Chapter1.

Introduction
1.1. Background of the organization

Dairy Farm is a member of the Jardine Matheson Group (Dairy Farm 2013) and she is a
leading pan- Asian retailer. She started from 1980 and this is a big international
company, which including its associates and joint ventures operated more than 5,600
branches. Moreover, over 90,000 employees are working for the company and they had
the total annual sales exceeding US 11 billion. (Dairy Farm 2013)

Corporate Mission
“Bringing to Asian consumers the benefits of modern retailing”

Corporate Vision
“A Pioneer in Asian Retailing”

There are four corporate strategies applied to the organization. The first one is high-
quality, low- cost retailing. Since Dairy Farm wishes to be the leader in all its market
industries, so they focus on the retailing and to offer their customers a value-for-money
by efficient, cheaper cost supply of good quality fresh food and goods. Customers can
purchase the food or goods in supermarket, health and beauty, convenience stored and
home furnishings. (Dairy Farm 2013)

The second strategy is focusing on the Asia market. Dairy Farm found out that the
demands in Asia market is higher than the other geographical segments due to the
different lifestyle. Therefore, they choose to focus their market in Asia to achieve by
discovering new investment chance within the region. (Dairy Farm 2013)

The third strategy is multiple formats, shared service. “We operate multiple formats in
most markets and achieve economies scale by sharing infrastructure for logistics,
human resources, finance and information technology system” (Dairy Farm 2013)

Last but not least, long-term shareholder value creation is important too. They need to
ensure they have the strong financial base for their business. They take a long-term
observation of business development and the investment in new business. (Dairy Farm
2013)

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1.2. Strategy Business Unit to be analyzed

Besides, Dairy Farm is the mother company of many kinds of operates like
supermarkets, hypermarkets, health and beauty stores, convenience stores, home
furnishings stores etc. In this essay, one of the biggest chain bakeries will the strategy
unit, which Maxim’s Group in Hong Kong is.

Maxim’s Group begun since 1956 in Hong Kong. Nowadays, they have more than 760
stores around Hong Kong. This is the most variable and hugest chain restaurant group.
Mr. Wu and Mr. Wu JT are the owners of the Maxim’s group. However, 50% interest
from the Maxim’s is invested by the shareholder, Dairy Farm which part of the Jardines
Mathesome group is. Though they have 50% interest in it, all the decision right remained
by the Maxim’s group.

The list of all categories of catering service run by Maxim’s group shows below:
1. Chinese cuisine
2. Chiu Chow
3. Provincial
4. Western cuisine
5. Japanese cuisine
6. Vietnamese & Thai cuisines
7. Fast food
8. Cakes & Baker
9. Coffee shop (Starbucks)
10. Bars & Pubs

Beliefs
“I feel such warmth and satisfaction, knowing the elderly people are not as lonely as I
had imagined.” Volunteer, Margaret Lai Ka- man said (SCMP 2013)

“It is rewarding to learn from their positive and energetic attitude.” Management trainee
with Maxim’s Group said (SCMP 2013)

Maxim’s group belief in the good attitude gives motivation in both volunteer work and
service.

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1.3. Comments on results obtained from CW1

1.3.1. Key Drivers

High health consciousness and strict food safety law are the two most important key
drivers based on the finding of scenario analysis. In order to take care of the customer’s
health and attract this type of people, the researcher think that is a very goof idea to
have a strategy focusing on eating healthier. It is because this is a sustainable
development project on having new product while people enhance their living style in
Hong Kong. For the strict food safety law, Maxim’s maintains a high standard of food
hygiene and safety through HACCP, ISO and their own guidelines MGFHSC (Maxim’s
Guidelines of Food Hygiene & Safety Control) in all businesses.

1.3.2. Porter’s Five Forces

A. Bargaining power of buyers is high for Maxim’s Group because of the low switching
costs and rise of food safety requirement. Therefore, it is good for Maxim’s to diversified
service+ as much as Certificate (HK Q-Mark, HACCP, ISO22000, ISO 9001) (HK Brand
development council 2009)

B. Threat of substitute products is also high due to same type of restaurant opened. This
is why Maxim’s has to tell the consumers that their food are made in Hong Kong and
under the international control system such as HACCP and ISO.

C. Threat of new entrants is high as well since many new potential businesses create
the similar product to Hong Kong market. Thus, Maxim’s need use the differentiation
strategy and quality control to give confident to their customers.

D. Power of supplies is high for the company as the only one meat supplier, Ng Fung
Hong Limited to deliver the good ingredients to Maxim’s. They are mainly selling the
import frozen pork, beef and other ingredients.

E. Competing rivalry is also high because of those other forces. Maxim’s has to ensure
their quality is in the high standard and they have to keep develop new product to
prevent the rejection of the changing taste of customers.

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1.3.3. Competitive advantage
After analyze the strategy capability and SWOT of Maxim’s Group, the researcher
identify the competitive advantages of Maxim’s Group which fully supports the
organization outshine in the completion. They are using differentiation strategy since
they are the most variable restaurants in Hong Kong. Maxim’s Group observed the
changing taste of customer, different demands and trend to develop new products.
Moreover, they are high productivity of its food production as well because Maxim’s
group for unique products owned the food processing plants and independent factories.
This is why they can products fresh and up- to- standards food for all the branches in a
very short time. Hence those strong advantages leaded Maxim’s Group becomes
success.

1.4. Aim
To examine the strategy position, the strategic purpose and culture of Maxim’s Group
Hong Kong by using strategic planning and change management theories.

1.5. Objectives
1. To study the competitive strategy of Maxim’s Group by using Porter’s Generic
Strategies and the strategy clock.

2. To analyze with the use of the Ansoff Matrix and the BCG Matrix strategic
options that Maxim’s Group would pursue in the future.

3. To investigate the value creation given to Maxim’s Group from Dairy Farm
International Holdings Limited.

4. To evaluate how the business strategy of Maxim’s Group’s influenced by the

positioning of the Strategy Clock.

5. To recommend some ideas to Maxim’s Group and call for the further research
about them.

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 Chapter 2. The Competitive Strategy of Maxim’s Group

2.1. Definition of Porter’s Generic Strategies and its application

Porter’s (1980) generic strategies are usually used by business to maintain and achieve
the competitive advantage. Differentiation, cost leadership and focus are the three
alternative generic strategies mainly used nowadays.

“ Cost leadership strategy involves becoming the lowest- cost organization in a domain
of activity” (Johnson, Whittington and Scholes 2011 p.200). Most of the organizations
would like attracting more customers and increasing their competitive advantage by
selling their product in a lower cost. It takes place in the same industry and usually they
are selling the same product at the same time. Many consumers may choose the
cheaper one, thus the company can earn more profits.

“Differentiation involves uniqueness along some dimension that is sufficiently valued by

customers to allow a price premium” (Johnson, Whittington and Scholes 2011 p.203).
Organizations can use the differentiation on customers or even products. As different
needs and wants of the customer, companies sell many kind of product to the customers
as raise up their competitive advantages.

“A focus strategy targets a narrow segment of domain of activity and tailors its products
or service to the needs of the specific segment to the exclusion of others” (Johnson,
Whittington and Scholes 2011 p.205). According to the different expectation, requires
and demands, most of the organizations would like to focus on only one type of
customer to sell their product.

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Application of Maxim’s Group Hong Kong in Porter’s Generic Strategies

Since Maxim’s Group is one of the biggest chain and variable restaurants in Hong Kong,
they are having different kinds of cuisine for customers to choose and they do not have a
specific type of market to be focused. Therefore, the researcher found out that they are
using the Differentiation Strategy to represent their business direction. In order to satisfy
with different customers’ taste and the changing of the trend, Maxim’s group developed
a strategy to launch diversified products and restaurant for customers. Besides, they
always develop new products to attract more customers. For example the new pudding
cake and new flavors moon cake (Maxim’s 2009) help attract the new customers
especially the teenagers. They are going to choose the product and focus on the
relevant group of people. They prefer promoting the fine-dinning restaurant to the middle
to high-income people rather than the lower- income people. Likewise, they will promote
the fast food restaurant to teenagers because they may not have able to afford such a
high price for lunch or dinner. Sometimes, they may develop the new product for the fast
food restaurant to attract more workers since they just only have 1 or 1.5 limited hours to
finish their lunch and with a reasonable price.

Compare with the definition of the differentiation strategy, Maxim’s Group reaches the
meaning of it. They increase their competitive advantage, enlarge the market share and
increase the profits by developing new product, focus on new target segmentation and
focus on the right category of customers.

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2.2. Definition of the Strategy Clock and its application

Zone 1 – Low frills strategy (low price, low added value)

A different grouping of low price, low perceived value and gain market share by low price
strategy. No frills strategy includes both low benefits and low prices. (Johnson,
Whittington and Scholes 2011 p.209).

Zone 2 – Low price strategy

This is to establish a typical way of competitive advantage, by reducing the price of
products or services at the same time, the quality of the product or service package. But
this competitive strategy easily imitated by competitors, but also lower prices worth the
candle. (MindTools 2013)

Zone 3 – Hybrid strategy

Organizations provide customers with the perceived added value while maintaining low
prices. And this high quality and low price strategy success depends both on the
business understanding and the ability to meet customer demand, but also depends on
whether there is a low price strategy to keep the cost basis (Johnson, Whittington and
Scholes 2011 pp. 209).

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Zone 4 – Differentiation strategy
The purpose is to provide better products and services to gain more market share, either
through higher and higher prices revenues. Enterprises can take tangible differentiation
strategy, such as product appearance, quality etc.; also take intangible differentiation
strategy on service quality, customer service, brand and culture to gain competitive
advantage (Johnson, Whittington and Scholes 2011 pp. 209).

Zone 5 – Focused differentiation

This is a High perceived value and high prices zone. Customers will deicide to buy in this
classification established on perceived value alone. The product does not essentially
have any more real value, but the insight of value is enough to charge very large
premiums. (MindTools 2013)

Zone 6 – Risky, high margins

This strategy may works in the short term, not for a long-term proposition. It is because
the unjustified price premium will be discovered very soon in a competitive market.
Sometimes, companies have to take the risk on earing high profit by selling the high
product cost. (MindTools 2013)

Zone 7 – Monopoly pricing

For those of the specific market can make more profit because they were already
monopoly the market. However, customers will start to look for another product or
service that can be replaced the original one. (MindTools 2013)

Zone 8 – Loss of market share

The organization id not only loss of market share, but also the competitive advantage is
decreasing. The service or product has no any demand in the market unless the
company develops a new product try to sell the old product in the new market.
(MindTools 2013)

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Application of Maxim’s Group in the strategy clock

After analysis the strategy clock of Maxim’s Group, the researcher found that they are in
the position on zone 4, Differentiation. By focusing on different market segmentations,
Maxim’s provides better service and suitable products to customers as earn as greatest
profits as possible from it. They have 10 categories for their business like Chinese
cuisine, Western cuisine, and Japanese cuisine, Coffee & bar, fast food etc.

For example, there are five Japanese cuisine restaurant were released in Hong Kong.
Obviously, teenagers and the working people with middle to middle- high-income salary
would like to visit the restaurant. They keep developing the new menu and innovate the
design of the restaurant as to give a modern atmosphere to customers instead of just
Chinese style when people are thinking of Maxim’s Group. They always have the new
product or promotion for the seasonal time and festival period. For instance, they are
having a promotion on the seasonal fish like “Horsa Kaokaral” (GENKI SUSKI 2011) to
attract more customers in one of the famous Japanese restaurant named “GENKI
SUSKI”. Moreover they set the price, which is affordable, acceptable and reasonable to
attract more potential customers.

“Maxim’s Hong Kong Day” is a Hong Kong style café themed food shop. The name
means “Hong Kong Land”. (Maxim’s 2009) They started the first branch in 2010 and
selling the typical traditional Hong Kong style food. Hong Kong style cafes design
blueprint, to create comfortable and intimate feeling of authentic flavors, allowing diners
even greater ease. This is their new business, which target on the people who loves
Hong Kong style food.

Those businesses attract different people because it ingratiates diverse demands of

customers. Through using the right promotion strategy on each of the business, people
may get involved in the program and may become a loyal customer. Thus it increases
the number of repeated business for Maxim’s Group. Besides, they can enlarge their
market share because they focus on many kinds of customers instead of just only one
type of people. Therefore, it increases their population by having large amount of
potential customers. Furthermore, they increase the competitive advantage from the
differentiation strategy as well. It is because they have many businesses in the food and
beverage industry, and when people think of eating, they may remember one of the
restaurant of Maxim’s.

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Future Strategy for Maxim’s Group

2.3. Definition of Strategy Business Unit (SBU) and its other business organizations
“A strategy Business Unit supplies goods or services for a distinct domain of activity”
(Johnson, Whittington and Scholes 2011 pp. 198). Also SBU is an autonomous division
or organizational unit, they are large enough to have a flexible control themselves and its
long-term performance. Usually them have independent missions and objectives as well.
(Business Dictionary 2013)

Maxim’s Group Hong Kong is one of the strategy business units of Dairy Farm. They
have the independent mission, vision and objectives for the company and their
employees. They offer training program for the employees and operating instruction for
all business of Maxim’s Group as to earn the greatest profits.

Another strategy business units (logo) of Dairy Farm

The logos shows above are the other strategy business units of Dairy Farm. Those
businesses are included health and beauty store, restaurant, supermarket, convenience,
store health food store and home furnishings store.

2.4. Value creation

Providing central service & resources
Dairy Farm aims to maintain financial strength by prudent balance sheet management.
They take a long-term view of business development and believe in striking a balance
between investments in mature cash- flow activities and investment in new businesses.
Shareholder value creation is the performance yardstick for the long- term incentive
program of the Company’s management. (Dairy Farm 2013)

Dairy Farm offers the training program for their organizations, which FLIT (future leader
in training program) is. That program consists of two parts, operating the company and
basic retail management. (Dairy Farm Group 2013) Dairy Farm evaluates the
employees’ performance and giving feedback as to encourage them to work better.

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2.5. Definition of Ansoff Matrix and its application

Zone A – Market Penetration

This “implies increasing share of current markets with the current product range”
(Johnson, Whittington and Scholes 2011 p.234).

Zone B – Product Development

“Is where organization deliver modified or new products (or service) to existing markets”
(Johnson, Whittington and Scholes 2011 p.234).

Zone C – Market Development

“Involves offering existing products to new market” (Johnson, Whittington and Scholes
2011 p.234).

Zone D – Conglomerate Diversification

“Take the organization beyond both its existing markets and its existing product”
(Johnson, Whittington and Scholes 2011 p.234).

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Application of Maxim’s Group in Ansoff Matrix

Maxim’s Group can be identifying in Zone B, which is a product development zone with
new product in existing markets. Since Maxim’s is one of the leading of the catering
industries in Hong Kong, and they are here since 1956, therefore they already got a
large amount of loyalty customers and they are always willing to try the new products.
Consequently, Maxim’s can just keep developing the new products according to those
customer’s needs, wants, demands and interests as to earn more money can provide
more options to their guests.

Since people in Hong Kong are getting awareness of their body health, and they usually
are willing to pay more for the health food. Hence, one of the new products of Maxim’s is
health organic food. “We offer organic food in our simply life bakery cafes, trans- fat free
items at Starbucks, products with no added MSG (Monosodium Glutamate) (MAYO
CLINIC 2013) in all out m.a.x concepts Chinese restaurants and healthy options at
Maxim’s MX.” Maxim’s Group Chairman and Managing Director Michael Wu (2008) said.

Additionally, Maxim’s create new products to adopt the market change in Hong Kong
and wider the market segment. Maxim’s cake is one of the most favorites cake shop in
Hong Kong, many teenagers like buying birthday cake because there are many types of
cake for them. Maxim’s design a lot of new style cake such as crispy cake instead of the
tradition cream cake. This is a big competitive advantage that Maxim’s has compare with
other cake shop. (Maxim’s 2011)

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Further analysis of other strategy business units of Dairy Farm

A convenience shop named 7-Eleven is also in the position of Zone B, Differentiation

group. This is one of the strategy business units of Dairy Farm. They keep selling the
new product in the same market. For example they are now having a fresh food menu
provided in the convenience shop for those people who always in hurry. “This piloting of
this new concept marks the beginning of a plan for 7-Eleven to offer customers fresh and
hot food that goes beyond packaged microwave food” (Maxim’s group 2008) They
believe this is a new channel to attract more people to eat sometime in case they just
have very limited time.

Another strategy business unit of Dairy Farm is IKEA. It belongs to the group in Zone C,
Market development. “The construction of the IKEA store in Tai Chung, Taiwan is
processing well and is expected to open later in 2013.” (Dairy Farm 2013) Their start the
first IKEA store in Taiwan in 2013 and they have four more branches in the same years.
That shows IKEA is a very successful home furnishings store and the Taiwanese
welcomes them.

Mannings health and beauty stores are classified as Zone D, Conglomerate

Diversification. The “Mannings Baby” store (Dairy Farm 2012) is a new concept to public
with new product and new market. The first “Mannings Baby” store will be opened in
2013 in Hong Kong. It may attract many pregnant women to buy the health product for
the baby and the infant supplies.

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2.6. Definition of BCG Matrix (Portfolio models) and its application

Questions Marks (Blue zone)

That is “a business unit within a portfolio that is in a growing market, but does not yet
have high market share” (Johnson, Whittington and Scholes 2011 p.250).

Starts (Orange zone)

This is “a business unit within a portfolio which has a high market share in a growing
market” (Johnson, Whittington and Scholes 2011 p.250).

Cash Cows (Green zone)

This is “a business unit within a portfolio that has a high market share in a mature market”
(Johnson, Whittington and Scholes 2011 p.250).

Dogs (Purple zone)

These are “business units within a portfolio that have low share in static or declining
markets” (Johnson, Whittington and Scholes 2011 p.250).

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Application of Maxim’s Group of BCG Matrix
The researcher found that Maxim’s Group is the Cash Cow, which has a high market
share in a mature market. Since they already got large amounts of loyalty customers and
most of the belonged restaurants or stores are running in a successful stage. Moreover,
Maxim’s Group is using the differentiation strategy to promote themselves. This is a very
important reason why Maxim’s Group has a high market share because they try to
attract different kinds of customers. However, they have a lower market growth at the
same time due to the differentiation strategy. It is because they were already reached
the maturity level and it is hard for them to find another new market segments to be
focused.

One of the businesses of Maxim’s Group, Maxim’s Cake is a very good example to
explain why they are Cash Cow. The first bakery store started in 1960, and nowadays
they have got more than 160 branches in Hong Kong. (Maxim’s 2009) Besides, they
have another bakeries with different name existed in the industry as well. When people
want to buy a cake or bread, they may visit Maxim’s. Basically, Maxim’s was already
monopolized the bakery market in Hong Kong.

Another business of Maxim’s Group is the Chinese cuisines restaurants. They have 22
fine- dinning Chinese restaurants provided many kinds of Chinese cuisine. All of them
are very successful and the Michelin Guide awards some of them. (Maxim’s 2009)
Compare with their main competitor, Tao Heung Holding Limited, Maxim’s has pressure
to the advantages than Tao Hung because they has lower market share in both fine-
dinning industry and bakery industry (16 in total). (Tao Heung 2011)

22 brand logos of the Chinese restaurant of Maxim’s Group 16 brand names of Tao Heung Company

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Further analysis of other strategy business units of Dairy Farm

ThreeSixty is the first one- step destination for organic, natural and wholesome food in
Asia. (ThreeSixty 2011) The first store was opened in Central, Hong Kong in 2006 and
the second store was opened in 2007. (GLOBAL WELLNESS 2008) This is a new
business, which focus selling the health products and organic food. ThreeSixty can be
classified to the Questions Marks (Blue zone) because they are still green in the industry.
They have low market share since people do not know this brand very well, but they
have an extremely high market growth because most of the Hong Kong people are
getting awareness of eating healthy.

Wellcome Supermarket is the longest- established and widest- networking supermarket

since 1945. They have over 260 stores in all over Hong Kong. (Wellcome 2008)
Wellcom Supermarket is a Stars (Orange zone) because their business is in the very
maturity stage and they still have a high market growth because they have a very strong
competitor, PARKnSHOP that is the same business from another group of company with
more than 260 branches in Hong Kong. (PARKnSHO 2011)

Olivers The Delicatessen was established as fine food and wine store since 1981 in
Hong Kong. (OLIVERS 2011) They are in the stage of Stars because they have a high
market growth while they stay in tune with changing market trends. Beside, they provide
personalized service to customer as to satisfy different requires from the guest. Also,
they have a high market share in the industry due to not so many store selling fine food
and wine together.
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 3. Conclusion
3.1. Porter’s Generic Strategies
Maxim’s Group is using the differentiation strategy. In order to satisfy the customer’s
taste, demands and trend, they have to develop many different kinds of products for
customers as to increase their competitive advantages and increase their market share.
When they have a large market share, it increases the population at the same time.
Thus, Maxim’s gets one more promotion strategy, which is word- of- mouth from the
customers.

3.2. Strategy Clock

Maxim’s Group is in the position of Zone 4, Differentiation. It is because they focus on
different markets and they have widely businesses such as Chinese cuisine, Western
cuisine, fast food etc. Maxim’s believes they can provide better service and product to
the right customers due to have good segmentations to divide customers group by group.
For example, they try to promote the fine- dinning restaurant to those people who
affordable with the price instead of promoting to the teenagers. They can also enlarge
their market share from it to earn the greatest profits. Once they know there is the place
for open a new restaurant, they will decide which restaurant is the most suitable for
those people who live there. As the result, they can increase their population and
competitive advantages when they have different markets.

3.3 Ansoff Matrix

Product development zone is the most suitable description for Maxim’s Group. As to
attract more and more customers, they need to keep evaluating themselves and make
the new product for their customers. For example, the organic food and the cake are
very attractive for those people who like something new and eating healthy. Usually they
fix the regular market for their business. They just only create the new goods to the
specific group of people. That can reduce the adopted time for other group of people to
know or accept the new product. Moreover, this kind of differentiation strategy brings
high benefit to the organization instead of just only one specific market or group of
people.

3.4 BCG Matrix

Maxim’s Group can be said as Cash Cows in the BCG Matrix. It is because they were
already in a maturity stage and they have the large amounts of loyalty customers.
However, Maxim’s has less market growth since they focused on different kinds of
people. Nevertheless, they previously reach the high point of the market growth.

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3.5 Limitations
There are a number of limitations to this research. First of all, the limited time for the
research makes this is not all- round enough. The researcher only used one and half
months to finish all the research and analysis. Thus the analysis may not
comprehensively enough for such a big business strategy analysis.

Second, the researcher does not have any interviews with the manager of Maxim’s
group. If the interview occupied, more data and information will be gained as analyze
more details about the group. Therefore, all the data mentioned in this research are
according to their reports and press releases on the Internet. However, those data are
quite supportive for analysis the company.

The last limitation is not enough time to make the comparison with another organization
and found out why Maxim’s group performances outstanding from the same industry.
The above research only shows how Maxim’s operates the business and what they did
to make themselves better. Therefore, if the comparison added to this research, it makes
more complete on evaluation the whole company.

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 Chapter 4. Recommendations
4.1. Going international
Going international is a good idea for Maxim’s Group because it brings the new concept
to other people and other place. When they have the new target segmentation and
market, they can increase the market share, population and profits.

4.2. Charity organization

Since Maxim's Group joined "the remaining bread donation program", in 2009, Maxim's
planed about half of Maxim's group which about 240 stores joined the donation bread
activity. (Maxim’s 20112) Moreover, bread sent to each receiver's home from bakeries in
24hours by volunteer teams to ensure bread deliver fast and fresh. The aim of this activity
is to help more people who live with low-income. Therefore, the researcher high
recommend them to build up their won charity organization to help with the people who in
need such as food and clothes. If possible, they can carry out their social responsibility
regularly by giving donation to the poor.

4.3. Franchise
The researchers think it is a good try to have a franchise as expending the business. For
example the “Maxim’s Cake” can be one of the franchising brand because they may get
more branches and convenience the people as to earn more. Having a franchising brand
give the advantages to Maxim’s like increasing the total profit, increasing the popularity
and enlarges their market share.

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 Chapter 5. Further research
5.1. Appreciation from this whole analysis
After making the research on Dairy Farm International Limited and Maxim’s Group, the
researcher learnt what should she do if she wants to work as a manager in such a big
organization. To follow the trend tightly, understand the customer’s needs and wants are
the important factors to influence how to run a company. The researcher admires of the
business strategy that Dairy Farm used to manager those strategy business units.
Furthermore, the research was glad to learn more the relevant information about
operation a company such as the quality control system and the different areas of
analyze.

5.2. The future of the organization

The researcher sincerely hopes that they can become the no.1 organization in Hong
Kong no matter in their business and the social responsible part. If possible, she wishes
the organization could go international as more people know the brand and give them a
big support and ensure their worth.

5.3. Further research

The researcher would like to explore more about the organization, and she is going to
make another research on how Dairy Farm managers other strategy business unit for
her continues studies.

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