Business strategy can be referred as the science, craft and art of executing, structuring and assessing cross-functional judgements or decision which will enable a company to attain their long term objectives. This is the specifying procedure the company's vision, mission and objective, improving plans and policies, often in the program and project term that are managed to meet set objectives. Strategic management seek for integrate and coordinate practices of numerous business areas in regard of meeting long-term objectives of company. Whether regional, local or international organisation, numerous issues and challenges emerged in organisation which is being cope up by a company that increase their performance and productivity intensifying competition in the market (Ackermann and Audretsch, 2013). For shaping future direction and techniques, company manage, systemically configured strategy can position in market.
Virgin Atlantic also known as Virgin Atlantic International Limited and Virgin Atlantic Airways Ltd is one of leading British airlines which was originated through their co-founder Alan Hellary and Randolph in 1984 as British Atlantic Airways. The organisation is outlines in the report for examining and overviewing their case in order to understand their growth and evolution within the company. In 2012, the company was enlisted as 7th largest airlines company in United Kingdom. The report is employing numerous suitable frameworks and their influence on macro environment along with analysing their strategies. The macro-environment should be understood to inform and determine their strategic decisions which is being followed in the company. The firm has numerous capabilities which is being evaluated along with its internal environment that can direct their outcome. The assignment is also focusing over Porter's five forces model assessing the competitive forces which are given in the market sector for the company (Annabi and McGann, 2011). Application of numerous models, concepts and theories are interpreted in this document in context of Virgin Atlantics.
P1 Impact of macro environment on Virgin Atlantic
External environment refer to condition that exists within the economy and compare with particular industry or region. It involve employment, Gross domestic product, fiscal policy, inflation, monetary, spending and so on. Macro environment are not in hand of company it will effect on strategies, decision making and their level of performance in an negative way. In this external surroundings it involve environment, legal, technological, social, legal and political. Airlines company is also get impact on their performance, willingness and its spending ability. At a time of making strategies they have to analyse the macro environment. This will help in managing airlines activities effectively and efficiently (Auzair, 2011). External surroundings impact influence the entire working system of business.
PESTEL MODEL ANALYSIS OF VIRGIN ATLANTIC
This analysis evaluate influence on political, environment, economic, social, legal and technological factors of enterprise. They are not controlled by organisation directly. In term of this, every factors influence on activities as well as operations of organisation. It is useful in evaluating a unpredicted surrounding in which airlines company run their activities by analysing all the factors of external environment which influence on their performance and operations level. PESTEL Analysis of external environment are given below:
- Political factor: In this industry of Airlines, it is often regard as a fear of terrorism attack. Because of disputes of ideology or political from west within some persons from Islamic nation, in today's times terrorism is an very big problem. Airlines company operated as they needed to pay much efforts in flights safety as well as it also incur expenditure of capital for installing proper tools of safety as well as planes systems. All these will add up the burden of finance on the operators of airlines like as Virgin Atlantic.
- Economic factor: In today's economy within the world remain fragile, after three year of recovering slowly from bottom in 2009 In United Kingdom, there is a high rate of unemployment, customers comment on its cautions and wise in spending habits. In short term, as far as they look an economy will remain gloomy, person cut down their spending and travel less for tourism aims (Azar, 2011). In this economy is suffering, person may change yo low cost airlines operating.
- Social factor: Peoples standards of living is increasing within entire globe. In current times, customers are more demanding. They are having a high level of expectations from airlines services. Overall buyers are becoming aware on consumer rights as well as understanding their powers which they can affect enterprise profit ratio. In this, persons are not taking their services because of its features. It is necessary the they feel to be in touched in their process of buying decisions.
- Technological factor: There are several latest technology is affecting their nature of airlines enterprise in their past times. One main problem is the raising internet service popularity as well as electronic commerce within whole world (Bharadwaj and et. al., 2013). Technology is having both impacts negatively as well as positively because of increasing internet customers trends. Besides this, it improves technology along with that person may expect service improvements given by airlines organisation.
- Environment factor: In present times, there is major issue of global warning which affect person as well as next generation. They are raising enterprise demands which should practice customer social responsibility in growth and development of enterprise. Sustainable development along with that conscious efforts in making sure that they protect the natural environment which is having demand within company. In this trend, possibility in affecting the operators of airlines adversely.
- Legal factors: In various nations as well as changes are depend in legal rules and regulations within the airline organisation along with that various problems may affect the business.
ANSOFF’S GROWTH VECTOR MATRIX
Strategic positioning means which is intended overall methods and purpose of situations. Many of enterprise managers is developing its techniques position as well as also taking up some valuable steps for communicating with their employees effectively foe meeting its set objectives and aims in an proper way. In this model of Ansoff matrix is planning of strategic linked with tools that provide a best model in term to help higher authority, executives, marketers to develop techniques for developing future (Grover and Kohli, 2014). Its main aim is to identify best position in Virgin Atlantic position within market for competing their competitors at marketplace. This matrix is useful in deciding its products and market for developing techniques.
Ansoff matrix for Virgin Atlantic
- Market penetration: It is caused when an company access a market by their current services of airlines industry. This techniques starts with previews buyers of the firms. Market penetration is mainly used by organisation for raising sales without providing real strategy of service market.
- Market development: In this specific strategy, a organisation goes beyond its previews buyers base in finding of new buyers from its previews goods and services. This techniques of market development consists identifying of fresh segment of an market, finding a new area for attracting new buyers, various use of services and goods.
In other side, better technique which comes in developing a market is selling previews goods within new markets of international (Jocovic and et. al., 2014).
- Product development: Organisation of Virgin Atlantic is developing their new services within airline industry at a similar marketplace. This techniques is refer to significant fresh product development not only small modifications within existing goods.
- Diversification: It is whispered know a days in whole market they are becoming similar market as well as persons no matter where they are living as they are having demands of same lifestyle and goods. In this technique of diversified strategy it is important to include movement of present services and goods within a new market.
All this four strategy of Ansoff's model is bearing higher level of risk component with them. It is applied in Virgin Atlantic that this framework outcomes are two main options of techniques are available. It is making an company successfully within the Virgin Atlantic is following market development and product development strategy.
M1 The macro environment to determine and inform strategic management decisions
Through determining numerous strategic and basic environmental structure, company can achieve their basic objectives and goals efficiently. The company need to manage their decisions and their judgements accordingly (Johnson, 2016). In order to understand the external environment, company should evaluate PESTLE and Ansoff matrix that can help in achieving their business objectives significantly.
P2 Internal environment and capabilities of a given organisation using appropriate frameworks
An intrinsic environment of Virgin Atlantic consist of numerous components including existing members of staff, corporate management and culture that discuss the attitudes and behaviour of various members of staff at working environment. Some major determinants influence company as the whole but some influence manager only. The philosophical manager and style of leadership directly affect the decision-making and performance of worker. For improving efficient strategy of business at wider market, it is complex to consider the organisational strategy. The environment influence their business from internally and manager of Virgin Atlantic need to outlines those determinants more efficiently. In regard of this, company is liable for developing strategy and creating policies in more significant manner. In this, factors, events, entities and condition with firm influence the activities, choices and certain attitudes of staff members (Klettner, Clarke and Boersma, 2014). These are associated as the internal environmental part that include mission, organisational culture and leadership style of company.
It can be referred as the ability of business to employee several competitive strategies which allow them to increase and survive their values over time. It mainly light over the capabilities, resources and market position of organisation which enable them to create better future strategies. Though evaluating this, competitive edge can be attained through exploiting capabilities to meet the present market condition. Proper identification of those determinants can avail in considering the business environment shift, promoting to the new development strategies. This is inevitable for Virgin Atlantic to look over those market opportunities to avoid being damaged through emerging principles and ideas in the market. Dynamic capabilities of referred company enables their it to support and promote presence in the market but with strategic capabilities. The company understand the significance of changeable environment to refrain and identity profitable opportunities for the future. Here are discussed numerous resources of enterprise:
- Physical Resources: the company consist of more than 38 aircraft with three key sort of Boeing i.e. A340-600s, 747-400s and A340-300s. Organisation contain distinct facilities and aircraft for different traveller classified into categories such as economic, premium and upper class economy.
- Human Resources: Company owns extensive range of personnel or human resources properly skilled, trained and qualified worker facilitating their services (Kalyani and Sahoo, 2011). Virgin Atlantic employs more than 9000 vibrant and enthusiastic staff members involving 400 crew members to deliver efficient and effective services at several airlines stages of management and operations.
- Financial Resources: Company has a strong and better organisational support as this whole company comes under the Virgin Group which own more than 51% shares and Delta Air Lines with approximate 49% share. Organisational owns more than £220 million Euros annually.
On the grounds of strategic capabilities, a proper determination and evaluation over the VRIN structure can be conducted. This structure was initially applied by Barney in 1991 that assist in setting resources on the grounds of sustainable competitive edge (Köseoglu and et. al., 2013). To analyse the internal strategy of business, this is a supporting framework which can not be ignored. In regard of serving these objectives, those resources are set according these determinants:
- Valuable: Consumer services are more satisfactory valuable resources of Virgin Atlantic as this has always been forefront to offering TV screen and premium economy services. Cause of their guarantee flight capability, the organisation provide less costly services and high quality as they offer services to smaller destination number but high routes traffic. Hence, they consist of competitive cost of premium services.
- Rare: Virgin Atlantic's human resources or cabin crew is one of those components who are core determinants of success as other services such as premium economy, comfy seats etc. are replicated by other firms as well. Company adopt the strategy of better services for which Branson employed 95% new worker ascertaining distinct techniques and better approaches.
- Inimitable: The brand name Virgin Group has their own brand identify and unique recognition which is impossible replicate. The organisation aims to emotional synonymous and words like 'innovative', 'fun', 'successful' etc. to aim over the consumer's choices and historical condition. Barney complies that due to their 'valuable and unique business culture', their creations will have 'inimitable edge imperfectly' over other organisations (Murano and et. al., 2011).
- Non-substitutable: As formerly discussed, Virgin Atlantic has vital range of resources which is being non-substitutable itself. The only other more realistic manner of meeting key destinations is through numerous cruise sips of commerce that undertake more than 7 days to cross the Atlantic oceans. Thus, the airlines is the key choice to reach long-haul destination in reasonable time constraints.
Using their authentic information and managed data, this is apparent that the company has their competitive edge which are sustainable at the same time. Certainly, the brand name offer sustainable benefits as this finishes entire qualities of VRIN. This is also less possible for any organisation to copy their offers and support the organisation. It is paramount to notice their external competitive environment to meet overall consideration of organisation along with analysed competitive edge (Oestreicher-Singer and Zalmanson, 2012).
Thus, on the grounds of their strategic capabilities and VRIN framework, the major strengths and weaknesses of Virgin Atlantic can be find out in regard of understanding their internal environment effectively. Thus, in regard of managing this, here are discussed the SWOT analysis of referred company which is discussed as below:
SWOT Analysis of Virgin Atlantic
This can emerge their internal environmental strengths with their brand parameters and their marketing standard (Porter, 2011). Hence, the intrinsic environments is significant to consider to manage their business activities and reach to the extreme organisational objectives in significant manner.
M2 Internal environment to assess strengths and weaknesses
Virgin Atlantic is one of the largest airlines company in the British market which provide cost effective and better services to their consumer. The major strengths of company include their carried services and set brand recognition and strong position in North Atlantic network. Company is emerging in the competitive edge as they consist of large revenues and financial advantage assisting to achieve competitive edge. On the other hand, organisation has numerous drawbacks as well which are restraining their growth and development. Ineffective practices include their lack of human resources and different management of activities in more significant manner.
P3 Porter’s Five Forces model evaluate the competitive forces
The framework of Porter's five forces is considered as a tool for evaluating business competition and draws from economies industrial companies to derive 5 major determinants that set the competitive intensity and influence the profitability. This model assist in analyse and identify those components of industry which aid in determining their strengths and weaknesses of Virgin Atlantic (Schaltegger and Wagner, 2011). These five factors consist of :
- Exit and Entry Barrier
- Competitive rivalry
- Bargaining power of suppliers
- Power of Buyers
- Threat of substitution
Virgin Atlantic is considered as the pioneer in the affordable and reasonable cost business model from last few decades but several organisational competitors has incorporated those applied changes in their strategies and operations accordingly (Scholes, 2015). Therefore, there are numerous incurring are going on within the organisation as this has led to distinct modification. Here are discussed some major determinants which are mentioned as below:
- Rivalry among the competitor: It is one of the renown fact that the industry of airlines is saturated deriving various entries of business in the segment for gaining benefits. Though, this is an segregate matter that main airlines does not successfully manage to gain benefits within the industry. Henceforth, this can affirm that rivalry in the airlines industry is quite high as well as influence the Virgin Atlantic business widely. The industry of airlines is contestable market in which numerous exit and entry barrier exits. This is an industry fragment with several firm number each ordering and commanding a provided market share. Many competitor aims over market entry to achieve Virgin Atlantic. Beside of airlines, this can affirm that there is high competition and companies are adopting merging techniques to accomplish their objectives strategically. Company need to focus over their policies and business model in relation of achieving their goals and purpose efficiently.
- Bargaining Power of Buyers: Customer has huge power cause of better framework of distribution. Buyer is the key sources who has the power to influence the services and operations of Virgin Atlantic which is fundamentally a consumer's market due to their intense fare war, plethora of choices etc. who are looming toward low cost threat carrying out market share entry. According to Porter, consumer are fickle and have wide range of brand loyalty along with the exclusive airline cost. Virgin Atlantic is a lathe organisation which mainly aims over carrying out better quality product in less cost which successfully imitated their model of business which mean that they are carried flier away (Slack, 2015). Furthermore, with regulators selecting to lean on buyer's side despite of airlines, company manage their market share. Organisation increase their distribution channels by which customer can access their tickets and intermediary layer along with online booking service which is directed according to the demands and choice of consumer.
- Threat of Substitute: As the people of United Kingdom as better standard of living and more likely tend to choose their convenience, the substitution threat is not higher in the Virgin Atlantic. Considering this, organisation should consider ongoing recession, companies are preferring other options such as telecommunication conferences, virtual meetings avoiding travelling activities. Despite this, individual has begin to suitable leisure travel where they want to choose more cheaper choices as well as trim down their travel dependency through air only (Tavitiyaman, Qu and Zhang, 2011). Long-haul operators whereas are creating competition against the technology like as video conferences etc. which is leading to lack of airlines services. Thus, this can be affirm that there are less substitution threat for Virgin Atlantic as people are more visiting and roaming across the world as well.
- Power of Supplier: Supplier of Virgin Atlantic carried the makers of aircraft such as Airbus, Boeing etc. in addition to the companies of aviation fuel and the basic handling and support of vendors. Furthermore, supplier also consist of those who provide spares part useful for the craft. Understanding the elements, which airlines industry is categorised through the presence of some suppliers and carrier of business, this can be state that supplier are less and airlines have large role in the supplier communication. In such cases, the organisation supply jet fuel as well which is more premium product and is expensive leading to numerous buyer for creating favoured consumer for the fuel aviation consumer. Hence, this can affirm that supplier power is huge which is associated with the 3 key inputs of enterprise i.e. fuel, labour and aircraft. All of them have whole power to bargain with the organisation as they are fundamental and rare to manage.
- New Entrants Threat: In this industrious of airlines and aviation, exits and entry hurdles are comparatively high as more capital to enter into the existing market. Despite in the airline, the industry can not exit once as they are limited through the regulators which are insisted to the complete obligation of firm prepared for the contract. Virgin Atlantic also face various tougher extrinsic environment due to their complex market entrants to make their place. Thus, numerous entrants of market is emerging within the competitive environment which is leading to distinct benefits of organisation as well.
The preceding statements has highlighted over the influence of each and every determinant of Porter's framework in Virgin Atlantic. The coherent execution which one can manage from it is that the company cope up with several challenging and competitive extrinsic environment which directly affect their activities as this has to creative and be mean and lean in their capabilities and capabilities. Numerous challenges are emerging in the market environment and also they are facing huge competition in their industry. To refrain its vitality, this is essential that company focus over the further industry and can gain their position.
M3 Appropriate strategies to improve competitive edge and market position according outcomes
As the company is facing numerous challenges as per the analysis of the market, this is fundamental for Virgin Atlantic to improve and develop effective methods and strategies that can assist them in meeting new outcome and push them to bright path of future. Here are discussed some of essential and effective strategies:
- Distribution Extension: It is one of significant and better technique to manage their competitive edge and sustain in the market along with making benefits as possible.
- New Business-Model Evolution: Through changing development model of business, Virgin Atlantic can manage their growth and evolve in the competitive business environment (Tavitiyaman, Qu and Zhang, 2011).
- Market Expansion: This is one of the significant methods according which through deploying the market, company can manage their growth. Virgin Atlantic should focus over destination expansion to get more audience and consumer base.
P4 Range of theories, concepts and models, interpret and devise strategic planning
Strategic planning can be termed as the organisation activity of management which is optimised to determine their focus energy, priorities resources, strength activities and ascertain that worker are performing in regard of common objectives, forming agreement around the intended outcome, evaluating and adjusting organisational dignity within the marketplace. A systematic procedure of envision a determine future and managing their vision into more widely determined objectives and goals that assist company in attaining their objectives. Virgin Atlantic focus over long-term planning to perform effectively and desired end to the present status. An overview of process of strategic planing procedure, the organisation has applied the Bowman's strategic clock model which has assisted them in achieving business aims efficiently. Here is presented the bowman's strategy model in elaborated manner in regard of managing their strategy and company's growth in more efficient manner.
Bowman's Strategy Model: Strategy of business direct to the grants and numerous benefits in the business organisation. Strategy clock of Bowman can be termed as the model optimised in marketing to evaluate competitive company's position relativity to the competitors offering. This was improved through David Faulkner and Cliff Bowman as the three generic strategies of Porter. This consider the competitive edge in comparison to the cost edge or differentiation edge (Tavitiyaman, Qu and Zhang, 2011). The whole strategic model represents 8 possible determinants of strategic in four quadrants determined through cost axes and perceived value. Virgin Atlantic can categorised their activities and their operations according to the distinct circumstances which is mentioned here:
- Position 1 (Less cost and Adverse Provided Quality): Numerous position will not be outlines as the competitive environment of business face in which numerous services are differentiated along with perceived consumer value which is adverse beside of less cost. It can state that bargaining and negotiation basement techniques can be suggested to refrain their product cost which are cheaper in regard of compete their competitors.
- Position 2 (Adverse Cost):This can often interrelate with the economies of scale concept which is required for the strategy of minimisation of price for achieving success. Delivered cost of service is lower and the outcome value is higher which enable company more benefits and high revenues. This is often utilise while direct or leading in the price wars developed among the rivals of organisation in whole industry.
- Position 3 (Hybrid): As per the position name, situation shows the more cost as well as the products and service differentiation by the respected organisation (Auzair, 2011). It can aim over the consumer persuasion through delivering more effective product values and affordable product price i.e. numerous effective techniques to create efficient positioning of market.
- Position 4 (Differentiation):Aiming over the different services and products, it can render more better level of value to the services and products provided to consumer. Quality and branding of service play major role in the whole organisation which is essential. Virgin Atlantic prefer to create and disseminate efficient awareness of brand among the market in regard of create more dedication among consumer and service user through delivering comparatively more better value and quality of manufactured commodities according to the requirement of consumer and demands of market.
- Position 5 (Focused Differentiation):This concentrate over cost retaining for a long time for value added service is having a high demand by their customers for using perceived value as well as quality. It is termed as strategy positioning is used by luxury organisation which having pressure over the premium cost by higher concentrating on market segment, distribution and promotion. It directs the goods threat that aid in sustaining within global trade which lead in higher quality as well as unique selling which lead to high business margin (Auzair, 2011).
- Position 6 (Dangerous High Margin): It isdefined as the higher risk strategy of positioning in which higher price is analysed without providing any perceived service value. If the customers as well as buyers are frequently purchasing their service, it will create higher benefits because of buyers gradually seek a properly products as well as services with the cheap cost and perceived value. It is an non competitive strategy as well as short term.
- Position 7 (Monopoly Costing): In the situation of monopoly of enterprise, firms cannot stress over the values of giving service as well as goods as the consumer are often bound to purchase the goods because of lack of alternative. In various counties, the monopolies is strictly run in regard of preventing them from setting cost as per company.
- Position 8 (Market Share Damage): The activities are defined as a competitive trade of disaster. In this, the standard of cost is being analysed with middle range of goods and low quality of service that lead to buyers downfall and loss in share of market in any business.
Through opting proper strategy, business environment of the Virgin Atlantic in comparison to their issues in 2004. the drastic and rapid changes within Virgin Atlantic is cause of executive management of strategic planning. These drastic changes in the organisation should be consider to compare with competitors. One of those alternation was the profitability rise within the short of time span (Annabi and McGann, 2013). The efficient execution of low-fares methods, punctuality and no-frills in the service of flight brought a fundamental value on the Virgin Atlantic growth and challenged their rivals. According to the above discussed elements of whole Bowman's model, position 6, 7, 8 which are various uncompetitive as per which the value or quality is defined as the key concentration despite the service cost. In regard of using the numerous position 1, 2, 3, 4 for rendering service in relation of their service support.
M4 Strategic management plan that has tangible and tactical strategic priorities and objectives
This can be state that strategic planning is very fundamental as the organisation need to manage their operations and distinct departments of company efficiently. Virgin Atlantic, through adopting Bowman's strategy clock model, company can understand their numerous resources and tactics that can help them in expanding their business, managing their objectives and achieving their set targets accordingly.
D1 Critique and interpret information and data
The above mentioned report explains numerous business and environmental aspects and evaluation of Virgin Atlantic that explains distinct concept of business (Ackermann and Audretsch, 2013). In regard of achieving determined objectives and carry out the standard outcome, this is significant for an organisation to execute various models, theories, approaches and techniques to outline extrinsic and intrinsic environment of business. Virgin Atlantic need to conduct proper SWOT analysis, PESTLE evaluation, Ansoff Matrix, Porter's five forces to manage and understand their internal and external environments of business. Bowman's strategy can assist in achieving business objectives and help in developing effective method of business in more significant manner. Thus, the report has collected authentic data and relevant evidence to employ proper market condition and competitive advantages of Virgin Atlantic considering as one of the emerging company entirely.
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It can summarised from the above discussed report that business strategy is the specifying procedure the company's vision, mission and objective, improving plans and policies, often in the program and project term that are managed to meet set objectives. External environment refer to condition that exists within the economy and compare with particular industry or region. Strategic positioning means which is intended overall methods and purpose of situations. An intrinsic environment of Virgin Atlantic consist of numerous components including existing members of staff, corporate management and culture that discuss the attitudes and behaviour of various members of staff at working environment. The framework of Porter's five forces is considered as a tool for evaluating business competition and draws from economies industrial companies to derive 5 major determinants that set the competitive intensity and influence the profitability. A systematic procedure of envision a determine future and managing their vision into more widely determined objectives and goals that assist company in attaining their objectives. An overview of process of strategic planing procedure, the organisation has applied the Bowman's strategic clock model which has assisted them in achieving business aims efficiently.
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