Course Outline for
BUS 491 (02) — Seminar in Management Strategy & Policy
Sonoma State University
Salazar Hall 2023
Friday: 8:00 a.m.-11:40 a.m.
August 29 – December 17, 2008
Dr. Armand Gilinsky
Professor of Business
Stevenson 2026F: 707.664.2709 (MW 3-4 pm & by appointment)
Sonoma State University
Rohnert Park, CA 94928 USA
armand.gilinsky@sonoma.edu
BUS 491 (02): F 8-11:40 a
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Required text:
Dr. Gilinsky/page 2
Thompson, A. A., Strickland, A. J., and Gamble, J. E. (2008) Crafting and
Executing Strategy: Concepts and Cases, 16th ed., hardcover, McGrawHill/Irwin, [website: www.mhhe.com/thompson]
Instructor website: www.sonoma.edu/users/g/gilinsky/
Username:
gilinsky
Password:
TBA in class.
By accepting this learning contract, I (the student) also agree to abide by and comply with the terms of
the University’s Honor Code.
Welcome to our Fall 2008 Strategic Management course!
My vision is to help you to generate world-class, cutting-edge business solutions. The overriding
objective of this course is to provide the questions you need to ask to make the right decisions
about the future of a business or non-profit organization. Strategic management entails
generating choices to be made among competing alternatives to produce a competitive advantage
and earn above-average returns.
Rapid technological change, mergers and acquisitions, increasing pressures for globalization,
and changing local environments for businesses have heightened the urgency to ask the right
questions about the future, such as:
1. Which distinctive competencies should we be developing for our businesses?
2. Where should we compete?
3. How do we communicate our strategy to our stakeholders?
We will indeed be fortunate to have your collective wisdom as well as that of possible guest
speakers from the business community to help guide us through complex strategic issues.
Learning objectives. The primary goal of this course is to teach you how to think and act
strategically. By successfully completing BUS 491, you will learn:
1. What are the interrelationships among the functional areas of an enterprise;
2. How to develop and use skills in decision-making and oral and written presentation;
3. How to analyze, formulate and implement strategies, especially the role of top
management teams in performing these activities.
By the end of the course, you should be able to analyze thoroughly a company, its industry and its
competitors and to recommend a well-supported strategy to your Board of Directors.
Course description. This course in business policy focuses on integrative, multifunctional
approaches to the solution of organizational issues and problems. A practical perspective, rather
than a merely theoretical one, is stressed via discussion of case studies. Why use a case-study
approach? Three levels of learning take place:
1. We share the generalized insights of leading theoreticians;
2. We test the applicability and limits of these theories to specific case studies; and
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3. You develop your own special amalgam of insights based upon empirical
observations and inductive reasoning (from case analyses).
How are cases used in BUS 491?
•
•
•
As discussion vehicles for probing the benefits and limits of certain approaches;
To provide class members with opportunities to apply and test concepts and tools
related to dimensions of management thought (e.g., marketing, accounting, finance);
To help you to understand the nature of “better” answers, as well as the complexity of
reaching solutions and implanting them in organizations.
What do you—as class member—need to do? First, understand what went on in that situation:
•
•
•
What has changed?
What are the key questions about the future that need to be answered?
What further information is needed to answer those questions?
Major emphasis is placed on action and implementation, not just on analysis. Each case features
a top management team (TMT) facing a specific set of issues and problems. So, during the
course, you will have an opportunity to see a wide range of TMTs in action, and to think about
their specific choices and actions as if you were the TMT in charge.
This course calls on you to integrate concepts of all other prerequisite business courses, i.e.,
bringing together and applying the learning from core courses to the analysis and solution of
strategic management problems. The course is intended to enhance the following skills:
1. Your ability to decipher detail and to analyze information in order to identify and to
diagnose the major problems and opportunities confronting business organizations;
2. Your ability to take a cross-functional, top management perspective in developing
feasible overall strategies as well as specific problem solutions;
3. Your ability to decide from among alternative courses of action and to formulate
feasible plans for their implementation;
4. Your ability to present a position and to defend it.
Study groups. You will be assigned to study groups consisting of four (or five) members,
meeting regularly to discuss the cases and readings before they are discussed in class. Teams may
not exceed four members without my permission. The aim of these groups is to share and critique
individual analyses and to enhance class participation. Each day, class time will be set aside for
meetings; as the course progresses, you may find it necessary to spend several hours meeting
outside of class.
Class participation. You should come prepared for class discussion of cases and supplemental
readings, that is, with an outline or condensation of your case analysis, stating your perception of
the underlying problem, some supportive data, and your recommended plan(s) of action. Bear in
mind how difficult it is to assess your participation if you are absent from class! Attendance will
be taken. Your class participation grade will be based on: 1) evidence of careful preparation of
the cases and readings; 2) clarity and conciseness of your analysis; and 3) strong and convincing
presentation of your findings and conclusions. Guidance for class participation is on p. 12.
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Performance evaluation. Strategic issues seldom have clear-cut or singularly “right” solutions.
This means that my evaluation of your performance will be based upon your managerial aptitude
in problem diagnosis, generation of solutions, and communication of your position. I will be
looking for demonstration of logical argumentation and consistency in your thought processes.
Grades will be based on your performance in (a) oral discussion and argument (defense) of your
ideas and (b) written communication. These will be weighted as follows:
Class preparation, attendance & participation [see Guidelines, pp. 10–12] ........... 30%
Written case analysis [four (4) issue briefs, see Course Calendar, pp. 5–9] .......... 20%
In-class case presentation [see pp. 16-17] .............................................................. 10%
Final presentation [in class, 12/12, see pp. 16-17] ................................................. 20%
Final examination [due in class 12/17, 11:00 a.m., see p. 15] .............................. 20%
Total ......................................................................................... 100%
Written case analyses. In order to create opportunities for us to explore more basic strategy
issues and discuss methods of formulation and implementation that might otherwise have to be
rushed, we will be using an electronic submission format for Issue Briefs. Please submit your
individual case analyses as an MS Word file attachment (double-spaced, Times New Roman 12
pt font, 1 inch margins) to me at gilinsky@sonoma.edu with both the e-mail subject line and file
name reading <CaseAbbrev.yourlastname.doc> (e.g., for the Panera Bread Company,
PAN.Gilinsky.Doc, or for Costco, Inc., COST.Gilinsky.doc). Please use the following format:
1.
Indicate your key case decision (what the GM needs to do now and why) in one succinct
sentence (17-20 words, maximum);
2.
Support your decision by three (3) bullet points – less than one line in length; use
dimensions of strategic management thought; avoid judgment here; your three bullet
points are essentially a table of contents (preview) to the rest of (body) of your analysis;
3.
Add any qualitative and/or quantitative comments/discussion which you feel is/are
necessary to substantiate your analysis. (1-2 page limit, about 250-500 words, plus
exhibits, which should be numbered consecutively and referred to in the body of your
analysis); and then
4.
Conclude by restating the central problem or issue and recommendation for action,
stating lessons learned about strategic management, linking to readings that you have
gleaned from the textbook.
Do not answer the study questions! Study questions (see Course Calendar, pp. 5-9) are intended
to get you thinking about the issues in the case and to lead you through the process of analysis.
Issue Briefs are due by 8:00 a.m. on class days for which Issue Briefs are assigned (see Course
Calendar, below). Timely submission of case analyses will facilitate review of your work as well
as a summary of the section’s qualitative/quantitative comments. You should always keep a hard
copy of your Issue Brief for yourself and bring this to class. Your Issue Brief will serve as a
personal document from which you could lead a class discussion. Acceptable Issue Briefs are
given a “check,” which is roughly equivalent to a “B” grade. Unacceptable or late submissions
will be assigned a “check minus,” roughly equivalent to a “C” grade. Issue Briefs not submitted
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on the date due for any reason will be assigned an “F” grade. An outstanding effort will receive
a “check plus,” roughly equivalent to an “A” grade. Grading and coaching comments on your
Issue Briefs will be returned to you as soon as possible.
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Final examination. The final examination (see pp. 16–17) will consist of an oral presentation
and a written case analysis, both prepared and submitted by your study group team. The final
examination will give you the opportunity to present and write a lengthier case analysis and will
be assigned a letter grade. NOTE: Written case analysis (issue brief) assignments due in the latter
half of this seminar, i.e., after Week 7, will be weighted more heavily than those at the beginning.
COURSE CALENDAR
Week 1 — Friday, August 29, 2008
Topics:
Introduction, Framework for Strategic Analysis; Critical Thinking
Read:
Syllabus (handout)
Case:
“Robin Hood” (T&S&G Case 22: C-318) [RH] (also on Syllabus, pp. 19–20)
Participate and do:
Meet with study group partners; discuss Robin Hood [RH]: 8:00 – 9:00 a.m.
Class discussion of “Robin Hood”: 9:10–10:30 a.m.
Class cards and one-page résumé assignment (due next week)
Watch and listen:
Intro lecturette; Outro: Dead Poets' Society (video, in class)
Week 2 — Friday, September 5, 2008*
Topic I:
Assessing a Firm’s Financial & Cultural Health/Building Teams
Prepare:
“A Note on Ratio Analysis” (see Syllabus, pp. 21-26)
T&S&G, Ch. 1, “What Is Strategy and Why Is It Important?”
Your one-page résumé and class card (turn in both at the beginning of class)
Participate and do:
Study groups: Calculate financial ratios from Kalari Burns case.
Review financial ratio analysis & class discussion: 8:30–10:00 a.m.
Don’t forget:
*One-page résumé and class cards (with snapshot) are due!
Topic II:
Core Purpose & Values Exercises (see pp. 14–15)
Manager’s Toolkit Exercise (in class – see p. 19): 10:40–11:40 a.m.
Week 3 — Friday, September 12, 2008*
Topic I:
Crafting & Executing Strategy – Processes & Leadership
Prepare:
T&S&G, Ch. 2, “The Managerial Process of Crafting & Executing Strategy”
Case:
“Costco Wholesale Corporation” [COST]
(T&S&G, Case 1: C-01)
*Issue brief due from each student by 8:00 a.m.
Participate and do:
Study groups meet 8:00 – 9:00 a.m.
Class discussion of “Costco Wholesale Corporation”: 9:00–10:15 a.m.
Study questions for the COST case:
1. What grade would you assign to CEO Jim Sinegal as a leader? Justify your answer.
2. Evaluate Costco’s business model. Consider carefully the company’s mission, human resources
practices, business philosophy, and code of ethics. What has Costco done well? Which areas should
it focus upon for continual improvement?
3. Evaluate Costco’s financial performance over the 2003-2006 fiscal years. Calculate financial ratios
to support your evaluation. What stands out? What is in need of improvement?
4. What should Costco do now to maintain its leadership position in the membership warehouse retail
segment? How would you recommend that Sinegal proceed? Prioritize! What are the likely
consequences of your recommendation(s)?
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Week 4 — Friday, September 19, 2008
Topic:
Industry Analysis and Competitive Positioning
Prepare/Read:
Michael Porter’s “How Competitive Forces Shape Strategy” (website)
T&S&G, Ch. 3: “Evaluating a Company’s External Environment”
Case:
“Competition in the Bottled Water Industry in 2006” [BWI]
(T&S&G, Case 4: C-48)
Participate and do:
Study groups meet 8:00 – 9:00 a.m.
Class discussion of “Bottled Water Industry”: 9:10 – 11:40 a.m.
Study questions for the BWI case:
1. Is the bottled water industry attractive? How do you know? Justify your evaluation!
2. Perform a Porter “5 Forces” analysis of the bottled water industry. (T&S, pp. 54-74, and/or use the
Porter reading to guide your efforts). What do these 5 forces reveal about the opportunities for
profitability in the bottled water industry? Which are strongest? Weakest?
3. How would you characterize the competitive position(s) of each of the major bottled water
companies’ mentioned in the case? Which are strong? Which are not so strong? Why?
Week 5 — Friday, September 26, 2008*
Topic:
Situation Analysis: Internal Assessment
Prepare:
T&S&G, Ch. 4, “Evaluating A Company’s Resources and Competitive
Position”; “A Note on Conducting Situation Analysis” (download from
instructor website)
Case:
“Panera Bread Company.” [PAN] (T&S&G, Case 8: C-85)
Participate and do:
Study groups meet 8:00 – 9:00 a.m.
Class discussion of “Panera Bread”: 9:10 – 11:40 a.m.
*Issue brief due from each student by 8:00 a.m.
Study questions for the PAN case:
1. Describe the dominant business and economic characteristics of fast-casual segment of the restaurant
industry. Which of these characteristics stand out?
2. Describe Panera Bread’s competitive strategy. Is this strategy well suited to its industry situation? To
achieving management’s stated objectives, namely expanding the number of locations by 17%
annually through 2010 and achieving earnings per share growth of 25% annually?
3. Perform SWOT and financial ratio analyses for Panera Bread; what stands out as strengths or
weaknesses?
4. What recommendations would you make to Panera Bread’s management to improve the company's
performance and outdistance its closest rivals?
Week 6 — Friday, October 3, 2008
Topic:
Competitive Advantage; The Resource-Based View of Strategy
Prepare:
T&S&G, Ch. 5: “The Five Generic Competitive Strategies”
Case:
“Ryanair” [RYAN] (T&S&G, Case 28: C-389)
Participate and do:
Study groups meet 8:00 – 9:00 a.m.
Class discussion of “Ryanair”: 9:10 – 11:40 a.m.
Study questions for the RYAN case:
1. Which key forces are driving competitive rivalry in the global passenger airline industry?
2. How has RYANAIR chosen to compete in the airline industry? What is its generic strategy? Evaluate
its success in developing this generic strategy.
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3. Which challenges does RyanAir need to meet and overcome now to stay ahead of rival air carriers?
4. What recommendations would you make to CEO Michael O’Leary? Justify!
Week 7 — Friday, October 10, 2008
Topics:
Practicing Competitor Analysis: Entry Timing & Competitive Response
Read:
T&S&G, Ch. 6: “Supplementing the Chosen Competitive Strategy”
Case:
“Competition in Videogame Consoles” [COMP] (T&S&G, C-198)
Participate and do:
Study groups meet 8:00 – 9:00 a.m.
Class discussion of “Videogame”: 9:10 – 11:40 a.m.
Study questions for the COMP case:
1. What are the key characteristics of the videogame industry? Describe the economic factors and
driving forces, including Porter's 5 forces.
2. What does it take to be successful in this industry? List the Key Success Factors.
3. How important are product life cycles in this industry? What are some appropriate strategies to
support products in various stages of the life cycle (embryonic, growth, mature, decline)?
4. Describe Nintendo's generic strategy. What are the key elements of this strategy? Use SWOT and
financial ratio analyses to evaluate Nintendo's success in implementing this strategy to date.
6. Based on your answers to the above questions, what are some areas that Nintendo needs to address:
(a) immediately and (b) longer-term?
Week 8 — Friday, October 17, 2008
Topic:
How Should Firms Meet the Globalization Challenge?
Read:
T&S&G, Ch. 7, “Competing in Foreign Markets”
Case:
“Blue Nile Inc. – The World’s Largest Diamond Retailer” [BN] (T&S&G, Case
5: C-62)
Participate and do:
Study groups meet 8:00 – 9:00 a.m.
Class discussion of “Blue Nile”: 9:10 – 11:40 a.m.
Study questions for the BN case:
1. What are the dominant business and economic characteristics of the global diamond industry?
2. What does it take to become a world-class retailer in the global diamond industry?
3. Describe Blue Nile’s (BN's) competitive strategy in: (a) domestic (U.S.) and (b) international
markets. What offensive and defensive strategies has BN management utilized to increase its
competitive advantage in these markets?
4. Perform a financial ratio analysis for BN. Based on your analysis, how strongly is BN positioned?
5. What recommendations would you make to BN's CEO, Mark Vadon, to improve the company's
performance both domestically and in international markets?
Week 9 — Friday, October 24, 2008*
Topics:
Growth Strategies: Leading Change in Organizations
Prepare:
T&S&G, Ch. 8: “Tailoring Strategy to Fit Specific Situations”
Case:
“New Balance Athletic Shoe, Inc.” [NB] (T&S&G, Case 27: C-373)
Participate and do:
Study groups meet 8:00 – 9:00 a.m.
Class discussion of “New Balance”: 9:10 – 11:40 a.m..
*Issue brief due from each student by 8:00 a.m.
Study questions for the NB case:
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1. What are the key success factors for competing in the global athletic footwear industry?
2. Assess New Balance’s progress in creating and sustaining a competitive advantage. What are the
elements of its success to date? Where is greater attention needed in the future?
3. How would you advise Jim and Ann Davis, the owners of New Balance, to proceed?
Week 10— Friday, October 31, 2008
Topic:
Conducting Library Research (meet in Shultz 2050): 10:30 – 11:40 am
Rick Robison, Librarian
Participate and do:
Study groups meet 8:00 – 10:30 a.m. to prepare cases for presentations
beginning November 7th.
Week 11— Friday, November 7, 2008
Topic:
Implementing Strategy: Governance and Social Responsibility
Read/review:
T&S&G, Ch. 10: “Strategy, Ethics, and Social Responsibility”
Case:
“Smithfield Foods” [SF] (T&S&G, Case 31: C-429)
Participate and do:
Study groups meet 8:00 – 9:00 a.m.
Presentations (graded) by Teams 1&2 on “Smithfield Foods”: 9:10 – 11:40 a.m.
Study questions for the SF case:
1. What does it mean to be a socially responsible corporation?
2. What are the chief elements of Smithfield Foods’ strategy? How important is the vertical integration
component of the company’s strategy in eastern North Carolina?
3. Can Smithfield Foods’ strategy pass the test of moral scrutiny (as discussed in Chapters 1 and 10)?
Why or why not? Is it socially responsible for a company like Smithfield Foods to pursue a rapid
growth strategy when that strategy poses environmental problems and adversely affects living
conditions in the communities where it operates?
4. What is your assessment of Smithfield Foods’ environmental policy? What is your assessment
Smithfield Foods’ “Strategy for Responsible Growth” and “Code of Business Conduct”? Do you
think Smithfield is operating in accordance with these pronouncements?
5. What do you see as the potential implications of retaining or abandoning the vertical integration
strategy the company has used in eastern North Carolina, as Smithfield pursues growth and
expansion in other parts of the U.S. and the world?
Week 12— Friday, November 14, 2008
Topics:
Leadership, Stakeholders, and Corporate Governance
Read/review:
T&S&G, Chs. 11-13: “Strategy Execution, Operations, Culture, and Leadership”
Case: “Abercrombie & Fitch” [AF] (T&S&G, Case 26: C-357)
Participate and do:
Study groups meet 8:00 – 10:00 a.m.
Presentations (graded) by Teams 3&4 on “Abercrombie & Fitch”: 9:10 – 11:40
a.m.
Study questions for the AF case:
1. Describe some of the business issues that retailers like A&F have faced during (and since) beginning
of the twentieth century. To what extent have these issues changed in the last 100 years?
2. Should companies be free to hire employees who match the image their employer is trying to project?
3. Evaluate A&F's handling of relationships with its key stakeholders. Would you say that CEO
Michael Jeffries is doing a good job? Would you want to work for A&F?
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4. Identify the critical success factors in the retail industry. How does A&F's position stack up
compared to its rivals' positions?
5. Based on the above, what are the major priorities for A&F going forward?
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Week 13 — Friday, November 21, 2008*
Topic:
The Benefits and Limits of Diversification
Read/review:
T&S&G, Ch. 9: “Diversification: Strategies for Managing a Group of
Businesses”
Case:
“PepsiCo in 2007” [PEP] (T&S&G, Case 19: C-273)
Participate and do:
Study groups meet 8:00 – 9:00 a.m.
Presentations (graded) by Teams 5&6 on “PepsiCo”: 9:10 – 11:40 a.m.
*Issue brief due from each student by 8:00 a.m.
1. Assess the attractiveness of the consumer foods industry using Porter’s Five Forces and prioritize the
strengths, weaknesses, opportunities and threats for PepsiCo’s businesses.
2. Based on the T&S&G Ch. 9 reading and Michael Porter’s three tests for diversification (T&S&G, p.
270), is PepsiCo better off with its portfolio of businesses?
3. How would you recommend that PepsiCo’s CEO, Indra Nooyi, proceed? What actions would you
suggest that she take in order to implement your plan?
4. What lessons can we learn from this case about corporate diversification? What are some of the
preconditions for success in this area?
Week 14 — Friday, December 5, 2008
Topic:
Implementation and Review of Strategy Options
Read/review:
T&S&G, Chs. 1-13
Final Case: To be announced
Participate and do:
Teams join and work on Final Examination and Presentations
Watch and discuss:
Wrap-up lecture and tips for the final examination assignment!
Week 15 — Friday, December 12, 2008
Participate and do:
Team Final Presentations [Teams] – see schedule on p. 15.
Week 16 — Wednesday, December 17, 2008 @ 11:00 a.m.*
Participate and do:
Turn in Final Examination paper
Course Evaluations: attendance mandatory
*Team Final Examination Papers due
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SUGGESTED GUIDELINES FOR APPROACHING A CASE
In approaching a case, keep in mind that there is no single, right solution. Each case describes a
complex situation and there may be a number of equally valid analyses. Try to put yourself in the
place of the person who is facing the problem(s) and who is required to make decisions and act.
You may want to consider the following factors in your analysis. This list is far from complete,
but I hope it will be a helpful start.
1. What is the problem—or problems? You may want to list the problems and
prioritize them. Are the problems short-term, long-term, new to the organization,
chronic, etc.?
2. What is the time framework? How urgent is the situation?
3. What is the nature of the organization? Who are the key people involved? What
are the key relationships?
4. What industry, competitive, economic factors/trends are significant? How do they
influence the current situation? How do they influence future action?
5. What financial information is important (costs, cash flow, ratios, margins, etc.)?
How do these data impact your analysis and recommendation?
6. What are the significant marketing considerations? What is the product or
service? Who is your market? How do you price, promote, distribute?
7. What are the significant production/operational considerations? How and where
do you produce? Are the operations labor-intensive? capital-intensive? What
lead times are required?
8. What are the key human resource management issues? How do they impact on
your course of action, particularly in its implementation?
9. What business are you in? What is the organization’s strategy? Is it consistent
across functions? What are the risk of/potential rewards from retaining this
strategy?
After analyzing the case, generate as many solutions as you deem appropriate. Consider the
risks/tradeoffs involved in each alternative and then decide what you would do in the situation
and why. What is your plan of action? (be specific) How are you going to implement it? (be
specific) Be prepared to support your recommendations, but remain open to different, possibly
better ideas.
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TAKE-HOME FINAL EXAM: TIPS FOR DOING WELL
Suggested guidelines for preparing the written case analysis for the final examination:
Summary & Preview. Present a very brief overview of the managerial problem to be solved or
challenge to be mastered and what action(s) need to be taken. Consider the context in which a
decision needs to be made. Develop a situation analysis, consisting of a brief (4 to 5 sentence)
statement of the organization’s mission, generic and subsequent strategies, and present state of
affairs. Follow this with a statement of the recommendation that will be proposed. Front-load
your writing! Keep in mind that you are asked to take the perspective of the General Manager.
Industry/Environmental Analysis. Describe and analyze the major factors, characteristics, or
trends external to the organization that impact the strategic issues in question.
Organizational Characteristics. Summarize the strategy being pursued by the organization and its
resulting strengths and weaknesses in relation to its competitors and/or external environment.
Strategic Problems/Issues. As a result of the analyses in the two preceding sections, certain
significant potential opportunities and threats facing the organization should begin to emerge.
Reasonable Alternatives to Consider. From among the strategic issues identified in the preceding
section, develop a range of feasible strategies or plans of action. Show how alternative strategies
may be ranked across a risk-reward spectrum. What are the tradeoffs? Careful assessment of
proposed actions and potential outcomes lends credibility to your argument. Typically, the best
papers are those that do a superior job of generating/evaluating alternatives.
Identification and Implementation of Selected Strategy. The most desirable alternative from the
preceding section should be elaborated in sufficient detail to let your reader know what is to be
done and why. Explain the interdependencies among facets of the strategy and offer some
indication of the economic, competitive, and environmental consequences over time. What are
some of the issues to be addressed in implementing the proposed strategy? Consider feasibility,
cost, resource needs, timing, and fallback position(s).
Conclusion/Next Steps. Briefly summarize and re-state the central issues covered in your
analysis. Let your reader know what you expect to be done next to follow-up your analysis and
recommendations.
Supporting Calculations/Documentation. Prepare evidence to support the arguments you are
making. Exhibits such as tables, diagrams, charts, graphs, etc. should be numbered
consecutively, placed at the end of your paper, and explained in the body of your analysis.
Original (i.e., library) research and production of visual aids typically distinguish better from
mediocre papers. Caveat: avoid reproduction of published data, articles, web pages, etc. A
good rule of thumb is: do not use an exhibit unless it is the result of original thinking and
analysis (e.g., number-crunching, summation, or visualization).
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CLASS PARTICIPATION
As Woody Allen once quipped, “80% of life is just showing up!” Your contributions to case
dialogues will be evaluated on the basis of the following:
1. Your understanding and appreciation of case facts;
2. Your analysis of case data through the use of functional area techniques and general
management concepts in the readings; and
3. Your recommendations for management decision and action that arise from analysis.
Below is a checklist to help you evaluate and improve your effectiveness in class discussions:
___
Are you a good (active) listener? Are the points that you are making relevant to the
discussion? Are they linked to the comments of others? Are you willing to interact
with other class members?
___
Have you demonstrated an ability to suspend judgment?
___
Do you show an ability to ask good questions (inquire and reflect)?
___
Are you willing to challenge assumptions?
___
Do your comments add to our understanding of the situation?
___
Do your comments show evidence of analysis of the case (case preparation)?
___
Do you distinguish among different kinds of data such as facts, opinions, beliefs,
concepts, etc.?
___
Do you demonstrate a willingness to share knowledge?
___
Are you willing to test new ideas, or are all comments made “safe”? (An example
of a “safe” comment is repetition of case facts with no analysis or conclusions.)
___
Do your comments clarify and highlight the important aspects of earlier comments
and lead to a clearer statement of the concepts being covered?
My assessments of your participation will be made on the basis of your attendance and
preparedness for class, your responses to questions that arise in dialogues, as well as your
voluntary participation.
BUS 491 (02): F 8-11:40 a
Fall, 2008
Dr. Gilinsky/page 15
Core Purpose Exercise
I.
The “Empire’s DeathStar” game
Suppose you could sell your business to someone who would pay a price that everyone inside and
outside the company agrees is more than fair (even with a very generous set of assumptions about
the expected future cash flows of the company). Suppose further that this buyer would guarantee
stable employment for all your employees after the purchase—but with no guarantee that those
jobs would be in the same industry. Finally, suppose you were to learn that the buyer plans to
kill your company after the purchase: its products and/or services would be discontinued, its
operations would be shut down, its brand names would be shelved forever, etc. Your company
would utterly and completely cease to exist. Would you accept this offer? Why or why not?
What would be lost if your company were to cease to exist? Why is it important that your
company continue to exist?
II.
The “I Won the Lottery” game
You are a top-level manager in your organization. Suppose you woke up tomorrow morning and
discovered that you suddenly had enough money in the bank to retire—comfortably. Would you
nevertheless keep working for this organization? What deeper sense of purpose would motivate
you to continue to dedicate your precious time and creative energies to this company’s efforts?
BUS 491 (02): F 8-11:40 a
Fall, 2008
Dr. Gilinsky/page 16
OUR VALUES
The most important thing in life is to decide what is most important.
What should our organization, department, unit, or study group team stand for? What should be
the values by which we operate? Look over the list of values below. Circle any values that “jump
out” because of their importance to you. Then write your top three values, in order of importance,
below the list. Feel free to add values, if needed.
truth
efficiency
persistence
sincerity
resources
dependability
initiative
environmentalism
fun
relationships
trust
excellence
power
control
courage
competition
excitement
creativity
happiness
honor
wisdom
flexibility
perspective
commitment
recognition
learning
honesty
originality
teamwork
service
profitability
freedom
friendship
influence
justice
quality
innovation
sustainability
financial growth
community support
integrity
peace
loyalty
clarity
security
candor
prosperity
respect
fairness
order
spirituality
adventure
cooperation
humor
hard work
responsiveness
fulfillment
purposefulness
strength
self-control
cleverness
success
stewardship
love
collaboration
support
1. ____________________________________________________________________________
2. ____________________________________________________________________________
3. ____________________________________________________________________________
Source: K. Blanchard & M. O’Connor (1997), Managing by Values, San Francisco: Berrett-Kohler, p. 112.
BUS 491 (02): F 8-11:40 a
Fall, 2008
Dr. Gilinsky/page 17
FINAL EXAMINATION
CASE:
TBA [Value = 40% of course grade, 20% for your
team’s case presentation + 20% for the team paper]
READINGS:
Review Thompson, Strickland & Gamble text (all)
TEAM CASE PRESENTATIONS:
Friday, December 12, 2008 in class.
Please see schedule below.
WRITTEN ANALYSIS DUE:
Wednesday, December 17, 2008, in class @11:00 a.m.
(Late papers will be lowered one full grade for each day
overdue)
FORMAT:
Review Syllabus: Case Analysis Guidelines
Study group teams will be assigned a case to be announced. Teams should prepare a 20-minute
presentation of the case and a 5-page paper addressing the following questions. Each presentation should
allow for additional 10 minutes of Q&A. Be polished and professional: external judges may be present!
1. Describe this company’s strategy in the last 5 years. [33%]
2. Evaluate this strategy, in the context of the competitive pressures the business faces. Conduct
financial ratio analysis. Perform an industry and competitor analysis. To do these analyses, you may
need to conduct some primary or secondary research. [33%]
3. How would you advise the CEO and her/his team to proceed? Prepare an action plan for this
company. Generate and evaluate long-range strategic alternatives against a stated set of goals and
objectives. Show your financial forecasts and underlying assumptions behind those forecasts.
Discuss how the chosen alternative should be implemented. [33%]
Recommendation: outline your answers prior to writing. Do not spend time regurgitating case facts or
photocopying exhibits from published or electronic sources. All work must be original. In grading the
examination, my emphasis will be on analysis, formulation and implementation of competitive strategy.
Front-load your writing! Your written analysis should not exceed five (5) typed, double-spaced, 8 1/2 x
11 pages, exclusive of exhibits. No cover pages or binders, please. Please type your name, the title, and
the page number in the upper right-hand corner of each page. Cite primary and secondary research
sources in standard bibliographic format. Exhibits and endnotes should be numbered consecutively (i.e.,
1, 2, 3,…) and presented at the end of your paper; be sure to refer to them in the body of your analysis.
Submit your case analysis on December 17th in hard copy format only. Keep a copy of your paper for
yourself, as your originals will not be returned to you. Course grades may be requested via e-mail. Be
present and prepared to question other presenters on December 12th. Attendance will be taken both
days.
8:05 a.m.
Team 6
8:40
Team 4
9:25
Team 5
10:00
Team 2
10:35
Team 1
11:10
Team 3
BUS 491 (02): F 8-11:40 a
Fall, 2008
Dr. Gilinsky/page 18
TEAM PRESENTATIONS
Teams should prepare a 20-minute presentation of the assigned case covering the topics below. Each
team should prepare for an additional 10 minutes of Q&A.
1. Identify the decision facing this organization; clearly state your recommended solution and why.
2. Perform an analysis of the company’s internal situation and external environment, including industry
& competitors. Caution: some analytical tools may be more appropriate than others.
3. Substantiate your analysis with facts and data from the case. Answer the “So what?” question.
4. Develop alternative solutions, in the context of the competitive pressures the organization faces.
5. Prepare an action plan for this organization.
6. Generate, list, and evaluate short- and long-range strategic alternatives.
7. Show clearly why your recommendation is superior to other alternatives.
8. Discuss how the chosen alternative should be implemented and if it is feasible.
9. Create a timeline and implementation plan.
10. Show evidence of professionalism, polish, teamwork, and clarity.
11. Prepare appealing visual aids, handouts and vocal techniques that support your presentation. NOTE:
put your team number, team members’ names, and the presentation date in the upper-right hand
corner of any handouts you create.
12. Involve each member of the team in the presentation and Q&A session.
NOTE: TEAMS MUST BE PUNCTUAL.
BUS 491 (02): F 8-11:40 a
Fall, 2008
Dr. Gilinsky/page 19
BUS 491— Seminar in Strategic Management
Sheet
Team Presentation Score
REVIEWER’S NAME _________________________________
TEAM NUMBER _____________________________________
DATE:
[Key: 0 = Marginal; 1 = Satisfactory; 2= Superior]
[Comments]
PROBLEM IDENTIFICATION
Specified problem and solution
0
1
2
Depth of understanding of issues
0
1
2
Logical call to action
0
1
2
ANALYSIS
Internal assessment & financial analysis
0
1
2
External and competitive assessment
0
1
2
Factual support and relevance
0
1
2
RECOMMENDATIONS
Reasonable range of alternatives
0
1
2
Appropriateness of alternatives
0
1
2
Risks & contingencies clearly identified
0
1
2
Implementation timeline
0
1
2
Feasibility in terms of know-how, time, cost
0
1
2
TEAMWORK & PRESENTATION
Visual aids, sharing of workload, clarity,
effectiveness in Q&A
_____________________
Marginal = 0
Satisfactory = 1
Superior = 2
Total (0-6)
---------------------------------
Total (0-6)
---------------------------------
Total (0-10)
---------------------------------
Total (0-2)
---------------------------------
TOTAL POINTS
-------------------------------
BUS 491 (02): F 8-11:40 a
Fall, 2008
Dr. Gilinsky/page 20
NOTE: Total possible points = 24 points. A = 20–24 pts., B = 16–19 pts., C = 12–15 pts., D = 9–11 pts., F = < 9 pts.
BUS 491 (02): F 8-11:40 a
Fall, 2008
Dr. Gilinsky/page 21
MANAGER’S TOOLKIT EXERCISE
1. Note functional area to which you have been assigned. Join your team!
DO:
Review core course(s) in your functional area.
FOLLOW-ON:
Identify spokesperson (*) & choose recorder.
2. Write a “Table of Contents” for a textbook in your functional area.
DO:
Put on overheads.
FOLLOW-ON:
Use lists, headings, subheadings & bullet points
3. Get to know members of your team. Note individuals’ strengths and
deficiencies. What would you look for in an ideal study group partner?
DO:
Prepare 10-minute presentation.
FOLLOW-ON:
How would you advise us to review this material?
4. [45 minutes] Present your team members and Table of Contents to class
DO:
Review team members’ résumés, strengths &
deficiencies.
Define terms used in your presentation.
5. Audience: what were the strengths and deficiencies of this team’s
presentation?
DO:
What advice would you offer for improvement?
BUS 491 (02): F 8-11:40 a
Fall, 2008
Dr. Gilinsky/page 22
Robin Hood - A Mini Case Study
Joseph Lampel, New York University
It was the spring of the second year of his insurrection against the High Sheriff of Nottingham
that Robin Hood took a walk in Sherwood Forest. As he walked he pondered the
progress of the campaign, the disposition of his forces, the Sheriff's recent moves,
and the options that confronted him.
The revolt against the Sheriff had begun as a personal crusade. It erupted out of
Robin's conflict with the Sheriff and his administration. However, alone Robin
Hood could do little. He therefore sought allies, men with grievances and a deep
sense of justice. Later he welcomed all who came, asking few questions, and
demanding only a willingness to serve. Strength, he believed, lay in numbers.
He spent the first year forging the group into a disciplined band, united in enmity against the
Sheriff, and willing to live outside the law. The band's organization was simple. Robin ruled
supreme, making all-important decisions. He delegated specific tasks to his lieutenants. Will
Scarlett was in charge of intelligence and scouting. His main job was to shadow the Sheriff and
his men, always alert to their next move. He also collected information on the travel plans of rich
merchants and tax collectors. Little John kept discipline among the men, and saw to it that their
archery was at the high peak that their profession demanded. Scarlock took care of the finances,
converting loot to cash, paying shares of the take, and finding suitable hiding places for the
surplus. Finally, Much the Miller's son had the difficult task of provisioning the ever-increasing
band of Merrymen.
The increasing size of the band was a source of satisfaction for Robin, but also a source of
concern. The fame of his Merrymen was spreading, and new recruits poured in from every corner
of England. As the band grew larger, their small bivouac became a major encampment. Between
raids the men milled about, talking and playing games. Vigilance was in decline, and discipline
was becoming harder to enforce. 'Why', Robin reflected, 'I don't know half the men I run into
these days.'
The growing band was also beginning to exceed the food capacity of the forest. Game was
becoming scarce, and supplies had to be obtained from outlying villages. The cost of buying food
was beginning to drain the band's financial reserves at the very moment when revenues were in
decline. Travellers, especially those with the most to lose, were now giving the forest a wide
berth. This was costly and inconvenient to them, but it was preferable to having all their goods
confiscated.
Robin believed that the time had come for the Merrymen to change their policy of outright
confiscation of goods to one of a fixed transit tax. His lieutenants strongly resisted this idea.
They were proud of the Merrymen's famous motto: 'Rob from the rich and give to the poor.' 'The
farmers and the townspeople,' they argued, 'are our most important allies. How can we tax them,
and still hope for their help in our fight against the Sheriff?'
Robin wondered how long the Merrymen could keep to the ways and methods of their early days.
The Sheriff was growing stronger and becoming better organized. He now had the money and the
men, and was beginning to harass the band, probing for its weaknesses. The tide of events was
beginning to turn against the Merrymen. Robin felt that the campaign must be decisively
BUS 491 (02): F 8-11:40 a
Fall, 2008
Dr. Gilinsky/page 23
concluded before the Sheriff had a chance to deliver a mortal blow. 'But how,' he wondered,
'could this be done?'
Robin had often entertained the possibility of killing the Sheriff, but the chances for this seemed
increasingly remote. Besides, killing the Sheriff might satisfy his personal thirst for revenge, but
it would not improve the situation. Robin had hoped that the perpetual state of unrest, and the
Sheriff's failure to collect taxes, would lead to his removal from office. Instead, the Sheriff used
his political connections to obtain reinforcement. He had powerful friends at court, and was well
regarded by the regent, Prince John.
Prince John was vicious and volatile. He was consumed by his unpopularity among the people,
who wanted the imprisoned King Richard back. He also lived in constant fear of the barons, who
had first given him the regency, but were now beginning to dispute his claim to the throne.
Several of these barons had set out to collect the ransom that would release King Richard the
Lionheart from his jail in Austria. Robin was invited to join the conspiracy in return for future
amnesty. It was a dangerous proposition. Provincial banditry was one thing, court intrigue
another. Prince John had spies everywhere and he was know for his vindictiveness. If the
conspirators' plan failed, the pursuit would be relentless, and retribution swift.
The sound of the supper horn startled Robin from his thoughts. There was the smell of roasting
venison in the air. Nothing was resolved or settled. Robin headed for camp promising himself
that he would give these problems his utmost attention after tomorrow's raid.
© Joseph Lampel 1991
1.
2.
3.
4.
5.
Study Questions
What is the key decision that Robin has to make now?
What is he trying to accomplish?
How would you rate his performance as entrepreneur/strategist? What is he doing well?
Not so well?
What options are available to him now?
What do we learn from this case study about strategy?
BUS s491
Summer, 2008
Dr. Gilinsky/page 24
A NOTE ON ASSESSING THE FINANCIAL HEALTH OF THE FIRM –
THE CASE OF KALARI BURNS, INC.
How do we assess the financial health of the firm? Let’s take a look at Kalari Burns, a company that
makes diet plans, as an example. Kalari Burns competes with Jenny Craig and Weight Watchers.
•
•
•
•
•
Key issue in assessing the long-term financial health of a firm is whether or not the corporate system
of goals, product-market strategies, investment requirements, and financing capabilities are in
balance.
Also depends on the perspective of the person asking the question.
Has the condition of the company changed over the four-year period? How?
What changes are most significant, as indicated by financial ratios?
What is the context in which these changes took place?
A. Steps:
1. Look at Kalari Burns’ financial statements [see Exhibit 1]
2. Calculate ratios:
—Profitability
—Activity
—Leverage
—Liquidity
B. Profitability ratios—How profitable is the company?
• Profit after tax as a % of sales (ROS)
• Operating profits as a % of total assets (ROA or ROI)
• Profit after tax as a % of equity (ROE)
One measure of a business’s profitability is its “profit as a percentage of sales” as determined
by the profitability ratio equation:
profit after taxes
net sales
The information necessary to determine a company’s profits as a percentage of sales can be
found in the company’s
.
1. Kalari Burns’ profit as a percentage of sales for 2004 (see Exhibit 1) was $
divided by $
or
%.
2. This represented an ( ) increase or ( ) decrease from
% in 2000.
3. The improvement in profitability resulted from an ( ) increase or ( ) decrease in cost of
goods sold as a percentage of sales and from an ( ) increase or ( ) decrease in operating
expenses as a percentage of sales. The only adverse factor(s) was/were the increase(s) in
the
.
4. Management and investors often are more interested in the return earned on the funds
invested than in the level of profits as a percentage of sales. Companies operating in
businesses (e.g, computer software, service bureaus, employment agencies) requiring
very little investment in assets often have low profit margins but earn very attractive
returns on invested funds. Conversely, there are numerous examples of companies in
BUS 491 (02): F 8-11:40 a
Fall, 2008
Dr. Gilinsky/page 25
very capital-intensive businesses that earn miserably low returns on invested funds,
despite seemingly attractive profit margins (e.g., public utilities, telecommunications
companies).
Therefore, it is useful to examine both the level and the trend of the company’s
operating profits as a percentage of total assets (ROA aka ROI). To increase the
comparability across companies within the same industry, it is useful to use profits
before taxes and before any interest charges (earnings before interest and taxes or EBIT).
This allows the analyst to focus on the profitability of operations without any distortion
due to tax factors and/or the method by which the company has financed itself.
Kalari Burns had a total of $
invested in assets at year-end 2004 and
earned (before interest and taxes)$
during 2000. Its operating
profit (as a percentage of total assets) is calculated as follows:
profit before taxes + interest charges
total assets
In 2004 this figure was
from
% in 2000.
%, which represented an ( ) increase or ( ) decrease
5. From the viewpoint of the shareholders, as equally important figure is the company’s
return on equity (ROE). Return on equity is calculated by dividing profit after tax by the
owner’s equity:
profit after taxes
owners’ equity
It indicates how profitably the company is utilizing shareholders’ invested funds.
Kalari Burns had a total of $
of owners’ equity at year-end 2004 and
earned (after taxes)$
during 2004. Its ROE was
%,
which represented an ( ) improvement or ( ) deterioration from
% earned in 2000.
C. Activity ratios—Are there any hidden problems?
The second basic type of financial ratio is the activity ratio. Activity ratios indicate how
well a company employs its assets. Ineffective utilization of assets results in the need for
more finance, unnecessary interest costs, and a correspondingly lower return on capital
employed. Furthermore, low activity ratios and/or a deterioration in the activity ratios may
indicate uncollectible accounts receivable or obsolete inventory and equipment.
“Total asset turnover” measures the company's effectiveness in utilizing its total assets
and is calculated by dividing total assets into sales:
net sales
total assets
As with any other ratio, caution must be exercised due to timing and basis of sales (cash v
credit) and valuation of assets (e.g., age and collectability of accounts receivable, LIFO v
FIFO inventories, method of depreciation used to value net fixed assets, etc.).
1. Total asset turnover for Kalari Burns in 2004 can be calculated by dividing
BUS 491 (02): F 8-11:40 a
Fall, 2008
$
deteriorated from
Dr. Gilinsky/page 26
into $
times in 2000.
. The turnover ( ) improved or ( )
2. Since the use of total assets may mask important changes in one of the specific asset
categories, it may be useful to examine the turnover ratios for each type of asset. Exhibit
2 gives some examples:
•
•
•
average collection period (days)
inventory turnover (times)
fixed asset turnover (times)
3. So far, we have discussed three measures of profitability: they are
(1)
(2)
(3)
and
.
We have also discussed four activity ratios which measure the effectiveness with which
the company is using its assets: they are:
(1)
(2)
(3)
and
(4)
.
4. The improvement in Kalari Burns’ operating profits as a percentage of total assets
between 2000 and 2004 was primarily due to:
(1)
(2)
(3)
(4)
and
.
D. Leverage ratios—How soundly is the company financed?
The third basic type of financial ratio is the leverage ratio. The various leverage ratios
presented in Exhibit 2 measure the relationship of funds supplied by creditors and the funds
supplied by owners. The use of borrowed funds by profitable companies will improve the
return on equity. However, it also increases the riskiness of the business and, if used in
excessive amounts, can lead to default or liquidation.
1. The improvement in Kalari Burns’ profitability, as measured by its return on equity,
from 5.8% in 2000 to 16% in 2004, resulted from the combined impact of
,
and
.
2. The financial riskiness of Kalari Burns ( ) increased or ( ) decreased between 2000 and
2004.
BUS 491 (02): F 8-11:40 a
Fall, 2008
Dr. Gilinsky/page 27
E. Liquidity ratios—Is the company able to meet current obligations as they become due?
The fourth basic type of financial ratio is the liquidity ratio (see Exhibit 2). These ratios
assume that, if the company is struck by adversity, current assets are much more readily and
assuredly convertible into cash than fixed assets. They also enable the financial manager to
consider and project the amount of working capital (short-term financing) needed to pay
next year’s (or even next month’s) bills. The current ratio—dividing current assets by
current liabilities—relates these fairly liquid assets to the claims that are due within one
year—the current liabilities. The quick ratio (or “acid test”) is similar to the current ratio but
excludes inventories from the current assets because it is assumed that they often are difficult
to convert into cash, particularly if inventories are comprised mainly of work-in-progress
rather than resalable raw materials or finished goods.
Remember…
Not enough to crunch numbers
Also need to look beyond numbers, see what they mean
How does this company’s financial performance stack up against other firms in the diet plan industry?
Study Questions
1. How was Kalari Burns doing in 2004, relative to 2000?
2. Is this a financially well-managed company? How do we know?
3. Where do you see areas of strength? weakness?
4. What contextual factors might influence your analysis?
BUS 491 (02): F 8-11:40 a
Fall, 2008
Dr. Gilinsky/page 28
Exhibit 1— Kalari Burns, Inc., Income Statements and Balance Sheets: 2000 and 2004
All numbers in $000
Ending Dec. 31
Net sales
Cost of goods sold
Gross profit
Operating expenses (exc. depreciation)
Depreciation
Interest expenses
Income before taxes
Federal income taxes
Net Income
Consolidated Income Statements
2000
2004
$44,991
$70,100
23,715
33,504
$21,276
$36,596
17,508
26,208
1,570
2,030
1,041
1,418
$1,157
$6,940
82
3,200
$1,075
$3,740
Consolidated Balance Sheets
2000
2004
At Dec. 31
Assets
Cash
Accounts receivable
Inventories
Total current assets
Net fixed assets
Total assets
Liabilities and Stockholders' Equity
Notes payable—banks
Accounts payable
Accrued expenses and taxes
Total current liabilities
Long-term debt
Stockholders' equity
Total liabilities and stockholders' equity
$639
11,936
14,672
$27,247
6,518
$33,765
$1,079
18,145
24,162
$43,386
7,706
$51,092
$8,480
2,154
1,660
$12,294
3,088
18,383
$33,765
$2,719
6,528
7,482
$16,729
11,230
23,133
$51,092
BUS 491 (02): F 8-11:40 a
Fall, 2008
Dr. Gilinsky/page 29
Exhibit 2 — Kalari Burns, Inc., Financial Ratio Analysis: 2000 and 2004
Formula
I. Profitability
Return on Sales
Profit after taxes/
Net sales
Return on Assets
Profit bef. taxes +
Interest charges/
Total assets
Return on Equity
Profit after taxes/
Owners' equity
Total asset turnover (x)
Net sales/
Total assets
Average collection period, days
Accounts
receivable/
Net sales/365 days
Inventory turnover (x)
Cost of goods
sold/
Inventories
Fixed asset turnover (x)
Net sales/
Net fixed assets
II. Activity
III. Leverage
Debt:Assets
Total debt/ Total
assets
Debt:Equity
Total debt/
Shareholders'
equity
Long-term debt:Equity
Long-term debt/
Shareholders'
equity
Times interest earned (x)
Earnings before
interest and taxes/
Interest charges
IV. Liquidity
Current ratio (x)
Current assets/
Current liabilities
Quick ratio (x)
Current assets –
Inventories/
Current liabilities
V. Compound Annual Growth Rates (CAGR)
4 yrs. CAGR, Sales
4 yrs. CAGR, Net Income
Total Assets
2000
2004
Remarks
BUS 491 (02): F 8-11:40 a
Fall, 2008
Dr. Gilinsky/page 30
Bullshit Bingo
Do you keep falling asleep in meetings and seminars? What about those long and
boring conference calls? Here is a way to change all of that!
How to play: Check off each block when you hear these words during a meeting, seminar, or phone call.
When you get five blocks horizontally, vertically, or diagonally, stand up and shout BULLSHIT!!
Synergy
Strategic Fit
Core
Competencies
Best Practice
Bottom Line
Revisit
Take That
Offline
24/7
Out of the
Loop
Benchmark
Value-Added
Proactive
Win-Win
Think Outside
the Box
Fast Track
Empower
[or]
Knowledge
Base
At the End of
the Day
Touch Base
“C” Level
Game Plan
Leverage
I’ll Get Back
to You
Going
Forward
Empowerment
Ball Park
Testimonials from satisfied players:
“I had only been in the meeting for five minutes when I won.” -Jack W. - Boston
“My attention span at meetings has improved dramatically.” -David D. - Florida
“What a gas. Meetings will never be the same for me after my first win.” -Bill R - New York City
“The atmosphere was tense in the last process meeting as 14 of us waited for the 5th box.” -Ben G. Denver
“The speaker was stunned as eight of us screamed 'Bullshit' for the third time in 2 hours.” - Kathleen L. Atlanta