Strategic Alliances
This week, we are looking at strategic alliances. Under what circumstances would you agree with someone who said that alliances are very risky?
A dubious strategic alliance is one when one partner is deceitful and inclined to reap a benefit for himself at the cost of other individuals who a part of the alliance. Examples of such a situation include concealing important information, not honoring promises, and shirking responsibilities. According to Williamson:
"opportunism extends the conventional assumption that economic agents are guided by considerations of self-interest to make allowance for strategic behavior (Mababaya, 2003, pg 138 )."
Thus, those people who lack in moral principles are prone to be deceitful and it is possible they would abuse a strategic alliance by seeking a gain for themselves at the expense of others.
It is common knowledge that most strategic alliances comprise of people who have some self-interest at heart and are not entirely honest…...
mlaReferences
Das, T.K. (2010 ). Researching Strategic Alliances. IAP. pg 249
Mababaya, M.P. (2003 ). The Role of Multinational Companies in the Middle East. Universal-Publishers. pg 138
Nations, U. (2009 ). Patterns of Internationalization for Developing Country Enterprises. United Nations Publications. pg 41
Strategic Alliances and Growth
Alliances should be structured in one of four ways: as an equity alliance, as a non-equity alliance, as a global alliance, or as a joint venture (Cartwright & Schoenberg, 2006; igsbee, 2000). How the alliance is structured depends on several different things, because not all alliance structures would be appropriate for all types of companies or all types of negotiations. It is very important that the alliance is one that is agreed upon by both parties, however, and that neither party feels as though the type of alliance chosen was something he or she was pushed into in order to get things moving. A clear understanding of each type of alliance is important. For example, a global alliance is usually something that is undertaken between large, global companies. That type of alliance would not be appropriate for two small-time, sole proprietors who live and work in the…...
mlaReferences
BellSouth Enterprises: The cellular billing project. (1996). Harvard Business School.
Cartwright, Susan; Schoenberg, Richard (2006). "Thirty Years of Mergers and Acquisitions Research: Recent Advances and Future Opportunities." British Journal of Management Volume 17, S1, S1 -- S5.
DePamphilis, Donald (2008). Mergers, Acquisitions, and Other Restructuring Activities. New York: Elsevier, Academic Press.
Mowery, David, C., Joanne E. Oxley, Brian S. Silverman (1996). Strategic Alliances and Interfirm Knowledge Transfer. Strategic Management Journal, Vol. 17, Special Issue: Knowledge and the Firm (Winter, 1996), pp. 77-91
Alliances
Strategic Alliances and Growth
In this modern era when the corporate world is full of competition and every organization is running for its own benefits and generating revenues, alliances and acquisitions are of immense importance. Different firm shave different criteria's of entering into alliances or acquisitions and it primarily depends upon the present situation of the business as well as on the nature of the business. An alliance is an agreement under which two or more than two organizations decide to achieve and work for a mutual goal and objective. Alliances are usually short-term in nature and in this type of agreement, none of the organization becomes dependent on the other organization, but, they remain independent. On the other hand, acquisitions occur when either one or more than one organization is in the worst condition and other organization acquires it. Due to this reason, the organization which acquires the other organization…...
mlaReferences
DePamphilis, D. 2011. Mergers, Acquisitions, and Other Restructuring Activities. Burlington: Elsevier Science.
Gancel, C., Rodgers, I., & Raynaud, M. 2002. Successful Mergers, Acquisitions and Strategic Alliances: How to Bridge Corporate Cultures. London [u.a.]: McGraw-Hill.
Lu, J. 2006. E-bays strategy in China. Wall Street Journal, 1-28.
Sherman, A.J. 2011. Mergers and Acquisitions from A to Z. New York: American Management Association.
While companies of all types and sizes stand to benefit from strategic alliances, the relevant literature indicates that companies competing in the hospitality industry are particularly well situated to gain a competitive advantage in this way. In this regard, ahatullah and aeside report that, "The strategic alliance literature reveals that resources alone can not bring competitive advantage, but complementary resources can contribute to the strategic fit of partners in the alliance (2009, p. 36). In some cases, strategic alliances may be established in the hospitality sector in unexpected ways. For instance, Jayawardena (2002) cites the example of strategic partnerships being formed between institutions of higher education and the hospitality industry to ensure that the coursework being delivered is congruent with the needs of the sector. According to Jayawardena (2002), institutions of higher education should ensure that their curricular offerings remain relevant and tied to the needs of the industry and…...
mlaReferences
Chathoth, P.K. (2004, April-September). The evolution of embeddedness within the alliance structure in a non-equity hospitality alliance. Journal of Services Research, 4(1), 173-
Culpan, R. (2002). Global business alliances: Theory and practice. Westport, CT: Quorum
Books.
Dana, L.P. & Dana, T.E. (2000). Taking sides on the island of Cyprus. Journal of Small
Strategic Alliances
Describe Each Company
The companies analyzed are the Eastcom Systems and Convergence Strategies. Strategic alliance between Eastcom Systems and Convergence Strategies is formed in direct response to customer demands for International TEM solutions in EMEA and APAC regions. The alliance was formed in November 2009 wherein Eastcom Systems Pte Ltd., the global provider of world class universal cost optimization solutions for large and medium sized enterprises, formed an alliance with the Belgian-based Convergence Strategies, a leading business consulting and TEM solutions provider in EMEA. Both would then jointly serve other multinational corporations in the area of telecom cost cutting on a global basis. (Eastcom, 2011a)
Eastcom Systems from Singapore serves its customers through a network of partners while the Belgian-based Convergence is a business and ICT solutions which provides solutions to business change using business strategies and the supporting ICT solutions that support these strategies. The aim is to provide cost…...
mla3) Identify at least three issues of CSR:
The three major cornerstones of corporate social responsibility have been outlined by Milton Friedman, Evan and Freeman, and Patricia Werhane. There are the three major problems- firstly the corrupt and unethical practices that can come up in corrupt political environments and alien contractors or suppliers who do not provide employee rights, are some of the challenges. (Frey; Cruz-Cruz, 2009)
These are also to be seen from the shareholder perspective, and the alliance perspective. Lastly the problem is of vicarious responsibility which can occur when one partner accepts responsibility for actions executed by another. There are more controls today. The new Corporate Social Responsibility -- CSR agenda that was ushered in during the 1990s has a political profile. Kofi Annan, the then UN Secretary-General, insisted on the in house
Strategic alliance is defined as an agreement between two different companies. The terms, conditions and forms of a strategic alliance can differ dramatically, but they typically reflect a formal agreement between the companies that stops short of creating a joint venture. The companies agree to share resources, in which they presumably have comparative advantage, to undertake a mutually beneficial project (Investopedia, 2015). There are many advantages to strategic aliances, but there are also some disadvantages as well.
Advantages
Typically, firms engage in strategic alliances when they have resources that the other firm does not have, and when the resources of the two companies are put together, they allow the two companies to exploit an opportunity that they would not be able to exploit individually. Strategic alliances are common in some industries. One such industry is the technolgoy business. Strategic alliances in technology typically take the form of smaller companies with intellectual property…...
mlaReferences
Investopedia (2015). Strategic alliances. Investopedia. Retrieved November 21, 2015 from http://www.investopedia.com/terms/s/strategicalliance.asp
Kotabe, M. & Swan, S. (1995). The role of strategic alliances in high-technology new product development. Strategic Management Journal. Vol. 16 (1995) 621-636.
Kojohari N. (no date). The competitive advantage of strategic alliances. EEE Conference Papers. Retrieved November 21, 2015 from http://www.upm.ro/proiecte/EEE/Conferences/papers/S421.pdf
Starbucks (2011). Tata Coffee and Starbucks sign MoU for strategic alliance in India. Starbucks.com. Retrieved November 21, 2015 from http://investor.starbucks.com/phoenix.zhtml?c=99518&p=irol-newsArticle&ID=1515804
Wal-Mart
At the time that Wal-Mart embarked on a program of international expansion, the United States was undergoing negotiations with Mexico and Canada over the North American Free Trade Agreement or NAFTA and this brought Mexico to the attention of Wal-Mart as a fit global venue (Hill 2002). Although the Mexican economy, at the time, was beset with huge barriers to cross-border trade and investment, substantial state involvement in business activity and high inflation, the government of Carlos Salinas introduced free market reforms that rendered the country's conditions attractive to Wal-Mart. Since Salinas assumed office in 1988, Mexico's economy was growing at 4-5% yearly and with an increase in disposable income at 70%. Although it was considered a very poor country by American standards, 30 of its 80 million people could be classified as middle class, the affluent segment concentrating in Mexico City and two others. Wal-Mart's Sam Walton and a…...
mlaBIBLIOGRAPHY
1. Hill, CWL. (2002). International business competing in the global marketplace. In Entry Strategy and Strategic Alliances (515-519), 4th edition. INC Group: McGraw-Hill Companies
2. Weiner, T. (2004). Wal-Mart invades and Mexico gladly surrenders. Retrieved December 20, 2004 from Progressive Trail.Org. Website: http://www.progressivetrail.org/articles/031207/Weiner.html
Strategic Alliances Joint Ventures
Strategic Alliances And Joint Ventures
Building Strategic Alliances and Joint Ventures
In the modern business environment, the creation of sustainable value for shareholders and customers calls for the development of effective alliances. The alliances are critical building blocks for firms in the achievement of more efficient and stronger market presence. The alliances have been placed as facts of business life with important pieces of existing operations and future strategy. This paper provides essential and useful perspective regarding strategic alliances. Approaches, models, examples, among other tools have been discussed as ways of developing an understanding of the competitive advantage from agreements achieved.
The outcomes show that there are different ways of building competitive advantage while making dependence on the management of such alliances. The firms attach union management through centralized organization structures while others have a preference of distributing responsibility in alliances across various business units. The competitive advantages in strategic…...
mlaReferences
Ahlstrom, D., & Bruton, G. 2009. International Management: Strategy and Culture in the Emerging World. New York: Cengage Learning.
Cullen, J.B., Johnson, J.L. & Sakano, T. 2000. Success through Commitment and Trust: The Soft Side of Strategic Alliance Management. Journal of World Business. Volume 35, Issue 3, Pages 223 -- 240
Doole, I., & Lowe, R. 2008. International Marketing Strategy: Analysis, Development, and Implementation. New York: Cengage Learning EMEA.
Harrison, J., & John, C. 2013. Foundations in Strategic Management. New York: Cengage Learning.
Fuji Xerox
Sub-Strategic Alliances & Growth.
The joint venture between Xerox and Fuji Photo Film to form Fuji Xerox was considered by many to be one of the most successful joint ventures between an American and Japanese company in history. The purpose of the strategic alliance was to overcome growing competition in the global marketplace. Fuji Xerox is only one portion of the Xerox Group, which is comprised of several larger divisions. Much of the competition that Fuji Xerox hoped to overcome was based in Japan. When Xerox began to see competitors such as Canon and icoh growing exponentially through exports, they realized that they had to make major changes in order to remain competitors of scale.
Fuji Xerox uses a single point design and manufacturing approach, similar to Canon's. However, externalities and additions in key export locations now call for local manufacturing and development in the U.S. Up to this point, Fuji…...
mlaReferences
Choudoin, M. 1991. The Evolution of Fuji Xerox. Dissertation. Massachusetts Institute of Technoogy. [online] Available from: < >. [Acccessed August 12, 2012].http://dspace.mit.edu/bitstream/handle/1721.1/13354/25315228.pdf?sequence=1
Founders, A. 2011. Keys To Successful Mergers. Aspire Now. [online] Available from: < > [Acccessed August 12, 2012].http://www.aspirenow.com/leader_0302_successful_mergers.htm
Gomes-Casseres, B. 1997. Competing in Constellations: The Case of Fuji Xerox, Strategy + Business. First Quarter, 1997, pp. 4-16. [Online] Available from: < >. [Accessed August 12, 2012].http://www.alliancestrategy.com/PDFs/BGC%20Fuji%20Xerox%20%20SnB97.pdf
Gomes-Csseres, B. 2001. Xerox and Fuji Xerox:From the Corporate Intensive Care Ward, Lessons about Partnerships. Excerpts published by Associated Press, March 6, 2001. [Online] Available from: < >.[Accessed August 12, 2012].http://www.alliancestrategy.com/PDFs/BGC%20FujiXerox%20OpEd01.pdf
Marketing Strategic Alliance: Select Comfort Company and Costco
Select Comfort Company and Costco are both successful companies, so that a marketing strategic alliance between the two companies could provide significant benefits for both of them.
"Select Comfort Corporation is leading the industry in setting a new standard in sleep by offering consumers high-quality, innovative and individualized sleep solutions, which includes a complete line of SLEEP NUMBE® beds and bedding. The company is the exclusive manufacturer, seller and servicer of the revolutionary Sleep Number bed, which allows individuals to adjust the firmness and support of each side at the touch of a button. The company offers further personalization through its solutions-focused line of Sleep Number pillows, sheets and other bedding products" (Select Comfort, 2011). "Costco Wholesale is one of the largest retailer stores in the market" (Adam, 2010). It has differentiated itself from its other big-box competitors through its exemplary customer service and…...
mlaReferences
Adam. (2010, June 3). Costco Wholesale SWOT analysis. Retrieved December 31, 2011 from Free SWOT Analysis website: http://www.freeswotanalysis.com/retailing-SWOT/39-costco-wholesale-SWOT-analysis.html
Chan, T. (2009, February 12). Sticking to the plan- Costco's recession success. Retrieved December 31, 2011 from Retail marketing management website: http://bus4411.blogspot.com/2009/02/sticking-to-plan-costcos-recession.html
Select Comfort Corporation. (2011, December 21). Select Comfort appoints Michael J.
Harrison to Board of Directors. Retrieved December 31, 2011 from Business Wire website: http://finance.yahoo.com/news/Select-Comfort-Corporation-bw-820653991.html?x=0
global strategic alliances that exist between two companies in the computer industry. Hewlett Packard and SAP are the two companies selected for evaluations here. A brief overview of the companies will be provided. HP is a leading provider of products, technologies, solutions and services to consumers and businesses. HP offers services spanning IT infrastructure, personal computing and access devices, global services, and imaging and printing. (HP.com, 2005) William Hewlett and David Packard founded the company in 1939. The company now has 140,000 employees with capabilities in 160 countries. Today, HP conducts business in 43 currencies and 15 languages. HP essentially offered hardware components for the computer and the technology industry. Their main product lines included computers, printers, monitors and other peripheral devices for computers. "HP is #1 globally in inkjet, all-in-one and single-function printers, mono and color laser printers, large format printing, scanners, print servers, and ink and laser…...
mlaReferences
Al-Mashari, Majed. "Enterprise Resource Planning (Erp) Systems: A Research Agenda." Industrial Management + Data Systems. 103.1/2 (2003): 22-27.
BusinessWeek. "Online Extra: Q& a with Carly Fiorina." Business Week Online February 19, 2001.
Dvorak, John C. "Hp Gobbles Compaq." PC Magazine September 5, 2001.
EQUIS. "Sap and Hp Team for Midmarket Hosting Model (Manufacturing Business Technology)." Executive Quote and Information Service: EQUIS. (2005).
Coca-Cola Enterprises Strategic Alliances
Industry Overview
The carbonated beverage industry is one of the oldest and more complicated industries in existence. This industry is heavily dependent on its customer loyalty that it has developed historically and its reliance on marketing and innovation to grow new revenue streams. There are a growing number of potential threats that are present in the carbonated beverage industry. One trend that is emerging in many of the markets in the developed countries is that the consumers are becoming more health conscious. As a result the demand for drinks containing high fructose corn syrup is diminishing relatively rapidly in some segments. Coca-Cola has had to innovate to diversify their product mix to offer products that appeal to these demographics.
Another threat is that younger generations are seeking new types of drinks and new product brands. For example, the energy drink industry has grown rapidly. "Globally, the energy drink industry…...
mlaWorks Cited
Coca-Cola Company. (2014, August 14). The Coca-Cola Company and Monster Beverage Corporation Enter into Long-Term Strategic Partnership. Retrieved from Coca-Cola Company: http://www.coca-colacompany.com/press-center/press-releases/the-coca-cola-company-and-monster-beverage-corporation-enter-into-long-term-strategic-partnership
Foeger, L. (2014, March 26). The American energy drink craze in two highly caffeinated charts. Retrieved from Quartz: http://qz.com/192038/the-american-energy-drink-craze-in-two-highly-caffeinated-charts/
Jumenez-Lutter, M. (2014, January 14). The Coca-Cola Company. Retrieved from Supply Chain World: http://scw-mag.com/index.php/sections/distribution/143-the-coca-cola-company
Kretzmann, D. (2014, September 2). Why the Coca-Cola Partnership Bodes Well for Monster Beverage. Retrieved from The Motley Fool: http://www.fool.com/investing/general/2014/09/03/why-the-coca-cola-partnership-bodes-well-for-monst.aspx
" Concerning the type of complementary strategic alliance, it is a horizontal one, because it is formed "when partners who agree to combine their resources and skills to create value in the same stage of the value chain," it is focused "on long-term product development and distribution opportunities" and "the partners may become competitors which requires a great deal of trust between the partners."
The answer to the second question is "no," it's not a "competition response strategy" because the two companies are not really competitors, even if the profile for both company is pharmaceutical. Excel research can be consider in this case as an ally, a support for Century Pharmaceuticals, and even as a consultancy company that works for C.P.
The answer to the third question is "yes," it can be an" uncertainty reducing strategy" because if it functions as it is established, it can reduce the uncertainty about the period…...
mlaBibliography
1. Hitt Michael a., Ireland R. Duane, Hoskisson Robert a. "Cooperative Strategy." Power Point Presentation by Charlie Cook, the University of West Alabama, and ©2007 Thomson South - Western. All right reserved.
Hitt Michael a., Ireland Duane R., Hoskisson Robert a."Cooperative Strategy" ppt, pg. 9-8
Hitt Michael a., Ireland Duane R., Hoskisson Robert a."Cooperative Strategy" ppt, pg. 9-2
Hitt Michael a., Ireland Duane R., Hoskisson Robert a."Cooperative Strategy" ppt, pg. 9-3
Strategic Alignment
In the last several years, the Strategic Alignment Maturity model is focusing on understanding how an organization can evolve with the different challenges they are facing. This is achieved by carefully examining the business and IT configuration of the firm. To fully understand how this works requires comparing the model with an actual health care organization (i.e. Kaiser Permanente). These insights will illustrate its effectiveness and how it helps companies to adapt. ("About Us," 2013) (Wheatley, 2013) (Chandler, 2003)
I.1 Business Strategy 2
Kaiser Permanente is a managed care provider. They are focused on primarily delivering affordable low cost solutions to patients. This is accomplished by controlling expenses and investing in areas that will address their continuing needs. To achieve the objectives the firm operates three divisions to include: the Kaiser Foundation Health Plan, Kaiser Foundation Hospitals and Permanente Medical Groups. The different kinds of products / services offered by…...
mlaReferences
About Us. (2013) Kaiser Permanente. Retrieved from: https://healthy.kaiserpermanente.org/health/care/consumer/center/!ut/p/c5/dY3LDoIwFEShS-4F5CHy6KAbbWotWDYEIyGQEBYIIhfLxq3ziznZA6kMPeeD2WR92V7z2s4Q2pnAZOR5-kEIyuykO6scMlsYeDKgQQYpEXdXmY2wUWmKndsuWxGVcUHIYuB-1X0mnr2kj3zHltFa7XOZEH55D6FrjJa-d3gHH3h9GQXaq6BMaDOpBNG1-Tz9-NOnh6w3NiJ1-YnHS24iGr9TwiC2LTNDbrGNbvNqL0BV0dNzQ!!/dl3/d3/L2dBISEvZ0FBIS9nQSEh/
Fast Facts. (2013). Kaiser Permanente. Retrieved from: http://share.kaiserpermanente.org/article/fast-facts-about-kaiser-permanente/
Our Vision. (2013). Kaiser Permanente. Retrieved from: https://healthy.kaiserpermanente.org/health/care/consumer/center/!ut/p/c5/dY7LDoIwFEShS-4VxHEJcirrVKxVg0bgtEQCVhiqghfLxq3ziznJHMgg7G34nktC31Vt6KGI2R2HlLBPWiIre4hWRtRQtqJ1NczuEAFLKyVqeRPeAsl5XTKSaaTlb7NBHlkwUVH3pNB6Gp91hJUksFyVhvfNKJjJXdxfX4jK0ITO5H2hdbMWmP5lNnD9IG7a1DDGl-zjgSZJvx7RxkYkDtuxYKZiNPficuQhKr5gJt45ht3BlvFBv7ZQ!!/dl3/d3/L2dBISEvZ0FBIS9nQSEh/
Strategic Alignment. (2010). Business Alignment. Retrieved from: http://businessitalignment.wordpress.com/2010/12/22/strategic-alignment-maturity-model-luftman/
Strategic Management at McDonald's
McDonald's Strategic Management
Strategic Management at McDonald's
Strategic Management at McDonald's
McDonald's: Introduction
Organizational Structure and Corporate Governance
Industry Sector Analysis
Michael Porter's Five Forces Model
Key conditions in the External Operating Environment of McDonald's and its Industry
The Value Proposition on McDonald's Products
Financial Performance
SWOT Analysis for McDonald's
TOWS Matrix for Alternative Strategies
BCG Growth Share Matrix for McDonald's
Marketing, Financial, and esearch & Development Strategies
McDonald's Leadership
Joint Ventures, Strategic Alliances, and Partnerships
Performance Measurement Methods and Benchmarks
ecommendations
eferences
Table of Contents
Sr. No.
Particulars
Page No.
Figure 1: Organizational Structure of McDonald's
Table 1: TWOS Matrix
Figure 2: BCG Growth Share Matrix
Table 2: Gantt chart for Strategy implementation
List of Figures and Tables
Executive Summary
This report presents a complete analysis of strategic management practices at the world's largest fast food restaurant chain, McDonald's. The report starts by introducing and describing the organization's operations, location, product offerings, history, major achievements and significant strategic moves which it has undertaken during its life cycle. The next section presents a comprehensive overview of…...
mlaReferences
About McDonald's, (2011). Sustainability Scorecard. Retrieved on November 24th, 2012, from
ADVFN, (2012). McDonald's Historical Stock Chart. Retrieved on November 24th, 2012, from
Baertlein, L., & Dorfman, B. (2012). McDonald's July same-store sales flat, worst in 9 years. Retrieved on November 24th, 2012, from
Hill, C.W., & Jones, G.R. (2012). Strategic Management Theory, 10th Edition. Mason, OH: South-Western, Cengage Learning
Here are some potential essay topics on corporate level strategies of Nestle:
1. Analyze and evaluate Nestle's diversification strategy. How has Nestle expanded its product portfolio over the years and how has this contributed to its overall growth and success?
2. Assess Nestle's international expansion strategies. How has Nestle entered new markets and expanded its global presence? What challenges has the company faced in pursuing a global strategy?
3. Examine Nestle's strategic alliances and partnerships. How has Nestle collaborated with other companies to strengthen its competitive position and drive growth? What benefits has Nestle derived from these strategic alliances?
4. Investigate Nestle's sustainability and....
Surmounting the Obstacles: Women's Suffrage Activists' Unwavering Fight for Voting Rights
The women's suffrage movement in the United States faced a formidable array of obstacles, but the activists refused to be deterred. Through steadfast determination, strategic alliances, and a multifaceted approach, they overcame these challenges and secured the historic right to vote for women.
Challenging Societal Norms and Prejudice
One of the primary obstacles was the deeply ingrained belief that women were not fit for political participation. Suffragists faced societal condemnation, ridicule, and even physical violence. They were accused of being unfeminine, disregarding their domestic duties, and endangering the traditional family structure.
To counter....
Partnership Reference Models for Streamlined Collaboration
In the modern business landscape, strategic partnerships are critical for driving growth, innovation, and competitive advantage. However, managing these partnerships effectively can be complex, especially when multiple stakeholders and objectives are involved. Partnership reference models provide a structured approach to streamlining collaboration, enhancing communication, and ensuring the success of joint ventures.
What are Partnership Reference Models?
Partnership reference models are pre-defined frameworks that provide guidance for establishing and managing business partnerships. They outline best practices, roles and responsibilities, communication protocols, and performance metrics for different types of partnerships. These models serve as a blueprint for collaboration, reducing....
1. Corporate Level Strategy
2. Business Level Strategy
3. Functional Level Strategy
4. Competitive Strategy
5. International Strategy
6. Cooperative Strategy
Competitive Strategy focuses on how a business can gain a competitive advantage in the market. This involves analyzing the competition, identifying strengths and weaknesses, and developing strategies to outperform rivals.
International Strategy involves expanding a business beyond domestic markets. This can include exporting products or services, setting up international operations, or forming partnerships with foreign companies.
Cooperative Strategy involves collaborations and partnerships with other organizations to achieve mutual goals. This could include joint ventures, strategic alliances, or licensing agreements.
By understanding and implementing these various levels of business....
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