Strategic Management All Chs

STRATEGIC
MANAGEMENT
Chapter One
An Overview of Strategic Management
prepared by Girma N. HU
DEFINING STRATEGIC
MANAGEMENT
 Strategic management can be defined as the
art and science of formulating,
implementing, and evaluating cross-
functional decisions that enable the
organization to achieve its objectives. As this
definition implies, strategic management
focuses on integrating management,
marketing, finance/accounting,
production/operations, research and
development, and computer information
systems to achieve organizational success.
 The purpose of strategic management is to
exploit and create new and different
opportunities for tomorrow; long-range
planning, in contrast, tries to optimize for
tomorrow the trends of today.
 The term strategic planning originated in the 1950s
and was very popular between the Mid 1960s and
the Mid 1970s. During these years, strategic
planning was widely believed to be the answer for
all problems. At the time, much of corporate
America was ‘obsessed’ with strategic planning.
Following that “boom,” however, strategic
planning was cast aside during the 1980s as
various planning models did not yield higher
returns.
1.2 STAGES OF STRATEGIC
MANAGEMENT
 The strategic management process consists
of three stages: formulation, strategy
implementation, and strategy evaluation.
Strategy formulation includes developing a
vision and mission, identifying an
organizations external opportunities and
threats, determining internal strengths and
weaknesses, establishing long-term
objectives, generating alternative strategies,
and choosing particular strategies to pursue.
 Because no organization has unlimited
resources, strategists must decide which
alternative strategies will benefit the firm
most. Strategy-formulation decisions commit
an organization to specific products,
markets, resources, and technologies over an
extended period of time. Strategies
determine long-term competitive
advantages. For better or worse, strategic
decisions have major multifunctional
consequences and enduring effects on an
organization.
 All strategies are subject to future
modification because external and internal
factors are constantly changing.
Three fundamental strategy evaluation
activities are:
1. Reviewing external and internal factors that
are the bases for current strategies.
2. Measuring performance.
3. Taking corrective actions.
1.3 KEY TERMS
 Competitive Advantage
 Strategic management is all about gaining
and maintaining competitive advantage.
This term can be defined as “anything that a
firm does especially well compare to rival
firms.” When a firm can do something that
rival firms cannot do, or owns something that
rival firms desire, that can represent a
competitive advantage.
STRATEGISTS
 Strategists are the individuals who are most

responsible for the success or failure of an
organization. Strategists have various job
titles, such as chief executive officer,
president, owner, chair of the board,
executive director, chancellor, dean, or
entrepreneur.
Vision and Mission Statements
Many organizations today develop a vision
statement that answers the question “What
do we want to become?” Developing a vision
statement is often considered the first step
in strategic planning, preceding even
development of a mission statement. Many
vision statements are a single sentence.
 For example, the vision statement of Stokes
Eye Clinic in Florence, South Carolina, is
“Our vision is to take care of your vision.”
The vision of the Institute of management
Accountants is “Global leadership in
education, certification, and practice of
management accounting and financial
management.”
CRITERIA FOR GOOD VISION
 Vision must be :
1. Compelling
2. Inspiring
3. Initiating others to join the organization
 Mission statements are “enduring
statements of purpose that distinguish one
business from other similar firms. A mission
statement identifies the scope of a firm’s
operations in product and market terms.” It
addresses the basic question that faces all
strategists: “What is our business?” A clear
mission statement describes the values and
priorities of an organization.
 External Opportunities and Threats
 External opportunities and external threats
refer to economic, social, cultural,
demographic, environmental, political, legal,
governmental, technological, and
competitive trends and events that could
significantly benefit or harm an organization
in the future.
 Internal Strengths and Weaknesses
 Internal strengths and internal weaknesses
are an organization’s controllable activities
that are performed especially well or poorly.
They arise in the management, marketing,
finance/accounting, production/operations,
research and development, and management
information systems activities of a business.
 Long-Term Objectives
 Objectives can be defined as specific results
that an organization seeks to achieve in
pursuing its basic mission. Long-term means
more than one year.
Long term Objectives should be:
1. Challenging
2. Measurable
3. Consistent
4. Reasonable
5. Clear
Strategies
 Strategies are the means by which long-term
objectives will be achieved. Business
strategies may include geographic expansion,
diversification, acquisition, product
development, market penetration,
retrenchment, divestiture, liquidation, and
joint ventures. Strategies are potential
actions that require top management
decisions and large amounts of the firm’s
resources.
 Annual Objectives
 Annual objectives are short-term milestones
that organizations must achieve to reach
long-term objectives. Like long-term
objectives, annual objectives should be
measureable, quantitative, challenging,
realistic, consistent, and prioritized.
 Policies
 Policies are the means by which annual
objectives will be achieved. Policies include
guidelines, rules, and procedures established
to support efforts to achieve stated
objectives. Policies are guides to decision
making and address repetitive or recurring
situations.
COMPREHENSIVE STRATEGIC
MANAGEMENT MODEL
 See from the module
BENEFITS OF STRATEGIC
MANAGEMENT
 Strategic management allows an organization to be more
proactive than reactive in shaping its own future; it
allows an organization to initiate and influence (rather
than just respond to) activities---and thus to exert control
over its own destiny. Small business owners, chief
executive officers, presidents, and managers of many for-
profit and non-profit organizations have recognized and
realized the benefits of strategic management.
 Historically, the principal benefit of strategic
management has been to help organizations formulate
better strategies through the use of a more systematic,
logical, and rational approach to strategic choice.
 Financial Benefits
 Research indicates that organizations using
strategic-management concepts are more
profitable and successful than those that do
not. Businesses using strategic-management
concepts show significant improvement in
sales, profitability, and productivity
compared to firms without systematic
planning activities.
 Non Financial Benefits
 Besides helping firms avoid financial demise, strategic
management offers other tangible benefits, such as an
enhanced awareness of external threats, an improved
understanding of competitors, strategies, increased
employee productivity, reduced resistance to change, and
a clearer understanding of performance-reward
relationships. Strategic management enhances the
problem-prevention capabilities of organizations because
it promotes interaction among managers at all divisional
and functional levels.
Greenley stated that strategic management offers the
following benefits:
 It allows for identification, prioritization, and
exploitation of opportunities.
 It provides an objective view of management problems.
 It represents a framework for improved coordination and
control of activities.
 It minimizes the effects of adverse conditions and
changes.
 It allows major decisions to better support established
objectives.
 It allows more effective allocation of time and resources
to identified opportunities.
 ETC…….
WHY SOME FIRMS DO NOT DO
STRATEGIC PLANNING
 Some reasons for poor or no strategic
planning are:
- Poor reward structure
- Firefighting
- Waste of time
- Too expensive
- Laziness
- Content with success
CHAPTER TWO
STRATEGIC PLANNING OF BUSINESS VISION AND
MISSION
 STRATAGIC PLANNING IS THE PROCESS of determining

what an organization intends to be in the future and how
it will get there. It is finding the best future for your
organization the best path to reach that destination.
 Strategic planning is the process of developing objective
for the organization and its subparts as well as
developing and evaluating alternative course of action
to reach these objectives; doing this on the basis of
systematic evaluation of external threats and
opportunities and internal audits of strength and
weaknesses.
 ASPECT OF STRATEGIC PLANNING OR
STRATEGIC APPROACH
 There are significant aspects that characterize
strategic thinking or approach. A sound
strategic plan must, appreciate the following
aspects.
 Future aspects
 It is future oriented.
 It recognizes that the environments will
change.
 It tries to anticipate events rather than simply
react as they occur.
 Dynamic Aspects
 The strategic approach is a process.
 It is continuous and recognize the need to be
open to changing goals/objectives and
strategies in light of shifting circumstances
within the environment.
 It is a process that requires monitoring and
review mechanisms capable of feeding
information to top management
continuously.
 It is not one-shot approach it is on going.
Finding the Right Fit, Strategic Planning of a Organization
“What is needed and feasible in
your service area?”
The vision,
What do you intend to do?” mission,
Goals/Objectives Opportunities/
Threats forces
FIT outside
strengths/
Weakness
Forces inside
Capable
What are you capable of doing?
 THE SPM PROCESS
 Various approaches are used in the SPM
process. Some have developed five step
planning process, others six step planning
process, Bryson has developed eight step
planning and management process, while
Crosby goes as far as 9 step process. But all
these authors generally agree on the
essential components.
STEP ONE
 The first step in strategic planning is
“planning to plan” or get organized. This
includes:
 Agreement on whether to develop a strategic
plan.
 Get the commitment.
 Determine if outside help is needed
STEP TWO Analyze country or regional context and
organization background
 In step two start with analyzing the country
/Regional context or highlight the National or
Regional profile in which you operate. This may
include:
 Political situation
 Social situation
 Economic situation
 Infrastructure Location and topography etc. of
Ethiopia of your Region
 Vision
 This is the organization’s hope for the reality to
be “i.e., the desired situation, as opposed to
“the reality that is”; i.e.; the existing situation.
This may not be realized in one’s lifetime.
However, the organization needs to have a vision
based on a set of values that every one in the
organization shares.
 Vision is what keeps the Organization moving
forward even against discouraging odds. An
organization’s leader need to develop a “vision of
excellent” to give direction to the Organization.
The vision should be a description of the desired
Vision are broad, but they point to where to go
Purpose of a vision
·Shared vision is an initial force that brings people together.
·Inspires stakeholders
·It is life-blood of an organization
·Helps to see what you are working towards
·Clearly articulated vision can provide energy, momentum and strengths to individuals
·Provide bases for partnership
·Bins an organization together in times of crises
·Provide incentive to work through internal conflict.
STEP TWO
Set values/operational principles and identify the key stakeholders and
their expectations .
 Analyze existing values and set new ones
Perform a through analysis of stakeholders to know what their needs
are .
 Determine ways of how ther needs can be met through your
organization.
 Ensure that all stakeholders participate in the planning process.
 Identify collaborators and strategies as appropriate.
STEP THREE
DRAFT GOALS AND OBJECTIVES
WHAT/ WHERE
What
HOW
where
 GOAL
 money authors and managers use the term goal
interchangeably with objective. Others refer
narrowly to specific target as goals.
 The problem with differentiating between goals
and objectives is deciding just what that the
difference is. In other words, when does an
objective become a goal and vice versa?
 In any case, goals are the relevance of the
mission to different stakeholders. They are broader
and have longer range than objectives.
 They are not quantified and have higher level
impact at notional or regional level.
 OBJECTIVES
 Indicate how the mission can be achieved.
They are desirable outcomes of organization
‘activity.
 The first step in managing anything is to
define your objective before you release any
resources or any time trying to achieve it.
 “ If you don’t know where you are going any
road will get you there”.
 Objective should be SMARTER
S Specific: What needs to be achieved
is unambiguous. Don’t say:”Improve
efficiency”.
M Measurable: is it possible to
determine if the desired conditions
has been achieved.
A Agreed: There is a consensus and

commitment to the objectives among
the major stakeholders
R Realistic/ Relevant: Objectives need
to be achievable is it feasible;
T Time bound: A clear understanding

of the time scales associated with
each objective is defined.
A variant on SMART adds two additional characteristics to be SMARTER

E Extending: Push the envelope.
Starch the performer’s capability
R prepared by Girma N. HU Rewarding: What is in it for me or for
GOAL AND OBJECTIVES EXAMPLES
1 Public Transportation
 Goal: Improve public Transportation in Addis
Ababa
Objectives
 Increase the frequency of city buses on routs 3, 31
,23 during peak rush hour periods from every 30
minutes to ever 15 minutes by the second year of
the plan period.
 Increase the frequency of city buses on rural
routes (Burayou, Sebeta and sendafa) from every 2
hours to every hour on market days by the end of
20011.
STEP FOUR SITUATIONAL ANALYSIS
SWOT Analyze:
Perform S.W.O.T Analysis
·(strengths, weaknesses, Opportunities and
Threats)
Analyze the organization’s ability to survive
and carry out its mission
Focus on the organization Internal as well
as External Environments
PESTL ANALYSIS
Political Economic/Ecology
·Free market economy
·Government policies ·Economic trends /growth
·Laws and directives ·GDP
·Civil Service reform ·Drought
·Regionalizaion ·Rate of inflation
·Decentralization ·Purchasing power of

clients/farmers
·Donors policies
·Global economy etc.
·Changes in leadership etc.
·Tax programmes /reform
·Pricing policies etc.
 STEP FIVE
 IDENTIFYING CRITICAL/STRATEGIC ISSUES
 Critical /strategic issues are fundamental policey
questions or critical challenges that affect :
 Mandates
 Mission
 Values
 Level or mix of service
 Clients /users
 Fund providers /or cost
 Financing
 Structure or
 Management
 MOST IMPORTANT STRATEGIC ISSUES RATING
FORMAT
 1 Biggest impact
 2 Most central
 3 Most immediate
 4 Closest to your values
 STEP SIX Formulating strategies
 strategies are typically developed to deal
with the strategic issues identified in the
previous step .
  They uotline the organization’s response to
the fundamental challenges it faces .
  Strategies bac be formalated at four basic
levels:
 Strategies for the organization as whole :
 Sub-strategies ( department ,divisions,sections
or units , procurement and informaton
technology strategies.
 STEP SEVEN
 PREPARING Implementation plan
 Implementation plan takes aroot from
organization or Agencey, departmental or
unit level goals , objectives and stragies
through identifying key and subordinate
activities that must be undertaken to
achieve the pursued strategic direction of
the organization or agency .
STRATEGIC ACTION PLAN
No. Strategic Proposed Actions Who will be Time Table Resources
issue Responsible Required to
201 201 201
complete
1 2 3
Action
1 Lack of Develop amanual Civil seervice - 150,000 Birr

training to applicable to the reform
develop Ethiopan situation program
strategic plan and introduce TOT office
for program for ( CCRPO),
Ethiopian development of Top
civil servce strategic plans for Management
institutions civil service subprogramm
institutions e
BSC PERSPECTIVES
•  PERSPECTIVES ARE DIFFERENT VIEWS OF AN ORGANIZATION;

 THEY ARE PERFORMANCE DIMENSIONS
ASSIGNMENT
 Prepare Strategic planning for one
organization in your area.
 Deadline for submission 16/04/2019
CHAPTER
THREE
ENVIRONMENTAL ANALYSIS
3.1 The Nature of an External Audit
 The purpose of an external audit is to develop a
finite list of opportunities that could benefit a
firm and threats that should be avoided. As the
term finite suggests, the external audit is not
aimed at developing an exhaustive list of every
possible factor that could influence the business;
rather, it is aimed at identifying key variable that
offer actionable responses. Firms should be able
to respond either offensively or defensively to the
factors by formulating strategies that take
advantage of external opportunities or that
minimize the impact of potential threats.
Key External Forces
 External forces can be divided into five
broad categories:
 Economic forces;
 Social, cultural, demographic, and
environmental forces;
 Political, governmental, and legal forces;
 Technological forces;
 Competitive forces.
 The Industrial Organization (I/O) View
 The Industrial Organization (I/O) approach to
competitive advantage advocates that external
(industry) factors are more important than
internal factors in a firm achieving competitive
advantage. Proponents of the I/O view, such as
Michael Porter contend that organizational
performance will be primarily determined by
industry forces. Porter’s Five-Forces Model,
presented later in this unit, is an example of the
I/O perspective, which focuses upon analyzing
external forces and industry variables as a basis
for getting and keeping competitive advantage.
 Competitive advantage is determined largely
by competitive positioning within an
industry, according to I/O advocates.
 Competitive Forces
 An important part of an external audit is
identifying rival firms and determining their
strengths, weaknesses, capabilities,
opportunities, threat, objectives, and
strategies.
Competitive Analysis: Porter’s Five-Forces
Model
 Porter’s Five-Forces Model of competitive
analysis is a widely used approach for
developing strategies in many industries.
The intensity of competition among firms
varies widely across industries. Intensity of
competition is highest in lower-return
industries.
According to Porter, the nature of
competitiveness in a given industry can be
viewed as a composite of five forces:
 Rivalry among competing firms
 Potential entry of new competitors
 Potential development of substitute products
 Bargaining power of suppliers
 Bargaining power of consumers
SOURCES OF EXTERNAL
INFORMATION
 FORECASTING TECHNIQUES
 The existing forecasting techniques fall into two major
categories: Qualitative models and quantitative
models/methods. The qualitative models use personal
judgment and involve qualities like intuition and
experience as the basis of forecasts, and are subjective
by their very nature. These estimates are judgmental and
are based on intuition, estimates, and opinions.
Techniques under this category include Delphi technique,
market research, historical analogy, panel consensus,
grass root estimate sales force composite and consumer
panel survey.
 QUALITATIVE FORECASTING METHODS
 GRASS ROOTS
 Grass root builds the forecast by adding
successively from the bottom. The
assumption here is the person closest to the
customer or end use of the product knows its
future needs best. Though this is not always
true, in many instances it is a valid
assumption and it is the basis for this
method. Forecasts at this bottom level are
summed and given to the next higher level
 MARKET RESEARCH
 Firms often hire outside companies which specialized in
marketing research to conduct this type of forecasting. They
can also do their own market research. It involves collecting
customer data in variety of ways such as survey, interviews
etc to test hypotheses about the market. This information is
then used to typically to forecast long-range and new-
product sales.
 PANEL CONSENSUS
 In this method, the idea that two heads are better than one
is extrapolated to the idea that a panel of people from
variety of positions can develop a more reliable forecast that
a narrow group. Panel forecast are developed through an
open meeting with free exchange of ideas from al levels
management and individuals.
 HISTORICAL ANALOGY
 In trying to forecast a demand for a new
product, an ideal situation would be where
an existing or a generic product could be
used as a model. There are many ways to
classify such an analogy- for example,
contemporary products, substitutable or
competitive products and products as a
function of demand. The idea here is a
demand for a certain product can be derived
by using the history of a similar existing
product.
 DELPHI METHOD
 The method is an iterative group process and
it employs a group of experts, not an oracle,
to obtain the forecasts. Delphi technique
overcomes the problem of panel consensus
where since it conceals the identity of the
participants. As discussed above the opinion
of higher level individuals will weigh more
than that of the lower level people.
 SALES FORCE COMPOSITE
 In this method of demand forecasting, each
of the members comprising sales force of a
company are asked to estimate the likely
sales in their respective areas.
 CONSUMER PANEL SURVEY
 Some marketing research methods employ
consumer panels for making forecasts. Here,
a consumer panel is maintained and
consumers on such a panel are questioned
about their purchase plans.
EFE ANALYSIS ( EXTERNAL
FACTOR EVALUATION) MATRIX
 OT analysis see page 66 giving weight and
rate
INTERNAL AUDIT
 The nature of an internal audit
All organizations have strengths and weaknesses
in the functional areas of business.
 Key Internal Forces
 It is not possible in a strategic-management text
to review in depth all the material presented in
courses such as marketing, finance, accounting,
management, management information
systems, and production/operations; there are
many subareas within these functions, such as
customer service, warranties, advertising,
packaging, and pricing under marketing.
 The Process of Performing an Internal Audit
 The process of performing an internal audit closely
parallels the process of performing an external audit.
Representative Managers and employees from
throughout the firm need to be involved in determining
a firm’s strengths and weaknesses. The internal audit
requires gathering and assimilating information about
the firm’s management, marketing,
finance/accounting, production/operations, research
and development (R&D), and management information
systems operations.
RBV( RESOURCE BASED VIEW)
 The Resource-Based View (RBV) approach to
competitive advantage contends that internal
resources are more important for a firm than
external factors in achieving and sustaining
competitive advantage. In contrast to the I/O
theory presented in the previous chapter,
proponents of the RBV view contend that
organizational performance will primarily be
determined by internal resources that can be
grouped into three all-encompassing
categories: physical resources, human
resources, and organizational resources.
 5 Physical resources include all plant and
equipment, location, technology, raw
materials, machines; human resources
include all employees, training, experience,
intelligence, knowledge, skills, abilities; and
organizational resources include firm
structure, planning processes, information
systems, patents, trademarks, copyrights,
databases, and so on. RBV theory asserts that
resources are actually what helps a firm
exploit opportunities and neutralize threats.
THE VALUE CHAIN ANALYSIS
 Value chain analysis is a strategy tool used to
analyze internal firm activities. Its goal is to
recognize, which activities are the most
valuable (i.e. are the source of cost or
differentiation advantage) to the firm and
which ones could be improved to provide
competitive advantage.
 M. Porter introduced the generic value chain
model in 1985. Value chain represents all the
internal activities a firm engages in to
produce goods and services. VC is formed of
primary activities that add value to the final
product directly and support activities that
add value in directly.
Fig Porter’s Value Chain
INTERNAL FACTOR
EVALUATION(IFE MATRIX)
 Strength and weakness analysis
CHAPTER FOUR
STRATEGY ANALYSIS
 Types of Strategy

 Three aspects of strategy formulation

 The following three aspects or levels of strategy
formulation, each with a different focus, need to be
dealt with in the formulation phase of strategic
management. The three sets of recommendations
must be internally consistent and fit together in a
mutually supportive manner that forms an
integrated hierarchy of strategy, in the order given
1. Corporate Level Strategy: In this aspect
of strategy, we are concerned with broad
decisions about the total organization's scope
and direction. Basically, we consider what
changes should be made in our growth
objective and strategy for achieving it, the
lines of business we are in, and how these
lines of business fit together.
2. Competitive Strategy (often called
Business Level Strategy): This involves
deciding how the company will compete
within each line of business (LOB) or
strategic business unit (SBU).
3. Functional Strategy: These more localized

and shorter-horizon strategies deal with how
each functional area and unit will carry out
its functional activities to be effective and
maximize resource productivity.
CORPORATE LEVEL STRATEGIES
FOUR TYPES
 A. Integration Strategies
 Forward Integration
 Backward integration
 Horizontal Integration
B. Diversification Strategies
 Related Diversification( Concentric)
 Unrelated diversification ( Conglomerate)
C. Intensive Strategies
 Market Penetration
 Market Development
 Product Development
D. Defensive Strategies
 Retrenchment( turn around or reorganize)
Regroups through cost and asset reduction

 Divestiture- sell a division or part of the
organization
 Liquidation-Sell all of the company
MICHAEL PORTER’S 5 GENERIC
STRATEGIES
1. Cost Leadership : producing standardized
product at a very low per unit cost for
consumers. 2 types:
 Low cost strategy – offers product to a
range of customers at the lowest price
 A best value strategy offers products to a
wide range of customers at the best value
price value available on the market
2. Differentiation: appealing to a broad
cross-section of the market through offering
differentiating features that make customers
willing to pay premium prices, e.g., superior
technology, quality, prestige, special
features, service, convenience (examples are
Nordstrom and Lexus).
3. Price (Cost) Focus: a market niche
strategy, concentrating on a narrow customer
segment and competing with lowest prices,
which, again, requires having lower cost
structure than competitors (e.g., a single,
small shop on a side-street in a town, in
which they will order electronic equipment
at low prices, or the cheapest automobile
made in the former Bulgaria).
2 types:
A. A low cost focus strategy offers products or
services to a small range ( niche) of
customers at lowest price available on the
market
B. A best value focus strategy offers products
to a small range of customers at the best
price value available on the market.
STRATEGY FORMULATION
ANALYTICAL FRAMEWORK
Stage-1 (Formulation Framework) or Input stage
 1. External factor evaluation
 2. Competitive matrix profile
 3. Internal factor evaluation
Stage-2 (Matching stage)

 1. TWOS Matrix (Threats-Opportunities-Weaknesses-
Strengths)
 2. SPACE Matrix (Strategic Position and Action Evaluation)
 3. BCG Matrix (Boston Consulting Group)
 4. IE Matrix (Internal and external)
 5. GS Matrix (Grand Strategy)
Stage-3 (Decision stage)

 prepared by Girma N. HU
MARKET SHARE
High Low
Stars Question mark

Growth
Cash cows Dogs

Low
CHAPTER 5 STRATEGY
IMPLEMENTATION
 Managing Conflict
Conflict can be defined as a disagreement
between two or more parties on one or more
issues.
Various approaches for managing and resolving
conflict can be classified in to three
categories :
1. Avoidance-
Thank You

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STRATEGIC

 Strategists are the individuals who are most

 STRATAGIC PLANNING IS THE PROCESS of determining

“What is needed and feasible in

your service area?”

What are you capable of doing?

A Agreed: There is a consensus and

T Time bound: A clear understanding

A variant on SMART adds two additional characteristics to be SMARTER

·Government policies ·Economic trends /growth

·Laws and directives ·GDP

·Civil Service reform ·Drought

·Regionalizaion ·Rate of inflation

·Decentralization ·Purchasing power of

1 Lack of Develop amanual Civil seervice - 150,000 Birr

•  PERSPECTIVES ARE DIFFERENT VIEWS OF AN ORGANIZATION;

3. Functional Strategy: These more localized

Regroups through cost and asset reduction

Stage-2 (Matching stage)

Stage-3 (Decision stage)

Stars Question mark

Cash cows Dogs

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