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Theoretical background on strategic business planning of company 1.1. Overview of business strategy.1.1.1. Definition.1.1.2. Roles and importance1.2. Strategic Management Process.1.2.1. Strategy formulation. 1.2.2. Strategy implementation. 1.2.3. Strategy evaluation. 1.3. Process and content of strategic business planning.1.3.1. Defining business mission and goals of the enterprise 1.3.2. Analyzing factors influencing business strategy formulation of

LUẬN VĂN NÂNG CAO CHIẾN LƯỢC KINH DOANH TẠI CÔNG TY CỔ PHẦN THƯƠNG MẠI XÂY DỰNG HÀ NỘI IMPROVE THE BUSINESS STRATEGY OF HANOI JOINT STOCK COMPANY FOR CONSTRUCTION, COMMERCE AND ARTS, PERIOD 2010-2015 TABLE OF CONTENTS CAPSTONE PROJECT COMPLETE THE BUSINESS STRATEGY OF HANOI ARTS AND, CONSTRUCTION TRADING JOINT STOCK COMPANY (ACT), PERIOD 2008 – 2015 INTRODUCTION Rational and importance of strategic business planning for Hanoi arts, construction and trade joint stock company (ACT) Research objectives Object, Scope, Methodology Contributions to the business strategy of ACT CHAPTER Theoretical background on strategic business planning of company 1.1 Overview of business strategy 1.1.1 Definition 1.1.2 Roles and importance 1.2 Strategic Management Process 1.2.1 Strategy formulation 1.2.2 Strategy implementation 1.2.3 Strategy evaluation 1.3 Process and content of strategic business planning 1.3.1 Defining business mission and goals of the enterprise 1.3.2 Analyzing factors influencing business strategy formulation of enterprise 1.3.2.1 Analysis of external business environment, defining opportunities and challenges 1.3.2.2 Analysis of internal environment 1.3.3 Defining sustainable competitive advantages 1.3.4 SWOT Matrix 1.3.5 Generic business strategies 1.3.5.1 Cost Leadership Strategy 1.3.5.2 Differentiation strategy 1.3.5.3 Focus Strategy 1.3.5.4 Combination of Generic Strategies 1.3.6 Selecting an optimum strategy 1.3.7 Designing organizational structure and controlling system 1.3.7.1 Designing organizational structure 1.3.7.2 Designing control system CHAPTER II An evaluation on the current strategic business planning at ACT 2.1 Overview of company 2.1.1 Historical background 2.1.2 Some financial and economic ratios of ACT in recent years 2.1.3 Business features of the company 2.2 Analysis and evaluation of ACT’s business strategy 2.2.1 Business Objectives and core values statement of ACT 2.2.1.1 Strategic objectives 2.2.1.2 Core values statement 2.2.2 Analyzing the influences of macro environment factors on ACT business 2.2.3 Industrial environment, corporate environment 2.2.4 Internal analysis 2.2.4.1 Primary activities 2.2.4.2 Support activities 2.2.5 Sustainable competitive advantage 2.2.6 Current business strategy of ACT 2.2.6.1 Basis for business strategy selection 2.2.6.2 Selecting business strategy for enterprise 2.2.7 Restructuring the current organization and controlling system of ACT during business strategy implementation 2.2.7.1 Restructuring the organization 2.2.7.2 Restructuring the controlling system: 2.3 Recommendations on the current business strategy of ACT 2.3.1 Advantages 2.3.2 Disadvantages CHAPTER III: Solutions to improve the strategic business planning at ACT 3.1 New business context and the requirements for improvement of business strategy at ACT 3.1.1 New business context 3.1.2 Necessary adjustments on the development orientation of period 2010-22015 for an improved business strategy of ACT 3.2 Commitment to complete the business strategy of the ATC 3.3 Improve the business strategy in the period to 2015 3.4 Strategic solutions: 3.4.1 Techonological solutions: 3.4.2 Solutions on human resource : 3.4.3 Financial solutions: 3.4.4 Marketing solutions: 3.5 Improving the organizational structure and control & evaluation system 3.5.1 Improving organizational structure 3.5.2 Improving control & evaluation system 3.6 The road map of strategic solutions CONCLUSION AND RECOMMENDATION EXPREDDION TABLE OF CONTENTS CAPSTONE PROJECT Table 1.1 strategic management process Table 1.2: Business environment of an enterprise Table 1.3: forces model of Michael Porter Table 1.4 Model “Value chain” of Michael Porter Table 1.5: The process of defining sustainable advantages Table 1.6 SWOT-analysis Table 1.7 : Generic business strategies Table 1.8: Matrix by quantitative criteria GREAT Table 2.1: Organizational Structure 0f ACT Table 2.2: Some financial ratios 2005-2008 Table 2.3: Business and Production results from 2005 to 2009 Table 2.4: Some construction and interior decoration contracts of ACT Table 2.5: Environmental factors Table :Review capacity relative superiority of the ACT Table 2.7 : Total bidding value 2005 to 2009 Table 2.8 : Revenue from products and services 2005 to 2009 Table 2.9 :Revenue, cost and business results 2005 to 2009 Table 3.1: Strategic objectives of business development to 2015 Table 3.2: GREAT matrix Table road map for strategic solutions: INTRODUCTION Rational and importance of strategic business planning for Hanoi Art, Construction and Trade joint stock company (ACT) In recent years, the economy of Vietnam is growing rapidly The government have encouraged the development of private sector, many small and medium (SME) company have been founded These SME companies have great contribution to the development of Vietnam’s economy Because of short time establishment, the management skill of many SME company is limited In an economy with high competition, it requires each company to diversify the product line, enhance the quality of products and services, expand the market and consolidate the management system For sustainable development, it is necessary to build a detail plan for each goal So building business strategy is essential for the growth of the SME Company Hanoi Arts, Construction and Trade JSC (ACT) belongs to SME sector The management board, with their knowledge and experience on building business strategy, has created a strategy for the period of 2009-2015 However, in the current context of global economic downturn, which has badly affected the Vietnam’s economy, it is necessary to review the business strategy, make it adapted to the new conditions Research Objectives - Study the theoretical aspects of building and implementing business strategy in a company - Apply the theories to the real practice of formulating and implementing business strategy at ACT Propose some solutions to improve its business strategy for the period of 2009-2015 Object, scope, methodology of the research - The research object of this study is the strategic business planning of the enterprise Page - The study will focus mainly on the strategic business planning of ACT from 2009 to 2010 and the development orientation to 2015 - Main research methods:  Desk Research involves gathering data that already exists either from internal sources of the client, publications of governmental and nongovernmental institutions, free access data on the internet, in professional newspapers and magazines, in annual reports of companies and commercial databases to name but a few  Qualitative research: Interview and consulting some leaders, managers of different levels in enterprise as well as outside experts in management and business relationship with enterprise The discussions will focus on fundamental strategic fundamental issues of enterprise  Sample survey research: is a survey research on a specific sample of population These methods will involve the probability theory to select a good sample on a particular population to collect the data and information The result of the survey will reflect the features of the  Matrix method: The matrix method is a structural analysis method used as a fundamental principle in many applications in engineering The method is carried out, using either a stiffness matrix or a flexibility matrix This method will allow managers to have an overview on the industrial attraction and the core competency of enterprise in cACThing up the business opportunity Contributions to ACT’s business strategy - Systematically review the theories of building business strategy for a company It may be used as reference in the process of building business strategy of company - Provide full information and data on ACT to analyze and evaluate the current business strategy formulation and implementation in the company - Propose solutions to improve the practices of strategic business planning at ACT Limitations: Despite the efforts of the research team, the assignment still have some certain limitations Page - A limitation of the information and data collection, which is not really sufficiently broad and deep to have a thorough and fair analysis and evaluation - Lack of fluency and criticism in applying theories in practices for some analysis - Some analysis and recommendations of the research team are still qualitative and optimistic, despite its strong business management theoretical and practical background Assignment Structure Chapter I: Theoretical background on strategic business planning of company Chapter II: Evaluation on the current situation of strategic business planning at ACT Chapter III: Solutions to improving the strategic business planning at ACT Conclusion and recommendation Page CHAPTER I THEORETICAL BACKGROUND ON STRATEGIC BUSINESS PLANNING OF COMPANY 1.1 Overview of business strategy 1.1.1 Definitions A strategy is a plan of Action designed to achieve a particular goal Business strategy refers to the aggregated strategies of single business firm or a strategic business unit (SBU) in a diversified corporation According to Michael Porter, a firm must formulate a business strategy that incorporates cost leadership, differentiation or focus in order to achieve a sustainable competitive advantage and long-term success in its chosen arenas or industries Business strategy is built to create the difference between a firm and its competitors Here are the main features of business strategy: - Define main goals to achieve in a period These goals must be grasp thoroughly at all level and all business unit of the company - Business strategy must mobilize all resources of the company, and these resources should be optimally allocated to get competitive advantages -Business strategy is a complex process, contains building, implementing, monitoring, improving - Business strategy is built for medium-term and long-term 1.1.2 Role of business strategy Business strategy could bring benefit to the enterprise on the following term: - An enterprise with a clear business strategy would have higher profit, and success In fact, a company is considered successful when it has perspective and sustainable development - A company with good financial result seems to have systematical and long-term plan to meet changes in both internal and external business environment Page - A good business strategy permits the company to gain expected profit, lower the financial risk - Business strategy brings discipline to the company, because all the management level and business unit understand and follow a long-term plan In market economy with high level of competition, rapid change in business environment, business strategy help the company understand how to achieve goal in a period With a good business strategy, the employees in the company will see what is the company doing and why, they should commit to the development of the organization 1.2 Strategic management prosess Strategic management is a process of making “strategic decisions”, it contains the following stages: 1.2.1 Strategy formulation Strategic formulation is a combination of three main processes, which are as follows:  both Performing a situation analysis, self-evaluation and competitor analysis: internal and external; both micro-environmental and macro- environmental  Concurrent with this assessment, objectives are set These objectives should be parallel to a timeline; some are in the short-term and others on the long-term This involves constructing vision statements (long-term view of a possible future), mission statements (the role that the organization gives itself in society), overall corporate objectives (both financial and strategic), strategic business unit objectives (both financial and strategic), and tactical objectives  These objectives should, in the light of the situation analysis, suggest a strategic plan The plan provides the details of how to achieve these objectives 1.2.2 Strategy implementation  Allocation and management of sufficient resources (financial, personnel, operational support, time, technology support) Page current financial potential is small In the crisis context, it’s not easy to access the long-term credit capital With the invested infrastructure, ACT have not fully explored the designed capacity Many shortcomings are recognized in every production stage at the factory ACT products are highly appreciated by a market segment of consumers, its production scales is, however, narrow, its brand is not well recognized as a strong and competitive brand on the market In recent years, the inflation rate and price depreciation highly increased Cost of raw materials and labor forces is, therefore, increase at 02 number speed In many cases, despite beforehand estimation, depreciation rate of input factors on the market is still more than estimated by enterprises That caused considerable economic risks for ACT over last few years This reality proved that the implementation of a pure cost leadership strategy will be come a burden and difficulty for the company Therefore, it’s necessary to review and adjust or even redesign the business strategy of ACT in the next period 2010-2015 From the above analysis, a summary on SWOT analysis of ACT for an overview on opportunities and challenges they will meet in the next time: SO Strategy O – Opportunity: WO strategy O1: The economy overcome (1): differentiation crises, continue to develop created differentiations and (2): Thorough investment on with high growth level outstanding facility system, fully explore O2: Assistance and stimulus products the production capacity policies of government (2): Build a strong product (3) O3: Transparent legal system brand, and marketing activities (1): Product Invest facilities, domestic quality in production sourcing raw and materials for to replace imports (4): Apply modern scientific and management policies features pushing for for (3): O4: Confirmation on the investments and expansion economic development with of factory, fully explore the market production capacity mechanism international standards integration the investment enterprise’s investment approaches according to ISO Optimize encouraging R&D Page 55 and economic Comprehensive (4) Train and develop the human resources as production process organization to increase required the by the development production capacity and reduce (5): Restructure the product price organizational chart (5): Expand domestic market managemen body and and extend to international production factory as market required by the strategy, after economic recovery and fully optimize its potentials to produce competitive products at low prices O S – Strengths W – Weaknesses S1: Product quality and W1: Product brand on the diversification market is still weak, not S2: Strengths on production well recognized capacity and services supply W2: (owning a modern factory well S equipped with modern Raw materials production W are for mainly imported, lack of activeness facilities) and risks of changes in S3: Highly specialized and exchange rate policies experienced staffs W3: Poor management S4: R&D activities for W4: Production capacity of differentiations factory is not fully explored S5: Experience in the industry, T W5 Price is still high customer relationship, W6: Marketing activities prestigious services are still poor, advertisement and promotion are not yet appealing enough ST Strategy T- Threats WT strategy T1: Competition on product (1): Product quality and quality quality differentiation ((2): Create differentiation to T2: Cheap imported products (2): Investment in increase the price T3: Pressure to increase input production and supply of (3): Focus on differentiated price raw materials replacing products T4 (1): (4) Outstanding Apply ISO product quality and diversification Investments in the imported sources, totally industry by big economic control the inputs sources management system corporation and decrease the price (5) Continue investments on groups with strong financial and Page 56 foreign (3) fully explore the factory modernization of technology potential capacity to reduce the price and increase the production T5 Tightening credit policies (4): Diversify the usage of capacity and capital sources (6) Apply the transparent applying high loan interests (5) Restructure the financial management regime, management body and heading for listing on the stock reorganize the product to market meet the strategic objects 3.1.2 Necessary adjustments on the development orientation of period 2010-2015 for an improved business strategy of ACT Based on the analysis of factors influencing macro and microenvironment, internal stake, financial potential, ACT made following adjustments on the business strategy as followed: - Maintain its development in both business domains which are constructions and interior decoration Focus on increasing the economic efficiency in all aspect rather than increase of operation scale and revenue - Put Invesment priority on enlarging the scale of interior decoration at the growth rate of at least 30% In 2015, ACT try to achieve revenue on interior decoration of 70% total revenue - Adjust the development of construction to ensure the sustainable growth Continue its investment on improving specialization in construction of high quality and fine art Based on its long term objective of transforming into a multi business group, ACT first separated the two business domain by establishing 02 smember companies:  ACT construction limited company This is a member company which mainly operated in construction business of the mother company This company is organized into design and construction teams, operating independently from the mother company, which enables high specialization of business and production activities Page 57  ACT interior decoration ltd Co This member company operated in furniture production, which supplies furniture and services as assigned by the mother company with interior decoration design and execution teams besides the furniture factory Table 3.1: Strategic objectives of business development to 2015 Unit: million dongs No Ratio Net revenue 2010 2011 2012 2013 2014 2015 82.000 90.500 101.000 113.500 127.500 143.000 1.1 Revenue from 26.000 27.500 construction 1.2 Revenue from 55.000 63.000 furniture and services Profit before 8.100 9.200 28.500 30.000 31.500 33.000 72.500 83.500 96.000 110.000 10.100 12.500 14.535 16.800 tax Average revenue growth rate of the company: - Construction: %/year - Interior decoration: 15%/ year - Profit on revenue of 2010 is estimated 9.8%, with a regular increase of 0.4% on revenue in following years 3.2 Commitment to complete the business strategy of the ATC  ACT’s vision on mission and core values to 2015 Keep consolidating its position, make ACT become one of leading Construction Company offering high quality and fine art Diversify and improve the uniqueness and reputation of furniture and services, dominating the market share of luxurious furniture Building a good brand for ACT for its recognition in domestic as well as international market  Affirming additional commitments Page 58 Restructuring the organizational body of ACT as required by the strategy plan in order to increase activeness and specialization of different business domains Building strategic plan for human resource management in order to increase the education level and management skills of management team and technical proficiency for the whole workers to carry out strategic objectives of ACT 3.3 Improve the business strategy in the period to 2015 Based on collected information, ACT did anlysis and evaluation of its strategy implementation in the past few years, both achievements and drawbacks ACT, then, plan for its generic development strategy with the vision and mission to 2015 We proposed some suggestion on adjustment, supplement improvement of ACT’s business strategy to 2015 as followed: There should be flexible adjustments of business strategy for every industry and business domains Selection of a flexible method in business strategy by industry, business domain will enable ACT to carry out its business successfully ACT, therefore, will: - Adapt faster to the changes of environment - Study quicky new skill and technolgy - Good use of its potential in competition Regarding to the feature and operation of each business domain, there might be a selection among some business strategies of company Page 59 Table 3.2: GREAT matrix Strategies Strategy Ratio Strategy Strategy Weight Evaluation Grade Conversion grade Evaluation Grade Conversion grade Evaluation Grade Conversion grade 1.GDP growth 0,1 0.3 0.3 0.3 Outstanding quality, differentiated products 0,2 0.40 0.6 0.8 Cost competition 0.2 0.6 0.6 0.40 Financial potential 0.1 0.20 0.20 0.20 HR 0.15 0.30 0.30 0.3 Technology 0.1 0.20 0.30 0.40 Brand 0.1 0.10 0.20 0.20 Management skills 0.05 0.10 0.10 0.10 Total 2.2 2.6 Via this matrix, it can be seen that the cost leadership strategy is marked lowest among the strategies Strategy is totally based on the selection of quality and differentiations of product as the top priorities, which show the most success The strategy is, however, is marked nearly equal to strategy Strategy show the combination between cost saving objective and product differentiations Page 60 2.7 So, considering the business performance of ACT, both 02 business domains, the strategy is recognized highly feasible and suitable for the comprehensive strategy to 2015 of ACT There are, however, some factors to be added to discussion when applying strategy in construction business We see the need to mix with cheap price factors to ensure the reasonability of the strategy in reality From above analysis, here are some suggestions on the business strategy of ACT in 2010-2015 apply differentiation strategy 3.4 Strategic solutions: 3.4.1 Technological solutions: Continue investment in modern thorough facility of furniture factory Make the factory become one of factories with high production technology, producing furniture for interior decoration in Vietnam - Investing 1.700 millions dongs in painting facilities, advanced thermoelectric law system - Investing 1.300 millions dong in new cutting equipments - Investing in modern technology and transferred technology of HDF processing for furniture production in order to be active in production and pricing Total investment value of 9.500 millions dongs (Equipment and transferred technology: 7.5 billions dongs, Construction: billions dongs) Continue investments in modern construction equipments for high quality and fine art architecture in order to strengthen ACT’s position in bidding deals for demanding construction projects Total investment value of billions dongs for following items: - Professional equipments and machineries (cranes, formation facilities, trucks,): 3.500 millions dongs Page 61 - Individual construction equipments and tools: driller, Wet & Dry, Wet Grinding Stone , quality controlling and measuring tools : 1.500 millions dongs 3.4.2 Solutions on human resource Strategic human resource management is important in order to improving the technical skills and working capacity of managers and staffs for the long term development objective of ACT Following actions should be done: - Standardizing the managing staffs and recruiting more new manager Here below are the targets for 2015: + 100% of managing staffs holding at least university degree + 20% of workers graduating from technical colleges + Over 50% passing 4th level of professional training - Completing the management regime and using effectively the current human resource Reinforcing the rights and responsibilities of every individuals through a good combination among remuneration, bonus, and promotion with the employees’ work satisfaction - Building plan of training outside and internal training for employees Organizing short training course, which will keep ACT’s staffs and workers more regularly updated with new professional skills and knowledge… - Spending a good budget on human resource development, which is estimated 0,5 % of annual revenue, which means that the training budget of ACT sine 2010 will be approximately 420 millions dongs/year and will increase to 800 millions dongs/ year in 2015 3.4.3 Financial solutions: - Building a suitable financial management system, which can support well the business strategy? This system will enable ACT to manage all the Page 62 materials sources in different stages of the strategy Among those are some important solutions for efficient use of capital: + Currently, goods and inventories usually account for 30% of total assets This is a big financial pressure, which lead to the increase of price It is, therefore, vital to apply scientific management approaches in balancing the inventories requirements with the market demand in order to minimize the stock, but still ensure enough resources for business and production at the same time + Closely controlling customer’s debts, minimize the risk of bad and overdue debts This effort will not only raising the efficiency of capital use and but also minimizing the risks + Give top priority on R&D and Marketing activities - Restructuring the capital structure to ensure the development orientation of the company: Following the development orientation and business strategy to save the cost and create more products with differentiated features In 2010-2015, ACT will deeply invest in equipments and machineries The estimated investment value is 17,5 billions dongs Financial resources for this investment will come from : + 30% of profit after tax; + Credit capital: 50% of investment value + Raising equity via issuing stocks according to the growth objective at different stages of strategy implementation - Improving the economic management of units and departments based on the volume assignment, which encourage the responsibilities of individuals and teams in raising the productivities, saving the middle management cost and reducing the product price 3.4.4 Marketing solutions: Page 63 - Conducting in-depth market survey to understand the market demand on furniture products and interior decoration services Following activities should be done: + Participating in exhibitions and fairs, product shows, collect information about customers + Enlarging the scale of showrooms + Survey on customers (current and potential) with questionnaires - Conducting advertisement of products on public media - Selecting products for intellectual property protection, investing in brand of high quality and differentiated furniture, building prestige and competitiveness on the domestic and international markets - Study the possibility of furniture products to expand to the regional and international market ACT planned to reach American market in 2015 for its furniture product 3.5 Improving the organizational structure and controlling system 3.5.1 Improving organizational structure Based on the organizational strategy, ACT is restructured into mother – daughter company model, which include ACT Company – Mother Company (multi-business, multi-areas) and two daughter companies specializing in 02 different business domains: - ACT Construction Company – specializing in construction projects - ACT interior decoration Company – including also the furniture factory – specializing in producing furniture and providing interior decoration services By those restructuring efforts, ACT redesigned the organizational structure and management system in order to support better the common development objectives of the company Restructuring the company also created good premises for business strategy implementation, which are well planned for ACT’s operation in different business domains 3.5.2 Improving controlling system Page 64 The controlling system is organized for better supervision on performance of managing staffs, construction and production units as well as every individual workers This system will provide the board of management full and accurate information and data on the company’s business operation, which will then help them to make right decisions Controlling ratios should not be purely financial They will be more general to cover the comprehensive picture on the company’s business operation 3.6 Road map for strategic solutions To ensure that controlling and supervision activities will help to evaluate efficiently strategic solutions, they should be conducted at following road map: - From 2010 to 2011, completing the organizational structure and building the detailed business plan until 2015 for each daughter company of construction and interior decoration Finalizing the control and evaluation system - In 2011, invest thoroughly on the furniture production Focusing on R &D for new products Investing in construction equipments and facilities - Promoting the long-term R&D plan to create more new products of high quality, fine art and differentiated features - In 2011-2013, building marketing and promotion program to feature the product brand in domestic market In 2013-2015, expanding the brand and products to international market In 2015, ACT’s products will possibly enter the American market - In 2013-2015, investing in raw materials processing line for furniture production Since 2015, self-providing 50% of total raw materials value for furniture production and dominating the raw materials market for furniture production in Vietnam Page 65 - Since 2010, conducting standardization of labor forces, and carries out plan of training staffs - From 2011 to 2015, investing in upgrading the information system with the assistance of informatics technology Completing the controlling and evaluating system Road map for implementation are presented through an overview diagram below: Table road map for strategic solutions: No Solution Completing the organizational structure Investing thoroughly in production equipments and facilities Investing in raw materials processing chain Financial solutions Marketing solutions Strengthening the technical skills and managing capability of employees, efficient use of human resources R&D solutions Standardization and training the labor forces ISO quality control system Improving the controlling system 2010 Page 66 2011 2012 2013 2014 2015 CONCLUSION Strategic management is the conduct of drafting, implementing and evaluating cross-functional decisions that will enable an enterprise to achieve its long-term business objectives It is the process of specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs However, it’s not easy to have a good business strategy and successfully implement it each enterprise With the knowledge on business management gained from the Master in International business management of Griggs University – USA, our team made full efforts in applying theories into practices, analyzing the strategic plan and implementing the strategy at ACT, at which one member of our group is the Chairman cum CEO With a thorough review on the theoretical background of strategic business planning and an in-depth analysis of the current situation of ACT, we realized shortcomings and drawbacks of its business operation and found out the reasons behind Based on that, we proposed some solutions to improve the current business strategy at ACT for the period of 2010 -2015 The business environment is now changing and unpredictable, which requires continuous and comprehensive study on strategic business planning and strategy implementation for enterprise in general, and ACT in particular to achieve sustainable business development The research team has received good guidelines from professors of the Master in International business management program of Griggs University – USA that is jointly operated by ETC – National University Page 67 However, due to limited time and knowledge, there are always some mistakes and shortcoming We are welcome any feedback or contributions you may have to improve this study Thank you all! Page 68 REFERENCES Liam Fahay & Robert M.Randall (2009), “Portable MBA – Strategic Management” Fred R David, Principle of strategic management, Statistical publishing house, HCMC, 2003 "Strategic management" – Science and technology publishing house, 2000 4."Strategic business and production planning” - Dr Nguyen Van Nghien – Hanoi Polytechniques University, 2002 ACT’s financial reports of 2005, 2006, 2007, 2008; Business plan 2009 of ACT; Resolution of ACT’s management board 2006 on business strategy to 2015 Report on investment project of furniture factory in 2005 Resolution of ACT’s management board 2008 on restructuring the company structure in to mother-daughter model to 2011 Page 69