review Figures 3.3, p.65 from your textbook. Complete an Industry Analysis for two different industries then compare these industries by answering the following questions.
Your well-written paper should meet the following requirements:
Required
*
CONTEMPORARY STRATEGY ANALYSIS
tenth edition
Robert M. Grant
John Wiley & Sons Ltd., 2019
Chapter 3
Industry Analysis:
The Fundamentals
Introduction / Objectives
From environmental analysis to industry analysis
Analyzing industry attractiveness
Applying industry analysis to forecast industry profitability
Using industry analysis to develop strategy
Defining industries: Where to draw the boundaries
Identifying Key Success Factors
Industry Analysis: the Fundamentals
Copyright (© 2019 John Wiley & Sons, Inc.
OUTLINE
1
17
To understand how industry structure drives competition, which determines the level of industry profitability.
To assess industry attractiveness
To use evidence on changes in industry structure to forecast future profitability
To formulate strategies to change industry structure to improve industry profitability
To identify Key Success Factors
The Objectives of Industry Analysis
Copyright (© 2019 John Wiley & Sons, Inc.
INTRODUCTION / OBJECTIVES
2
18
THE INDUSTRY
ENVIRONMENT
Suppliers
Competitors
Customers
Social structure
The national/ international economy
Technology
Government
& Politics
The natural environment
Demographic structure
Social structure
The Macro Environment impacts the firm through its effect on the Industry Environment
At the Core of the Macro Environment is the Industry Environment
Copyright (© 2019 John Wiley & Sons, Inc.
FROM ENVIRONMENTAL ANALYSIS TO INDUSTRY ANALYSIS
3
Profitability of Selected US Industries (median ROCE)
Copyright (© 2019 John Wiley & Sons, Inc.
ANALYZING INDUSTRY ATTRACTIVENESS
HIGH PROFITABILITY % LOW PROFITABILITY %
Tobacco 59.9 Food and Drug Stores 10.2
Computer Software 29.8 Utilities: Gas and Electric 9.6
Household, Personal Care 25.2 Telecom Services 9.5
Semiconductors 22.5 Agricultural Processing 9.5
Pharmaceuticals 21.3 Petroleum 9.2
Entertainment 20.7 Insurance 9.1
Aerospace, Defense 19.9 Food Retailing 9.1
Beverages 19.2 Trucking 9.1
Chemicals, Specialty 18.2 Hotels, Casinos 9.0
Food Processing 18.0 Motor Vehicle Parts 9.0
Medical Products 17.5 Electrical Power 6.0
Engineering/Construction 16.8 Motor Vehicles 5.7
Restaurants/Catering 16.6 Airlines 5.1
3 key influences:
The value of the product to customers
The intensity of competition
Relative bargaining power at different stages of the value chain
The Determinants of Industry Profitability
Copyright (© 2019 John Wiley & Sons, Inc.
ANALYZING INDUSTRY ATTRACTIVENESS
5
Product
Differentiation
Information
availability
Many firms
A few firms
Two firms
One firm
No barriers
Significant barriers
High barriers
Homogeneous
Product
Potential for product differentiation
Perfect
Information
Imperfect availability of information
The Spectrum of Industry Structures
© 2019 Robert M. Grant www.contemporarystrategyanalysis.com
Concentration
Entry and Exit
Barriers
Perfect
Competition
Oligopoly
Duopoly
Monopoly
ANALYZING INDUSTRY ATTRACTIVENESS
6
2
Porter’s Five Forces of Competition Framework
SUPPLIERS
POTENTIAL
ENTRANTS
SUBSTITUTES
BUYERS
INDUSTRY
COMPETITORS
Rivalry among
existing firms
Bargaining power of suppliers
Bargaining power of buyers
Threat of
new entrants
Threat of
substitutes
Copyright (© 2019 John Wiley & Sons, Inc.
ANALYZING INDUSTRY ATTRACTIVENESS
7
INDUSTRY RIVALRY
Concentration
Diversity of
competitors
Product differentiation
Excess capacity and
exit barriers
Cost conditions
THREAT OF ENTRY
Capital requirements
Economies of scale
Absolute cost advantage
Product differentiation
Access to distribution
channels
Legal/ regulatory barriers
Retaliation
SUBSTITUTE
COMPETITION
Buyers’ propensity
to substitute
Relative prices &
performance of
substitutes
BUYER POWER
Buyers’ price sensitivity
Relative bargaining
power
SUPPLIER POWER
Buyers’ price sensitivity
Relative bargaining
power
The Structural Determinants of Competition
Copyright (© 2019 John Wiley & Sons, Inc.
ANALYZING INDUSTRY ATTRACTIVENESS
7
Extent of competitive pressure from producers of substitutes depends upon:
Buyers’ propensity to substitute
The price-performance characteristics of substitutes.
Threat of Substitutes
Copyright (© 2019 John Wiley & Sons, Inc.
ANALYZING INDUSTRY ATTRACTIVENESS
8
Entrants’ threat to industry profitability depends upon the height of barriers to entry.
The principal sources of barriers to entry are:
Capital requirements
Economies of scale
Absolute cost advantage
Product differentiation
Access to channels of distribution
Legal and regulatory barriers
Retaliation
Threat of New Entry
Copyright (© 2019 John Wiley & Sons, Inc.
ANALYZING INDUSTRY ATTRACTIVENESS
9
Buyer’s price sensitivity
Relative bargaining power
Importance of item in relation
to buyers’ total costs.
Differentiation of the
purchased item
Intensity of competition
among buyers
Whether item is critical to the
quality of buyers’ own output
Size and concentration of
buyers relative to sellers.
Buyer’s information .
Ability to backward integrate.
NOTE: analysis of supplier
power is symmetric
Bargaining Power of Buyers
Copyright (© 2019 John Wiley & Sons, Inc.
The extent to which buyers are able to depress
profitability in an industry depends upon:
ANALYZING INDUSTRY ATTRACTIVENESS
12
The extent to which industry profitability is depressed by aggressive price competition depends upon:
Concentration (number and size distribution of firms)
Diversity of competitors (differences in goals, costs strategies, etc.)
Product differentiation
Excess capacity and exit barriers
Cost conditions
Ratio of fixed to variable costs
Extent of scale economies
Rivalry Between Established Competitors
Copyright (© 2019 John Wiley & Sons, Inc.
ANALYZING INDUSTRY ATTRACTIVENESS
10
Perform a Five Forces Analysis to understand why the industry’s current level of profitability is what it is
Identify the changes in industry structure that are likely to occur over the next few years. E.g.
Is new entry likely?
Will concentration increase as a result of mergers and acquisitions?
Will additions to industry capacity outpace the growth in demand?
Will innovation create new substitutes?
Use the Five Forces Framework to predict the impact of these structural changes on competition and profitability
Applying Five-Forces Analysis to Forecast Industry Profitability
Copyright (© 2019 John Wiley & Sons, Inc.
APPLYING INDUSTRY ANALYSIS TO FORECAST INDUSTRY PROFITABILITY
Strategies to Improve Industry Profitability
Which of the structural variables that are depressing profitability can we change by individual or collective strategies?
Strategic Positioning
Once we know which structural features of the industry support profitability and which depress profitability, we can choose a favorable positioning within the industry.
Using Industry Analysis to Develop Strategy
Copyright (© 2019 John Wiley & Sons, Inc.
USING INDUSTRY ANALYSIS TO DEVELOP STRATEGY
What industry is Ferrari in?
The Motor Vehicle industry (SIC 371)
The Automobile industry (SIC 3712)
The sports car industry
Is its industry global, regional (Europe) or national (Italy)?
Key criterion: SUBSTITUTABILITY
On the demand side : are buyers willing to substitute between types of cars and across countries
On the supply side : are manufacturers able to switch production between types of cars and across countries
We may need to draw industry boundaries differently for different types of decision
Drawing Industry Boundaries
Copyright (© 2019 John Wiley & Sons, Inc.
DEFINING INDUSTRIES
15
What drives competition?
What are the main
dimensions of competition?
How intense is competition?
How can we obtain a
superior competitive position?
Analysis of demand
Who are our
customers?
What do they want?
KEY SUCCESS FACTORS
Analysis of competition
What drives competition?
What are the main dimensions of competition?
How intense is competition?
How can we obtain a superior competitive position?
What do customers want?
How does the firm survive competition
Pre-requisites for success
Identifying Key Success Factors
Copyright (© 2019 John Wiley & Sons, Inc.
IDENTIFYING KEY SUCCESS FACTORS
17
KSFs in Steel, Fashion Clothing, and Supermarkets
IDENTIFYING KEY SUCCESS FACTORS
Copyright (© 2019 John Wiley & Sons, Inc.
WHAT DO CUSTOMERS WANT? HOW FIRMS SURVIVE COMPETITION? KEY SUCCESS FACTORS
Steel Low price
Product consistency
Reliability of supply
Specific technical specifications for special steels Strong price competition and cyclical demand require low costs and financial strength Cost efficiency requires either large plants in low-cost locations, or hi-tech, flexible, mini-mills close to customers
Quality and service differentiation
Fashion clothing Demand segmented by garment type, style, quality, color
Price premium for brand, style, exclusivity, and quality
Mass market highly price sensitive Intensely competitive due to low entry barriers, low seller concentration, and strong retail buying power
Differentiation can yield substantial price premium, but imitation rapid Combining differentiation with low-costs
Key differentiation variables: design, speedy to fashion trends, brand reputation, quality
Cost efficiency requires low labor costs
Super-markets Low prices
Convenient location
Wide product range adapted to local tastes
Fresh produce, good service, pleasant ambience, easy parking Markets localized
Intensity of price competition depends on number and proximity of competitors
Bargaining power essential to low input costs Low-costs require operational efficiency, efficient supply chain, buying power, low wage costs.
Differentiation requires wide product range (hence, large stores), convenient location, easy parking
Profitability = Yield x Load factor – Unit Cost
Income Revenue RPMs Expenses
ASMs RPMs ASMs
=
x
–
Price competitiveness.
Efficiency of route
planning.
Flexibility and
responsiveness.
Customer loyalty.
Meeting customer
requirements.
Wage rates.
Fuel efficiency of
planes.
Employee
productivity.
Load factors.
Administrative
overhead.
Strength of competition on routes.
Responsiveness to changing market conditions
% business travelers.
Achieving differentiation advantage
NOTE: ASM = Available Seat Miles; RPM = Revenue Passenger Miles
Identifying KSFs Through Modeling Profitability: The Airline Industry
Copyright (© 2019 John Wiley & Sons, Inc.
IDENTIFYING KEY SUCCESS FACTORS
18
ROCE
Return on Sales
Sales/Capital
Employed
Sales mix of products
Avoiding markdowns through
tight inventory control
Max. buying power to minimize
cost of goods purchased
Max. sales/sq. foot through:
*location *product mix
*customer service *quality control
Max. inventory turnover through
electronic data interchange, close
vendor relationships, fast delivery
Minimize capital deployment
through outsourcing & leasing
Identifying KSFs by Analyzing Profit Drivers: Retailing
© 2019 Robert M. Grant
www.contemporarystrategyanalysis.com
IDENTIFYING KEY SUCCESS FACTORS
19
7
Forecasting Industry Profitability
Past profitability a poor indicator of future profitability.
If we can forecast changes in industry structure we can predict likely impact on competition and profitability.
Strategies to Improve Industry Profitability
Influencing industry structure by individual or collective strategies
Positioning the firm to shelter from the forces of competition
Defining Industry Boundaries
Key criterion: substitution
Industry definition depends upon the strategic issues being considered
Key Success Factors
Gateway to the analysis of competitive advantage
Summary
Copyright (© 2019 John Wiley & Sons, Inc.
INDUSTRY ANALYSIS: THE FUNDAMENTALS
From Environmental Analysis to Industry Analysis:
The industry is the core of a firm’s external environment. Political, economic, social, and technological forces impact the firm through its industry :
14
*
CONTEMPORARY STRATEGY ANALYSIS
tenth edition
Robert M. Grant
John Wiley & Sons Ltd., 2019
Chapter 4
Further Topics in Industry
and Competitive Analysis
Objectives
The limits of industry analysis
Does Industry Matter?
Hypercompetition
Winner-Take-All Industries
Beyond the Five-Forces
Complements
Ecosystems
Business Models
Competitive Interaction
Game Theory
Competitor Analysis
Segmentation and strategic groups
Further Topics in Industry and
Competitive Analysis
Copyright © 2019 John Wiley & Sons, Inc.
OUTLINE
*
30
To recognize the limits of the Porter five forces framework, and extend the framework to include the role of complements as well as substitutes
To acknowledge competition as a dynamic process, to appreciate the insights that game theory offers into the dynamics of rivalry, and to use competitor analysis to predict competitive moves by rivals
To segment an industry into its constituent markets, appraise the relative attractiveness of different segments and apply strategic group analysis to classify firms according to their strategic types
FURTHER TOPICS IN INDUSTRY AND COMPETITIVE ANALYSIS
© 2016 Robert M. Grant, www.contemporarystrategyanalysis.com
Objectives
*
30
THE LIMITS OF INDUSTRY ANALYSIS
Does Industry Matter?
Copyright © 2019 John Wiley & Sons, Inc.
Chart1
Misangy et al (2006)i Misangy et al (2006)i Misangy et al (2006)i
Roquebert et al (1996) Roquebert et al (1996) Roquebert et al (1996)
Hawawini et al (2003) Hawawini et al (2003) Hawawini et al (2003)
McGahan& Porter ((1997) McGahan& Porter ((1997) McGahan& Porter ((1997)
Rumelt (1991) Rumelt (1991) Rumelt (1991)
Schmalensee (1985) Schmalensee (1985) Schmalensee (1985)
Industry effects
Firm effects
Other and unexplained
7.6
43.8
48.6
10.2
55
34.8
8.1
35.8
56.1
18.7
31.7
49.6
4
44.2
51.8
19.6
0.8
79.6
Sheet1
Industry effects Firm effects Other and unexplained
Misangy et al (2006)i 7.6 43.8 48.6
Roquebert et al (1996) 10.2 55 34.8
Hawawini et al (2003) 8.1 35.8 56.1
McGahan& Porter ((1997) 18.7 31.7 49.6
Rumelt (1991) 4 44.2 51.8
Schmalensee (1985) 19.6 0.8 79.6
Porter framework assumes:
industry structure drives competitive behavior
Industry structure is (fairly) stable.
But, competition also changes industry structure:
Schumpeterian Competition: A “perennial gale of creative destruction” –market leaders overthrown by innovation
Hypercompetition: “intense and rapid competitive moves…. continuously creating new competitive advantages and destroying existing competitive advantages”
Implication: –Within 5-forces framework:
INDUSTRY STRUCTURE COMPETITION
–Under dynamic competition:
COMPETITIVE STRATEGY INDUSTRY STRUCTURE
Competition as a Dynamic Process: Hypercompetition
Copyright © 2019 John Wiley & Sons, Inc.
LIMITS OF INDUSTRY ANALYSIS
*
14
In some industries, the notion of “industry attractiveness” is meaningless because one firm takes all the industry’s profits and other firms earn little or no profit
These “winner-take-all” industries tend to be those with extreme scale economies (e.g. search engines) or network externalities (online auction sites, social networks)
LIMITS OF INDUSTRY ANALYSIS
Copyright © 2019 John Wiley & Sons, Inc.
Winner-Take-All Industries
*
30
SUPPLIERS
POTENTIAL
ENTRANTS
SUBSTITUTES
BUYERS
INDUSTRY
COMPETITORS
Rivalry among
existing firms
Bargaining power of suppliers
Bargaining power of buyers
Threat of
new entrants
Threat of
substitutes
COMPLEMENTS
The suppliers of
complements create
value for the industry
and can exercise
bargaining power
Five Forces or Six?
Introducing Complements
BEYOND THE 5-FORCES
© 2019 Robert M. Grant,
www.contemporarystrategyanalysis.com
*
7
A business ecosystem is the “community of organizations, institutions, and individuals that impact the enterprise”
BEYOND THE 5-FORCES
Copyright © 2019 John Wiley & Sons, Inc.
Business Ecosystems: Managing Value Migration
Change within a business ecosystem causes value to migrate between firms and groups of firms
A firm can influence value migration within a business ecosystem in order to increase its share of value within the system. E.g. by becoming a “guardian of quality”, becoming irreplaceable, exploiting changing customer needs, or reconfiguring the value chain.
*
30
Infrastructure
Activities
Resources
Partners
Customer
Segments
Channels
Relationships
Offer
Value
Proposition
Financial viability
Revenues
Costs
Profit
BEYOND THE 5-FORCES
Using Business Models to Manage the Ecosystem
A business model is a simplified description of a business that specifies the core logic for creating value
Business models are useful for developing strategies that can exploit the opportunities available in complex business ecosystems
The Business Model Canvas is a graphical tool for designing business models:
THE BUSINESS
MODEL CANVAS
Frames strategic decisions as interactions between competitors
Predicts outcomes of competitive situations involving a few,
evenly-matched players
Provides key insights into the nature and determinants of interactions
among competitors. E.g.:
Competition and Cooperation—Game theory can show conditions
where cooperation more advantageous than competition
Deterrence—changing the payoffs in the game in order to deter
a competitor from certain actions
Commitment—irrevocable deployments of resources that
give creditability to threats
Signaling—communication to influence a competitor’s decision
Problems of game theory:
Able to explain past competitive behavior—weak in predicting future behavior.
Lack of an integrated general theory— Many different models; outcomes highly
sensitive to small changes in assumptions
The Contribution of Game Theory to Competitive Analysis
© 2016 Robert M. Grant, www.contemporarystrategyanalysis.com
COMPETITIVE INTERACTION
PREDICTIONS
What strategy changes
will the competitor
initiate?
How will the competitor
respond to our strategic
initiatives?
OBJECTIVES
What are competitor’s current goals?
Is performance meeting there goals?
How are its goals likely to change?
STRATEGY
How is the firm competing?
ASSUMPTIONS
What assumptions does the competitor
hold about the industry and itself?
RESOURCES & CAPABILITIES
What are the competitors’ key
strengths and weaknesses?
A Framework for Competitor Analysis
© 2016 Robert M. Grant, www.contemporarystrategyanalysis.com
COMPETITIVE INTERACTION
*
5
Identify key variables
and categories
Construct a segmentation matrix
Analyze segment attractiveness
Identify KSFs in each segment
Analyze benefits of
broad vs. narrow scope
Identify segmentation variables
Reduce to 2 or 3 variables
Identify discrete categories for
each variable
Potential for economies
of scope across segments
Similarity of KSFs
Differentiation benefits of
segment focus
Segmentation Analysis: The Principal Stages
Copyright © 2019 John Wiley & Sons, Inc.
SEGMENTATION AND STRATEGIC GROUPS
*
31
Opportunities for
Differentiation
Characteristics
of the Buyers
Characteristics
of the Product
Industrial buyers
Household buyers
Distribution channel
Geographical
location
Size
Technical
sophistication
OEM/replacement
Demographics
Lifestyle
Purchase occasion
Size
Distributor/broker
Exclusive/
nonexclusive
General/specialist
Size
Price
Features
Technology/design
Inputs used (e.g. raw materials)
Performance characteristics
Pre-sales/after-sales services
Customer and Product Characteristics as Segmentation Variables
Copyright © 2019 John Wiley & Sons, Inc.
SEGMENTATION AND STRATEGIC GROUPS
*
1
Segmenting the World Automobile Market
REGIONS
P
R
O
D
U
C
T
S
Copyright © 2019 John Wiley & Sons, Inc.
SEGMENTATION AND STRATEGIC GROUPS
North
America Latin America W. Europe E. Europe East Asia South Asia Pacific Africa/Mid-dle East
Luxury cars
Large/midsize sedans
Compact family cars
Mini cars
Sports cars
SUVs
Multi-purpose vehicles
Pickup trucks
Hybrid cars
Electric cars
*
0
5
0
10
15
20
25
100
Share of industry revenue (%)
Auto loans
Leasing
Warranty
Gasoline
Auto insurance
Aftermarket
parts
Auto rental
Operating margin (%)
Auto manufacturing
New car dealers
Used car dealers
Service & repair
Vertical Segmentation & Industry
Profit Pools: The US Auto Sector
Copyright © 2019 John Wiley & Sons, Inc.
SEGMENTATION AND STRATEGIC GROUPS
25
20
10
0
Batteries
Vehicle production
Distri-bution
15
5
Financing
Servicing
& repair
Power
generation
Charging
points
Power
management
Value added services
(e.g. entertainment, navigation, information)
Revenue
EBIT
/Sales
(%)
SEGMENTATION AND STRATEGIC GROUPS
Vertical Segmentation & Industry
Profit Pools: Electric Vehicles
Copyright © 2019 John Wiley & Sons, Inc.
SEGMENT
Low price bicycles sold primarily
through department and discount
stores, mainly under the retailer’s
own brand (e.g. Sears’ “Free Spirit”);
KEY SUCCESS FACTORS
Low-costs of components and assembly.
Supply contract with major retailer.
Leading competitors: Assemblers in Taiwan & China
+ a few U.S manufacturers, e.g. Murray Ohio, Huffy
Medium-priced bicycles sold mainly
under manufacturer’s brand and
distributed through specialist cycle
stores
Cost efficiency through scale and low wage costs
Reputation for quality
Good dealer relations
* International marketing & distribution.
Leading competitors: Giant, Peugeot, Fuji
Quality components and assembly
Innovation in technology and design
Reputation (including success in racing)
Strong dealer relations.
Similar to low-price bicycle segment.
High-priced bicycles for enthusiasts.
Children’s bicycles /tricycles) sold
through discount stores, & toy stores)
Segmentation and Key Success
Factors: The U.S. Bicycle Market
Copyright © 2019 John Wiley & Sons, Inc.
SEGMENTATION AND STRATEGIC GROUPS
*
2
A strategic group is a group of firms in an industry that follow the same or similar strategies
Identifying strategic groups:
Identify principal strategic variables which
distinguish firms.
Position each firm in relation to these
variables.
Identify clusters.
Strategic Group Analysis
Copyright © 2019 John Wiley & Sons, Inc.
SEGMENTATION AND STRATEGIC GROUPS
*
33
Broad
PRODUCT
RANGE
Narrow
National
GEOGRAPHICAL SCOPE
Global
,
GLOBAL, BROAD-LINE
PRODUCERS
e.g., GM, Ford, Toyota, Honda, VW, Renault-Nissan, Fiat-Chrysler
GLOBAL PRODUCERS OF A LIMITED RANGE OF MODELS e.g., BMW, Fuji/Subaru, Isuzu, Suzuki,
NATIONALLY- FOCUSED, SPECIALIST PRODUCERS e.g., Bristol (UK), BDY (China), Premier (India), Classic Roadsters (US), Morgan (UK),
NATIONAL PRODUCERS OF INTERMEDIATE RANGE OF MODELS
e.g. Tofas (Turkey), Proton (Malaysia), Tata Motors (India), Chery (China) , Avtovaz (Russia)
PERFORMANCE CAR PRODUCERS e.g., Ferrari (Italy), Aston Martin (UK), Tesla, Fisker (US)
Strategic Groups within the World
Automobile Industry
SEGMENTATION AND STRATEGIC GROUPS
Copyright © 2019 John Wiley & Sons, Inc.
*
3
Geographical Scope
National Global
Vertical
Balance
Upstream
NATIONAL
PRODUCTION
COMPANIES
e.g. Saudi Aramco, Kuwait
Petroleum, Qatar
Petroleum,
INTEGRATED
NATIONAL OIL COMPANIES
e.g. Petrobras, PDVSA, CNPC,
Indian Oil, Pemex
DOMESTIC-FOCUSED
DOWWNSTREAM
COMPANIES
e.g. Valero, Nippon Oil,
Neste
SUPER MAJORS
e.g. ExxonMobil, Shell,
BP, Chevron, Total,
INTEGRATED
INTERNATIONAL
MAJORS
e.g. Eni, Repsol,
PetroCanada
INTERNATIONAL
EXPLORATION & PRODUCTION
COMPANIES
e.g. Conoco, Apache, Occidental,
Marathon Oil
Down
stream
Integrated
Strategic Groups within the World
Petroleum Industry
SEGMENTATION AND STRATEGIC GROUPS
Copyright © 2019 John Wiley & Sons, Inc.
*
4
Conventional industry analysis is limited to the extent that:
Industry membership is a minor influence on firm profitability
It assumes industry structure is stable—the competitive process can transform industry structures
In “winner-take-all” industries, the notion of industry attractiveness is meaningless
We can extend our analysis of industry and competition to take account of:
complementary products
platform-based competition
business ecosystems
Competitive interactions between close rivals can be analyzed:
game theory
competitor analysis—which is less formal than game theory, but can help us to understand competitors and predict their behavior
Segmentation analysis and strategic group analysis allows us to understand industries at a more detailed level
Summary
FURTHER TOPICS IN INDUSTRY AND COMPETITIVE ANALYSIS
Copyright © 2019 John Wiley & Sons, Inc.
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