A Report On Nike Company Sport

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Executive Summary

Nike is an integrated company that operates chiefly in the footwear industry. The Company designs, develops and markets athletic footwear, dress, equipment and accoutrement merchandises. CEO and President Philip Knight runs Nike, Inc. Mr. Knight co-founded Blue Ribbon Sports in 1962, which officially became Nike in 1978.

A strategic audit of Nike Inc. and its entirely owned subordinates was conducted by garnering the company ‘s fiscal informations, imperativeness releases, industry information, company history and current undertakings. After the information was collected, it was analyzed and a SWOT analysis was conducted for Nike to uncover strengths, failings, chances and menaces Nike has as a company. The footwear industry was analyzed utilizing Porter ‘s Five Forces theoretical account.

Based on findings, the undermentioned recommendations are being made for Nike Inc. : Improve quality and trade name name image of ACG, Nike ‘s All Condition ‘s Gear line for utmost athleticss ; utilize money more expeditiously by spread outing publicities into amusement ; expand selling attempts in the insouciant footwear lines ; go on to be on the cutting border of the design and development of athletic footwear ; enhance website to be more appealing to clients shopping online ; increase international selling attempts ; and go on to be the technological and public presentation leader in athletic places.

Nike ‘s Mission Statement

Harmonizing to Nikebiz.com, Nike ‘s mission statement is, “Through the acceptance of concern patterns Nike is committed to procuring intergenerational quality of life, reconstructing the environment, and increasing value for our clients, stockholders, and concern partners.” ( 1 ) However, harmonizing to Acaria.com, it is, “To maximise net incomes to stockholders through merchandises and services that enrich people ‘s lives. ( 2 )

Current Company Overview

Nike, Inc. ‘s chief concern activity is “the design, development and world-wide selling of high quality footwear, dress, equipment and accoutrement products” ( 3 ) . Nike sells its merchandises to about 20,000 retail histories in the US and in about 110 states around the universe. Independent contractors manufacture about all of Nike ‘s merchandises. Most footwear merchandises are produced outside the United States, while dress merchandises are produced both in the United States and abroad. Grosss for the financial twelvemonth stoping May 31, 1999 were $ 8.8 billion, compared with $ 9.6 billion in the old financial twelvemonth ( 3 ) .

Nike footwear is specifically designed for athletic usage, puting considerable accent on high quality building and advanced design. However, a big per centum of the merchandises are worn for insouciant or leisure intents. Nike markets and sells a broad assortment of merchandises, including places for running, hoops, cross preparation, adult females and kids. All of which are presently its top-selling merchandise classs.

Nike besides markets places designed for out-of-door activities such as tennis, golf, association football, baseball, football, bicycling, volleyball, wrestle, cheerleading, aquatic activities, car racing and other athletic and recreational utilizations ( 3 ) .

Nike began selling active athleticss dress in 1979 and dress is now offered in each of the above classs, every bit good as athletic bags and accessary points. Nike dress and accoutrements are designed to complement its athletic footwear merchandises, feature the same hallmarks and are sold through the same selling and distribution channels. The company frequently markets footwear, dress and accoutrements in “ aggregations ” of similar design or for specific intents ( 3 ) .

The company sells a line of public presentation equipment under the Nike trade name name, including athletics balls, timekeepers, eyewear, skates, chiropterans and other equipment designed for athleticss activities. They besides sell a line of frock and insouciant footwear and accoutrements for work forces, adult females and kids under the trade name name Cole Haan through its entirely owned subordinate, Cole Haan Holdings Incorporated. The company markets a line of headwear with accredited squad Son under the trade name name Sports Specialties, through its entirely owned subordinate, Nike Team Sports, Inc. , once Sports Specialties Corporation. They besides sell little sums of assorted plastic merchandises to other makers through its entirely owned subordinate, Nike IHM, Inc. ( 3 ) .

The company ‘s entirely owned subordinate, Bauer Nike Hockey Inc. , industries and distributes ice skates, skate blades, in-line roller skates, protective cogwheel, hockey sticks and hockey New Jerseies and accoutrements under the Bauer and Nike trade name names. Bauer besides offers a full choice of merchandises for street, roller and field hockey ( 3 ) .

Nike competes internationally with an increasing figure of athletic and leisure shoe companies, athletic and leisure dress companies, athleticss equipment companies, and big companies holding diversified lines of athletic and leisure places, dress and equipment, including Reebok, Adidas and others ( 3 ) .

Chief Military officers

Philip H. Knight is the 62-year-old Chairman of the Board, President, Chief Executive Officer and co-founder of Nike. He graduated from the University of Oregon in 1959 with a Bachelor of Science grade in Business Administration. He so went on to Stanford University to obtain his MBA in 1962.

Two old ages subsequently, in 1964, he began Blue Ribbon Sports ( a Nike Progenitor ) with his former path manager Bill Bowerman. With his company away to an unsure start, he sold his places out of the dorsum of a station waggon. To do terminals run into, Mr. Knight held a place of Assistant Professor at Portland State University, and continued to pattern as a Certified Public Accountant ( CPA ) with Price Waterhouse and Coopers & A ; Lybrand.

Mr. Knight has been a manager at Nike since 1968 and has been its President from 1968 to 1990, and from June 2000 to show.

In 1998, Philip Knight was in the top 100 most generous Americans. His contributions exceed $ 30 million, with the majority of it focused on instruction. Mr. Knight is besides listed as one of merely 57 persons from the Forbes 400 to look in the American Benefactor ‘s list ( 6 ) .

His one-year net incomes consist of a entire one-year compensation worth $ 2.5 million, long-run inducement programs of $ 300,000, and other agencies deserving about $ 700,000, doing his 1999 financial twelvemonth sum to be $ 3.5 million. However, Knight does non have stock options in the company.

Richard K. Donahue, 73, is Nike ‘s current Vice Chairman of the Board, and has served in that capacity since 1977. He served as President and Chief Operating Officer of the Company from 1990 until 1994. He has been a spouse in the jurisprudence house of Donahue & A ; Donahue, Lowell, Massachusetts, since 1951. From 1961 to 1963, Mr. Donahue was an helper to President John F. Kennedy. Mr. Donahue is a former President of the Massachusetts Bar Association and the New England Bar Association. He is a member of the John F. Kennedy Library Foundation, a legal guardian of the Joyce Foundation and a manager of Courier Corp. ( 5 )

History

The followers is an emended timeline of Nike, Inc. from the beginning when it was known as Blue Ribbon Sports. The timeline can be found at hypertext transfer protocol: //www.acaria.com/jsp/nikehist.html.

1957

Phil Knight and Bill Bowerman meet

1960

Bowerman continues puttering with new designs for athletic places

1962

Knight receives a Maestro of Business Administration from Stanford University and makes up a company named “ Blue Ribbon Sports ” ( BRS )

1964

Knight and Bowerman each contribute $ 500 to get down BRS and the company sells 1,300 braces of Tiger running places ; grosss are $ 8,000

1965

Jeff Johnson becomes BRS ‘ first full-time employee ( he switched over from selling Adidas football places ) .

BRS grosss are $ 20,000

1966

BRS ‘ first retail mercantile establishment is formed in Santa Monica, Ca.

A gross revenues office is opened in Wellesley, Mass. to manage East Coast distribution

1969

Knight devotes himself full-time to BRS ( he was an Assistant Professor of Business Administration at Portland State University ) .

Knight becomes Chairman of the Board and Chief Executive Officer of BRS and subsequently Nike, Inc.

1971

Swoosh Design hallmark is created by Carolyn Davidson for a fee of $ 35.

Johnson dreams up the company ‘s new trade name name, NIKE, the Greek Goddess of

triumph.

A soccer/football shoe is the first NIKE theoretical account to hit the retail market.

A Nike Jersey to advance the shoe becomes the first dress point

1972

BRS launches the Nike trade name at the U.S. Olympic Trials.

Canada becomes BRS ‘ first foreign market

1977

BRS starts Athletics West.

Manufacturing mills are set up in Taiwan and Korea.

Nike places are sold in Asia for the first clip.

1978

BRS changes its corporate name to NIKE, Inc.

The first kids ‘s places are introduced.

Grosss = $ 71 million.

1979

Nike introduces the Tailwind, the first running shoe with the patented AIR-SOLE padding system.

The NIKE Apparel line begins.

Nike is the No. 1 running shoe with about 50 per centum of the U.S. market grosss. World Headquarters are opened at 3900 S.W. Murray Blvd. in Beaverton, Oregon.

1980

Nike goes public with 2 million portions of common stock.

The NIKE Sport R & A ; D Lab opens in Exeter, New Hampshire.

NIKE shoes go the number-one marketer in Canada

1981

Nike International Ltd. Is formed

1984

International gross revenues take off, making $ 158 million

1985

AIR JORDAN tribunal places are introduced along with dress

1986

Nike charges into the athletics of golf

1987

The Air Pegasus, a NIKE classic in its 4th coevals, sells its 5,000,000th brace

1988

The “Just Do It” run is introduced.

Grosss break $ 1 billion for the first clip.

1989

“ Bo Knows ” commercials having Bo Jackson are tied to the Just Make It theme

1990

Doors open to the NIKE World Campus.

The first NikeTown clears in Portland, Oregon

1991

NIKE F.I.T. dress is introduced

1992

International grosss top $ 1 billion

1994

NIKE launches P.L.A.Y. , Participate in the Lifes of America ‘s Youth.

P.L.A.Y. includes Reuse-a-Shoe, a plan that diverts more than 1 million places from landfills to new tribunal surfaces.

1995

Nike enters the athletics ball and eyewear markets

1997

Nike patrons WNBA and selected jocks in the American Basketball League.

Grosss break $ 9,186,539,000

Fiscal Summary

By analysing company ratios we will be able to find how good the company is executing financially and to see how much value they are adding for their stockholders. Keeping your stockholders happy is really of import and it should be among a company ‘s chief ends.

Profitability Ratios

Tax return on Equity is a step of how the shareholders fared during the twelvemonth. Because profiting stockholders is so of import to the company, it is a true step of public presentation. ROE is measured as:Net Income / Total Equity. ( 6 ) For every dollar in equity, Nike Inc. generated $ 0.18 in net income. This figure is lower so the industry criterion of $ 0.23 of equity for every dollar. ( 7 ) In order to catch up to the mean criterions, Nike Inc, would hold to better how expeditiously they manage their equity.

Tax return on Assets is a step of net income per dollar of assets. ROA is measured as:Net Income / Assetss. For every dollar of assets, Nike Inc, generates $ 0.10 in net incomes. This is in conformity to industry criterions. In order to better this ratio, Nike would hold to happen a more efficient manner of utilizing its assets to bring forth net incomes.

Net income Margin is a ratio that the house and investors pay a great trade of attending to because it indicates how many dollars of net income the steadfast brings in for every dollar of gross revenues. All other things being equal, a comparatively higher net income border is more desirable. Nike Inc. ‘s net income border is 6.45. This means that that they approximately make.7 cents in net income for every dollar generated in gross revenues. In order to better this ratio, Nike Inc. would hold to diminish expense ratios relative to gross revenues ratios.

Fiscal Strengths

The current ratio is a step of short-run liquidness. This is one of the most of import ratios to creditors, particularly short-run creditors. The higher the current ratio, the happier they are. To the house, a high current ratio will hopefully bespeak liquidness, but it can besides intend that the house is inefficient in utilizing its hard currency and short-run assets. Nike Inc. ‘s current ratio is 1.7, which is rather lower so the mean industry criterion of 2.2. It is of import for Nike to seek and increase their current ratio so that they can go more efficient in utilizing their short-run assets.

Inventory is frequently the least liquid current assets of the house so the speedy ratio will state us how expeditiously the house is neutralizing their stock list. Nike Inc. ‘s speedy ratio is.91. This is right on mark of the industry criterions of.9. Although they seem to be making a good occupation of neutralizing their stock list assets, they still have room for betterment. They should work on seeking to better this ratio to run into the upper industry criterions of 2.9. Because stock list is comparatively non liquid, it is of import to continuously endeavor to maintain this ratio every bit high as possible.

Dividend Information

Dividend output is a convenient manner of measuring the rate of current income earned on the investing dollar, so it is a step of common stock dividends on a comparative footing. Dividend Yield is computed as follows:Annual dividends received per portion / current market monetary value of the stock.Nike Inc. ‘s dividendyield is 1.16. It is normally one of the ratios that professional bargainers check up on to track monetary values because it gives a good thought of how the house is executing. To set dividend output into position, it is helpful to look at the dividend payout ratio. This ratio describes the part of net incomes per portion that is paid out as dividends. It is computed as follows:Dividends per portion / net incomes per portion. Nike Inc. ‘s payout ratio is 22.22 % . This is a reasonably good ratio, because although shareholders like to have dividends, they do n’t wish to see the house ‘s payout ratio over 60-70 % . Payout ratios that are excessively high are hard to keep and may take the house into problem.

Nike Inc. ‘s most recent stock monetary value was valued at $ 41.38, and their latest one-year dividends were valued at $ 0.48 for every portion owned. It is safe to state that they are being comparatively efficient in their dividend payout every twelvemonth.

Sing Nike Inc. is a taking design, developer, and seller of high quality footwear, one would anticipate their company profile to be rather healthy. The old fiscal analysis proves that Nike is runing a healthy company in the industry even though their ratios may non ever be above industry criterions. It is ever really of import to maintain your stockholders happy, and Nike has done this by continuously adding value to the company. Regardless of some low ratios, Nike deserves recognition for being a market leader and for ever being on the hunt for new markets to take.

Nike ‘s hereafter is highly promising as the company expects to go on perforating new markets, increasing gross revenues and extenuating merchandise costs. The company can besides be expected to go on paying dividends, which ensures stockholders a positive return. In decision, we would urge puting in Nike Inc. stock as this study proves it would be a prudent venture and will supply promising chances for any investor.

Corporate Scheme

Over the past two decennaries, there has been a motion from a “standardized” to a “flexible” economic system. Whereas, mass ingestion for a standardised good was one time preferred, there is now a greater demand for niche merchandises. Having a stiff corporate organisation used to be the norm, where now it is common to hold a flexible organisation, that incorporates farm outing.

The athletic footwear industry has benefited greatly from this economic displacement. It is an illustration of a new, extremely volatile, competitory market. The alterations that occurred in the footwear industry are:

? Footwear production has grown quickly

? The many different manners of places have created an detonation in intense competition and market volatility among trade names.

? In order to be successful, a company must be advanced and have rapid turn-around of design and production.

? Manufacturers must hold end product and design flexibleness

? Manufacturers must protect proprietary information and engineering, and still stay to be organizationally flexible.

The chief ground why Nike has succeeded in viing in the footwear industry for every bit long as they have is because they remain flexible in a volatile market by utilizing farm outing relationships overseas in low labor-cost states. ( 8 )

Another ground why Nike has continued to be a strong rival is based on their merchandise distinction. Although they started out by merely bring forthing and selling athletic places, their merchandise line now consists of a broad scope of vesture, equipment and accoutrements. They besides design merchandises for a assortment of athleticss, runing from running to golf to aquatic activities.

Successful distinction allows a house to: ( 10 )

? Command a premium monetary value for its merchandise, and/or

? Increase unit gross revenues, and/or

? Gain purchaser trueness to its trade name.

SWOT Analysis

Part of making a strategic analysis of Nike is making a SWOT analysis. SWOT analysis sizes up a house ‘s resource strengths and failings and its external chances and menaces to supply a good overview of whether a house ‘s concern place is basically healthy or unhealthy. This will supply a clear position of Nike ‘s resource capablenesss and lacks, its market chances, and the external menaces to the company ‘s hereafter good being and supply a starting point for our recommendations to Nike ‘s strategic market scheme.

Resource Strengths and Competitive Capabilities

Nike is an industry leader in developing advanced new merchandises. It foremost started with the air merchandise line called Nike Air. It has now moved to the latest release, the Nike Shox line. The new shoe is designed to heighten an jock ‘s ability to leap, run and acquire an border on the competition. Nike ‘s research squad has spent more than 16 old ages woolgathering, researching, developing and proving the possibility of attaching springs to the underside of an jock ‘s pes. Nike Shox, the most acclaimed technological development makes the dream a world. This is another illustration of how Nike uses public presentation and engineering to make its places. They besides keep the designs simple which is presently stylish for Nike. Nike besides has first-class mass-merchandising, alone advertizements, and is known for its publicities every bit much as their places.

Nike besides has valuable physical assets. The have worldwide distribution installations because they sell places in over 100 states. Nike is besides teaming with Hewlett-Packard to provide hardware, package and consulting services to host the worldwide Nike Supply Chain ( NSC ) undertaking. The mission of the undertaking is to make a consumer-driven supply concatenation and a model for decision-making that provides sustainable competitory advantage and enhances Nike ‘s planetary trade name leading. The ends of the undertaking are to heighten Nike ‘s ability to react to altering conditions, cut downing stock list and capital investing hazard, bettering service to run into customer/consumer demands, bettering procedures, information and merchandise quality, and supplying an efficient planetary supply concatenation with local execution.

Nike besides has valuable human assets because their employees are motivated with athletic backgrounds, which makes them a extremely competitory company that does non wish to lose.

Nike besides has valuable organisational assets from the point of view of loyal clients, a strong balance sheet and stable fiscal standing.

One of Nike ‘s most of import sustainable competitory advantages is their intangible assets, such as brand-image and organisational civilization. Everybody knows Nike from its past advertisement, promotional indorsements, and events while their civilization is one of competition, sports, and a Just Make It attitude.

Another strength is the company ‘s research and development organisation, which has the ability to maintain the company ‘s grapevine full of advanced new merchandises. They besides have fabricating contracts with makers in states that do non hold as many demands for conditions of work environment and others that addition costs. Besides because the procedure is labour intensive, the fabrication takes topographic point where labour is inexpensive.

Because of Nike ‘s growing over the last 10 old ages they are in an advantageous place in the market. This can besides be attributed to their market portion leading, broad merchandise choice, and stronger name acknowledgment.

Failings

There are failings that Nike has gained for a twosome of different grounds. The first being that they are no longer a little Rebel company, but a big corporate pillar that as Phil Knight CEO says “There are some things you can make as a $ 100 million company that you ca n’t acquire off with as a $ 9 billion company.

Nike has besides gotten bad imperativeness, particularly in the 18 to 24 twelvemonth old demographic groups with relation to the supposed “sweatshops” where merchandises are manufactured. This has created a recoil that has affected gross revenues in a really of import demographic of clients. It is besides portion of the continued lessening of Nike ‘s trade name image and the thought that to be cool and stylish you should purchase Nike merchandises. Another related issue is the over marketization of the whoosh. At one point a shoe had 13 whooshs on it.

Another ground is the increasing costs of athleticss indorsements with the diminishing fringy returns that those indorsements produce. This is besides due to the fact that the line between athleticss and amusement has blurred.

Finally, and the biggest failing that Nike has is the deficiency of cognition in the Internet age. They do non hold the proficient resources or experience curves that other companies have and Nike is behind in its selling scheme and ability to utilize the Internet as another channel for gross revenues and publicity.

Opportunities

Nike has new chances and markets that they must perforate and take advantage of to go on to be a universe leader and prolong net incomes and growings. The biggest is the “All Conditions Gear” ( ACG ) merchandise line that is targeted toward coevals Y and the utmost athleticss that they enjoy. Continued enlargement into mainstream athleticss such as golf, hockey, tennis, volleyball, football, association football, etc. through more merchandises and accoutrements is besides a necessity. Nike besides must go on to spread out into current international markets while perforating into new 1s. They must go on to make new engineerings and the latest crazes such as Nike Shox. Another chance is spread outing publicities to include amusement and other non-sports locales, since the line between amusement and athleticss has become blurred. Nike should besides seek to turn into the universe of corporate ware because that is a $ 3 to $ 4 billion dollar market. And in conclusion, continued growing and enlargement into adult females ‘s athleticss and amusement shows to be really promising.

Potential External Threats

The biggest menace is if the economic system goes into a recession so the ability for Nike to go on to turn from gross revenues, selling, and a promotional point of view will be significantly inhibited. Another is the maturating market in athletic places. There is besides a turning inauspicious demographic alteration in the market place associating to trade name image and publicities that Nike is unable to get the better of. The continued weak Euro and Asiatic recession that has hurt international gross revenues and growing is besides a menace. Nike ‘s utmost athleticss merchandise line is viewed as lower quality in comparing to viing houses and is aching gross revenues and trade name image.

Five Forces Of Athletic Footwear/Apparel Industry

Rivalry Among Competing Sellers in the Industry

The competition is really ferocious with many companies viing for gross revenues. Tonss of money is spent on selling and publicities through different channels in order to pass on to the immature demographic group of consumers who spend the most money on their merchandises. Growth has besides slowed in the athletic footwear industry, nevertheless new markets are emerging with high growing rates. Examples of these markets are the utmost athleticss market and the corporate ware market. Product demand besides has a seasonal constituent, which affects competition.

Market Attempts of Companies in Other Industries to Win Customers Over to Their Own Substitute Merchandises

Because of growing in non-traditional athleticss and insouciant wear, competition and selling is fierce to acquire clients to exchange. Switch overing costs for the consumer is besides really low. Substitute merchandises are readily available, beautifully priced, comparable on quality, and have merely some characteristic distinction.

Potential New Entrant

There is a hindrance to come in the athletic footwear industry because of the research and development that goes into the athletic footwear market. However, insouciant footwear is non every bit dearly-won. There is specialised technological “know-how” in athletic footwear that is non readily available ( ex. Nike Air, Nike Shox, Reebok DMX, etc. ) . Buyers are besides really attracted to trade name penchant and trueness. In order to obtain this, they must set up trade name image, publicities, indorsements etc. , all of which can be really expensive to implement.

Another trouble that new entrants face is low capital investings, which are needed for fabrication. However, one of the most of import entry hindrances is limited entree to retail infinite. As of now, there are no regulative policies, duties, or trade limitations to forestall entry.

Dickering Power and Leverage Suppliers of Inputs Can Exercise

Suppliers have no power or purchase to impact monetary values or handiness. There is besides no deficit of natural stuffs or fabrication capacity. Quality and public presentation in natural stuffs and fabrication is non a factor because the procedure is labour intensive. Quality and public presentation depends on the type of shoe and how it is manufactured, non the natural stuffs that go into it.

Dickering Power and Leverage Exercisable by Buyers of the Merchandise

Buyers have some power in the fact that exchanging costs are low. There is a really big group of possible clients, nevertheless, who buy separately and non as a group. Therefore, there is no dialogue on monetary value or particular group price reductions. Buyers have no menace to backward integrate into the concern of Sellerss. However, purchasers do hold a broad assortment of picks in make up one’s minding whether they purchase a certain trade name of a merchandise.

Recommendations

After exhaustively analysing Nike ‘s organisation, concern patterns, and place in the market, we have come up with the undermentioned recommendations.

Since the ACG merchandise line has been sing a diminishing quality and trade name image, we suggest that they spend more money, resources and advertisement in order to seek and increase it. They can besides carry through this by utilizing a better merchandise design, stuffs and fabrication procedures.

The organisation should do more efficient utilizations of its money. This could be accomplished by spread outing their publicities to include amusement and other non-sports locales, since the line between amusement athleticss has become blurred.

Presently, Nike is concentrating most of their selling attempts towards the athleticss footwear lines. In order to increase gross revenues, they should spread out this to include their insouciant footwear line as good.

Since Nike ‘s scheme is distinction, they need to go on to be on the cutting border of the athletic footwear engineering. Making this will assist them plan new types of places and other merchandises, giving them a diverse merchandise line.

One of the most of import facets of Nike ‘s concern is going the usage of the Internet to pass on with consumers. They are developing a new engineering that will let their clients to plan their ain places online. In order to carry through this, they must heighten their web site in order to do it more user-friendly. Presently, the site takes excessively long to download and the basic design does nil to notice their merchandises.

We besides recommend that Nike increase their international attempts in order to maximise their merchandise gross revenues.

And our concluding recommendation is that Nike continues to be the engineering and public presentation leader in athletic places. They must maintain their strong competitory border in order to forestall any possible threatening entrants.

Mentions

1. hypertext transfer protocol: //www.nikebiz.com/environ/com_mission.shtml

2. hypertext transfer protocol: //www.acaria.com/jsp/nikehist.html

3. hypertext transfer protocol: //yahoo.marketguide.com/mgi/busidesc.asp? rt=busidesc & A ; rn=6446N

4. hypertext transfer protocol: //www.acaria.com/jsp/nikehist.html

5. hypertext transfer protocol: //yahoo.marketguide.com/mgi/biograph.asp? rt=biograph & A ; rn=6446

6. 1999-2000. RMA Association. pg 753.

7. hypertext transfer protocol: //quote.fool.com/ & A ; hypertext transfer protocol: //www.yahoo.com/

8. hypertext transfer protocol: //www.nikebiz.com/community/pressgca.shtml

9. hypertext transfer protocol: //faculty.washington.edu/jwh/207lec28.htm

10. Thompson, Arthur Jr. , and A.J. Strickland, III.Crafting and Implementing Strategy.

Irwin McGraw-Hill:1998. Pg. 147

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