LESSON 4

The Internal Assessment

Learning Objectives
1. Describe the nature and role of an internal assessment
in formulating strategies.
2. Discuss the nature and role of management in
formulating strategies.
3. Discuss the nature and role of marketing in formulating
strategies.
4. Discuss the nature and role of finance and accounting in
formulating strategies.
Learning Objectives (continued)
1. Discuss management information systems (MIS) in
terms of formulating strategies.
2. Explain how to develop and use an Internal Factor
Evaluation (IFE) Matrix.
Figure 4.1
The Comprehensive, Integrative Strategic Management Model
The Process of Performing an
Internal Audit
• The internal audit
– Requires gathering, assimilating, and prioritizing
information about the firm's management, marketing,
finance, accounting, production/operations, research
and development (R and D), and management
information systems operations
– Provides more opportunity for participants to
understand how their jobs, departments, and divisions
fit into the whole firm
The Resource-Based View (RBV)
(1 of 3)
• The Resource-Based View (RBV) Approach
– Contends that internal resources are more important
for a firm than external factors in achieving and
sustaining competitive advantage.
The Resource-Based View (RBV)
(2 of 3)
• Proponents of the RBV contend that organizational
performance will primarily be determined by internal
resources. These resources can be grouped into;
– Tangible.
– Intangible.
The Resource-Based View (RBV)
(3 of 3)
• For a resource to be valuable, it must be either (1) rare, (2)
hard to imitate, or (3) not easily substitutable.
• These three characteristics of resources are called
Empirical Indicators.
• These enable a firm to implement strategies that improve
its efficiency and effectiveness and lead to a sustainable
competitive advantage.
Key Internal Forces
• Distinctive competencies
• A firm’s strengths that cannot be easily matched or
imitated by competitors.
• Building competitive advantages involves taking
advantage of distinctive competencies.
Management
The functions of management consist of four basic
activities:
• Planning.
• Organizing.
• Motivating.
• Controlling.
The Basic Functions of Management
(1 of 4)
• Planning: forecasting, establishing objectives, devising
strategies, and developing policies. Planning enables a
firm to;
1. Take into account relevant factors and focus on the
critical ones.
2. Ensure that the firm is prepared for all reasonable
eventualities and can make timely changes and adapt as
needed.
3. Gather the resources needed and carry out tasks in the
most efficient way possible.
4. Conserve its own resources and avoid wasting natural
resources.
The Basic Functions of Management
(2 of 4)
5. Assess whether the effort, costs, and implications
associated with achieving desired objectives are
warranted.
6. Be proactive, anticipate, and influence the future.

Synergy - An organization can develop synergy through

planning. Synergy exists when everyone pulls together as a
team that knows what it wants to achieve; synergy is the
2 + 2 = 5 effect.
The Basic Functions of Management
(3 of 4)
• Organizing: organizational design, job specialization, job
descriptions, span of control, coordination, job design, and
job analysis.
• Motivating: leadership, communication, work groups,
behavior modification, delegation of authority, job
enrichment, job satisfaction, needs fulfillment,
organizational change, employee morale, and managerial
morale.
• Human resource management (HRM) is the
department tasked with employee morale.
Table 4.2
Six Ways Human Resource Management Can Provide a
Competitive Advantage
1. Analyze turnover rates to determine where problems are.
2. Measure and monitor employee engagement and morale
scores.
3. Track employee data to identify high and low performers.
4. Determine going market rates for talent and align
compensation with company goals.
5. Design employee development and training pathways that
take into account the strategic and long-term needs of the
organization.
6. Provide guidance on legal issues related to all personnel
matters.
Source: Based on information from http://hrdailyadvisor.blr.com/2017/08/21/using-hr-competitive-advantage/
The Basic Functions of Management
(4 of 4)
Controlling: quality control, financial control, sales control,
inventory control, expense control, analysis of variances,
rewards, and sanctions
Controlling consists of four basic steps:
1. Establishing performance standards.
2. Measuring individual and organizational performance.
3. Comparing actual performance to planned performance
standards.
4. Taking corrective actions.
Production/Operations
• Production/operations function
• Consists of all those activities that transform inputs into
goods and services.
• Production/operations management deals with inputs,
transformations, and outputs that vary across industries
and markets.
Table 4.3
The Basic Decision Areas Within Production/Operations

Decision Areas Example Decisions

1. Process Robotics, facility layout, process flow analysis, line balancing,
process control, and transportation analysis.
2. Capacity Forecasting, facilities planning, aggregate planning, scheduling,
capacity planning, queuing analysis, and capacity utilization.

3. Inventory Level of raw materials, work-in-process, finished goods, what to

order, when to order, how much to order, and materials handling.

4. Workforce Managing the skilled, unskilled, clerical, and managerial

employees by caring for job design, work measurement, job
enrichment, work standards, and motivation techniques.

5. Quality Quality control, sampling, testing, quality assurance, and cost

control.

Source: Based on a variety of sources.

Integrating Strategy and Culture
• Organizational culture significantly affects planning
activities.
• If strategies can capitalize on cultural strengths, such as a
strong work ethic or highly ethical beliefs, then
management often can swiftly and easily implement
changes.
Organizational Culture
• Organizational culture is “a pattern of behavior that has
been developed by an organization as it learns to cope
with its problem of external adaptation and internal
integration and that has worked well enough to be
considered valid and to be taught to new members as the
correct way to perceive, think, and feel.”
Table 4.4
15 Aspects of an Organization’s Culture
Management Audit Checklist of
Questions (1 of 2)
1. Does the firm use strategic-management concepts?
2. Are company objectives and goals measurable and well
communicated?
3. Do managers at all hierarchical levels plan effectively?
4. Do managers delegate authority well?
5. Is the organization's structure appropriate?
Management Audit Checklist of
Questions (2 of 2)
6. Are job descriptions and job specifications clear?
7. Is employee morale high?
8. Are employee turnover and absenteeism low?
9. Are organizational reward and control mechanisms
effective?
Marketing
• The process of defining, anticipating, creating, and fulfilling
customers’ needs and wants.
• Is ultimately about satisfying current and potential
customers’ needs.
• Table 4.5 on the next slide lists some firms that do it well.
Table 4.5
The 10 Best (Among 250) Companies in Customer
Satisfaction According to the Wall Street Journal
Company Customer Satisfaction Score
IBM 84.2
Caterpillar Inc. 76.6
Agilent Technologies Inc. 76.1
Procter & Gamble Company 75.1
Cisco Systems Inc. 74.2
Accenture P LC 73.3
Clorox Company 72.5
Molson Coors Beverage Company 72.3
Ford Motor Company 71.7
T E Connectivity Ltd. 71.6
Source: Based on information from https://www.wsj.com/articles/top-companies-for-customer-satisfaction-11613492860
Five Basic Activities in Marketing
1. Marketing research and target market analysis.
2. Product planning.
3. Pricing products.
4. Promoting products.
5. Placing or distributing products.
Marketing Research and Target
Market Analysis
• Marketing Research
• The systematic gathering, recording, and analyzing of
data about problems relating to the marketing of goods
and services.
• Can uncover critical strengths and weaknesses.
• Target Market Analysis
• The examination and evaluation of consumer needs
and wants.
Table 4.6
The Marketing Mix Component Variables

Product Place Promotion Price

Distribution
Quality Advertising Level
channels
Features and Distribution
Personal selling Discounts
options coverage

Style and brands Outlet location Sales promotion Allowances

Packaging Sales territories Publicity Payment terms

Product line Inventory levels Blank Blank

Warranty and Transportation Blank Blank

services carriers

Source: Based on a variety of sources.

Product Planning
• Product Planning
• Includes activities such as test marketing; product and
brand positioning; devising warranties; packaging;
determining product options, features, style, and
quality; deleting old products; and providing for
customer service.
• Important when a company is pursuing product
development or diversification.
Pricing
• Pricing
• Refers to deciding the amount an individual must
exchange to receive a firm’s product offering.
• Pricing strategies are often based on costs, demand,
the competition, or on customers’ needs.
Promotion
• Promotion
• Includes many marketing activities, such as
advertising, sales promotion, public relations, personal
selling, and direct marketing.
• Common promotional tools designed to inform
consumers about products include TV advertising,
magazine ads, billboards, websites, and public
relations, among others.
Distribution
• Channels of Distribution
• This is a term that refers to various intermediaries that
take a product from a producer to an end customer.
• These intermediaries have names such as
wholesalers, retailers, brokers, facilitators, agents,
vendors, or simply distributors.
Marketing Audit Checklist of
Questions
1. Are markets segmented effectively?
2. Is the organization positioned well among competitors?
3. Are present channels of distribution reliable and cost
effective?
4. Is the firm conducting and using market research
effectively?
Marketing Audit Checklist of
Questions (continued)
5. Are product quality and customer service good?
6. Are the firm's products and services priced appropriately?
7. Does the firm have an effective promotional strategy?
8. Is the firm's Internet presence excellent as compared to
rivals?
Finance/Accounting Functions (1 of 4)
Financial condition is often considered the single-best
measure of a firm’s competitive position and overall
attractiveness to investors.
Table 4.7 on the next slide lists firms strong in this area.
The functions of finance/accounting comprise three
decisions:
1. The investment decision.
2. The financing decision.
3. The dividend decision.
Table 4.7
The 10 Best (Among 250) Companies for Financial Strength
According to the Wall Street Journal
Company Financial Strength Score
Microsoft Corporation 90.9
Apple Inc. 90.3
Amazon.com Inc. 90.1
Alphabet Inc. 84.2
Meta Platforms 83.8
Philip Morris International Inc. 80.9
Mastercard Inc. 80.2
Cisco Systems Inc. 80.1
Etsy Inc. 78.3
Intel Corporation 78.2
Source: Based on https://www.wsj.com/articles/top-companies-for-financial-strength-11618350537
Finance/Accounting Functions (2 of 4)
• Investment Decision (Capital Budgeting)
• The allocation and reallocation of capital and resources
to projects, products, assets, and divisions of an
organization.
• Financing Decision
• Determines the best capital structure for the firm and
includes examining various methods by which the firm
can raise capital.
Finance/Accounting Functions (3 of 4)
• Dividend Decisions
• Concern issues such as the percentage of earnings
paid to stockholders, the stability of dividends paid over
time, and the repurchase or issuance of stock.
• Determine the amount of funds that are retained in a
firm compared to the amount paid out to stockholders.
Finance/Accounting Functions (4 of 4)
Financial ratio analysis is the most widely used method for
determining an organization’s strengths and weaknesses in
the investment, financing, and dividend areas.
Three questions to ask about the ratios are:
1. How has each ratio changed over time?
2. How does each ratio compare to industry norms?
3. How does each ratio compare with key competitors?
Figure 4.2
Financial Ratio Trend Analysis
Table 4.8
Excellent Websites to Obtain Strategic Information (Including Financial Ratios) on
Companies and Industries

1. Online Free Resources

a. Form 10K or Annual Report
b) https://finance.yahoo.com
c) http://www.hoovers.com

d) https://globaledge.msu.edu/industries/

e) http://www.morningstar.com

2. Online Subscription Resources (Likely Subscribed to by your University Library)

a) Mergent Online: www.mergentonline.com

b) Factiva: https://new.dowjones.com/products/factiva
c) S&P NetAdvantage:
https://standardandpoors.com/products-services/industry_surveys/en/us
d) Onesource: http://www.avention.com/OneSource
Table 4.8 (continued)
Excellent Websites to Obtain Strategic Information (Including Financial Ratios) on
Companies and Industries

e) Yahoo Industry Center: https://biz.yahoo.com/ic/

3. Hardcopy Reference Books for Financial Ratios in Most Libraries

a) Robert Morris Associate’s Annual Statement Studies: An excellent source of financial

ratio information.
b) Dun & Bradstreet’s Industry Norms & Key Business Ratios: An excellent source of
financial ratio information.
Source: Based on a variety of sources.
Table 4.9 (1 of 4)
A Summary of Essential Financial Ratios
Ratio
Liquidity Ratios
Current Ratio
Current assets minus inventory
Quick Ratio
Leverage Ratios
Debt-to-Total-Assets
Ratio
Debt-to-Equity Ratio
Long-Term Debt-to-Equity
Ratio
Times-Interest-Earned Profits before interest and taxes decline without the firm becoming
Ratio
How Calculated What It Measures
Blank Blank
Current assets The extent to which a firm can meet
A math object reads current assets over current liabilities.
Current liabilities its short-term obligations
The extent to which a firm can meet
A math object reads current assets minus inventory over current liabilities.
its short-term obligations without
Current liabilities relying on the sale of its inventories
Blank Blank
Total debt A math object reads total debt over total assets.
The percentage of total funds
Total assets provided by creditors
Total debt The percentage of total funds
A math object reads total debt over total stockholders’ equity.
provided by creditors versus by
Total stockholders' equity
owners
Long-term debt The balance between debt and equity
A math object reads long-term debt over total stockholders’ equity.
Total stockholders' equity in a firm’s long-term capital structure
the extent to which earnings can
A math object reads profits before interest and taxes over total interest charges.
Total interest charges unable to meet its annual interest
costs
Table 4.9 (2 of 4)
A Summary of Essential Financial Ratios
Ratio How Calculated What It Measures
Blank Blank

Activity Ratios

Whether a firm holds excessive stocks

COGS of inventories and whether a firm is
Inventory Turnover Inventory
A math object reads sales over inventory of finished goods.

slowly selling its inventories compared

to the industry average

Sales Sales productivity and plant and

Fixed Assets Turnover A math object reads sales over fixed assets.

Fixed assets equipment utilization

Sales Whether a firm is generating a

Total Assets Turnover A math object reads sales over total assets.

sufficient volume of business for the

Total assets
size of its asset investment

Sales The average length of time it takes a

Accounts Receivable A math object reads annual credit sales over accounts receivable.

firm to collect credit sales (in

Turnover Accounts receivable
percentage terms)

Average Collection Accounts receivable

A math object reads accounts receivable over total credit sales divided by 365 days.
The average length of time it takes a
Period Total credit sales 365 days firm to collect on credit sales (in days)
Table 4.9 (3 of 4)
A Summary of Essential Financial Ratios
Ratio How Calculated What It Measures
Blank Blank

Profitability Ratios
Gross profit The total margin available to cover
Gross Profit Margin A math object reads sales minus cost of goods sold over sales.

Sales operating expenses and yield a profit

EBIT Profitability without concern for taxes
Operating Profit Margin A math object reads earnings before interest and taxes E B I T.

Sales and interest

Net income
Net Profit Margin A math object reads net income over sales.

After-tax profits per dollar of sales

Sales
Net income After-tax profits per dollar of assets;
Return on Total Assets A math object reads net income over total assets.

this ratio is also called return on

(R OA) Total assets investment (R O I)
Return on Stockholders’ Net income A math object reads net income over total stockholders’ equity.
After-tax profits per dollar of
Equity (R O E) Total stockholders' equity stockholders’ investment in the firm

Earnings Per Share Net income

A math object reads net income over number of shares of common stock outstanding.
Earnings available to the owners of
(E P S) Number of shares of common stock outstanding common stock
Market price per share Attractiveness of firm on equity
Price-Earnings Ratio A math object reads market price per share over earnings per share.

Earnings per share markets

Table 4.9 (4 of 4)
A Summary of Essential Financial Ratios
Ratio How Calculated What It Measures
Blank Blank

Growth Ratios

Sales
( Sales 2023 − Sales 2022 ) left parenthesis sales 2023 minus sales 2022 right parenthesis over sales 2022

Firm’s annual growth rate in sales

Sales 2022

Net Income
(Net Income 2023 − Net Income 2022 )
left parenthesis net income 2023 minus net income 2022 right parenthesis over net income 2022

Firm’s annual growth rate in profits

Net Income 2022

Earnings per Share

(EPS 2023 − EPS 2022 ) : left parenthesis E P S 2023 minus E P S 2022 right parenthesis over E P S 2022

Firm’s annual growth rate in E P S

EPS 2022

(Div. per Share 2023 − Div. per Share 2022) Firm’s annual growth rate in dividends
Dividends per Share left parenthesis div. per share 2023 minus dividend per share 2022 right parenthesis over dividends per share 2022

Dividends Per Share 2022 per share

COGS = cost of goods sold; EBIT = earnings before interest and taxes; Div. = dividends
Finance/Accounting Audit Checklist
1. Where is the firm financially strong and weak as indicated
by financial ratio analyses?
2. Can the firm raise needed short-term capital?
3. Can the firm raise needed long-term capital through debt
or equity?
4. Does the firm have sufficient working capital?
5. Are capital budgeting procedures effective?
Finance/Accounting Audit Checklist
(continued)
6. Are dividend payout policies reasonable?
7. Does the firm have excellent relations with its investors
and stockholders?
8. Are the firm's financial managers experienced and well
trained?
9. Is the firm's debt situation excellent?
Management Information Systems
• Management Information System
• Receives raw material from both external and internal
evaluation of an organization.
• Improves the performance of an enterprise by
improving the quality of managerial decisions.
• Collects, codes, stores, synthesizes, and presents
information in such a manner that it answers important
operating and strategic questions.
Business Analytics
• A business technique that involves using software to mine
huge volumes of data to help executives make decisions.
• Also called predictive analytics, machine learning, or
data mining.
The Internal Factor Evaluation (IFE)
Matrix
1. List key internal factors as identified in the internal-audit
process.
2. Assign a weight that ranges from 0.0 (not important) to
1.0 (all-important) to each factor.
3. Assign a 1-to-4 rating to each factor to indicate whether
that factor represents a strength or weakness.
4. Multiply each factor's weight by its rating to determine a
weighted score for each variable.
5. Sum the weighted scores for each variable to determine
the total weighted score for the organization.
The Actionable-Quantitative-
Comparative-Divisional (AQCD) Test
When identifying and prioritizing key internal factors in
strategic planning, make sure the factors selected meet the
following four criteria to the extent possible:
1. Actionable (i.e., meaningful and helpful in ultimately
deciding what actions or strategies a firm should consider
pursuing);
2. Quantitative (i.e., include percentages, ratios, dollars,
and numbers to the extent possible);
3. Comparative (i.e., reveals changes over time), and;
4. Divisional (relates to the firm’s products or regions (rather
than consolidated) so inferences can be drawn regarding
what products and regions are doing well or not).
Steps in Developing an IFE Matrix
An internal strategic management audit includes
development of an Internal Factor Evaluation (IFE) Matrix.
The five steps in developing an IFE Matrix are:
1. Develop a full and narrow list of key internal factors.
2. Assign weights to key internal factors.
3. Assign ratings to key internal factors.
4. Obtain weighted scores.
5. Obtain a total weighted score.
Table 4.10
Guidelines for Developing an IFE Matrix
1. Use the Narrow (Not Broad) Industry in Which the Firm Competes
Example: Burger King (owned by Restaurant Brands International)
competes in the fast-food industry (as opposed to the more general
restaurant industry). Therefore, for Burger King, if including a weakness
regarding the lack of healthy options on their menu, this factor should
likely receive a low weight because healthy menu options are not as vital
to the fast-food industry, whose customer base mostly desire quick
service, good taste, cheap prices, and filling food. Similarly, Burger King’s
weakness related to low-quality meats should not receive a high weight
either because quality meats are not that important in the fast-food
industry; customers simply are not willing to pay for them. Similarly,
Burger King’s strength of providing low-priced coffee would receive a high
weight if the analyst views coffee as being especially important for
success in the fast-food industry. If, however, the analyst views coffee not
to be especially important for success in the fast-food industry, then this
strength of Burger King should receive a relatively low weight.
Table 4.10 (continued)
Guidelines for Developing an IFE Matrix
2. State Factors so They Pass the AQCD Test
Example: A firm’s revenues may have decreased 15 percent from
1 year to the next, but stated in this manner, this “weakness” is not
actionable because it does not reveal the reason, or reasons, why
revenues declined; the reason(s) could range from competition
driving down prices to raw materials being unavailable for one
product or division of the firm. Nonactionable factors could lead
managers astray if they make false assumptions regarding what to
do about the factor. Therefore, state the “revenue decline factor”
perhaps as follows: Revenues in the chocolate segment of the
firm declined 21 percent in the most recent quarter because of
factory recall problems. Now the factor passes the AQCD test in
providing insightful, relevant, useful, information for formulating
strategies.
Table 4.11
Sample IFE Matrix for a Retail Computer Store (Strengths)
Key Internal Factors Weight Rating Weighted
Score
1. Revenues from repair/service in the store up 0.15
Zero decimal one five
3 0.45
Zero decimal four five

16%.
2. Employee morale is excellent. 0.10
Zero decimal one zero

3 0.30
Zero decimal three zero

3. Average customer purchase increased from 0.07

Zero decimal zero seven
2 0.14
Zero decimal one four

$97 to $128.
4. In-store promotions resulted in 20% increase 0.05
Zero decimal zero five
3 0.15
Zero decimal one five

in sales.
5. In-store technical support personnel have 0.05
Zero decimal zero five
4 0.20
Zero decimal two zero

MIS college degrees.

6. Inventory turnover increased from 5.8 to 6.7. 0.05
Zero decimal zero five

3 0.15
Zero decimal one five

7. Debt-to-total-assets ratio declined to 34%. 0.03

Zero decimal zero three

2 0.06
Zero decimal zero six

8. Newspaper advertising expenditures 0.02

Zero decimal zero two
3 0.06
Zero decimal zero six

increased 10%.
9. Revenues per employee up 19%. 0.02
Zero decimal zero two

3 0.06
Zero decimal zero six
Table 4.11 (continued)
Sample IFE Matrix for a Retail Computer Store (Weaknesses)
Key Internal Factors Weight Rating Weighted
Score
1. Location of store negatively impacted by 0.15
Zero decimal one five
4 0.60Zero decimal six zero

new Highway 34.

2. Revenues from software segment of store 0.10
Zero decimal one zero
2 0.20
Zero decimal two zero

down 12%.
3. Often customers wait 15 minutes to check 0.05
Zero decimal zero five
1 0.05
Zero decimal zero five

out.
4. Store has no website. 0.05
Zero decimal zero five

2 0.10
Zero decimal one zero

5. Revenues from service segment down 8%. 0.04

Zero decimal zero four

1 0.04Zero decimal one four

6. Supplier on-time delivery increased to 2.4 0.03

Zero decimal zero three
1 0.03
Zero decimal zero three

days.
7. Carpet and paint in store somewhat in 0.02
Zero decimal zero two
3 0.06Zero decimal zero six

disrepair.
8. Bathroom in store needs refurbishing. 0.02
Zero decimal zero two

4 0.08
Zero decimal zero eight

Blank

Total 1.00
One decimal zero zero

2.73
Two decimal seven three
Table 4.12
An Actual IFE Matrix for Shell Corporation
Strengths Weight Rating Weighted
Score
Zero decimal one two Zero decimal three six

1. Shell’s Oil Products Segment generates more revenue than all other 0.12 3 0.36
segments combined but there was a huge drop in relative revenues in this
segment in 2020 compared to the other segments.
Zero decimal zero seven Zero decimal one four

2. Shell is investing around $900 million annually in renewables. A few notable 0.07 2 0.14
accomplishments, in the UK, 900 thousand homes are supplied with natural
gas and smart home technology mostly in European homes.
Zero decimal zero six Zero decimal one eight

3. Shell’s Integrated Gas, Renewables, & Energy Solutions segment 0.06 3 0.18
generates the second most revenue than all other segments with the best
profit margin of all divisions at over 20%.
Zero decimal zero six Zero decimal zero six

4. Shell is in the process of transforming its business more toward biofuels, 0.06 1 0.06
hydrogen charging for electric automobiles, and focusing increasingly on
solar and wind technology. This is a slow process for Shell though as the
firm has a stated goal of increasing biofuels and hydrogen in transportation
from 3% to 10% by 2030.
Zero decimal zero five Zero decimal two zero

5. LNG Canada is a huge Shell natural gas project under construction off the 0.05 4 0.20
west coast of British Columbia, Canada, but 10 years away from
completion. Shell owns 40% of this project.
Table 4.12 (continued)
An Actual IFE Matrix for Shell Corporation
Strengths Weight Rating Weighted
Score
Zero decimal zero five Zero decimal one five

6. Shell is attempting to shift its resources to becoming a net zero 0.05 3 0.15
emissions firm with a target by 2050 of reaching that goal. In fact,
in 2021, Shell introduced its Powering Progress initiative to
accelerate the transition to a net zero emission business.
Zero decimal zero four Zero decimal one six

7. Shell operates chemical plants worldwide and supplied 1,000 0.04 4 0.16
industrial customers with over 15 million tons of petrochemicals
in 2020.
Zero decimal zero three Zero decimal zero nine

8. Shell focuses on safety with Goal Zero, meaning zero harm to its 0.03 3 0.09
people or the environment.
Zero decimal zero three Zero decimal zero six

9. By 2030, Shell aims to provide renewable electricity to 50 million 0.03 2 0.06

households and offer 2.5 million electric charging ports for
automobiles.

Zero decimal zero one Zero decimal zero four

10. There are more women than men on Shell’s Board of Directors. 0.01 4 0.04
Figure 4.3
How to Gain and Sustain Competitive Advantages