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FOREIGN TRADE UNIVERSITY FACULTY OF BUSINESS ADMINISTRATION -*** GRADUATION THESIS Major: International Business Administration COMPETITIVE ADVANTAGE ACHIEVEMENT AT EVEREST EDUCATION, LTD Full Name: Trịnh Thị Quỳnh Vân Student ID: 111 225 0002 Class: A13 High Quality Business Administration K50 Instructor: MA Phạm Thị Mỹ Dung Hanoi, May 2015 Table of Contents Table of Contents i List of tables & figures iii Acknowledgement v CHAPTER 1: INTRODUCTION CHAPTER 2: LITERATURE REVIEW 2.1 Competitive advantage within an organization 2.1.1 Definition of competitive advantage 2.1.2 The process of achieving competitive advantage 2.2 Resources and capabilities in forming distinctive competencies 2.2.1 Resources and capabilities 2.1.2 Distinctive competencies 2.3 Three main types of business-level strategies with different value creation in achieving competitive advantage 10 2.3.1 Value creation in Cost leadership strategy 10 2.3.2 Value creation in Differentiation strategy 11 2.3.3 Value creation in Integrated Cost leadership/differentiation strategy 12 2.4 The building of competitive advantage 13 2.4.1 Efficiency 13 2.4.2 Quality 14 2.4.3 Innovation 15 2.4.4 Responsiveness to customers 16 2.5 Tools to develop competitive advantage within a company 16 2.5.1 Customer database as a tool to build competitive advantage 16 2.5.2 Innovation as a tool to build competitive advantage 18 2.5.3 Balanced Scorecard as a tool to build competitive advantage 19 CHAPTER 3: EMPIRICAL FINDINDS 25 3.1 Overview about Everest Education, Ltd 25 3.1.1 History of development 25 3.1.2 Field of business 26 i 3.1.3 Organizational Structure 29 3.1.4 Business Performance 30 3.2 Analysis of distinctive competencies at Everest Education 31 3.2.1 Resources and capabilities at Everest Education 31 3.2.2 Distinctive competencies at Everest Education 37 3.3 Strategy followed by Everest Education 37 3.4 Competitive advantage achievement at Everest Education 38 3.4.1 Efficiency 38 3.4.2 Quality 41 3.4.3 Innovation 42 3.4.4 Responsiveness to customers 45 3.5 Evaluation 47 CHAPTER 4: RECOMMENDATION 49 4.1 Recommendation for Everest Education in the building of competitive advantage 49 4.1.1 Why Balanced Scorecard is recommended in the case of Everest Education 49 4.1.2 The application of Balanced Scorecard in Everest Education‘s situation 49 4.2 Recommendation for Educational startups in Vietnam 53 4.2.1 Current Situation of Educational startups in Vietnam 53 4.2.2 Why using Balanced Scorecard for Educational startups in Vietnam 62 4.2.3 The application of Balanced Scorecard in Vietnam‘s educational startups‘ situation 63 CHAPTER 5: CONCLUSION 73 REFERENCES 75 ii List of tables & figures List of tables Table 2.1: Tangible resources within an organization Table 2.2: Intangible resources within an organization Table 2.3: Capabilities in different Functional Areas 10 Table 2.4: Four factors of distinctive competencies 11 Table 2.5: Customizing measures for businesses strategies and financial themes 22 Table 3.1: Classes‘ Schedule Winter 2014 – Dist 32K Hoang Quoc Viet 28 Table 3.2: Income Statement (For the first quarter of fiscal year 2015) 31 Table 3.3: Net income of Everest Education over years of operation 32 Table 3.4: Everest Education‘s capabilities 35 Table 4.1: Higher Education Students in Vietnam from 1999 to 2008 58 Table 4.2: Tracking the customer leg of the scorecard 67 Table 4.3: Tactics and measures in developing Customer Scorecard 68 Table 4.4: Suggested quality measurement for an educational company 69 Table 4.5: Different skills and competencies levels example 72 List of figures Figure 2.1: The process of strategic management Figure 2.2: Competitive advantage achievement Figure 2.3: Value creation in Differentiation strategy 12 iii Figure 2.4: Value creation in Cost leadership strategy 12 Figure 2.5: An example of value creation in the three main types of strategy 13 Figure 2.6: The Generic Building Blocks of Competitive Advantage 14 Figure 2.7: A quality map for Automobiles 16 Figure 2.8: A simple strategy map 20 Figure 2.9: Customer Perspective: Linking Unique Value Proposition to Core Outcome Measures 23 Figure 3.1: Information on Everest Education, Ltd 26 Figure 3.2: Organizational Structure at Everest Education 31 Figure 3.3: OKR Measurement at Everest Education 40 Figure 3.4: Travel Plan of Everest Education 42 Figure 3.5: Blended Learning model 43 Figure 3.6: Internal Process at Everest Education 44 Figure 3.7: Students Dashboard – PC – Academic Team Communication 45 Figure 3.8: Everest Education‘s Customer Database Analysis 46 Figure 4.1: Example on a strategy map for a typical case of educational start-up firm 51 Figure 4.2: MOOC Definition 55 Figure 4.3: GiapSchool‘s Domain 57 iv Acknowledgement I would like to give my sincere thanks and appreciation to Ms Pham Thi My Dung, MA., Lecturer at Foreign Trade University for her thorough instruction in the last fivemonth period Her comments and suggestions, as well as many useful knowledge that she provided, were of paramount importance for me to learn and accomplish my thesis I am deeply indebted to Ms Melinh Rozen, Head of Academic English Department at Everest Education for all her help during my internship I did learn a lot and gain many practical experiences relating to my major thanks to her due care and attention Lastly, I would like to express my gratitude to every staffs and colleagues for their great support when I worked at Everest Education Hanoi, 30th April 2015 Trinh Thi Quynh Van v CHAPTER 1: INTRODUCTION 1.1 Significance of the research Recently, Vietnam start-up ecosystem has been growing significantly Amid a myriad of industries, Education is a potential market that many entrepreneurs and investors have ploughed money in However, not every firm is able to compete in this challenging market This research is named ‗Competitive advantage achievement at Everest Education, Ltd.‘, which analyzes a typical educational start-up case in terms of business-level strategy; also addresses how well a firm is able to utilize and manage its intangible resources in achieving competitive advantage Accordingly, Balanced Scorecard as a tool for engaging intangible resources into the operation of the enterprise is recommended Moreover, the research takes Everest Education as a particular case to briefly analyze and make recommendation for educational start-up firms in Vietnam, which is a dramatically growing market 1.2 Research background In the recent time, Vietnam‘s start-up ecosystem has been growing significantly with a sharp rise in the number of new enterprises According to Mr Cuong Nguyen, Deputy Director of Business Development department, the Ministry of Planning and Investment, the number of new registered enterprises in 2012 was 69,874 while it was approximately 39,000 in the first months of 2013 alone Enterprises vary in different industries, such as Education, Art, Technology, E-commerce and so on However, not every enterprise is able to overcome myriad of obstacles depriving from our unstable economy Mrs Lan Pham, Vice President of Vietnam Trade and Industry Entity, noted in the seminar ―Leader Talk‖ held by Vietnam Media Group: ―There were actually up to 61,000 enterprises going bankruptcy in 2013‖ So not only the number of new companies is great but also that of those failing Education is a great market, yet not fully invested According to Taylor Nelson Global market research Company, spending for education of Vietnamese families occupies 47% total consumption per year Thus, education is an integral part of Vietnamese people and they not hesitate to invest a certain amount of money in this kind of expenses However, many areas in this field have not been addressed; hence, this is a potential market for entrepreneurs and also one of the great industries that investors starts to take an eye on 1.3 Purpose of the research The ultimate purpose of this research is to answer the question of how an educational startup in Vietnam achieves its competitive advantage in the first 3-5 years of operation By analyzing this case and learning the overall education industry, lessons are drawn for educational start-up firms in Vietnam 1.4 Object and scope of the research The major object of this research is Everest Education, Ltd., an educational startup based in Ho Chi Minh City On the other hand, the overall educational start-up ecosystem in Vietnam is also addressed The research applies qualitative methodology in analyzing how the company achieves its competitive advantage, with ample evidence from the real case The tools that the firm uses to integrate finance, customers responsiveness, internal process and learning & development to business strategy achievement are collected and thoroughly analyzed In short, the research will have a look into Competitive Advantage achievement at Everest Education, Ltd., and Recommendation for Everest as well as educational start-up firms in Vietnam 1.5 Structure of the research Generally, the thesis comprises of chapters: Chapter 1: Introduction This chapter emphasizes on introducing background information related to the research namely rationale behind the chosen topic, research subject and scope, research purposes, research methodology and recommendation briefing Chapter 2: Literature review The first part of this chapter analyzes the competitive advantage achievement in business level This process starts with the understanding and utilizing of resources and capabilities within a company, which as a result helps form distinctive competencies A firm then bases on its distinctive competencies to develop the proper strategy to follow, basing on the conditions of the market Once gaining a deep knowledge about the company itself and the whole industry, together with well executing strategic plan, a firm is able to shape the competitive advantage which makes it stand out in the market The second part addresses tools that enterprises normally use to build up competitive advantage, say Innovation, Customer Database and Balanced Scorecard These three tools will accordingly act as a base for further analysis of the real case in the following chapter Chapter 3: Empirical findings In this chapter a real startup case is analyzed in terms of competitive achievement, also which tools it uses to build up competitive advantage A startup case is then evaluated on whether it is able to effectively leverage its resources and capabilities to achieve strategic objectives, and whether the tools it uses are appropriate This will lead to the recommendation for this company particularly and educational startups in Vietnam generally in the next chapter Chapter 4: Recommendation In this part Balanced Scorecard as a tool for competitive achievement is recommended for the business case This acts as a typical example for educational start-up firms in Vietnam Through that, some recommendations are also made for this new market Chapter 5: Conclusion All of the major points of the research are summarized in this chapter Also, some limitation during research progress and future research direction are mentioned number of customers How to ensure services quality and a strong company culture would be a huge problem at that time In short, there are three major problems that educational startups may share Specifically, they are problems relating to Customers, Vision and Human Resources In the first term, a firm needs to make sure that it gains a deep understanding about its target customers, their needs and according behaviors By seeing the customers together with the whole market, a firm will be able to have certain projections about the future of the industry and develop a suitable vision for the company Last but not least, human resource is vital to turn that vision into reality 4.2.2 Why using Balanced Scorecard for Educational startups in Vietnam Everest Education could be considered as a success case for educational startups in Vietnam, as after years in operation it has successfully positioned itself as a reliable school for students in Ho Chi Minh city region In addition, it has done a good job in striking a balance between financial and non-financial objectives, as well as engaging various helpful tools to manage and utilize its human resources The key to this success is that Everest Education knows how to integrate the measurement of intangible assets into their management systems And Balanced Scorecard is an appropriate tool that helps organizations to achieve this Additionally, as thoroughly analyzed in the previous part, problems about Customers, Vision and Human Resources are the three major challenges that educational startups in Vietnam should overcome While Balanced Scorecard enables an organization to set, track and achieve its key business strategies and goals; balance between short-term & long-term objectives, financial & non-financial ones Once the business strategies are developed, they are tracked through the four perspectives of the Balanced Scorecard, namely Financial, Customer, Internal Processes and Learning & Development These four perspectives cover the three problems that Vietnam educational startups are facing; and demonstrated through a strategy map, a comprehensive action plan through which an organization can achieve its objectives 62 4.2.3 The application of Balanced Scorecard in Vietnam‘s educational startups‘ situation Strategy map of educational startups Since successfully implementing a strategy requires the achievement of many sub-objectives, all Balanced Scorecard projects build a strategy map of strategic goals first and only afterwards select the proper metrics All the objectives are linked in cause-effect-relationships, starting with employees, continuing through processes and customers, and culminating in higher financial performance Like the case of Everest Education, at any school, teachers‘ knowledge and skills is the fundamental of service quality, besides organizational culture and interaction among functions Since teachers are the ones directly delivering the services, they must be capable and qualified These are the most important attributes to the effectiveness and efficiency of internal processes operation, including process quality, process measurement management system and operational efficiency It is crucial to have a standardized measurement system since the extent to which the service is of high quality depends on an effective assessment tool These two objectives, together with operational efficiency, help the company attain high service quality while maintain a competitive price Accordingly, it leads to customer loyalty and a higher return on investment ratio Action plans in accordance with the four perspectives of Balanced Scorecard Financial Leg As already mentioned, the core element of any startup is that they are in rapid growth stage, the early stage of its life cycle It may have to make considerable investments to develop and enhance its service, to improve teaching facilities, to expand infrastructure and to nurture and develop customer relationships 63 As also recommended for the case of Everest Education, we need to make financial measures as comprehensible as possible to help understand important information quickly and efficiently The solution at many companies is to develop tools that demonstrate trend information using graphs or charts instead of lists or tables of figures The thing is to make the demonstration helpful by providing the data in a way to assists users analyze and understand what they need to look at and how to view it Below are some ways an educational startup can make its financial measures communicate much more than numbers Firstly, in general, provide graphs that help users see trends in performance Trend charts are useful — and control charts are even better — to help understand the mean and degree of variation of a particular measure Secondly, analog data are often more useful than digital data This means that where percentage of error is useful to determine failure rates, it does nothing to help you understand the nature of these failures Yet, if we have the raw data, we can see swings or clusters around specific aspects of performance Thirdly, for customer metrics, clearly a firm wants to focus on what the customer is interested in And, by measuring more frequently, issues will be detected sooner and can be corrected while still relatively small, rather than having a great, big problem Lastly, behavior of data can often lead to understanding and setting priorities A bar chart diagram is often useful in this way, to accrue value, or occurrence, or average time needed per data point, and display by the largest bar where the greatest opportunity is This graphic tool, as a result, helps the company decide where to further investigate performance problems Turning to some business tactics that relate directly to financial measures, there are some basic things that help a startup in using financial measures to their fullest: (1) Since Education is a large and brand new in Vietnam, understanding the fundamentals of the business and its products and services is critical to success: This includes how products and services come together, what they consist of, and how they are provided to your customers (2) Understanding how customers use the services, and where it 64 adds value to their lives, their operations and how they meet their needs: Knowing this enables an understanding of how to leverage key advantages such as high qualified teachers, international standardized curriculum or even competitive pricing (3) Realtime information update is fundamental to success as well: This means it is better to have a dashboard approach, with ways to get updates at least daily, in order to see trends, and make timely adjustments Customer Leg As analyzed above, understanding customers is the first and foremost thing to any company, not except those in Education industry In this field, customers particularly possess large disparity in their needs For instance, a student would come to an English center to simply improve his English skills; while for others, the reasons might be about studying overseas, passing an entrance exam into some top schools, or having fun in learning (which is not really fulfilled when studying in local schools) Some parents even send their kids to centers outsides schools with the hope they would be less shy and more confident by participating in various activities there Hence, it seems that customers‘ needs are different When reviewing and creating your Balanced Scorecard‘s customer leg, a firm has to define its customer strategies by understanding who its top customers are and determining the level of service the firm needs to provide to go the extra mile for them The policies and procedures a company put in place for customer service must be well-thought-out and detailed so that all customerservice reps know how to treat customers in the ways that they deserve The table below provides a chart that will help track the customer strategies, policies, and procedures placed in the customer leg of the scorecard After knowing which strategy should be applied to according customers, it is a must to master customer services Customer service isn‘t just the job of a single customer service department and representative; it‘s the job of every employee in the company And service starts at the highest levels of a company To that end, creating 65 the balanced scorecard customer leg is a great way to keep customer service in the minds of every worker in the company Table 4.2 Tracking the customer leg of the scorecard (Source: Balanced Scorecard Strategies for Dummies) In an educational firm, any functions that are not involved in the customer service process, say Administration, Finance and Accounting, etc., must still understand and be able to measure customer experience In order to so, all of the employees should be educated about how they would act and treat customers Through that, this will gradually become a strong mindset among the staffs then a common value of the company Turning to the developing of the customer leg of balanced scorecard, this one entails five basic core strategic goals According to Robert Kaplan and David Norton in their book The Balanced Scorecard (Harvard Business School Press), they are as follow: (1) Increase market share (in the segment that a firm targets at, say Foreign Language Teaching, Abroad Study Consultancy or Online Study platforms, how many percent of it a firm wants to occupy); (2) maintain a high customer retention (keep an eyes on the number of repeat customers and the rationale behind that); (3) increase customers acquisition (how many new customers a firm attracts); (4) keep a high level of satisfaction (customers need to stay happy using the services); (5) strive for high profitability (how much particular customers contribute to the overall profit) In order to achieve the five above-mentioned strategies, it is a must to develop appropriate tactics and measures in accordance with each of them The following table presents some recommendations for the case of an educational startup 66 Table 4.3 Tactics and measures in developing Customer Scorecard Tactic Measure Example Service Measure on customers‘ satisfaction Collecting and analyzing students‘ quality and their further need based on the quarterly results current product line Creating surveys for students and parents on service improvement Developing quarterly assessment for teachers Customer Align Service the customer-service Measure on understanding of department and workforce with employees about corporate cultures corporate strategies Measure the and strategies multi-channel, Creating a system that asks for direct contact-center, and online customer response/feedback from customers service after interacting with teachers or staffs from customer-service department Utilize metrics and benchmarks to Developing a shared channel that increase responsiveness and drive teachers and customer-service staffs customers retention can communicate, hence increase customers responsiveness and retention After collecting all needed information, a firm should be able to leverage the metrics result to have proper action By concrete measure in all relevant departments, a company would know where the core problem lies; hence, according solution will be developed Internal process Leg 67 Firstly, in order to maintain a competitive price, every single company should know how to operate efficiently Everest Education is doing well since, as already mentioned, the finance team sets cost-saving as the highest priority They know to make use of resources and any investments made are utilized to the fullest When it comes to internal processes, there are five things that we have identified time and time again — in businesses of all sizes and in all sorts of different industries, not just in this case of education — that many managers know, but tend to not focus on They are: (1) The process is not efficient; (2) many of the process measures don‘t link to customer defined measures of their needs and expectations; (3) unless a firm has done a measurement system analysis, or else the measurement system is most likely broken, giving misleading information upon which decisions are made; (4) process workers are often under-utilized and unappreciated by management; (5) there is often an overreliance on technologies to try and solve process issues, leading to even more waste, disconnected process measures, broken measurement systems and under-utilization and lack of appreciation for human resources Firstly, about process efficiency, there are aspects that need to be measured, cost and quality, but measuring quality is more in need at the moment Beside customers‘ feedback, the other good criteria must be students‘ test result The table below is a suggestion on the using test result to assess teaching quality However, this is not applicable to every situation since the learning capabilities of students in particular and classes in general are very different Moreover, a teacher cannot be considered as being good at teaching if he/she just knows to focus on test result Table 4.4 Suggested quality measurement for an educational company Levels Starter Level Quality measurement  After each unit 100% students  Students are able to speak remember all of the vocabulary confidently in English Level 68 Level (meaning, pronunciation and  Level spelling) confidently Level provided in the book Level and grammar right answers in English with virtually correct grammar and  The lowest result of unit test is 22 Students are able to speak per good pronunciation 25 questions; and 30 right answers per 35 questions for test after each level Secondly, it would be better if a firm is able to link its measurement with customers‘ concern When linking customer needs to process measures, always start with customer‘s requirements and then work back through processes to determine in what ways a firm and its process workers satisfy and measure how that need is met These are then translated into process measures for the firm‘s Balanced Scorecards and into the policies and standard operating procedure it uses to make it happen For the case of an educational startup, if parents‘ need is to get in-time responses from teachers about their child‘s performance, then the teachers and customer-service staffs need to work together to come up with the proper process that satisfies customers Accordingly, appropriate measure for that is then developed Learning and development Leg Since the success of every single service company counts not only on the service itself but people delivering it, employees‘ skills and knowledge is of vital It is more than just the current ability of employees It is about how the company continually improves the capabilities for delivering value to stakeholders in an intensely competitive market Businesses are unlikely to be able to meet their longterm targets for customers and internal processes using today‘s technologies and capabilities 69 For an educational startup, firstly, a firm has to understand the current skills and capabilities within its department or function, and within the whole market and industry Specifically, a typical skills set for a teacher includes ‗dedicated, passionate, inspiring and academically qualified‘; for any staff that work in this field, having a passion towards education should be a must Overall, startup environment requires an organization to have good teamwork, innovation, leadership, problem analyzing improvement Next, a firm has to understand the company‘s growth and development goals That would be either being ‗the leading educational entity providing English training courses in the market‘, or ‗the one and only school offering Art courses for learners at any age groups‘, etc Having a clear grasp of where to go and what need to get there — forms the basis for developing a roadmap, and provides the clarity the firm needs to focus its energies on doing the right things, in the right order Developing a simple statement which shows the essence of the company is a great way to bear in mind about who the target customers are, what the firm‘s main product or service is and so on Additionally, planning is the key, and determining the focus, sequence of actions, systems and structures needed, resources required and level of discipline are some of the key actions Finally, there will be a need to communicate effectively with those who will be involved, those necessary to support and advocate these actions, and those outside support groups a company will need to depend on as it implements the plan and tracks and adjusts as thing progress Before having a concrete plan on the learning leg of the scorecard, a startup must firstly understand its employees If a firm doesn‘t know their professional competencies and capabilities, how can it determine where it wants to develop them, expand their capabilities, and enable them to work in new products and services for the future? It‘s clear that a company needs to have a way to assess its workers to determine their strengths and where they could use further development Below is the table presenting different skills and competences levels that generally employees in an educational company should have 70 Table 4.5 Different skills and competencies levels example Competency Level Teacher Sales & Customer Services Levels Entry level staff - Deliver the lessons - Understand the product well correctly - Confident - Be able to handle students‘ academic problems communicating with parents and students - Be able to well engage - Be teaching in materials into able to handle customers‘ problems lectures Experienced - Minimum 12 months - Minimum months in this teaching job - Good at class management - Consistent sales record - Contributes in developing - Contributes curriculum - Consistent to improve customers experience excellence teaching in and communicating with students Master - Minimum years teaching - Recognized expert in - Recognized expert in the educating field - Be able to lead teachers - Minimum years in this job in other - Be able to lead the team in innovation process customers experience enhancement - Be able to coordinate with - Be able to coordinate with other functions within the other functions within the company company to improve overall to improve 71 overall performance performance (Based on Source from Balanced Scorecard for Dummies) To achieve success in this area, an organization must have a plan This means more than just a training plan but one to envision how the start-up firm will be delighting customers, running business and achieving financial success Managers then must consider how employees will obtain the necessary knowledge, skills, and abilities to achieve these accomplishments, and how they will acquire them within the planned timeframe There are different aspects to planning growth and development First and foremost, to develop your workforce means first assessing your process and business needs, assessing your current workforce, and putting training and development programs into place to close the gaps For instance, GiapSchool wants to scale up by opening 10 more classes online in which there are new subjects offered In terms of employees‘ necessary knowledge and skills to deliver the job, teachers should have time to learn on how to give lectures online and ensure student‘s result There should also be trainings for teachers, tests and rehearsals before they can actually deliver the lesson Secondly, to grow, a company may need different employees with different skill sets and knowledge So the firm will need to be able to acquire them, and quickly At the same time, it will want to always consider using current employees, and providing them extra training if necessary In this way, they acquire the added knowledge and skills needed to the job in the new way, or simply the job better, faster, cheaper 72 CHAPTER 5: CONCLUSION Everest Education, Ltd entered the market when other competitors had positioned themselves as experienced and reliable schools for children Throughout the 3-year period of development, Everest Education did enjoy drastic changes in myriad of aspects, say infrastructure and an increase in the number of customers Depending on the current capabilities and market condition, Everest Education chooses to follow Integrated Cost leadership/Differentiated strategy, together with its distinctive competency in human resources, to create value for customers and achieve competitive advantage Integration is the hardest strategy to follow since it can lead to the situation in which a company is stuck in the middle That Everest Education is able to strike a balance between short-term and long-term objectives, financial and non-financial ones can help it a lot in achieving competitive advantage Though still having some drawbacks, Everest Education could be considered as one of the success cases for educational startups in Vietnam Overall, it has done a good job in balancing among various objectives within the company, as well as engaging many helpful tools to manage and utilize its human resources The key to this success is that Everest Education knows how to integrate the measurement of intangible assets into their management systems And Balanced Scorecard is an appropriate tool that helps organizations to achieve this Problems about Customers, Vision and Human Resources are the three major challenges that educational startups in Vietnam have to conquer; while Balanced Scorecard enables an organization to set, track and achieve its key business strategies and goals; balance between short-term & long-term objectives, financial & non-financial ones Once the business strategies are developed, they are tracked through the four perspectives of the Balanced Scorecard, namely Financial, Customer, Internal Processes and Learning & Development, the four perspectives cover the three problems that Vietnam educational startups are facing 73 However, balanced scorecard acts only as a tool for organizations to communicate corporate strategies within the team The thing is that start-up companies should gain a deep understanding about its own industry, customers‘ needs and its human resources After that, they will be able to leverage these elements into strategic implementation Lastly, from the perspective of a business student, I hope this report could be a good recommendation for better management of educational start-up firms in Vietnam 74 REFERENCES Barney, J (1991) Firm resources and sustained competitive advantage Journal of management Chuck Hanabarger, Rick Buchman and Peter Economy (2007) Balanced Scorecard Strategy for Dummies, Wiley Publishing, Inc., 78-372 Frank T Rothaermel (1996) Strategic Management, Concepts & Cases, Prentice Hall, 55-103 Mintzberg, Henry and Quinn, James Brian (1996) The Strategy Process: Concepts, Contexts, Cases, Prentice Hall, 34-51 Michael E Porter and M R Kramer (1999) Philanthropy's New Agenda: Creating Value Harvard Business Review 77, no (November-December) Michael E Porter (1996) What is Strategy?, Harvard Business Review (November– December 1996), 81-97 M Jensen (2001) Value Maximization, Stakeholder Theory, and the Corporate Objective Function, Journal of Applied Corporate Finance, (Fall): 8-21 Nguyen Chi Thanh (2010) Training High Qualified Teacher in Vietnam: Challenges and Policy Issues, University of Education, Vietnam National University, Hanoi, 202204 Nguyen Hung Tuong (2002) Vietnam: Cultural Background for ESL/EFL Teachers, Boston University, 7-12 Robert S Kaplan (2010) Conceptual Foundations of the Balanced Scorecard, Harvard Business School, 132-140 Robert S Kaplan and David P Norton (2006b) How to Implement a New Strategy Without Disrupting Your Organization, Harvard Business Review (March): 100-109 75 Robert S Kaplan and David P Norton (1996) Linking The Balanced Scorecard to Strategy, California Management Review, 93-107 Romero, I & Martine-Roman, J A (2012) Self-employment and innovation Exploring the determinants of innovative behaviour in small business Research Policy, 41(1), 178-189 Rothwell, R & Dodgson, M (1994) Innovation and Size of Firm: The Handbook of Industrial Innovation Aldershot: Edward Edgar Publ, 211-220 Veena Tewari Nandi (2012) Maintaining Database: Business Intelligence Tool for Competitive Advantage, Asia Pacific Institute of Management, (July): 353-357 76
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