Đánh giá chiến lược kinh doanh của công ty cổ phần sông đà 4

ĐẠI HỌC QUỐC GIA HÀ NỘI
KHOA QUẢN TRỊ VÀ KINH DOANH
---------------------

NGUYỄN TIẾN DŨNG

EVALUATION OF BUSINESS STRATEGY
OF SONG DA 4 JOINT STOCK COMPANY
ĐÁNH GIÁ CHIẾN LƯỢC KINH DOANH
CỦA CÔNG TY CP SÔNG ĐÀ 4

LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH

HÀ NỘI - 2020


ĐẠI HỌC QUỐC GIA HÀ NỘI
KHOA QUẢN TRỊ VÀ KINH DOANH
---------------------

NGUYỄN TIẾN DŨNG

EVALUATION OF BUSINESS STRATEGY
OF SONG DA 4 JOINT STOCK COMPANY
ĐÁNH GIÁ CHIẾN LƯỢC KINH DOANH
CỦA CÔNG TY CP SÔNG ĐÀ 4

Chuyên ngành: Quản trị kinh doanh
Mã số: 60 34 01 02
LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH

NGƯỜI HƯỚNG DẪN KHOA HỌC: PGS.TS. HỒNG ĐÌNH PHI

HÀ NỘI - 2020


DECLARATION

The author confirms that the research outcome in the thesis is the
result of author‟s independent work during study and research period and it is
not yet published in other‟s research and article.
The other‟s research result and documentation (extraction, table,
figure, formula, and other document) used in the thesis are cited properly and
the permission (if required) is given.
The author is responsible in front of the Thesis Assessment
Committee, Hanoi School of Business, and the laws for above-mentioned
declaration.

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TABLE OF CONTENTS

DECLARATION ............................................................................................... i
LIST OF FIGURES........................................................................................... v
INTRODUCTION ............................................................................................. 6
CHAPTER

1.

THEREOTICAL

FOUNDATION

OF

BUSINESS

STRATEGY ...................................................................................................... 9
1.1. General theories of business strategy...................................................... 9
1.1.1. Concept of Strategy, Business strategy ............................................ 9
1.1.2. Characteristics of Business strategy ............................................... 10
1.1.3. Role of Business strategy................................................................ 11
1.1.4. Levels of strategy ............................................................................ 12
1.2. Business strategy development process of the enterprise ..................... 15
1.2.1. Determination of the current business mission and goals of the
company .................................................................................................... 16
1.2.2. Evaluation of the external environment of the enterprise .............. 18
1.2.3. Internal environment analysis of the enterprise .............................. 24
1.2.4. Strategic plan development ............................................................. 28
1.2.5. Strategy implementation ................................................................. 30
1.2.6. Strategy inspection and analysis ..................................................... 31
Table 1.3. Overall business strategy evaluation matrix .................................. 32
CHAPTER 2. EVALUATION OF THE EXISTING BUSINESS STRATEGY
OF SONG DA 4 JOINT STOCK COMPANY............................................... 34
2.1. General introduction of the company ................................................... 34
2.1.1. Overview ......................................................................................... 34
2.1.2. Establishment and development process ........................................ 34
2.1.3. Main business lines ......................................................................... 34
ii

2.1.4. Achievements.................................................................................. 35
2.2. Overview of the existing strategy of Song Da 4 Joint Stock Company 36
2.2.1. Business strategy options ................................................................ 38
2.2.2. Evaluation of strategy options ........................................................ 39
2.2.3. Business strategy selection ............................................................. 40
2.3. Evaluation of the existing strategy of Song Da 4 Joint Stock Company ..... 41
2.3.1. Evaluation of environmental change .............................................. 41
2.3.2. Evaluation of the achievement of the goals of the existing strategy70
CONCLUSION OF CHAPTER 2................................................................... 80
CHAPTER 3. PROPOSED SOLUTIONS TO IMPROVE BUSINESS
STRATEGY OF SONG DA 4 JOINT STOCK COMPANY......................... 81
3.1. Vision, mission and development goals ............................................... 81
3.1.1. Vision and mission.......................................................................... 81
3.1.2. Goals of Song Da 4 Joint Stock Company by 2020 ....................... 81
3.2. Proposed solutions to improve business strategy of Song Da 4 Joint
Stock Company ............................................................................................ 84
3.2.1. Strategy Management and Planning Solution .............................. 84
3.2.2. Production management solutions ............................................... 85
3.2.3. Marketing management solutions ................................................ 87
3.2.4. Human resources management solutions ....................................... 88
3.2.5. Financial management solutions..................................................... 90
3.3. Proposal for Song Da Corporation: ...................................................... 92
CONCLUSION ............................................................................................... 93

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LIST OF TABLES
Table 1.1. SWOT Matrix–Strengths-Weaknesses-Opportunities-Threats ..... 28

Table 1.2. Quantitative Strategic Planning Matrix – QSPM .......................... 29
Table 2.1. SWOT mode of the existing strategy of Song Da 4 Joint Stock
Company ......................................................................................................... 36
Table 2.2. Evaluation of the change in external environment ........................ 46
Table 2.3. Change of 5 competitive forces ..................................................... 56
Table 2.4: External factor evaluation matrix (EFE) of Song Da 4 ................. 57
Table 2.5. Typical hydropower plant and irrigation projects ......................... 59
Table 2.6. Civil works and industrial infrastructure projects ......................... 60
Table 2.7. Solar Power construction works .................................................... 61
Table 2.8. Construction equipment for hydropower and irrigation projects......... 61
Table 2.9. Implementation capacity of the main construction volume ........... 63
Table 2.10. The company‟s current human resource structure in 2 latest years ... 64
Table 2.11. Analysis of labor use efficiency ................................................... 66
Table 2.12. Production and business condition in the 2013 – 2017 period .... 66
Table 2.13: Internal Factor Evaluation Matrix ............................................... 67
Table 2.14 IE maxtric ..................................................................................... 69

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LIST OF FIGURES
Figure 1.1. Business strategy development process of the enterprise ............ 16
Figure 1.2. External environmental analysis model (business environment) . 18
Figure 1.3. PESTEL macro-environment analysis model .............................. 20
Figure 1.4. Michael Porter‟s Five Forces Model ............................................ 22
Figure 1.6. Business strategy evaluation matrix ............................................. 32
Figure 2.1. Organizational chart of Song Da 4 Joint Stock Company ........... 58

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INTRODUCTION
1. Rationale
The company‟s current strategy is built for the 2014 – 2017 period and
vision to 2020. In the context of changing the economy day by day, the
internal and external factors have changed. Meanwhile the studied and
applied strategy of Song Da 4 Joint Stock Company has revealed limitations
and some goals have not been realized. This fact has motivated the author who directly performs the leadership and management at Song Da 4 Joint
Stock Company, to study and re-evaluate the strategy after 3 years of
application; thereby finding out disadvantages and limitations and having
solutions to overcome those existing limitations. Therefore, the author
chooses the topic: “EVALUATION OF BUSINESS STRATEGY OF
SONG DA 4 JOINT STOCK COMPANY” as my master‟s thesis topic in
Business Administration.
2. Literature Review
The Strategy has always been an attractive topic for researchers, so in the
world as well as Vietnam, many authors have chosen this topic as their
direction. On the side of Song Da Corporation and other member companies,
there are also many research works on construction and strategic planning.
According to the author‟s research, these works are mainly at the level of the
master‟s thesis topic. Some topics known by the author are as follows:
 Tran Dinh Vinh (2012); Business Strategy Planning for Song Da 6
Joint Stock Company in the 2012-2015 period; Hanoi University of
Science and Technology; Master‟s thesis.
 Bui Tuan Dung (2013); Building business strategy for Song Da 5 Joint
Stock Company in the 2013-2015 period; Water Resources University;
Master‟s thesis.

6

As mentioned above, the strategy is a familiar topic. Besides, Song Da
Corporation and its member companies are considered a common research
subject of many researches and dissertations. However, the author has not
found out any research on improving the strategy of Song Da 4 Joint Stock
Company quite apart from that fact that access to documents on the actual
applied strategy of Song Da 4 JSC is not simple. Therefore, the author can
confirm the novelty and practicality of his topic when he is a member of the
strategy development team and directly plays an executive management role
at Song Da 4 Joint Stock Company.
3. Aims of the study
Based the theoretical issues, the fundamentals of business strategy, how
to set up and evaluate a business strategy, the author analyzes and evaluates
the existing strategies of Song Da 4 Joint Stock Company. After that, the
author analyzes the changes of the internal and external environment to see
the nonconformity of the existing strategy. Thereby, the author proposes a
number of solutions to improve the strategy of Song Da 4 Joint Stock
Company.
4. Research object
The research object is the existing business strategy of Song Da 4 Joint
Stock Company.
5. Research scope
 Space: Song Da 4 Joint Stock Company
 Time: 2016 - 2018
6. Research methods
Research topic is based on case studies, field observations, interviews
and analysis. In addition, the author also uses statistical, analytical and
forecasting methods to analyze, evaluate and give strategic business directions
of the company.
7

Regarding the data collection method, the author uses primary and
secondary data sources, particularly:
 Primary data: are collected through surveys, interviews with experts,
leaders, employees and field surveys
 Secondary data: are collected from the Company‟s departments, books,
newspapers, magazines, specialized research articles.
7. Structure of the thesis
In addition to the introduction and conclusion, the thesis is expected to
be divided into 3 chapters, namely:
 Chapter 1. Theoretical foundation of business strategy
 Chapter 2. Evaluation of the existing business strategy of Song Da 4
Joint Stock Company.
 Chapter 3. Some proposed solutions to improve business strategy of
Song Da 4 Joint Stock Company.

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CHAPTER 1. THEREOTICAL FOUNDATION OF BUSINESS
STRATEGY

1.1. General theories of business strategy
1.1.1. Concept of Strategy, Business strategy
“Strategy” term is derived from ancient military art. Borrowed from
military terminology, the “strategy” term has been used quite commonly in
economic life both on a macro scale such as nation, government as well as a
micro scale such as economic organizations, businesses. In fact, there are
many different views on the strategy. Depending on the research purposes and

at different periods of socio-economic development, economists have
different conceptions of strategy. However, from an enterprise research
perspective, most economists reach an agreement on the concept of Strategy
and Business strategy. According to the traditional approach, typically Alfred
Chandler (1962): “The strategy involves setting the basic, long-term goals of
the enterprise, at the same time, applying a series of actions and allocation of
the necessary resources to achieve these goals”. According to this approach,
the strategy is understood as a system of long-term goals, key policies and
measures on business and production, finance and human resources in order
to promote the enterprises‟ qualitative development. However, along with the
development process, today the concept of strategy have also changed.
According to the modern approach like McKinsey (1978): “Strategy is a
series of activities designed to create sustainable competitive advantage” or
Johnson & Scholes (1999): “Strategy is the long- term orientation and the
scope of an organization to gain its competitive advantage through the
identification of its resources in a changing environment to meet market
needs and satisfy the expectations of the relevant parties”. Thus, according to
the new approach, the Strategy is a system of perspectives, aims and basic
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goals, solutions and policies to make the best use of resources, advantages and
opportunities of the enterprise in order not only to achieve the set goals but
also

to

bring

favorable

conditions

such

as

competitiveness

and

distinguishment, thereby creating its competitive advantage and sustainable
development.
Theoretically, most economists in the world have unified business
strategy and business development strategy. Accordingly, the business
strategy or business development strategy is a part of the overall strategy of
the enterprise, including the components of the secondary strategy: marketing
strategy, financial strategy, research and development strategy. Through
business strategy, the most favorable conditions will be established to create
competitive advantage for the enterprise. Therefore, it can be understood that
“Business Strategy is a combination of long-term goals, key policies and
solutions on production, business, finance and human resources in order to
promote the qualitative development of business activities to a state. It can be
also understood that business strategy is a general action program of an
enterprise in order to achieve its goals in a given period.”
1.1.2. Characteristics of Business strategy
-

Business strategy is the overall strategy of an enterprise that defines its

business goals and directions over a relatively long period, 5 years or 10
years, and is fully applied in all its production and business activities to
establish favorable conditions, contribute to creating competitive advantages
and ensure its sustainable development.
-

Business strategy is a sketch of the future image of an enterprise,

including the goals that it must achieve as well as the necessary means to
accomplish those goals. Besides, it is necessary to combine strategic goals
and situational goals, strategy and tactic and short-term and long-term. Only

10


by this way, the enterprise can maintain business efficiency and correct the
errors caused by the strategy.
-

All important decisions in the process of forming, deciding and

organizing the implementation, checking, evaluating and adjusting strategies
must focus on the top leader of the enterprise, which ensures the accuracy of
long-term decisions and the information confidentiality.
-

Business strategies are always built based on comparative advantages.

It requires that in the process of developing a strategy, an enterprise must
properly assess the status of its production and business to find its strengths

and weaknesses and regularly revise internal factors during the strategy
implementation.
-

The business strategy is first and foremost built for specialized,

traditional and strong business lines and business fields. Therefore, an
enterprise must build, choose and implement strategies as well as participate
in business in the markets where it has prepared and has strengths.
1.1.3. Role of Business strategy
The formation and implementation of business strategy is extremely
important to the survival and development of an enterprise. Four main roles of
business strategy in enterprises is pointed out by Ngo Kim Thanh (2011),
specifically:
- Business strategy helps enterprises clearly see their purpose and direction in
developing their business activities. It helps the business administrator
consider and determine which direction the enterprise will go and when it will
achieve the desired development results.
- The process of analyzing and planning a business strategy not only helps
enterprises clearly see their strengths and weaknesses but also identifies their
opportunities and challenges at present and in the future. Thereby, they can

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take advantage of strengths to seize opportunities and prevent and minimize
risks as well as promote their competitiveness to win in the market.
- Business strategy helps administrators utilize and allocate their existing
resources optimally as well as effectively coordinate their functions to achieve
the common goal.

- Business strategy creates solid bases to help enterprise proactively make
solutions suitable to market fluctuations, which are the foundation for their
research and development activities.
1.1.4. Levels of strategy
According to Johnson, Scholes and Whittington (2008), there are
different levels of strategy in organizations. It is possible to distinguish at
least three strategic levels as follows:
a. Company-level strategy
The highest level is the company-level strategy, which relates to the
overall scope of an organization and how to create added value for different
parts of the organization (business units). This strategy may include issues
such as the geographical scope of the business, the diversity of products or
services and how resources are allocated among different departments of the
organization. Company-level strategies can include mergers, acquisitions and
sales of businesses, decisions to enter or exit the market. In general, companylevel strategies are concerned with the expectations of the owners shareholders and the stock market. A company-level strategy is expressed
through a clear or implicit statement of „mission‟ that reflects those
expectations. It is very important to understand the company-level strategy:
determination of the scope of business is the basis of other strategic decisions.
At the company level, there are the following strategies:
Growth strategies:

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In pursuing these strategies, the company strives to exploit all
opportunities of products and services currently being produced, sold or
markets where the products are consumed and provided by better performing
what they are doing. Growth strategies include:
+ Centralized growth strategy: A strategy to increase market share for existing
products or services in the existing markets with strong marketing efforts.

Particularly:
 Market penetration strategy: A strategy that seeks growth by entering
new markets to sell products or services currently being produced or
provided by the company.
 Market development strategy: A strategy to seek growth by entering
new markets to sell products or services currently being produced or
provided by the Company.
 Product development strategy: A strategy to seek growth through the
development of new products and services for consumption in markets
where the Company is operating.
+ Integration growth strategy
 Vertical integration: A strategy to take over the production and supply
inputs for the production process or self-solve the consumption of its
own products.
 Horizontal integration: A strategy to seek growth through mergers,
acquisitions or joint ventures with competitors
+ Diversification strategy
 Relevant diversification: means diversification into new business
activities that are related to an existing business activity or existing
business activities through similarities in production, marketing,
technology, etc.

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 Diversification means seeking growth by moving towards new markets
with new products that are technologically unrelated to the products
being produced by the Company.
Stabilization strategies
Stabilization strategy is a strategy that the company maintains its

production and business scale as well as its stability in the strategic period.
 Business line is stalling or underdeveloped
 Market expansion costs are too high to be effective
 Business and production scale is small and the company has weak
potentialities
 The Company focuses on specialization to serve narrow markets
 The Company encounters unusual fluctuations in the market
Decline strategies
 Cost reduction strategy: means a temporary short-term strategy aimed
at reducing inefficient components or temporary problems related to
environmental conditions.
 Investment recovery strategy: is applied when a Company sells or
closes one of its subsidiaries in order to substantially change the
contents of its operation and recover investment capital. The
investment recovery leads to the reallocation of resources to revive its
subsidiaries or create new business opportunities.
 Harvesting strategy is a strategy to maximize cash flow and stop
investment
 The exit strategy is based on the idea that the company can maximize
its investment recovery in the business by selling it before it goes into
recession.
b. Business unit-level strategy

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The second level is the strategic business unit (SBU) strategy, which refers
to the way that different units of the company compete in their markets in their
own way. Consequently, a business unit-level strategy is sometimes referred to as
a “competitive strategy.” A strategic business unit is a part of an organization that

has an outside market for goods or services different from other SBUs.
c. Functional strategy
The third level of strategy is in the operational part of an organization.
There are functional strategies related to the way components and
departments of the organization implement company-level and SBU-level
strategies well in terms of resources, processes and human resources. In fact,
in most enterprises, successful business strategies depend very much on the
decisions or the activities that occur at the functional unit level.
1.2. Business strategy development process of the enterprise
As stated in section 1.1.1, business strategy plays a very important role
in the existence and sustainable development of all enterprises in the medium and
long term. The development of a business strategy, therefore, is not only a sketch
of the future image of the enterprise that is planned based on the feelings of the
leader but also requires a completely rational, methodical and scientific approach.
According to Ngo Kim Thanh, the business strategy development process is
divided into 7 steps and is a closed and continuous process.

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Determination of mission and goals

Evaluation of the external environment

Internal factor analysis

Strategy option development

Strategy Analysis and Selection

Strategy implementation

Implementation inspection and evaluation

Figure 1.1. Business strategy development process of the enterprise
Source: Ngo Kim Thanh (2011); Strategic Management textbook – National
Economics University
1.2.1. Determination of the current business mission and goals of the
company
Determination of the current business mission and goals of an
enterprise is an important step in its business strategy development process.
Forming the mission of an enterprise not only ensures a consensus on
common goals within the enterprise but also gives the managers a basis to set

16


appropriate goals and mobilize resources to achieve these goals. At the same
time, the mission statement will provide the basis for the managers to plan the
most appropriate business strategy.
According to Philip Kotler (2003): “A company‟s mission is its
manifesto to society. It proves the useful and meaningful existence of a company
to society”. Thus, the mission reflects the business purpose, the reason and
meaning of the birth and existence as well as the corporate social responsibility. It
expresses the important things and the contributions of the Company to business
and life; reflects its business motto, its position in the marketplace and its
commitments. When building a mission, it is necessary not only to consider the
wishes of the owner and the leader but also to pay attention to the internal impact
factors (products, services, different capabilities of the company) and the external
impact factors (customer needs, competitors)

If the mission is the company‟s manifesto to society; in order to pursue
its mission, the enterprises must set business goals to determine the
achievements to be achieved in the relatively long period (over a year). Longterm goals are essential for the success of a company because they
demonstrate the results to be achieved when it pursues its business mission.
When defining goals, the enterprise needs to answer the question: What are its
business lines? In the goal, it is required to identify its business area of and
the type of product or service that it wants to provide to the market and
determine the basic customer group as well as market demand. The goal must
contain its externally expressed wishes. Business goals must show the
following characteristics: specificity, consistency, measurability, feasibility,
challenge and flexibility.

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1.2.2. Evaluation of the external environment of the enterprise

Figure 1.2. External environmental analysis model (business
environment)
The business environment analysis is a process of analyzing and
inspecting various environmental factors. The external business environment
analysis helps enterprise see its important opportunities and threats. Thereby,
the manager can draft a strategy to take advantage of the opportunities and
avoid or reduce the impact of threats posed by the business environment. The
scope and content of the business environment analysis are macro
environment, microenvironment (also called industry environment or
18


operational environment) and internal environment (also called the internal

environment of the company).
a. Macro environment analysis of the enterprise
The macro environment consists of many different factors that
indirectly affect the operation of an enterprise through its impact on factors of
the industry environment. In fact, many different models support the macroenvironment analysis of an enterprise. The most popular model is PESTEL,
which is an effective and simple tool used in case analysis to identify the
major impact forces from external environmental factors (macro environment)
that may affect the organization. These forces can create both opportunities
and challenges for the organization. The macro-environmental factors
mentioned by the PESTEL Model are Political factors (P), Economic factors
(E), Socio-cultural factors (S), Technological factors (T), Ecological factors
(E), Legal factors (L).

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Figure 1.3. PESTEL macro-environment analysis model
-

Economic factors: In fact, economic environment factors have a great

influence on enterprises and the most frequent and unpredictable movement
among macro-environmental factors. The movement of economic factors
always contains both opportunities and challenges for enterprises. Therefore,
companies often pay attention to these economic factors through economic
variables such as growth trend of gross national product, economic
development index, interest rate, exchange rate, inflation, balance of
payments, monetary and fiscal policy.

20

-

Political and legal factors: In fact, the political and legal factors can

have impacts on business activities of enterprises in many different directions.
They can create opportunities or challenges, even threats to enterprises.
Therefore, in the strategy development process, the companies often assess
the orientation and stability of the political and legal system in their business
area. These factors are political stability, a system of points of view, policies,
statutes, laws, procedures, decisions on business procedures, import and
export, taxes, labor, the environment, the social order, etc.
-

Cultural and social factors: In fact, in the medium and long- term, the

cultural and social factors have direct impacts on the consumption trend of
society. The cultural and social environment includes such factors as
population structure, customs, beliefs, values, attitudes, point of view about
consumption and lifestyle of people in the society where the company
operates.
-

Technological factors: In fact, technological factors have a direct,

immediate and broad impact on the business strategy of many enterprises,
especially those doing business in high-tech fields. The introduction of new
technologies will increase the superiority of substitutes, improve products,
reduces product prices; thereby increasing competitiveness. As a result, the

strategic planning process should consider timely grasping the changes of the
technological environment and making a great investment in research and
development activities to take advantage of the technological advantages for
improving its competitiveness.
-

Ecological factors or natural environment factors: are one of the

important factors in human life and also an input for many production
industries. In fact, natural environment factors are considered less volatile.
However, the negative trends of the natural environment such as global
warming, loss of biodiversity, exhaustion of renewable resources, increasing
21


environmental pollution and climate change have become challenges that
threaten the movement trend of enterprises. Therefore, in the strategic
planning process, enterprises must properly analyze and evaluate the
opportunities and challenges that the natural environment affects their
production and business activities.
b. Micro environment analysis of the enterprise
Micro or industry environment is associated with the operation of
enterprises. The factors of the industry environment will determine the
investment environment, the intensity of competition and profitability in the
industry. According to the Five Forces Model of Michael Porter (1979), the
following forces influence the industry environment context of the enterprise.

Figure 1.4. Michael Porter’s Five Forces Model
Source: M. Porter’s Five Forces (1979) Harvard Business Review
-

Competition among competitors in the industry: The first force mentioned

by M. Porter in the model is competition among competitors in the industry.
Competitors are constant pressure and directly threaten the company. The
greater the competition of existing companies in the industry is, the more it

22


threatens the company‟s profitability, existence and development. Therefore,
the company must increase investment costs to differentiate its products and
services or reduce costs. As a result, the business strategy planning process
requires enterprises not to ignore the analysis of competition among
competitors in the industry. In the analysis of competition among competitors
in the industry, it is necessary to pay attention to factors such as Number of
competitors in the industry, growth of the industry, diversity of competitors,
characteristics of products and services, fixed and storage costs, barriers to
entry and exit from the industry.
-

Potential competitors: are the second force mentioned by M. Porter.

Potential competitors are companies that are not currently involved in the
industry but are likely to enter the industry. Their appearance will reduce the
market share and profits of existing enterprises in the industry, at the same
time, increase the intensity of competition in the industry. However, the
penetration of potential competitors depends heavily on barriers to entry,
namely: the economy of scale, product differentiation, initial investment
capital needs, conversion costs, access to distribution channels and

government policies. Therefore, these potential competitors should be also
considered fully by the enterprise in its business strategy planning process.
-

Suppliers‟ bargaining power: In fact, suppliers may exert pressure on

the company through a request to raise prices or lower the quality of its
inputs. It directly affects the price and quality of products and services; thus it
will impact on customer response, market share, revenue and profitability of
the company. Pressure from suppliers often appears in contexts such as: the
market has only one or a few suppliers, no substitutes or the company does
not have alternative suppliers; raw materials bought from suppliers is an
important input of the company; the supplier change cost is high, etc.

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