. Johnston & Clark (2008). Service Operations Management (3rd Edition). Pearson Education. Kay, J. A., (1993). Foundations of Corporate Success: How Business Strategies Add Value. Oxford University Press. Lynch, R., (2003). Corporate Strategy. FT Prentice Hall. Stevenson, W (2008). Operations Management (10th Edition). McGraw Hill. Van Looy et al (2003). Services Management (2nd Edition). Pitman Publishing. Read More