Professional Documents
Culture Documents
discussions, stats, and author profiles for this publication at: https://www.researchgate.net/publication/316692122
CITATIONS READS
0 551
1 author:
Amro Radeef
University of the West of Scotland
2 PUBLICATIONS 0 CITATIONS
SEE PROFILE
Some of the authors of this publication are also working on these related projects:
All content following this page was uploaded by Amro Radeef on 05 May 2017.
AMRO RADEEF
Table of Contents
market which has become well known for the competitive price, good quality and modernity
(Sternö and Nielsén, 2015). The perfect example of Sweden fashion company is Hennes
&Mauritz (H&M) company which was founded in 1947 by Erling Persson (H&M Company,
2013b). H&M is one of the largest multinational clothing retail in the world, so, this paper aims
to investigate how its strategic direction and the strategy changes have led to this success in the
last decade. Specifically, this paper will analyse the strategic changes in the company
leadership, culture, structure, stakeholder’s strategy, environment and the business function in
2. Leadership:
leadership is the art of influence, it’s how to influence various people to work together
to achieve the business vision, mission and strategic goals (Weiskittel, 1999). H&M leadership
style has been influenced by the new CEO (Karl-Johan) in many ways (H&M Company,
2013b). These influences can be described from the transformational leadership perspective
which basically aims to develop the individual and social factors within the company to fulfil
the main objectives of the company. The following three elements of transformational
leadership clarify how this approach has helped H&M in improving its business concept (Bass,
1990).
Individualized Consideration: it’s about the leaders’ ability to play the mentor role
by listening to the internal employees and external partners concerns and needs, then
providing them with the support and empathy they need (Howell and Avolio, 1993).
According to that, H&M leadership has planted values such as the entrepreneurial spirit,
3
straightforwardness, open-mindedness, believe in people and the “one team” into the
company culture.
Intellectual Stimulation: it’s the leaders’ ability to use the employees’ ideas and
suggestions for evaluating the business issues and then take the risk of various
solutions. This ability stimulates the employees to be more creative and helpful (Bass,
1999). Accordingly, H&M new leadership has been built on giving the space for its
employees and partners to invent different collections and expansions in the fashion
sector every year. For example, H&M Sports range which was launched in 2014 (H&M
Company, 2014a).
power standards and showing them how important their part of working. Accordingly,
H&M new leadership designed many values and communication tools that motivate
and convince its employees about their important role (Bono and Judge, 2003). For
example, “you grow, we grow” is a value dedicated by the H&M leadership to show
how many self-improvement opportunities employees can capture during the work for
3. H&M Culture:
The management of H&M has improved and enhanced the company culture in the last
decade to fit with the Task Culture Model. This culture model based on the teamwork to
achieve the business goals and objectives through specific projects. Each team should contain
the appropriate mix of leadership skills, experiences and efficiency to provide creative
solutions and ideas. So, the power in the company is distributed among many types of teams
(functional areas) and every team can improve and develop its sub-goal in purpose to achieve
the overall goals and objectives (Trice, 1984; Sirmon, 2004). Furthermore, the company culture
includes many significant values which classified under the overall value “THE H&M
SPIRIT”. For example, the inclusive workplace value; H&M believe that people are the
4
success, it always tries to improve the workplaces with comfortable conditions (respect, fun,
integrity). Another important value is “you grow we grow”, H&M believe in its employees and
believe that everyone is a talent and creates a difference at H&M. finally, H&M believe in the
ethical long-term relationships with the suppliers and partners and always seek to build the
4. H&M Structure:
The company structure hasn’t radically changed in the last decade, but many
improvements have been added to go along with the company expansion strategy. For example,
H&M had 148000 employees and 1345 stores in 61 countries by the end of 2015.This number
has increased from 60000 employees and 1345 stores in 24 countries in 2006 (H&M Company,
2006a; H&M Company, 2015a). Hence, H&M adopted the matrix organizational structure
which consists of the vertical arrows and the horizontal arrows (Rowlinson, 2001). On one
hand, the vertical arrows here include that executive H&M management crew should achieve
the work efficiency in their functional areas in each country. In general, figure one shows the
5
Figure one - H&M functional areas
On the other hand, the horizontal arrows include that the country managers are
responsible to achieve the target profit and sales in their countries (Aoki,1986). Otherwise, in
order to control the company functions the significant polices such as manuals, code of ethics,
financial policy, guidelines and communication patterns are written in the prime departments
in Stockholm. After that they are transferred to the head departments and offices in each
country. Likewise, the daily work in each store is organized by detailed instructions issued
from the head office too (Chapman, 2005; H&M Company, 2011a).
5. Stakeholders:
Stakeholders are classified into two areas: internal and external stakeholders. On one
hand, H&M has developed many programs in the last decade to meet the interests and
6
expectations of its internal stakeholders such as the employees, managers and owners. For
example, in 2011, H&M launched the HIP – H&M Incentive Program which states that H&M
employees and managers can start to share the company profit increase after spent 5 years in
H&M and they will be paid when they turn 62 years. On the other hand, H&M has developed
its relationships with the external stakeholders such as customers, society, government,
shareholders, creditors and suppliers in order to achieve its success in the last decade. Firstly,
H&M has focused on sharing with customers it's conscious message about the respect for
human rights and for the environmental caring. Secondly, about the governments, H&M has
shown its support to many policies and codes like Tax Policy, Product Policy and security
policy. Thirdly, about shareholders, creditors and suppliers, H&M has depended on engaging
closely and providing correct, natural and transparent information to meet their needs and
maintain the relationship (Carroll, 19991; H&M Company, 2013b). Finally, about the society
H&M management department in 2008 developed a new sustainability strategy. What’s new
about this strategy that it’s a sustainability strategy more than just being a (Corporate social
responsibility) CSR strategy. Ingrid Schullström the CSR of H&M clarified that the big
difference here that the new sustainability strategy became a shared responsibility amongst the
whole departments in the organization. So, any sustainability issue affecting more than function
will be investigated via new decision-making forum named the Green Room (H&M Company,
2008b).
6. Macro-Environment:
The macro-environmental factors play an important role in the business success besides
of the business structure, culture and leadership (Sethi, 1979). So, each of PESTLE and SWOT
analysis tools will use in this paper in order to analysis what external factors H&M has faced
7
6.1 PESTLE Analysis:
As analytical tool, PESTEL provides a bird’s eye view for the whole industry form the
following different aspects which generally help in analysing the whole environment (Yüksel,
2012).
o Political and Legal aspect: because of the H&M expansion strategy, foreign
countries are so important for two reasons. firstly, H&M have a huge number of stores
in foreign countries and always try to enter more and more foreign countries.
secondly, a large number of H&M suppliers are within foreign countries and as is
known H&M has no factories and mainly depends on these suppliers to produce its
company, H&M should fully understand and take into consideration every country’s
regulations before entering it. Particularly, it should pay more attention for imports
and exports regulations which can affect the profit margin, cost of goods and other
financial aspects. Otherwise, the local laws which concern about environmental
problems such as minimum wage, child labour and health standards should be
o Economic aspect: in the last decade, H&M has affected by the global inflation in
cotton costs in Pakistan, which is the biggest producer of cotton in the world. Because
of this inflation, H&M faces an increase in the production cost which affects the
potential profit for the company (Khan, A and Khan, M, 2010). Another reason for
production cost increase is the international trend that claims to increase the
employees' wage in the low-wage countries according to global minimum wage laws
(Konings and Murphy, 2006). Otherwise, the global recession in 2008 has affected
the customers’ spending patterns, so, multinational companies have to decrease its
8
products and services prices to go with the constantly decrease in customers’
o Culture/ Social aspect: in general, companies in the fashion industry always aims to
meet the customers’ expectation by producing modern and trendy products. But in
the same time, these products should also suit the customers’ fashion sense (Craik,
2003). H&M as a multinational company should consider that different cultures and
countries have different fashion senses. For example, European market prefers the
“fast fashion, whereas, the Asian market accepts the trendy fashion in a slower pace
than European market (Rocha et al., 2005). So, multinational clothing retail
companies usually build a partnership relation with local designers around the world
following the basic ethical rules such as minimum wage and human rights represent
the main social challenges for every multinational company these days (Banerjee,
2008).
o Technological aspect: in the last decade, the technology has dramatically developed,
the customers became well informed about their purchasing choices through social
media and communications tools. Likewise, online shopping via the websites and
mobile apps also became one of the major ways of purchasing (Wang, 2010).
Therefore, multinational companies in the fashion industry have highly invested into
the IT and technological systems to meet the customers’ expectations and achieve the
innovation in the fashion sector which gives designers a space to be creative and
environmental issues in the last decade. That means customers’ purchasing choices
9
are strongly affected depending on how much environmentally the company acts
(Young et al., 2010). Hence, many of multinational companies has mainly focused
7. SWOT ANALYSIS:
Based on the previous analysis of leadership, culture, structure and business external
environment, SWOT is used in this part as analytical tool to show how H&M has dealt with
the business environmental factors. This analysis occurs by discussing the company’s
o Strengths: the internal strengths have helped H&M to achieve the business success
and actualize its business concept in the last decade. Firstly, H&M has a strong IT
infrastructure which links the all stores with one centric warehouse. Also, the IT
system provides a direct connection between the designers and the production teams.
These links help in controlling and managing the channels in an effective way.
Moreover, H&M has many production offices which are located near to the suppliers’
factories. These offices enhance the relationship between H&M and its suppliers and
upgrade the communication too (Melville, 2004). Secondly, H&M has the efficiency
to finance its expansion strategy by its own sources. H&M depends on cutting many
extra expenses that are not necessary and use these savings to expand in new foreign
countries. For example, many of executives in H&M don’t have a special receptionist
(Petro, 2012). Likewise, H&M has adopted an edited supply chain without owning
factories and instead depends on purchasing huge quantities from suppliers. This
strategy caused decreasing in the costs which in turn led to competitive prices for
H&M is the powerful brand image. H&M is so commitment for its sustainability
10
strategy and consider the sustainability strategy as a long- term investment. Besides
the financial success, this strategy aims to achieve the social and environment success
for the company which in turn, enhance the brand image of H&M. For example, in
2014, the Fairness Award in Washington was given to the H&M CEO (Karl-John
well, H&M improve its brand image by the collaboration with famous celebrities in
cooperate with famous designers from different countries to spread the brand name
of the critical weakness for the company. However, H&M has a code of conduct
which suppliers must follow during the corporation with H&M. But H&M still
doesn’t have 24-hour control and observation for the suppliers’ factories, that means
unnoticed mistakes may occur (H&M Company, 2013b). Likewise, irresponsible acts
according to factories employees’ rights may happen by the suppliers which will
negatively affect the H&M brand image. Otherwise, another critical weakness of
H&M is that the centres of product distributions are mainly existing in Europe which
makes the distribution system is so slow because of the far geographical distance to
other markets around the world. This long time for products delivery badly affects
the H&M reaction time for competitors offers in the foreign countries (Ding, 2011).
o Opportunities: During the last decade, the online shopping has rapidly increased,
people these days prefer to buy clothes via online websites and mobile apps than
shopping from the regular shops. Also, online shopping offers many modern clothing
styles for customers who don’t have these styles in their own countries (Ha and Stoel,
2009). Increasing in the online shopping represents a gold opportunity for H&M to
11
expand its online stores and capture a higher sales revenue and profits across
countries such as South America countries and Russia (H&M Company, 2015a).
Another potential opportunity for H&M is its sustainability strategy. H&M has
amazingly developed its sustainability strategy in the last decade, therefore, H&M
could design and improve marketing strategies which go hand in hand with the
sustainability strategy. This combination aims to educate and increase the consumers’
awareness about H&M environmental actions and that because large number of
consumers actually don’t know about theses action. This opportunity gives H&M a
chance to capture this competitive advantage against its rivals in the clothing industry
(H&M Company,2014b).
o Threats: as we mentioned before, H&M has a great sustainability strategy, but it’s
too hard for multinational company like H&M to be 100% sustainable in all its
operations. Hence, H&M faces many environmental challenges such as heavy water
usage and tough working conditions. H&M is considered as one of the larger water
users in the clothing industry which put it under a high pressure to reduce the water
use (Martin and Shouten, 2012). Another threat facing H&M is the low brand loyalty
in the clothing industry. These days, consumers always searching for the best deal
which mean the best price and best quality. Consequently, competitors such as Zara
may take the advantage in producing higher quality products at competitive prices.
Particularly, Zara producing all its products in-house, whereas, H&M producing its
products abroad which gives the consumers an impression that Zara products quality
12
8. Analysis of the Business Function:
As is known the main task for the Chief executive officer is setting the strategy and stating the
vision and mission of the company. Moreover, CEO have many other duties such as deciding
the potential markets to enter and improving the long investment to guarantee the future success
of the company (Rockart and Treacy, 1982; Evans and Alire, 2013). In 2009, H&M had a new
CEO (Karl-Johan) who approved many existing strategies that developed by the previous CEO
(Rolf Eriksen) such as the H&M expansion strategy; which its goal to increase the number of
stores in existing and new markets by 10-15% yearly. Then, he started to invest in the E-
commerce, the internet, IT, mobile app sectors in order to capture the future opportunities in
these sectors (H&M Company, 2009a). For example, in 2013 a fully H&M mobile app was
launched to meet the high demand in this sector (H&M Company, 2013a). However, the New
CEO (H&M Company, 2013a p.15) stated that “In order to secure H&M’s future growth and
continued high profitability it is important for us to run our business in a socially and
By the end of 2007 the H&M group sales increased by 15 % to reach SEK 92 billion
(including vat) and the profit after financial items grow by 21 % to became SEK 19 billion.
One of the key sources for the sales and profit increase in 2007 was launching a new brand
called COS (collection style) by H&M group (H&M Company,2007a). A closer look at H&M
balance-sheet during 2008 and 2009 shows that current ratio (working capital ratio) increased
from 2.89 to reach 3.25 in 2009.This increase indicates that H&M was growing into its capacity
and also indicates that the company can easily turn its assets into cash to pay its obligations
(H&M Company,2009a). Otherwise, Table One shows that the Asset Turnover ratio has
generally increased in the last decade which indicates that H&M management has the
efficiency to utilize its own assets into generating its revenue and sales.
13
Table One- H&M Assets Turnover Ratios
Ratio/ Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Asset Turnover Ratio 1.98 2.04 1.89 1.93 1.92 1.85 2.02 2.04 2.15 2.23
(Average)
However, in general Table Two shows a high value of return of assets ratio, the values were
higher first period (2006 to 2010) than the second period (2011 to 2015). That because after
2010 H&M management started heavily investing into the IT department, sustainability
strategy and expansion strategy which affected these values. In general, the high values of
return of assets ratio in the last decade indicates that H&M management has efficiently
employed the company’s total assets to generate its profits (Jones, 2011).
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Return on Assets 31.41 35.16 32.90 31.03 32.91 26.51 28.03 27.26 28.28 25.89
%
H&M has followed the cost leadership as a marketing strategy to differentiate itself
from rivals in the clothing industry. To put this strategy on the right path H&M has edited the
traditional supply chain structure by depending on bought products from separate suppliers
rather than owning its factories. This long-term partnership allows H&M to produce a huge
number of products in low cost of products. Thus, H&M holds a high market share in the
international market and put entry barriers for competitors who can’t offer low prices with this
high quality and modern products like H&M (boag, 2012). Moreover, H&M as an international
company is not limited to customise a special campaign for every market. But instead, it tries
to globally enhance its brand image and use most modern ways of advertising. For example,
the collaboration with high talented professional designers and with fashion institutions such
14
as the collaboration with the French fashion house Lanvin (H&M Company, 2010a). Another
way of advertising is the collaboration with popular celebrities such as the popular singer
Because of the expansion strategy, H&M staff is constantly increasing, for example, by
the end of 2015 H&M had about 148,000 employees, while 16000 of them were employed just
in 2015. The importance of Human Resource Management (HRM) appears in integrating the
humans’ efforts with the overall strategies of the company. So, during the last decade, the HRM
strategies and improvements in H&M can be summarised into the following areas based on
Overall Policy and Employee Development: In the last decade the company HR
has developed many guides and manuals based on diversity, human rights, fair
the employee skills and personalities through many training sessions. For example,
H&M has developed a roadmap for a fair living wage (Figure two). Mainly, this
brands, factory employees and governments. The plan includes many activates:
2014b).
15
Figure two - H&M roadmap for a fair living wage
Employee Relations and Voice: H&M has built its internal culture based on liberal
values which allow its employees to discuss their issues and suggestion directly
with their supervisors, management and trade unions. These values play a positive
role in protecting the employees’ rights. For example, H&M relationship and
Rewards: H&M adopted a new reward approach which is different from the normal
approach that just focuses on the financial site. This reward approach depends on
offering more and more opportunities for employees to interact with professionals
in the fashion industry and gather many attractive skills (H&M Company, 2013b).
9. Conclusion:
In the last decade, Hennes &Mauritz company has achieved its success in the global
fashion industry by recruiting its leadership, structure, structure, environment, and the business
function in achieving the business original concept “Fashion and quality at the best price”.
Moreover, the cost leader ship strategy, the expansion strategy and the sustainability strategy
represent the future keys for H&M to maintain and develop its success in the long term.
16
References
Aoki, M. (1986). Horizontal vs. vertical information structure of the firm. The American
Economic Review, pp.971-983.
Banerjee, S.B. (2008). Corporate social responsibility: The good, the bad and the
ugly. Critical sociology, 34(1), pp.51-79.
Bass, B.M. (1990). From transactional to transformational leadership: Learning to share the
vision. Organizational dynamics, 18(3), pp.19-31.
Bass, B.M. (1999). Two decades of research and development in transformational
leadership. European journal of work and organizational psychology, 8(1), pp.9-32.
Boag, D. (2012). Essentials of Marketing, Profs Online, Canada. Ch. 2, pp. 23.
Bono, J.E. and Judge, T.A. (2003). Self-concordance at work: Toward understanding the
motivational effects of transformational leaders. Academy of Management
Journal, 46(5), pp.554-571.
Carroll, A.B. (1991). The pyramid of corporate social responsibility: Toward the moral
management of organizational stakeholders. Business horizons, 34(4), pp.39-48.
Chapman, C.S. (2005). Controlling strategy: Management, accounting, and performance
measurement. Oxford University Press.
Craik, J. (2003). The face of fashion: Cultural studies in fashion. Routledge.
Dao, V., Langella, I. and Carbo, J., 2011. From green to sustainability: Information
Technology and an integrated sustainability framework. The Journal of Strategic
Information Systems, 20(1), pp.63-79.
Ding, H. (2011). The importance of strategic management: A case study of H&M.
Evans, G.E. and Alire, C.A. (2013). Management basics for information professionals.
American Library Association.
Ha, S. and Stoel, L. (2009). Consumer e-shopping acceptance: Antecedents in a technology
acceptance model. Journal of Business Research, 62(5), pp.565-571.
H&M Company. (2016a) Sustainability Commitment H&M Business Partner 2016. Available
at:http://sustainability.hm.com/content/dam/hm/about/documents/en/CSR/Sustainability%20
Commitment/Sustainability%20Commitment_en.pdf (Accessed: 6 March 2017).
H&M Company. (2015a) Annual Report 2015. Available at:
http://about.hm.com/content/dam/hmgroup/groupsite/documents/en/cision/2016/03/1681487_
en.pdf (Accessed: 26 February 2017).
H&M Company. (2014a) Annual Report 2014. Available at:
http://about.hm.com/content/dam/hmgroup/groupsite/documents/masterlanguage/Annual%20
Report/Annual%20Report%202014.pdf (Accessed: 26 February 2017).
17
H&M Company. (2014b) Sustainability Report 2014. Available at:
http://sustainability.hm.com/content/dam/hm/about/documents/en/CSR/reports/Conscious%2
0Actions%20Sustainability%20Report%202014_en.pdf (Accessed: 26 February 2017).
H&M Company. (2013a) Annual Report 2013. Available at:
https://about.hm.com/content/dam/hmgroup/groupsite/documents/en/Annual%20Report/Ann
ual-Report-2013_en.pdf (Accessed: 25 February 2017).
H&M Company. (2013b) the H&M way. Available at:
https://about.hm.com/content/dam/hmgroup/groupsite/documents/en/hm-
way/HM%20Way_en.pdf (Accessed: 2 March 2017).
H&M Company. (2012a) Annual Report 2012. Available
at: https://about.hm.com/content/dam/hmgroup/groupsite/documents/masterlanguage/Annual
%20Report/Annual-Report-2012.pdf (Accessed: 24 February 2017).
H&M Company. (2011a) Annual Report 2011. Available
at: https://about.hm.com/content/dam/hmgroup/groupsite/documents/en/cision/2011/1573157
_en.pdf (Accessed: 23 February 2017).
H&M Company. (2010a) Annual Report 2010. Available
at: https://about.hm.com/content/dam/hmgroup/groupsite/documents/en/cision/2010/1277793
_en.pdf (Accessed: 23 February 2017).
H&M Company. (2009a) Annual Report 2009. Available
at: https://sustainability.hm.com/content/dam/hm/about/documents/en/Annual%20Report/An
nual_Report_2009_p2_en.pdf (Accessed: 23 February 2017).
H&M Company. (2008b) sustainability Report 2008. Available
at: http://sustainability.hm.com/content/dam/hm/about/documents/en/CSR/reports/CSR%20R
eport%202008_en.pdf (Accessed: 23 February 2017).
H&M Company. (2008a) Annual Report 2008. Available
at: https://sustainability.hm.com/content/dam/hm/about/documents/en/Annual%20Report/An
nual_Report_2008_p1_en.pdf (Accessed: 23 February 2017).
H&M Company. (2007a) Annual Report 2006. Available
at: https://about.hm.com/content/dam/hmgroup/groupsite/documents/masterlanguage/Annual
%20Report/Annual_Report_2007.pdf (Accessed: 28 January 2017).
H&M Company. (2006a) Annual Report 2006. Available
at: https://about.hm.com/content/dam/hmgroup/groupsite/documents/masterlanguage/Annual
%20Report/Annual_Report_2006.pdf (Accessed: 28 January 2017).
Howell, J.M. and Avolio, B.J. (1993). Transformational leadership, transactional leadership,
locus of control, and support for innovation: Key predictors of consolidated-business-
unit performance. Journal of applied psychology, 78(6), p.891.
Jones, M.J. (2011). Creative accounting, fraud and international accounting scandals. John
Wiley & Sons.
Khan, A.A. and Khan, M. (2010). Pakistan textile industry facing new challenges. Research
journal of international studies, 14, pp.21-29.
18
Konings, J. and Murphy, A.P. (2006). Do multinational enterprises relocate employment to
low-wage regions? Evidence from European multinationals. Review of World
Economics, 142(2), pp.267-286
Martin, D. and Schouten, J. (2012). Sustainable marketing, Pearson Education Inc., New
Jersey. Ch. 8, pp. 106-119.
Mazzarol, T., Volery, T., Doss, N. and Thein, V. (1999). Factors influencing small business
start-ups: a comparison with previous research. International Journal of
Entrepreneurial Behavior & Research, 5(2), pp.48-63.
Melville, N., Kraemer, K. and Gurbaxani, V. (2004). Review: Information technology and
organizational performance: An integrative model of IT business value. MIS
quarterly, 28(2), pp.283-322.
Petrick, I.J. and Simpson, T.W. (2013). 3D printing disrupts manufacturing: how economies
of one create new rules of competition. Research-Technology Management, 56(6),
pp.12-16.
Petro, G. (2012). ‘The Future of Fashion Retailing – The H&M Approach’ Forbes, 11 May.
http://www.forbes.com/sites/gregpetro/2012/11/05/the-future-of-fashion-retailing-the-
hm-approachpart-3-of-3( Accessed March 5, 2017).
Rocha, M.A.V., Hammond, L. and Hawkins, D. (2005). Age, gender and national factors in
fashion consumption. Journal of Fashion Marketing and Management: An
International Journal, 9(4), pp.380-390.
Rockart, J.F. and Treacy, M.E. (1982). The CEO goes on-line. Harvard Business Review.
Rowlinson, S. (2001). Matrix organizational structure, culture and commitment: a Hong
Kong public sector case study of change. Construction Management &
Economics, 19(7), pp.669-673.
Sethi, S.P. (1979). A conceptual framework for environmental analysis of social issues and
evaluation of business response patterns. Academy of Management Review, 4(1),
pp.63-74.
Sirmon, D.G. and Lane, P.J. (2004). A model of cultural differences and international alliance
performance. Journal of International Business Studies, 35(4), pp.306-319.
Sternö, J. and Nielsén, T. (2015). Modebranschen i Sverige: statistik & analys 2015.
Tillväxtverket.
Thomachot, E. and Student, E. (2008). Agile and Lean Supply Chain in Fashion
Retailing. Erasmus, 2009.
Trice, H.M. and Beyer, J.M. (1984). Studying organizational cultures through rites and
ceremonials. Academy of management review, 9(4), pp.653-669.
Valentin, E.K. (2001). SWOT analysis from a resource-based view. Journal of Marketing
theory and Practice, 9(2), pp.54-69.
Weiskittel, P.D. (1999). The concept of leadership. ANNA journal, 26(5), pp.467-467.
19
Wang, P. (2010). Chasing the hottest IT: effects of information technology fashion on
organizations. MIS quarterly, 34(1), pp.63-85.
Young, W., Hwang, K., McDonald, S. and Oates, C.J., 2010. Sustainable consumption: green
consumer behaviour when purchasing products. Sustainable development, 18(1),
pp.20-31.
Yüksel, I. (2012). Developing a multi-criteria decision making model for PESTEL
analysis. International Journal of Business and Management, 7(24), pp.52-66.
20