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UNIVERSITY OF WALES
KCB ID: 12236,12948,9713
MODULE NAME: MANAGING STRATEGY
ASSIGNMENT TITLE: EVALUTION OF STRATEGIC CHOICES
SUBMISSION DATE: 14th
june 2010
NAME OF MODULE LEADER: KEVIN ³O´ HARA
KENSINGTON COLLEGE OF BUSINESS
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TABLE OF CONTENTS
LIST OF CONTENTS PAGE NO
INTRODUCTION«««««««««««««««««««««.. 3
MERGERS AND ACQUISITIONS «««««««««««...««.. 3
JOINT VENTURES AND STRATEGIC ALLIANCES««««««.. 7
EMERGENCE OF INTERNATIONAL MARKETS «««««««..10
ACROSS THE GLOBE
KEY THREAT OF THE ORGANISATION«««««««««««.15
CONCLUSION««««««««««««««««««««««.....19
STUDENT DIARY««««««««««««««««««««......19
Bibiliography««««««««««««««««««««««««..20
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INTRODUCTION:
This paper is intended to report and discuss various the findings of General Motors, the
significant automobile giant in the automobile industry. This study is also concerned with the
motivations, success factors and also the roadblocks faced by the organisation in its journey. Theexpansion of General Motors across the globe, by means of Mergers, Acquisitions, Strategic
Alliances and Joint Ventures, the strategies used and the difficulties faced are also included in
the findings. Threats are inevitable in any organisation. A dominating threat in General Motors is
also discussed with suitable recommendations to minimise the threat¶s immense consequences.
In an in-depth analysis of the process of internationalisation, the strategies used and the
difficulties faced is also detailed in this study.
MERGERS AND ACQUISITIONS BY GENERAL MOTORS
Date of Merger or
Acquisition
Company Business Type
October 06 2009 Delphi Corporation Automotive
Components.
March 23 2005 Daewoo, Korea
Automobile design and
Manufacture.
October 19
2009
Holding Company Merger 2009 Holding Structure
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THE ACQUISITION OF DELPHI BY THE GENERAL MOTORS.
REASON¶S BEHIND THE ACQUISITION:
The planned acquisition of Delphi was quite risky as the acquisition was done after
General Motors filed the chapter 11. So this acquisition necessitated the approval from
the US court of Bankruptcy and also the US Department of Treasury. Finally the
acquisition was completed on 23rd September
The ultimate objective of the acquisition is for the supply of the non-steering components
like the fuel delivery and control components.
Also based on the competitive analysis, it is predicted that the acquisition is very unlikely
to lessen the competition in the relative market would continue to be competitive.
Considering the fact that GM deal with the production and the sale of automobiles,
acquisition of the Delphi Cooperation would lead way to the acquisition of vital sectors in
the business like the ³Delphi Steering Business´- specialising in the sale of the steering
products and added assets which compromises four of the US sites of Delphi cooperation
which is specialising in the manufacture various component types for use in various
fields.
So the ultimate acquisition of Delphi by General Motors is taking complete control the
Delphi¶s target as well. So in March 2009 GM came to an agreement to acquire the
³Delphi¶s Steering Business´.
The European Commission allowed General Motor¶s to complete the acquisition because
this undertaking was estimated to have a huge turnover which is aggregate of more than 5
billion Euros. Individually they do not achieve more than two-third of the aggregate value
and hence this possesses a community dimension.
So the European commission grants the acquisition by stating the following, ³The
European Commission has approved under the EU Merger Regulation the proposed
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acquisition of Delphi Steering Business and of four US sites of Delphi Corporation
(Delphi), a US manufacturer of automotive components by the US car manufacturer
General Motors (GM). The Commission concluded that the transaction would not
significantly impede effective competition within the European Economic Area (EEA) or
a substantial part of it and has therefore approved the concentration´.
GENERAL MOTORS ACQUISITION OF DAEWOO
General Motors fulfilled the purchase of Daewoo on February 3, 2005 by making use of 16.6 million shares which is 49 million dollar which has relatively increased the General Motors
ownership in the partnership from a percentage level of 44.6% to 48.2%. After this purchase,
GM marched ahead by purchasing Suzuki Motor Corporation on June 28, 2005 with nearly 6.9
million shares of common stock in the Daewoo and GM partnership for nearly 21 million dollars.
So this subsequently increased General Motors ownership to 50.9 percent.
REASONS BEHIND THE ACQUISITION AND THE STRATEGY USED:
Even before the acquisition of Daewoo by the General Motors, the two
organisations were in a Joint Venture ³GM and Daewoo Auto and Technology
Company´. When Daewoo was in bankruptcy crisis, Daewoo was very reluctant
to join hand with General Motors. It was forced to sign the Joint venture
agreement as Ford was not negotiable at that point of time for Joint Venture. This
was not a 50/ 50 venture as General Motors has a commanding share of 67%. It
was opaquely an acquisition in concealment.
A Global Strategy is implemented by General Motors in this Acquisition. So with
this acquisition General Motors manufactures cars in South Korea and also in
Vietnam and makes exportations to more than one hundred and forty countries
across the Globe.
This Strategy has enabled the spread of the Brand Image and Technology across
the world.
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The ultimate objective was to fade away the tarnished image of Daewoo in
respect to the quality problems and financial fluctuations.
This strategy has enabled American cult, Innovation, Technology to spread to the
eastern world.
Daewoo is a steady designer, manufacturer and supplier of motor vehicles. Due to
prolonged financial fluctuations Daewoo had to submit itself to the law. So the
reason behind the acquisition is not only internationalisation of the Acquiring
Company but also tremendous self benefits.
Analysts in their case study reveal that the acquisition was the best solution. Also
they comment as "GM badly needs Daewoo to establish a beachhead in the Asian
market. And without GM, Daewoo will simply collapse."
Some of the ideal reasons behind this venture are as follows
y GM owns 50% of the stake of Daewoo.
y The basic design of Daewoo was a prototype of General Motors.
y GM¶s ultimate objective behind the acquisition was to get a
foothold in the Asian land.
y As GMs design strategy was quite difficult to accept in Asian land,
so collaboration with Daewoo released apt models for the Eastern
Culture.
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JOINT VENTURES OF GENERAL MOTORS:Isuzu and general motors¶-joint venture (2006).
Saic-gm-wuling automobile co., ltd. Joint Venture.
General motor ± Toyota joint venture.()
A µJoint Venture¶ can be defined as the ³Global and innovation based competition
driving firms towards ever more complex collaborative agreements´. In the case of emerging
markets, most of the operations are carried forward by the means of joint ventures. The
ownership and the management in the case of joint ventures are shared with terms and conditions
with one or more party who may not have goals, schemes, priorities or resources in coincidence.
In a nutshell, joint ventures are designated to be functioned for mutual welfare of all the co-
owners more than the individual benefit. The constraint of having a joint venture while operating
a business frequently demands extra environmental formalities and time consuming processes for
communion of information and decision making. Another significant consideration about joint
venture is that a company would be demanded to give much attention to the relationships with
the parties involved as well as the joint venture. Any drift in the above concern may have an
adverse effect in the relationship.
In a scrutinised scope a joint venture is an part of the organisations strategies in an attempt
Advantages of a Joint Venture
A joint venture is quite flexible as it can be for a limited life span thereby
determining the commitment for both the organisations.
A successful venture benefits a reach to higher resources which includes scrutinised
staff, finance and technology also it gives a reach to new markets and networks
across the globe.
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A careful planning of the joint venture relationship paves way for opportunities and
growth for both the concerned parties.
An international joint venture is extremely beneficial for all the parties involved as
the developing countries present a desired blend of foreign technology and aguarantee for local management and an output with effective transfer of advanced
technologies.
Disadvantages of a Joint Venture
Joint ventures can also be threatful having the possibilities of being torn apart or
frustrated by unprincipled and unethical joint venture partners thereby bruising
the reputation of the company as well as the customers
In the year 2002 General motors signed an agreement with China's topmost mini-vehicle
manufacturers Shanghai Automotive Industry Corporation (SAIC) and Wuling automobiles,
three way partnerships. General Motors has 34% of the stake, which is comparatively low when
compared with other joint ventures. The joint venture having its potential foundation as a high
value manufacturer and being built on a low-cost budget, the introduction of the Lean
manufacturing to improvise efficiency and quality and also GM's advanced Global
Manufacturing System was quite remarkable in GM's journey. So it is a noticeable fact that GM
was able to maintain the segment leadership in this venture with proven facts and figures.
During the venture GM had expected an production raise of up to 50% by 2012 and GM
witnessed the prospect of growth in China with a sale of up to two million vehicles.
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General Motors believe that the strategy used in the joint was the reason behind the
success. The president and the managing director of General Motors China Group , Kevin Wale
states as follows, ³We are proud of our performance in 2009 .Chinese consumers responded
enthusiastically to our line-up of modern, fuel-efficient and stylish products, validating our
strategy of rolling out a steady cadence of great vehicles that are leaders in their respective
segments. This is part of GM¶s global strategy of focusing on designing, building and selling the
world¶s best products. ´.
STRATEGIES AND REASONS BEHIND THE JOINT VENTURE.
According to a news report Kevin Wale, ³the President and the Managing
Director´ of the General Motors China states that, ³We are proud of our record-
setting performance. It validates our Strategy of rolling out vehicles that are
leaders in fuel economy to keep pace with the fast-changing China market. With
the most diverse product offering in the market, we believe this strategy is helping
us win over more customers.´
The giant automobile maker with its joint venture was able to make a sale of
177,339 vehicles in china, tremendous increase of 108% compared to the year
2008.
As there is an increasing demand for middle level cars the sales and the
manufacture has always been demanding in the recent history of joint ventures of
General Motors.
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The Joint ventures formed in the Chinese land has been quite promising and
productive with rising sale report and profit.
EMERGENCE OF INTERNATIONAL MARKETS ACROSS THE GLOBE:General Motors is well known for its international brand across the globe. This is because
GM has set its foot hold in most of the developing countries by means of strategies and long or
short defined relationships by means of Joint Ventures, Mergers, Strategic Alliances and
Acquisitions.
GLOBAL STRATEGY:
The Global strategy refers to the theory of how to deal with competitiveness and is focused on
providing hi-tech standard products across the globe. Else it can be referred as any strategy
applied outside the native boundary.
THE NEED FOR INTERNATIONALISATION FOR GENERAL MOTORS
Global strategy is the key strategy used in most of the alliances between the General
Motors and the related firm. Mostly the weakness of the opponent has become the
distinct reasons or an opportunity for various acquisitions and alliances.
Eric PFanner, one of the authors of the New York Times reveals General motors¶ motto
of Internationalisation, ³A Brand for every Place´.
When Jonathan Browning, the vice president of marketing and sales in the European
sector was interviewed in the year 2008 February about this Global strategy, he said as
follows, ³How do you cover an area so diverse with a proposition that¶s valid across the
entire region?´ Also he said ³You can¶t do that with one brand. You have to have a portfolio.´
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FACTS TO BE REALISED WHILE USING A STRATEGY
The following are some of the significant facts to be considered while dealing with foreign firms.
The below questioned should be addressed.
Why do firms dissent in general?
How do firms act in an organisation?
What are the determining facts of the scope of a firm?
What are the factors which determine the success or failure of an organisation in the
global market?
GENERAL MOTORS AND THE REST OF THE WORLD:
General Motors had an easy entry into the European Nationality by the introduction of
brands such as Chevrolet etc. The sales figure in Europe has risen by nine percent and by
15 % in Asia.
The Middle-East also has General Motors fastest growing markets, by introducing brands
which are not even prevalent in the Northern America. The annual sale in sector has
hiked six folds since the year 1999.
General Motors coordination with the South Korean Company Daewoo in the year 2005
has seen rise and fall in various sectors of the integrated firm. The firm was demanded for
automobiles during the times of recession which was a challenge faced during trial times.
The subsidiary was forced to invest more money, approximately 435million dollar during
the risk period. But the subsidiary did not require a financial assistance anymore and was
firm in their liquidity levels. The acquisition was a success even with the presence of
financial crisis now and then.
China and General Motors: China¶s growing appetite for business of high-quality has
attracted the Westerners to globalise in the Chinese Territory. In order to be unique
among the crowd, genuine, tuft-to-mimic, are some of the unified qualities required for
an execution of a successful global strategy. General motors have been heavily shacked
by the financial crisis it faced and Chinese market shows an evidence of future profits.
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Also it is an attractive opportunity for General Motors expansions into the rapidly
growing into the Chinese car market. General Motors have established a number of joint
ventures in the Chinese land giving a trust factor for the Chinese economist and this
paved way for GM to reveal vital capabilities in case of sales and manufacture.
General Motors is required to concentrate on the expansion strategy to maintain its
standing position in the Chinese Territory. General Motors should concentrate on three
groups of Consumers, middle class car buyers, the posh consumer, and buyers of
commercial vehicles. The tremendous rise in the middle class group widens the scope of
the widening of the automobile industry. Adoption of an apt strategy to allow the growth
or expansion in the Chinese land is very significant for General Motors and this will pave
way for heavy profits and nourishment to the company.
ISSUES FACED DURING INTERNATIONALISATION
A relationship between who firms by means of mergers, acquisition, strategic alliances or
joint ventures is very tedious to maintain as there is a requirement for focus on the
relationship as well as the business.
It is required to learn and practise the culture of the firm so that they are not offended by
non-deliberate words or actions.
A level of domination exists if the share value of the one firm is higher than the other. It
becomes an essential to abide by the requirements of the ruling party.
Competition outside the dominion is also another fact of consideration for the firm during
the entry into an overseas market.
³Know yourself, know you opponents´ is renowned among industrialists. Strategists are
compelled to have maximum knowledge about themselves as well as their adversaries.
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Failure to understand ones limitations, strengths and opportunities might pose a heavier
threat.
General Motors have often been a savvy strategist, which means the firms concentrates
not only on the competitiveness but also on the cooperativeness. So a strategy which
focuses on both these features for further advancement and make the alliance successful.
RULES TO BE FOLLOWED:
Build or improvise the cooperative strategies required for the alliance to grow
among the network.
Analysing, Understanding and the rules governing the game and play according to
the rules.
Identifying the warnings of deliberate criticism and stone-walling is an excellent
defence.
Pampering the relationship at the right time is an essential, if the relationship
waver one can start excepting the adverse.
Unwanted escalation of troubles should be avoided from the start so that it does
not grow over the time
BCG MATRIX::
Boston Consulting Group Matrix (BCG) :
STARS ::High Growth Rate, High Market Share
CASH COWS::Low Growth Rate, High Market Share
DOGS::Low Growth Rate, Low Market Share
QUESTION MARKS::High Growth Rate, Low Market Share
General motor, world¶s largest automaker, Had many corporate events
happened in thier history. Even by having manufacturing operations over 32 countries. general
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motors automotive operations are being done worldwide.they are being done in North
America(GMNA), GM Europe (GME),GM Latin/America/Africe/Mid East(GMLAAM),.
General motors have set an sales record for trucks and SUVs. The truck sales in GM represents
60% and it expects 30% sales from its new vehicle launch.General motors new problem in
falling into child category of BCG matrix include,the foreign brands like holden, vauxhall,opel,
and the trucks , SUVs due to their large intake of
costly fuel. These products fall into the star category of BCG matrix.And also the saturn vue
hybrid was an greater star for
general motors. It is not that the whole organization falls into the star category. For each
productions they fall into their own strategy. Mainly trucks and cars of general motors fall into
cash cow of BCG matrix. Considering the production of hummer, the BCG matrix has the
market growth rate and market share and is clearly stated that General motors is smart and the
consumers are now clamoring for tiny cars.
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SIGNIFICANT THREAT FACED BY GENERAL MOTORS.
BANKRUPTCY AND CHAPTER 11 FILING:
General Motors were swifter than the eagles and faster than the lions. The giant that once
walked with pride slumped low in the year 2009 when it had to file Chapter 11 for protection.
Bankruptcy is the one significant threat faced by General Motors.
According to the MSNBC news, the bankruptcy filing by the General Motors is the
fourth largest in the history of The United States and quite large for an Automobile Industry.
General Motor¶s is said to possess 82.29$ billion in asset and 172.81$ billion in debt.
PREDICTIONS AND WARNINGS OF THE DOWNFALL:
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Paul Ingrassia, the former bureau chief of the ³The Wall Street Journal´ in the year 2010
June 1 has openly criticized the journey which took General Motors to the road of Bankruptcy. It
was indeed a huge challenge for the tax payers of the United States, wholly expensive, 65$
billion totally in all.
The journalist criticizes on the Saturn and the Saab brands which hardly made any
money, payment to workers who were indefinite to work, never ending gold plated pension and
health benefits to all the employees and so on. All these fancy policies for over thirty years have
bundled just to become hovering debt obligations, just like the slow poisoning.
All the warnings were quite evident. One of the America¶s automobile veterans, Jerome
B York warned before his death, ³the unthinkable could happen´ if General Motors Fails to
reform it and the expected did happen in just 1000 days.
SIGNIFICANT IMPACTS OF THE THREAT
According to Neil King Jr and Sharon Terlep, authors of the Wall Street Journal in the year 2009
June 2,
General Motors have reported that they would have to shut 17 factories and all the mini
part building centres as a plan of minimising the cost.
Also employee lay-offs which might extend to nearly 20000 workers by the end of 2011
spreading across the United States are also predicted.
The ownership of the GM was determined by the Federal Government, fixing 10% of the
new General Motors for the prevailing bondholders, 17.5% to the UAW and the
remaining 12.5% to the Canadian government.
General Motors had a strong brand image since its birth and the bankruptcy can affect to
its core thereby decreasing the trust factor among the consumers.
A massive decline in the sales and credentials and so on.
INNOVATIVE IDEAS TO HANDLE THE THREAT
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General Motors faced a number of vital risks and precariousness¶s in relation to
international operations. One of the main threats or challenges which General Motors face in the
currently is bankruptcy which can trigger further threats in its business environment.
GM requires a complete enhancement of procedures and operational structure. This is not
only in the context of bankruptcy, but also restructuring the brand image to gain the lost
confidence among the buyers and suppliers.
Recommendations that would make GM to revive its lost glory are as follows ±
Reincarnated Business Focus ±
In order to attain the past glory, it requires the cultural growth in a
renewed form with high focus on consumer requirements and also the
quality and design of the future products.
Sustaining the Brand Image -
GM has always been at the threshold position amongst the automobile
manufacturers. The advent of bankruptcy has ignited the loss of
confidence in the organisation among the consumers, suppliers and
financial supporters. GM should focus on regaining the trust of the
consumers and the financial supporters so that GM would again be
competitive in the automobile sector.
Operational Structure ±
In order to encourage a brand new corporate culture, a retooled operational
structure is an essential to contour the business and fasten the process of
decision making. This would help the organisation to react in a speedier
way towards the customer needs and the requirements from the market.
This strategy should be used in all sectors from Europe to the Asia Pacific.
So single minor executive committee should be constituted which would
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focus on the business plans, the consumers, the products and the brand
image.
Brand systematisation ±
GM should mainly concentrate on the US resources constraint to the four
core brands ± GMC, Cadillac, Buick and Chevrolet. GM has successfully
achieved the sale of Saab in Feb ¶10. As an instance, since GM has plans
to announce the sale of Pontiac, Hummer and Saturn brands, it is essential
to rationalise these brands before they could be faced out by the end of the
year 2010.
Diminution of US dealers ±
A diminution of the number of US dealerships is essential as a result of
which the dealer network would sustain a long-term viability. In order to
make this strategy a success, GM can perform analysis of volumes and
also customer gratification indexes. These figures would help the
management to take a decision for retaining steady dealerships.
Timely liquidation of loans ±
One of GM¶s significant priorities should be the consistent repayment of
outstanding balances from the loan history which are in prior to the
maturity stage. GM has made diligent quarterly loan payment until Mar
¶10 and has outstanding loans which are yet to be paid to UST loans and
Canadian loan adding up to $5.7 billion.
GM in accordance with the DIP facility has retained a deposit of $16.4
billion in the UST Escrow funds which would be released on request with
terms and conditions. The unused finance from the Escrow can be used for
the repayment of the Canadian and UST loans. The prepayment of the
Canadian and UST loans is required to be made in a ³pro rata basis´
between the Canadian, UST loans and VEBA notes in mutual amount.
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GM can also make voluntary decisions to liquidate and UST loans in
whole or in fractions. As per the terms and conditions, once the loan is
liquidated in accordance with the credit agreement, a re-borrow is not
possible as the credit agreements mature only on July 10 2015.
CONCLUSION:
In a nutshell, the above study portrays the ups and downs if an
organisation among industrial giants. Also the various strategies usedfor problem solving, mergers, acquisitions, joint ventures, strategicalliances have been depicted. A brief discussion about the significant threat faced by the firm andaffordable Solution are also documented
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MANAGING STRATEGYKCB 06
CONTRIBUTION TOWARDS WORK 1) Kcb id - 12236
Threats faced by General Motors and affordable recommendations
Merger and Acquisitions by General Motors
2) Kcb id ± 12948
Emergence into foreign Markets
Joint Ventures and strategic alliances
3) Kcb id- 9713
BCG Matrix
Threats and Joint Ventures.
Bibiliography
y Australian Competition & Consumer Commission (2009) General Motors Company ±
proposed acquisition of the non-steering business of the Delphi Corporation
[Internet]. Available from: <
http://www.accc.gov.au/content/index.phtml/itemId/894087/fromItemId/751043 >
[Accessed on June 1 2010 5pm]
y Bankruptcy Only (2009) Business Bankruptcy [Internet]. Available from: <
http://www.bankruptcyonly.com/bankruptcy-articles/chapter-11-business-bankruptcy-
case-study.php > [Accessed June 5 2010 7pm]
y Commission of the European Communities (2009) General Motors / Delphi Steering II
± Regulation (EC) Merger Procedure [Internet]. Available from: <
http://ec.europa.eu/competition/mergers/cases/decisions/m5588_20090812_20310_en.pdf
> [Accessed june 5 2010 7pm]
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y Companies and Markets (2009) Delphi Corporation ± Financial and Strategic
Analysis Review [Internet]. Available from: < http://www.pr-inside.com/delphi-
corporation-financial-and-strategic-r1605078.htm > [Accessed on June 1 2010 5pm]
y Delphi (2009) Media Information [Internet]. Available from: <
http://delphi.com/reorganization/media/ > [Accessed on June 1 2010 5pm]
y Donald DePamphilis (2010) The General Motors Bankruptcy ± GM Arises from the
Ashes? [Internet]. Available from: < http://knol.google.com/k/case-study-the-general-
motors-bankruptcy-gm-arises-from-the-ashes# > [Accessed on June 1 2010 5pm]
y Eric Pfanner (2008) World Business - G.M.¶s Global Strategy: A Brand for Every Place[Internet] Available from<
http://www.nytimes.com/2008/02/04/business/worldbusiness/04gm.html><Accessed onJune 4 2010>
y Ezine Articles (2005) GM Bankruptcy? [Internet]. Available from: <
http://jobfunctions.bnet.com/abstract.aspx?docid=178867 > [Accessed on June 4 2010]
y General Motors (2010) About GM [Internet]. Available from: <
http://www.gm.com/corporate/about/ > [Accessed on June 8 2010 7 30 pm]
y General Motors (2010) History [Internet]. Available from: <
http://www.gm.com/corporate/about/history/ > [Accessed on June 8 2010 7 30 pm]
y GM Media (2009) General Motors Sets New November Sales Record in China
[Internet]. Available from: <
http://media.gm.com/content/media/cn/en/news/news_detail.brand_gm.html/content/Page
s/news/cn/en/2009/120201 > [Accessed on June 8 2010 7 30 pm]
y J. Richard Finlay (2009) The Bankruptcy of General Motors and the Fall of the
Business Era that Produced It [Internet]. Available from: <http://finlayongovernance.com/?p=1629 > [Accessed on June 8 2010 7 30 pm]
y Motors Liquidation Company (2009) General Information [Internet]. Available from: <
http://www.motorsliquidationdocket.com/ > [Accessed on June 8 2010 7 30 pm]
y MSNBC (2009) Humbled GM files for bankruptcy protection [Internet]. Available
from: < http://www.msnbc.msn.com/id/31030038/ > [Accessed June 10 2010 4pm]
y Neil King Jr., Sharon Terlep (2009) GM Collapses into Government¶s Arms. The Wall
Street Journal [Internet]. Available from: <
http://online.wsj.com/article/SB124385428627671889.html > [Accessed June 11 2010 5
pm]
y South Korea - Autos (2010) gm Daewoo embarks on 2010 growth campaign [Internet]
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Available from<http://store.businessmonitor.com/article/334628/> <Accessed on june 12
2010 4pm>
y Paul Ingrassia (2010) The Lessons of the GM Bankruptcy. The Wall Street Journal
[Internet]. Available from: <
http://online.wsj.com/article/SB10001424052748704113504575264641145227612.html
> [Accessed on June 8 2010 7 30 pm ]
y Reuters (2009) TIMELINE: Key dates in General Motors¶ history [Internet].
Available from: < http://www.reuters.com/article/idUSTRE5500ES20090601 >
[Accessed on June 8 2010 7 30 pm]
y Ward¶s Autoworld (2009) Hyundai Forgoes V-6 for Next-Gen Sonata [Internet].
Available from: <
http://web.ebscohost.com/ehost/pdfviewer/pdfviewer?vid=6&hid=110&sid=47cc347f-
f186-45d7-b00f-8fe5985c70cb%40sessionmgr104 > [Accessed on June 8 2010 7 30 pm]
y William Berg (2009) The History of GM ± General Motors [Internet]. Available from:< http://ezinearticles.com/?The-History-of-GM---General-Motors&id=110696>
[Accessed on June 8 2010 7 30 pm]