Unit 711 - Strategic Planning Assignment
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Introduction- Strategic Planning Assignment
In this study, the company Nestle is selected for the development of its business strategies and a new business strategy is going to be discussed that can be merged with the existing business strategy of Nestle. The notion of strategic management can be very beneficial to specify the mission, vision, strategies, and controls (George et al. 2019). As per the definition of strategic management, this is the continuous monitoring, planning, assessment, and analysis of the organization to achieve the objectives and goals. In strategic management, strategy implementation and formulation are included.
Aim: The main aim of Nestle is to offer their services and products to their customers as per their demands and requirements. Their products have a contribution to public health as well as to the environment. This gives guidance to the choice that they make today and increases the shape of the organization for tomorrow by the evaluation of the products, acquisitions, innovations, and partnerships. Nestle tries to reach organic growth by the year 2020, through refocuses on their businesses, investments in the products, and active management in their portfolios after the categories of high-growth. The company ensures the best-branded food while maintaining its quality of standard to bring consumer satisfaction. They not only concentrate on short-term profit but also prefer successful long-term business development. Nestle believes in maintaining trust with its service and production. They establish benchmarks while following different legislative requirements to maintain their good business practices. They follow strict professionalism in their work environment and a responsible attitude to manage their employees. According to CAO (2022), this is key to their long-lasting success, where they ensure that they monitor progress and build mutual trust with their business partners and consumers. The company follows and respects the local laws of each market at the time of distribution.
The company focuses on their efforts to maximise the creation of a shared value among the employees. They invest and strategize the long-term business plan. They follow the ethical ground in their production and running their business. As per the view of CHIA-CHI (2021), the company follows sound governance and that helps the customer to keep their valuable trust in the brand.
Strategy: Our Company focuses on the resources and energies that can be utilized positively for manufacturing the products for the customers as well as their pets, increasing and protecting the environment, and making a significant value for their shareholders. Because of this they mainly focus on wellness, health, and nutrition. They have successfully reached the desires of their customers by maintaining their standard lifestyles (Wu et al. 2020). They have followed the "value creation model" in their existing strategy. This model is built on a balanced approach to resource-efficient bottom-and-top development lines, also to increase the efficiency of their capitals. They have created value by:
- Improving their operational efficiency
- Fuelling growth by constant innovation
- Capital and resource allocation
Nestle can adopt a new strategy of “Bottom of Pyramid (BOP)”, for the development of their business in the market of Africa. After the completion of this study, it can be said that the BOP managers can be designed efficiently using the BOP initiative with the existing model of Nestle (Singh and Alazmi, 2019). The other alternative strategies are important for the company to implement a better business plan. Subscription Business Model helps to grow popularity among the customers. The customers can pay a particular fixed amount of money at a fixed time. They can access the product and services of the company at that fixed time. The strategy gives the way to convert the non-paid users into paid users. The model is applicable for the pricing structure of the product. The company is partnered with different online platforms (CITRARESMI and HARYATI, 2021). The subscribers are renewing their subscription to buy their choice of products. The company can form a new business form where the revenue strategy depends on customers paying multiple payments.
Another suitable strategy can be an Open-Source Business Model that helps in the growth of the company. The strategy offers services for free, and the business version is paid. The products for free service are built by an open community of developers. The company can adopt this strategy when they are planning to manufacture a superior product.
Also, the "Competitive management tool" can be considered as a very efficient tool for making the comparison of Nestle with their comparison. By using this tool, the competitors of this company can be easily identified. Also, the strengths and weaknesses of those competitors can be identified. For strategic management, some methods and tools can be used widely, like SWOT analysis, BCG matrix, Five-force analysis, PESTLE analysis, Forecasting, Balance scorecard, Seven classes of strategic risks, etc.
The strategies of BOP can be developed by the business corporations and it includes increasing the wealth of the shareholders. In the market of Nestle, no individual investors contribute to their shares (Aleixo, 2021). Some groups have become the shareholders of this company. And those are;
- The group of BlackRock;
- “Capital Research Global Investors”
- The Vanguard group
These investors have contributed up to 2% of the market share of this company. From the figure, the shares of the institutional investors can be identified. The percentage of these households' investments is almost 37.63%. And the private investors invested up to 62.33%. And among all the investments Nestle itself invested 0.03% of their market share. In terms of the increase in the number of shareholders this approach can be very much beneficial (Leligaet al. 2019). If by using these strategies, the shares of the shareholders can be improved then it influences the other shareholders to invest in the share of Nestle. It makes Nestle more successful and profitable. The role of shareholders is crucial to the entire structure of the company. The involvement of the shareholders is necessary to manage and tackle any difficult situation in the production or running business. In accordance with GILEVA et al. (2021), the management team takes advice from the experts, advocates to improve corporate policies, strengthening business plans and targets. The company can arrange for creating shared value events to build a clear understanding of the critical issues faced by the company. The interaction helps to build effective capabilities among the employees to deal with the problems. The company can arrange for the Creating Shared Value Global Forum which will motivate the business policy. The form brings together all the potential leaders from different areas like Civil society, Business, Government where they can deliver their insights. This motivates the workforce of the company. The networks of the stakeholders are huge which can develop a chain of business distribution. Nestles has different stakeholders from different domains such as Academia, Communities, Consumers, the general public, Industry, and trade associations.
The Nestle company follows the Bottom of Pyramid strategic plan for marketing techniques.The definition of the strategy of BOP is focused on the economic dimensions like the low prices of the products, high volume, and low margins. BOP strategy is considered as the strategy of "Corporate Social Responsibility (CSR)” that is specifically developed to target the very-poor population segments, by the business corporations (PAYAUD and MERUNKA, 2019). These corporations are developing new and novel services and products as per the requirements of their customers. And in this context, these corporations can be matched with the company Nestle. They are also following the same strategy, so if Nestle merged this strategy they could make more innovative and desired products for their customers.The main aim of this strategy is to fight against the extreme level of poverty and aims for humanitarian and development aid.
The strategy follows the 4As and 5Ds plan in executing the marketing plan. The company needs to create an awareness of the product and services. The more people become aware of the product, the more it is to sell (HADJINICOLAOU et al. 2022). The company can get easy access to the market and distribution chain to expand its business. The price should be affordable for the local people so that they can purchase more products. The products should be easily available for the consumer’s reach in the local market and stores.
The 5Ds is another approach to the marketing plan adopted by Nestle. They focus on the Development of the product that creates immediate value for Bottom of Pyramid consumers. The production department of the company focuses on design. They add uniqueness to the Style and Design of the packaging. The company focuses on the Distribution chain to carry the business at the remotest corner of the globe. The company focuses on the Dignity of the business to retain the trust of the consumers.
Besides this strategy, they can adopt the "Competitive Profile Matrix (CPM)". By this model, they can easily identify their main competitors and both the strengths and weaknesses of those competitors (Salim, 2018). It can help to maintain the strategic position of Nestle. The competitors of Nestle are below average, because of its score of 322. This is an indication of its strongest. But this does not mean that the competitors of Nestle are weak. The pricing strategy of Nestle is better than its competitors. Also, the “Strategic Position and Action Evaluation (SPACE)” can be applied with the evaluation of Nestle. By this matrix, both the internal and external dimensions can be represented (Waeger and Mena, 2019). In the internal dimensions, the competitive and financial dimensions are included and in the external dimensions, the industry and stability position of that company can be represented. The Subscription Business Model helps the company to make an online platform for the subscribers to purchase their choice of products. Open-Source Business Model allows the company to gain popularity by providing free service.
It can be recommended that many other strategies can be adopted for the development of their company. In the business aspect of Nestle, these strategies can be implemented successfully for the enhancement of their business. Those strategies are "Nutrition, Health, and Wellness Strategy", "Accelerating Growth Strategy", "Sustainable development strategy", "Capital allocation strategy", "Increasing efficiency strategy", and "Customer-oriented strategy". The "Accelerating Growth Strategy" can be used to achieve the growth of their organic products. And it can be achieved by refocusing on their base businesses, and the active management of their portfolios, and shrewd investment in high-growth industries (Ahmad and Ahmad, 2019). The implementation of the "Increasing efficiency strategy" can benefit from setting the targets for the underlying trading that is operating and improve the margins of their profits up to 18.5% from 17.5%. By the application of this strategy, the structural cost of the products can be reduced. And this will be very much beneficial for the middle-class customers, they can afford these products. The strategy of Customer-oriented strategyencourages customers' feedback to enhance and improve their production. The company can use the feedback to set goals. The marketing team of Nestle is focused on the changes in social media. They receive inputs and feedback from social media to implement their feedback in their workforce. The customers are directly involved with the product and they encourage compassion in the workforce.Forecasting strategies have the potential to make predictions about the economic activities of Nestle. The sales of Nestle forecasted in different areas, like in the American zones, Asian zones, Sub-saharan Africa, and Oceania, through Nestle nutrition and Nestle waters as well as the other businesses at the 2nd half of 2018 and in 1st half of 2019.
As discussed above, Nestle can introduce the CPM tool to identify their capable rivalries. This tool can help to make a comparison between Nestle and its competitors based on their strengths and weaknesses. For having a good understanding of the external environment of Nestle and the market competition, Nestle can utilize the CPM tool efficiently. This matrix makes the comparison between two firms based on the different success factors of both the firms. Also by this analysis, the strength and weaknesses of both of the companies can be analysed. Because of that, Nestle can make the idea about their weak points, and they can identify the portions where they have to be improved more to compete with their competitors (Abdel-Basset et al. 2018). In this matrix, four entities are included, and those are "critical success factor", weight, rating, and score. Based on these four entities the comparison is done. More than one company can be compared with Nestle; it provides a high chance to analyse their deficiencies hugely. The risk management of the company plays an integral part in the company’s business structure. Nestle formed good corporate governance to deal with the risk factors of the business. Risk is described as the uncertainty or threat aroused in the business. Nestle company develops Systematic Risk Management practices to ensure success in achieving business objectives and continue its operation in the changing environment. The risk management practices can be characterised in the following:
- The company promotes risk awareness and proactive participation of management.
- Risk management undergoes several changes to get improved and reflect changes in the external and internal environment.
- The basic purpose of risk management is to analyse the nature of threats and opportunities which the company can possibly encounter. Nestle gains competitive advantages in dealing with the risk.
- Risk management is an integrated part of planning, decision making, and the operational force with a structured framework.
- The risk treatment actions and controls are controlled and monitored by the systematic approach of the company.
The risk management framework and process are aligned with COSO: Enterprise Risk Management Company. The risk can be classified into external, strategic, preventable risks which are mostly observed at the time of operation. External risks are out of reach for the company, so cannot be controlled. Strategic risks are the risk that arises in the implementation of the risk. The preventable risk can arise within the organisation and is easily controllable by the company.
Critical Success Factors: This factor is essential for the determination of the success of any company. To get success in the particular field of their company, Nestle has to perform up to the best level of their performance excellently. The success factors are varying depending upon the organizations, even depending on the strategic groups. In the success factors, both the internal and external factors are included. For more success in the particular business field, Nestle has to include more specific and relevant success factors.
In the case of Nestle, the success factors can be analysed by this matrix that is the reason for their success. And the factors are;
"Localization amidst Globalization", Nestle is successful in reaching the localized market, especially in the food industries: The achieved success in the field of the food industries, Nestle is in one of the most top positions. Behind its success, different factors have their contribution. The factors are their product planning, marketing strategy, production strategy, and their consistent brand strategy has a great impact on their success (Tarigan and Siagian, 2021). Nestle's product portfolio continues to be in high demand around all over the world. As an example, Switzerland accounts for only 2% of the net global sales. And the reason behind this is the slew of effective initiatives of their marketing strategies. And that mainly focuses on the requirements and desires of the local clients rather than producing global, generic ads, which can ignore the requirements of the clients. The localization amidst Globalization creates a problem in the flow of supply of the products. Nestle has become a worldwide brand globally but the company primarily focuses on the local market. The distribution chain, retail stores, supermarkets are prioritised in the distribution process.
"Global brand strategy": Also, the presence of Nestle in the international market. They manufacture products as per the desires of their international customers. The logo of Nestle is familiar to everyone. In the logo, it is represented that one mother bird is feeding her baby bird. By this logo, they are intending to create a link between the name of the company and their infant cereal products of them and by the logo, their commitment to health, nutrition, and wellness’s. The brand strategy of Nestle is focused on the delivery of the brands and the products. Nestle has so many international brands, like Nesquik, Nescafe, Nestea, Haagen-Dazs, etc.
"Successful mergers & acquisitions": Finally, a large part of Nestlé’s success can be attributed to its numerous acquisitions and mergers. Many of the company's brands now accounted for 70% of their overall revenues. And this can be achieved by their strong market position, ease of cultural integration, and global reach. Successful mergers & acquisition plays a key role in strengthening Nestle’s brand value. The company began to manufacture Maggi products which have the highest gross market. The company has acquired Cross & Blackwell, Libby fruit juice, and others. The problems the acquired company faced are matching with the values of other companies. The techniques, patterns are different from Nestle. The company takes initiative by hiring an HR consultant to deal with problems (KRYVOVYAZYUK et al. 2021).
Also, some other CSFs can be analysed if Nestle can adopt the CPM matrix. And the identified CSFs can also be beneficial to improve their market positions. And these factors will be compared by giving the weighting values, ratings, and scores with the comparison of their competing companies.
Weight: In this entity, the weight of the company is measured by values that are ranging from 0.0 to 1.0. The companies who have low importance in the market are valued with 0.0 and the companies who have high importance are valued with 1.0 (Bryson et al. 2018). And these weighted values are provided to each of the CSFs. As per the weighted values of these factors, the importance of these factors can be analysed and their contributions to the success of that company. Without the specification of the weights, all the factors will be considered as the same important for its success. But in the real world, this cannot be true. And the summation value of all the factors must be 1.0. The factors that have 0.3 or more than 0.3 weights must not be emphasized widely, as the success of any company is determined by one or minimum numbers of success factors.
Rating: The ratings of any company are given from the value of 4 to 1 depending on their doings in the particular field. A rating of 4 is given when the company has a major strength in the business. After that rating of 3 is provided to those companies, who have minor strengths. Next, 2 ratings are given to the companies who have minor weaknesses, and at last, rating 1 is for those companies who have major weaknesses. The process of rating and weighting can be done by using the process of benchmarking. Benchmarking can give the idea of how the companies are performing compared to their competitors. In this context, it has to be mentioned that different firms may have the same rating in the same CSF.
Score: Score is the value of the multiplication of the rating with the weight age of the CSF of that particular company. For every factor, the score is provided to the companies. And the total score is the summation of all the received scores of that particular company. And based on the total score the companies are judged on which company is the strongest in that particular field.
The strategic plan is described as the backbone of the management of the company. The strategic plan is an important framework to meet the value and expectations of the customers. The company should build such following strategic plan:
- Excellent R&D department: The R&D department of Nestle must have a panel of experts and scientists. The department must be well acquainted with modern technologies so that they can provide their knowledge in the production process (LYSENKO and SHPORTEEVA, 2021). They add their insight in building better products to compete with other competitors.
- Consumer Engagement: the feedback of consumers is considered seriously and the negative feedback helps the company to evaluate the loopholes in the production. The consumer's point of view is the source of inspiration for the company. Consumers can buy the direct share of the company through the stock market. This defines their serious involvement and engagement in the company (SVATOŠOVÁ, 2021).
- Large product portfolio: Nestle offers a variety of products and a different range of products to the customers. The company does not follow a specific marketing strategy. It adds variety to the line of food production. This retains the consumer's interests.
- Anticipate consumer’s needs: the experts of the company assume and predict the consumer’s needs. They study the behavioural change of the consumer’s selection of products. Consumers are more prone to healthier and cheap products.
- Brand reputation: the company has survived in the market over decades and the quality of products helps to maintain the brand reputation (MNATSAKANYAN and KHARIN, 2021). They offer the healthiest product for every range of consumers. They are unique in maintaining their brand value among FMCG products.
- Geographical location: this helps in the expansion of the business. The company is tied up with several other distribution outlets, retail stores, and supermarkets globally. Thus the consumers can buy Nestle products from Nestle in different parts of the world.
"Competitors Profile Matrix (CPM)" is the tool that is used to assess the competitors of any company and the assessment is based on the "critical success factors" of all the companies, in which the comparison is done (Mina, 2020). In the upper portion, the main success factors are analysed by Nestle. But many factors can be included in this analysis and these factors have to be introduced in the analysis for developing the business strategy of Nestle (Capps et al. 2019). As per the opinion of SELYUTINA et al. (2021), the strategic plan is framed to offer a better structure to Nestle. They can incorporate the suggestion of different strategies in their management to get effective results. Different sets of theories and strategies help the company to sustain in the long run in the competitive market.And the factors that can be included in the CSRs of Nestle are as follows;
- Market share
- Strong presence in online platforms
- Brand reputations
- Superior capabilities of IT
- Product integration level
- Sales per-employee
- Successful promotion
- Variation in the distribution channels
- Product ranges
- Low-cost structure
- Success in a new introduction
- Customer retention
And the summation of the weight of all those factors must be 1. The competitors of any company can be analysed with the help of some tools, like BCG matrix, SWOT analysis, Porter’s 5-force analysis, competitors profile, Value Chain analysis, etc. (Dalpiaz and Parente, 2019). In Porter's 5-force model the five main things are Available competitors, threats for the new entries and threats of substitutes services and products, and bargaining power of both the suppliers and buyers.
Figure 2: Porter's 5-force of the competitive model
Another tool to monitor the strategic plan can be used in this study. SWOT analysis can be used to analyses the strengths, weaknesses, opportunities, and threats of that particular company. This tool is mainly used for the formulation of the strategy because it includes both internal and external factors. By the analysis of this tool, Nestle can have a clear understanding of their competitors and provide the competitive position of Nestle (Vlados, 2019). Also, there is another tool of the "Boston Consulting Group" matrix that is useful to verify the portfolio of the products. This matrix is categorized into four parts, and this is done based on the market growth and share. The BCG matrix is essential to optimize the cash flow from the portfolio of the products of that particular company. For each product, the BCG growth-share matrix displays 3 aspects of data: relative market share, the growth rate in the market, and volume of the sales of the products.
Figure 3: The BCG matrix
This matrix is divided into 4 quadrants. The cash cow section deals with the products that are dominating the share of the market. And the dog section is dealing with those loss leaders, who own a small amount of share market and who have fewer contributions in the market share. And the rest of the quadrants are representing the market that has high growth. One segment is the star and the other one is the question mark (Ujakpaet al. 2020). Star represents the dominant market share and the segment of question mark represents the new products that are launching in the market. The BCG tool can be used as a tool for the identification of the products that can be used in the good investment of the organization. Also, it can help the management to make the decisions whether the investment is good enough or not, and where the investments should be invested.
The performance of Nestle CPM can result
- 15% increases of their coverage
- Their productivity and execution process can be improved by 8%
- And the attributions became lower than 4%
And the approaches that are fulfilled by Nestle are providing the training to their team and making their performance and goal oriented. And in this matrix, PERFORMICs are used for redefining their coverage and trying to improve their efficiency and program scores (Garrido Pintado et al. 2018). By the application of PERFORMICs, the execution and coverage of the gaps can be fulfilled. It was seen that the retail outlet availability is the main factor that influences the buying of the packaged food products, depending on the product's quality, quantity, taste, and freshness of those products. Nestle can easily implement this matrix in their business. And in their implementation, they have to face minimum risks, like in the availability of their services on the online platforms. In that context, they may have to face cybercrimes and frauds by which the reputation, product, sales, etc. all can be hampered.
Conclusion - Reflective Statement
After the completion of this total study, the importance of strategic planning in an organization can be identified. In this context, the company Nestle is elected for the development of their business by using different strategies, which can be adopted by this company to improve their business status. While researching Nestle and those strategies that can be implemented in Nestle, I was able to understand the market position of Nestle, it is one of the leading companies in the world. And I also discussed the strategies that can be implemented and their implementations will be very much beneficial for this company. Specifically, the importance of the CPM tool is elaborately discussed and the factors that have to be considered by me as a senior manager of this company. Because of the leading position, Nestle has to face their competitors and in this context, the CPM tool is very much beneficial. It can give me an idea about the competitors of this company as well as the strengths, and weaknesses of those competitors. Depending on those factors, I can easily identify the lacking positions, where I need to focus on the improvement of Nestle. I have to use the tools and techniques efficiently so that the analysis can be very much effective and the performance of Nestle can also be improved. These strategies can be merged with the existing strategy of Nestle for its better performance and to serve their customers with more variation in their products.
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