Case Study On International Business Management of Vodafone

The University of Aveiro
Department of Economics, Management and Industrial Engineering
INTERNATIONAL BUSUNESS MANAGEMENT:

A CASE STUDY OF VODAFONE
Submitted By: Sasmita Mohanty (62998)

Master of Management
To: Prof Christina Migens

Contents
Chapter Title of Chapters and Sub-chapters Page
1 Introduction to Vodafone 2
2 Overview of Global Telecom Market and Vodafone 4

2.1 A Brief Look at Global Telecommunication Industry 4
2.2 Basic Telecom Scenario (Statistics) of the World 4
2.3 Telecommunication Market Share of Developed and Developing Countries 7
2.4 Key Indicators of Vodafone and the Telecom World 8
3 Internationalization of Vodafone in Europe 11

3.1 Vodafone in Germany 9
3.2 Vodafone in Spain 11
3.3 Vodafone in Portugal 13
3.4 Vodafone in other European Countries 14
4 Internationalization of Vodafone outside Europe 17

4.1 Vodafone in USA 15
4.2 Vodafone in India 16
4.3 Vodafone in Africa 19
4.4 Vodafone in Rest of the World 20
5 Global Marketing and Other International Strategies of Vodafone 21

5.1 Marketing and Strategies for Market Capture 21
5.2 Marketing in the Diverse World 21
5.3 Advertising and Branding of Vodafone 22
5.4 Cultural Diversities and Other Management Strategies 22
5.5 Vodafone Foundation 22
6 Global Human Resource Management of Vodafone 22

6.1 Human Resource Management in Vodafone 23
6.2 Research and Development in Vodafone 23
6.3 Workforce Management Initiatives 23
7 Conclusion 24
References 24
//Sasmita Mohanty (Master of Management) // Page No - 1/25

Chapter 1
Introduction to Vodafone
In this case study, the concepts and applications of international business management are depicted
with respect to the telecom giant Vodafone. Vodafone is a large multinational company with its
operations all around the globe. Here, the aim is to explain the principles of international business
using the cases of Vodafone’s strategies and management principles in different countries.
Vodafone or Vodafone Group Plc is one of the largest telecom companies in the world. It is a
British public limited company having its head quarters in London, UK. In terms of number of
subscribers it is the 2nd largest, and in terms of revenue it is the largest telecom operator in the
world. As of December 2011, it had 439 million subscribers across 70 countries in the world. The
name Vo-da-fone came from Voice, data and phone (or fone) 40, 41. Its pervious name was Racal
Telecom and the name Vodafone came in to effect in 19913,4. In the Figure 1, the map of
Vodafone’s presence has been shown in red color. So this is a truly global company with its
presence in six continents.
Key Indicators of Vodafone
1 Business Sector : Telecom Operator

2 Revenue25,39 : 57.08 Billion €
3 Net Operating Income25,39, 40 : 6.96 Billion €
4 Profit25,39 : 9.79 Billion €
5 EBITDA25,39 : 10.61 Billion €
6 Total Assets25,26,39,40 : 188.12 Billion €
7 Total Equity : 108.91 Billion €
8 No of Employees50 : 83,862
9 Market Capitalization50 : 111.21 Billion €
10 Traded as39,40 : LSE: VOD
NASDAQ: VOD
Figure 1: Presence of Vodafone as of Dec 2011 (Source: http://www.vodafone.co.uk/)
Brief History and Milestones of Vodafone:
Vodafone made the UK's first mobile call at a few minutes past midnight on 1 January 19853, 4, 39.
In 2000, within fifteen years, the network was the largest company in Europe and the largest of its
kind anywhere in the world. By the turn of the century, almost every second UK citizen had a
mobile – and a third of them were connected to Vodafone.
1982: The Racal Electronics Group wins its bid for the private sector UK Cellular license. It sets
up the Racal Telecomms Division and names the new network ‘Vodafone’ to reflect the provision
of voice and data services over mobile phones. Based in Newbury, the company has less than 50
employees, all in one Building.
1985: The Vodafone analogue network is the first cellular network to launch in the UK, and the
first call is made from St Katherine’s Dock in London to Newbury on 1 January 1985.
1987: There were three major milestones for Vodafone in 1987. They are:
Vodafone became recognized as the largest mobile network in the world.
Vodata is created as the ‘voice and data’ business to develop and market Vodafone Recall,
the voicemail service.
Vodapage launched, providing a paging network that covers 80% of the UK population
1988: Racal Telecomms Plc floats on the London and New York Stock Exchange.
1989: Paknet is formed as a joint venture between Racal Telecom and Cable & Wireless.
The Vodafone story is one of investment, innovation and award-winning customer service. Above
all, it’s one of growth and the ability to deliver the tremendous benefits of mobile communications,
not just in the UK but worldwide. Now, it is one of the largest companies in the world and the
second largest company listed in the London Stock Exchange. The key people in the mangmgment
today are:
CEO : Vittorio Colao

Chairman of the Board : Sir John Bond
The rest chapters of this report are organized as follows. In the second chapter, brief picture of
global telecommunication sector is presented and it has been compared with the figures of
Vodafone´s. In the third chapter, European operations of Vodafone are analyzed with the emphasis
on Germany, Spain and Portugal. In the fourth chapter, non-European operations of Vodafone are
analyzed with the emphasis on USA, India and Africa. In the fifth Chapter the international
marketing aspects of Vodafone are analyzed with emphasis on cultural diversity. In the sixth
chapter human resource management aspects of Vodafone are looked into. In the last chapter the
study is finished with major conclusions and references.

Chapter 2
Overview of Telecom Market and Vodafone
Telecommunication has changed the life style of the people around the world. It has changed the
way people do business, the way people interact remotely and almost everything to some extent in
the modern world. Along with these changes, the telecom sector itself has changed a lot from its
business, organization and management points of views. The early days of telecommunication had a
few service providers and thus almost kind of monopoly. As it was one of the basic services; in
most of the countries they were owned by the government or the public sector companies. But in the
recent years, mainly after nineties the competition has become fierce. Each year the number of
service providers is increasing in every country. Globalization and liberalization have made these
issues even smoother for competition. The business world has become really flat.
2.1 Basic Telecom Scenario (Statistics) of the World:

Global telecommunication sector has evolved in many different ways. In all the sectors there are
significant growth and changes. The growth and changing trends can be understood from the
following diagram. All the sectors except the fixed telephone lines have grown in numbers. Mobile
broadband came into scenario in the early years of the new millennium. But its number became
significant only after 2005. So in this statistics, it has been included from 2007 onwards.
Global ICT Developments (From 2001-2011)

100
Mobile-cellular telephone subscriptions
90 Internet users
Fixed telephone lines
80 Active mobile-broadband subscriptions
Fixed (wired)-broadband subscriptions
70
Per 100 inhabitants
60
50
40
30
20
10
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011*
* Estimate.
Figure – 2: Global ICT Developments (Source: ITU World Telecommunication /ICT Indicators database)
Fixed telephone line is the old system and it in service for more than a century. But its medium and
characteristics have changed over time. Till 2005 its trend of growth used to be positive. But its
alternatives are cheaper; and people prefer to be mobile than to remain static. So, the number of
new subscribers does not increase; rather people prefer to go for its alternatives such as the wireless
and wired broadband services. Of course in some countries of Africa and Asia it has positive
growth. The following bar chart shows the density of fixed telephone lines per 100 inhabitants.
Europe is the leader in this sector and Africa is lagging others.
Fixed Telephone Lines per 100 Inhabitants in 2011
45
39.1
40
35
30 28.5
26.3
25
20 16.6
15 13.0
9.7
10
5 1.4
0
Europe The Americas CIS** World Asia & Pacific Arab States Africa
*Source: ITU World Telecommunication /ICT Indicators database
CIS** - Commonwalth of Independent States
Figure - 3: Fixed Telephone Line or Landline Statistics of Different Continents and Regions (Source: ITU)
However, the mobile cellular users have grown much faster than the fixed lines. That is due to the
cost effectiveness of the cellular operations and the ease of use without many hassles. At the end of
2011, the total number of mobile subscribers was approaching 6 billion. It is beyond the
imagination of the planners and operators a decade ago. The biggest contribution in this area comes
from the emerging economies. The following figure shows its growth trends.
Global mobile-cellular subscriptions, total and per 100 inhabitants, 2001-2011

6000 100
Mobile-celullar subscriptions (millions)
Subscriptions (in millions) 90

5000 Per 100 inhabitants
80
70
4000 Per 100 inhabitants
60
3000 50
40
2000 30
20
1000
10
0 0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011*
*Estimate
Source: ITU World Telecommunication /ICT Indicators database
Figure - 4: The Trend of Number of Mobile Subscriptions and its Percentage (Source: ITU)
Though the mobile communication is quite widespread across the world, it is not so widespread as
far as its advanced versions are concerned. That means 2G or the basic mobile service is almost
ubiquitous in the world whereas the 3G and other advanced versions are not that common among
the majority. It is clear from the following figure (Figure - 4).
Figure - 5: Global 2G and 3G Presence (Source: ITU World Telecommunication/ICT indicator database)
In terms of numbers the total subscribers of global 2G and 3G markets are like this. Total number of
2G subscribers is almost 6 billion and that of the 3G subscribers is around 1.2 billion. Around 90%
of the global population is having the 2G services but the 3G is far behind in this regard with a total
coverage of 45%. In many countries people do not even take the 3G services though they are
available because of some reasons such as the cost and complexities of the system in place.
Internet Users per 100 Inhabitants 2011

80 74.4
70
60 56.3
50
47.6
40 34.7
29.1 27.2
30
20 12.8
10
0
Europe The Americas CIS** World Arab States Asia & Pacific Africa
*Estimate
** Commonwealth of Independent States
Regions are based on the ITU BDT Regions, see: http://www.itu.int/ITU-D/ict/definitions/regions/index.html
Source: ITU World Telecommunication /ICT Indicators database
Figure - 6: Percentage of Internet Users in Different Continents/Regions (Reproduced from ITU Figures)

Global internet users are increasing every year. Of course it has to go a long way as the global
average of internet users in percentage is 34.7%.
Figure – 7: Global View (Source: ITU World Telecommunication/ICT Indicator database)
Europe and America have more internet users than other continents. In case of broadband access too
they are ahead others. It is clear from the diagram shown in Figure 6.
1.4 Key Indicators of Vodafone and the Telecom World

In the global telecom scenario, Vodafone has an important role as an international company.
However, in terms of revenue share it is small in comparison to the global telecom revenue.
According to the telecom report of TIA, the global telecom market is worth 3.1 trillion USD and the
net revenue of Vodafone is 73.41 billion USD (57.08 billion €). It is almost 2.34% of the global
market which is depicted in the following figure.
Global vs. Vodafone Telecom Revenue
World Vodafone
Figure – 8: Global Telecom and Vodafone

(Source: Produced from the Nelson´s Telecom Research and Vodafone Reports)
Vodafone has presence in over 70 countries. Out of those 70, Vodafone operates directly in 30 and
it has partners in rest 40 countries. We show the main markets of Vodafone in terms of percentage
of customers. Vodacom is the subsidiary of Vodafone in South Africa and it also operates in

another 5 countries in the African southern part. In the following figure the net market share in
terms of customers is shown in percentage. It shows that India has grown to be the largest market
for Vodafone. That is a new strategic move of Vodafone. Of course there are differences between
the Vodafone business models between its European sectors and that in India. It has been explained
in the following chapters.
Figure – 9: Market Share of Vodafone in terms of percentage of total customers as of Dec 2011 25.
(Source: Vodafone Annual Report 2011)
In the following figure the revenue segments of Vodafone are shown in the pi charts. Despite its
huge presence in the emerging markets, Europe is still the largest money making sector. Of course
the revenue from the European sector is decreasing due to tough competitions. But the revenue of
the emerging markets are growing very fast with double digit growth rates.
Figure – 10: Revenue Segments of Different Regions25 (Source: Annual Report of Vodafone, 2011)
Vodafone have one of the largest mobile footprints in the world with more than 224,000 base
station sites. During the year 2011, their networks carried around 850 billion minutes of voice
traffic (equivalent to 208 minutes per month, per customer) and 161 petabytes of data equivalent to
downloading over 1,400 three minute video clips every second. Vodafone continue to invest around
£6 billion a year to maintain leadership of our networks. Tests show that in the Europe region,
Vodacom and Egypt, Vodafone offers peak user data downlink speeds which are on average 40%
faster than our best competitors. Their billing and customer relationship management systems are
being enhanced to enable our customers to manage a single account, with a single bill, for multiple
devices or for several people. They directly own and manage about 2,200 stores around the world
and they also have around 10,300 Vodafone-branded stores run through franchise and exclusive
dealer arrangements. In most of their local markets sales forces also sell direct to enterprise
customers. The level of indirect distribution varies between markets and may include using third
party service providers, independent dealers, distributors and retailers. The internet has also become
an increasingly powerful and cost-effective distribution channel. 51% of their European contract
customers receive their bills online. Over six million customers use their fixed broadband services
in 13 markets to meet their total communications needs. In addition, through Gateway, they provide
wholesale carrier services to more than 40 African countries. This includes business managed
services, such as secure remote network access, and revenue from mobile virtual network operators
generated from selling access to our network at the wholesale level. In the following figures it has
been depicted.
Figure – 11: Service Revenue by sectors and Customer Segments25, 26 (Source: Annual Report of Vodafone, 2011)
Vodafone work closely with some of the world’s leading companies to deliver innovative products
and services to its customers. Its agreements with Samsung, Google, Microsoft, HTC and others
have enabled it to be first to market with cutting-edge smart devices. It now distributes the Apple
iPad in the UK and to its enterprise customers in Europe. For enterprise customers, in partnership
with Microsoft it provides the Microsoft Online suite which provides hosted email, conferencing
and collaboration services. In conjunction with RIM and Nokia, Vodafone customers using smart
phones will be able to securely pay for applications via their Vodafone bill.
(Source: Annual Report of Vodafone, 2011)

These have advanced capabilities including access to email, the internet and mobile applications
such as Google Maps™ and Facebook. Smartphones now account for 19% of the total number of
phones used by our customers in Europe. Vodafone now supply the iPhone in 19 markets.
Vodafone are making Vodafone designed handsets available to mass market audiences while
offering differentiated experiences. During the year 14 new handsets Vodafone released under our
own brand and Vodafone shipped 5.8 million. In addition to handsets, Vodafone supply a range of
innovative connected smart devices. During the year Vodafone launched our first ever USB stick
based on 4G/LTE technology and Vodafone VodafonebBox which enables customers to connect to
the internet using existing television sets by simply plugging in a keyboard with an embedded
mobile SIM.
(Source: Annual Report of Vodafone, 2011, 2010, 2009)
From the above key indicators, Vodafone´s strategies are clear. It is now looking towards the
emerging markets quite seriously. It is also heading for fixed communication markets with its
takeover of CWW in 2012. It is clear from the figures of the last item of the above table. The
wireless market is also poised with the lack of spectrum. In the following chapters, the international
markets of Vodafone are analyzed.

Chapter 3
Internationalization of Vodafone in Europe
Vodafone is one of the largest telecom players of Europe. Of course in the UK it is no more the
largest operator, but in other European countries it has dominant position. In this study we
concentrate the international business management. The UK operations are home domestic for
Vodafone. So its UK operations are not emphasized rather the non-UK European operations are
studied. The following table shows the customer base of Vodafone in Europe.
(Source: Annual Report of Vodafone, 2011)

3.1 Vodafone in Germany
Germany is the largest country of Western Europe and its telecom market is also quite large. It has
more than 114 million subscribers with a national mobile penetration rate of 139.51%.
As of May 2012, Vodafone is the largest telecom operator in Germany in terms of the number of
subscribers. It has a market capture of 33% (37.625 million subscribers) ahead of the native giant T-
mobile of Deutsche Telecom. It is the 100% share holder of its Vodafone brand operation in
Germany. However it provides network sharing and cooperative management to Smobil and TUI.
There are also a dozen virtual operators which use Vodafone networks.
Figure – 12: Vodafone Germany Figures25, 26 (Source: Annual Report of Vodafone, 2011)
3.1.1 Internal and External Strategic Positions of Vodafone in Germany

Position of Vodafone in Germany is too strong. It has the pole position in both the shares of
customers and revenue. Vodafone uses the appropriate marketing and cultural issues really well and
uses them in the right directions. However, the growth rate is almost negligible, because the market
in Germany is fully saturated. Externally, it has a large number of partners in Germany. Many of

them are virtual operators, which take the services of the Vodafone infrastructure and in return they
provide additional benefits and revenue. Vodafone also makes a great network of cooperation with
the partners and customers in many different ways such as the good customer service and
appropriate schemes for mutual benefits.
3.1.2 SWOT Analysis of Vodafone in Germany

Vodafone is a dominant player in Germany having the first position in its telecom market. It is due
to the proper management of its operations and taking appropriate strategic moves. In this section,
some of the major points have been presented.
Strengths of Vodafone in Germany:

The brand name of Vodafone is very successful in the German market
It has a huge base of subscribers and collaborators in the German market
It has highest subscriber base in Germany
Its strong advertising strategies and impact on people due to its strong values
Its 3G services are faster than other competitors
Looking forward to the 4G services very soon
Its expertise in technology and management
Takes the advantages of allegations against T-mobile
Weaknesses of Vodafone in Germany:
The R&D expenditures are still low in comparison to the native companies
Does not have a fixed network base
Not listed in the German stock exchanges and thus a feeling of non-native
Opportunities of Vodafone in Germany:
Product and services expansion is very much encouraging
Growing business in data and 4G services
VAS as a means to increase revenue with a small investments
Growing market for mobile computing related applications
Large capital can be raised by listing Vodafone on German Stock Exchanges
Threats of Vodafone in Germany:
Highly competitive market
Lags behind major competitors in terms of fixed and landline bases
Spat with regulators over a few legal issues
The renewed strategies of T-mobile and Orange in Germany
3.1.3 Business Level Strategies of Vodafone in Germany

Vodafone has many business and technology level strategies for its German market. Currently, the
Vodafone D2 network serves both prepaid and postpaid customers in the traditional as well as the
advanced GSM and UMTS (with HSDPA). In December 2010 Vodafone was the first German
operator providing LTE (Long Term Evolution) 26 services. It has acquired several small companies
for its data, video and voice services.
3.2 Vodafone in Spain

Spain is the one of the largest countries of Western Europe and its telecom market is also quite
large. It has more than 56 million subscribers with a national mobile penetration rate of 121.7% as
of December 2011.
As of May 2012, Vodafone is the second largest telecom operator in Spain in terms of the number
of subscribers. It has a market capture of 31.4% (17.68 million subscribers) behind of the native
giant Movistar of Telefónica. It is the 100% share holder of its Vodafone brand operation in Spain.
However it provides network sharing to about half a dozen virtual operators which use its networks.

Figure – 13: Vodafone Spain Figures25, 26 (Source: Annual Report of Vodafone, 2011)
3.2.1 Internal and External Strategic Positions of Vodafone in Spain

Vodafone España, S.A.U. is the mobile telecommunications operator of Vodafone
in Spain headquartered in Alcobendas, Madrid. The company was founded in 2000, as a result of
the merger of the shares held by Vodafone Group plc and British Telecommunications plc in Airtel
Móviles, S.A. Internally, now most of the shares are owned by Vodafone with a few with both
Airtel and BT.
In Spain Vodafone faces the greatest competition from Movistar of Telefónica. However, Vodafone
has mastered the cultural and personal needs of individuals and corporate and accordingly it targets
the customers with appropriate schemes and offers. Further points can be cleared from the
following SWOT analysis.
3.2.2 SWOT Analysis of Vodafone in Spain

Strengths of Vodafone in Spain:
The brand name of Vodafone has a great respect and value in the Spanish market
The huge base of subscribers it has in the Indian market
It has the 2nd highest market share in Spain in terms of revenue
It has a 2nd highest subscriber base in Spain after Movistar
Its quality of service is better than Other operators
Its 3G services are faster than others
Weaknesses of Vodafone in Spain:
Low R&D expenditures in Spain in comparison to Movistar
Unequal and under penetration in some of the parts
Poor network coverage in some rural areas
Opportunities of Vodafone in Spain:
Growing Enterprise solution market
Introduction of 4G and other LTE technologies
Threats of Vodafone in Spain:
Still lags behind major competitors in terms of price and coverage
Extremely high penetration rates in key city and urban markets
Spat with Indian Government over the tax issues related to the merging with Hutch
Several unpopular moves as mentioned in the 2G scams of 2008
3.2.3 Business Level Strategies of Vodafone in Spain

Vodafone in Spain since its entry has adopted several business level strategies to remain a big
player in the telecom market. It has acquired several small companies. It has partnerships with

several small virtual operators. Vodafone makes money from these sharing and uses its
infrastructure for additional services.
3.3 Vodafone in Portugal

Portugal is a country of Western Europe with population about 10.5 million and its telecom market
is quite mature. It has more than 15 million subscribers with a national mobile penetration rate of
141.76% as of 2010.
As of May 2012, Vodafone is the second largest telecom operator in Portugal in terms of the
number of subscribers. It has a market capture of 39% (5.9 million subscribers) ahead of the native
giant TMN of Portugal Telecom. It is the 100% share holder of its Vodafone brand operation in
Portugal. Formerly, the Vodafone Portugal was known as Telecel. Now its Portuguese headquarters
are located in Lisbon. In the following table the figures of Vodafone Portugal are shown for the
years 2010.
Revenue : 1341.7 million €

Operation Income : 301.5 million €
Profit : 214.2 million €
(Source: www.vodafone.pt/)
3.3.1 Internal and External Strategic Positions of Vodafone in Portugal

Vodafone has several strategies for the domestic telecom market of Vodafone. In Portugal the
competition is mainly three-way with TMN and Optimus. Vodafone takes the personal and
enterprise needs of Portugal into consideration quite seriously and frames the strategies accordingly.
The postpaid and prepaid services are both quite popular. Internally, the management of Vodafone
Portugal is quite strong.
Its vendors and equipment manufacturers are both from Portugal and rest of Europe. It has a
strategic link with the local vendors. However it relies on the big players like NSN, Alcatel-Lucent
and Eriksson.
3.3.2 SWOT Analysis of Vodafone in Portugal

Strengths of Vodafone in Portugal:
The brand name of Vodafone has a great respect in the Portuguese market
It has the 2nd highest market share in India (Source : TRAI Annual Report, 2011)
It has a 2nd highest subscriber base in India after Airtel
Weaknesses of Vodafone in Portugal:
Low R&D expenditures in Portugal in comparison to PT
Unequal and under penetration in the some of the parts of the country
Poor network coverage in the rural areas
Lags behind PT in terms of fixed and permanent infrastructures
Opportunities of Vodafone in Portugal:
Growing data business in data and 3G services
Vodafone in Portugal provides ADSL2+ services
VoIP and IPTV Services
Large capital can be raised by listing Vodafone on Indian Stock Exchange(IPO)
Tower sharing business with Indus Towers
Threats of Vodafone in Portugal:
3.3.3 Business Level Strategies of Vodafone in Portugal

Vodafone in Portugal since its entry has adopted several business level strategies to remain a big
player in the telecom market. It first acquired Telecel to start its operation in Portugal. Of course it
later changed its name to Vodafone Portugal. It has partnerships with some small virtual operators.
Vodafone makes money from these sharing and uses its infrastructure for additional services.
3.4 Vodafone in Other European Countries

In addition to the above European countries which have been presented above, Vodafone is also
present in the some other countries. They are: Czech Republic, Greece, Hungary, Iceland, Ireland,
Italy, Malta, Netherland, Romania and Turkey. Vodafone is among largest telecom operators of
these countries. In Italy, Vodafone has a huge market. As shown in the table at the beginning of this
chapter it is clear that Vodafone is a major player of most of the countries.
3.4.2 SWOT Analysis of Vodafone in Other European Countries

Strengths:
The brand name of Vodafone has a great value in the European market
The huge base of subscribers it has in the European market
Italy is a huge market for Vodafone
Czech Republic is also a large market in terms of both customers and revenue
In Netherlands and Greece it has big demands and growth rates
Its quality of service is better than many other operators of Europe
Its 3G services are faster than many others
Weaknesses:
Unequal and under penetration in the vast majority of the parts
Rural Europe does not have the services of Vodafone
Prices are higher than the local service providers
Does not provide post-paid services to the low income category
Opportunities:
Emerging markets of Eastern Europe and expansion opportunities
Growing Enterprise solution market in East European countries
4G and other services are in big demand
It still can enter many countries where it does not operate now
Mainly in the northern Europe and far-eastern Europe
Threats:
Local player are getting stronger due to their large fixed networks
Popularity of VoIP and other alternative voice communication technologies
3.4.3 Business Level Strategies of Vodafone in Other European Countries
Vodafone has many business level strategies in this category of ‘other European Countries’. It has
collaborations with many operators. In addition to that it also extends its support for the virtual
operators in several countries. There are hundreds of such virtual operators in several countries. In
Romania and Malta it has acquired the local players and provides successful management and
technological services both directly and on sharing basis.
Chapter 4
Internationalization of Vodafone outside Europe
Vodafone is a large company with its truly global presence. Larger share of its revenue comes from
outside Europe. It is present is five continents outside Europe. Its revenue is highest in USA and
highest number of subscribers live in India. Overall, the Vodafone of today is so large due to its
operations outside Europe. It gives Vodafone several strategic advantages as well as huge number
of challenges to manage the company effectively.
In this chapter the operations of Vodafone in the large markets outside Europe have been analyzed
from the internationalization perspectives. For this work, the main markets of USA, India and
Africa have been chosen. In all these places Vodafone is emerging as a large and dominant player
with huge revenue and large customer bases.
4.1 Vodafone in USA

Vodafone in USA has a big role. However, it does not operate directly; rather it works along with
Verizone USA. In the wireless operation of Verizone, Vodafone has a share of 45%. That is huge
revenue for Vodafone. It comes under the uncontrolled operations of Vodafone as Verizone takes
the key decisions and roles. The operation of Vodafone and Verizone runs in the name Alltel. The
percentage of the customer base, and revenues of Verizon Wireless that Vodafone consolidates is
slightly lower, since some Verizon Wireless subsidiaries have minority investors. (Hence the exact
percentages that Vodafone and Verizon report vary from period to period: in June 2006 Vodafone
reported that Verizon Wireless owned 98.6% of its customers at that date.) Before this joint venture
was formed, Vodafone merged with AirTouch Communications of the U.S. in June 1999, and
changed its name to Vodafone Airtouch plc.
In September 1999, Vodafone Airtouch announced a $70-billion joint venture with Bell
Atlantic Corp. Verizon Wireless was composed of Bell Atlantic's and Vodafone AirTouch's U.S.
wireless assets, and began operations on 4 April 2000. However, Verizon Communications – the
name Bell Atlantic took upon its June 30, 2000 buyout of GTE – owns a majority of Verizon
Wireless, and Vodafone's branding is not used, nor is the CDMA network compatible with GSM
phones. This relationship has been quite profitable for Vodafone, but there have historically been
three problems with it.
The first is the above-mentioned incompatibility with the GSM 900/1800 MHz standard used by
Vodafone's other networks, and the consequent difficulty of offering roaming between Vodafone's
U.S. and other networks. The other two stem from the fact that Vodafone does not have
management control over Verizon Wireless. Vodafone is thus unable to use the Vodafone brand for
its U.S. operations, and (perhaps more importantly) has no control of dividend policy at Verizon
Wireless, and is therefore entirely at the mercy of Verizon management with respect to cash flow
from Verizon Wireless. Perhaps as a consequence of these reasons, Vodafone made a bid for the
entirety of AT&T Wireless when that company was for sale in 2004. Had this bid been successful,
Vodafone would presumably have sold its stake in Verizon Wireless, and then rebranded the

resultant business as Vodafone. However, Cingular Wireless, at the time a joint venture of SBC
Communications and BellSouth (both now part of AT&T), ultimately outbid Vodafone and took
control of AT&T Wireless (the combined wireless carrier is now AT&T Mobility), and Vodafone's
relationship with Verizon has a bright future.
4.1.2 SWOT Analysis of Vodafone in USA

Strengths:
The brand name of Vodafone has a great respect in the American market
The huge base of subscribers it has through Verizone USA
It has the 2nd highest market share in USA (Source : TIA Reports, 2011)
Its 3G services are faster than others and thus a huge popularity
Its expertise in technology and management through Verizone Wireless
First player to provide LTE based services
Weaknesses:
Low R&D expenditures in comparison to Verizon’s investment in this area
Poor network coverage in some central states
These are Vodafone’s uncontrolled operations
Opportunities:
Innovation in America can give Vodafone a global advantage
Growing market for the advanced technology products
4G and new LTE services
Online Gaming and other mobile platform services on the handsets
Threats:
Highly competitive USA market
Spat with the Government over a few legal issues
4.1.3 Business Level Strategies of Vodafone in USA

Vodafone has a large number of mergers and acquisions in the USA. It has a large number of
operations in collaboration with Verizone wireless. Early in 2006, Verizon re-iterated their desire to
buy out the remaining 45% of stock of Verizon Wireless from Vodafone Group. Vodafone has also
repeatedly indicated that it would be willing to buy out Verizon's stake. In both pre and post paid
services the role of Verizone is more dominant than Vodafone’s. So, Vodafone is in the rise but not
a free business entity in the USA.
4.2 Vodafone in India

India is Vodafone´s largest market in terms of customers. In terms of revenue it is growing very fast
and could be number one as well in the next few years. Vodafone did not enter as an independent
player to the Indian telecom sector. Rather it entered as the partner of Essar and the whole operation
is known as Vodafone-Essar. In the following table the key figures and business points are shown
for Vodafone.

Figure – 16: Vodafone India Figures25, 26 (Source: Annual Report of Vodafone, 2011)
4.1.1 Internal and External Strategic Positions of Vodafone in India

Vodafone came to India under the guidance and leadership of it s former CEO Arun Sarin. Arun
was a strong strategic leader of Vodafone and he is an Indian. So he knew well about the Indian
telecom market and entered at the right time with right strategies. They came as the collaborators of
Essar Telecom. Essar was not a big player but its overall business was a big one to support the
telecom ambition. The support of Vodafone made a great result for both of them. Externally,
Vodafone has a strong link with several telecom players of India. It has network sharing with
Bharati Airtel and they also co-operate each other outside India
4.1.2 SWOT Analysis of Vodafone in India
Strengths of Vodafone in India:

The brand name of Vodafone has a great respect in the Indian market
It has the 2nd higest market share in India (Source : TRAI Annual Report, 2011)
It has a 2nd higest subscriber base in India after Airtel
Weaknesses of Vodafone in India:
Low R&D expenditures in India
Rural India unable to relate to the brand and Vodafone does not do anything to reach them
Opportunities of Vodafone in India:
Emerging markets of India and expansion opportunities
Innovation in India can give Vodafone a global advantage
Threats of Vodafone in India:
4.1.3 Business Level Strategies of Vodafone in India

Vodafone is not that old in India. Still it has several business level strategies in work now. It has
collaborations with local players. It has cooperation with the main vendors working in India. It also
shares the network infrastructures in India and Africa with the Indian companies. Vodafone is
looking forward to have a long term ties with Indian software service providers as Indian software
are growing in demand and quality. It gives opportunities of growth to both the software companies
as well as the telecom operations of Vodafone.

4.3 Vodafone in Africa
Vodafone is present in several countries in Africa. However its largest wing is the Vodacom.
Vodacom was started as the Vodafone wing of South Africa. Later it became large and covered
most part of the countries of the southern Africa. In the following figure the role of Vodacom and
its figures are indicated. As of mid 2011, 62 % revenue of Vodacom came from South Africa alone.
However, it s operation in other southern countries such as Tanzania, DRC and Mozambique are
also very much encouraging.
Figure – 17: Vodacom Africa Figures56 (Source: Telecom Market Research)
Vodacom has a better growth rate despite competitions in its countries of operations. It was a great
lesson for Vodacom on how to have great strategies away from home. The brand Vodafone was the
major point behind the success of Vodacom. In the following table the key figures of Vodacome
business performances have been shown.
Figure – 18: Vodafone Africa Figures25, 26 (Source: Annual Report of Vodafone, 2011)
4.1.2 SWOT Analysis of Vodafone in Africa

Strengths:
The brand name of Vodafone has a great respect in the Indian market
It has the 2nd higest market share in India (Source : TRAI Annual Report, 2011)
It has a 2nd higest subscriber base in India after Airtel
Weaknesses:
Low R&D expenditures in India
Rural India unable to relate to the brand and Vodafone does not do anything to reach them
Opportunities:
Emerging markets of India and expansion opportunities
Innovation in India can give Vodafone a global advantage
Threats:
4.1.3 Business Level Strategies of Vodafone in Africa

Vodafone has several mergers and acquisitions in Africa under its Vodacom flagship. In November
2005, Vodafone announced that it was in exclusive talks to buy a 15% stake of VenFin
in Vodacom Group, reaching agreement the following day. Vodafone and Telkom then had a 50%
stake each in Vodacom. Vodafone now owns 65% of Vodacom after purchasing a 15% stake from
Telkom. On 9 October 2008, the company offered to acquire an additional 15 per cent stake
in Vodacom group from Telkom. The finalized details of the agreement were announced on 6
November 2008. The agreement called for Telkom to sell 15 per cent of its 50 per cent stake
in Vodacom to the group, and demerge the other 35 per cent to its shareholder. Meanwhile,
Vodafone has agreed to make Vodacom its exclusive sub-Saharan Africa investment vehicle, as
well as continuing to maintain the visibility of the Vodacom brand. The transaction is closed in
May/June 2009. On 18 May 2009, Vodacom entered the JSE Limited stock exchange in South
Africa after Vodafone increased its stake by 15% to 65% to take a majority holding, despite
disputes by local trade unions.
Chapter 5
Global Marketing and Other International Strategies of Vodafone
Marketing is an integral part of every business. In international business management the role of
marketing is even more important due to the challenges of the cultures. In the domestic country the
products are designed and presented as per the trends of the country in which both the service
provider and customers are having the same culture. They understand the values of products and
services quite clearly. However the cross cultural challenges are t be faced in the international
business. So, the marketing plays a significant role to reduce that gap.
Vodafone has a mature and professional marketing team to handle the marketing aspects. They hire
the local experts to provide the right choice. Depending on the cultures and preferences their
advertising is different. For example, in some countries the electronic marketing is the dominant
one and in some other the print media is the front runner of marketing. Accordingly Vodafone has
appropriate marketing tools and methods in place.

5.1 Marketing of Vodafone
Marketing in Vodafone is multifaceted. As mentioned in the introductory sections, it uses
appropriate tools depending on the countries. In Europe it uses all methods of marketing starting
from internet to radio to television to the print media to the public display boards. However, in
developing countries the number of internet users are less in comparison to Europe and thus it
focuses more on the traditional media than the internet in those countries. It uses both the print as
well as the electronic media for its marketing.
5.1.1 Marketing and Strategies for Market Capture

Marketing of Vodafone across all its markets are quite exemplary. It takes the advantages of the
local talents to create the proper and effective marketing strategies. In all segments of its services
and product domains it employs right techniques and right kind of eye/catching and effective tools.
It does not ignore the values associated with the local talents and traditions.
5.2 Marketing in the Diverse World

Marketing in the diverse world is very difficult. It has large cultural diversities. However Vodafone
uses all its effective techniques to excel in this area. It uses all the available media for its advertising
and marketing works. Of course the details about the advertising are presented in the next section.
In this section the marketing targets and their techniques are looked at.
Vodafone uses the local values and local cultures to harness proper marketing equipments and
products. It uses separate techniques for separate products and services. For example it uses the
‘helping dog’ for its mobile marketing in India where as for broadband it takes the help of
celebrities to market the services. Vodafone employs great marketing talents and use them for the
right kind of marketing.
Vodafone uses its own network as well as the established mobile and static networks for its
marketing campaigns. In the new initiatives it is collaborating with other service providers such as
the O2 for advanced advertising networks. This is a good idea for the whole marketing concept and
others are also looking forward to it.
5.3 Advertising and Branding of Vodafone
Advertising is the visual part of the marketing. It is done in several methods as mentioned in the
previous sections. Vodafone chooses the proper advertising methods and themes to strike the
attention of the customers. TV is the dominant mode of advertising for Vodafone. It sponsors
Football, Cricket and many other games for its advertisement campaigns. Then follows the print
media or the newspapers and magazines for these advertisements. Then comes the online
advertisements through the internet. It also uses the social networking tools such as the Facebook
and LinkedIn.
5.3.1 Branding
The brand Vodafone is a big brand among the telecom operators in the world. According to the
Total telecom analytics group the brand value of Vodafone is 30.674 billion USD. It is the biggest
brand among the telecom operators. But is does not spot in the 100 biggest brands list of Interbrand.
However, Vodafone is a well known brand across the world now.

Top Telecom Brands54, 55
Brand Brand Value (Million USD)
1 Vodafone : 30,674
2 AT&T : 28,884
3 Verizone : 27,293
4 China Mobile : 19,317
5 Orange : 18,622
6 Movistar : 14,935
7 Cisco : 11,667
8 T-Mobile : 11,553
9 NTT : 10,338
10 Nokia : 9,658
(Source: http://www.totaltele.com)
According to Brand Finance plc, the Vodafone brand has risen to become the fifth most valuable
brand in the world. In the 2010 calendar year Vodafone renewed its title partnership with the
Vodafone McLaren Mercedes Formula One team. It has been a strong year for the sponsorship with
increased television viewing figures and greater exposure.
5.4 Cultural Diversities and other Management Strategies

Handling cultural diversity is one of the main strategies of international business management. The
successful companies in the service domain do it adroitly. Vodafone is an example of such a model
company which handles the cultural issues quite smoothly. Vodafone helps the communities in
several countries for social causes. This is a compelling way to come to the focus of the customers
and general public. Vodafone has its own foundation for this purpose.
5.5 Vodafone Foundation

Vodafone Group has continued to fund the good work of the Vodafone Foundation. Through the
Vodafone Foundation and their network of national affiliate foundations they support communities
and societies in the countries in which they operate. In the financial year 2011 they invested a total
of £50 million in foundation programmes and social causes. Their World of Difference programme
is now in 20 countries and has so far enabled 1,500 people to take paid time to work for a charitable
purpose of their choice in their own community or in a developing country. Their Mobiles for Good
programme, combining our technology with their giving, saw the launch of Instant Network, a
partnership with Telecoms Sans Frontiers which enables a network to be deployed from three
suitcases, covering 10 sq km for usage of up to 12,000 people. Field trials are currently underway.
Chapter 6
Global Human Resource Management of Vodafone
HRM is an important aspect of global management of any international company. Vodafone has a
good HRM department to handle these issues. It has own small HRM in the individual countries of
operations. The presence of nationals is very much important to handle the cultural issues which are
integral parts of marketing, advertising and many other aspects.

Key Figures of Vodafone HRM
Total Employees : 83,90039,41
R&D Expenditure in 2010 : 355 (= 287 m£) million €
Total Patents Received (US and EU) : 2648
Total Community Spending : 287 m£
In the following figure the presence of employees in different countries have been shown. It is clear
that the numbers of employees are proportional to the revenue being generated by Vodafone.
Surprisingly, it does not have too many employees in India, despite having largest number of
customers. It is also surprising that Vodafone is reducing its number of employees gradually.
Figure – 19: Vodafone Africa Figures25, 26, 27 (Source: Annual Report of Vodafone, 2011, 2010, 2009)
The number of employees does not give the clear idea about the tasks being performed by the
workers. In the following figure it is clear what the tasks are and what percentages of the work force
are involved in them. As sheen in the following pi chart most of the people work in the customer
care and administration. That shows the Vodafone’s care for the customers.
Figure – 20: Vodafone Africa Figures25, 26, 27 (Source: Annual Report of Vodafone, 2011)

Chapter 7
Conclusions
In this case study, all the common features of international business have been analyzed. The main
aim of the selection of Vodafone for this study is to have a company that really deals with the
customers at the grass root level in very diverse cultural scenarios. Of course every issues of
internal business is very difficult to include in small case studies. But the prime figures and
important strategies have been covered in this report. International scenarios of seven countries
have been included and brief ideas of some other countries too have been included in this study.
References:
1. Charles W. L. Hill, 2010, International Business: Competing in the Global Marketplace, 8th ed., NY: McGraw-
Hill/Irwin.
2. Michael A. Hitt, R. Duane Ireland & Robert E. Hoskisson, 2009, Concepts of Strategic Management:
Competitiveness & Globalization, 9th ed., Mason, OH: South-Western Cengage Learning
3. Christopher J. Ibbott, 2007, Global Networks: The Vodafone-Ericsson Journey to Globalization and the
Inception of a Requisite Organization, 1st ed., London, UK: Palgrave Macmillan
4. Ronald Cohn Jesse Russell, 2012, Vodafone, Paris, France: VSD Publishing.
5. Tamer Cavusgil, Gary Knight & John Riesenberger, 2011, International Business: The New Realities, 2nd ed.,
Upper Saddle River, NJ: Prentice Hall.
6. Peter Curwen, Jason Whalley, 2009, The Internationalization of Mobile Telecommunications: Strategic
Challenges in a Global Market, NY: Edward Elgar Publishing.
7. Helen Deresky, 2010, International Management: Managing Across Borders and Cultures, Text and Cases, 7th
ed., Upper Saddle River, NJ: Prentice Hall.
8. Phil Kelly, 2009, International Business and Management, London, UK: International Thomson Business
Press.
9. Michael E. Porter, 1996, What is Strategy, Harvard Business Review, Nov-Dec.
10. 2005, A Brief History of Communication, IEEE Communications Publication.
11. Michael E. Porter, 1979, How Competitive Forces Shape Strategy, Harvard Business Review, March/April.
12. Michael E. Porter, On Competition, Boston: Harvard Business School, 1998.
13. Michael E. Porter, 1980, Competitive Strategy, New York: The Free Press.
14. Michael E. Porter, 1985, Competitive Advantage, New York: The Free Press.
15. Michael E. Porter, 1986, Competition in Global Industries, Harvard Business School Press, Boston,
16. Karen G. Strouse, 2001, Strategies for Success for the new Telecommunication Marketplace, Norwood, MA:
Artech House.
17. James K. Shaw, 2000, Strategic Management in Telecommunications, Norwood, MA: Artech House.
18. Michael E. Porter, 1987, "From Competitive Advantage to Corporate Strategy", Harvard Business Review,
May/June 1987, pp 43-59.
19. Michael E. Porter, 2001, "Strategy and the Internet", Harvard Business Review, March 2001, pp. 62-78
20. Michael E. Porter, 2006, "Strategy and Society: The Link Between Competitive Advantage and Corporate
Social Responsibility", Harvard Business Review, December, pp. 78-92.
21. Michael E. Porter, 2008, "The Five Competitive Forces That Shape Strategy", Harvard Business Review,
January 2008, pp. 79-93.
22. P. Kotler & R. Turner, 1985, Marketing Management: Analysis, Planning, and Control, Canada: Prentice-Hall.
23. H. Minzberg, 1994, The Rise and Fall of Strategic Planning, NY: The Free Press.
24. S. Rosenbush, 1997, Telecom Business Opportunities: The Entrepreneur's Guide to Making Money in the
Telecommunications Revolution, London, UK: Aegis Publishing Group.
25. 2011, The Annual Report of Vodafone.
31. R. Amit, & C. Zott, 2001, “Value Creation in E-business”, Strategic Management Journal, vol. 22, pp. 493-
520.
32. B. Arya & Z. Lin, 2007, “Understanding Collaboration Outcomes from an Extended Resource based View
Perspective: The Roles of Organizational Characteristics, Partner Attributes and Network Structures”, Journal
of Management, vol. 33, no. 5, and pp. 697-723.
33. S. Rosenbush, 1997, Telecom Business Opportunities: The Entrepreneur's Guide to Making Money in the
Telecommunications Revolution, London, UK: Aegis Publishing Group.
34. Rivalry Through Alliances :Competitive Strategy in Global Telecoms Market- European management Journal
vol. 20 no1 pp,95-97,2002
35. Scott Beardsley, 1998, "Full Telecom competition in Europe is years away," The Mckinsey Quarterly.
36. Sylvia Chan-Olmsted & Mark A. Jamison, 2002, "Rivalry Through Alliances: Competitive Strategy in Global
Telecoms Market,” European Management Journal, vol. 20, no1, pp. 95-97.
37. William Lehr, & Thomas Kiessling, 1999, Telecommunication Regulation in the United States and Europe:
The case for centralized authority, MIT Dspace.
38. Juan Alcacer, Andrew Goodman, 2010 “Vodafone Qatar: Building a Telco in the Gulf”, Harvard Business
Review, September 2010, Prod. #: 711414.
39. www.vodafone.com
40. www.tech.fortune.cnn.com
41. http://www.vodafone.com/content/index/about/sustainability/approach.html
42. http://www.vodafone.in/pages/index.aspx
43. http://www.vodafone.com/content/index.html
44. http://www.vodafone.com.au/personal/index.htm
45. http://www.vodafone.de/
46. http://www.vodafone.es/particulares/es
47. http://www.vodafone.pt/main/particulares
48. http://www.vodacom.com/
49. http://www.vodacom.co.za/personal/main/home/
50. http://en.wikipedia.org/wiki/Vodafone
51. http://www.lightreading.com/topics.asp?node_id=1405
52. http://online.wsj.com/article/SB10001424052970204883304577220470463065662.html
53. http://www.vodafone.co.uk/
54. http://www.totaltele.com/
55. http://www.interbrand.com/en/best-global-brands/best-global-brands-2011.aspx
56. http://www.telecomsmarketresearch.com/resources/Vodafone_market_research.shtml#India

Case Study On International Business Management of Vodafone

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Case Study On International Business Management of Vodafone

Uploaded by

Copyright:

Available Formats

The University of Aveiro

Department of Economics, Management and Industrial Engineering

INTERNATIONAL BUSUNESS MANAGEMENT:

Submitted By: Sasmita Mohanty (62998)

To: Prof Christina Migens

Chapter Title of Chapters and Sub-chapters Page

2 Overview of Global Telecom Market and Vodafone 4

3 Internationalization of Vodafone in Europe 11

4 Internationalization of Vodafone outside Europe 17

5 Global Marketing and Other International Strategies of Vodafone 21

6 Global Human Resource Management of Vodafone 22

//Sasmita Mohanty (Master of Management) // Page No - 1/25

Key Indicators of Vodafone

1 Business Sector : Telecom Operator

Figure 1: Presence of Vodafone as of Dec 2011 (Source: http://www.vodafone.co.uk/)

Brief History and Milestones of Vodafone:

CEO : Vittorio Colao

//Sasmita Mohanty (Master of Management) // Page No - 3/25

2.1 Basic Telecom Scenario (Statistics) of the World:

Global ICT Developments (From 2001-2011)

Global mobile-cellular subscriptions, total and per 100 inhabitants, 2001-2011

Subscriptions (in millions) 90

Internet Users per 100 Inhabitants 2011

//Sasmita Mohanty (Master of Management) // Page No - 6/25

Figure – 7: Global View (Source: ITU World Telecommunication/ICT Indicator database)

1.4 Key Indicators of Vodafone and the Telecom World

Global vs. Vodafone Telecom Revenue

Figure – 8: Global Telecom and Vodafone

//Sasmita Mohanty (Master of Management) // Page No - 7/25

(Source: Annual Report of Vodafone, 2011)

//Sasmita Mohanty (Master of Management) // Page No - 9/25

(Source: Annual Report of Vodafone, 2011, 2010, 2009)

//Sasmita Mohanty (Master of Management) // Page No - 10/25

(Source: Annual Report of Vodafone, 2011)

3.1.1 Internal and External Strategic Positions of Vodafone in Germany

//Sasmita Mohanty (Master of Management) // Page No - 11/25

3.1.2 SWOT Analysis of Vodafone in Germany

Strengths of Vodafone in Germany:

3.1.3 Business Level Strategies of Vodafone in Germany

3.2 Vodafone in Spain

//Sasmita Mohanty (Master of Management) // Page No - 12/25

3.2.1 Internal and External Strategic Positions of Vodafone in Spain

3.2.2 SWOT Analysis of Vodafone in Spain

3.2.3 Business Level Strategies of Vodafone in Spain

//Sasmita Mohanty (Master of Management) // Page No - 13/25

3.3 Vodafone in Portugal

Revenue : 1341.7 million €

3.3.1 Internal and External Strategic Positions of Vodafone in Portugal

3.3.2 SWOT Analysis of Vodafone in Portugal

3.3.3 Business Level Strategies of Vodafone in Portugal

3.4 Vodafone in Other European Countries

3.4.2 SWOT Analysis of Vodafone in Other European Countries

4.1 Vodafone in USA

//Sasmita Mohanty (Master of Management) // Page No - 16/25

4.1.2 SWOT Analysis of Vodafone in USA

4.1.3 Business Level Strategies of Vodafone in USA

4.2 Vodafone in India

//Sasmita Mohanty (Master of Management) // Page No - 17/25

4.1.1 Internal and External Strategic Positions of Vodafone in India

4.1.2 SWOT Analysis of Vodafone in India

Strengths of Vodafone in India:

4.1.3 Business Level Strategies of Vodafone in India

//Sasmita Mohanty (Master of Management) // Page No - 18/25