Important Flashcards
1
Q
What is strategy
A
direction and scope of an organisation over long term
achieves advantage for organisation
2
Q
What is corporate strategy concerned with
A
basic direction for the future, purpose, ambitions, resources and how it interacts with the world it operates in
3
Q
Three levels of strategy
A
Corporate
Business
Functional
4
Q
What approach is described
set gaols first then design strategies to reach them
A
rational planning
top down
formal
traditional
5
Q
What approach is described
build management team with right strategic skills
A
Emergent approach
bottom up
6
Q
What are benefits of strategic planning
A
Creates process to detect and respond to changes in market and environment
avoid STism
Monitor progress by stages
improve stakeholder perception
goal congruence
developm management potential
7
Q
Criticisms of strategic planning (Mintzberg’s)
A
Practical failure - not proved by studies
routine and regular
reduce initiative
internal politics ignored
exaggerate power
impractical
8
Q
five steps in rational planning model
A
corporate appraisal
set mission and objectives
gap analysis
strategic choice
implement strategy
9
Q
five types of strategy
A
intended
deliberate(implemented intended)
emergent
unrealised
realised
10
Q
Criticisms of positioning approach
A
Products become obsolete - successful now liability in future
stakeholder groups decline in influence
LT tech changes eliminate cost advantage
perpetual change leads to being in environment little experience of
11
Q
What approach focusses on customer needs and adapts products and processes to gain superior position against rivals
A
positioning
12
Q
What approach is an inside out approach, develop or acquire adequate resources and competences create market and exploit
A
resource based
13
Q
Key factors in resource based approach
A
Fit (resources available to fit in product market )
Stretch (be at leading shaping edge)
leverage (use existing resources in different ways)
14
Q
Short planning horizon
A
1-3 years
15
Q
Medium planning horizon
A
3-10 years
16
Q
Long planning horizon
A
more than 10 years
17
Q
What is the trade off between planning horizons
A
need success in long term, but measured on short term
18
Q
What influences planning horizon
A
Nature of ownership (SH)
Nature o fINdusty
Nature o business environment
Nature of management (skill for Long term planning)
Capital Structure
19
Q
When does ethics impact
A
during formulating strategic objectives
ethical climate
internal appraisal
strategy selection
20
Q
Define mission
A
Values and expectations of those who most strongly influence strategy about the scope and posture of the organisation
21
Q
Four elements of mission
A
Purpose
Strategy
Policies and standards of behaviour
Values
22
Q
Mission
What is purpose
A
why does the organisation exist and who form
23
Q
Mission
what is strategy
A
competitive composition and distinctive competence of the organisation
24
Q
Mission
what do policies and standards of behaviour do
A
underpin work
25
Mission
What are values
What the company believes in
26
What approach
mission is start point of strategy
objectives based on mission
rational appraoch
27
What approach
mission embedded in culture and generates strategic initiatives
emergent
28
Define mission statement
formal document stating organisations mission, published to promote desired behaviour
29
Benefits of mission statement
Provide basis for control
Communicate nature of organisation to stakeholders
Help install core values
30
Issues with mission statement
Deemed PR exercise rather than portrayal of values
full of generalisations, hard to tie to specific strategy implications or develop objectives
may be ignored by those formulating or implementing strategy
31
Ohmae three core elements that must be paid attention two
Corporate based strategies - superior competence
customer based strategies - match market segment
Competitor based - exploit rival weakness
32
What four things is strategy concerned with
LT direction of organisation
Environment
Resources
Return it makes to stakeholders
33
Three types of strategy feeding into corporate strategy
competitive
financial
investment and resource
34
Main objectives of budgeting (PRIME)
Planning
Responsibility
Integration
motivatoin
Evaluation and control
35
Approaches to budgeting
Incremental
ZBB
Top down
Bottom up
Fixed
Rolling
Feedback
Feedforward
36
Hierarchy of missions and objectives
Mission
Objective
Strategy
Action plans (Budgets)
37
What are critical success factors
small number of key goals vital to success of an organisation
Things that must go right
38
Five areas where CSFs should be identified
Structure
Environmental factors
temporary factors
Functional management issues
Competitive strategy and position
39
Once the business identified CSFs what must it do
set performance standards/KPIs to be achieved in these ares
40
Hierarchy of objectives
Mission
Primary
Secondary
41
Mission and objectives set at each level
should be consistent - goal congruence
42
SMART
Specific
Measurable
Achievable
Relevant
Time bound
43
Primary objective of profit seeking organisation
deliver economic value to owners
44
Secondary objective of profit seeking organisatoin
Satisfying demands of customers, demonostrating CSR as means of delivering economic value
45
Primary objectives of NFP
Vary depending on nature
46
Secondary objectives of NFP
economic goals
47
Three Es for NFP
Economy
Efficiency
Effectiveness
48
three e's what is economy
achieving the best price for inputs, subject to achieving satisfactory quality
49
What is efficiency for three es
achieving more output per unit of input
50
Three Es what is effectiveness
How well the main objectives of the organsation are achieved
51
Where can stakeholder power come from
internal (status control of resources, knowledge, decision making)
External (control resources, component of process, knowledge and skill, social position, legal rights
52
Three types of steakholders
Internal
External
Connected
53
What are connected stakeholders
source of finacne
54
What are internal stakeholders
source of human resources
55
Degree of dependency on stakeholder group measured on three critera
Disruption
replacement
Uncertainty
56
What is ESG
criteria used to measure and report sustainability
57
ESG - Governance
concerns relationships between management, board and other stakeholders
effectiveness of systems of control to ensure meet objectives and manage risks
58
five risks of failing to consider ESG
less ability to raise finance
reputational issues
fines and legal action
Climate change risks
More disclosure
59
Four strategic approaches to CSR
Proactive
reactive
Defence
Accommodation
60
Approaches to CSR
what is proactive strategy
take full responsibility for actions
61
Approaches to CSR
what is a reactive strategy
situation continued unresolved until public, government or consumer group find out about itWhat
62
CSR what is defence strategy
minimising or attempting to avoid additional obligations from potential problem
63
CSR what is accommodation stagey
Taking responsibility usually due to either
encouragement from special interest groups
perception if don't government will intervene
64
CSR is both
risk and opportunity
65
Five reasons to demonstrate CR
Self regulation more flexible and less costly than statutory
Improved relations with key stakeholders
donations, sponsorship and community involvement reflect well
Helps create value culture in the organisation and sense of mission good for motivation
LT good for business
66
What matrix is for stakeholder categorisation and what are the axis
Mendelow
Power & Interest
67
Stakeholder
Low power low interest
Minimal effort
68
Stakeholder
Low power high influence
keep infomed
Views can influence more powerful
69
Stakeholder
low interest high power
treat with care and keep satisifed
70
Stakeholder
High power High infleucne
Key players - strategy must be acceptable tothem
71
PESTEL
Political,
Economic
Social
Technological
Environmental
Legal
72
What is PESTEL used for
analysing external factors
73
What two can be used for analysing external factors
Porter's five forces
PESTEL
74
When is environmental appraisal done under rational planning approach
beginning of process
75
What is environmental appraisal done under strategic management appraoch
continuous awareness of changing issues required
76
What are the characteristics of an effective enviornmental management system
in and external info
Validates and corroborates info
disseminates info to people who need it (clear intranet)
periodic reports with digest of serious infos
management briefing
training and development
77
Strategic planning takes place in the context of
uncertain future environment
78
What is described:
Few competitors
limited products
slow rate of change
historic
current environment useful predictor of future
static environment
79
What is described
complex,
characterised by rapid change
large resource for environmental assessment
dynamic environment
80
When is scenario planning useful
when LT view of strategy is needed due to having a turbulent environment, several factors influence success of strategy
81
Building scenarios three steps
key forces,
historic trends,
build scenarios
82
When is a sustainable competitive advantage generated?
When a company has a unique resource or competence that is difficult to replicate, and sets them apart from competitors.
means they can outperform competitors now and in the future
83
How does value chain link to SCA
Elements of value chain can add value and contribute to sustainable competitive advanatege
extent to which they can be copied will effect
84
resource based view of profitability
corporate profitability based on sustainable competitive advantage, achieved from exploitation of unique resources.
85
define core competences
critical activities and processes
which enable an organisation to achieve CSFs
and therefore achieve a sustainable competitive advantage
86
What must core competences be
better than competitors
difficult to replicate
87
Two ways of achieving a SCA
resources (M(
Competences
88
Resources can be
unique or threshold
89
Competences can be
core or threshold
90
Resource and competences matrix axis
SCA/NO SCA
RESOURCE
COMPETENCES
91
Threshold resources/Competences
no SCA
92
Unique resources/core competences
SCA
93
Kay's three sources of capabilities to add value
Competitive architecture
Reputation
Innovative ability
94
Kay
Competitive architecture
network of relationships within and around
internal (employees)
Extnerla (Supplliers etc)
Network (collaborating businesses)
95
Kay
Innovative ability
ability to develop new products and services and maintain a competitive advantage.
Structure culture routine, collaboration employees customers suppliers influence ability to be innovative
96
What are the Nolan principles
| LOOISHA
Selflessness
Integrity
Objectivity
Accountability
Openness
Honesty
Leadership
97
Define selflessness
holders of public office should take decisions in terms of the public interest.
And not do so to gain financial or other material benefits for themselves, family, or friends
98
Define integrity (Nolan)
holders of public office should not place themselves under any financial or other obligation to outside individuals or organisations that may influence them in the performance of their duty
99
Define objectivity (Nolan)
In carrying out public business (inc public appointments, awarding contracts or recommending individuals for rewards and benefits)
Holders of public office should make choices on merit
100
Define accountability (Nolan)
Holders of public office are accountable for their decisions and actions to the public, and must submit themselves to whatever scrutiny is appropriate to their office
101
Define Openness (Nolan)
holders of public office should be as open as possible about the decisions and actions they take.
They should give reasons for decisions, and restrict information only when wider public interest clearly demands.
102
Nolan - Honesty
Holders of public office have a duty to declare any private interests relating to their public duties and take steps to resolve any conflicts arising in a way that protects public interest
103
Nolan - Leadership
Holders of public office should promote and support these principles by leadership and example
104
What can be used to understand competitive advantages of nations
porter's diamond
105
What are the points of porters diamond
Factor conditions
demand conditions
related and supporting industries
strategy, structure and rivalry
106
What can factor conditions be
Basic,
Advanced
107
What is a cluster
linking of industries through vertical or horizontal relationships
108
What is globalisation characterised by
extended supply chains, global HRM
109
Why may a firm act globally (Five Cs)
Customer
Company
Competition
Currency Volatility
Country
110
5C's Customer
converging tastes
111
5Cs company
economies of scale
112
5s Competition
Global competitors encourage others
113
five Cs Currency Volatility
If set up overseas, reduces risk
114
Five Cs country
may have cheaper access to resource
115
What limits firms acting globally
Political risks
Protectionism
Trade Blocks
116
What are pPorters five forces
Potential Entrants
Bargaining power of customers
Bargaining power of suppliers
Substitutes,
Rivalry among existing firms
117
Issues with P5F
Ignores role of the state
Not good for NFP
Positioning approach rather than resourced base
Assumes SHWM its the onlygoal of management
ignores collaboration to improve profitability
greater focus on risk management
118
What is protectionism
positively discouraging international trade
Tarrifs, restrict imports
119
What political risks impact firms acting globally
Stability of government
ideology of government
international relationships
informal relationships with government officials and business
120
What are the stages in the lifecycle
Introductino
Growth
Shake out
maturity
Decline
121
What phase of lifecycle :
trend setters are the buyer group
either price skim or penetration
Support despite poor results
review investment programme
monitor success of rivals
Introduction
122
What phase of lifecycle
expand capacity to meet target share
maintain barriers to entry
ensure aware of potential new products
search additional markets
make refinements
expansion and cost down
Growth
123
What phase is described
mergers and rationalisation
extract revenue from existing customers
extend growth market/ tech
Shakeout
124
What phase is described
Maximise current return
defend position
leverage customer data for additional income
integrate with rivals
find successor industries ready for launch to pick up market share
Maturity
125
Lifecycle what phase
Evaluate exit barriers
identify optimum time to leave
residual demand captured at minimal additional cost
seek exit strategy
monitor rivals
decline
126
How can the lifecycle be extended?
Operating abroad - different life cycle patterns in different countries
127
What is the international trade lifecycle
Product developed in high income country
Overseas productions
Overseas producers compete in export market
Then in domestic market
128
Whatis the resource based approach
Resources and competences are used as sources of strategic advantage
129
Who are threshold resources needed by
all firms in the market
130
What are threshold competences
activities and processes involved in linking resources necessary to stay in business
131
What do unique. resources and core competences give
Sustainable competitive advantage
132
What do unique resources enable?
firms to meet CSFs
133
Unique resources must be
better than competitors and hard to replicate
134
Kay three sources of core competences
Competitive architecture
reputation
innivoative ability
135
Define architecture
network of relational contracts around the firm
136
Define relational contract
contains parties doing business with eachother in LT relationships
Provisions only partially specified
not informed by legal process, but the needs of the parties to keep doing business with each other
137
What is a resource audit
Reviewing strategic capability, comprehensive and systematic appraisal of resources offering a SCA
138
When to use the 9ms
Resource audit
139
What are the nine ms?
Men
Machines
Money
Material
Market
Management
Method
MIS
Makeup
140
What are limiting factors
factors which at any time may limit the activity, they are a strategic weakness and in the long term must be reduced, economise on use
141
WHAT IS THE VALUE CHAIN
Sequence of business activities by which value is added to products/services produced by the entity
input - value creating activities - output
142
What are primary activities
Inbound logistics
operations
outbound logistics
Marketing and sales
Service
143
What are support activities
Infrastructure
Human resource management
Tech development
Procurement
144
What is the value system
activities that add value beyond the organisations boundaries
145
What can the value chain be used for
identifying strategically significant activities,
comparing them to competitors to identify sources of differentiation
identify opportunities for synergy and acquisition
help identify competitive forces
manage wider linkages harder to replicate
146
Considerations for outsourcing
Firms competence
better risk management
assured and controlled by client
organisational IP being transferred
track record of provider and experience,
quality of relationship
provider financial stability
147
Define shared service centre
number of internal transaction processing activities that were previously conducted in a. number of different departments
are bought together into one with within an organisation
148
Advantages of shared service centre
Cost saving
knowledge between those in SSC may be more easily shared
Use of standard process
149
Disadvantages of shared service centre
Department specific knowledge may be lost
Removed from day to day realities diminishing value
physical distance may weaken relationships
150
Benefits of outsourcing
Don't need to hire more employees
access to larger talent pool
lower labour cost
151
Issues with outsourcing
Lack of control
communication issues
quality issues
impact on culture? (employees replaced, confusion why doing it, challenges to workflow)
152
Axis on harmon's matrix
Process complexity
Strategic importance
Used for analysis of processes
153
Key things in supply chain management
responsiveness
reliability
and relationships
154
SCM definition
management of all supply activities from the suppliers to a business through to delivery to customers
155
SCM - responsiveness
ability to supply customer s quickly (JIT)
156
SCM - reliability
ability to supply customers reliability
157
SCM - relationship
Use of single sourcing and LT contracts better to integrate the buyer and supplier
158
Tech development in SCM led to
reduction in cost
better outsourcing opportunities
increased product and service innovation
Mass customisation of products
159
Why is cyber security important
to protect systems more challenging as they are more linked
160
what can SCM involve
closer partnership supplier relationships,
reduction in customers serviced price and stock coordination,
linked computer systems,
early supplier intervention in R&D
Logistics
161
Define cloud computing
Enables ubiquitous, convenient on demand network access to shared pool of configurable computing resources that can be rapidly provisioned and released with minimal management effort or service provider interactions
162
Benefit on Cloud computing
reduce fixed cost of storage by removing hardware requirement, cost matches size
163
What is social sustainability
providing a safe work environment, health and safety measures, diversity and community interest
164
What is environmental sustainability
impact of a business on climate change, pollution and natural resources
165
Economic sustainability what is it
looks at economic stability a company brings, job creation and investment in innovation and new products
166
Advantages of licensing
Quicker than growing self little investment
could offer licenses elsewhere if successful
Fee and revenue share - likely fixed and no risk in sharing losses
Gives presence o/s quickly, good if growing market
May stop other brand launching as competitor
167
Disadvantages of licensing
if other company bigger could be power imbalance
price compared to revenue share - price high o/s
Share IP and then they set up as rival overseas
The reputation of the other firm
168
price should be set with regards to the 3Cs - what are they
Cost
Customer
Competitor
169
What are four main elements of promotion
Advertising
Sales promotion
PR
Personal selling
170
What can benchmarking be used for
setting KPIs (internal,s are sector, activity or generic)
171
When to use BCG matrix
assessing balance of product portfolio
172
BCG when is market growth high
10%
173
BCG when large market share
largest competitor ratio >1
174
What should be done with star products
reinvest heavily to hold and build position
moderate cash flow
175
what kind of Cash flow rom cash cow
large positive
176
What to do with question mark
get big or get out (invest heavily to gain market share
177
)best strategy for dogs
divest
178
Limitations of BCG matrix
other factors affect cash flows and are ignored,
risk ignored,
focus on known market and products
hard to forecast growth
179
TEF model for ethics
Transparency,
Effect
Fairness
Legal (seek legal advice)
180
Performance evaluation process
Strategy review
quant and qual performance milestones
set targets
formal monitoring of process
reward
181
different types of performance management
Financial,
resource,
competitive advantage
182
Performance management
resource
effectiveness, economy, efficiency
183
performance management
competitive advantage
CSF and measure achievement with KPIs
184
Interest cover
EBIT/INTERSET
185
Mark up
gross profit/COS
186
Stock turnover
COS/average stock held
187
Debtor days
debtors/rev * 365
188
Creditor days
Creditor/COS * 365
189
What should strategic performance measures do
focus attention on what matters in the long term,
identify and communicate drivers of success,
support organisational learning
190
Strategic performance measures monitoring
consistently measured
revaluate regularly
should be acceptable, measurable, meaningful defined by strategy and relevant to it
191
What are CSFs
Small number of key goals vital to the success of the organisation
192
Advantages of CSFs
process of identifying help identify what needs controlling
turn into KPIs for periodic reporting
guide development for IT systems
use for benchmarking
193
Issues with CSF
If wrong ones identified, can be detrimental to business
should not be over emphasised
aligned with other organisations?
194
Different types of responsibility centres for divisional performance measurement
revenue centres
cost centres
profit centres
investment centres
195
ROCE
Profit/average capital
196
Benefits of ROCE
popular as can lead to desired group ROCE
facilitates comparison of different size divisions,
readily understood by management
cheap and easy to calculate
197
Issues with ROCE
Can be dysfunctional as +NPV projects may have a lower than departmental ROCE and be rejected by departments
198
RI calc
Division profit - (net assets * required rate)
199
Benefit of RI
avoids dysfunction of ROCE
technically superior as gives absolute amount
goal congruence as based on required rate
200
Issues with both ROCE and RI
encourage short termsim
discourse investment in assets
lack strategic control
201
Why is transfer pricing imprtant
determine divisional profit
impacts performance evluation
determines tax and currency of profits
impact price and final sales
can lead to dysfunctional decisions
202
Cost based TP examples
Full cost,
marginal cost
opportunity cost
203
Cost based TP what is optimal
sell high mC and opportunity cost
204
Transfer pricing, what are negotiated prices
Transfer price established by discussions between divisional managers in a bargaining process
205
TP what is two part transfer pricing
Price set at vc to ensure optimal,
but supplying division record extra amount to arrive at profit for evaluation processes
206
TP what is dual pricing
recover - Standard variable cost
Transferring - higher value which may give profit incentive
207
Benefits of dual pricing TP
should lead to goal congrudnece
208
issues with dual transfer pricing
may lead to poor cost control as profits made more easily.
more complex to account for
209
Considerations for TP
impact on group profitability
impact on product positioning (price impacted)
cost of the system (determine and recording intracompany is non-value adding)
affect evaluation of managers for bonuses, motivational impacts
210
BSC measures
Cusotmer
internal business process
innovation and learning
financial
211
Benefits of BSC
should be used flexibility
dicing what to measure clarifies strategy
can influence behaviour and drive change
emphases on process, not departmnets
212
Issues with BSC
Measures performance, doesn't indicate strategy is right
some measures may conflict
difficult to determine what balance achieves best results
number of measures must be agreed
managers need expertise to initiate appropriate action
213
How to measure performance for NFP
3Es
214
What gives rise to the 'gap' between where we want to be and expected perfomrance
ambitious objectives set/imposed by investors
underperformance
difficult environment
215
Ways of filling the ga'
new product/market growth strategies
216
how to improve profitability
efficiency
expansion strategy
diversification
217
Three distinct group of strategic options, what are they
competitive strategy (win customers and secure profitability against rivals)
product / market strategy (what product and what markets, where to compete)
development strategy - how to gain access to chosen products and markets
218
What is defined
taking offensive, or defensive actions to create a dependable position in an industry, cope successfully with competition and yield superior ROI
competitive strategy
219
What kind of strategy withstands shrinking margins
rivals fall and may be left as a major player with enhanced power against suppliers and buyers
cost leader
220
what strategy presents as superior,
may avoid price pressure through avoiding price competition
differentiator
221
Types of strategy
Cost leader
differentiator
cost focus
differentiation focus
222
Issues with being a cost leader
internal focus
only one may be cost leader
difficult during recession
223
Issues with differentiation strategy
assumes differentiation always leads to higher price
value can be eroded by superior competitor activity quickly
224
Benefits of niche strategy
more secure,
insulated from competition
not spread too thin
little competition
225
Issues with a Niche strategy
Sacrifice economies of scale
competitors can move in
segment needs may become less distinct
226
motives for acquiring companies
marketing and production advantages
finance and management
risk spreading (diversification)
retain independence
overcome barrier to entry
outplay rivals
227
SAF - suitability
strategic logic and strategic fit of the strategy
228
SAF - acceptability
relates to expectation and expected perfora=mance outcomes (risk and return)
229
1SD of mean
68.2
230
2sd of mean
95.4
231
3 sd of mean
99.7%
232
marketing mix
Product
Quality and reliability
packaging
branding
aesthetics
product mix
servicing/associated services
233
Marketing
Price - CPs
Cost
customers
competition
corporate strategy
234
Marketing mix
place
size
number
accessibility
inventory
layout
235
Marketing - promotion
sapp
sales promotion
advertising
PR
Personal selling
236
4Ps of marketing mix
produce
place
price
promotion
237
approaches to structure
top down
bottom up
contingency (no best)
238
What is an entrepreneurl structure
small single owner manager business
239
+/- entrepreneurial structure
flexible, quick to change
limited for expansion
based on knowledge of owner
240
What is a functional structure
departments are defined by their functions
241
+/- functional structure
specialisation
economies of scale
may hamper innovation and be rigid
242
Divisional structure
Divided into autonomous units
243
+ divisions
greater flexibility
local knowledge
less costly
focus attention on results (responsibility)
evaluation and comparison of division
244
Issues with divisionalsiation
duplicate efort
struggle to cope with large clients that span divisions
increase overhead
add management compleixty
lack of communication and sharing best practice
245
Underlying principles of Corporate Governance
Leadership
Effectiveness
Accountability
remuneration
relationships with shareholders
246
Decentralisation depends on
management style
size
activity diversification
effective communicatino
ability of management
speed technology advances
geography
local knowledge needed
247
Define operating core
perform work related to production of goods and services
248
define strategic apex
ensure organisation serves its mission, responsible to owners
249
Define middleline
join strategic apex to operating core by middle managers
250
define technostructure
analyst who aim to effect certain forms of centralisation
251
define support staff
provide support outside normal work flow, not standadiatoin
252
simple structure - where is power
strategic apex has direct control over operating core and other functions
253
machine bureaucracy where is power
technostructure
emphasis on regulation bureaucratic processes govern
254
Where is power in professional bureaucracy
operating core
255
Power in divisionalised organisation
middle line - managers take charge of division
256
What is an adhocracy
complex and disorderly procedrures and process not foramlalised
core activity carried out by project teams
257
Advantages of matrix
flexible
improved communication
dual authority gives multiple orientations
structure allocate responsibility for end results
encourage cooperation
cross fertilise skills and expertise
258
Matrix disadvantages
dual authority lead to conflict and stress at work
can be more costly
can be difficult to accept
259
Joint venture advantages
each requires less investment, cover more countries
reduce risk of government intervention
local knowledge
funds for tech and research
260
Issues with joint venture
Conflicts of interest over profit shares, amounts invested, management
problems protecting IP
Danger partner may leave
Lack of management interest
261
Franchising advantages for franchiser
rapid expansion with little capital
local knowledge and supervision
franchiser has limited capital and therefore low financial risks
262
Disadvantages of franchising
franchisee independent and makes decision, quality etc could be impacted
Clash between local needs and strategy
update/amend product, franchisee may be low to accept
break away
263
External development either home or away
JV
Merger
Acquisition
Alliance
Franchise
