Republic of the Philippines

NEGROS ORIENTAL STATE UNIVERSITY

Kagawasan Avenue, Dumaguete, Negros Oriental

STRATEGIC MANAGEMENT ANALYSIS OF HERSHEY COMPANY:

NAVIGATING MARKET EXPANSION AND INTERNATIONAL GROWTH

In Partial Fulfillment of the Requirements of the Subject

BA300: Strategic Management

Presented by:

Badon, Drexon Jake V.

Bonifacio, Clyde Andrew V.
Pasucal, Sharina
Peñaranda, Gwyneth K.
BSA - 2

Presented to:
MARK ERIC UY
Instructor

January, 2024
 I. SUMMARY OF THE CASE

This case study offers a detailed analysis of Hershey's strategic management landscape,
highlighting the core issue of its excessive reliance on domestic markets and a lack of
diversification. Utilizing the strategy-formulation analytical framework, the study dissects three
critical stages: Input, Matching, and Decision.

Within the Input stage, Hershey grapples with pressing challenges—high debt levels and
declining asset performance. These concerns are rooted in a deficiency of both long and
short-term investments, compounded by an over-reliance on the domestic market.

Transitioning to the Matching stage reveals Hershey's robust competitive advantages in a

rapidly growing industry. Positioned within the competitive quadrant, the company demonstrates
significant strengths.

Ultimately, the Decision stage propels a strategic recommendation: Hershey should

pursue a market development strategy. This involves venturing beyond the borders of the USA,
expanding its product line into new geographic territories such as Asian or European countries.
This strategic move aims to diversify Hershey's market presence, reducing its dependency on
domestic markets while unlocking untapped potential in international markets, fostering
sustained growth and resilience.
 II. MINOR PROBLEMS OF THE COMPANY

1. Hershey utilizes a geographic-based divisional structure rather than a product-based one,

affecting strategic alignment.
2. Customer migration to lower-priced items prompts a need to reassess and potentially
terminate specific partnerships.
3. Hershey carries a higher long-term debt load compared to its primary competitors.
4. A reduction in assets is linked to alterations in the funded status of Hershey’s pension
plans.
5. The company heavily relies on its domestic markets, constituting 86% of its revenue.
6. Hershey faces escalating sugar prices, impacting production costs and financial margins.
7. Hershey’s excessive treasury stock caused by lack of investments in both short-term and
long-term opportunities.
8. Hershey has a smaller global footprint and a less diverse range of products compared to
its competitors.

III. CENTRAL PROBLEM OF THE COMPANY

The major problem that captures many of these minor issues is Hershey's over-reliance
on domestic markets and lack of diversification, both in terms of geographic presence and
product range. This is compounded by financial challenges such as high long-term debt,
increasing production costs due to rising sugar prices, and a reduction in assets related to changes
in pension plans. Additionally, the company's strategic alignment might be affected by its
geographic-based divisional structure, and there's a need to reassess partnerships due to
customers migrating to lower-priced items. Lastly, Hershey's excessive treasury stock indicates a
lack of investment in growth opportunities.
IV. ANALYZING THE CASE AS A CONSULTANT OF THE COMPANY

Table 1. IFE Matrix for Hershey Company

Weighted
Key Internal Factors Weight Rating Score
Strengths
1. Sales increased by 3.8% 0.1 3 0.3
2. Inventory turnover increased from 8.24 to 8.66 0.08 3 0.24
3. Hershey acquired Grupo Larena, with sales in excess of $30
million 0.07 4 0.28
4. Uses advertising programs to supplement seasonal sales
(10% of annual sales) 0.04 4 0.16
5. Hershey uses cross-functional product development 0.06 4 0.24
6. Proactive in understanding its market and adapting to changes 0.15 4 0.6

Weaknesses
1. Long-term debt increased by 17.66% 0.1 1 0.1
2. Other assets declined by 71.95% 0.07 1 0.07
3. Debt-to-assets ratio increased from 86.04% to 91.25% 0.15 1 0.15
4. Utilizes a geographic-based divisional structure rather than a
product-based one 0.04 2 0.08
5. Excessive treasury stock caused by lack of short and long
term investments 0.06 2 0.12
6. Heavily relies on domestic markets, constituting 86% of its
revenue 0.08 2 0.16

TOTAL 1 2.5

Consultant's POV (IFE Matrix):

The Hershey Company's internal evaluation, as portrayed by the IFE Matrix, accentuates
two critical success factors within the confectionery industry: proactive market understanding
and adaptability, along with concerns regarding the debt-to-assets ratio. Despite exhibiting
strengths in acquisition strategies, advertising, product development, and adaptability, Hershey
faces challenges in managing high debt levels and witnessing a decline in asset performance.

This comprehensive evaluation positions Hershey at a mid-level score of 2.5 on a 1 to 4

scale, indicating substantial room for improvement across various facets, including store
operations, strategic frameworks, and policies. It underscores the necessity for strategic
interventions to fortify Hershey's competitive stance and operational efficiency within the
confectionery market.

To mitigate the debt-to-assets issue, Hershey might contemplate debt refinancing,

restructuring, and optimizing operational efficiency. These approaches could alleviate financial
strain and improve the company's financial health. Additionally, investing in deeper market
research could drive tailored strategies and innovative product development, bolstering market
understanding and adaptability. Exploring diversification or expansion strategies could
rejuvenate Hershey's declining asset base, complemented by operational improvements across
store operations and policies, fostering a more robust position within the confectionery market.
Ultimately, these detailed recommendations aim to guide Hershey towards a more competitive
and strategically sound position in the industry.

Table 2 EFE Matrix for Hershey Company

Weighted
Key External Factors Weight Rating Score
Opportunities
1. There is a trend on increasing consumer focus on health and
wellness 0.15 3 0.45
2. Chocolate currently accounts for 55.8% of the market's overall
global value 0.05 2 0.1
3. Consumers are leaning into companies that support
environmental sustainability 0.12 3 0.36
4. The global confectionery market grew by 2.7% 0.06 2 0.12
5. Strong brand recognition within the domestic market 0.12 4 0.48

Threats
1. Cocoa future contract prices increased, ranging from $0.86 to
$1.50 per pound 0.07 4 0.28
2. Major competitor is expanding its global presence in the
international market 0.11 2 0.22
3. Rising sugar prices can significantly impact Hershey's
production costs 0.15 3 0.45
4. Customer migration to lower priced items 0.13 1 0.13
5. Nestle expanded its nutritional product with the acquisition of
Jenny Craig 0.04 2 0.08
TOTAL 1 2.67
Consultant’s POV (EFE Matrix):

When assessing Hershey Company through the lens of an EFE (External Factor
Evaluation) Matrix, several crucial elements define its success trajectory. Two standout factors
significantly contributing to this success are the emphasis on consumer health and wellness,
denoted by a weight of 0.15, and the impact of rising sugar prices. This emphasizes the
paramount importance of these elements in Hershey's strategic landscape.

Hershey's adept management of these factors, specifically through its strong brand
recognition within the domestic market and its strategic utilization of cocoa future contracts,
highlights the company's core strengths. These factors not only bolster its current position but
also solidify its resilience in the face of market fluctuations. The reliance on the thriving U.S.
market, contributing to 86% of its revenues, and the strategic use of forward purchasing contracts
effectively mitigating price volatility demonstrate Hershey's ability to navigate and thrive within
its operational environment.

The calculated aggregate weighted score of 2.67 surpasses the benchmark average of 2.5,
indicating Hershey's effective maneuvering amidst external opportunities and threats. However,
there remains ample room for further improvement, considering the potential highest total
weighted score of 4.0. One notable area for Hershey to focus on revolves around addressing the
threat posed by customer migration towards lower-priced items. This specific concern, rated at 1,
signifies the urgency for Hershey to refine its strategies and market positioning to counteract this
potential shift.

In essence, while Hershey Company exhibits a commendable understanding and

management of external factors, continuous improvement and targeted strategies to counter
emerging threats remain pivotal for sustained growth and market dominance.
 V. ALTERNATIVE COURSES OF ACTION / SOLUTIONS TO THE EXISTING
PROBLEM
Table 3. SWOT Matrix for Hershey Company
Opportunities
1. There is a trend on increasing
consumer focus on health and
wellness
2. Chocolate currently accounts
for 55.8% of the market's overall
global value
3. Consumers are leaning into
companies that support
environmental sustainability
4. The global confectionery
market grew by 2.7%
5. Strong brand recognition
within the domestic market
Strengths
1. Sales increased by 3.8%
2. Inventory turnover increased
from 8.24 to 8.66
3. Hershey acquired Grupo
Larena with sales of excess of
$30 million
4. Uses advertising programs to
supplement seasonal sales (10%
of annual sales)
5. Hershey uses cross-functional
product development
6. Proactive in understanding its
market and adapting to changes
SO Strategies
1. Create new line of healthier
products and market them as a
part of a wellness-focused lifestyle
(S6, O1)
2. Expand their chocolate variations
(like premium or health-conscious
options) and invest in emerging
markets (S1, O2)
3. Introduce new flavors or formats,
leverage data insights for consumer
preferences, and streamline internal
processes (S5, O4)
Weaknesses
1. Long-term debt increased by
17.66%
2. Other assets declined by
71.95%
3. Debt-to-assets ratio increased
from 86.04% to 91.25%
4. Utilizes a geographic-based
divisional structure rather than a
product-based one
5. Excessive treasury stock
caused by lack of short and long
term investments
6. Heavily relies on domestic
markets, constituting 86% of its
revenue
WO Strategies
1. Explore international expansion
strategies, targeting marketing
campaigns, partnerships with
local distributors, or acquisitions of
foreign confectionery brands
(W6, O5)
2. Focus on strategic partnerships
or R&D to innovate within the
chocolate market, capturing a larger
share (W2, O2)
3. Focus on cost-efficiency
measures, streamlining operations,
and reallocating freed-up resources
towards strategic initiatives within the
confectionery segment (W1,W3, O4)
 Threats
1. Cocoa future contract prices
increased, ranging from 0.86% to
$1.50 per pound
2. Major competitor is expanding
its global presence in the
international market
3. Rising sugar prices can
significantly impact Hershey's
production costs
4. Customer migration to lower
priced items
5. Nestle expanded its nutritional
product with the acquisition of
Jenny Craig
ST Strategies WT Strategies
1. Offer returning customers with 1. Establish strategic alliances or
discounts, awards or additional perks partnerships with well-known foreign
without compromising overall businesses or distributors.
profitability. (S6, T4) (W6, T2)
2. Capitalize on increased revenue 2. Consider a gradual transition from
momentum by investing in further geographic-based divisional structure
market penetration (such as to product-based structure. (W4, T4)
introducing new product lines,
variations, or innovative offerings.)
(S1, S3, T2, T5)
3. Explore different options for
sourcing sugar and cocoa (such as
negotiating long-term contracts or
diversifying suppliers (S2, T1, T3)

Table 4. SPACE Matrix for Hershey Company

Financial Position (FP) Ratings

Current ratio increased from 0.88 in 2007 to 1.06 in 2008 4
Net profit margin ratio increased from 4.33% in 2007 to 6.06% in 2008 6
Return on total assets increased from 5.04% in 2007 to 8.57% in 2008 5
Debt to equity ratio increased from 6.16% in 2007 to 10.42% in 2008 1
16
Industry Position (IP)
Hershey remains heavily dependent on its domestic market 2
Prices of cocoa in 2008 significantly increased from 2007 2
Chocolate accounts for 55.8% of the market's overall global value 4
Organic food products are one of the fastest growing sectors in United States 6
14
Stability Position (SP)
The company overall has weathered the economic recession quite well -2
Poor harvests of sugar from producers, Brazil and India -6
Unfavorable currency exchange rates -3
Customers switched to lower price products, some premium products faltered -7
-18
Competitive Position (CP)
Hershey's iconic brands are instantly recognized within the domestic market -2

Appeals to the consumers the health benefits of flavonols in its dark -2

chocolate products
The largest producer of chocolate in North America -1
-5
Conclusion
SP Average is -18 ÷ 4 = -4.5 IP Average is 14 ÷ 4 = 3.5
CP Average is -5 ÷ 3 = -1.67 FP Average is 16 ÷ 4 = 4
Directional Vector Coordinates: x-axis: -1.67 + 3.5 = 1.83
y-axis: -4.5 + 4 = -0.5

Figure 1. Strategy Profile for Hershey Company

From the figure above, it is inferred that Hershey Company is a firm with major
competitive advantages in a high-growth industry considering that its directional vector is
located in the competitive quadrant. In the competitive quadrant, integration strategies such as
backward, forward or horizontal integration and intensive strategies such as market penetration,
market development and product development are available. In detail, from integration strategies
we suggest that Hershey pursue forward integration by expanding in more countries and using
franchising to distribute their products. In this way, business can expand more rapidly and costs
and opportunities will be spread among many individuals. In line with this strategy, market
development strategy is suitable for introducing its products into new geographic areas, such as
more Asian or European countries, besides India, China and Korea.

The following are listed alternative courses of action that have been derived from both the
SWOT and SPACE matrices:

1. Explore international expansion strategies through targeted marketing, local partnerships,

or acquisitions of foreign confectionery brands.
2. Establish strategic alliances or partnerships with well-known foreign businesses or
distributors.
3. Develop a new line of healthier products and market them as part of a wellness-focused
lifestyle.
4. Expand chocolate variations to include premium or health-conscious options and invest
in emerging markets.
5. Introduce new flavors/formats, utilize consumer data insights, and streamline internal
processes.
6. Focus on strategic partnerships or R&D to innovate within the chocolate market,
capturing a larger share.
7. Offer returning customers discounts, awards, or additional perks while maintaining
overall profitability.
8. Explore different options for sourcing sugar and cocoa, such as negotiating long-term
contracts or diversifying suppliers.
9. Consider a gradual transition from a geographic-based divisional structure to a
product-based structure.
10. Focus on cost-efficiency measures, streamline operations, and allocate resources to
strategic initiatives in the confectionery segment.
11. Invest increased revenue in further market penetration, including new product lines or
innovative offerings.
VI. EVALUATION OF EVERY ALTERNATIVE COURSE OF ACTION
Alternative Course of Action Pros
Opportunity in Health Trend:
Meeting consumer demand
for healthier options could
Develop a new line of healthier products attract a new customer
and market them as part of a segment.
wellness-focused lifestyle.
Positive Brand Image:
Reinforcing a
wellness-focused image can
enhance brand reputation
and loyalty.
Market Diversification:
Expand chocolate variations to include Tapping into premium and
premium or health-conscious options health-conscious markets
and invest in emerging markets. expands customer reach.
Emerging Markets:
Opportunity for growth in
regions with rising demand
for quality chocolates.
Innovation and Adaptation:
Responding to consumer
Introduce new flavors/formats, utilize preferences through data
consumer data insights, and streamline insights can boost sales and
internal processes. customer satisfaction.
Efficiency Gains:
Streamlining processes
enhances operational
efficiency, potentially
reducing costs.
Competitive Edge: Investing
in R&D can lead to product
Focus on strategic partnerships or R&D innovations, securing a
to innovate within the chocolate market, competitive advantage.
capturing a larger share.
Cons
Development Costs: Creating
new products requires
investment in R&D and
production, impacting
short-term profits.
Market Acceptance:
Uncertainty about consumer
acceptance and willingness
to pay premium prices for
healthier alternatives.
Market Saturation: The risk of
oversaturating markets with
numerous variations,
potentially diluting the
brand's core identity.
Market Perception: Balancing
premium offerings with the
brand's accessibility might be
challenging.
Execution Challenges:
Implementing new formats
and flavors requires
meticulous planning and
execution.
Potential Resistance: Internal
changes might face
resistance or disruption in
established processes.
Resource Allocation: Heavy
reliance on R&D might divert
resources from other critical
areas.

Explore international expansion
strategies through targeted marketing,
local partnerships, or acquisitions of
foreign confectionery brands.
Establish strategic alliances or
partnerships with well-known foreign
businesses or distributors.
Focus on cost-efficiency measures,
streamline operations, and allocate
resources to strategic initiatives in the
confectionery segment.
Offer returning customers discounts,
awards, or additional perks while
maintaining overall profitability.
Partnership Opportunities:
Collaborating with strategic
partners can facilitate
market expansion or
innovation.
Market Reach: International
expansion opens doors to
new markets and revenue
streams.
Diversification: Reduces
dependency on specific
markets, mitigating risks
from local economic
fluctuations.
Dependency: Reliance on
Market Access: Partnerships partners' strategies and
with established foreign decisions might limit control
entities grant access to and flexibility.
established markets.
Shared Resources: Pooling
resources with partners can
reduce costs and risks
associated with market
entry.
Improved Profit Margins:
Cost-efficiency measures
can enhance profitability in
the short and long term.
Resource Allocation:
Allocating resources to
strategic initiatives boosts
competitiveness.
Customer Loyalty:
Incentives encourage repeat
purchases, fostering
stronger customer
relationships.
Market Risk: Innovations may
not always resonate with
consumers, leading to failed
launches.
Cultural and Regulatory
Challenges: Adapting to
different cultures and
navigating diverse
regulations can be complex.
Integration Issues: Acquiring
foreign brands might face
integration challenges,
impacting synergy and
operations.
Potential Conflicts:
Differences in business
cultures or goals could lead
to conflicts in
decision-making.
Risk of Cutting Essential
Costs: Overzealous
cost-cutting might impact
product quality or essential
services.
Resistance to Change:
Streamlining operations
might face resistance within
the organization.
Profitability Concerns:
Offering discounts or perks
could impact short-term
profits if not balanced
carefully.

Invest increased revenue in further
market penetration, including new
product lines or innovative offerings.
Word-of-Mouth and
Referrals: Satisfied
customers might promote
the brand, aiding in
customer acquisition.
Market Growth: Investing
revenue into new products
or market penetration can
drive growth.
Competitive Advantage:
Continuous innovation can
establish a competitive edge
in the market.
Sustainability of Incentives:
Long-term sustainability of
such offers without devaluing
the brand needs
consideration
Financial Risk: Increased
investment without
guaranteed returns poses
financial risks.
Market Response: New
offerings may not always
resonate with the target
audience, leading to limited
success.

Explore different options for sourcing
sugar and cocoa, such as negotiating
long-term contracts or diversifying
suppliers.
Consider a gradual transition from a
geographic-based divisional structure to often enhance efficiency and
a product-based structure.
Dependency Concerns:
Supply Chain Stability: Heavy reliance on a few
Diversification or long-term suppliers could lead to
contracts mitigate risks dependency issues if not
associated with supply chain managed properly.
disruptions.
Cost Management:
Negotiating better terms can Quality Assurance:
positively impact Diversifying suppliers might
procurement costs. impact consistency or quality
control.
Implementation Challenges:
Efficiency Improvement: Transitioning structures
Product-based structures involves reorganization and
potential disruption in
focus within divisions. operations.

Adaptability: Aligning with

product lines can aid in Resistance to Change:
faster response to market Employees might resist
changes or product-specific changes due to familiarity
needs. with existing structures.

Each of these alternatives presents opportunities and challenges for the Hershey

Company. The successful implementation of these strategies would require careful planning,

proper execution, and continuous monitoring to leverage the opportunities while mitigating the
associated risks. The suitability of each strategy would also depend on the company's resources,

market conditions, and long-term objectives.

VII. DECISION AND CONCLUSION

Table 6. QSPM for Hershey Company

Market Forward Invest in further

Development Integration to Market
outside USA other countries Penetration
Key Factors Weight AS TAS AS TAS AS TAS
Strengths
1. Sales increased by 3.8% 0.1 3 0.3 2 0.2 4 0.4
2. Inventory turnover increased
from 8.24 to 8.66 0.08 2 0.16 1 0.08 3 0.24
3. Hershey acquired Grupo Larena,
with sales in excess of $30 million 0.07 4 0.28 2 0.14 3 0.21
4. Uses advertising programs to
supplement seasonal sales (10% of
annual sales) 0.04 3 0.12 2 0.08 4 0.16
5. Hershey uses cross-functional
product development 0.06 - - - - - -
6. Proactive in understanding its
market and adapting to changes 0.15 4 0.6 2 0.3 3 0.45

Weaknesses
1. Long-term debt increased by
17.66% 0.1 3 0.3 1 0.1 2 0.2
2. Other assets declined by 71.95% 0.07 1 0.07 2 0.14 3 0.21
3. Debt-to-assets ratio increased
from 86.04% to 91.25% 0.15 - - - - - -
4. Utilizes a geographic-based
divisional structure rather than a
product-based one 0.04 4 0.16 2 0.08 3 0.12
5. Excessive treasury stock caused
by lack of short and long term
investments 0.06 2 0.12 1 0.06 3 0.18
6. Heavily relies on domestic
markets, constituting 86% of its 0.08 4 0.32 3 0.24 2 0.16
revenue
1

Opportunities
1. There is a trend on increasing
consumer focus on health and
wellness 0.15 4 0.6 3 0.45 2 0.3
2. Chocolate currently accounts for
55.8% of the market's overall global
value 0.05 4 0.2 2 0.1 3 0.15
3. Consumers are leaning into
companies that support
environmental sustainability 0.12 - - - - - -
4. The global confectionery market
grew by 2.7% 0.06 3 0.18 1 0.06 2 0.12
5. Strong brand recognition within the
domestic market 0.12 4 0.48 3 0.36 2 0.24

Threats
1. Cocoa future contract prices
increased, ranging from 0.86% to
$1.50 per pound 0.07 2 0.14 1 0.07 3 0.21
2. Major competitor is expanding its
global presence in the international
market 0.11 3 0.33 4 0.44 2 0.22
3. Rising sugar prices can
significantly impact Hershey's
production costs. 0.15 1 0.15 2 0.3 3 0.45
4. Customer migration to lower
priced items 0.13 - - - - - -
5. Nestle expanded its nutritional
product with the acquisition of Jenny
Craig 0.04 3 0.12 4 0.16 1 0.04
Total 1 4.63 3.36 4.06

With consideration for all pertinent internal and external elements, Hershey shall pursue
market development strategy by expanding its product line into new geographic areas outside of
the USA, such as more Asian or European countries, as indicated by the STAS of 4.63, 3.36, and
4.06. This does not imply that investing in more market penetration and forward integration to
other nations are less crucial tactics. The second course of action, being market penetration,
should be given consideration as well. Given the prevailing internal and external factors,
directing our attention towards the external market appears to be the more suitable course of
action. This circles us back to the central problem of the company: an excessive dependence on
domestic markets and a deficiency in diversification, spanning both geographic reach and
product variety.

By pursuing market development, it can help increase their market share and reach a
larger customer base. This can lead to higher sales and revenue for the company. Entering new
markets or targeting new customer segments can help Hershey diversify its customer base and
reduce dependence on a single market or segment. This includes targeted marketing, local
partnerships, or acquisitions of foreign confectionery brands. Partnerships with local
confectionery brands in target international markets can contribute to the firm’s competitiveness
as well. This can mitigate risks associated with market fluctuations or changes in consumer
preferences. Additionally, market development can also provide opportunities for Hershey to
introduce new product variations or innovations to cater to the specific needs and preferences of
different markets or customer segments.

VIII. RECOMMENDATIONS

Beyond the conclusion to pursue market development, here are additional potential
actions for Hershey Company:

Invest in New Product Lines and Innovations: Hershey can diversify its product range by
introducing premium or health-conscious chocolate variations. This move not only taps into
evolving consumer preferences but also broadens its customer base. Continuous innovation
maintains relevance and competitiveness in the market, potentially attracting new consumers and
retaining existing ones.

Direct-to-Consumer Platform: Enhance the online presence by developing a robust

direct-to-consumer platform, allowing customers to purchase Hershey products directly from the
company's website.

Expand Chocolate Variations and Enter Emerging Markets: By introducing variations catering to
premium or health-conscious markets, Hershey can capture a broader audience. Investing in
emerging markets takes advantage of rising demands, creating new revenue streams. This
strategy ensures sustained growth by expanding the company's footprint into regions with
untapped potential.

Establish Strategic Alliances or Partnerships: Strategic partnerships with established foreign

entities provide Hershey access to new markets without starting from scratch. This reduces
market entry risks and costs. Collaborating with partners facilitates knowledge exchange,
enhances market understanding, and creates synergies that boost market penetration efforts.

Transition to a Product-Based Structure: Shifting to a product-based structure improves

operational efficiency and agility. Aligning divisions with product lines enables Hershey to
respond faster to market changes and specific customer demands. This structure fosters
innovation and focused strategies for each product line, enhancing overall performance.

Pursue forward integration to other countries: This is through expanding in more countries and
using franchising to distribute their products. This strategy allows the business to expand rapidly
and spread costs and opportunities among many individuals.

For Hershey, these recommendations collectively create a comprehensive strategy aimed

at diversification, innovation, and expansion. They mitigate risks associated with over-reliance
on specific markets, elevate brand relevance, and ensure sustained growth by tapping into
emerging opportunities while optimizing operational efficiency.
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David, F. R. (2006). Strategic management: Concepts and cases. Qing hua da xue chu ban she.

Hameli, K. (2020, July 26). Hershey case study - strategic management. PDF.

https://www.slideshare.net/kujtimhameli/hershey-case-study-strategic-management