External Analysis Alcoholic Beverage Industry

External Analysis: Alcoholic Beverage Industry
Melissa Bonn
Business Policy

1
Table of Contents
Industry Overview 2
Strategic Management Process 2
External Analysis 2
Competitive Factors Framework 3
Derivation of CFF Chart 4
Increasing Mergers and Acquisition Activity 4
Emerging Markets Increase Consumption 4
Increasing Governmental Regulation 5
Increasing Dominance 6
Conclusion 6
Appendices 7

2
Industry Overview
The alcoholic beverage industry is divided into three main categories: beer, wine and spirits.
Beer consists of lagers and ales, wine is a fruit fermented beverage and spirits are distilled
beverages. Beer accounts for almost 50% of global alcoholic beverage consumption, wine 30%
and spirits 20%. There is a strong reliance on commodity suppliers in the alcoholic beverage
industry. The main inputs of beverage producers include: production, filling, bottling equipment
and raw materials such as water, cereal grain, hops, yeast, fruits, etc. The main distribution
channels of alcoholic beverages consist of producers, distributors, wholesalers and retailers.i
Overall, alcoholic beverages annually generate over $137 billion in sales in the United States
alone, for a total consumption of 7.3 billion gallons.ii
Strategic ManagementProcess
The strategic management process is a process through which strategic analysis is conducted in
order to gain competitive advantage. The strategic management process involves 1)
implementing a mission statement and defining long-term objectives, 2) devising a strategy
through strategic analysis, 3) developing and executing a plan in order to achieve competitive
advantage, and 4) monitoring and maintaining the company’s and strategies’ performance, as
well as making changes when needed. The 1st component is done by senior management and is
usually completed through an engagement processes in which various stakeholders are consulted.
The 2nd component is most of the research and analytical work. It involves an in-depth analysis
of the firm’s external and internal environments, as well as an analysis of potential alternative
strategies. The 3rd component is where resource allocation decisions and staffing and
organizational changes are planned and implemented and policies and procedures are written and
enforced. This component contains organizational issues such as how to motivate and lead
change. The 4th component includes how the organization will go about assessing its
performance in implementing a strategy, as well as assessing the performance of a specific
strategy. The strategic management process is iterative; there is no starting point or ending point.
The process is one of constant revision and re-analysis. Most managers implement mission
statements in order to provide employees with the organization’s vision and values. In order to
define long-term objectives, managers follow a S.M.A.R.T. criteria. This stands for Specific,
Measurable, Attainable, Relevant, and Timely. Managers craft a strategy from external analysis
(opportunities, threats, trends), internal analysis (core competencies), and strategy formulation.
Implementation of a strategy involves various elements including structure (roles and
responsibilities), processes and lateral capability (coordinating mechanisms), reward systems
(metrics linked to objectives), and people practices (levels of empowerment).iii
External Analysis
“Summary analysis involves bringing together the findings from each of the analytical
frameworks applied in the player and trend analyses. This summary provides a means by which
to organize discussion about and assessment of the impact of the key opportunities and
challenges, issues and threats – collectively termed Critical Success Factors (CSFs) – facing the
focal organization and its strategic group. It is, indeed, for the creation of this summary that all of
the player and trend analyses are conducted.” iv

3
Player and trend analyses can distinguish the analytical frameworks that will be discussed in this
paper. The player analyses include: value chain analysis,v value net analysis,vi strategic group
mapping analysis,vii strategic canvas analysisviii and the co-opetitive forces analysis.ix The value
chain analysis identifies key activities, whereas the value net analysis identifies key
relationships. Key rivals are mapped in the strategic group mapping analysis and key dimensions
are evaluated using a strategy canvas analysis. Lastly, the co-opetitive forces analysis identifies
the key forces influencing an industry.x
An evaluation of the trends, opportunities and threats helps firms understand what factors
influence the industry and how it affects them. The trend analyses include: competition trends
(industry evolution analysisxi and the alliance evolution analysisxii), technology trends
(discontinuous technological life cycles analysisxiii), international trends (international evolution
analysisxiv) and political social trends (political social value net analysisxv).
Competitive Factors Framework
The competitive factors framework (CFF) summarizes the key player and trend findings to
individual organizations within the strategic group. In the CFF, “each organization’s
performance with respect to the different critical success factors (CSFs) is rated individually.” xvi
The weights indicate the relative importance of the CSFs to the industry/strategic group as a
whole. This CFF will examine the strategic group comprised of Anheuser-Busch, SAB Miller,
Heineken and Carlsberg. The main CSF’s in focus in this paper include increasing M&A
activity, emerging markets increase consumption, increasing governmental regulation and
increasing dominance. In the alcoholic beverage industry, there is intense merge and acquisition
activity, which firms should take advantage of in order to increase growth. Consumption in
emerging markets is trending up, which firms should take advantage of in order to increase
revenues. Increasing governmental regulation potentially poses a threat for firms in the industry.
These firms need to act in order to mitigate this risk. Lastly, increasing dominance has created a
few large firms in the industry that are competing heavily against one other.
xvii

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The CFF analysis proves to be a useful way to assess the relative potential of the different firms
within the strategic group. One important conclusion the CFF provides is how well a firm is
managing their CSFs over other firms.xviii Currently, Anheuser-Busch has received the highest
overall performance ratings, followed by SAB Miller and Heineken closely behind, and
Carlsberg with the lowest score.
Derivation of CFF Chart
Ten trends affecting the alcoholic beverage industry were analyzed, but only four of the most
important trends are analyzed in depth below. See appendix K for the remaining trends.xix
1. Increasing Merger and Acquisition Activity
As seen in the co-opetitive forces analysis,xx there is intense merger and acquisition activity
occurring in the alcoholic beverage industry. This has a low impact on strategic group rivalry due
to the fact that firms are collaborating with one another to dominate the industry. In order to
continue growing, leaders rely on mergers and acquisitions: “Mergers between competitors and
targeted acquisitions have been one of the main strategic weapons used by producers in order to
boost sales and profits, both in the beer and in the wine/spirit segment.”xxi
Increasing merger and acquisition activity was given an importance weighting of 22% because
merging and acquiring competitors has lead to the most growth and profit in the alcoholic
beverage industry.xxii As noted in the co-opetitive forces analysis,xxiii the alcoholic beverage
industry has large economies of scale, high operating costs and increased bargaining power.
Through mergers and acquisitions, firms in the industry can take advantage of the large
economies of scale to reduce operating costs, as well as lower cost of goods thanks to increased
bargaining power.xxiv Other important outcomes of mergers in the industry include synergies in
support functions, extended distribution channels, and extended product and brand portfolio.xxv
The strategic group in focus consists of Anheuser-Busch, SAB Miller, Heineken and
Carlsberg.xxvi Based on increasing merger and acquisition activity, Anheuser-Busch received the
highest rating of 5 out of 5. Following this, Heineken received a 4, SAB Miller received a 3 and
Carlsberg received a 2.xxvii Anheuser-Busch scored the highest because of its well-known
consolidation with InBev. InBev acquired Anheuser-Busch after thirty years of merger deals,
which created the global market leader in beer. Anheuser-Busch is continuing its acquisition
conquests and plans to take over its entire Mexican competitor, Grupo Modelo. Heineken has
followed a similar strategy and has acquired FEMSA in order to grow in the South American
regions, and has also made agreements and proposed acquisitions in India, Asia and Latin
America. Heineken recently partnered with India breweries to control a portion of United
breweries. SAB Miller has made smaller attempts at merging which included merging with
Bavaria in order to increase revenues internationally. Lastly, Carlsberg has made the least
attempt at merging but has acquired Scottish and Newcastle breweries.xxviii
2. Emerging Markets Increase Consumption

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As noted in the international evolution analysis,xxix the alcoholic beverage industry is currently in
the initial market entry phase, and local market expansion is limited. Because of this, emerging
markets are a viable option for increased growth and revenues. Consumption is currently
trending up in emerging markets, which allows firms in the industry to take advantage of this by
expanding into developing countries.xxx
Emerging markets increase consumption was given an importance weighting of 20% because
emerging markets are a huge source of growth and revenue. "Leading producers are paying more
and more attention to low-price, fast-growing consumer markets with a view to increase local
production and average prices in order to boost revenues."xxxi Another important aspect emerging
markets provides is the ability to offset the decline that is happening in well-established major
markets.xxxii As seen in the industry evolution analysis,xxxiii the alcoholic beverage industry is
currently in the maturity phase due to its stability and clear boundaries, which is limiting growth
in domestic markets. Expanding into emerging markets enables firms to have an additional
source of growth and revenues that is lacking in major markets.
Based on the strategic group’s ability to expand into emerging markets, SAB Miller scores the
highest with a rating of 4 out of 5. Following this, Anheuser-Busch received a 3.5, Heineken
received a 3 and Carlsberg received a 2.xxxiv SAB Miller received the highest rating because
emerging markets represents the largest share of its profits. SAB Miller has expanded into Latin
America, Africa and Asia, which has gradually increased revenues. Anheuser-Busch has opened
its first brewery in Southwest China, and also owns plants in Central, Northern and Southeast
China. This expansion into emerging markets has given Anheuser-Busch a competitive
advantage over regional players. Heineken has made efforts to grow into South America regions,
India, Asia and Latin America to increase their presence in emerging markets. Lastly, Carlsberg
as expanded into India as a minor player.xxxv
3. Increasing Governmental Regulation
As noted in the political social value net,xxxvi strong policy makers hinder the alcoholic beverage
industry. The increasing role of governmental regulation is a threat to the industry because the
government can control what the industry sells and at what cost they sell their products at.xxxvii
As the government continues to intervene, the industry is at risk of losing sales and demand.
Increasing governmental regulation was given an importance weighting of 15% because
increasing governmental regulation limits sales and decreases overall consumption. The
government can impose taxes, which also affects the price and demand of the products. "It is
important to keep into consideration the role of excise duties on alcohol consumption as they can
have a great effect on retail prices: an increase in excise taxes can modify drinking patterns by
reducing demand for alcohol, especially for price-sensitive consumers.”xxxviii
Based on the strategic group’s ability to combat governmental regulation, Anheuser-Busch, SAB
Miller and Heineken all received a rating of 4 out of 5, and Carlsberg received a 3.5. Anheuser-
Busch, SAB Miller and Heineken have taken direct actions such as to decrease existing or resist
new alcohol excise taxes, license and penalty fees.xxxix In support of this, all of these firms are

6
led by the National Beer Wholesalers Association, which is urging Congress to lower the federal
excise tax on beer.xl
4. Increasing Dominance
As seen in the co-opetitive forces analysisxli, there a few directly competing firms in the
alcoholic beverage industry. Large firms that have already established dominance in the
alcoholic beverage industry are becoming larger and more diverse with their products.xlii As
alliances continue to form in the industry, the largest firms will increase even larger in size and
dominate the industry.xliii
Increasing dominance was given a weight of 14% because as firms in the industry continue to
become more concentrated, only a few firms are gaining dominance and competing against one
other. As larger firms increase their dominance, smaller firms in the industry are closing or being
sold to larger national brewers.xliv Overall, this benefits larger firms, threatens smaller firms, and
creates an even wider gap between the two.
Based on the strategic group’s increasing dominance, Anheuser-Busch received the highest
rating of 5 out of 5. Following this, SAB Miller and Heineken received a 4 and Carlsberg
received a 3.xlv “Anheuser-Busch is the number one seller and the world’s largest brewer; in
2003 it had over 50 percent of the domestic U.S. market share. Combined with South African
Breweries’ Miller Beer (SAB Miller is the world’s second largest brewer), these two companies
account for over 70 percent of all U.S. beer sales. The top 10 beer companies combined now
control 95 percent of the beer market.”xlvi Heineken follows these firms as part of the top largest
brewers followed by Carlsberg.
Conclusion
Opportunities such as mergers and acquisitions, emerging markets and dominance all benefit the
firms within the strategic group, whereas threats such as governmental regulation hinder these
firms. After thoroughly analyzing the strategic group within the alcoholic beverage industry,
Anheuser-Busch has received the highest overall performance rating of 4.4. This is supported by
Anheuser-Busch’ rigorous value chain,xlvii large number of mergers and acquisitions, entrance
into emerging markets and its overall global dominance. Following closely behind, SAB Miller
and Heineken have a tied score of 3.7. Lastly, Carlsberg has the lowest score of 2.5. Throughout
most of the analyses, Anheuser-Busch, Heineken and SAB Miller were all closely related. The
major difference was Carlsberg, which fell behind in most of the ratings due to its lack of taking
advantage of opportunities and failing to mitigate risks as effectively as the other firms.

7
Appendices
Appendix A – Value Chain
A value chain identifies the many distinct activities that an organization performs. “Every
organization can be viewed as the combination of a set of related and unrelated activities
performed in pursuit of value creation. It is important to identify the primary and supporting
activities in order to complete a value chain analysis. Primary activities involve everything the
organization has to do to create its offerings (products or services), market and deliver them to
customers, and provide buying and after sale support and service to customers. These include
inbound logistics, operations, outbound logistics, marketing and sales and service. Supporting
activities are those that allow the primary activities to take place on an ongoing basis. These
include organization infrastructure, human resources, technology development and
procurement.”xlviii
xlix
From completing a value chain analysis, the key activities of a company or its industry can be
concluded. Anheuser-Busch focuses heavily on operations in order to manage its inbound and
outbound logistics. Anheuser-Busch also relies on marketing and advertising to generate sales
and revenue.
Appendix B – Value Net

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“An economic value net focuses on additional players, along with the organization and its
suppliers and customers. The value net is a framework through which a company can map
players on the basis of their relative impact on an organization’s value adding activities. The four
players include customers, suppliers, competitors and complementors. Customers provide money
in exchange for goods and services, suppliers provide goods and services in exchange for money,
economic competitors make it harder to obtain customers and supplies and economic
complementors make it easier to obtain customers and supplies.”l
li
From completing a value net analysis, the key relationships in the industry can be concluded. In
particular, the relationship between a company’s competitors, customers, suppliers and
complementors can be determined.

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Appendix C – Strategic Group Mapping Analysis
“The strategic group mapping analysis helps managers identify the rivals of greatest potential
importance to a focal firm based on identification of important dimensions of competition.
Strategic groups are traditionally defined to consist of organizations with similar competitive
approaches and market positions, or organizations isolated by common mobility barriers.”lii
liii

10
liv
lv
Through completion of a strategic group mapping analysis, key rivals in an industry can be
concluded. In the alcoholic beverage industry, a strategic group mapping analysis identified that

11
Anheuser-Busch, Heineken, SABMiller and Carlsberg are all closely competitive. The firms in
the second and third strategic groups also compete heavily amongst each other, respectively.
Appendix D – Strategy Canvas Analysis
“The strategy canvas analysis provides an intuitive graphical approach to allow managers to
readily assess the impact of these same dimensions on the strategic options available to
competing firms. The strategic group mapping analysis involves identifying dimensions that the
firms within an industry invest in and seek to compete on.”lvi
lvii

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lviii
Through completion of a strategy canvas analysis, key dimensions in an industry can be
concluded. In the alcoholic beverage industry, the dimensions of diversification, brand, quality
and location are all spread across the strategic groups. Price is the only dimension that is closely
related for all of the strategic groups.
Appendix E – Co-Opetitive Forces Analysis
The co-opetitive forces are a set of forces that impacts the degree of rivalry experienced by the
respective players. The co-opetitive forces include: (1) direct rivalry among existing
organizations, (2) threat of new entry, (3) threat of substitutes, (4) buyer power and (5) supplier
power.lix

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Summary: The threat of new entry is low in the alcoholic beverage industry due to the fact that
there is strong product differentiation, large economies of scale/high operating costs, expensive
capital costs, limited access to distribution channels, large amount of government regulation and
difficulty in obtaining technology. Because of these factors, the degree of rivalry is low and
reduces the threat of new entry.
Summary: The threat of substitutes is high in the alcoholic beverage industry due to many viable
product/offering substitutes, high value of potential substitutes for available price and low price
elasticity of demand. Because of these factors, the degree of rivalry is high.

14
Summary: Supplier bargaining power is high in the alcoholic beverage industry due to high
supplier concentration, purchases by group only, no supply substitutes, many specialized
investments by group with suppliers, large threat of forward integration and limited
differentiation of supplies. Because of these factors, the degree of rivalry is high and there is
increased supplier bargaining power.
Summary: Buyer bargaining power is high in the alcoholic beverage industry due to high buyer
concentration, large volume of purchases by buyers, many viable substitutes, many specialized

15
investments with buyers, large differentiation of offerings/some price discrimination, all of the
buyer's total cost and many transaction-to-transaction negotiations demanded. Because of these
factors, rivalry is high and there is increased buyer bargaining power.
Summary: Complementor power is high in the alcoholic beverage industry due to a small degree
of differentiation eliminated, very similar motivations, a high degree of integrated
ownership/investment and a high stake of participating. Because of these factors, the rivalry is
high.

16
lx
Summary: The alcoholic beverage industry has few directly competing firms, a small degree of
diversity in competing firms' strategies, intense merger and acquisition activity and a small
degree of diversity in competing firms' nationalities/cultures. These factors decrease rivalry in
the direct/internal strategic group. The alcoholic beverage industry also has similar sized
competing firms', strong demand for competing firms' offerings, similar capabilities in
competing firms' and significant barriers to exit. These factors increase rivalry in the
direct/internal strategic group. Because of these conflicting factors, the rivalry is neutral.

17
lxi
The co-opetitive forces analysis provides further information through which to understand the
evolution of the industry and its strategic groups, and from which a more informed set of
strategies may be devised to balance the co-opetitive forces.
Competition Trends:
Appendix F – Industry Evolution Analysis
The industry evolution analysis is helpful in terms of exposing key trends related to industry
changes. This industry evolution analysis suggests that industries and markets evolve through the
phases of formation, maturation and reconfiguration. As they do, the role and appropriateness of
competitive and cooperative strategies also changes. Sine globalization and technological
pressures may be driving many mature industries and segments into reconfiguration, the relative
utility of each form of strategy is greatly affected.”lxii

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lxiii
It can be concluded that the alcoholic beverage industry is in the maturity phase of the industry
evolution analysis. This is because leading organizations pursue tightly integrated competitive
strategies within a stable industry that has clear boundaries, there is vigorous competition
because it is necessary to dominate rivals, organizations integrate much of the value chain within
the organization, and organizations focus on competitive strategies, customer competitors, and
supplier complementors. The next step of the alcoholic beverage industry would be to enter the
reconfiguration phase.
Appendix G – Alliance Evolution Analysis
“The alliance evolution analysis identifies why alliances spread through an industry. External
drivers of alliance formation include (1) battles to gain first-mover advantages of scale, scope
and standards; (2) imitation of rival groups to reduce risk; and (3) efforts to preempt rivals from
linking up with attractive partners, while a key internal driver is the pursuit of specialization
opportunities. Together, these drivers encourage rivals to quickly respond to an initiator’s
alliance activity, thereby creating what may appear to be alliance “fads” despite the soundness of
the fast follower logic.”lxiv

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lxv
It can be concluded that the alcoholic beverage industry is beginning to spread alliances in the
alliance evolution analysis. The industry lies here due to the start of alliance formations, which
can minimize risks and reduce uncertainty. After this process, the industry will progress to where
constellations and oligopolists dominate and then further to when there are a few viable partners
and hidden limits are reached.
Appendix H – Technology Trends
“Technology life cycles, and the industries built around them, can be described by predictable
characteristics and patterns of organizational and competitive behavior, marked by a few key
milestones. Often, they are initiated by some type of discontinuous technological
change...followed by identified stages of evolution leading to the emergence of a dominant
design and its eventual displacement by a new discontinuous technological change. The three
stages in the evolution of technology include the fluid stage, the transitional stage, and the
specific stage.”lxvi

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lxvii
It can be concluded that the alcoholic beverage industry is in the specific stage of discontinuous
technological life cycle analysis. This is because the degree of technical certainty is high, there
are many complementary products and R&D is aimed at process innovation. This industry is also
in this stage because there are a few dominant competitors, products are commodities and rarely
change, and firms internalize R&Cs complementary to innovations.
Appendix I – International Trends
“The international evolution model identifies four phases of strategy evolution in which different
triggers, strategic thrusts and sources of leverage become operational. There are three main
phases of internationalization, which is the process of entering a foreign market. These phases
are initial market entry, local market expansion, and global rationalization.”lxviii

21
lxix
It can be concluded that the international evolution analysis is suitable to support strategic
decision-making. The alcoholic beverage industry is currently in the initial market entry phase of
this model because of the saturation of domestic markets, movement overseas of domestic
customers, desire to keep abreast of technological changes, advances in communication,
technology and market infrastructure, sourcing opportunities, government incentives to export
and diversification of risk.
Appendix J – Political Trends
“The political social value net is used to understand who matters to an organization, this time
within the political-social context. The political social value net includes: political competitors,
policy makers, social actors and political complementors.”lxx

22
lxxi
It can be concluded that there are strong policy makers that hinder the alcoholic beverage
industry. Despite this, alcoholic beverage firms attempt to reduce these regulations through a
variety of different strategies.
Appendix K – Additional Trends Affecting Alcoholic Beverage Industry

29
i
Ravina, Alessandro, and Aurélien Duthoit. World Alcoholic Beverage Companies. London:
Euromonitor, 1994. 20-23. Xerfi Global. Euromonitor, Dec. 2010. Web. 25 Jan. 2015.
<http://bemwsmba.weebly.com/uploads/1/0/4/0/10400307/wine_report.pdf>.
ii
Yoast,Richard A. “Alcohol Industry 101.” Reducing Underage Drinking Through Coalitions 21.1
(2003): 2. Alcohol Policy MD. American MedicalAssociation. 2004. Web. 26 Feb. 2015.
<http://www.alcoholpolicymd.com/pdf/AMA_Final_web_1.pdf>.
iii
Cummings, J.L., Creating Value Chapter 1 (New York:Ming Press,2011), p. 11-17.
iv
Cummings, J.L., Creating Value Chapter 14 (NewYork:Ming Press,2011), p. 1.
v
Bonn, Melissa, “Value Chain Analysis”, MG 402 Business Strategy, Loyola Univ. MD, Spring 2015.
(See also Appendix A)
vi
Bonn, Melissa, “Value Net Analysis”, MG 402 Business Strategy, Loyola Univ. MD, Spring 2015. (See
also Appendix B)
vii
Bonn, Melissa, “Strategic Group Mapping Analysis”, MG 402 Business Strategy, Loyola Univ. MD,
Spring 2015. (See also Appendix C)
viii
Bonn, Melissa, “Strategy Canvas Analysis”, MG 402 Business Strategy, Loyola Univ. MD, Spring
2015. (See also Appendix D)
ix
Bonn, Melissa, “Co-Opetitive Forces Analysis”, MG 402 Business Strategy, Loyola Univ. MD, Spring
2015. (See also Appendix E)
x
Cummings, J. L., MG 402 Business Strategy, Loyola Univ. MD, Spring 2015, Lectures.
xi
Bonn, Melissa, “Industry Evolution Analysis”, MG 402 Business Strategy, Loyola Univ. MD, Spring
2015. (See also Appendix F)
xii
Bonn, Melissa, “Alliance Evolution Analysis”, MG 402 Business Strategy, Loyola Univ. MD, Spring
2015. (See also Appendix G)
xiii
Bonn, Melissa, “Discontinuous Technological Life Cycles”, MG 402 Business Strategy, Loyola Univ.
MD, Spring 2015. (See also Appendix H)
xiv
Bonn, Melissa, “International Evolution Analysis”, MG 402 Business Strategy, Loyola Univ. MD,
Spring 2015. (See also Appendix I)
xv
Bonn, Melissa, “Political Social Value Net Analysis”, MG 402 Business Strategy, Loyola Univ. MD,
Spring 2015. (See also Appendix J)
xvi
xvii
Bonn, Melissa, “Competitive Factors Framework”,MG 402 Business Strategy, Loyola Univ. MD,
Spring 2015.
xviii
xix
Bonn, M. N., MG 402 Business Strategy, Loyola Univ. MD, Spring 2015. (See also Appendix K)
xx
xxi
Euromonitor, 1994. 51. Xerfi Global. Euromonitor, Dec. 2010. Web. 25 Jan. 2015.
xxii
Bonn, M. N., MG 402 Business Strategy, Loyola Univ. MD, Spring 2015.
xxiii
Bonn, Melissa, “Co-Opetitive Forces Analysis”, MG 402 Business Strategy, Loyola Univ. MD,
Spring 2015. (See also Appendix E)
xxiv
xxv
xxvi
Spring 2015. (See also Appendix C)

30
xxvii
Spring 2015.
xxviii
xxix
Bonn, Melissa, “International Evolution Analysis”, MG 402 Business Strategy, Loyola Univ. MD,
Spring 2015. (See also Appendix I)
xxx
xxxi
xxxii
xxxiii
Bonn, Melissa, “Industry Evolution Analysis”, MG 402 Business Strategy, Loyola Univ. MD, Spring
2015. (See also Appendix F)
xxxiv
Spring 2015.
xxxv
xxxvi
Bonn, Melissa, “Political Social Value Net Analysis”, MG 402 Business Strategy, Loyola Univ. MD,
Spring 2015. (See also Appendix J)
xxxvii
xxxviii
xxxix
xl
(2003): 1-32. Alcohol Policy MD. American MedicalAssociation. 2004. Web. 26 Feb. 2015.
xli
xlii
xliii Bonn, Melissa, “Alliance Evolution Analysis”, MG 402 Business Strategy, Loyola Univ. MD, Spring
2015. (See also Appendix G)
xliv
xlv
Spring 2015.
xlvi
xlvii
Bonn, Melissa, “Value Chain Analysis”, MG 402 Business Strategy, Loyola Univ. MD, Spring 2015.
(See also Appendix A)
xlviii
Cummings, J. L., Creating Value Chapter3 (New York:Ming Press,2011), p. 2-3.
xlix
"Our Company | Anheuser-Busch." Anheuser-Busch.Anheuser-Busch Companies,2015. Web. 29 Jan.
2015. <http://anheuser-busch.com/index.php/our-company/>.

31
l
li
"Beer Brewing Industry Analysis." Nku.edu. Northern Kentucky University, n.d. Web. 29 Jan. 2015.
<http://www.nku.edu/~fordmw/mgt490projectbeer.pdf>.
lii
liii
Spring 2015.
liv
Spring 2015.
lv
Spring 2015.
lvi
lvii
Bonn, Melissa, “Strategy Canvas Analysis”, MG 402 Business Strategy, Loyola Univ. MD, Spring
2015.
lviii
“Alcoholic Beverage Manufacturing.” Hoover’s Online. 2015. Web. 19 Jan. 2015.
lix
Cummings, J. L., Creating Value Chapter5 (New York:Ming Press,2011), p. 2.
lx
Euromonitor, 1994. Xerfi Global. Euromonitor, Dec. 2010. Web. 25 Jan. 2015.
lxi
"Beer Brewing Industry Analysis." Nku.edu. Northern Kentucky University, n.d. Web. 29 Jan. 2015.
<http://www.nku.edu/~fordmw/mgt490projectbeer.pdf>.
lxii
lxiii
lxiv
lxv
lxvi
lxvii
lxviii
lxix
lxx
lxxi

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