Luận văn thạc sĩ quản trị kinh doanh quốc tế MBA (9)

CAPSTONE PROJECT REPORT Building production and business strategy in Vinh Son – Song Hinh Hydropower Joint Stock Company in the period 2020 – 2025 ACKNOWLEDGMENT Group No.4 - GeMBA01.E03 class would like to give sincerely thanks for enthusiasism from teachers and trainees in Centre for Educational Technology and Career Development – Higher Education – Vietnam National University during the process of guiding us to complete graduation research paper We also would like to give the best thankfulness to the Board of Director in Vinh Son – Song Hinh Hydro Electricity Joint - Stock Company and managers of Planing and Investment Department for enthusiasticly providing us very helpful information and data to finish our graduation research paper Despite of trying our best in researching and collecting materials, our reaserch still has some mistakes because of limitation data and acknowledge We really expect to receive the comments and guidance from teachers and colleguages to make this thesis more meaningful ENGAGEMENT Group No.4 – GeMBA01.E03 class assures that this is our own research: All statistics and data are honest and not stated in any other works of science Hanoi, 10 January 2010 Group leader Ho Sy B i LIST OF CONTENT i i LIST OF TABLES vii LIST OF CHARTS AND GRAPHS .viii LIST OF ABBREVIATIONS AND SIGNS ix FOREWORDS Forewords CHAPTER Chapter 1: Basic arguments of the research BASIC ARGUMENTS OF THE RESEARCH 1.1 Bussness strategy and the process to build business strategy for the enterprise:.3 1.1.1 The arguments of strategy: .3 1.1.2 Characteristics of strategy: .5 1.1.3 All kinds of business strategy: 1.1.3.1 Classify business strategy basing on strategy levels: 1.1.3.2 Classify business strategy basing on contents: .7 1.1.3.3 Classify business strategy basing overall process: 1.1.4 The importance of strategies in modern economy: 1.2 Contents of strategy development process: .9 1.2.1 Define missions and targets of the company: 11 1.2.1.1 Define missions of the company: 11 1.2.1.2 Define the strategic target: 12 1.2.2 Analyzing the business environment of the enterprise: 14 1.2.2.1 External factor effects on the enterprise: 14 1.2.2.2 Macro economy: 15 1.2.2.3 Demonstration environment: 18 1.2.2.4 Evaluation of effects from the external factor: .21 ii 1.2.3 Internal enterprise analysis: 21 1.2.3.1 Analyse value series of the organization: .21 1.2.3.2 Financial analysis: 22 1.2.3.3 Analyse the company’s culture and the reputation: 23 1.2.3.4 Evaluation of effects from the internal factor: 24 1.2.4 Business strategy choice 27 1.2.4.1 Leading cost: 27 1.2.4.2 Product specialization strategy: 28 1.2.4.3 Centralization strategy: 29 1.2.4.4 Integration growth strategy (link): .30 1.2.4.5 Diversification growth strategy: 30 1.2.4.6 Reduction strategy: 30 1.2.4.7 Mixed strategy: 31 1.2.5 Build business unit strategy: 31 CHAPTER 33 Chapter 2: Analysis of production and business operation reality in VSH 33 ANALYSIS OF PRODUCTION AND BUSINESS OPERATION IN VINH SON – SONG HINH HYDRPOWER JOIN STOCK COMPANY 33 2.1 General introduction of Vinh Son - Song Hinh hydropower joint stock company (VSH): 33 2.1.1 Foundation of VSH: 33 2.1.2 Main features of the company affect the construction of strategic plans:35 2.1.2.1 Characteristics of organization: .35 2.1.2.2 Characteristics of the company’s capital: 38 2.2 Analysis of real situation of strategic building and strategic thoughts formed in VSH: 38 2.2.1 Defining customer’s need and build plan: .39 2.2.2 Setting up basics to build plans: 39 2.2.3 Defining and quantifying norms: 40 iii 2.2.4 Approved: .40 2.3 Evaluate the situation of building strategy in VSH: 41 2.3.1 Achievements: .41 2.3.2 Shortcomings at VSH: 41 2.3.3 Causes: 42 2.3.3.1 For objectivity: .42 2.3.3.2 For subjectivity: 43 2.4 Analyse effect of environment impact to VSH: 43 2.4.1 Macro economy analysis: .43 2.4.1.1 Economic factor: 43 2.4.1.2 Political factor: .44 2.4.1.3 Technology factor: .45 2.4.1.4 Social factor: 46 2.4.1.5 Natural factor: 46 2.4.2 Analysis of demonstration environment: 47 2.4.2.1 Internally competitive pressure: 47 2.4.2.2 Competitive pressure from potential competitors: 47 2.4.2.3 Pressure from buyer: 48 2.4.2.4 Pressure from suppliers: .48 2.4.3 Internal analysis in VSH: .49 2.4.3.1 String value of VSH: .49 2.4.3.2 VSH’s financial situation: .50 2.5 Evaluate effect of external and internal environmental impact to VSH: 54 2.5.1 Evaluate effect of external environmental (EFE matrix): .54 2.5.2 Evaluate effect of internal environmental (IFE matrix): .55 CHAPTER 57 C hapter 3: Building production and business strategy in VSH in the period of 2010-2015 57 iv BUILDING PRODUCTION AND BUSINESS STRATEGY IN VINH SON – SONG HINH HYDROPOWER JOIN STOCK COMPANY IN THE PERIOD OF 2010 TO 2015 57 3.1 Building strategic goals in VSH: 57 3.1.1 Determine the mission and strategic goals of the company: 57 3.1.2 The strategic objectives of the company: 57 3.1.2.1 Short-term objectives: 57 3.1.2.2 Long-term objectives: 58 3.2 Choose the business strategy for VSH: 59 3.3 The strategies implementation solutions: 62 3.3.1 The leading cost strategy implementation solutions: 62 3.3.1.1 Solutions for production management: 62 3.3.1.2 Financial solution: 62 3.3.1.3 Technical solution: .63 3.3.2 The centralize strategy implement solutions group: 64 3.3.2.1 Promoting the new construction of new hydroelectric plants: 64 3.3.2.2 Solutions for personnel and labor: 65 3.3.2.3 Creating corporate culture environment supporting the implementation of strategies: 66 3.3.2.4 Strengthen of administration changes in the strategy implementation: 68 3.4 Recommendations: 68 3.4.1 For the Government, Ministries: 68 3.4.2 For the provincial People's Committee of Gia Lai, Kon Tum, Quang Ngai, Binh Dinh, Phu Yen: .69 CONCLUSION .70 Conclusion 70 APPENDIX 72 Appendix 72 v LIST REFERENCES .77 List references 78 vi LIST OF TABLES Table 1.1: SWOT matrix 25 Table 1.2: GREAT matrix 26 Table 1.3: Table of changing integration growth strategy 30 Table 2.1: Labor structure 35 Table 2.2: Results of electricity production 38 Table 2.3: Summarization of the company’s implementation capitals 38 Table: 2.4: VSH’s capital and asset structure 50 Table 2.5: VSH’s income .51 Table 2.6: VSH’s solvency .51 Table 2.7: VSH’s capital cycle .52 Table 2.8: VSH’s profitability 52 Table 2.9: VSH’s solvency .53 Table 2.10: Compared to its compititors .53 Table 2.11: EFE matrix of VSH .54 Table 2.12: IFE matrix of VSH 55 Table 3.1: S.W.O.T matrix of VSH 59 Table 3.2: GREAT matrix of VSH 60 72 72 vii LIST OF CHARTS AND GRAPHS Figure 1.1: Chart of forming business strategy process 10 Figure 1.2: PEST model 15 Figure1.3: Model of five competitive forces given by M.Porter 19 Figure 1.4: Value series of the organization 22 Figure 2.1: Structure of organization and management system .37 Figure 2.2: The process of building strategic plan in VSH 39 viii LIST OF ABBREVIATIONS AND SIGNS EVN - Vietnam electricity Corporation VSH - GDP - Gross Domestic Products KV - Kilovolt KWh - Kilowatt per hour MW - Megawatt MWh - Megawatt per hour Vinh son – Song Hinh Hydropower Joint Stock Company ix C hapter 3: Building production and business strategy in VSH in the period of 2010-2015 oabout 30 billion, to increase power output of the plant 35 million kWh account per year Due to the complex upgrade technique so surveys processing, project investment delayed, to overcome the existence of this company should urgently coordinate with the irrigation technology transfer and consulting joint stock company to complete project file As for the lake upgrade projects completed and put into use in the end of 2007 Song Hinh lake upgrade Solution has a total investment estimate of around 100 billion for the purpose of increasing reservoir capacity, reduce discharge of excess water to increase power output of Song Hinh hydropower plants also about 60 million kWh per year 3.3.2 The centralize strategy implement solutions group: 3.3.2.1 Promoting the new construction of new hydroelectric plants: According to EVN’s forecast, electricity demand was 112 billion kwh in 2010 (double in 2005), was 190 billion kwh in 2015, was 294 billion kwh in 2020, was 431 billion kwh in 2025 But the ability to supply follow Power VI planning, to 2010 reached only about 93 billion kWh and in 2015 reached about 150 billion kWh to electricity capacity shortage today is fierce as possible With the situation that urgency to build additional power and now our country has to import electricity from China with a high price Particular, the current potential of hydropower as the effect was almost exhausted With financial resources is the VSH (now the company has the financial resources to over 1.374 billion to invest for new projects), together with the capital raising ability from shareholders and the ability to fund loans are similar easy, VSH have ability to construction invest and operate a hydroelectric power plants have large capacity Thuong Kon Tum, Vinh Son 2, Son Vinh Power plant projects have been approved by authorities in the power development plans of nation, has high economics efficiency with relatively low investment rate of about 20 billion over 1MW VSH can make the most of their human resources management and operation of hydropower plants is more manpower and recruitment management experience 64 C hapter 3: Building production and business strategy in VSH in the period of 2010-2015 with power projects in Mien Trung - Tay Nguyen Region (source human resources of hydropower management board 3, 4, 5, Eakrongru was out of work) to manage new investment projects in the company To take advantage of business opportunities, VSH should soon implement the construction of hydropower plants in Vinh Son and Son parallel to the Thuong Kon Tum Hydropower plant (started now), because the Vinh Son and Son plant is located very close to the factory in Vinh Son 1, convenient for transportation and facilitation in the management of projects (reduction of management because management can simultaneously both projects) Moreover Vinh Son plant into operation will take advantage of excess capacity out of the reservoir that is now Vinh Son is not used up 3.3.2.2 Solutions for personnel and labor: Labor productivity is one factor to determine efficiency and structure of enterprises cost, higher labor productivity, the cost of a product unit reduce Thus, building human capital solutions relevant to the business conditions of the business will help business strategies to achieve efficiencies Human resource development planning of VSH will proceed to constantly improving management capacity, professional capabilities of managers, workers, innovation management, reduce business production costs If this plan does not perform well, production and business of the company will be left behind, no longer competitive due to the high success rates, affecting the viability of the strategic plan for the selected Strengthening, addition human resources for units in the company, especially in project management and operating workforce in the construction and operation of factories Companies must plan the structure of labor demand needed for each profession; plans to organize training, retraining, supplementary expertise for both direct employees and indirect company , especially technical workers force and specialized engineers in arrears Have planning, fostering, training plan for every leadership position from company level to departments to meet the growth of production and business growing rapidly and diversified 65 C hapter 3: Building production and business strategy in VSH in the period of 2010-2015 3.3.2.3 Creating corporate culture environment supporting the implementation of strategies: The recent study confirmed that cultural change to fit the new strategy often more effective than changing a strategy to suit current cultural environment The fundamental problem to change the cultural environment is to develop behavior standard at work, work standards, coaching and training, apply the incentives application To accommodate the growth in business scale, with increasingly strong competition in the market, VSH to build your organization into an organization of learning This is the core value of the business environment that VSH should be directed and created Organization Building to become a learning organization is done as follows: • Promoting create supportive environment and encourage learning A supportive environment, encouraging the study include the elements following: - Safety in psychology To be able to learn, workers can not fear being viewed as normal or gotten out margin when they have disagreement with colleagues or holder power, innocent question, have the wrong work or present different viewpoints with crowd Instead, they must really feel comfortable expressing their thoughts about work - Learn to respect differences The learning occurs when people know about the contradictory ideas Recognize the value of the viewpoints and different solutions will increase the energy and encouragement, to flash bright new thinking, prevent neglect and let drift - Open to new ideas The school is simply not correct mistakes and solve problems It also created the new approach Encourage employees adventure and discover the unknown and has not been confirmed - Take time to consider re-evaluate their work When people too busy or pressured by the duration and schedule, the ability to work their way to scientific thinking and creativity is limited A supportive environment for learning is the time to stop the action and encouraged to consider how to evaluate a mature processes, 66 C hapter 3: Building production and business strategy in VSH in the period of 2010-2015 the work performed Organize special meeting monthly or quarterly to discuss and review the results of work has been performed • Have the methods and practice specific Methods of learning often involves general, collection, interpretation and communication They include testing to develop and test products and services; the focus of knowledge to catch up to competitors, caught up with customer needs and technology trends; the analysis and explained closely to identify and solve problems; education and training both new employees and former employees In order to achieve the most effective, knowledge sharing must be done systematically and in certain ways Sharing can occur among individuals with each other, between the groups or the entire organization For example: the process of knowledge sharing can only focus within the organization with the primary purpose of repairing mistakes; or after a project ends, the requirement of sharing knowledge is inspection or review of the issues that will be shared to those who also perform the same thing In addition, the sharing of knowledge can also facing the outside, such as creating a platform for regular customers or with experts in the field to learn the knowledge their activities of the organization as well as the challenges that organizations will encounter • Behavior of leaders Factors influencing the decision to build organizations become learning organizations that act of leadership When leaders actively have question and listen to the staff - it will cause by inspiring the talk or debate - the people in the organization will feel more motivated to learn If the leaders stressed the importance of focusing on clarifying issues, exchange knowledge and have been checking work carefully, then these will be implemented strictly When the level indicated readiness to receive the views and opinion of others, the employees also feel like you are encouraged to offer ideas and options Acts of leadership can create and maintain an environment that encourages learning, which always creates favorable conditions for lower-level employees can perform the methods and practice into a fluent and effective learning methods Every such methods to study specifically to provide opportunities for leadership behavior can to promote the 67 C hapter 3: Building production and business strategy in VSH in the period of 2010-2015 learning of their organization and also the opportunity to they can be role models for everyone • Reward for effort learning and creative Reward mechanisms in the organization influential efforts to learn of the organization Mechanisms will impact motor learning of the individual, group, learning from failures and disseminating knowledge in an organization People will actively studying if learning and creativity are reward 3.3.2.4 Strengthen of administration changes in the strategy implementation: Most of the changes in production technology, people, organizational structure will affect the results of production and business of the company To adjust timely production business target, better manage the changes, companies should perform the following: - Prediction of reaction and extent of reaction can occur when making the necessary changes in production and business activities - Do the employees understand and agree with implement changes to reduce the potential reactions - Create excitement in the implementation of strategies normally even when there are big changes 3.4 Recommendations: 3.4.1 For the Government, Ministries: The state soon promulgated "Law on Energy Audit" to combat loss, waste and implement power saving At first, the sub-law documents should be issued to contribute to save power, there are measures to deal with individuals and units waste power, especially the career of administrative office, public units Law should specify the terms of energy saving is the obligation that all organizations and individuals to make financial institutions and provisions strictly Currently, Vietnam has not attracted strong investment in construction of power plants because have no mechanism for electricity price really competitive With the electricity price increase plan by the Government as the current electricity price of Vietnam is still much lower than the price of electricity in the region To 68 C hapter 3: Building production and business strategy in VSH in the period of 2010-2015 create the attraction for investors to participate in the construction of power plants, government has proposed regulations on electricity price under the market mechanism, especially the early formation of market competitive power generation in Vietnam Nam 3.4.2 For the provincial People's Committee of Gia Lai, Kon Tum, Quang Ngai, Binh Dinh, Phu Yen: - Steering of People’ Committee of the districts, the functional departments actively participate and coordinate environmental impact assessment, selection of plans, combined with economic security - Defense to be soon put the project into activities planned - To direct the agricultural, environmental resources branches to allot land, build works, projects, protective forest on schedule, quickly allot land to cultivation, settlement, compensation and clearance for fast soon stable life for people in those areas were relocated 69 Conclusion CONCLUSION Building business strategy is an indispensable issue in any business, especially in the competitive time open economies Based on theoretical research and access the practical situation in Vinh Son - Song Hinh Hydropower joint stock company, subjects were initially referred to the solutions to shape business strategy in 2015 in the companies With such ideas, the subject was referred the problems as following: - The most basic concepts of business strategy, the importance of business strategy in the economy market Next topic given the content of the business developing strategies construction process, types of business strategies that businesses often apply To establish business strategy, one stage is indispensable analysis business environment, macro environment and enterprises environment from which raised the strengths and weaknesses as well as opportunities and challenges of the business - Subject to the survey method and content of construction planning and strategic thought has formed in Vinh Son - Song Hinh Hydropower joint stock company in the period 2005-2010 Since then, analysis, selection and offer solutions to form a business strategy for hydroelectric Vinh Son - Song Hinh Hydropower joint stock company to 2015 Power sector is essential for the national economy, production and business services and meeting the needs of living The development of the electricity industry mean the foundation for the industrialization, modernization countries in particular and the development of the economy in general.-South Vietnamese economy is growing at a rate of 8% on average per year and comes with it growth in electricity demand of about 12% year Thus, the electricity industry have always provided under bridges until 2020 In addition to operating power plants present, the State encourages foreign investment and participation in the construction of the power in the independent 70 Conclusion power plant News (IPP), the form contract build-operate-transfer (BOT) and form joint ventures with foreign countries Investment decisions raise production capacity at two Vinh Son Song Hinh hydroelectric plant, long-term investment to build and operate Thuong Kon Tum, Vinh Son 2, hydropower plants is consistent with preferential policies and encourage investment by the Government's policies exempted enterprise income tax and land rent because hydropower is produced in industry specific areas particularly hard, deep remote, mountainous areas The problem left is the method of raising capital, production and business management to bring the highest economic efficiency Model of Vinh Son Song Hinh Hydropower joint stock company is a model, first equitization that proved suitability, and mobilize capital for many economic sectors, confirmed the brand and reputation of the Electricity Group of Vietnam for investors in the domestic and international investment cooperation Based on the theory of strategic management have learned and apply the theory of competition, the model building strategies for competitiveness, the external model analysis, internal analysis of the business and analysis according to the EFE Matrix, IEF, SWOT; thesis has developed business strategies of VSH in the short period and long-term, have chosen the business strategy for the company in 2015 We hope that research results of this thesis will contribute to help leaders better VSH grasp opportunities, to promote the superior competitive advantage, minimized risks, has the solution to remedy the challenges for production and business operations of the company growing stability and sustainability However, due to limitations of expertise and experience, time research, information and documentation not very full; so many essays also point analysis, evaluation and not really worth the deficiencies We sincerely hope to receive many comments from the teachers and friends to our thesis for further improvement 71 Appendix APPENDIX Appendix 1: Consolidated income statement of VSH Unit: VND No ITEMS Gross sales of merchandise Cost of goods sold Gross profit from sales of merchandise Financial income Financial expenses Include: Inlerest expenses General and administration expenses Operating profit Other income Other expenses 10 Profit from other activities 11 Profit in associates 12 Accounting profit before tax 2006 2007 409,274,295,17 166,348,045,20 242,926,249,97 58,309,538,50 26,014,147,01 19,310,596,544 9,318,17 122,123,24 270,368,517,32 13 Deferred tax income 14 Net profit after tax 15 Earnings per share 370,161,500,4 483,680,050,8 94 37 168,039,781,3 177,684,637,332 07 202,121,719,1 305,995,413,505 87 75,835,030,5 100,549,005,3 53 70 15,980,350,4 26,545,200,8 69 71 15,392,208,930 4,984,565,55 270,237,075,90 9,318,17 270,368,517,32 2,17 2008 7,606,242,6 59 254,370,156,6 12 11,755,0 41 2,727,2 70 9,027,7 71 1,902,200,9 59 256,281,385,3 42 560,000,0 00 256,841,385,3 42 2,0 39 10,620,290,844 10,168,033,0 18 369,831,184,9 86 71,590,9 05 21,066,3 64 50,524,5 41 324,965,5 72 370,206,675,0 99 738,576,1 52 370,945,251,2 51 2,6 98 72 Appendix Appendix 2: Consolidated balance sheet of VSH Unit: Million VND Items 2006 2007 2008 ASSETS A Short term assets 161.941 833.438 995.390 Money and equal items like money 52.759 228.784 37.989 Money 34.759 228.784 4.989 Equal items like money 18.000 Finacial items of short term 33.000 57.740 510.685 835.685 57.740 510.685 835.685 25.435 70.558 100.813 23.195 62.356 60.324 859 2.861 2.363 1.381 5.341 38.127 Commodities in stock 25.238 23.362 20.832 Commodities in stock 25.238 23.362 26.027 -2.000 -5.194 49 69 investment Short term investment Items need to be collected in the short-term period Must to reeive from the customers Must pay to sellers in advance Items of other receipts Price reduction precautions of commodities in stock Other short term assets 769 73 Appendix Expenses paid in advance Taxes and other items receiving from the government Other short term assets 25 659 106 49 44 B Long term assets 1.720.805 1.626.012 1.489.037 Fixed assets 1.711.905 1.614.584 1.478.057 Visible fixed assets 1.568.501 1.572.543 1.421.967 143.404 42.041 56.090 Long term investment items 8.517 10.419 10.419 Investment into small companies 8.517 10.419 Incomplete construction expenses Investment into associated companies 10.419 and joint venture companies Other long term assets 382 1.008 Expenses paid in advance 382 448 Income taxes of assets hangin on 560 560 560 1.882.746 2.459.449 2.484.426 A Debts must be paid 546.437 437.163 342.112 Short term debts 125.871 123.156 117.207 Total assets CAPITAL 74 Appendix Loans and short-term debts 117.823 101.279 104.310 4.753 12.782 1.308 200 600 155 762 5.976 6.942 Paying to the employees 1.022 1.436 2.115 Expenses 1.221 1.014 2.236 Must to pay the sellers The customers pay in advance Taxes and other items paying to the government Paying items and other short term items 90 141 Paying short term precautions Long term debts 420.566 314.007 Must to pay long term items Loans and long term debts 224.906 224.725 420.525 313.901 41 107 181 B Capital 1.336.309 2.022.286 2.142.314 Owner capital 1.336.121 2.020.949 2.141.016 Investment capital of owners 1.250.000 1.374.943 1.374.943 370.661 370.661 Income taxes hanging on to pay Unemployment allowance Surplus of joint stock capital 75 Appendix Other owner capital Fund stocks Funds -9.933 880 14.380 85.880 95.174 26.966 309.533 Expenses and other funds sources 188 1.337 1.298 Fund of rewards and welfare benefits 178 662 677 10 674 621 1.882.746 2.459.449 2.484.426 Benefits after taxes not distributed Expenses to form fixed assets Total capital 76 List references LIST REFERENCES Vietnamese: Incorporated audit report in 2006, 2007, 2008 Vinh Son - Song Hinh hydroelectric joint stock company Business - Finance Plan in 2008 and aims to grow the next years of Vinh Son - Song Hinh hydroelectric joint stock company Fred R David (1995) (translated by Truong Cong Minh, Tuan Tran MA, Tran Thi Tuong Nhu), treatise on strategic management (An introduction on strategy management), Stastics Publishing House, Hanoi Duong Ngoc (2007), "Overview of Vietnamese economy in 2007", Vietnam Economics Times, Vietnam and Economics World 2007-2008, p Huan Dao Duy (2007), Strategic Management (in the economics globalization), Statistical Publishing House Fred David (2006), treatise translation on Strategic Management, Statistical Publishing House Le The Gioi, Nguyen Thanh Liem, and Tran Huu Hai (2007), Strategic Management, Statistical Publishing House Nguyen Khoa Khoi and Dong Thi Thanh Phuong (2007), Strategic Management, Statistical Publishing House Nguyen Thi Lien Diep and Pham Van Nam (2006), Business Strategy and Policy, labor - social publisher 10 Pham Thi Thu Phuong (2007), Strategic Management in the global economy, scientific publisher and technology 11 Syllabus, the lecture slides of subjects Management Marketing, Management Strategy, Economic Management - Training Program Master of International Business Administration, University of Griggs (USA) English: 77 List references Fred R.David (2008), Strategic Management: Concepts and Cases (12th Edition) Fred R David (2008), Strategic Management: Concepts and Cases (12th Edition) Herrington Bryce ( 2007), Financial and Strategic Management for Nonprofit Organizations: A Comprehensive Reference to Legal, Financial, Management, and Operations Rules and Gu, Jossey-Bass Nonprofit & Public Management Series Herrington Bryce (2007), Financial and Strategic Management for Nonprofit Organizations: A Comprehensive Reference to Legal, Financial, Management, and Operations Rules and Gu, Jossey-Bass Nonprofit & Public Management Series Jay Barney; William Hesterly (2008), Strategic Management and Competitive Advantage: Concepts, Prentice HallJay Barney (2007), Gaining and Sustaining Competitive Advantage, Prentice Hall Jay Barney; William Hesterly (2008), Strategic Management and Competitive Advantage: Concepts, Prentice HallJay Barney (2007), Gaining and sustaining Competitive Advantage, Prentice Hall 78 ...ACKNOWLEDGMENT Group No.4 - GeMBA01.E03 class would like to give sincerely thanks for enthusiasism from teachers and trainees... guidance from teachers and colleguages to make this thesis more meaningful ENGAGEMENT Group No.4 – GeMBA01.E03 class assures that this is our own research: All statistics and data are honest and not