THESIS DEVELOPING THE BUSINESS STRATEGY FOR THIEN SON TECHNOLOGICAL GROUP CORPORATION DURING PERIOD 2014-2019 i TABLE OF CONTENT ACKNOWLEDGEMENT .vi DECLARATIONS vii FOREWORD CHAPTER 1: THEORETICAL BASIS OF CORPORATE BUSINESS STRATEGY 1.1 Concepts and role of business strategy and strategic management 1.1.1 Concepts 1.1.1.1 Strategies and business strategies .3 1.1.1.2 Strategic level 1.1.1.3 Corporate Strategic Management .5 1.1.2 The role of business strategy in business activities of a company .6 1.2 Introduction to some business strategies .7 1.2.1 Focused Growth strategy .7 1.2.2 M.Porter’s Competitive strategies .7 1.2.2.1 Cost Leadership strategy .8 1.2.2.2 Product differentiation 1.2.2.3 Focus Strategy (Low cost) 1.2.3 Focus Strategy (Differentiation) 1.2.3.1 Leading the market strategy 1.2.3.2 Challenging the market strategy 1.2.3.3 Going behind market Strategy .9 1.2.3.4 Market Lurking Strategy 10 1.3 Process of developing strategy 10 1.3.1 Determining business objectives .10 1.3.2 Analyzing external environment 11 1.3.2.1 Economical environment 11 1.3.2.2 Political and legal environment 12 1.3.2.3 Cultural and societal environment 12 1.3.2.4 Technological environment: 13 ii 1.3.3 Industry analysis 13 1.3.3.1 Competitive rivalry 13 1.3.3.2 Potential rivalry 14 1.3.3.3 Customers 15 1.3.3.4 Suppliers 15 1.3.3.5 Substitute products 16 1.3.4 Analysis of internal environment 16 1.3.4.1 Analysis of resources 16 1.3.4.2 Analysis of functional department in a company .17 1.3.5 Analyze and identify strategy 19 1.3.6 Implement strategy 20 1.3.7 Control and review the implementation of strategies 20 1.4 Other tools to analyze and build business strategies 20 1.4.1 Matrix to analyze internal and external environment (Matrix I-E) 20 1.4.2 SWOT Analysis – Analysis of Strengths, Weaknesses, Opportunities and Threats 23 1.5 Methodology study of the thesis 25 1.5.1 Primary research methodology: 25 1.5.1.1 Direct interview 25 1.5.1.2 Conducting questionnaire to collect data used in analysis of building strategies 27 1.5.2 Secondary Research Methodology: 27 1.6 Chapter Summary 28 2.1 Company overview 30 2.1.1 Company overview 30 2.1.2 Visions, Missions and Objectives 32 2.1.3 Products and consuming markets 32 2.1.3.1 Business sector, main products: 32 2.1.3.2 Consuming markets 33 2.1.4 Business Operation Results .35 iii 2.2 Analysis of Thien Son business environment and its competition .37 2.2.1 Macro environment analysis 37 2.2.1.1 Political - Legal 37 2.2.1.2 Economical 37 2.2.1.3 Culture and society 38 2.2.1.4 Technology 39 2.2.2 Analysis of competition in the industry .42 2.2.2.1 Porter Matrix of Forces 43 2.2.2.2 Analysis of internal environment .49 2.2.3 SWOT analysis 60 2.3 Chapter summary 63 CHAPTER 3: RECOMMENDATION OF BUSINESS STRATEGIES FOR THIEN SON JOINT STOCK COMPANY IN THE PERIOD 2014 - 2019 64 3.1 Visions, missions and objectives .64 3.1.1 Visions .64 3.1.2 Missions 64 3.1.3 Objectives 64 3.2 Identifying business strategy .65 3.2.1 Strength focusing strategy 65 3.2.2 Low cost strategy 66 Low cost strategy 67 3.3 Solutions to implement strategies 67 3.3.1 Customer Solution .67 3.3.2 Human resource development solution 69 3.3.3 Market Research solution 69 3.3.4 Products and product prices .70 3.3.5 Technology solution 71 3.3.6 Financial solution 71 SUMMARY 72 REFERENCES .74 iv ANNEX 75 LIST OF TABLES Table 1.1: Michael E.Poter’s Matrix of Generic Strategies .8 Table 1.2 Matrix to assess external factors (Matrix EFE) .21 Table 1.3 Matrix to assess internal factors (Matrix IFE) .22 Table 2.1 Remarkable in-progress projects and works 33 Table 2.2 Business Operation Result of Thien Son Company 35 Table 2.3 Summary of macro environment factors 40 Table 2.4 External impact factors survey 41 Table 2.5 Companies in the same industry with Thien Son .43 Table 2.6 Summary of Score for Company’s Capabilities .45 Table 2.7 Average annual income of Thien Son company’s employees 50 Table 2.8 List of the company’s equipments up to present 51 Table 2.9 Survey on the company’s internal environment .55 Table 2.10 Surveys on Thien Son’s strategy 57 Table 2.11 Internal Factor Evaluation Matrix 58 Table 2.12 Thien Son External Factor Evaluation Matrix .60 Table 2.13 – Thien Son SWOT matrix 61 LIST OF GRAPHS Graph 2.1 Company Revenue 36 Graph 2.2 Company’s profit for the period 2010-2012 36 Graph 2.3 Vietnam’s GDP Growth rate in the period 2000 - 2012 38 LIST OF FIGURES Figure 1.1 Strategic level Figure 1.2 steps of strategic management Figure 1.3 Michael E.Porter Forces .13 Figure 1.4 Matrix I – E (Matrix of Internal and External Environment) 23 Figure 2.1 Company structure 31 v ACKNOWLEDGEMENT My first appreciation goes to lecturers of PGSM Master Program and lecturers of Thai Nguyen University, who have shared knowledge, thoughts and ideas with me in the whole course so that I could be equipped with sufficient knowledge and skill to apply into the topic I would like to express my sincere gratitude to Thien Son Technological Group Corporation for offering me opportunities to study, obtain knowledge and complete the study My special appreciation and thanks go to Dr Mai Anh who has spent tremendous time to listen, suggest and advise me step by step in the studying process My study would not be a success without enthusiasm and dedication of lecturers I would like to thank my close friends and classmates in MBA course, who have been so supportive, lending a hand and contributed ideas and thoughts to make my thesis better In the end, I would like to send my deep and special thanks to my family Once again, I would like to thank all for their help and support during the time studying and completing this thesis Student Le Thanh Binh vi DECLARATIONS The thesis “Building business strategy for Thien Son Technological Group Corporation company in the period from 2014 to 2019” is my own study work Data and findings in the thesis were collected by me Theories and knowledge gained from studying and discussing with lecturers were also applied in completing this thesis Ha Noi, Oct 2013 Le Thanh Binh vii FOREWORD The necessaries of selecting study topic Vietnam economy is gradually integrating with regional and world economy, companies’ business environment is expanding yet the competition has become tougher and tougher, which not only creates opportunities but also brings along potential challenges threatening companies’ development Till the end of 2012, construction and real-estate companies have been facing heaped-up difficulties, especially real-estate companies due to effects from the frozen real-estate market This has negatively influenced companies in both realestate industry as well as non real-estate industry To develop and improve competitiveness, setting appropriate strategies, which suit well with particular situation of each company, is fundamental to each company Arising from the above-mentioned realities, I would like to choose the topic: “DEVELOPING THE BUSINESS STRATEGY FOR THIEN SON TECHNOLOGICAL GROUP CORPORATION DURING PERIOD 2014-2019” for my thesis and hope that I could point out right business strategy for the company Purpose of study Studying basis for building strategies, process of building strategies and methods of analyzing and selecting the best strategies aiming to help company choosing the most suitable strategies Defining and applying theories of building business strategies into realities to build and choose the best business strategy for Thien Son Technology Joint Stock Company in the period from 2014 to 2019 Recommending groups of solutions to implement and successfully perform selected business strategies to lead Thien Son Technological Group Corporation Company becoming a strong company in traditional market as well as in nationwide market Research topic and scope of research - Research topic: Business strategy of Thien Son Technological Group Corporation Company in the period from 2014 to 2019 - Scope of research: business activities of Thien Son company in comparison with those of rival companies in the same industry Research methodology The thesis uses methods of analyzing, summarizing and applying analytical tools, which have been available in strategic management, human resource management, marketing management, decision-making management into building business strategy for a company Besides, the thesis also uses qualitative analyzing methods Board of Director, Head of departments, seniority employees were taken into study The method of analyzing primary data, which was collected from questionnaire, is also used In addition, experts in business strategy were also approached to seek for their advices CHAPTER 1: THEORETICAL BASIS OF CORPORATE BUSINESS STRATEGY 1.1 Concepts and role of business strategy and strategic management 1.1.1 Concepts 1.1.1.1 Strategies and business strategies In 1962, Chandler, who was the first to initiate and develop theory of strategic management, defined strategy as “determination of the basic long-term goals and objectives of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals.” (Chandler, 1962) In 1980, Quinn gave a definition which broader generalized strategy: “A strategy is a pattern or plans that integrates an organization’s major goals, policies and action sequences into a cohesive whole” (Quinn, 1980) After that, Johnson and Scholes redefines strategies in a fast changing environment: “Strategy is the direction and scope of an organization over the long term: which achieves advantage for the organization through its configuration of resources within a changing environment, to meet the needs of markets and to fulfill stakeholder expectations” (Johnson, Scholes, 1999) It is noticed that each definition focuses on a particular angle of strategy Therefore, an exact and comprehensive definition of strategy would be very complex Thus, it is necessary to have a comprehensive definition of strategy to fully understand about it Mintzberg suggests strategy as the interrelationship between the 5Ps (Mintzberg, 1987) - Plan: consciously intended course of action - Pattern: a stream of actions consistency in behaviour, whether or not intended - Position: match between organisation and environment - Perspective: an ingrained way of perceiving the world - Ploy: a specific manoeuvre intended to outwit an opponent or competitor - Cost savings to reduce product prices to improve its competitiveness, which follows the customer trends to force down prices - Adjust objective in yearly growth to 15-20%, which is appropriate with the current downturn construction industry - Objective addition: extend business operation out of Hanoi and Northern mountainous area, which aims to develop new customers for the company’s price competitive products 3.2 Identifying business strategy 3.2.1 Strength focusing strategy Based on analysis and evaluation results of macro, industry environment and internal company factors in chapter 2, we see the market demand for construction of traffic, industry, civil, irrigatoin and infrastructure of the country in the period ahead promises new prosperity, with a growing trend to meet the economic development requirements The company possess strong business and construction capability, having high reputation in the market and good competitiveness with stable financial sources and flexible capital mobilization In the coming period, Thien Son will utilize its strengths in good product quality, market responding models; young and dedicated staff; good control of costs; good customer relationship to focus in exploiting potential markets in northern mountainous areas and in Hanoi In the areas with established reputation, the company utilizes a focus strategy on strengths to maintain its loyal customer base, and develop new customers, which contributes in ensuring revenue growth for the company State-own projects invested in the area of northern mountainous areas and in Hanoi are the company targets The selection is due to the low construction market recently, with high inventory level, which induces Thien Son to focus on the most capable markets In this market, Thien Son has established its status in customer’s views, especially in the area of northern mountainous area, the company competitiveness is highly regarded compared to its competitors 64 3.2.2 Low cost strategy The company utilizes its strengths in cost controlling to reduce product prices and equip new machines, dedicated staff, good customer relationship to open its market to maximum in order to fully utilize the stable-price material supply and modern technology to reduce product costs to meet customers’ demands and diversified requirements Achieving this will help increase the company revenue and profitability In this competitive industry environment and diversified products, project investors have a range of choices in the market and a trend to enforce price reduction with quality ensured Thus, to open the market, cost controlling in production to have a price competitive product is necessary On the basis of external environment study on Thien Son, the author recommends these modifications in the development strategy period 2014 – 2019 Criterion Vision Current Recommendation Thien Son aims to become Thien Son aims to become one of Change - Only aims to become one the leading constructor of the leading the leading construction construction companies in companies in the area of northern in the mountainous area area mountainous of northern areas, mountainous areas, and gradually the northern in opens its operation to over the Hanoi and gradually opens North and the country its operation to over the Mission Objectives North and the country - Provide best quality construction product in order to meet customer’s expectation - Maximizing profit in order to create values for investors - Remain and develop capital basis - Improve staff’s standard of living - Develop sustainable competitive advantages: good product quality, reputation to customers, control and save on costs to reduce product price - Provide best quality No changes construction product in order to meet customer’s expectation - Maximizing profit in order to create values for investors - Remain and develop capital basis - Improve staff’s standard of living - Develop sustainable competitive advantages: good product quality, reputation to customers, control and save on costs to reduce product price - Average yearly growth at 15% - 20% 65 - Reduce product price to improve product competitiveness - Adjust annual growth average - Average yearly growth - Increase company market share at 30%-35% in the construction industry, - Increase company revenue estimated at 250 billion VND in 2019 market share in the construction industry, - Extend business operation out revenue estimated at of Hanoi and Northern 250 billion VND in mountainous area 2019 Strategy - Adjust revenue target to 2019 - Objective -Extend added: business operation out of Haoi and Northern mountainous area Focus on strengths in the Focus on strengths in the area of Recommend area of northern mountains northern mountains and Hanoi additional stragegy: Low cost strategy to and Hanoi city city accomodate with Thien Low cost strategy Son: Develop new The company utilize its strengths customers, improve competitive in cost controlling and resources competency in the to reduce product price, satisfying market customers’ diversified demands and requirments 3.3 Solutions to implement strategies 3.3.1 Customer Solution Maintain the current customers, together with attract new customers from other companies in the same industry to develop new customer base Maintain the current customers: Thien Son focuses on providing customers with high quality products with values remaining over times Product prices are ensured by the company not to be increased when supplementing added value functions or services, which are insignificant compared to the product main price The objective is to satisfy customers with the service care and the values they receive for the amount paid To build successful relationship with loyal customers The company staff’s motto with loyal customers is: “Customers are valuable guests, not those who only pay” 66 To build an impression in customers’ minds The image has to be specific, helping them to differentiate Thien Son from other competitors and how the company differs Besides, Thien Son needs to communicate with its customers clearly, consistently and continuously to present its brand values Loyal customers: Vietnam coal and mineral corporation (Vinacomin); stateowned investors in the northern mountainous area, and in Hanoi city In these areas, the company has built its reputation and in the coming period, to actively open potential customer bases Developing new customers: The requirement for new customer development is suitable to the objective of extending market share and competitive price products Constructing civil projects with competitive prices are of advantage as by doing this, the company proceeds by the payment pace of customers New customers to be developed are potentially state invested projects in other provinces The scope to conduct customer extension: research, analyse to identify each customer’s group demand in the general section to be approached; from which the company identifies and classifies different products for each need When determining each group’s demand, the company needs to review what demand it is capable of responding based on avaiable resources and what products to co-operate and utilize external resources - In the strategy to extend its customer base, Thien Son needs to create a continuous connection to develop During implementation, the company needs to supervise, evaluate and draw out lessons so as to supply and create suitable products for each customer group - To use the company marketing strategy, by increasing advertising and PR of the company brand 67 3.3.2 Human resource development solution To conduct main strategies selected, the company needs to build a human resource comprising of well trained engineers in construction and other skilful professionals The company emphasizes recruiting practically experienced candidates To develop a job description and requirement table for each position Modify the human resource management policy, wages and benefits, bonuses not only based on profits, years in company but also on each person’s improvement Thien Son continues to manage and improve wages combining labour outcomes with company and staff revenues To ensure staff wages to maintain their livings and families In addition, there needs to be appropriate reward policies for staff contribution Parallely, the company enforces working discipline, staff skills and responsibility; develop a good co-ordination among company’s functions and promote creativity, improving business efficiency 3.3.3 Market Research solution In recent years, due to the new establishment, market research has not been a tool to assist in the company operation Company leaders have been using information from The Ministry of Construction, National Statistics Office and other market indicators, customer information have largely relied on Thien Son’s managers’ relationships Implementation of market research activities will support the Board of Director in catching up with market, customer demands, and the competitors in the industry From this, Thien Son will have in time decisions for effective operation In the coming period, market research focuses in these areas: - Study on competitors based on product and service comparison regularly Considering other companies’ operation in the same market, from which identifying competitive advantage and disadvantage of the company Based on these results, the company develops and implements a business strategy It needs to actively seize the 68 market in its areas (fundamental construction by state projects, industrial zone construction) to be ahead of production plans - Study on company’s customers, as to keep them, the company needs to maintain satisfaction and attraction in higher values compared to its competitors Therefore, the company needs to study on satisfaction level of customers and their feedback using surveys and questionnaires to build an appropriate customer strategy 3.3.4 Products and product prices Products: Improve product quality and reduce product price Research and implement most advanced construction techniques to reduce construction time, and ensure quality The most important factor to create a superior product is quality and aestheticism To create competitive product in the market, the company instead of using imported material, will use domestic products with equivalent quality to reduce final product price yet ensuring project quality and safety Product price: In the low market cycle, price is a competitive factor for investors to select its partners The product prices determine investors’ decisions to select Thien Son as its contractor or another company To compete with other construction companies in its operating areas, Thien Son needs to pay attention to segment its market to have appropriate price policy in each area, ensuring its competitiveness For example, in the northern mountainous areas, the company has less competition in price while in Hanoi, this competition is much fierce In this point of the economy, investors have a tendency to lower bidding price and more choices of construction units Thus, in the coming period, the company needs to build an appropriate pricing policy to compete with other competitors 69 3.3.5 Technology solution In an integrated economy, the company should invest in modern technology machine and equipment to improve capacity, product quality, to meet construction timeline and improve its reputation in the market The company also needs to synchronize this modern equipment and manage them well to bid in larger scale projects Some solutions recommended are: + Invest in modern and professional equipment + Develop plans to recruit and enhance skilful professionals and technicians 3.3.6 Financial solution Diversifying capital mobilization: Establish and expand relationship with credit organizations and investors to obtain mobilized capital sources and the capability to select a suitable capital mobilization channel with low cost, creating competitiveness for Thien Son Currently, part of the business capital is from bank lend, bearing interest rate, which reduces the company’s profit It should implement some following suggestions to improve capital efficiency: Increase capital return by planning for materials tightly with construction progress; Fully utilize low-interest capital sources Prepare full capability reports of Thien Son to submit to credit institutions for bidding guarantee and construction guarantee Improve payment activities after completing construction, requiring customers to settle on time as in contracts to limit late payments Actively collect debts to inject capital for Thien Son Effectively utilize capital sources and control costs: Manage and regularly supervise cost accounts and provide a standard for cost on capital effectiveness 70 SUMMARY World economic integration has been swiftly changing Vietnamese businesses’ awareness Since its WTO’s accession, all government’s protection for domestic enterprises is removed Thus, without proper development strategy, the business cannot stand an increasingly competitive market Upon many opportunities to develop and challenges to be encountered, Thien Son should always be reviewing its current strategy to have suitable adjustments to the social and practical happenings, making the company sustain and develop The author has studied profoundly into the current state at Thien Son, in combination with applying learnt knowledge from the program to a specific organization – Thien Son Joint Stock Company Primary and secondary materials and interviews, surveys with company staff and other experts’ opinions have been used to generate an overview on Thien Son by summarizing these data In the thesis, the author has detailed analysis of the construction market and macro impact on it The information collected by the author on the environment impact on Thien Son has presented the company with business opportunities to be utilized, challenges to be constrained and with its core values and weaknesses to be improved The author has also used analysis tools in a competitive environment by M Porter, the SWOT analysis, to analyze and recommend a business strategy for the company in period 2014 – 2019 Through the study of these environment impacts on Thien Son, the company has located its status in the industry to determine a clear development strategy in the coming years The thesis has helped the author to have an overview on these macro impacts on small and medium enterprises like Thien Son If utilizing well the opportunities brought by the market, the company’s leaders will help the company to overcome these difficulties In managing business, the strategy orientation plays a cruicial role To determine the business’s status and its core capabilities, the 71 company will promote these terms Combining internal company resources with these opportunities will bring the business to sustainable development The author has selected sample method in data survey and refering to expert’s opinions The sample size is not large enough, which may affects the overall results Therefore, the strategy recommendation for Thien Son by the author needs reality and suitability test to the company Due to limited time and the requirements of the program, I have tried my best to research for the thesis with a view to achieving comprehensiveness and effectiveness However, as writing the first research report, I cannot avoid constraints, which I am hoping to receive feedback from the instructors and peers to further complete this work 72 Lê Thanh Bình – IeMBA-B03 73 Lê Thanh Bình – IeMBA-B03 ANNEX STUDY 1: QUESTIONNAIRES “EVALUATING IMPACT FACTORS ON THE DEVELOPMENT STRATEGY OF THIEN SON JOINT STOCK COMPANY” Dear Mr/Ms, A strategy can be regarded as “an art of design and organization of means to achieve long term objectives and has a relationship with competitive and changing environment” This following questionnaire is within the thesis conducted by the author with a view to identify impact factors on the employed strategy in a competitive environment I hope that you will spend some time participating in this survey and fill in this anonymous questionnaire I am sincerely thankful for your support in completing this thesis Contact: Lê Thanh Bình Email: lethanhbinhsp@gmail.com Mob: 0904 045 338 General information Company name: ………………………………………………… Function/Department: …………………………………………… Years of experience at the company: …………year(s) Main job: Officer □ Other:……… Position (if any): Managers □ Department/function leaders □ Gender: Male □ Female □ Age: 20-30 □ 30-40 □ 40-50 □ > 50 □ Please tick in the corresponding box for your evaluation 74 Lê Thanh Bình – IeMBA-B03 Table Strategy survey of Thien Son Company Notes: - Company managers and board of directors N o Criterion Totally agree Agree Unsure Disagree Totally Sum disagree Strategic view Planning capability Enhancing company status Suitable strategy to current state High adaptability Staff are well-informed of market changes Achieve all business targets The company controls and adjusts its strategies according to market circumstances The company always have clear strategic orientation of coming years Table External impact factors survey Notes: - Expert interviews - Company managers and board of directors N o Criterion Stable political environment, economic growth, increasing per capita income, the Government supports construction industry Potential markets in the Northern mountainous areas and Hanoi Customer demands Increasingly modernized technology and equipment in construction industry Abundant material supply Competition in real estate market increased as more businesses entered the industry World economic crisis During economic integration, foreign businesses will participate in the industry Totally agree 75 Agre e Unsure Disagree Totally disagree Sum Lê Thanh Bình – IeMBA-B03 State investment into housing increases Real estate market is gradually recovering after a frozen period Table Company internal environment survey Notes: - Company managers, board of directors - Senior staff No 10 11 Criterion Totally agree Agree Unsure Disagree Totally disagree Effective business strategy Quality product Active and young human resource Cost management Technology Customer relationship Company size Marketing activities Increasing market share Industry experience Small scale capital Table Industry competitors’ survey Notes: - expert - directors of construction companies - The company managers and board of directors No CRITERION THIEN SON CEO TRONG KY 10 Product quality Cost management Customer relationship Production capability Branding Leadership Human resources Financial capability Technology Industry experience Sum Grade scale: = very weak; = average; 10 = very strong THANK YOU FOR YOUR COOPERATION! 76 BIEN ĐONG Lê Thanh Bình – IeMBA-B03 STUDY 2: INTERVIEWS Quantitative questionnaire on THIEN SON’s business development strategy (Requirements: – 10 persons in the Board of Directors of Thien Son or another company or market researchers in business strategy area) I INTERVIEWEE INFORMATION a Age range: 20-29; 30-39; 40-49; over 50: ……………………………………………… b Gender: Male/Female …………………………………………………………… …… c Qualification: ……………………………………………………… …………………… d Position:………………………… …………………………………………… e Experience years:……………………… …………………………………………… II INTERVIEW CONTENTS Notes: - Company’s experts and managers Summary of answers No Questions Prospects of construction industry development in the coming period? Prospects of real estate industry development in the coming years? Are the Government and Ministry of Construction support policies appropriate for the construction market to come back to prosperity? Your view on civil housing demand in the next years? State investment in housing development in the next years? Signs of recovery of real estate market? Your evaluation on the Northern mountainous area’s construction market? Your evaluation on the material price recently? Your evaluation of the competitiveness in the construction industry? 10 During economic integration, foreign enterprises will participate in the market, and how this will impact on the construction industry and other domestic companies? 77 Lê Thanh Bình – IeMBA-B03 Notes: - The company managers and board of directors Question Topic Business environment, competitive environment (advantages, facts and issues not resolved) Strategies used by the Company in the competitive market environment Idea contribution, business orientation in the current Vietnam market Please evaluate the market responsiveness of the company’s activities recently? Does the demand for the company products remain high in the next 10 years? Company’s revenue growth over years? Is Thien Son having more competitive advantage in terms of products than other companies in the market? Is Thien Son having good reputation in the market? Are customers’ responses positive with the company products? Does Thien Son possess a good relationship with construction material suppliers and contractors? Is Thien Son a reliable company in the market? Does Thien Son have good relationship with credit institutes? 10 Does it utilize effectively capital, equipment and assets? 11 Good relationship with regulators? 12 Good relationship with customers? 13 Financial capability and capital mobilization from other sources? Is the current company strategy suitable to expand implementation? The quality of current company strategy? Is the demand for company products still significant in the next years? Following market trends closely to determine suitability of the current company business strategy? Visionary leaders? Control and adjustment activities of the strategy? Strategy orientation in the next years? Please suggest some ideas for the development of sustainable business development strategy? Oriented to select product focus strategy? What is, in your opinion, most critical to be changed immediately for Thien Son to construct a better development strategy? In your opinion, how to attract and maintain talented staff with good professional competencies? Leaders’ visions? 78 Notes (answer summary) ... customers of the company Quantity and quality of products/services, customer satisfaction, operation costs are those factors to determine effectiveness of operation Majority of investment cost of a... the government can influence tremendously on the operations and profitability of companies and industries - Stability in politic and political institution, consistency in policies of the government... environment - Segment in culture and society relates to cultural behavior and cultural values Since cultural behavior and cultural values form society foundation, they lead to changes in technology,