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					Chapter 4
The Internal Assessment



   Strategic Management:
       Concepts & Cases
         12th Edition
         Fred David




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-1
  Chapter Outline

                   The Nature of an Internal Audit



                The Resource-Based View (RBV)



                    Integrating Strategy & Culture


Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                          Ch 4-2
  Chapter Outline (cont’d)

                                    Management



                                       Marketing



                            Opportunity Analysis


Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                        Ch 4-3
  Chapter Outline (cont’d)

                             Finance/Accounting



                           Production/Operations



                        Research & Development


Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                        Ch 4-4
  Chapter Outline (cont’d)


               Management Information Systems




        The Internal Factor Evaluation (IFE) Matrix




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                           Ch 4-5
 Internal Assessment

        “Great  spirits have always encountered
        violent opposition from mediocre minds.”
        – Albert Einstein



         “Weak leadership can wreck the soundest
         strategy.”
         – Sun Tzu


Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                        Ch 4-6
 Nature of an Internal Audit


 Functional Areas of Business


     – Strengths

     – Weaknesses




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-7
Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-8
 Nature of an Internal Audit

 Basis for Objectives & Strategies


      Internal strengths/weaknesses
      External opportunities/threats
      Clear statement of mission



Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-9
 Key Internal Forces

  Functional Business Areas:


     Vary by organization
     Divisions have differing strengths &
     weaknesses




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                  Ch 4-10
 Key Internal Forces

  Distinctive Competencies:


     Firm’s strengths that cannot be easily
     matched or imitated by competitors




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                    Ch 4-11
 Key Internal Forces

  Distinctive Competencies:


     Building competitive advantage involves
     taking advantage of distinctive
     competencies




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                     Ch 4-12
 Key Internal Forces

  Distinctive Competencies:


     Strategies designed to improve on a
     firm’s weaknesses and turn to strengths




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                    Ch 4-13
 Internal Audit

   Parallels process of external audit

•Information from:
      •Management
      •Marketing
      •Finance/accounting
      •Production/operations
      •Research & development
      •Management information systems


Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-14
 Internal Audit


    Involvement in performing an internal
    strategic-management audit provides
    vehicle for understanding nature and
    effect of decisions in other functional
    business areas of the firm




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                   Ch 4-15
 Internal Audit


    Key to Organizational Success


   Coordination & understanding among
   managers from all functional areas




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-16
 Internal Audit


    Functional Relationships


   Number and complexity increases
   relative to organization size




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-17
 Internal Audit


    Financial Ratio Analysis


   Exemplifies complexity of relationships
   among functional areas of the business




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                  Ch 4-18
 Resource Based View (RBV)

  Approach to Competitive Advantage


   Internal resources are more important
   than external factors




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-19
 Resource Based View (RBV)

  Three All-Encompassing Categories


   1. Physical resources
   2. Human resources
   3. Organizational resources




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-20
 Resource Based View (RBV)

  Empirical Indicators


    Rare
    Hard to imitate
    Not easily substitutable




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-21
 Integrating Strategy & Culture

  Organizational Culture


     Pattern of behavior developed by an
     organization as it learns to cope with its
     problem of external adaptation and
     internal integration . . . is considered valid
     and taught to new members


Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                     Ch 4-22
 Integrating Strategy & Culture

  Organizational Culture


    Resistant to change
    May represent:
          Strength
          Weakness


Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-23
Integrating Strategy & Culture

                                           Values

                  Legends                           Beliefs




                                       Cultural
           Heroes                                             Rites
                                       Products



               Symbols                               Rituals
                                           Myths



Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                           Ch 4-24
 Integrating Strategy & Culture

  Organizational Culture Can Inhibit
  Strategic Management


    Miss external changes due to strongly
     held beliefs
    Natural tendency to “hold the course”
     even during times of strategic change



Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                  Ch 4-25
U.S. Versus Foreign Cultures



    To successfully compete in world markets,
    U.S. managers must obtain a better
    knowledge of historical, cultural, and religious
    forces that motivate and drive people in other
    countries.




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                     Ch 4-26
Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-27
 Management

  Functions of Management

    1. Planning
    2. Organizing
    3. Motivating
    4. Staffing
    5. Controlling

Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-28
 Management
                                           Stage When Most
    Function                                   Important
    Planning                                Strategy Formulation


   Organizing                              Strategy Implementation


   Motivating                              Strategy Implementation


     Staffing                              Strategy Implementation


  Controlling                                Strategy Evaluation

Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                 Ch 4-29
 Management

  Planning

     Beginning of management process
     Bridge between present & future
     Improves likelihood of attaining
      desired results




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-30
 Management


                                                Forecasting

                                           Establishing objectives

      Planning                              Devising strategies

                                            Developing policies

                                               Setting goals


Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                       Ch 4-31
 Management

  Organizing


     Achieves coordinated effort
     Defines task & authority relationships
     Departmentalization
     Delegation of authority


Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                    Ch 4-32
 Management


                                           Organizational design
                                            Job specialization
                                             Job descriptions
                                            Job specifications
    Organizing                                Span of control
                                            Unity of command
                                               Coordination
                                                Job design
                                               Job analysis


Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                    Ch 4-33
 Management

  Motivating


     Influencing to accomplish specific
      objectives
     Communication – major component




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-34
 Management


                                                Leadership
                                              Communication
                                               Work groups
                                              Job enrichment
    Motivating
                                              Job satisfaction
                                             Needs fulfillment
                                           Organizational change
                                                  Morale



Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                   Ch 4-35
 Management

  Staffing


     Personnel management
     Human resource management




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-36
 Management

                                            Wage & salary admin.
                                              Employee benefits
                                                 Interviewing
                                                    Hiring
                                                 Discharging
       Staffing
                                                   Training
                                           Management development
                                              Affirmative action
                                                     EEO
                                               Labor relations


Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                   Ch 4-37
 Management

  Controlling


     Establishing performance standards
     Ensure actual operations conform to
      planned operations
     Taking corrective actions



Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                 Ch 4-38
 Management


                                                 Quality
                                                Financial
                                                  Sales
                                                Inventory
    Controlling
                                                Expense
                                           Analysis of variance
                                                Rewards
                                                Sanctions



Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                       Ch 4-39
 Management Audit Checklist

       •Does the firm use strategic management
       concepts?
       •Are objectives/goals measurable? Well
       communicated?
       •Do managers at all levels plan
       effectively?




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                      Ch 4-40
 Management Audit Checklist

       •Do managers delegate well?
       •Is the organization’s structure
       appropriate?
       •Are job descriptions clear?
       •Are job specifications clear?
       •Is employee morale high?




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-41
 Management Audit Checklist

       •Is employee absenteeism low?
       •Is employee turnover low?
       •Are the reward mechanisms effective?
       •Are the organization’s control
       mechanisms effective?




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                    Ch 4-42
 Marketing

  Customer Needs/Wants for Products/Services

    1. Defining
    2. Anticipating
    3. Creating
    4. Fulfilling



Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                    Ch 4-43
 Marketing
  Marketing Functions

   1. Customer analysis
   2. Selling products/services
   3. Product & service planning
   4. Pricing
   5. Distribution
   6. Marketing research
   7. Opportunity analysis

Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-44
  Marketing

                                            Customer surveys

                                           Consumer information

                                            Market positioning
     Customer
                                                strategies
     Analysis
                                             Customer profiles

                                           Market segmentation
                                                 strategies

Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                      Ch 4-45
  Marketing



                                                  Advertising
                                                     Sales
                                                  Promotion
         Selling
    Products/Services                              Publicity
                                           Sales force management
                                              Customer relations
                                               Dealer relations




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                   Ch 4-46
Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-47
  Marketing



                                               Test marketing
                                              Brand positioning
                                             Devising warrantees
         Planning
      Product/Service                            Packaging
                                           Product features/options
                                                Product style
                                                   Quality




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                     Ch 4-48
  Marketing



                                           Forward integration
                                               Discounts
                                              Credit terms
            Pricing
                                            Condition of sale
                                               Markups
                                                 Costs
                                              Unit pricing




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                      Ch 4-49
 Marketing



                                             Warehousing
                                               Channels
                                               Coverage
         Distribution                      Retail site locations
                                            Sales territories
                                            Inventory levels
                                             Transportation




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                        Ch 4-50
 Marketing




                                                Data collection
   Marketing Research                              Data input
                                                Data analysis
                                           Support business functions




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                      Ch 4-51
 Marketing



                                               Assessing costs

                                              Assessing benefits
        Opportunity
         Analysis
                                               Assessing risks

                                           Cost/benefit/risk analysis




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                        Ch 4-52
 Marketing
  Opportunity Analysis

   1. Are markets segmented effectively?
   2. Is the organization positioned well among
      competitors?
   3. Has the firm’s market share been
      increasing?
   4. Are the distribution channels reliable &
      cost effective?
   5. Is the sales force effective?

Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                       Ch 4-53
 Marketing
  Opportunity Analysis

   6. Does the firm conduct market research?
   7. Are product quality & customer service
      good?
   8. Are the firm’s products/services priced
      appropriately?
   9. Does the firm have effective promotion,
      advertising, and publicity strategies?



Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                     Ch 4-54
 Marketing
  Opportunity Analysis


   10. Are the marketing, planning, and
       budgeting effective?
   11. Do the firm’s marketing managers have
       adequate experience and training?




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                    Ch 4-55
 Finance/Accounting



    Determining financial strengths &
     weaknesses key to strategy
     formation




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-56
 Finance/Accounting
  Finance/Accounting Functions



   1. Investment decision (Capital budgeting)
   2. Financing decision
   3. Dividend decision




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                     Ch 4-57
  Basic Financial Ratios


                                           Firm’s ability to meet its
                                            short-term obligations

      Liquidity Ratios
                                                    Ratios

                                                Current ratio
                                           Quick (or acid test) ratio



Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                       Ch 4-58
  Basic Financial Ratios


                                           Extent of debt financing


                                                   Ratios
     Leverage Ratios
                                             Debt-to-total-assets
                                               Debt-to-equity
                                           Long-term debt-to-equity
                                            Times-interest-earned


Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                     Ch 4-59
  Basic Financial Ratios


                                           Effective use of firm’s
                                                   resources

       Activity Ratios                               Ratios

                                                Inventory turnover
                                              Fixed assets turnover
                                              Total assets turnover
                                           Accounts receivable turnover
                                            Average collection period


Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                         Ch 4-60
  Basic Financial Ratios


                                           Effectiveness shown by
                                               returns on sales &
                                                   investment
    Profitability Ratios
                                                    Ratios

                                               Gross profit margin
                                             Operating profit margin
                                                Net profit margin
                                           Return on total assets (ROA)


Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                         Ch 4-61
  Basic Financial Ratios


                                           Effectiveness shown by
                                               returns on sales &
                                                   investment
    Profitability Ratios
          (cont’d)                                   Ratios

                                           Return on stockholders’ equity
                                                        (ROE)
                                                Earnings per share
                                                Price-earnings ratio


Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                          Ch 4-62
  Basic Financial Ratios



                                           Firm’s ability to maintain
                                               economic position

       Growth Ratios                                Ratios

                                                      Sales
                                                   Net income
                                               Earnings per share
                                               Dividends per share



Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                          Ch 4-63
Natural Environment Perspective
EU Countries Impose Curbs on Use of Chemicals

    Tough new laws start in 2008
    Use of some 30,000 chemicals need to be documented
    Cease using 1,500 of the most dangerous chemicals
    EU countries need to cut emissions




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                         Ch 4-64
 Finance/Accounting Audit

       •Does the firm have sufficient working
       capital?
       •Are capital budgeting procedures
       effective?
       •Are dividend payout policies reasonable?
       •Are the firm’s financial managers
       experienced & well trained?




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                        Ch 4-65
 Finance/Accounting Audit

       Effective Financial Analysis Requires:
       1. Analysis of how the ratios have
          changed over time
       2. How the ratios compare to industry
          norms
       3. How the ratios compare with key
          competitors




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                     Ch 4-66
 Production/Operations

 Production/Operations Functions

    Process
    Capacity
    Inventory
    Workforce
    Quality



Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-67
Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-68
Global Perspective
Auto Industry Work Week and Hourly Pay Variation

Germany                 $44.05
U.S.                    $33.95
Canada                  $29.17
Japan                   $27.38
France                  $26.34
S. Korea                $15.82
Mexico                  $ 3.50
Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                        Ch 4-69
 Production/Operations



                                              Facility design
                                           Technology selection
                                               Facility layout
           Process                         Process flow analysis
                                              Facility location
                                              Line balancing
                                              Process control




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                    Ch 4-70
 Production/Operations



                                              Forecasting
                                            Facilities planning
           Capacity                        Aggregate planning
                                               Scheduling
                                            Capacity planning
                                            Queuing analysis




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                       Ch 4-71
 Production/Operations




                                            Raw materials
          Inventory                         Work in process
                                            Finished goods
                                           Materials handling




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                     Ch 4-72
 Production/Operations



                                                Job design
                                            Work measurement
          Workforce                          Job enrichment
                                             Work standards
                                           Motivation techniques




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                    Ch 4-73
 Production/Operations



                                            Quality control
                                              Sampling
            Quality                             Testing
                                           Quality assurance
                                             Cost control




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                    Ch 4-74
 Production/Operations Audit

       •Are suppliers of materials, parts, etc.
       reliable and reasonable?
       •Are facilities, equipment, and machinery
       in good condition?
       •Are inventory-control policies and
       procedures effective?




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                        Ch 4-75
 Production/Operations Audit

       •Are quality-control policies & procedures
       effective?
       •Are facilities, resources, and markets
       strategically located?
       •Does the firm have technological
       competencies?




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                         Ch 4-76
 Research & Development

 Research & Development Functions

    Development of new products before
     competitors
    Improving product quality
    Improving manufacturing processes to
     reduce costs




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                 Ch 4-77
 Research & Development
                                           Financing as many
                                            projects as possible

                                           Use percent-of-sales
                                                 method
       R&D Budgets
                                           Budgeting relative to
                                              competitors

                                           How many successful
                                             new products are
                                                 needed

Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                   Ch 4-78
 Research & Development Audit

       •Are the R&D facilities adequate?
       •If R&D is outsourced, is it cost-effective?
       •Are the R&D personnel well qualified?
       •Are R&D resources allocated effectively?




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                           Ch 4-79
 Research & Development Audit

       •Are MIS and computer systems
       adequate?
       •Is communication between R&D and
       other organizational units effective?
       •Are present products technologically
       competitive?




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                    Ch 4-80
 Management Information
 Systems

Purpose

    Improve performance of an enterprise by
     improving the quality of managerial
     decisions




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                    Ch 4-81
 Management Information
 Systems

    Information Systems
    CIO/CTO
    Security
    User-friendly
    E-commerce



Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-82
 Management Information
 Systems Audit

       •Do managers use the information system
       to make decisions?
       •Is there a CIO or Director of Information
       Systems position in the firm?
       •Is data updated regularly?




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                         Ch 4-83
 Management Information
 Systems Audit

       •Do managers from all functional areas
       contribute input to the information system?
       •Are there effective passwords for entry
       into the firm’s information system?
       •Are strategists of the firm familiar with the
       information systems of rival firms?




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                             Ch 4-84
 Management Information
 Systems Audit

       •Is the information system user-friendly?
       •Do all users understand the competitive
       advantages that information can provide?
       •Are computer training workshops provided
       for users?
       •Is the firm’s system being improved?




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                        Ch 4-85
Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-86
Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                Ch 4-87
 For Review (Chapter 4)

      Key Terms & Concepts

              Activity Ratios               Cost/Benefit Analysis


           Capital Budgeting                  Cultural Products


             Communication                 Distinctive Competencies


                Controlling                      Distribution

Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                         Ch 4-88
 For Review (Chapter 4)

      Key Terms & Concepts

                                                Functions of
           Dividend Decision
                                             Finance/Accounting

         Empirical Indicators              Functions of Management


       Financial Ratio Analysis             Functions of Marketing

                                           Functions of Production/
          Financing Decision
                                                 Operations

Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                          Ch 4-89
 For Review (Chapter 4)

      Key Terms & Concepts

              Growth Ratios                  Investment Decision

            Human Resource
                                              Leverage Ratios
              Management

              Internal Audit                   Liquidity Ratios

     Internal Factor Evaluation            Management Information
            (IFE) Matrix                         Systems

Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                        Ch 4-90
 For Review (Chapter 4)

      Key Terms & Concepts

                Motivating                 Personnel Management


         Opportunity Analysis                    Planning


        Organizational Culture                    Pricing

                                             Product & Service
                Organizing
                                                 Planning

Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                       Ch 4-91
 For Review (Chapter 4)

      Key Terms & Concepts

        Production/Operations
                                              Selling
             Functions

           Profitability Ratios               Staffing


      Research & Development                  Synergy

        Resource Based View
                                           Test Marketing
               (RBV)

Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                 Ch 4-92
 For Review (Chapter 4)


      Key Terms & Concepts

                                Value Chain Analysis
                                       (VCA)




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                            Ch 4-93
      All rights reserved. No part of this publication may be reproduced, stored in a
        retrieval system, or transmitted, in any form or by any means, electronic,
       mechanical, photocopying, recording, or otherwise, without the prior written
            permission of the publisher. Printed in the United States of America.




Copyright © 2009 Pearson Education, Inc.
Publishing as Prentice Hall                                                             Ch 4-94

				
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