Management of ICICI Bank

Advanced Management Professor Ignasi CAPDEVILA

Woojin KIM / Charles GUERIN / Emma DIETERLEN

Class 13 / Year 2014-15

Introduction to Management and Organisations

Advanced Management Professor Ignasi CAPDEVILA

Woojin KIM / Charles GUERIN / Emma DIETERLEN

Class 13 / Year 2014-15

Table of Contents

EXECUTIVE SUMMARY 1

CH 1: MANAGEMENT AND ORGANISATIONS 2 ICICI BANK 2 LEADERSHIP 2

CH 2: GLOBAL MANAGEMENT 5 GLOBAL PERSPECTIVE 5 GOING GLOBAL 6

CH 3: DIVERSE WORKFORCE 9 MANAGING WORKFORCE DIVERSITY 9

CH 4: MANAGING STRATEGY 11 VISION AND MISSION 11 SWOT ANALYSIS 11 PORTER’S FIVE FORCES MODEL 14 COMPETITIVE STRATEGY 16

CH 5: CONTEMPORARY ORGANISATIONAL DESIGN 17 ORGANISATIONAL STRUCTURE 17

Advanced Management

ICICI Bank Introduction to Management and Organisations

- 1 -

ICICI Bank is an Indian multinational banking and financial services company headquartered in

Mumbai, Maharashtra, India. As of 2014 it is the second largest bank in India in terms of assets

and market capitalisation.

One of the particularities of the bank is that the CEO is a woman, Chanda Kochhar, in the

country where men lead and women are often regarded as inferior. According to our research,

unlike the tendency that top managers have more conceptual skills, Chanda Kochhar is a particular

female leader who has very strong human skills. However, one of the challenges is due to the

large size of the organisation that Mrs. Kochhar has to face the huge number of employees which

outnumbers 60,000.

Concerning the global perspective, the company adopted a parochialism in the beginning, It is

undeniable that ICICI Bank still has a parochialism attitude, but in a context of globalization ICICI

bank will have a geocentric attitude, which allows them to be stronger and closer to their clients

than they are. Also as a global company, ICICI Bank is conducting a variety of strategic alliances

such as the joint venture. The company’s success can be also attributed to its global mind-set.

Chanda Kochhar has the intellectual and social abilities(capital) to understand how the world

behaves and changes through years.

According to the code of business conduct and ethics of ICICI group, there are fair employment

practices and diversity. ICICI hire all kind of profiles, whatever the age, the gender, the

ethnicity and the religion.

Today ICICI Bank is trying to expand worldwide so it would be growth stage, but also can be

considered stability stage when it comes to Indian local market. Although ICICI Bank is today

planning to expand to rural areas, the company’s main target is those in high-income.

ICICI Bank moto is : « Perfection in power ». Their vision is to be the leading provider of

financial services in India and a global player.

Introduction Executive Summary

Advanced Management


- 2 -

ICICI Bank

ICICI Bank is an Indian multinational banking and financial services company headquartered in

Mumbai, Maharashtra, India. As of 2014 it is the second largest bank in India in terms of assets

and market capitalisation. It offers a wide range of banking products and financial services for

corporate and retail customers through a variety of delivery channels and specialised subsidiaries in

the areas of investment baking, life, non-life insuarance, venture capital and asset management.

The bank has a network of 3,845 branches and 12,012 ATMs in India, and has a presence in 19

countries.1

Today ICICI Bank plans to expand its business overseas by opening 1,500 new branches in 4 years

and recruiting 6,000 people in the fiscal year 2015.2

Leadership

One of the particularities of the bank is that the CEO is a woman, Chanda Kochhar, in the

country where men lead and women are often regarded as inferior.

When Chandra Kochhar took over as CEO and Managing Director of

ICICI Bank in 2009, few expected a radical departure from the

institution’s strategic focus. However, with her bold move to put the

institution’s strategic focus back on the basics, she shas helped steer the

bank safely through crisis.

As the Managing Director and CEO, Kochhar oversees nearly $125

billion in assets and recently announced an 18% increase in profits over

last year. She has been credited with leading a remarkable

1 Wikipedia, https://en.wikipedia.org/wiki/ICICI_Bank 2 Bloomberg Business, http://www.bloomberg.com/research/stocks/snapshot/snapshot.asp?ticker=ICICIBC:IN 2 Bloomberg Business, http://www.bloomberg.com/research/stocks/snapshot/snapshot.asp?ticker=ICICIBC:IN

Chapter 1 Management and Organisations

Advanced Management


- 3 -

transformation at the firm, which experienced major setbacks after the 2008 financial crisis. Her

focus on “mobile banking” in rural areas to reach more clients has been praised as a model for low

cost expansion in a country with a burgeoning middle class. Kochhar has also been an outspoken

proponent of clearer banking laws from the incoming government led by new Prime Minister

Narendra Modi.3

Qualities

According to our research, unlike the tendency that top managers have more conceptual skills, Chanda Kochhar is a particular female leader who has very strong human skills.

From the perspective of Mintzberg’s managerial roles, her quality performance in

interpersonal role, especially as a laison in an organisation is one of her big strengths. She is

known as a very good listener. For example, she often brainstorms with employees and discusses

with them for future decisions. For her, listening is not just to absorb, but it’s also to react and

take other opinions into account: “But in making that final decision, you need to be sure you’ve

understood what everyone thinks, not just people in your team, but others outside the

organization too”. This is also linked to her human skills that enable her to work well with other

people.

She tries to travel as much as possible to the regional offices and branches of ICICI Bank to meet

people and incorporate their opinion, their discussion about the strategy. She also regularly

schedules employee discussion meetings, whatever their positions are in the hierarchy. People have

learned that they can speak to her, and they do.

3 Forbes, <The World’s 100 Most Powerful Women>, http://www.forbes.com/profile/chanda-kochhar/

Technical skills • As a disturbance handler

Conceptual skills • As a leader

Human skills • As liason and disseminator

Advanced Management


- 4 -

Also as a leader, Chanda Kochhar does a lot of communication about the decisions taken, and

about what is happening in the company or in the world that can have an impact on ICICI Bank. She

spends several months just communicating with employees through their own internal media to

reach the larger set of people. In doing so, she expects people to be well informed about what is

going on and she also expects them to give their opinions for the future decisions that can be more

perceptive since they have more information. It shows that she is a very efficient and effective

disseminator doing informational roles. Moreover, she gives a lot of feedbacks to her employees,

so that they can see the result of their decisions, which leads to more job satisfaction for the

employees since they are given “more power”.

Also, as seen in the last financial crisis, Chanda Kochhar is known to be a very good risk

manager and to lead well in a volatile environment. She constantly surveys the horizon to

anticipate the next big change as a disturbance handler in decisional roles.

Finally, she is involved in many tasks, she tries to do things by herself as much as she can, and

she tries to check people’s work, and help them in their task’s achievement. She also takes time to

develop good leaders, not only good managers because according to her, “the success of a

strategy depends on the ability of a team to execute it”.4

Challenges

One of the problems that ICICI Bank and Chanda Kochhar had to face was dealing with customers

during the 2008 crisis. Since ICICI Bank is the most international bank in India, Indian customers,

which is the largest portion of their customers, were very worried about the future of the bank.

They had to make sure not to lose any customer during the crisis by providing them good services

and communicating a lot knowing that “customers are the reason that the organisation exists”.

Another challenge is due to the large size of the organisation that Mrs. Kochhar has to face the

huge number of employees which outnumbers 60,000. She wants to make all employees

participate in decisions but they are too numerous in order to do so efficiently. Asking everyone’s

opinion is in that case a waste of time efficiency and too complicated to do. Hence, she, as a

manager, has to spend significant amounts of time in meeting and dealing with interruptions.

4 Executive Outlook, http://www.executive-outlook.com/chanda-kochhar/

Advanced Management


- 5 -

Global Perspective

Parochialism in Early Days

ICICI bank is an Indian Worldwide bank. Chanda Kochhar has been the head of the bank since

1996. The Indian bank is implanted all over such the United States, the United Kingdom, Canada,

Singapore, Australia, Hong Kong. In the beginning, the company adopted a parochialism. ICICI

needs to think their type of management, which can match, with the European, American or Arab

management without losing their own values.

The interview conducted by MacKinsey&Company underlined the fact that Chanda Kochhar takes

in account people’s point of view. She wants to know employees’ feeling about the work condition,

how they react to face changes and how they behave. The Chief Executive Officer asks to her

managers (In India and also in the rest of the world) to give her feedbacks on their branch, from

employees and especially from customers. After gathering all information, she has the possibility to

decide to adopt a new policy for instance, or she is able to fix the eventual issue somehow by

structuring more the bank.5

Changes towards Geocentric Attitudes

It is undeniable that ICICI Bank still has a parochialism attitude, but in a context of

globalization, the company realised that they needed to think differently. To integrate employees

in the framework is not enough, ICICI bank should take the best of the culture from each country

and to understand how they can use the best of these into their company because the bank has to

be present in many countries and to work with different culture. In the next years, ICICI will have a

geocentric attitude, which allows them to be stronger and closer to their clients than they are.

5 Academia, http://www.academia.edu/5450806/EFFICACY_OF_PERFORMANCE_MANAGEMENT_SYSTEM_AN_EMPIRICAL_STUDY_AT_ICICI_BANK

Chapter 2 Global Management

Advanced Management


- 6 -

Going Global

Type of Organization

ICICI bank can be defined as a global company which centralises management and other

decisions in the home country, India. The bank has branches implanted in 19 countries and has

hundreds of agencies across the world. The decision making process is centralized in headquarter

of Mumbai in India. They gather all feedbacks, information and other data that can be useful and

they analyze it very carefully. Decisions are taken in headquarter and they are approved by Chanda

Kochhar herself. The CEO really wants to have the final word because as she said during an

interview a company needs a leader who can arbitrate with the exact knowledge and skills

required. If many people should make a decision, it will lead to a disaster because they will never

agree and people have always a different way of thinking.

Importing

For a worldwide bank such as ICICI, we could not talk about import and export because banks

generally do not sell a tangible product oversees. However, the bank sells tangible product, that’s

why talking about inflow and outflow is allowed. After analyzing the ICICI’s cash flow statement6,

the CEO can observe that they have a huge inflow compare to their outflow and this is good news.

A bank that has a higher inflow than outflow means they are making money and they can invest in

order to keep growing.

Joint Venture

Originally, ICICI bank has made a joint venture with the Industrial Credit & Investment

Corporation of India. The merger of these two companies has many interests as followings:

First, these companies will be able to reach two kind of customers: the professional customers

for financing their projects and investments. They will reach particular customers, people needs

housing loans or they can need money for a personal project.

6 ICICI Bank Annual Report 2014, http://www.moneycontrol.com/annual-report/icicibank/ICI02/2014

Advanced Management


- 7 -

Then, a bank is efficient when they have money but the only way to get it is from depositors. To

merge two huge financial institutions leads to have better weight in the world and to attract more

depositors, more clients.

Finally, the merger permits the company to have an international standing and to be more

interesting for foreign investors who need a local bank.

Other Strategic Alliances

One example is the agreement, which has been signed between ICICI bank and the giant

Ecobank. Ecobank is one of the most famous bank in Africa, they are present in 35 countries in

Africa. The partnership took place while the Indian investments in Africa exceeded 33 billions of

dollars in 2011 and it could reach 90 billions of dollars in this year.7 This strategic alliance will

allow them to increase their investments in the continent and to attract more depositors. The key

information in the table below illustrates the financial situation of the bank.

<Performance in the first semester, 2012 of Ecobank Transnational Incorporated>

7 Ecofin Finance, <Ecobank noue une alliance stratégique avec l’indien ICICI Bank>, 2012, http://www.agenceecofin.com/banque/1710-7145-ecobank-noue-une-alliance-strategique-avec-l-indien-icici-bank

Advanced Management


- 8 -

Global Mindset

Since the nomination of Chanda Kochhar at the head of the ICICI, she has developed the bank

and given to it a better position in the world.

They have implanted an efficient« management system » inside of the company and it has

contributed by defining clarity of goals, by reminding clearly job descriptions, the goal settled are

flexible and they can be adjusted according the economic context.

The implementation of this system is part of the global mind-set. Chanda Kochhar has the

intellectual and social abilities(capital) to understand how the world behaves and changes through

years. She is able to know where the bank should be at the right moment. In addition, ICICI bank is

an open-minded company, they are able to think again what they have done and to are about

create new strategies and new plans for the future, they are not afraid to have experience and

especially international experience. It would be a great psychological capital for the firm. The link

between the employees and the board is strong, as we have understood during the interview,

Chanda Kochhar tends to meet ICICI’s employees as she can according to her timetable.

Advanced Management


- 9 -

Managing Workforce Diversity

ICICI Bank’s Policy

<ICICI Bank’s Diversity & Inclusion Vision>8

According to the code of business conduct and ethics of ICICI group, there are fair employment

practices and diversity. It ensures diversity of workplace through efforts to recruit, develop and

retain the most talented people from a diverse candidate pool. It upholds the principle that ICICI

Bank advancement is based on talent and performance and there is a commitment to equal

opportunity.

ICICI Group is committed to prohibition of harassment and intimidation of employees in the

workplace. “ICICI Group discourages conduct that implies granting or withholding favours or

8 ICICI Bank official website, http://www.icicibank.com/aboutus/about-us.page

Chapter 3 Diverse Workforce

Advanced Management


- 10 -

opportunities as a basis for decisions affecting an individual, in return for that individual’s

compliance. Such action is an easier form of harassment to identify because it takes the form of

either a threat or a promise, whether explicit or implied.”

ICICI hire all kind of profiles, whatever the age, the gender, the ethnicity and the religion. For

example, Chanda Kochhar start her career at ICICI Bank when she was very young just after her

graduation, and now she is a senior woman. Moreover, India is a country with many different

ethnicities as the Pashtun, the Tajik, the Hazara, etc, and many different religion as Hinduism,

Islam, etc, and all ICICI’s employees are equal and have different backgrounds. ICICI Bank doesn’t

hire only Indians, but also foreigners. All people are treated equally and have the same percentage

of chance. They judge the performance rather than person itself.

Importance of Workforce Diversity Managing diversity is so important in following respects:

Therefore using diversity workforce has a lot of advantages. For example, it increases the

quality of problem solving, the creativity, etc. But it also can have some drawbacks if it is not

well-managed and it can lead to some conflicts. In the case of ICICI Bank, the diversity is well-

managed and is benefit for the company. It is one of their biggest strength.

• Diversity is, after all, all about people, both inside and outside the organisation.

People Management

• Cost savings inculde reducing employee turnover, absenteeism, and the chance of lawsuits.

Organisational Performance

• Workfoce diversity is a key to extracting the best talent performance, market share, and suppliers from a diverse country and world.

Strategic

Advanced Management


- 11 -

Vision and Mission

ICICI Bank moto is : « Perfection in power ». Their vision is to be the leading provider of

financial services in India and a global player.

Their mission is to leverage its people, technology, speed and financial capital to :

Be the banker of first choice for its customers by delivering high quality, world class

products and services.

Expand de frontiers of its business globally and contribute positively the the various

countries and markets in which it operates.

Maintain high standards of governance and ethics.

Create value for its stakeholders.

Its value can be summarised by these sentences: “The most basic of all human needs is the need

to understand and to be understood. The best way to understand your customer is to listen to

him. We listened our customer, we understood and together we keep growing, we continue to

listen.”

SWOT Analysis

After the analysis, we found out that ICICI Bank’s main strengths can be summarised as

following:

- Its talent pool, technology enabled - distribution: from its Indian origins, ICICI is a modern and

use new system and technologies to improve their performance across the world.

- Complete suite structure, extensive customer relationship: the bank has a good relationship

with their customers; they want to be as fast as possible. Their customer is the principal interest

Chapter 4 Managing Strategy

Advanced Management


- 12 -

of the company and tends to do all the best for them.

- Large capital base, strong-brand franchise: ICICI is one of the most powerful banks in the world

with a huge asset of money. Any professionals recognize all over the world the brand name.

- Architecture and universal banking presence: the architecture of the company witnesses the

modernity of this bank and their power. This is a worldwide bank with hundreds of agencies,

which place them in the giant game.

External Analysis

Opportunities

• Banking sector is expected to grow at a rate of 17% in the next three years

• The concept of saving in banks and investing in financial products is increasing in rural areas

as more than 62% percentage of India’s population is still in rural areas.

• Within next four years ICICI bank is planning to open 1500 new branches

• Small and non performing banks can be acquired by ICICI because of its financial strength

• ICICI bank is expected to have 20% credit growth in the coming years.

• ICICI bank has the minimum amount of non performing assets

• Use of technology to penetrate rural markets

• Venturing into countries like Africa where the economy is coming up

Threats

• RBI allowed foreign banks to invest up to 74% in Indian banking

• Government sector banks are in urge of modernizing the capacities to ensure the customers

switching to new age banks are minimized

• It has a lot of competitors

• 3.Inability to adapt to changing conditions due to large size

• It’s an International Bank so it can make local indians worry if there is a world crisis.

Advanced Management


- 13 -

Internal Analysis

Strengths

• ICICI is the second largest bank in terms of total assets and market share

• One of the major strength of ICICI bank according to financial analysts is its strong and

transparent balance sheet

• ICICI bank is the first bank in India to introduce complete mobile banking solutions and jewelry

card

• The bank has PAN India presence of around 2,567 branches and 8003 ATM’s

• ICICI bank is the first bank in India to attach life style benefits to banking services for exclusive

purchases and tie-ups with best brands in the industry such as Nakshatra, Asmi, D’damas etc

• ICICI bank has the longest working hours and additional services offering at ATM’s which

attracts customers

• Marketing and advertising strategies of ICICI have good reach compared to other banks in

India

• ICICI bank has a good CEO who cares about people’s opinion. She tries to take into account

their opinion.

• Strong presence via its branches

• High use of technology to make life simpler for the customers

• Large no. of facilities for the customers in terms of products and services

• Over 75,000 employees at ICICI

• Decades of Experience in the Banking sector along with marketing has added to the brand

name

• Presence in over 19 countries

Weaknesses

• Customer support of ICICI section is not performing well in terms of resolving complaints

• The ICICI bank has the most stringent policies in terms of recovering the debts and loans, and

credit payments. They employ third party agency to handle recovery management

Advanced Management


- 14 -

• There are also complaints of customer assault and abuse while recovering and the credit

payment reminders are sent even before the deadlines which annoys the customers

• The bank service charges are comparatively higher

• Too much competition in the banking sector affecting employee and customer management

Porter’s Five Forces Model

Threat of intense segment rivalry

The threat of rivalry in this market is incredibly high for several reasons:

- The main reason is that bank already established are abundant and in contact of globalization, a

customer does not need a local service but an international service. Therefore, it concerns

plenty of banks across the world.

- Furthermore, banks promote many advantages such as the « no fee » at ATM service (cash

withdrawal). The new advantage, which is born lately, is the fact that we can open a bank

account and the bank offers a certain amount of money. For instance, if you open a bank

account, the bank can offer you $100 on this count.

- With the apparition of the online service, the degree of rivalry is higher. All banks have to get a

website. Websites is used as a window-shopping, they put online their product and a customer

can underwrite.

- Thus costumer can switch bank due to the cost. Anyone can compare products each other and

make the decision to close a bank account in their bank for another one. Banks are evaluated to

their ability to offer: if a bank cannot offer as another one, it will lose clients quickly.

Threat of new entrants

This threat is very low for simple reasons:

- We have to bear in mind that creating a bank requires a lot of capitals. This capital is easy to

find and it is hard to find sponsors when we know it is a close market and the rivalry is really

hard.

- Moreover, all the members of the board such as the CEO, CFO, managers, executive managers

Advanced Management


- 15 -

and so on have to be checked by the Reserve Bank India. The RBI checked the past of all the

members to want to see if they are serious and loyal. This is a very long process that slows the

creation of banks.9

Threat of substitute Product

The threat of substitute products is high.

Banks do not offer the possibility to keep their money on a secure place but they offer new

products include credit and housing. There are other substitutes known like mutual funds, stocks

(shares), government securities, debentures, gold, real estate and so on. These kinks of product

offer the possibility to have more money in a short term.10

Threat of Buyer’s growing Bargaining Power

The customers of the banks are those who take loans, advances and use services of banks. These

customers have a high bargaining power:

- The huge number of alternatives lead the customer to compare all the financial product about

the price, the interest rate, the risk and at the end he decides which loan is the more

interesting. Banks has to provide the best product at the best price.

- There is no differentiation in financial product; banks offer the same kind of product (loans,

investments, account). Thus, customers have a huge power to influence bank. Customers can ask

to bank another advantage because when he has compared he noticed this bank is more

interesting.

Threat of Suppliers Growing Powers:

The suppliers of banks are depositors, people who have too much money and they want to keep

their money in a secured place. By the way the money grows in their bank account because the

institutions offer them an interest rate. In banking industry suppliers have low bargaining power:

- Suppliers, people, put their money in bank because they do not want to take any risks to lose

their money and they also want a kind of « investment returns » which allow them to have an 9 Micro Finance, http://microfinance-monipran.blogspot.fr/2010/06/porters-five-factor-analysis-to-micro.html 10 Wikiwealth, http://www.wikiwealth.com/five-forces:icicibank

Advanced Management


- 16 -

income.

- The only way to avoid bank is to buy the substitutes mentioned above such as Treasury bill or

bonds, but these products are riskier and this is not what suppliers want.

- Reserve Bank of India takes all the decision and especially when it is about the interest rates.

They can decide to increase or decrease the interest rate which affects the bargaining power of

suppliers.

Competitive Strategy

Focus Strategy

Today ICICI Bank is trying to expand worldwide so it would be growth stage, but also can be considered stability stage when it comes to Indian local market. Although ICICI Bank is today planning to expand to rural areas, the company’s main target is those in high-income. As for its business strategies, ICICI Bank concentrates on those three:

1) Retail banking – building long term relationship 2) SMEs – strategic partnership 3) Wholesale banking – collaboration for inclusive growth

Advanced Management


- 17 -

Organisational Structure

ICICI bank has one of the most common organizational structures in the world. They have a

functional organization. Under this structure, the organization groups employees according to a

specialization or similar set of roles or tasks. However, it represents some drawbacks: the bank is

not able to react quickly because they are less flexible and this is a huge issue when we know that

the financial market changes rapidly and a bank has to provide answers as fast as possible,

otherwise they will lose clients and in the worst case go bankruptcy.

Strengths

- Skills and the knowledge of employees are grouped in the same department. This organization

enables workers to be a specialist in this field. Workers are recognized for their knowledge and

they are encouraged to follow and to make better. Workers have the possibility to go in-depth.

Employees are in department because of their specialization

- Functional structure allows having an efficient and per formant group. People are expert on the

their field and they can accomplish tasks quickly and minimize mistakes because they know what

they have to do and how. This kind of structure leads to gain in productivity and leads to go

beyond, they can imagine what they will need in the next future.

Weaknesses

- The lack of communication would be a huge issue. In this type of hierarchy, it is not easy to

communicate between departments. People have to deal with a supervisors and it slows the

delay of the decision making-process. Moreover the formalization of the structure makes the

company inflexible. In a globalization context, this is a huge problem. However, the CEO Chanda

Chapter 5 Contemporary Organizational Design

Advanced Management


- 18 -

Kochhar wants to have feedbacks from her employees and to understand what it does not work.

The company tends to reduce this problem step by step.

- This organization presents another problem that is the coordination. Departments do not work

often together and it reduces the flexibility of the company and the innovation. Competitors are

abundant and the company has to think another type of structure, which can allow them to be

more flexible and allow also strengthening the innovation and the speed of the company.

Innovation is a key success for an established bank as them. If ICICI bank wants to attract more

clients and more foreign investors they should be innovative.

Organisational Structure

Advanced Management


- 19 -

Bibliography & Webography

A Ask, http://www.ask.com/question/business-information-system-definition

B BusinessDictionary.com, http://www.businessdictionary.com/definition/information-system.html BISA (Business Information Systems Association), http://www.bisa.org.au/WhatIsBis.html H H&M Official Website, http://about.hm.com/en/About/facts-about-hm/people-and-history/history.html Hadfield, Will, 2006, H&M Targets Stuff Productivity Gain with Europe-wide Scheduling Tool, http://www.computerweekly.com/feature/HM-targets-staff-productivity-gain-with-Europe-wide-scheduling-tool Lynn, Heather & Bennett, Shannon & Joines, Harriet, H&M vs. Zara, Comparing Marketing Strategies, p.12 H&M Case Study, http://prezi.com/u1jpta-hjchk/copy-of-hm-case-study/ H&M’s Low-Cost, High-Fashion Supply Chain, http://www.casestudyinc.com/case-study-hm-supply-chain

I Investopedia, http://www.investopedia.com/terms/e/erp.asp The Importance of Information Systems for Your Business, http://www.recursoscivics.net/tag/the-importance-of-information-systems-for-your-business

L Dreik, Gaby, Lecture Material of Business Information System, Slide#4, pp.42

M Mail online, Why IS H&M taking so long to launch online shopping in the U.S.?, http://www.dailymail.co.uk/femail/article-2301272/Why-IS-H-M-taking-long-launch-online-shop-US.html

P Nawaz, Mohsin & Saleeem, Munawar, 2009, Postponement in Fashion Retailing: A Case Study of H&M, p.43

S Lashen, Mira, 2012, Supply Chain Management in Fast Fashion, p.19 S.W.O.T Analysis of H&M Company, http://voices.yahoo.com/swot-analysis-hm-company-3630037.html Supply Chain Management in Fashion Retail Industry, http://fr.slideshare.net/juhoma/hm-supply-chain-management-in-fashion-retail-industry

W Wikipedia, http://en.wikipedia.org/wiki/Customer_relationship_management Webopedia, http://www.webopedia.com/TERM/C/CRM.html Written Examination Stimulus Material Case Study - Hennes & Mauritz, http://www.staffs.ac.uk/schools/business/resits/postgrad/InternationalSupplyChainMgmtHandMCaseStudy.pdf

Z Zara, H&M and Benetton Supply Chain Management, http://www.slideshare.net/hdchachi/zara-hm-and-benneton-supply-chain-management