,TABLE OF CONTENTS
TABLE OF CONTENTS .............................................................................................................................. 2
1.1 5 STEPS IN STRATEGY .......................................................................................................................... 7
1.2 DEFINE PURPOSE WITH STAKEHOLDERS .................................................................................................... 7
1.2.1 STAKEHOLDER ANALYSIS ............................................................................................................................... 7
1.2.2 BUSINESS PURPOSE VS SOCIAL PURPOSE.......................................................................................................... 8
1.2.3 UN SUSTAINABLE DEVELOPMENT GOALS ......................................................................................................... 9
1.2.4 IMPACT INVESTING .................................................................................................................................... 10
1.2.5 PURPOSE OR GREENWASH .......................................................................................................................... 10
1.3 EXTERNAL ANALYSIS ......................................................................................................................... 11
1.3.1 PORTER’S 5 FORCES................................................................................................................................... 11
1.3.2 STEEPLE (MARKET ATTRACTIVENESS) .......................................................................................................... 12
1.3.3 KPMG INNOVATION LAB METHODOLOGY .................................................................................................... 12
1.3.4 COMPANY VS ECOSYSTEM .......................................................................................................................... 13
1.3.5 GE MCKINSEY .......................................................................................................................................... 13
1.3.6 CAPABILITY MATURITY ............................................................................................................................... 14
1.3.7 BUSINESS CYCLES ...................................................................................................................................... 15
1.4 INTERNAL ANALYSIS .......................................................................................................................... 16
1.4.1 CORE COMPETENCES (HAMEL-PRAHALAD) .................................................................................................... 16
1.4.2 GE MCKINSEY .......................................................................................................................................... 17
1.4.3 CORPORATE REPUTATION QUOTIENT MODEL (HARRIS-FOMBRUN)................................................................... 17
1.5 EXTERNAL AND INTERNAL FACTORS COMBINED ........................................................................................ 18
1.5.1 PORTFOLIO OVERVIEW ............................................................................................................................... 18
1.5.2 GE-MCKINSEY MATRIX ............................................................................................................................. 18
1.6 DEFINE STRATEGY ............................................................................................................................ 19
1.6.1 VALUE DRIVERS TREE AND UNDERLYING VALUE DRIVERS .................................................................................. 19
1.6.2 9 LEVERS OF VALUE ................................................................................................................................... 20
1.6.3 PORTER’S GENERIC STRATEGIES ................................................................................................................... 21
1.6.4 3C MODEL BY KENICHI OHMAE (FAMOUS JAPANESE ECONOMIST) .................................................................... 21
1.6.5 VALUE DISCIPLINE MODEL (TRACEY & WIERSEMA) ......................................................................................... 22
1.6.6 THE ANSOFF MATRIX ................................................................................................................................ 22
1.6.7 MOTIVATIONS FOR FOREIGN EXPANSION....................................................................................................... 23
1.7 IMPLEMENTATION ............................................................................................................................ 23
1.7.1 8 THEMES OF NEW REALITY ......................................................................................................................... 23
2 FRAMEWORK OF A. VERBEKE .......................................................................................................... 25
2.1 THE ESSENCE OF INTERNATIONAL BUSINESS ............................................................................................ 25
2.1.1 COMPONENTS OF THE UNIFYING FRAMEWORK ............................................................................................... 25
2.1.2 THE ESSENCE OF INTERNATIONAL BUSINESS STRATEGY ..................................................................................... 26
2.2 RESOURCE BASE............................................................................................................................... 26
2.3 ROUTINES ...................................................................................................................................... 27
2.4 RECOMBINATION ............................................................................................................................. 27
2.5 INTERNATIONAL TRANSFERABILITY OF FSA’S ........................................................................................... 27
2.6 LOCATION ADVANTAGES .................................................................................................................... 29
2.7 THE 4 ARCHETYPES OF MNE ............................................................................................................... 29
2.7.1 WHICH TYPE OF BUSINESS IS THE MNE......................................................................................................... 29
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,2.7.2 COMBINATION OF ARCHETYPES ................................................................................................................... 29
2.8 4 TYPES OF DISTANCE ........................................................................................................................ 32
2.9 BOUNDED RATIONALITY..................................................................................................................... 33
2.10 BOUNDED RELIABILITY ..................................................................................................................... 33
2.11 BOUNDED RELIABILITY VS BOUNDED RATIONALITY .................................................................................. 34
2.12 7 QUESTIONS IN INTERNATIONAL BUSINESS STRATEGY ............................................................................. 34
2.13 GUIDE VERSUS COMMAND ............................................................................................................... 35
2.13.1 HOW DO YOU COMMUNICATE WITH LOCAL MANAGERS ? ............................................................................... 35
2.14 HIERARCHY................................................................................................................................... 35
2.14.1 WHAT ARE THE ROLES OF THE SUBSIDIARIES ? .............................................................................................. 35
2.15 R&D HOMEBASED EXPLOITING VS AUGMENTING ................................................................................... 36
2.15.1 5 MANAGEMENT TAKE-AWAYS .................................................................................................................. 37
2.16 THE 6 TYPES OF FACTORIES ............................................................................................................... 37
2.16.1 5 MANAGEMENT TAKEAWAYS ................................................................................................................... 38
2.17 FOREIGN CURRENCY........................................................................................................................ 39
2.17.1 ECONOMIC EXPOSURE ............................................................................................................................. 39
2.17.2 FOREIGN CURRENCY MANAGEMENT ........................................................................................................... 40
2.17.3 5 MANAGEMENT KEY TAKEAWAYS .............................................................................................................. 41
2.18 INTERNATIONAL MARKETING............................................................................................................. 41
2.18.1 5 MANAGEMENT TAKEAWAYS ................................................................................................................... 42
2.19 MANAGING EXPAT MANAGERS .......................................................................................................... 42
2.20 MANAGING DISTRIBUTORS ............................................................................................................... 43
2.20.1 5 MANAGEMENT TAKEAWAYS ................................................................................................................... 45
2.21 MANAGING ALLIANCES .................................................................................................................... 45
2.21.1 5 MANAGEMENT TAKEAWAYS ................................................................................................................... 46
2.22 INNOVATIONS FROM ENVIRONMENTAL TRIGGERS ................................................................................... 46
3 CONCEPTS OF M&A ........................................................................................................................ 47
3.1 STEPS IN BUYING A COMPANY ............................................................................................................. 47
3.2 BUSINESS CYCLES TRIGGER M&A ......................................................................................................... 47
3.3 TRANSACTION TYPES AND STRUCTURES ................................................................................................. 47
3.4 SELL SIDE STEPS ............................................................................................................................... 48
3.5 DUE DILIGENCE ............................................................................................................................... 48
3.6 QUALITY OF EARNINGS ...................................................................................................................... 49
3.7 QUALITY OF DEPT ............................................................................................................................. 50
3.8 WORKING CAPITAL ........................................................................................................................... 50
3.9 DATA ROOM ................................................................................................................................... 51
3.10 SHARE PURCHASE AGREEMENT (SPA) ................................................................................................. 52
3.10.1 IMPORTANCE OF SPA .............................................................................................................................. 52
3.10.2 INDICATIVE SPA STRUCTURE ..................................................................................................................... 52
3.11 RISK / VALUE MODEL FOR M&A ........................................................................................................ 52
3.12 INTEGRATION PITFALLS .................................................................................................................... 53
3.13 FINANCING OPTIONS (DIFFERENT OVER THE LIFECYCLE) ............................................................................ 54
3.13.1 PRIVATE EQUITY...................................................................................................................................... 54
3.13.2 CROWDFUNDING .................................................................................................................................... 55
, 4.2.1 GEOPOLITICS ............................................................................................................................................ 57
4.2.2 GROWTH OF POPULATION .......................................................................................................................... 57
4.2.3 URBANIZATION......................................................................................................................................... 58
4.2.4 MEGA CITIES ............................................................................................................................................ 58
4.2.5 AGEING PEOPLE ........................................................................................................................................ 58
4.2.6 SHARING MODELS TO FIGHT RESOURCE SCARCITY ........................................................................................... 59
4.2.7 PAY PER USE MODELS TO SOLVE RESOURCE SCARCITY ...................................................................................... 59
4.2.8 NEW MATERIALS ....................................................................................................................................... 59
4.2.9 CIRCULARITY ............................................................................................................................................ 59
4.2.10 ENVIRONMENTAL ISSUES .......................................................................................................................... 60
4.2.11 LACK OF SPACE ....................................................................................................................................... 60
4.2.12 SPACE GETTING CLOSER............................................................................................................................ 60
4.2.13 DISASTERS THROUGH CLIMATE CHANGE ...................................................................................................... 60
4.2.14 ENERGY TRANSITION................................................................................................................................ 60
4.2.15 ELECTRIFICATION .................................................................................................................................... 61
4.2.16 OMNI PRESENCE OF SMARTPHONE ............................................................................................................. 61
4.2.17 SCREENIFICATION.................................................................................................................................... 62
4.2.18 WEARABLE TECHNOLOGY ......................................................................................................................... 62
4.2.19 INTERNET OF THINGS ............................................................................................................................... 62
4.2.20 VIRTUAL REALITY AND AUGMENTED REALITY (VR AND AR) ............................................................................ 62
4.2.21 GOOGLE GLASSES BACK IN BUSINESS........................................................................................................... 62
4.2.22 AR THANKS TO POKEMON ........................................................................................................................ 62
4.2.23 AGENTS OR VIRTUAL ASSISTANTS ............................................................................................................... 63
4.2.24 METAVERSE ........................................................................................................................................... 63
4.2.25 ROBOTS ................................................................................................................................................ 63
4.2.26 BOTS .................................................................................................................................................... 63
4.2.27 PLATFORM ECONOMY .............................................................................................................................. 63
4.2.28 EDUCATION CHANGES .............................................................................................................................. 63
4.2.29 BIG 5 BECOME EVEN BIGGER ..................................................................................................................... 64
4.2.30 BLOCKCHAIN .......................................................................................................................................... 64
4.2.31 ALWAYS CONNECTED ............................................................................................................................... 64
4.2.32 DISRUPTING STARTUPS ............................................................................................................................ 64
4.2.33 DIGIMETER PROFILES ............................................................................................................................... 64
4.2.34 VALUE OF DATA ...................................................................................................................................... 65
4.2.35 NETFLIX STORY ....................................................................................................................................... 65
4.2.36 PERSONALISATION .................................................................................................................................. 65
4.2.37 BIG BROTHER WATCHING US ..................................................................................................................... 65
4.2.38 AI ON THE LOOSE .................................................................................................................................... 66
4.2.39 ETHICAL DILEMMA’S ................................................................................................................................ 66
4.2.40 FUTURE OF JOBS ..................................................................................................................................... 66
4.2.41 SECURITY RISKS ....................................................................................................................................... 66
4.2.42 QUANTUM COMPUTING ........................................................................................................................... 67
4.2.43 COMPANIES GROW FASTER ....................................................................................................................... 67
4.2.44 AGILITY ................................................................................................................................................. 67
4.2.45 CONSCIOUS CONSUMER ........................................................................................................................... 67
4.2.46 WHAT CAN WE LEARN FROM SCHUMPETER ................................................................................................. 67
5 GUEST-LECTURE MARS (TOM LEEMANS) ......................................................................................... 68
5.1 THE STORY OF MARS ........................................................................................................................ 68
5.1.1 HISTORY .................................................................................................................................................. 68
5.1.2 VISION .................................................................................................................................................... 69
5.1.3 PRODUCTS ............................................................................................................................................... 69
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