Indhold
Introduction………………………………………………………………………………………………….2
Problem formulation ..................................................................................................................... 2
Sub questions:............................................................................................................................. 2
Method ........................................................................................................................................... 2
Theory............................................................................................................................................ 3
Value Chain ............................................................................................................................. 3
PEEST analysis ....................................................................................................................... 4
SWOT analysis ........................................................................................................................ 4
Ansoff’s growth strategies ........................................................................................................ 5
Analysis ......................................................................................................................................... 5
Value Chain and Business Environment Analyses ...................................................................... 5
Micro environment ....................................................................................................................... 6
Competitors ............................................................................................................................. 6
Suppliers .................................................................................................................................. 7
Starbucks’ Generic Strategy ........................................................................................................ 7
What are entry modes? ............................................................................................................... 7
PEEST analysis........................................................................................................................... 8
SWOT analysis.......................................................................................................................... 11
Discussion of method............................................................................................................. 13
Strategies .................................................................................................................................... 13
Starbuck’s growth strategies...................................................................................................... 13
Entry modes .............................................................................................................................. 14
Wholly-owned direct investments ........................................................................................... 14
Franchising ............................................................................................................................ 14
Joint venture .......................................................................................................................... 15
Licenses ................................................................................................................................ 15
Conclusion .................................................................................................................................. 15
Reflection .................................................................................................................................... 16
Litterature: ................................................................................................................................... 17
1
Introductory presentation
In 1971, Jerry Baldwin, Zev Siegl and Gordon Bowker founded Starbucks at the Pike Place Market
in Seattle, Washington D.C. Their mission was to sell high quality coffee beans to the public. In
1982, Howard Schultz joins Starbucks as director of retail operations and marketing, and he would
proceed to become one of the most influential individuals to work for Starbucks.
In 1987 Starbucks began to expand internationally. They opened their first store in Vancouver,
Canada. After this they began to expand in Asia and the Pacific where stores opened in Japan,
Malaysia, Thailand, China and New Zealand just to name a few, and by the entry to the new
millennium they had more than 3,500 stores worldwide.
From there, the expansion reached Europe and within the next 10 years Starbucks had a store in
19 different European countries. However Starbucks hasn’t yet seized the Danish coffee market.
They sell their coffee through 7Eleven, DSB and Føtex but haven’t opened any stores yet. This
assignment investigates the reason for this entry mode on the Danish market and the strategies
that Starbucks follows when entering new markets.
Problem formulation
"What strategies does Starbucks use when entering new markets and would it be favorable
for the Starbucks concept to enter the Danish market?"
Sub questions:
1. Who is Starbucks and how do they operate?
2. What factors affect Starbucks' existence on the Danish market and how attractive is the
market?
3. What is Starbucks' entry mode for the Danish market?
4. How did Starbucks enter the Chinese and the Indian market?
Method
The execution of this assignment involves several subjects such as Micro Economics, Supply
Chain Management and Human Resource, but the emphasis will be placed on Marketing. To
answer the first sub question we are going to create a value chain that seeks to explain the
2
corporate environment at Starbucks. Then we’re going to analyze the micro environment and
create a PEEST and a SWOT analysis in order to find the factors that affect Starbucks and to
determine the attractiveness of the Danish market. To answer sub questions 3 and 4 we will use
Ansoff’s growth strategies and theory on entry modes to explain the strategies Starbucks use to
enter different markets.
We have chosen to focus on Denmark because we think it’s interesting that Starbucks exists in so
many European countries, but haven’t yet entered the Danish market. Since the only Starbucks
store in Denmark is located on international ground, we have decided to view Starbucks as absent
on the Danish market.
Our reasons for choosing the Indian and the Chinese market are that these markets are fast
growing and because coffee hasn’t always been an integrated part of their culture.
Theory
Value Chain
Michael Porter’s value chain is useful when analyzing the elements in the transformation process.
Porter’s value chain consists of primary and support activities. The basic value chain which consist
of the primary activities will often be very relevant when dealing with a production company, while
the support activities is crucial to a service company.
3
The purpose of making a value chain is to find the company’s core competences and the
differentiation compared to its competitors. The value chain is an analysis of the departments in a
company and its purpose is to find out where the value to the end-user is gained.
PEEST analysis
When a company want’s to expand to a new country it’s essential for them to know the different
factors that can influence their existence on the market. The PEST analysis focuses on the macro
environment which signifies the forces a company is not able to control. These forces are political,
economic, social and technological. However the latest focus on environmental forces has added
and extra E to the analysis and the PEST becomes a PEEST analysis. It is also in the pest
analysis we find the O and T to use in the SWOT.
Some are critical about the PEEST analysis because it doesn’t include competitors, suppliers or
the company’s platform as these have a lot to say about a market’s attractiveness for a company.
The PEEST analysis only concentrates on the macro environment and won’t be sufficient enough
when deciding the attractiveness for the Danish coffee market. This is why we have decided to do
a value chain to do SWOT analysis in order to cover the microenvironment as well.
SWOT analysis
The SWOT analysis has received some criticism because people tend to forget to prioritize the
elements in their SWOT analysis. For example, a weak opportunity shouldn’t outweigh a strong
threat. Also, it can be harder to see the weaknesses for someone inside the company and this can
lead to a one-sided analysis. We need to keep this in mind when making the analysis.
Porter and Lawler’s expectancy model1
This is a model illustrating a process theory that explains how different personal factors influence
human behavior. In other words it is about the process of the motivation. If a marketing assistant
wants to be promoted, then this wish for promotion is his valence and this valence will affect the
effort he puts into his work. The effort is ruled by the worker’s abilities, traits and his own
perception of his role in the company. His effort leads to the performance that the marketing
assistant expects will give him his promotion. Porter and Lawler’s theory involves two kinds of
reward, intrinsic and extrinsic. “Intrinsic rewards are intangible and include a sense of
1
Brooks, p.85, fig. 4.2
4
achievement, or advancement, of recognition and enhanced responsibility, whereas extrinsic
rewards are more tangible and include pay and working conditions”2.
Ansoff’s growth strategies
The model below shows the four different growth strategies. Market penetration is when you
market existing products on the present market, whereas market development is marketing
existing products on new markets. When marketing new products in the present market it’s called
product development, and diversification is when you market new products in new markets.
Existing products
New Products
“old”/”current”
Present Market
New Market
Market Penetration
Product Development, R&D
Market development
Diversification
Analysis
Value Chain and Business Environment Analyses
Starbucks creates huge value to the customers in the Research & Development department.
Starbucks has employed food scientists, engineers, chemists and culinary experts in the Research
& Development department to develop the best products. Choosing the right suppliers are very
important, because the good coffee is the reason why people come to Starbucks. The R&D
department is sometimes found in the support activity technology department.
The Production department is also a place where value is gained because it is here Starbucks
excels in their differentiation from its competitors.
Back in time the coffee in Starbucks’ cafés was handmade. When talking about Starbucks, which is
in the service business, we can connect the production to the 3 of the 7 P’s, namely people,
physical evidence and process. It is exactly why the customers come to Starbucks – to drink the
handmade coffee – the production and the consumption takes place at the same time. So it is the
2
Ibid, p.85, ll.10-12
5
process that makes Starbucks unique and special. The way the cafés are furnished and the
cleanliness means a lot to the customers as well.
The Sales and Marketing department is creating value to the end user, because it is here the brand
is created. It is this department that “informs” the customer about the new initiatives in Starbucks
concerning product development. The sales and marketing department is also the one that
promotes Starbucks’ environmental statements.
Production, sales and marketing is important value adding activities, because Starbucks is a
service company the support activities is in general where Starbucks’ most important value
generation is done. The Human resources management is very important in a service business for
various reasons. One of them is the employee motivation. An unsatisfied employee will lack
motivation and cheerfulness and thus affect the customer’s experience. This could be because
they don’t receive extrinsic and/or intrinsic rewards. Starbucks values it employees and focuses on
educating them. Howard Shultz introduced motivational competitions for the employees. An
example is: The employee who sells most coffee beans in the stores wins an Ipod touch and a
coffee tasting session with Howard Schultz himself.
3
The infrastructure, organization and culture,
are all highly value generating activities. The flat structure of the organization means that
employees can come up with new ideas and easily contact the management. The employees at
Starbucks are passionate about their jobs and work hard to make Starbucks achieve the best
results. The procurement department is also very important in the Starbucks’ SCM. Here the
communication between the supplier and the purchase department is very important, because it is
crucial that the raw materials are in the stores when servicing costumers. The commutation in
Starbucks procurement department has the potential of being even more sufficient because they
have used backwards vertical integration and thereby acquired most of their suppliers.
Micro environment
Competitors
The Starbucks concept is not on the Danish market yet, but if they entered the market it would be a
red ocean market, a competitive market. Starbucks would face competition from coffee chains that
already exist on the Danish market like Baresso and also the threat of new entrants like Nero
Coffee, McCafé, Pret A Manger or Costa coffee.
3
http://www.seattlepi.com/business/article/Starbucks-workers-get-a-challenge-Sell-most1263524.php
6
Suppliers
Starbucks has a programme called “the Starbucks coffee supplier accreditation
programme”. Starbucks has set this programme up to ensure that the suppliers meet
Starbucks’ standards for coffee beans. At the same time the accreditation programme
ensures that the working conditions are well and the individual supplier is responsible to
the environment and community.
Starbucks’ Generic Strategy
Generic strategies are closely connected to the value chain. The generic strategy used by
Starbucks is decided by competitive advantage and the size of their target group. In the table
below we see the different types of generic strategies.
Competitive Advantages
Low cost
Unique design/products
Broad/huge target group
Overall Cost Leadership
Differentiation
Narrow/small target group
Cost Focus
Differentiation Focus
(Niching Strategies)
Starbucks has a relatively large target group in the way that Starbucks is present all over the world
today. Many people come to Starbucks to relax and have a good time. Others come to buy their
coffee on their way to work. Compared to Starbucks’ competitors, Starbucks’ production and
consumption takes place at the same time. For example, McDonald’s only has a coffee machine to
make its coffee. So Starbucks e.g. differentiate from its competitors in the way of producing coffee.
This means that the generic strategy at Starbucks is differentiation.
What are entry modes?
An entry mode is the self-made opportunity for a company to expand to a new market with their
products, services, technologies or whatever they might be offering.The kind of entry mode a
company decides to choose arise from their set of goals for the new market and the strategy which
they have decided to expand by.
There are six different entry modes, franchising, joint venture, licensing, indirect exporting, direct
exporting and wholly-owned direct investment. All six are quite different and offers both
7
advantages and disadvantages for the company. Therefore it is rather important that the right type
of entry mode is chosen.
For companies like Starbucks either joint venture, licensing, franchising and wholly-owned direct
investments would be the ideal choice of entry mode, and these have already been used by many
different companies in many different countries.
PEEST analysis
The table below shows the different influences on the Danish market that will have an impact on
Starbucks:
Political forces
Taxes on sugar and fat
Sharp control in the food business
High corporate taxes
Economic forces
Recession
High wages
Low interest rates
Environmental forces
Denmark is very focused on the environment
Ecological trend
Social-cultural forces
A small country with small cities
8
Anti-Americanism
Trend to buy at places that treat their employees well
Café culture
Technological forces
New technology
Wireless network
Political forces
Looking at the political forces that would affect Starbucks if they decided to enter the Danish
market, it is clear that taxes will provide the biggest influence. The Danish government has just
issued a new budget where they will put taxes on sugar and fat. They are also going to index
goods that have not yet been indexed, which means that Denmark can expect taxes on goods like
tea and coffee in the future4. This is very relevant for Starbucks to take in to account, since they
offer tea, coffee and cakes. There are not a lot of substitutes to tea and coffee, which makes the
demand for them inelastic. This means that a change in price will only cause a small change in
demand and Starbucks will not experience a major difference in the sales.5 With the taxes on
sugar and fat, the government targets unhealthy foods, like the cakes Starbucks sell as an
accompaniment to their coffee. On one hand there are not a lot of substitutes to sugar and fat in
cakes, which will make the demand inelastic. On the other hand you could say that there are a lot
of substitutes to cakes and unhealthy food, like fruit for example and this would mean that the
demand is elastic. In this case it will be hard to determine if the taxes will cause a small or a big
change in the demand, and thereby hard for Starbucks to decide what would be the most
profitable, to sell healthy food only or to stick with the cakes. This depends on how much the prices
will rise.
Also the high corporate tax rate of 25%6 of a company’s profit could make it less attractive for
Starbucks to enter the Danish market. Especially since the government has decided to increase
4
http://www.pwc.dk/da_DK/dk/nyt/skat/assets/finanslov-2012.pdf
5
Sloman & Wride,2009, p. 78
6 http://www.skm.dk/tal_statistik/satser_og_beloeb/368.html
9
the focus on multinational companies that move their profit to other countries in order to avoid
these taxes.
Another factor that can influence Starbucks existence in Denmark is the surveillance from the food
administration. If Starbucks doesn’t live up to the Danish standards they can risk having to close
their stores.
All the political influences listed above can make the Danish coffee market seem less attractive to
Starbucks.
Economic forces
The world is on the threshold to a global recession and this will affect everybody in one way or
another. The banks will issue fewer loans to the companies, which will lower the production and
then the demand for labor will fall. This means that people get fired and therefore have less money
to spend, so the demand for goods decreases and causes companies to cut production further and
so the vicious circle begins. This can result in Starbucks being cautious and not wanting to expand
further in Denmark.
The high taxes on income causes the wages to be higher, which means that Starbucks will spend
more money on wages in Denmark than they would in a cheap- labor country like India. This is a
major barrier for investments in Denmark from foreign companies.
The Danish Krone is strong and the interest rate in Denmark is very low, so it is a good place for
making investments. 7
Environmental forces
The Danes are very much aware of the environment in their purchases, in fact 80 % of the Danes
think that environment is much more important for them than price and brand8. Also Denmark is
the country in Europe where most people buy organic9. The main reason for this is the state
subsidies for the eco-market. Starbucks need to keep this in mind when entering the Danish
market. They need to offer environmentally friendly and organic products in order to satisfy the big
group of Danes that care about the environment.
7
http://www.businessweek.com/news/2011-11-16/denmark-lowers-main-rate-to-below-euro-area-sfor-first-time.html
8
http://www.ecolabel.dk/NR/exeres/D70698E9-02C2-4C78-8F2C7E6B90EAB38A,frameless.htm?NRMODE=Published
9
http://www.akf.dk/udgivelser/container/2011/udgivelse_1046/
10
Social forces
First of all, Denmark is a small country with only 5.5 million people. Out of these we can subtract
kids and older people, since they are not a part of Starbucks’ customer segment. Then the actual
number of people in their target group is relatively small. Another thing is that Denmark has a lot of
provinces and only 4 major cities.
Denmark is on many levels quite anti-American. Many Danes feel that the influence of America in
our daily life is too much and that it overpowers traditional Danish values. In Denmark the coffee
chain, Baresso has become quite popular, and it would be risky for Starbucks to compete with
Baresso since it is a Danish company against an American.
The people in Denmark are very social. Our main political party in the government is the Social
democrats which indicate the socialistic thought process of Danes in general. We believe the best
places to shop, or just purchase goods like coffee, are with companies who are known for treating
their employees well. It may not even be known, just as long as the opposite is not the case.
The café culture in Denmark is very European. It is about sitting down, with friends, family or coworkers, talking about the latest news, discussing work, or simply sitting, enjoying each other’s
company on a chilly winter day while looking at the people passing by. This culture is not exactly
what Starbucks is about.
They seek to provide a good cup of coffee, but a fast cup of coffee. The cash rich time poor trend
is what they look for in their customers.
Technological forces
Denmark has a good infrastructure, it’s easy to get things delivered and the wireless internet
connection is a common thing. Denmark is also one of the leading countries when it comes to
technology and these factors will make the Danish market attractive to Starbucks.
SWOT analysis
From our earlier conclusions about the value chain, the micro- and the macro environment we can
conduct a SWOT analysis:
11
Internal conditions
Strengths:
Weaknesses:
A strong brand all over the world
Cannibalising10
They sell coffee and it's substitutes
High prices
Howard Schultz
No use of franchising
R&D department
Educate their employees
Production
External conditions
Opportunities:
Threats:
Yuppies/Dinks /Woopies 11
Baresso and other competitors
Business people – cash/rich-time/poor
Tendency to be anti-American
Eco-market
McCafé and other possible new entrants
B2B
Oversaturation
Nutrition awareness
Conclusion on the analysis
From the SWOT analysis we can conclude that Starbucks have a strong strategic platform. The
controversy is that even though Starbucks has a lot of strengths and very few weaknesses, the
Danish market contains a lot of threats.
Starbucks have a powerful leader, so powerful that Barack Obama asks him for advice on the
economy and creating jobs, they are good at developing new products. The fact that Starbucks
does not only sell coffee but also substitutes like tea and Frappuccino’s, creates a better resistance
for changes in price, still the focus on coffee can make them vulnerable to changes.
For business people the order winner is short delivery time and the less important factor for them is
the price. An opportunity could be to open stores in big companies like TDC to target the business
people; this is a strategy they already use on other markets. Also positioning themselves near big
educational institutions is another strategy they already use, and which could prove to be effective
10
11
When a company expands so much that their stores starts competing with each other
Young, urban professionals/Dual income, no kids/well off old people
12
on the Danish market. Starbucks is aware of the eco-friendly trend situated in the macro
environment right now, this especially applies for Denmark. Therefore maximizing the use of ecofriendly packing and offering more organic coffee and food could be a necessary adaption if
entering the Danish market. Yuppies are the target group Starbucks mostly targets in the western
countries, still on the Danish market there the population is declining in the sense that we younger
generation is smaller than the older generation, which mean a decrease in Starbucks’ target group,
another contributing factor to this is the competitors already exiting on the Danish market that
already has taken a large market share of the market. Therefore it might be to Starbucks’
advantage to broaden their target group and make an appeal to the dinks and woopies.
Discussion of method
If we had had more time for the assignment, we would have been able to go deeper into each
category of the analysis, and the analysis would’ve been more precise and thorough. Also the fact
that this assignment is written by three Danes, can have the effect that we are not critical enough
when we’re looking at the different opportunities for Starbucks on the Danish market.
Strategies
Starbuck’s growth strategies
Starbucks has secured growth through market penetration on the American market since the
foundation in 1971. They have penetrated the market in such a way that it caused the market to
become oversaturated. Today Starbucks is downsizing to recreate the quality of the brand and the
differentiation of the brand compared to its competitors.
Because Starbucks now needed to differentiate themselves from their competitors the invention of
new products were set in motion. They began using product development to secure a continuous
growth through their existing customers. In 1995 these new innovations lead to the introduction of
Starbucks’ super-premium ice cream and their blended beverages, Frappuccino’s, which has
become one of the unique trademarks of Starbucks.
When the American market seemed saturated it was time for Starbucks to seek new growth
opportunities and they did that by looking outside the American boarders.
They began market developing to Europe, Asia, Africa, South America and Australia.
Starbucks opened a new store for every workday of the week making them the largest coffeehouse
company in the world.
13
Entry modes
Let’s consider the different entry modes for Starbucks:
Wholly-owned direct investments
As implied by the name, this specific entry mode means that the company owes 100% of the new
entity. To establish oneself on the new market there are different ways of doing so. The two most
common ways are Greenfield venture and acquisition. Greenfield venture is where a company
enters a brand new market and establishes an entirely new entity. Acquisition is where Starbucks
purchases an already existing establishment which will often have a strong base and be a wellknown company on the new market. This will give a fundamental stability for Starbucks to swiftly
get their products out on the new market. Some major advantages of this entry mode are overall
control and 100% profit. The disadvantages would be that all risks and costs will be Starbucks’
responsibility.
Wholly-owned direct investment is not a concept much used by Starbucks outside North America.
It is a concept used in Great Britain, but they use different entry modes in most other places in the
world. The reason for this could be that the British market is much like the North American,
whereas the markets in i.e. Asia is very different and therefore they need local assistance to
optimally enter the new market. One of the advantages of using this model is that the more
markets you enter the more you spread your risk. Spreading the risk thoroughly means that you
can afford to fail on one market because you still have the other markets to profit from.
Franchising
Franchising is a form of licensing where a package of services is offered by the franchisor to the
franchisee in return for payment.12 There are two types of franchising. In product and trade name
franchising the franchise package includes the right to use the company's trademark and name,
whereas the package in business format franchising includes operating procedures, marketing
approaches and quality control. Advantages for using franchising are that it is fast and the costs
and risks are relatively low. Disadvantages could be that the quality control is out of Starbucks’
hands. So is monitoring of the sales and distribution of their products. Though Starbucks is famous
for never having used franchising, it is a concept frequently used by major fast food chains like
McDonald and Subway.
12
Jobber, 2009, p. 880
14
Joint venture
A joint venture is simplified a partnership. It basically means that at least two individual companies
join together in an alliance to secure a strong base on the new market. For Starbucks this has
been done in i.e. India where they joined with Tata Coffee so they had a strong base as soon as
they entered the market.
A joint venture usually works in a way so both companies hold relatively the same percentage in
the venture. This is not the case though for many of Starbucks’ joint ventures around the world, i.e.
in Shanghai their joint venture percentage with Shanghai President Coffee Co. is only 5%, in Hong
Kong they also only hold 5% of the joint venture with Maxim’s Caterers Limited and in India they
have a 26% share in the joint venture with Tata Coffee Limited. The amount of shares in the joint
venture indicates how much influence each company has in the partnership.
The most significant advantages of a joint venture are the benefits gained from the local partner.
Besides that they also share risk and cost to the extent of the percentage of the shares.
The downside would be the lack of control and the conflicts which could arise between the
partners.
Licenses
A licensing deal consists of two parts, a licensee and a licensor. The licensor is the owner of a
certain know-how which involves patents, inventions, copyrights, etc. usually set for a specific time
period in which the licensee must pay a royalty fee to the licensor.
As for the advantages of licensing, these are lower costs and risks. The main disadvantage is the
fact that Starbucks can lose their know-how in a deal after the time period has ended.
Conclusion
In our problem formulation we asked: “What strategies does Starbucks use when entering new
markets and would it be favorable for Starbucks’ concept to enter the Danish market?”
In our SWOT analysis we concluded that Starbucks has a strong strategic platform with
competitive advantages in R&D and production and the core competence, differentiation, however
it’s hard to determine if the strength of the Starbucks brand and its strong supply chain is enough
to compete with the many threats on the Danish market. Theoretically the target group on the
Danish market is relatively large which could make it a profitable market, still the many threats on
the market makes it difficult to obtain the target group. By determining the growth and entry
strategies used on other markets and comparing them we have found that if entering the Danish
market it might not be favorable to choose the same strategies when entering and penetrating the
15
Danish market. The reason for this is the cultural differences between Denmark and India and
China. Our assumption is that if Starbucks finds a way to obtained the target group and expand it,
there will be high profits to be gained on the Danish market. The best way for the Starbucks
concept to enter the market would be best done using wholly ownership since the market is a lot
smaller than the Chinese and Indian, and because Starbucks is already established in most of
Europe the risk spreading is small and the level of experience and knowledge is high.
Reflection
If we were allowed to write 4 more pages and to move further away from the curriculum, we would
have made a deeper analysis of the cultural differences using Hofstede. Also analyzing the market
responsiveness and glocalization, where you adapt the marketing mix, would have provided us
with a greater knowledge and possibly a better solution to the problem.
16
Litterature:
o
http://www.starbuckscoffeesupplier.com/what-are-we-doing.asp
o
http://www.starbucks.com/aboutus/Company_Profile.pdf
o
http://www.starbuckscoffeesupplier.com/what-are-we-doing.asp
o
http://www.starbucks.com/aboutus/Company_Profile.pdf
o
http://www.starbuckscoffeesupplier.com/what-are-we-doing.asp
o
http://www.food-supply.dk/article/view/71687/starbucks_har_ingen_danske_planer
o
http://www.thenational.ae/business/starbucks-brews-up-a-new-line-for-china
o
http://news.starbucks.com/about+starbucks/starbucks+coffee+international/greater+china/
o
http://www.dst.dk/pukora/epub/Nyt/2011/NR061.pdf
o
http://www.seattlepi.com/business/article/Starbucks-adjusts-its-formula-in-China-1176089.php
o
http://www.pwc.dk/da_DK/dk/nyt/skat/assets/finanslov-2012.pdf
o
http://fsr.dk/Faglige_informationer/Skat/Faglige%20informationer%20fra%20sekretariatet/Finanslov
%202012%20skat
o
http://www.akf.dk/udgivelser/container/2011/udgivelse_1046/
o
http://www.ecolabel.dk/NR/exeres/D70698E9-02C2-4C78-8F2C7E6B90EAB38A,frameless.htm?NRMODE=Published
o
http://www.starbucks.com/aboutus/Company_Profile.pdf
o
http://www.skm.dk/tal_statistik/satser_og_beloeb/368.html
o
http://www.businessweek.com/news/2011-11-16/denmark-lowers-main-rate-to-below-euro-area-sfor-first-time.html
o
http://management.fortune.cnn.com/2011/11/17/starbucks-howard-schultz-business-person-year/
17
o
Jobber, David, Principles and practice of marketing, 2009, 6th. Edition
o
Bjerreskov Dinitzen, Henriette & Bohlbro, Dorthe, Value-added logistics in supply chain
management, 1st edition, 2010
o
Brooks, Ian, Organizational behavior, 4th edition, 2009
o
Sloman, John & Wride, Allison, Economics,7th edition, 2009
18