Week 23: Jeff Bezo's Case study

Strategic Leadership

A person or an individual from an organization who is able to take full responsibility in performing or managing capital, labor or the parts of the firm is a strategic leader.

In simple words, strategic leadership is the ability that a leader must have to take decisions of an organization/ particular firm and produce great values over a period of time inspiringly as well as managing people and the form properly. There is one vital characteristic of strategic leadership i.e. the vision along with shared values that helps employees to decide without the necessity of monitoring and control mechanisms in a formal way. All and all it allows the leader to gain more time as well as higher aptitude to concentrate on any kind of firm issues.

Identify two interesting similarities and two differences between the 5 elements of successful and effective strategic leadership model and the transcendent leadership model.

5 elements of successful and effective strategic leadership model are listed below:

1.    . Developing and communicating the organizational purpose: One important job of a leader is to form an organizational purpose and deliver it to every part within an organization.
2.       Managing human resources and organizational decisions: Another important job of leader to encourage any employee in every possible way so that he or she will be able to perform wholeheartedly.
3.       Setting ethical standards: One responsibility of a leader to maintain the standards of CSR and monitoring ethical values of the firm properly.
4.       Defining and delivering to the stakeholders: A leaders should be able to preserve trust and comfort relationship within the organization as well beyond the organization.
5.       Sustaining competitive advantage over time: Based on this element, the competitive advantages as well as the main core plus point of the firm have to be safeguarded and preserved by the leader.

Transcendent leadership includes three elements which are as follows:

1.       Leadership of self: One should always be self-aware, self-regulated and develop positive human resource strengths which has a chance to improve the firm’s performance.
   2.      Leadership of others: The relationship between the leaders and the followers should be preserved by incorporating various leadership styles that fits in perfectly with the situation where the leader has to lead the follower in any possible manner.
   3.      Leadership of organization: It concentrated mainly on the elements that are non-human like strategy, rules, procedures, structures, etc. in order to encourage learning the firm closely.

Similarities between both models are listed below:

1.     The stakeholders takes advantage from both these models because they get everything from the organization’s side as listed in both the models.
2.       The daily changes that takes place in an environment is coped up and controlled by both the models by getting used to the changing environment  that encourages the firm to sustain their competitive advantage even under pressure periodically.

Now, the differences of these models are:

1.       The lynch model is very considerate regarding human resources to be in their most prioritized list and the customers are give the most attention with regards to the firm’s employees too. The model suggests that leader encourages any employee in every possible way so that he or she will be able to perform wholeheartedly. In the other hand, transcendent leadership model concentrates mainly on the elements that are non-human like strategy, rules, procedures, structures, etc. in order to encourage learning the firm closely.
2.       The lynch model focuses more on organization’s leadership while transcendent model focuses on organization’s leadership and also on self leadership.

 CASE STUDY- JEFF BEZOS

Personally, I believe Jeff Bezo’s strategic leadership to be more like a lynch model. Some reasons for my belief are stated below:

1.   It develops and communicates the organizational purpose. In the interview of Harvard Business Review, Bezo stated that he only interviews because his customers get an opportunity to understand the mechanism of their operation and also acknowledge them with the principles as well as who they are involved with.
2.  It manages human resources as well as organizational decisions. They are more human focused in nature. They always give the first priority to their customers and focuses on the customers as well as the employee’s well being.
3.  It sets ethical standards by conducting some price elasticity studies. They always have the most possible least price rate even though they result in increasing the price because they want to keep the customer charged. They have a clear vision on ways to advertise as they do meaningful things as Kindle, Amazon web services, etc. The last thing they would want to do is keep their customers on a dark side.
4.  It defines and delivers to the stakeholders, meaning they fully satisfy customers by forming a strong and loyal customer base. By which they gain the customer’s trust and consequently maximize the flow of free cash over a long term.
5. It sustains competitive advantages over time. They maintain themselves in a very secure position in a long run by doing what works best for the customers.
6. All the above evidences match perfectly with the characteristics of lynch model and does not match much with transcendent model.

Reference:

Lynch, R., (2009) Strategic Management, 5^th Edition, Prentice Hall, Chapter 16, pp619

Glen Rowe and Mehdi Hossein Nejad (2009) http://iveybusinessjournal.com/topics/leadership/strategic-leadership-short-term-stability-and-long-term-viability#.UsJUbvQW2bM, accessed on December, 2013

Crossan, M., Vera, D and Nanjad, L. (2008) Transcedent Leadership: strategic leadership in dynamic environments, The Leadership Quarterly, Volume 19, Issue 5, October 2008, Pages 569-581

http://www.businessdictionary.com/definition/strategic-leadership.html#ixzz2p1n88brs

Week 22

What is your understanding on the Balanced Score Card approach? How useful is it for the companies?

In the world of business, balanced score card approach has gained a lot of popularity. While businesses set their objectives related on financial targets and goals of little relevance to long term goals or vision, a gap is built between strategy development and implementation. And to fill that gap, the balanced score card approach is used.

This approach is a great strategic tool that makes an organization able to clear out the strategy and vision and turn them into action. Also it concentrates on both the internal business process involved as well as external outputs in order to enhance the strategic performances, action and results continuously.

Balanced Score Card is a tool that is strategic and managerial to distinguish business activities from visions of an organization.

Balanced Score Card approach into four perspectives, namely:

• ·         Financial perspective
• ·         Customer perspective
• ·         Process
• ·         Innovation

Balanced Score Care is useful for the companies in various ways which are listed below:

• ·         Increment in some useful and creative ideas.
• ·         It helps in filling the gap built between strategy development and implementation.
• ·         It makes an organization able to clear out the strategy and vision and turn them into action.
• ·         It helps to tackle some issues related to performances measurement, rise of intangible assets and strategy implementation.
• ·         It offers all the business operations to the management.
• ·         It gives lot of advantages that includes less time, improved decision and process.
• 
  

Identify and list the 20 important KPIs of Balanced Score Card?

The 20 important KPIs of Balanced Score Card are:

1.       Client’s value
2.       Billing value
3.       Contribution to profit
4.       Contribution to revenue
5.       Cost of services delivered
6.       Average bill rate
7.       Consultancy projects managed
8.       Labor multiplier
9.       Billable hours
10.  % chargeable ratio
11.   Certification
12.   Ideas for new services
13.   % attained objective rate
14.   Clients handled
15.   Length of tenure of clients
16.   New client inquires received
17.   % client satisfaction
18.   % customer retention rate
19.   % professional development requirements met
20.   % conversion rate of potential prospects to clients

Present your thoughts and understanding on the article “The Strategic Management process”?

The article “Strategic Management Process” begins with an inspiring tale of Ford’s strategic plan “The Way Forward” by the Ford’s manager in order to match internal’s strengths and weaknesses along with the external chances as well as threats for preserving its competitive benefits. In addition to this, the article defines strategic management process and the phases that are involved in strategic movement.

From the article, I have understood a lot about strategic management that are listed below.

·     Strategic management is an inclusion of planning, evaluation and implementation strategically.

·         It is a procedure to spot as well as generate the action plan of an organization.

·         It matches the company’s ability along with environmental demands.

In simple pictorial representation strategic management process can be shown.

·         The first five strategic management processes are included in strategic planning.

·         Implementation/ execution and evaluation are the last stages.

The article highlights on the 7 step strategic management process which are listed below.

Step 1: Define the current business

This step defines the following:

• ·         What business the firm should be in?
• ·         Strengths, weaknesses and threats of the company
• ·         Business’s vision and direction

Step 2: Perform internal and external audits

This step has an involvement of

• ·         SWOT analysis conduction
• ·         SWOT determination

Step 3: Formulate new business and statements

This stage revolves around

• ·         Situation analysis
• ·         New business selling, vision and mission

Step 4: Translate the mission into strategic goals

• This step includes
• ·         Alteration of missions into strategic goals

Step 5: Formulate strategies to achieve strategic goals

• This step includes
• ·         Strategy that is short yet clear

Step 6: Implement the strategy

• This step includes
• ·         Conversion of strategies into actions
• ·         All management functions being applied

Step 7: Evaluate performance

• This step includes
• ·         Evaluation of performance
• ·         Implementation of strategic control

 References:

balanced scorecard. (n.d.). Retrieved December 14, 2013, from www.balancedscorecard.org: https://balancedscorecard.org/Resources/AbouttheBalancedScorecard/tabid/55/Default.aspx

cambridge mba. (n.d.). Retrieved December 14, 2013, from www.cambridgemba.files.wordpress.com: http://cambridgemba.files.wordpress.com/2011/05/balanced-scorecard-2010-1.pdf

Week 21

What are the benefits and drawbacks of taking an “emergent” approach to strategy making?

By formulating and executing a business strategy we tend to identify unexpected results, these results become useful for the integration for the future references into the future corporate plans. This whole process finding and integrating unexpected outcomes is known as emergent approach.

It generally occurs when things are not pre-planned and well managed. Also, it happens repeatedly due to the daily decisions that are made for the firm to run smoothly at the routine as well as the tactical level of the same firm. In order to know what works best for the firm, someone should be inspecting. Like in nature, problems/things occur just like that even if it is not planned before, this approach also encounters certain problem when business adapts to the evolving environment and circumstances.

Emergent approach has some benefits which are listed below.

• This approach encourages people to think out of the box and have innovative perception.
• Due to this approach, people tend to exchange better ideas, suggestions and information among themselves.
• New realistic ideas come into existence in order to troubleshoot problems.
• It develops special bond amongst people within an organization so that they share their feelings, visions and values.
• It helps a firm to fight with its problems and as a consequence they stand out in very distinguished manner.

Although the approach has its own advantages, it definitely has some drawbacks which are listed below.

This approach is very much nature-oriented which is why we cannot predict what happens next and is well planned for the future.

This approach is basically for such business processes that keeps changing which is why there is a high probability of failure. Hence, this process is very risky.

Chances of making mistakes is way high because of the fact that these approaches is merely a learn and go process and nothing is pre-planned.

Financial problem is another disadvantage in this type of approach because many things don’t work out perfectly as it is not planned well and this might cost a lot of money.

Case Study- HONDA

Was Honda’s entry strategy in the US more deliberate or emergent?

Looking at Honda’s entry strategy, it was deliberate as well as emergent strategy.

Talking about the deliberate strategy, Honda focused on the main shift of the US motorcycle contenders as well as the entire bikes in US which were sold before the year 1960. People’s perspective towards bike was real bad after the world war when motorcycles were called Satan’s slaves or Hell’s angels. However, Honda had well managed plan and policy for their bike sales that targeted all the members of general public rather than just the motorcyclists. In addition, Honda bikes were easy to use and not very heavy-weighted.

The only reason that made them emerge in the market shares is that they began with a deliberate plan; Plan that relied on the crucial idea that “high volumes per model provides the potential for high productivity as a result of capital intensive and highly automated techniques”. Besides, they had their bike produced in a very affordable price and made great use of their leading market position in Japan. Honda then gradually entered the US market with a deliberate plan that redefined the leisure class segment as well as utilized its competitive benefits by the means of aggressive pricing and advertising strategy.

Now talking about the emergent strategy, it is not unknown that the company had to face great difficulties regarding the leakages and also reputation issues. As a matter of fact, the company suffered a lot where the executives slept on floors managing the stock but their entry seemed to be emergent. They tried and tested many strategies in order to set a good image of theirs in the US market so that they would build interest on Honda motorbikes and accept it. The Honda Company’s strategy worked out only in 1963 when one student had done an assignment on Honda advertisement. Ever since, the brand has been inseparable. This kind of strategy was very risk-taking as well as a trial and error process which makes it to be an emergent strategy.

Which of the accounts seems more accurate and why? Why do you think the two accounts differ so much?

In my personal opinion, I would prefer the second account to be more accurate. The reason behind my perception is completely based on the interviews by Pascale with the Honda Executives where they have explained all the little details of their experience of their processes. It shows the emotional attachment and primary information collected first hand.

The approach tends to be more emergent as they struck upon opportunities during their visit to United States where they learnt about the facts and figures on the particular industry they were from. Also, they decided to take a risk on launching the company motorbikes in the US markets because of the fact that US citizens were more relied on automobiles. In addition to this, there were some concerns made by the Finance Minister. In order to introduce larger bikes, they had to encounter many problems like oil leakage and clutch failure. However, they emerged out of such problems without following any plans regardless of cash reserve restrictions. Adapting themselves to the changes, they were finally able to figure out ways to make a different impression of motorbikes in the American market.

Deliberate approach made the Honda Company to actually visit US while the emergent approach made them realize that the US market was completely different from what they had thought. Hence, both accounts differ from one another according to the logical explanations of the events occurred in US.

Deliberate approach used an intentional plan of high volumes and high productivity and was completely based on hard facts. On the other hand, emergent approach was everything that just happened without any plans and was based on emotional factor of the company. Hence, both accounts differ.

Did the Honda’s entry strategy demonstrate the characteristics of “logical incrementalism”?

Personally, I believe Honda has demonstrated the characteristics of logical incrementalism. It exhibited the managerial ideas on the achievement of goals by adapting with regards to the changes in small times during its initial stage. As they were not aware of the market type,they had taken many logical yet smaller decisions that were evaluated just through their learning as well as experiences in their process of growing themselves. Every time they tried something new, there was no guarantee that they would succeed. They risked it every time and with failures they took remedies through which they stepped a little further. Due to their advertising campaign they were able to change people’s perception towards motorbike. They encountered many problems like oil leakage and clutch failure and yet they emerged out of such problems without following any plans regardless of cash reserve restrictions.

Gradually they understood the market’s demands and took small logical decisions and that why they were able to introduce supercubs that helped to make a huge difference for the company.

Do you think Honda would have been more or less successful if they had adopted a more formalized strategic planning approach to the launch?

Had Honda adopted a more formalized strategic planning approach, they would not have been as successful as they are at the present. In fact, they would have faced even more problems and would have given up on the US market when their reputation got destroyed due to leakages and failures if everything was planned.

If they were to apply a planned strategy, it would be of a minimum 2 year plan and according to which they are forced to work on the project till the end no matter what. Besides, if they had planned strategy of selling a certain number of larger bikes, they would have encountered a huge loss as there would be production of limited number of bikes.

So, when they logically decided to redesign and repair Honda, it was the only possible chance of it to survive. Either way, the company could have destroyed itself because of the technical issues that it had to face and wouldn’t have launched the 50cc supercubs into the market if it was more deliberate looking at the people’s lifestyle in the US as well as keep wondering about the facts and figures. In fact, Honda was all set to do what it takes no matter it failed or succeeded. Well, in my personal view, the only reason that made Honda a legend in the international market is that it adapted quite well with the ever-changing situations with all its risks and courage.

References:

http://www.businessdictionary.com/definition/emergent-strategy.html#ixzz2oJXcrZ5y, Accessed on, December, 2013 

E Dontigney, http://yourbusiness.azcentral.com/advantage-disadvantage-emergent-strategy-15781.html, Accessed on December, 2013

http://www.rapid-business-intelligence-success.com/emergent-strategy.html, Accessed on December 2013

http://www.businessdictionary.com/definition/logical-incrementalism.html, Accessed on, December, 2013

WEEK 20: Bhat Bhateni Supermarket

Week 18: Case Study Hewlett-Packard

“There is nothing more difficult to carry out, nor more doubtful of success, nor more dangerous to handle, than to initiate a new order of things.” –(Machiavelli,2013)

How can using change kaleidoscope and Force-field analysis help an organization to deliver its intended strategy?

Change is an act or a process through which something becomes completely different. It encourage in altering the present context of something to a its desired new real state which why changes in life are considered to be one of the most essential characteristics of effective management.

One is able to cope up with change process in a proper manner only when he/she is skillful in obtaining, producing and conveying knowledge and insights. Sometimes both these analytical tools help to measure change and how well does the change happen. In the other hand, changes are ought to be guided by these tools that might sometimes repel or resist change.

Change Kaleidoscope

Change kaleidoscope is comprehensive and better tool that offers people and organization to view the environment and organization in such a way that it is contextualized by the organization, its people as well as the surroundings of that particular firm. To know more about change kaleidoscope, it was introduced by Hope Hailey and Balogum in the year 2002. The advantage of such tool is that it helps in the increment of the potential of a change program for it to be more successful and a hit by reduction in risks being linked to whichever change program in the project.

Change kaleidoscope is a combined study of design choice dimensions and contextual determinants that offers useful information which gives opportunity to a change leader/ manager in order to design consistent yet a coherent as well as integrated suite of interventions that act as a sensitive part to the particular “why, what and who”  of the strategic change program.

Recognition towards the complexity as well as designs of change that are essential for it to be context sensitive is what stays within the Kaleidoscope. Even in case of the context differing largely from the original author developed of it, this tool can still be used as a context sensitive tool. Also, it is a mechanism which helps in dealing with well planned changes as well as is very fit for any kind of organization that set end objectives needed to be achieved. It is most appropriate for firm where change is intermediary and in order to get a very meaningful as well as complete design of the change process, this model should be merged along cultural web or any other multi stage models.

  

Hewlett Packard change Kaleidoscope diagram:

Time:

• ·         High time in order to make changes
• ·         Should concentrate on image of the brand
• ·         Need of change

Scope:

• ·         Necessity of distinguished management style/ motivation strategies
• ·         Alteration of management structure

Preservation:

• ·         Customers that are loyal
• ·         Image of the brand
• ·         Impartiality and satisfaction in job
• ·         Workforce autonomy and quality 

 Diversity:

• ·         Norms, values and culture
• ·         Necessity of diverse thoughts and perceptions
• ·         Need of co-operation between workforce and administration

Capability:

• ·         Change started by skilled experts
• ·         Company that is IT savvy
• ·         Change restrained by organizational culture and structure

Capacity:

• ·         Trained and qualified workforce
• ·         Limited managerial time and money
• ·         Ability to change employee perception by offering more facilities

Readiness:

• ·         Employees are resistant to change
• ·         To deal with new CEO issues

Power:

• ·         Dismiss of hierarchical barriers
• ·         CEO is the most powerful
• ·         Promotion of equality and motivation
• ·         Probability of high power distance

Force Field Analysis

Force Field Analysis is one tool that is simple and useful in helping organizations to identify the “for and against” change factors as well in solving initial vies of the problems related to changes within an organization. In addition to this, force field analysis offers firms with an opportunity to look for the core blockages of the change as well as provides with most suitable remedies in order to go on with the change process.

This change model was introduced 500 years ago by a psychologist named Lewin. His main intension was to help organizations to have a better understanding of the whole working process of changes. In his model, there are two sides; one that represents the forces supporting changes and the other that represents the forces resisting changes.

 Forces supporting changes could be anything that is the driving factors of change such as technology, competition, demographics, etc. Mentioned previously are the external forces but internal forces, forces within an organization, such as inter-division, competition amongst division, etc are also included in forces supporting changes.

Forces resisting changes, commonly known as resistance to change, act as one of the main obstacles in changes since they come to clear in terms of employee behaviour. Lewin’s model is very effective in helping the organizations to look for the probable cause of resistance as well as assistance of change.

Nowadays, businesses have to encounter sophisticated environments where complex tasks are operated vibrantly. Also that difference in the work environments are being created constantly. Everything in this world has a phase after that they prefer change which is considered to be positive thing if they are managed properly. For the organization to have a better understanding of change, these two tools are very helpful. These tools measures different dimensions and different concerns of a change which helps in the manager or the top level seniors to have themselves prepared for any probable actions according to a positivity that can be brought through by the change.

Reference:

http://www.kenyaplex.com/resources/7361-strategic-change-context-using-a-change-kaleidoscope-and-force-field-analysis.aspx,accessed on November, 2013

Johnson, Whittington and Scholes (2011) Exploring Strategy, 9th Edition, Pearson Education, Chapter 14

J. Balogun and V. Hope Hailey, Exploring Strategic Change, 3rd edition, Prentice Hall, 2009

Week 17

Can you think of an organization that has implemented a “high risk strategy” that has resulted in success (why was it high risk at the time and why was it a success-was it good luck or good judgment)?

High risk strategy: High risk strategy is an organization’s plans and policies in order to achieve the organization’s main objectives/ goals which involve excessive risk in it but expects a higher amount of return.

In my personal view, there are organizations that have enforced “high risk strategy” in order to succeed. One of the reasons for my belief is Wal-Mart Stores that implemented high risk strategy.

In the year 1945, Sam Walton, a former employee in J.C. Penney, purchased Ben Franklin Store’s branch from the Butler Brothers. Talking about Walton’s high risk strategy, it was to sell the store’s products in a very low price in order to increase maximum volume sales. This decision of Walton was full of risks. He had to go through many obstacles as he had to hover around places where he could get lower cost suppliers as compared to any other stores. Not only this, he constantly passed on the savings in order to have the products’ price low. In his first year of ownership, the store had increased its sales up to 45% which further increased to $140,000 in the very next year. This increment did not stop; there was a gradual increment every year. Later he opened the “Walton’s Five and Dime” once his ownership expired and just went on the same way. He then opened his first Wal-Mart Discount City Store only in the year 1962; ever since the company has faced high and low situations but, Walton’s decision has proven to be a great one as it made him very successful.

Talking about Wal-Mart Store, Inc.’s achievements, it is operating retails stores that uses different plans throughout the world. In addition to this, it has franchise of huge departmental stores that gives discounts and also owns many warehouse stores. According to Fortune Global 500 list in 2013, it ranked 2^nd in the world’s largest public corporation with over 2 million employees. It is the largest retailer in the world.

It has three segments, namely:

1.    Wal-Mart U.S,

2.    Wal-Mart International and

3.    Sam’s Club

In the points below is shown some financial information of Wal-Mart for the recent years:

·         The Wal-Mart U.S had 59% of its net sales and has operated many retail stores in different plans in up to 50 states in USA and Puerto Rico in the fiscal year that ended on 31^st January 2013.

·         Wal-Mart International consists of a range of setups for retail stores, Sam’s Club, online retail transactions, that has been operating in 26 countries exclusive of the United States with 29%of its net sales generated by it in 2013.

·         Sam’s Club includes a membership of warehouse clubs that are being operated in 47 states in the U.S as well As Puerto Rico and the segment’s online operations.

At the beginning of the establishment of the company, it was a high risk to lower product price because of the fact that every store in the U.S had common suppliers which really did not favor Walton greatly. Nevertheless, Walton had a clear vision and good judgment because of which he used up all his savings just to keep his costs low and consequently resulted in his favor that the company very successful.

Do the same for an organization which embarked on high risk strategy that resulted in some sort of failure (why was it high risk and why did it fail-bad luck or poor judgment?)

There are organizations which embarked “high risk strategy” that resulted in failure. One organization that resulted failure on high risk strategy implementation would be Apple Company while releasing iPhone 5C.

In September 2012, Apple launched two iPhones namely, iPhone 5S and iPhone 5C. The 5C model was nothing but plastic and it starts with price of $549 in the United States which is same as the iPhone 5. It is way too expensive to buy such mobile made out of plastic.

According to Guy Potter, director and market researcher at Usurv, “the brand is under pressure to deliver excitement and innovation at every launch and this time the initial mood indicates that in that sense it has failed.”

According to the survey conducted by We Are Social, it resulted that very few people i.e. 19% of the customers gave positive feedbacks while 45% of the customers talked about the costs being criticized and hence, gave negative feedbacks. As per many people’s statement, the high price of the 5C is a very high risk factor that might not do well in the market. Even in countries like India and China where they want more product satisfaction with affordable price, the iPhone 5C was still expensive.

In the case of China and other emerging markets, the investors believed that Apple would poise for a land grab but they were completely wrong. All the Chinese as well as the consumers in other emerging markets would not go for 5C because of the model being expensive than what people had expected it to be. Also it is said that all the consumers would rather go for smartphones introduced by other companies rather than 5C.

Being more precise about the 5C’s price, it would cost £469 for 16GB and £549 for 32 GB. Even if a consumer would want the phone with 2 years of contract it would cost about $100, else it would be costing about $500 which is still expensive either way. This is the reason why Apple should focus more on the pricing strategy before introducing it to the market.

So in order to Apple gain its popularity, it should match up its price to compete with Samsung. Markellos Diorinos also said that, “Apple has made a wrong move- if Apple designed iPhone 5C in order to capture emerging markets, then they’ve made a wrong turn.”

One third of the emerging market consumers are agreeing to spend their $100 yet denying to spend an extra penny on price that is extremely risky. This is due to the fact that the market for smartphones is growing rapidly and that is why people are against spending more money. That is where Apple made a huge mistake by making iPhone 5C look so plastic yet expensive. It is known that the market shares of Apple fell 6% just after a day of launching its two brand new models. Also, 4 banks downgraded their recommendations marking Apple to neutral on stocks.

Hence, I would conclude my point saying that it was poor judgment of Apple where they lacked market confirmation without concentrating on all the market demands. They had completely misjudged the emerging markets that are very certain about spending a lot. Apple should have done a study on every aspect before launching it to any emerging market.

Reference:

http://www.theguardian.com/business/2012/mar/09/bank-of-scotland-fsa-serious-misconduct, accessed on  November, 2013

http://facts.randomhistory.com/interesting-facts-about-apple-and-mac.html, accessed on November, 2013

http://passioncapitalists.wordpress.com/2010/06/22/69/?gclid=COu8x7Tii7sCFQcB4godZkQA0g, accessed on November, 2013