Strategic Management: A Step by Step Guide to the Final Paper

Professor Naomi Martin Masters in Business Administration Ateneo Graduate School of Business

Authored by Professor Naomi Martin Strategic Management: A Step by Step Guide to the Final Paper


key points in each section which serve to lead into the next section. analysis of the strategic recommendations and action planning. and reminders on the proper application of each tool . The authors’ opinions generally come into play in the sections explaining the IFE and EFE. Where is it right now? 4. relevant firsthand interviews. videos that can be referenced). Questions to anticipate in each section are also provided to guide the students in ensuring completeness and relevance of statements included in the paper. You know that you have understood your paper very well when you have been able to write an accurate and concise Executive Summary. Where is the company going? What are its aspirations? 3. books. its biggest present and future challenges from both an external and internal perspective. What are the critical success factors in this industry and how competitive is the company? 5. The first parts of the paper (Background. Formatting Tips EXECUTIVE SUMMARY This section should give the readers an overview of the business and the industry it participates in. Make sure this section answers the following questions: 1. past performance and future growth prospects? 2. What external and internal factors are hindering it from getting to its mission/ vision? 6. External and Internal Analysis) should be based on knowledge and research culled from credible sources (publications. Remember: Do this portion last. General Tips Always distinguish between knowledge (facts which can be supported by data) and your belief.Overview This document provides an overview of the expectations from the strategic management paper with guidance on the general story flow. The Executive Summary sets the stage for the readers to focus on key sections of the paper that gives evidence for the conclusions highlighted therein. Authored by Professor Naomi Martin Strategic Management: A Step by Step Guide to the Final Paper 2 . What is this company’s business and what specific industry does it participate in? Is there anything special about this industry in terms of trends. after completing all the required analysis on the entire paper. the key objectives for the company based on the strategic issues identified (financial and strategic objectives) and the recommended strategies and action plans to achieve the objectives. Have several people read the Executive Summary and validate if their understanding of your key points are similar to yours. What financial and strategic issues must be addressed to get it on its course towards the mission and vision? The syllabus requires that the ES should be a maximum of 2 pages.

and its standing within the industry. It should. LINKING THE STORY : WHAT IS THIS BACKGROUND SETTING THE STAGE FOR? You are telling your readers about the company to give them idea of its history. Make sure this section answers the following questions: 1. worse than the two previous years’ rates (-2% for 2008 and -3% for 2009). which will be seen in the Mission and Vision analysis. This sets the stage for your reader to see where you would like to take a company like this. X The company participates in a sunset industry. All facts must be referenced appropriately. its current size and growth rates and any significant trends around the industry Examples: X The company has existed for a long time and is run as a family business " The company was founded in 1982 and has operated as a single proprietorship for 10 years until its incorporation in 1992. printed and online reports. which has seen a steady decline in growth rates since 2007. shrinking the entire industry by 50million pesos in 3 years. It is run by Mr Jun Go with members of his immediate family in 5 of the key management committee positions. the nature of the business its specific product categories and services and an example of any of its famous brands shareholding if relevant major markets served in terms of demography and geography current revenue size and growth rates current profits as a percentage % of sales and growth rates number of employees number of plants/ factories if applicable relevant historical milestones It should also include a brief background of the industry . book chapters on the industry and company if any. Specific numbers should be stated instead of just vague generalizations. Is the description setting the stage for issue identification in later chapters? Authored by Professor Naomi Martin Strategic Management: A Step by Step Guide to the Final Paper 3 . " Company A holds 20% market share in the photocopying industry. wellquoted interviews. firsthand.INTRODUCTION AND COMPANY BACKGROUND This section should give the readers clear picture of the subject company and all the required data in about 2-3 pages. UPFRONT include data on ! ! ! ! ! ! ! ! ! General Tips This section should contain FACTS culled from research into the company’s financial reports. Is the company’s business clear enough for me to describe why it is capable (from a financial and capability perspective) of aspiring for its vision? 2. The 2010 growth rate was at (6%). its current status in terms of finances (revenue and profit) its capability. Be specific but relevant in the data you choose to include. its mandate.

and other competitive information. other media. describe that methodology in this chapter. online. Write it all down here and get it over with. if you estimated the market share using different sources of data. Spend a maximum of one paragraph explaining why certain critical data have not been obtained. and what databases have been exhausted in pursuit of such data. For example.RESEARCH DESIGN AND METHODOLOGY In this section you must write ALL data and information sources . and you must take the mindset throughout the rest of your paper to discuss elements and topics in accordance with basic goals: • Goal is to increase • What external factors have or will potentially increase (opportunities) or decrease (threats) • What internal factors have or will help increase (strenghts) or decrease (weaknesses) • Goal is to decrease • What external factors have or will potentially increase (threats) or decrease (opportunities) • What internal factors have or will help increase (weaknesses) or decrease (strenghts) • Goal is to increase • What external factors have or will potentially increase (opportunities) or decrease (threats) • What internal factors have or will help increase (strenghts) or decrease (weaknesses) Authored by Professor Naomi Martin Strategic Management: A Step by Step Guide to the Final Paper 4 . your competition’s financial trends. interviews (specify the company and position of individuals interviewed) Specify methodologies you employed in coming up with conclusions for items where data was not readily available. or through other means besides looking for a formal market share table. write how you tired to fill in and the basis of your assumptions on critical items such as your industry’s growth (past growth and future forecasts). In the absence of published information. General Tips This is the ONLY part of the paper where you are allowed to put explanations on limited data. BEFORE YOU GO ANY FURTHER: Remember the basic framework for any business. through in-store observation. classified into print. the readers will have an idea of which information or conclusions are based on assumptions and how you made them. After this section.

nor to underestimate. Mission statements should be reconciliatory and should address all stakeholders. give your recommendations on how it can be communicated to its stakeholders. You will try to make them believe that this state is attainable if the company follows the strategy that you will propose. based on the company background and industry status.MISSION AND VISON CRITIQUE The purpose of this section is for you to demonstrate. Remember that we are also looking for a reference to ethics and nationbuilding : How does and will your business contribute to building the country ? General Tips It is not acceptable to simply state “present” or “absent” when doing the critique based on David’s framework. Be careful thus not to overpromise. assuming it is able to overcome the critical barriers to success. Test it with a friend! Make sure this section answers the following questions: ! Is the company’s vision and mission clear and inspiring enough for people to want to work there or to partner with the company? Can you imagine the company as you have described it 3-5 years down the road? Can you safely and confidently put this mission and vision in the speeches of the CEO to the stakeholders or on a plaque on the wall of its office for all to see? ! ! Authored by Professor Naomi Martin Strategic Management: A Step by Step Guide to the Final Paper 5 . Don’t Forget This! The most often-missed element in the revised vision statement is the year/ period when the vision is anticipated to be accomplished. where this company CAN be in 35 years. A commentary on the impact of the present elements and how the absent elements can be formulated is needed. The vision will be the entire basis for the strategic objectives. LINKING THE STORY : WHAT IS THIS PORTION SETTING THE STAGE FOR? You are setting the stage for the readers to share a vision of the company in the specified timeframe. If the mission and vision is acceptable based on David’s criteria. Make sure that is broad enough to cover the company’s present AND potential future businesses (should a strategy of diversification or integration be beneficial).

the company’s profits will either increase of decrease Figure 1: RAW MATERIALS PRODUCTION PRODUCT DISTRIBUTION RETAIL CUSTOMER Figure 2 Technological Economic Sociologic/ Demographic Political/ Legal Company value chain Competitive Movements Authored by Professor Naomi Martin Strategic Management: A Step by Step Guide to the Final Paper 6 . with success described as the attainment of the vision. This is the basis for the External and Internal Analysis: factors you identify are either drivers or barriers to success. the company’s revenue will either increase or decrease b. BEFORE YOU GO ANY FURTHER. ask: What Political Economic Social/ Demographic Technological TRENDS will affect these steps such that a.LINKING THE STORY : WHAT THE NEXT SECTION SHOULD BE ALL ABOUT Now that you have described the company and demonstrated where it can go in 3-5 years. MAKE SURE YOU KNOW WHAT THE BUSINESS IS ABOUT!!!! At every step. it is time to describe for the readers the factors that will HELP and HINDER this company from achieving that vision. the company’s costs will either increase or decrease c.

NOT EXTERNAL DESCRIPTION. " The industry has demonstrated a robust double-digit growth of 10-14% for the past 3 years and is expected to continue to grow from 8-9% for the next 3 years. Examples: X The economy of the Philippines is booming " Philippine GDP growth has been at 5-6% over the last 3 quarters and is expected to remain robust at 5% for 2013 " ! Does the trend help or hinder the company’s market demand. Authored by Professor Naomi Martin Strategic Management: A Step by Step Guide to the Final Paper 7 . Has the factor been intensifying or diminishing? What is the impact of that development? ! WRITING TIPS All descriptions must be referenced! State the actual figures.EXTERNAL ANALYSIS : PESTC This section shows your reader the external PESTC factors that affect your industry’s ability to grow. and the company’s response. ranked according to impact to the business. advantage or disadvantage the competitors. and as emphasized by the syllabus. TRENDS are always better than one-year snapshots. decreasing costs and increasing profits? Does the trend make it harder or easier to secure funding (through debt or equity) and support to grow the business? Did I describe a TREND. There is a pending bill in Congress that may increase costs of production by 4% and but this is expected to be deprioritized for the next session in 2013. and you company’s ability to reach its vision in the next 3-5 years within that industry. not just your beliefs on them. labor force and ability to compete ethically? LINKING THE STORY: WHAT IS THIS PORTION SETTING THE STAGE FOR? This portion should enable the readers to predict the presence and ranking of the various factors on the EFE table. As you describe the factors. use language to emphasize which is most important and thus needs to be addressed by the company. affect the suppliers or distributors. “This is the most critical factor for the company to address to maintain profitability” NO SURPRISE FACTORS ON THE EFE! It should be a summary of all relevant factors already discussed. “exert a significant impact on your industry”. Don't just describe the factor--analyze what the trend in that factor means for your current and future business! As I pick out a factor to describe. You have to prioritize which one is most important and arrange your essay accordingly. not just a one-time status? Did I make an analysis of the past trend and forecasted a future trend for the factor? X The industry had a 14% growth from last year. Put only the factors that are relevant to your paper. do not force it! Make sure this section answers the following questions: ! General Tips THIS SECTION IS CALLED EXTERNAL ANALYSIS. If you cannot link a factor directly to the ability to influence your attainment of the vision. does it impact my value chain (as described in Figure 1 and 2) insofar as increasing revenue. This is not merely a laundry list of PESTC factors. ability to offer current and future products. Thus spend more time explaining your company’s scores THE EFE TABLE IS A NUMERICAL REPRESENTATION OF THE RELATIVE MAGNITUDE OF EXTERNAL OPPORTUNITIES AND THREATS.

which magnifies the already intense rivalry for a shrinking customer pool. Authored by Professor Naomi Martin Strategic Management: A Step by Step Guide to the Final Paper 8 . and the Porter’s showed that those are the forces to contend with. ! What does it take to be a successful player in this industry? LINKING THE STORY: WHAT IS THIS PORTION SETTING THE STAGE FOR? This portion should enable the readers to understand the CRITICAL SUCCESS FACTORS to compete and achieve goals in this industry. NO SURPRISE FACTORS ON THE CPM! It should be a summary and numerical representation of all critical factors to compete well in the industry. a company must continuously invest in innovation and differentiation.. status and forecasted future of the entire industry as supported by Porter’s 5 factors analysis and an in-depth discussion of the characteristics and competitiveness of the major players/competitors in the industry. growth rates. “If those are the PEST factors to consider. Make sure this section answers the following questions: ! ! ! ! CONCEPT REVIEW PORTER’s ANALYSIS IS AN ANALYSIS OF PROFITABILITY OF THE INDUSTRY What is the market size and growth over the last few years? What is the forecasted growth and why? Did I show a market share trend over the past 3 years? Who are my major competitors and what are their revenue sizes. The CPM usually reflects the competitive share of the player in the market. change in customer profile Production methods Mergers and acquisitions. and how each major competitor responds to those factors. then to be successful a company must have or focus on!.EXTERNAL ANALYSIS: INDUSTRY AND COMPETITOR ANALYSIS This section should reflect the history. key competitive strategies? Did I demonstrate and forecast for the next 3-5 years (based on solid research) the industry’s o o o o Customer growth. partnerships Present and future issues/ problems ! What is the effect of each force to the company’s profits? Does it have to spend more to get the supply? Does it have to spend to defend itself against new entrants and substitutes? Does rivalry cut into revenues and thus profits? The conclusion of Porter’s is not just “attractive” or “not attractive” but it should tell you the most critical elements that impact profit. X The analysis shows that this industry is not an attractive one.” THIS WILL BE THE BASIS FOR YOUR COMPETITIVE PROFILE MATRIX (CPM). " The analysis shows that profits in this industry may be limited by the ease of entry of new competition. to be a successful player in this industry. Thus.

The entire section MUST SHOW FROM THE WAY IT IS WRITTEN what the most important factors contributing to the evaluation in the EFE and CPM are. your readers would have fully understood why the company has performed the way it has over the years. Thus spend more time explaining the way you scored the company. McKinsey 7S. the 7S or the Weisbord in the order of importance to your industry. justifying its market rank and thus its competitiveness in the operating environment. LINKING THE STORY : At the end of this section. NO SURPRISES IN THE IFE MATRIX! It is but a numerical representation of the factors you already discussed. Using the CPM. Now it is time to show WHY the company performed as such. You should have also set the stage for identifying the course of action to take in order for this company –with its strengths and weaknesses—to move towards its vision. This section. is not meant to be just a laundry list of factors. compute for yearly growth Profits in the past 3 years How does the company’s growth compare to industry growth? Conclude The different auditing tools (David’s Functional. you have described the external factors that help or hinder the industry’s growth and your evaluation of how your company has been able to respond to these factors. The section is capped by a summary which is the IFE matrix. and how that has affected its ranking in the industry. You are at liberty to arrange the functional audit. ranked / weighted according to impact and scored according to how the company is reinforcing its strengths and doing something to correct its weaknesses. INTERNAL ANALYSIS: LOOKING FOR STRENGTHS AND WEAKNESSES According to the syllabus you must FIRST. with an analysis of its INTERNAL ENVIRONMENT.LINKING THE STORY : WHAT THE NEXT SECTION SHOULD BE ALL ABOUT Using the EFE. you compared the performance of your company on the critical success factors versus its competitors. however. Weisbord) serve as a checklist for you to ensure that you are not missing any relevant factor when you audit. You thus have to ensure that the next section is built to link to the explanation of the EFE score and the CPM score. review the company’s performance ! ! ! Revenue/ sales in the past 3 years. Authored by Professor Naomi Martin Strategic Management: A Step by Step Guide to the Final Paper 9 .

SPACE. conservative or defensive? Can it reach its goals alone or does it need to partner? The tools will then help you prove your hypothesis to the reader. Your rank –are you a leader or a follower? LINKING THE STORY: WHAT IS THIS PORTION SETTING THE STAGE FOR? This portion sets the stage for your objectives.STRATEGY FORMULATION: THE MATCHING STAGE FIRST. SWOT.are there many of you (fragmented). should it be aggressive. The strategy should be reflected in one or more of the key strategic objectives of the company Example Objective 1 : to become the #1 local Mexican taco fastfood company by 2016 with revenues of P50M Objective 2 : to penetrate the Metro Manila area taking 50% of the market by 2016 Objective 3 : to develop the Cebu and Davao markets with 2 branches each generating P5million by 2016 Objective 4 : to strengthen the partnership with Ayala Malls Strategic Management: A Step by Step Guide to the Final Paper Authored by Professor Naomi Martin 10 . HAVE A HYPOTHESIS ON THE DIRECTION YOU SHOULD TAKE. GE/McKinsey . not an action the company should take. Retrenchment Divestiture Liquidation Decision bucket 3 Aggressive Market development Organic Joint ventures Merger or acquisition Other partnerships You should also make that strategy choice in consideration of 1. Examples: NOT a statement of opportunity: The company should tap the female video-gamers/ entry into the female market Statement of opportunity " The female video-gamers have been increasing from 30%-40% of all video-game buyers " Purchases from females have increased by 20% in the past 3 years Decision Bucket 1 Conservative Defensive Decision bucket 2 : Specific Market penetration Product development Integration Diverstification. Your competition . maturing or declining one 2. few /monopoly 3. Your strategy choices should reflect decisions on these major buckets General Tips WRITING TIPS Students often make a mistake on the way they state an Opportunity or Threat. It should be true of the environment for all competitors. growing. Your industry – are you in an emerging. It should be a description of an external trend. Given the competitive position and the financial status of the company. GRAND and QSPM matrices should all align towards general strategy buckets. IE.

and the resulting market shares. the growths per year. This should guide the formulation of the objectives. Make an excel sheet reflecting the revenue projections of the company and its competitors.OBJECTIVES. b. integration or product development strategy. If the vision is to have a certain market share or rank. Reflect on the growth needed to achieve the revenue or market share goal required. If you choose a diversification. e. STRATEGY RECOMMENDATIONS AND ACTION PLANS BEFORE YOU PROCEED 1. If the vision is to be #1.g. which should show how all activities and goals of each function will align towards the achievement of the corporate goals. Look back on the mission statement. Look back on the vision statement. • What businesses should we be in? • How do we grow the whole company organically or through partnerships? • How do we address the biggest environmental opportunities and threats? • How do we compete? • Do we adopt a low-cost. the revenue objective must match this rank according to projections of the revenues of the company and its competitors 2. Is this realistic? How does it compare vs the industry growth? What major move should be done to achieve these required growths? CONCEPT REVIEW The questions below should be used to guide hierarchy of strategy and to construct the strategy map. will this still be aligned with the company’s mission scope as stated? GENERAL TIPS Financial projections are critical. the financial objectives should be the revenue equivalent to being #1. differentiation or focus strategy for our business units or product segments? • How do we ensure we gain market share from competitors? • How can each functional unit contribute to the business goals? • How might we organize our company to successfully support the goals? Strategic Management: A Step by Step Guide to the Final Paper Authored by Professor Naomi Martin 11 . a.

To diversify into the ready-to-wear category viii. if any? Authored by Professor Naomi Martin 12 Strategic Management: A Step by Step Guide to the Final Paper .by! 2. What changes in the structure should the company do to support the Business and Corporate objectives? 2.EXAMPLES OF STATEMENTS OF OBJECTIVES AND STRATEGIES CORPORATE LEVEL 1. To divest the smallest subsidiary by! vii. Financial (examples) i. operational and technological changes/ advancements should be made?! iii. To be the #3 player in the Cebu area! iv. What financial (financing. borrowing) strategies to be done to finance the strategies? 4. To be recognized as the leading provider of! iii. To achieve a net income of!. To be in the top 5 players of the industry! ii. What internal leadership and communication styles should be instituted. 4. capabilities and people should be added? 3. To achieve revenues of !. What new machines. To open a franchise line to develop the Mindanao market BUSINESS STRATEGIES : Should support the Financial and Strategic Objectives Examples 1. 2. with price increases of 5% yearly ORGANIZATIONAL STRATEGIES 1. To launch 5 new products in 3 years v. To successfully partner with Company V in a joint venture to penetrate the Indonesian market vi.. sites. Strategic : should match the strategy choice i. To increase profit margins to!. 3. Invest in the Non-Food packaging units and ensure market leadership in this category Launch a new line of clothing exclusively for girls 9-14 years old Develop a product for the growing population of call center agents in North Quezon City Reduce prices on the small household appliances line while maintaining price flexibility on the large household appliances business. investing. To acquire a downstream retailing company ix. To open our own retail stores in Pampanga x. What new skills.! ii.

increase in marketing and advertising . purchase of a plant. The operating costs reflect the budgets for the activities suggested to reach the objectives (eg. Are the growths aligned and realistic? b. adding training. The profits are plugged into the correct portion in the projected balance and cash flow sheets 5. The trends are well-explained a. Are profits increasing in percentage and in absolute value? 4.LINKING THE STORY: ALL THE OUTPUTS FROM ALL THESE LEVELS SHOULD TIE TOGETHER TO FORM THE STRATEGY MAP Strategy flows from the top Vision and Mission Corporate Business Organizational or Functional FINANCIAL PROJECTIONS 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 REVENUES GROWTH COST OF GOODS % TO SALES GROSS MARGIN % TO SALES OPERATING COSTS ADMINISTRATIVE SALES AND MARKETING OTHERS % TO SALES NET INCOME (BEFORE TAX) % TO SALES Ensure the following: 1. Are the ratios improving over the years? c. hiring more people. letting go of employees) 3. Assets purchased or divested should be reflected in the balance sheets Strategic Management: A Step by Step Guide to the Final Paper Authored by Professor Naomi Martin 13 . The projections match the financial objectives and vision 2. shutting down facilities. salary increases OR reduction in costs.

Ground turnaround time.Six Sigma training for technical crew. most number of flights to domestic destinations Internal Processes: For our customers to see us this way. % occupancy rate per flight Learning and Growth : For our processes to be this good. what internal processes should we be good at? Low cost airline --. how should our customers see us? What should we be measuring to ensure that customers will continue buying? Low cost prices.DETAILED ACTION PLAN What will each department do to accomplish the goals? (top 3 action items per Organizational Strategy will do) Plan Objective Timeline Person or Department Responsible Expected Output STRATEGY EVALUATION. availability of staff. cost-efficient procurement of materials. MONITORING AND CONTROL CONCEPT REVIEW: THE BALANCED SCORECARD The elements of the balanced scorecard should flow into each other as follows: Financial: What should we be measuring to get to the objectives and vision? Low cost airline-. Procurement training. HR connections with flight schools Strategic Management: A Step by Step Guide to the Final Paper Authored by Professor Naomi Martin 14 . what should our employees learn? How should they be developed? Low cost airline-.revenues per plane Customer: To get to the financial objectives.

BALANCED SCORECARD Example Objective: To become a 130M company by 2015 with a market share of 10%. To gain share by growing the fruit juice business unit in Visayas and Mindanao to 30M. capitalizing on product differentiation through the launch of 3 new innovative flavors and an aggressive distribution strategy in all malls OBJECTIVE Revenues MEASURE % growth TARGET 15% 10% 8% 8% 100M 110M 119M 128M 15M 25M 30M 4% 7% 8% 10& 12% 15% 20% 2013 50% 75% 100% 100% 2013 80% 50% 100% 2014 2015 2013 TIME 2012 2013 2014 2015 2012 2013 2014 2015 2013 2014 2015 2012 2013 2014 2015 Head of Juices unit Marketing Director. Head of Juice unit LEAD CEO Sales Director Financial Overall Yearend sales Sales of juice unit Customer Gain share Overall Market share Processes Launch 3 new flavors Distribution Fruit juice share in Visayas and Mindanao Timely launch of 3 flavors % of groceries penetrated and stocked Awareness of new brands in VisMin Trial rate Repeat purchase % of team trained on new products % of groceries mapped and approached by sales team % trained on production and distribution of new flavors 2015 2013 2014 2015 2015 R&D unit Production Distribution Manager Marketing director Marketing Learning and Growth Sales Training for Vismin Discovery and mapping of groceries Production line training 100% mid2014 Head of digital publishing and HR manager 100% 2013 Strategic Management: A Step by Step Guide to the Final Paper Authored by Professor Naomi Martin 15 .

perhaps in part due to the size of the base. The projections for the competition should be backed up by rational assumptions Strategic Management: A Step by Step Guide to the Final Paper Authored by Professor Naomi Martin 16 . Substitutes are products that are NOT similar to the offering but are patronized by the customers in lieu of the product offered by the industry. which have a high share in a fast growing market. Use of the BCG matrix The BCG matrix is used to prioritize investments in products or business units within a company to yield the best returns. Their substitutes could be the diagnostic centers and standalone clinics which are not hospitals but may be patronized to get the same kind of service. Mistaking slowing of growth for no growth Just because a company grew 8% two years ago and is now growing by 6% does not mean that it is declining. Not aligning market shares with financial projections As you compute for your financial projections. Makati Med and St. COMMON MISTAKE: Categorizing the entire company as a whole. It is still growing. Medical City. Companies usually invest in the Star products or services. (“Bench is a Star” or “Meralco is a cash cow”) 2. you should also compute for your competitors and see the resulting market shares of each. Companies usually deprioritize or divest Dogs. Mistaking substitutes for rivals in the Porter’s analysis Rivals are companies which make the same products or offer the same services most times with the same business model. albeit at a slower rate. You have to determine if if the growth rates of each competitor allow them to catch up with the shares.AND FINALLY. eg. Luke’s are rivals as hospitals. Cash cows are products that can continue to be milked without investing much (as they already have a high recall and loyalty among customers). The better way to analyze is to compare this growth with the industry and its competitors. USUAL MISTAKES: 1. 4. which are products not doing well in markets which are expected to decline. 3.

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