Xây dựng chiến lược thâm nhập thi trường PAKISTAN cho tổng công ty xuất nhập khẩu chè việt nam

LUẬN VĂN THẠC SĨ
Xây dựng chiến lược thâm nhập thi trường PAKISTAN cho tổng công ty xuất
nhập khẩu Chè Việt Nam

THESIS MBA

BUILDING STRATEGY FOR VIETNAM NATIONAL
TEA CORPORATION TO IMPORVE EXPORTATION
TO PAKISTAN MARKET


TABLE OF CONTENT
TABLE OF CONTENT..............................................................................................................................2
LIST OF TABLES AND FIGURES...............................................................................................................6
LIST OF ABBREVIATIONS.......................................................................................................................7
FOREWORDS........................................................................................................................................8
CHAPTER I: OVERVIEW OF STRATEGIC PLANNING AND STRATEGIC MANAGEMENT..........................12
1.1 Definitions and roles of strategy and strategic management.......................................................12
1.2 Roles of strategy and strategic management................................................................................13
1.3 Steps to study strategic planning..................................................................................................15
1.3.1.1 External factors.......................................................................................................................15
1.3.1.2 Internal environment analysis................................................................................................24
1.4 Supporting tools for defining and choosing strategies.................................................................26
1.4.1 Internal Factors Evaluation matrix (IFE).....................................................................................27
1.4.2 External Factors Evaluation (EFE)...............................................................................................28
1.4.3 SWOT matrix..............................................................................................................................29
1.5 Strategy building and choosing key strategy.................................................................................32
CHAPTER II: ANALYZE PRODUCTION AND EXPORTATION REALITY OF VIETNAM NATIONAL TEA
CORPORATION TO PAKISTAN MARKET................................................................................................37
2.1 Overview of Vietnam National Tea Corporation...........................................................................38
2.1.1 Establishment and development process..................................................................................38

2.1.2 Functions and missions.............................................................................................................39
2.1.3 Organization structure...............................................................................................................40
2.2 Analyze operation reality of Vietnam National Tea Corporation..................................................42
2.2.1 Internal environment analysis...................................................................................................42
2.2.1.1 Internal factors.......................................................................................................................42


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2.2.1.2 Internal Factors Evaluation matrix..........................................................................................47
2.2.2 External environment analysis...................................................................................................48
2.2.2.1 Macro environment................................................................................................................48
2.2.2.2 Micro environment.................................................................................................................55
2.2.2.3 External Factors Evaluation matrix.........................................................................................64
2.2.3 SWOT analysis for Vietnam National Tea Corporation...............................................................66
2.2.3.1 Strengths................................................................................................................................66
2.2.3.2 Weaknesses............................................................................................................................69
2.2.3.3 Opportunities.........................................................................................................................73
2.2.3.4 Threats...................................................................................................................................75
2.2.3.4 SWOT analysis and strategy selection for Vietnam National Tea Corporation........................76
2.3 Some assessments about tea production and exportation to Pakistan market of Vietnam
National Tea Corporation...................................................................................................................78
2.3.1 Outstanding achievements........................................................................................................78
2.3.2 Some limitations and reasons....................................................................................................79
CHAPTER III: SOME SOLUTIONS TO IMPLEMENT BUSINESS STRATEGY FOR VIETNAM NATIONAL TEA
CORPORATION....................................................................................................................................82
3.1 Development objectives of Vietnam National Tea Corporation in the coming years....................82
3.1 .1 Pakistan market in the coming years........................................................................................82
3.1.2 Development objectives of Vietnam National Tea Corporation in the coming years.................84
3.2 Choosing key strategy to improve exportation to Pakistan market...............................................88

After analyzing production and exportation reality of Vinatea to Pakistan market and results of
model used in chapter 2 (internal factors evaluation matrix, external factors evaluations evaluation


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matrix and SWOT matrix) we can see that: To expand Vinatea position in Pakistan market the
company will apply low cost strategy. The company will concentrate on satisfy needs of low and
medium income people in this country. Besides, Vinatea also needs to improve products’ quality
because people’s income will increase year by year and their needs will also become more and
more complicated. And the company will have to improve quality of products to catch up with the
changing trend of market...................................................................................................................88
From results of SWOT matrix analysis the company will choose S-O strategy to expand market share
in Pakistan. Vinatea will deploy its available strengths to catch up with markets opportunities and
expand benefits in Pakistan market – a new and potential market....................................................88
To apply successfully these strategies the company will partly use some solutions from management
strategies to marketing strategies. Management strategies include: improve land project and
improve products quality, besides company need to retraining its human resources. About
marketing strategies: Besides market research and take more care about Pakistan market, the
company will also building a strong Vinatea brand name in Pakistan and making Pakistani become
more and more familiar with Vianatea products................................................................................88
3.3 Solution to implement business strategy for Vietnam National Tea Corporation.........................89
3.3.1 Improve land conservation project............................................................................................89
3.3.2 Rearrange processing units.......................................................................................................91
3.3.3 Solutions for agricultural techniques to improve productivity and quality in tea regions.........92
3.3.4 Solutions for invested capital.....................................................................................................94
3.3.5 Human resources training.........................................................................................................96
3.3.6 Popularizing brand name and market solutions:.......................................................................97
Popularizing Vinatea brand name:.....................................................................................................97
The first step that makes Vinatea’s products become more popular to Pakistan customers is setting

the label for company’s products. Tea label should be suitable for customers’ culture and easy to
remember. Besides the company has to take care of products packing if tea products has a beautiful
packing it will attract the attention of customers. One of matter that concerns to product packing is
convenience for users. Vinatea need to research Pakistan market and find out which way will be the


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most convenient for Pakistan customers. Nowadays, everyone is busy with full of works so some
kind of tea like: tea bag and natural green tea will be more suitable.................................................97
Product distribution strategy:.............................................................................................................97
Recently, Vinatea has no official agent in Pakistan market to distribute our product in this market.
The company usually provides tea products for Pakistani company, after that they will reproduce
and sell out to customers. That is one of reason makes tea price is much lowers than tea from
others countries. To building up an official agent in Pakistan market the company needs to invest
more capital and time to study about Pakistan market. When we have some agent here it will be
much easier to popularize Vinatea brand name.................................................................................98
3.4 Some petitions.............................................................................................................................98
3.4.1 Petitions to Government...........................................................................................................98
3.4.2 Petitions to Vietnam Tea Association.......................................................................................101
CONCLUSION....................................................................................................................................102
REFERENCES.....................................................................................................................................103
APPENDICES.....................................................................................................................................105


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LIST OF TABLES AND FIGURES
Tables:

Table 1.1: SWOT matrix
Table 2.1: Internal Factors Evaluation Matrix
Table 2.2: External Factors Evaluation matrix
Table 2.3: Tea cultivation in recent years
Table 2.4: Volume and value of tea exportation to Pakistan from 2000 to 2007
Table 2.5: DCR of some main Vietnamese exported products
Table 2.6: SWOT analysis for Vietnam National Tea Corporation
Table 3.1: Pakistani demand for tea in the coming years (*)
Table 3.2: Tea area target up to 2020
Table 3.3: Attracted capital for tea regions in the period: 2006 to 2010
Figures
Figure 1.1: P.E.S.T model
Figure1.2: Michael Porter’s Five Forces
Figure 2.1: Labor structure in Vinatea
Figure 2.2: Market share of tea products in Pakistan market
Figure 2.3: Some main related and supporting industries for Vinatea
Figure 2.4: Comparison between Vietnam’s, Kenya’s, and world tea price
Figure3.1: Volume of Black tea imported to Pakistan to 2016


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LIST OF ABBREVIATIONS
No.
1
2
3
4
5

6
7
8
9
10
11
12

Abbreviation
ADB
BTA
FAO
FTA
GDP
ICRG
MOU
MARD
PPP
SBP
VINATEA
VITAS

Full meaning
Asia Development Bank
Bilateral Trade Agreement
Food and Agriculture Organization
Free Trade Agreement
Gross Domestic Product
International Country Risk Guide
Memorandum Of Understanding

Ministry of Agriculture and Rural Development
Purchasing Power Parity
State Bank of Pakistan
Vietnam National Tea Corporation
Vietnam Tea Association


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FOREWORDS
1. Necessity of research
In the context of globalization and integration, comparative advantages and
absolute advantages are fully salvaged. To maintain and expand profit level, each
company needs a suitable strategy to control the world market. Foreign market brings
the company many profits it also contains number of challenges. If the company
wants to be success in the world market it needs to examine its internal factors,
external factors and competitors and give out a sound strategy. Studying the process
which a company set up its strategy become a very imperative topic attracts many
economic researchers.
Drinking tea is a long standing tradition of Vietnamese. Tea industry not only
plays an important role in satisfying domestic consumption but also contribute
millions USD into GDP. Tea is mainly cultivated in mountainous and highlands and
it plays important role in daily life of people in these areas. Tea cultivation and
production contribute about 50% to 70% their income. To raise living standard for


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farmers in mountainous and improve contribution in GDP companies which produce

tea need to find out foreign markets for exportation.
There have been many researches which studied about tea cultivation and
exportation: They are:
- “Orientation and solutions to promote tea production to 2010”, implemented
by Dr Nguyen Kim Phong, Director of Vietnam Tea Association in 2005. In this
article, the author proposed some petitions for operation and management in tea
industry and policy to promote exportation as well.
- “Tea production and exportation, reality and solution”, studied by Dr Nguyen
Sinh Cuc, Ministry of Agriculture and Rural Development in 2001. Dr. Nguyen Sinh
Cuc brought out comprehensive solutions for tea production and exportation.
However, from 2001 to present, with integration trend of the world economy,
Vietnam economy has got many big changes. So some of these solutions have not
been suitable any longer.
- “Modernize equipment and technology for tea production” implemented by
Vietnam Tea Association. The project shown out the importance of improving
quality of tea products to compete in the world market.
- “Tea - Current market situation and middle term out look” implemented by
FAO in 2005. By using econometric method, the research gave out some predictions
about the development of the world market (include Vietnam production and
Pakistan exportation).
These theses bring meaningful contribution to development of tea industry and
also orient strategic managements for managers of tea producing companies.
However, economic context has changed much so far so data and analysis in these


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researches cannot cover these changes. Moreover, these works concentrate on
studying operation of the whole industry and tea market generally. We really need a
research which study operation of a specific company in a specific market. With all

these below reasons we decide to choose study production of Vietnamese Tea
Corporation and its strategy when reach to Pakistan market.
2. Purposes of research
By using practical experiences when working in tea industry and study about
strategic management. We would like to give out a real picture of operation of
Vietnamese Tea Corporation in Pakistan market – a new and potential market for
Vietnamese tea industry.
Through study and analyze operation of company we also give out some short
term and long term solution for the company to orient and built up sound strategies
when working with Pakistan market as well as other foreign markets.
3. Scope of research
The research aims at analyzing operation of Vinatea when building up
strategies for Vinatea in general and its operation in Pakistan market. From this
analysis the company will get judicious decisions for operation.
Data and information in this research were collect from production and
exportation of company form 1995 to 2013.
4. Methodologies of research
The research uses qualitative and quantitative method in studying. These
methods are:
-

Collecting and analyzing method

-

Comparative analysis method


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-

Specialist analysis method

-

Economic statistic method
The research also use kinds of models for analyze such as: SWOT matrix,
GREAT matrix, etc.
Information and data in the research were collect from annual report,
magazines, papers, and other scientific researches of many specialist and experienced
managers in tea industry.

5. Structure of research
Besides forewords, conclusion and list of table and abbreviation the research
include three chapters as following:
Chapter 1: Overview of strategic planning and strategic management in
Vietnam National Tea Corporation
Chapter 2: Analyze production and exportation reality of Vietnam National
Tea Corporation to Pakistan
Chapter 3: Some solutions to implement business strategy for Vietnam
National Tea Corporation


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CHAPTER I: OVERVIEW OF STRATEGIC PLANNING AND STRATEGIC MANAGEMENT
1.1 Definitions and roles of strategy and strategic management
“Strategy” is the term which has been widely and long standing used in many
fields. “Strategy” was firstly used in military then in political field. From 1950s to

1960s of XX century, the concept of “strategy” was used in economic and social
field. Generally, “strategy” was understood as trend and method to resolve long term
and overview mission. According to UNIDO definition: “Generally, a development
strategy can be described as an outline of developing process to reach intended
targets for a period from 10 to 20 years, it instruct strategic managers in attracting
and allocating resources. It can be said that, strategy provides a vision for
development process and the consistence for implement solutions. Strategy also can
be basics for overview developing plan in long term and short term or can be general
awareness of related people about prospects and willingness and challenges in a
specific period”
There are many definition of “strategy”. To Fred R. David (2003), strategy
includes numbers of method to reach long term target. To Michael E. Porter (1996),
strategy is the creation of special and valuable positions include variable activities.
In general, there are some differences in expression of concepts and
definitions of strategy. They still have some common content:
+ Define company’s short term and long term targets
+ Bring out solutions and methods to choose these solutions


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+ Deploy and allocate resource to implement these targets.
Besides understanding concept of strategy managers of company also need to
know the way to manage these strategies and make right decisions to reach
company’s target, this process is called strategic management. I can be generally said
that: “Strategic management is defined as a set of decisions and actions expressed via
results of planning, implement and evaluating strategies, created to reach
corporation’s long-run targets”
Strategic management includes these following specific steps:
+ Strategic planning

+ Strategic implement
+ Strategic checking and evaluation.
1.2 Roles of strategy and strategic management
Characteristics of business environment have a big affect to existence and
development of company. They can create new opportunities and challenges for
corporation. And the company which wants to exist has to find out a new
management method, it is exactly “strategic management” - strategy is the basis of
this management method. In model business environment, strategy becomes more
and more important to existence of company. These roles are:
-

Strategy is the tool that generally shows the long-term goals of the
organization or enterprise. Enterprise’s goals are special targets which it wants
to reach during its operation process. Specialization and making documents


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these targets via strategies will help members of enterprise or organizations
when finding the targets which they want to reach so, they will know what
they have to do. It will help the enterprise easier in reaching its goals.
-

Strategy connects short term targets closely in long run conditions. In model
business situation, every enterprise has to flexibly move to adapt to changing
of environment. Sometimes this movement will make the enterprise be
separated from its long term goals. In this case, strategy with strategic goals
will help managers of enterprise a long run direction. So, resolving short term
matters in long run conditions can bring enterprise a stable development. Long
run goals also are basics for short term goals.

-

Strategy helps to ensure unification and make plans for enterprise’s activities.
In existence and development process, strategy provides a comprehensive and
logical point of view in resolving problems which arises in business
performance. Strategy also helps to associate different sections in a company
and orient them to reach to a unit goal, it is enterprise’s goal.

-

Strategy helps enterprises and organizations to catch up with market
opportunities and create comparative position in the market. Strategy unifies
the enterprise’s operation process in order to reach to enterprise’s strategic
goals. It means that enterprise will have to use its resource in most efficient
way. So, enterprises have to choose fastest way to catch up with market
opportunities and deploy its available abilities to create new comparative
advantages.
Form below analysis we can see very important roles of strategy in

enterprise’s performance so, strategic management becomes one of the most


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necessary keys which helps enterprise open the door to advance toward success.
Strategic management brings theses following advantages:
-

More efficient in making plans by using more reasonable and logical approach

method when choosing strategies.

-

Widely take care of related beneficiaries of enterprises (stock holders)

-

Connect short term development in long term development.

-

Take care of both efficiency and effectiveness.
1.3 Steps to study strategic planning
1.3.1.1 External factors
Every enterprise exists and develops in a given business environment and its

development is much affected by external factors. Affection of external factors
sometimes is good and sometimes is bad. Enterprise which wants to exist and
develop has to realize the movement of these factors and adjust to be suitable with
these factors.
Business environment includes economics conditions or macro conditions and
industry conditions or demonstration conditions. Industry conditions affect to
everyday activities of enterprise and economics conditions affect do not affect
directly to enterprise’s but this affection is in long run and it can create crossroad in
development process of enterprise. External conditions which affect to control
strategic management include: micro conditions and macro conditions.
Macro conditions: When analyzing affection of macro conditions to
enterprise’s activities we use P.E.S.T model. PEST model studies affection of 4 main

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factors which affect to enterprise’s activities. These factors are: Political, Economics,
Social and technological.
Political
- Stability of Political
- Labor law

- Tariff and tax
Economics
- Trend of GDP
- GDP growth rate

- Interest rate, inflation
- Thất nghiệp
Chu kỳ nền kinh tế

Technological
- Development of new technology

Social
- Population
- GDP allocation
- Living tradition
- Dân trí, văn hoá
Phong tục, tập quán.

- Chuyển
nghệ model

Figuregiao
1.1:công
P.E.S.T
- Đầu tư của Chính phủ
trường các sản
phẩm công
(Source: Strategic- Thị
management:
Concepts
and cases – Fred David)
nghệ

•

Political: This is the factor which has affection to all industries in a

country, factors like: regulations and legal system can affect to every industries.
When doing business in administrative unit enterprise has to follow its legal system.
- Stability: when study the political factor of enterprise we will take care of
stability of conflict political factors with legal systems. The country which has high
stability in political condition will give a better environment for enterprise to expand
its activities. On the contrary, instability in political conditions will give bad affection
to enterprise’s performance.


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- Related law: investment law, enterprise law, labor law, anti monopoly and
dumping.
- Regulations: Government’s regulations also can create favorability or

challenges for enterprises. These regulations are: commercial regulations, industry
development regulations, tax, tariff, adjusting competition regulations, consumer
protection regulations, etc.
• Economic factors: Enterprise needs to take care of economic factors both in
short term and long term. It also has to take care of intervention of Government into
economy. In general, enterprise will base on economic factor to decide which
industry or section to invest in.
- Economic situation: Any economy also has different cycles in a specific
period of a cycle enterprise will have different decisions for its development.
- Factors which affect to economy: Interest rate, inflation.
- Economic regulators of Government: Basic salary law, Government’s
economic development strategy, favorable regulation for a specific industry, increase
tax or subsidiary, etc.
- Orientation of economy: Growth rate, GDP growth, GDP per capital.
•

Social: Any country or region has its own specific characteristics.

These characteristics affect to consumer’s opinion here. Valuable traditions can make
a basic for a society and support for development of this society. So, tradition factors
are strictly protected, especially moral cultures. However, we cannot deny that there


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is interfering in culture between counties. This interfering will change life style,
psychology and create development prospect for industry.
Besides culture, social factors and social characteristics also attract enterprise
when making market research. Social characteristics device society into many groups
each group has different income, psychology characteristics. Other social characters

like:
-

Average longevity, health situation.

-

Average income, income allocation.

-

Life style, life psychology, knowledge level.

-

Living conditions.

• Technological: Recently, the whole world is still in technological revolution, list
of model technologies are implied and they are integrated into goods and services.
Thirty years ago, computer is only a tool used for calculation, now it is a tool with
full functions and can work as a person. Especially, in information technology
section, model communication helps us to shorten geographical distance.
• Integration: No one can deny that, global integration now is an unavoidable trend
and this trend created many opportunities for enterprise and country in developing
and expand their business.
- Globalization creates competitive pressure from every sections and regions.
Integration process will force enterprises to adjust in order to conformity with
comparative advantages and global labor allocation in the world market.

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- In integration process commercial barriers will be step by step removed to
create a fresh and fair business environment for all countries in the world.
• Natural condition: Natural condition is one of the most important factors in
human life, it also provide raw materials for many industries. Recently, natural
condition is much changed because of human destruction. It also can affect to
development trend of enterprises.
Nowadays, PEST model is expanded into PESLT matrix (political, economics,
social-cultural, legal, technological) and S.T.E.E.P.L.E (Social/Demographic-,
Technological, Economics, Environmental, Policy, Legal, Ethical) and becomes more
and more completed standard when studying external factors of an enterprise.
Micro environment: They are conditions which tightly concern to enterprise’s
activities. Factors of micro conditions will decide investment condition, competitive
level, and industry’s profit. According to Professor Michael Porter, micro conditions
are affected by five competitive forces it called “Michael Porter’s Five Forces”
model. Five forces are: The threat of substitute products or services, the threat of the
entry of new competitors, the intensity of competitive rivalry, the bargaining power
of customers, the bargaining power of suppliers
The threat of the entry of new competitors

Suppliers

The intensity of competitive
rivalry

Substitute products

Consumers

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Figure 1.2: Michael Porter’s Five Forces
(Source: Strategic management: Concepts and cases – Fred David)
The threat of substitute products or services
The existence of products outside of the realm of the common product boundaries
increases the propensity of customers to switch to alternatives:
•

Buyer propensity to substitute

•

Relative price performance of substitute

•

Buyer switching costs

•

Perceived level of product differentiation

•

Number of substitute products available in the market

•

Ease of substitution. Information-based products are more prone to
substitution, as online product can easily replace material product.

•

Substandard product

•

Quality depreciation
The threat of the entry of new competitors
Profitable markets that yield high returns will draw firms. This results in many

new entrants, which eventually will decrease profitability. Unless the entry of new


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firms can be blocked by incumbents, the profit rate will fall towards a competitive
level (perfect competition).
•

The existence of barriers to entry (patents, rights, etc.)The most attractive
segment is one in which entry barriers are high and exit barriers are low. Few
new firms can enter and non-performing firms can exit easily.

•

Economies of product differences

•

Brand equity

•

Switching costs or sunk costs

•

Capital requirements

•

Access to distribution

•

Customer loyalty to established brands

•

Absolute cost advantages

•

Learning curve advantages

•

Expected retaliation by incumbents

•

Government policies

•

Industry profitability; the more profitable the industry the more attractive it
will be to new competitors

•

Internet era; today competitors need only a website to enter a market


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The intensity of competitive rivalry
For most industries, the intensity of competitive rivalry is the major
determinant of the competitiveness of the industry.
•

Sustainable competitive advantage through innovation.

•

Competition between online and offline companies; click-and-mortar -vbrick-and-mortar

•

Level of advertising expense.

•

Powerful competitive strategy

•

The visibility of proprietary items on the Web.
The model used by a company which can intensify competitive pressures on

their rivals. How will competition react to a certain behavior by another firm?
Competitive rivalry is likely to be based on dimensions such as price, quality, and
innovation. Technological advances protect companies from competition. This
applies to products and services. Companies that are successful with introducing new
technology are able to charge higher prices and achieve higher profits, until
competitors imitate them. Examples of recent technology advantage in have been
mp3 players and mobile telephones. Vertical integration is a strategy to reduce a
business' own cost and thereby intensify pressure on its rival.
The bargaining power of customers (buyers)


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The bargaining power of customers is also described as the market of outputs:
the ability of customers to put the firm under pressure, which also affects the
customer's sensitivity to price changes.
•

Buyer concentration to firm concentration ratio

•

Degree of dependency upon existing channels of distribution

•

Bargaining leverage, particularly in industries with high fixed costs

•

Buyer volume

•

Buyer switching costs relative to firm switching costs

•

Buyer information availability

•

Ability to backward integrate

•

Availability of existing substitute products

•

Buyer price sensitivity

•

Differential advantage (uniqueness) of industry products

•

RFM Analysis
The bargaining power of suppliers
The bargaining power of suppliers is also described as the market of inputs.

Suppliers of raw materials, components, labor, and services (such as expertise) to the
firm can be a source of power over the firm, when there are few substitutes. Suppliers


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may refuse to work with the firm, or, e.g., charge excessively high prices for unique
resources.
•

Supplier switching costs relative to firm switching costs

•

Degree of differentiation of inputs

•

Impact of inputs on cost or differentiation

•

Presence of substitute inputs

•

Supplier concentration to firm concentration ratio

•

Employee solidarity (e.g. labor unions)

•

Supplier competition - ability to forward vertically integrate and cut out the
buyer
1.3.1.2 Internal environment analysis
Enterprise’s ability is one of the most important factors which decide what it

can do and whether it can be successful or not. To en sure the feasibility of a strategy
we have to evaluate enterprise’s current situation, realize strong points and weak
points by that way we can find out its comparative advantages. Internal analysis is
implemented in these following sides:
Valuable chain analysis
Valuable chain is the sum of enterprise’s activities which can improve its

value. Organization’s valuable chain includes these components:


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- Main activities: they are activities which closely connect with company’s
products and services. For example: purchase and control materials, marketing, and
after sale services. These activities are evaluated to know whether they are save cost,
increase products’ and services’ quality and satisfy customers’ need or not. The more
these activities are highly evaluated the higher company’s valuable chain is and the
company will have comparative advantage.
- Supporting activities: Besides main activities, supporting activities will
indirectly influence to company’s products and services. Supporting activities will
help main activities to be implemented better and more efficient. These supporting
activities are: human resource management, technology improvement, etc.
Financial analysis:
Financial situation and financial indexes is the reflection of efficiency and
company’s financial ability. Company’s financial situation is not only reflects
company’s current ability but also indicates its development ability in future. Some
indexes which frequently used in financial analysis include: current liquidity (total
fixed

assets/current

debt),

leverage

factors,

liquidity

((current

assets

–

inventory)/current debt), turnover rate of current assets, indexes indicate profit
ability, etc.
Organization’s culture and enterprise’s reputation:
Enterprise’s reputation is now become more and more important for its
foundation and development. Each enterprise needs to make its employees