An exploration of the connection between human resource management and organizational culture to enable business success and growth in the UK magazine publishing industry

Table of content

Abstract

Table of figures

1. Introduction
1.1. Aims and Objectives
1.2. Key terms
1.3. Report structure
References

2. Industry analysis
2.1. The specialist magazine market
2.2. Advertising overview
2.3. Online publishing overview
2.4. Marketing Overview
2.5. Future Prospects
2.6. Future plc. Profile
2.6.1. Changes at Future plc
Conclusion
References

3. Literature review
3.1. An overview of Human Resource Management
3.2. Working in the magazine publishing industry
3.2.1. Qualifications
3.2.2. Roles
3.2.3. Organisational structure
3.3. Motivation and Job Satisfaction
3.4. Learning and Training
3.5. Organisational culture
3.6. Organizational development and change
Conclusion
References

4. Methodology
4.1 Research Design
4.2. Secondary research
4.3. Primary research
4.4. Participants
4.5. Limitations to the study
Conclusion
References

5. Data presentation
5.1. Management
5.2. Motivation
5.3. Training
5.4. Business growth
5.5. Organisational Change
5.6. Qualitative data analysis
Conclusion

6. Discussion, Conclusions and Recommendations
6.1. Discussion
6.1.1. Motivation, Job Satisfaction and Reward
6.1.2. Training
6.1.3. Organisational culture
6.1.4. Long term objectives and business development
6.1.5. Communication
6.2. Conclusions
6.3. Recommendations

Bibliography

Appendix

Abstract

This research bridges the relationship between strategic human resource management and organisational culture to enable business success and growth in the magazine publishing industry based on a case study of Future plc, one of the leading companies in the specialist magazine sector in the UK. The specific aims that were accomplished over the course of this investigation include an exploration of the extant literature regarding organisational culture and strategic human resource management; a presentation of theory and empirical evidence regarding the impact of human resource management and organisational culture on organisational development; and the completion of a case study of Future Plc.

A research strategy was to use a mixed-method survey that was administered to a selected group of Future Plc managers, offering evidence of policies, strategies, and expectations that continue to govern employee hiring, motivation, training, and long term development, and to follow a traditional case study format. The primary research was based on a variety of books and academic journals to search for key terms that were relevant to the main topic. The survey was divided into three segments, the first two were made up of quantitative queries and the third was based on open- ended qualitative questions.

The findings suggested that there is an innate connection between communications, employee motivation and business success.. Future plc motivates its employees by providing access to comprehensive tailor-made internal training, formal appraisal, recognition and the possibility of promotion instead of offering more money. The company currently epitomises the focus on strengths of organisational participants, as its varied branches are thinned and refocused towards more specific long term objectives. Managers queried, agreed that in order to establish a successful protocol for long term growth, cultural commitment must be maintained and that business success and development needs long-term objectives, although at present it seems that there is a lack of agreement between the expectation of partnership and its practice within the company. The survey findings suggested that managers believe, it is not important to hold regular meetings to inform staff about the changes that takes place within the company and that the departments do not communicate effectively resulting in bad performance.

By emphasising this connection, this investigation establishes organisational boundaries that can radically improve employee response to change and organisational growth. Using Future Plc as a model of optimal growth in a diverse and saturated marketplace, this research provides evidence of strategic brand management that is reliant upon the competencies and successes of its employee base.

Table of figures

Figure 2.2.1. Revenue streams ranked by growth 2009

Figure 2.2.2. Annual % change in UK adspend, year to September 2009

Figure 2.3.1. Revenue stream forecast 2011

Figure 3.2.3.1. Operational divisions at Future plc

Figure 3.2.3.2. Organizational chart of 3D World magazine (Future)

Figure 4.3.1. Number of Employees Under Participant Management

Figure 4.3.2. Corporate Sector of Employment for Participants

Figure 5.1.1. Performance Management and Culture

Figure 5.2.1. Motivational Strategies and Influences

Figure 5.3.1. Employee Training Expectations

Figure 5.3.2. Employees, Trends, and Management

Figure 5.4.1. Competition and Organisational Future

Figure 5.5.1. Organisational Change

Figure 5.5.2. Establishing Long Term Objectives

1. Introduction

The variable nature of organisational change has continued to confuse and contradict researchers, as idealised strategies are frequently retracted when alternatives gain mainstream approval. For decades, organisations have recognised that change is an innate component to growth and market participation. Determining which components require evolution is a matter of organisational analysis and the influence of very specific values that have become known as culture. The impact of organisational culture on successful change facilitation is significant, oftentimes undermining more broadly focussed objectives as localised priorities overwhelm progress. Therefore, in an effort to facilitate effective change and establish long term priorities that will ensure organisational success, theorists have established a primary focus on strategic management including management of human resources.

This research attempts to identify specific influences in strategic human resource management that are influenced by organisational culture, applying a model of change to one of the most successful publishing companies in the world, Future Plc. As the company has undergone a significant revision of its operational dynamics in the past four years, this research is extremely relevant, providing evidence of successes and pitfalls associated with growth and market development. Each of these influences will be based on strategic human resource management, emphasising the undeniable connection between growth and change management. (Handy, 1985)(Schein, 1985)(Future annual report, 2009)

1.1. Aims and Objectives

The research herein is based on a case study investigation of Future Publishing and its subsidiaries operating within a modern, competitive, complex international community. Their relationship with both internal and external stakeholders continues to define the success and opportunities for expansion of this organisation. This research will introduce indicators of successful business model development, exemplary managerial techniques and practices, and a widely distributed cultural foundation. Over the course of this analysis, however, the intent of this investigation is to provide evidence of strategic human resource management, organisational culture and their combined impact on organisational performance and business growth. Therefore, specific research aims were established as bounding guidance for the scope and direction of this investigation.

These aims are as follows:

To explore the extant literature relating to organisational culture, offering insight and analysis that focuses on those values that enhance performance and assist in reaching organisational objectives.

To offer evidence of strategic human resource management in theory and empirical applications, focusing on those variables that impact culture and organisational development and business success.

To produce case study evidence of organisational proficiency and opportunity based on the principles of culture and strategic human resource management (such as motivation, and training)

These aims established the foundation for this investigation, guiding the research according to a specific scope and direction. While the majority of this analysis centres on Future plc and its unique organisational structure, the focus of this research was much more general and applicable to a wide range of industries and organisations. The following represent the primary objectives of this report:

To advance the academic theory regarding organisational culture and the influence of strategic human resource management on performance and development. To offer evidence of organisational strategies for long term growth and change management based on principles of management and human resources. To identify those opportunities that continue to perpetuate market dominance within an evolving organisation such as Future Plc.

1.2. Key terms

Strategic management

Strategic management is a heterogeneous, insightful, active management of organisational objectives that leverages the internal strengths of individuals and organisational sectors to advance growth and competitive positioning. (Johnson, 2002)(Aaker, 2001)

Strategic human resource management (SHRM)

It can be regarded as a general approach to the strategic management of human resources in accordance with the intentions of the organisation on the future direction it wants to take.

It is concerned with longer-term people issues and macro-concerns about structure, quality, culture, values, commitment and matching resources to future need.

It has been defined as:

All those activities affecting the behaviour of individuals in their efforts to formulate and implement the strategic needs of business.

The pattern of planned human resource deployments and activities intended to enable the forms to achieve its goals.

Strategic human resource management is concerned with explaining how human resource management influences organisational performance, and incorporates the concept of strategy. So if human resource management is a coherent approach to the management of people, SHRM now implies that that is done on a planned way that integrates organisational goals with policies and action sequences. (Boxall&Purcell, 2003)

Organisational culture

It describes the psychology, attitudes, experiences, beliefs, policies, strategies, concepts and values (personal and cultural values) of an organization. It has been defined as the specific collection of values and norms that are shared by people and groups in an organization.

(Schein, 1985)

Organisational policies

A guiding principle typically established by senior management that is adopted by an organization to influence and determine decisions. The policy items are usually classified into those relating to the business strategy of the organization (sub-divided further into growth strategy related and competitive 9 strategy related policies), structural policies (sub-divided into administrative and decision process, control, and personnel policies), and ethics and altruism related policies. (Richardson, 2002)

Business success

- Success can be defined quite differently for each business but for magazine publishers like Future success can mean:
- High circulation and readership figures have been achieved
- Strong brands have been built that are market leaders
- High customer satisfaction and readership loyalty have been achieved
- They have succeeded in putting their brands onto different platforms
- The company is financially profitable (the revenue stream and capital are high)
- Strong commercial partnerships have been built with companies that are targeting the same demographic audience (Future Annual Report, 2009)

1.3. Report structure

The Introduction chapter gives a brief overview of the scope of the project and sets out the aims and objectives of the research. In Chapter 2, the report looks at the UK magazine publishing industry. First, it analyses the specialist magazine market in which Future plc operates then moves into analysing the macro market, namely the consumer magazine market, detailing how advertising, marketing and online publishing works in the UK market. This section also gives a brief overview of the future prospects of the UK magazine industry with the possible threats and opportunities.

The report then moves onto the literature review chapter which examines core theories such as human resource management, motivation, organisational culture and business development and the relation between these theories. Chapter 4 details the methodology and research instrument that was used by the researcher. It also gives a brief summary and analysis of the participants involved in the research. The next chapter (Analysis of findings) presents and analyses the data and findings of the survey that was conducted, using Future plc as the centre of the case study. Parallel to the topics discussed in the literature review, the analytical discussion looks at the strategies and policies Future plc employs regarding their human resource management.

The final chapter draws together, analyse and summarise findings from the primary and secondary research conducted, and finally gives recommendations on how publishers can sustain themselves in the long term.

References

Books

Aaker, D.A. (2001) Strategic Market Management . Danvers: John Wiley and Sons. USA

Handy, CB (1985) Understanding Organizations, 3rd edition, Penguin, London, UK

Johnson, G. & Scholes, K., (2002) Exploring Corporate Strategy . 5th edition. FT Prentice Hall.

Richardson, B & R (1992) Business planning: an approach to strategic management , 2nd ed., London, Pitman

Schein, E (1985) Organizational culture and leadership, The Jossey-Basss, John Wiley, San Francisco, USA

Schuler R. & Jackson S, (2006) Strategic human resource management: global perspective, WileyBlackwell; 2nd Edition edition, USA

Journals

Adcroft, A and Willis, R (2008) A snapshot of strategy research 2002-2006, Journal of Management History , 14:4, 313-333

Reports

Future plc annual report 2008,

http://futureplc.mangelwurzel.future.net.uk/files/2008/12/Future_AnnRep08.pdf (online) downloaded 29th Jan 2009

Future plc annual report 2009 ,

http://www.futureplc.com/2009/12/24/annual-report-and-accounts-2009/ (online) downloaded 10th Feb 2010

2. Industry analysis

The first part of this section will give an overview of the current specialist magazine market in the UK. The lack of available data and reports on hobby titles, lead to the decision that the second part of the industry analysis will focus on the whole magazine publishing industry, analysing its current state of advertising revenues and marketing strategy as well as the online model. Finally, it gives a short outline of the future prospects of the industry.

2.1. The specialist magazine market

There have been enormous changes in the media landscape since the early 1980s and particularly in the late 1990s, many of which have brought potential threats to the magazine industry. Most newspapers now have multiple sections, with supplements and magazines, many dealing with the kind of lifestyle topics which were previously the province of consumer magazines. On television there has been a rise in available channels as a result of digital and cable access, with an increasing proportion of output being given over to `magazine-style' programmes dealing with topics such as cooking, fashion and home decorating. The Internet, which in future will be responsible for the most dramatic changes affecting all media, is just beginning to grow strongly in the UK, with businesses of all kinds anxious to gain a presence.

The publishing industry has continued to evolve in the last couple of years as readers have begun to demand a more versatile spectrum of magazine resource, both in print and online. The network of publishers has grown increasingly exclusive over the past decade, and thereby, increasingly competitive. As 2008 ushered in an era of financial uncertainty, many organisations such as Future plc experienced declining subscription revenues, both due to lower consumer spending and increasingly variable foreign exchange rates. Versatility in media has proven to be the competitive delimiter in this new market, redefining the nature of competition and the fundamental value of internal competencies and innovation. (Andrews, 2009)

The key specialist magazine titles are owned by a number of major publishing companies, including IPC, Bauer, Dennis, BBC and Future and a significant number of small publishers such as Redan, Egmont magazines UK and Origin. The specialist sector of the consumer magazine market has always been highly fragmented, with a magazine for almost every conceivable hobby or leisure interest. The sector has been helped by the increasing importance of the leisure market in the UK, and this is reflected in the number of specialist magazines, which is still growing steadily. This epitomizes the trend, also to be found within the lifestyle sector, for magazine titles to be targeted increasingly at tightly-defined groups. (Wessenden, 2009) (Lifestyle and specialist magazines market assessment, 2000)

Computer games magazines represent one of the fastest growing sectors of the entire magazine market. They have become increasingly lifestyle oriented, and, as such, the most successful are beginning to rival men's lifestyle magazines. ABC figures released in February 2010 show that Future Publishing's games portfolio continued to see circulations drop in 2009, despite the increase in the console installed-base. (Appendix Table 1.)

The home interest sector began to grow in importance during the late 1990s, in tandem with the boom in the housing market, and a growing style consciousness among all sections of the population. The gardening sector is linked to similar factors, and to a new interest in the garden as a `room outside', for entertaining and leisure, among those who previously had no interest in gardening. Home decoration and gardening titles continue to hold up well in the recession as one of the only sectors that managed to increase its circulation figures with such titles as Country Living +3% or House Beautiful +11%. (ABC data July-Dec 2009)

The market for parenting magazines has become very crowded in recent years, with fierce competition among publishers but despite the recession parenting is another sector that saw increase in single copy purchases of titles Your Toddler and Emma ’ s diary pregnancy guide +1%. (ABC date July-Dec 2009)

Future recently introduced the most expensive magazine on the market: Classic Rock Prog , the only mainstream music magazine dedicated to progressive rock, with a cover price of £7.99. So successful was this title that the company plans to introduce it on a bi-monthly basis in 2010. Not all publishers are brave enough to launch expensive magazines as the whole of the music sector saw a significant decline in sales last year. The only titles managed to increase circulation were Classic rock and Mojo +1%. (Future report, 2009)(ABC data July-Dec, 2009)

2.2. Advertising overview

Magazines obtain revenue from a number of sources, including copy sales, advertising revenue, online editions and from related products, or brand extensions, such as exhibitions and licensed goods. The UK consumer magazine market, based on advertising and circulation alone, was estimated to be worth almost £2.8bn in 2009 (PPA, 2010) with the British public spending approximately £2bn on consumer magazines annually. The proportion of revenue derived from copy sales as opposed to other sources has increased over the past ten years, almost three- quarters of total revenue came from copy sales, although due to the new digital technologies the internet overtook last year. (PPA, 2010)

Figure 2.2.1. Revenue streams ranked by growth 2009

illustration not visible in this excerpt

(source: Wessenden Marketing, 2009)

It can be clearly seen from the table above that online growth is outstripping print revenue trends and that circulation revenues are performing better than ad sales. It also shows that “other revenues” like reader offers, events & services bring in substantial revenue for most publishers. Analysing these changes and making changes in their strategic planning accordingly will ensure business growth in the next couple of years.

The global economic meltdown and its effect has been substantial and widespread, with strong consequences in virtually all industries, including the magazine publishing industry. The UKs top 100 magazines saw an average 12% circulation decline (ABC data Dec 07- Dec 08).

Most publishers have unsurprisingly lost profits and revenue in past two years, against a backdrop of falling readership: the ABC figures for the first half of 2009 show that readership declined 21.5% - a loss of 17.4m copies - compared with the equivalent period a year earlier. Press adspend, particularly classified, has fallen sharply last year, however The Advertising Association predicts that advertising recession will end by Autumn 2010 and forecast that advertising spend in Q3 2010 will rise by a modest +2.8% - the first increase since Q1 2008.

illustration not visible in this excerpt

Figure 2.2.2. Annual % change in UK adspend, year to September 2009

Source: Advertising Association, 2009

Figure 2.2.2. shows where advertising sales sit in relation to all the other revenue streams in terms of the percentage of companies predicting growth over the coming year. Predictably, online advertising is much stronger than print advertising which is by far the weakest revenue stream, meaning that publishers have to embrace the digital side of publishing and implement new strategies if they want to continue to make substantial profits in the coming years. (AA, 2009)

2.3. Online publishing overview

The magazine industry is still learning how to turn the potential threat of the Internet into an opportunity. Many of the early entrants into online publishing lost money, however, publishers are now beginning to approach the medium in a more systematic way, and the consensus is emerging that the way forward is not by charging for Internet content, but by treating it as an opportunity for further brand extension, including e-commerce and Internet service provision.

The most common financial website model is still the free-content / advertising-driven one with the drift towards more free content continuing. Yet where publishers are able to, especially in B2B like Financial Times, more attempts are being made to charge for content. Also, other funding sources are being used (e.g. sponsorship, ads in emails) rather than straightforward display and classified advertising.

There is much less talk now about online cannibalising or destroying print yet it is still difficult to find the financial key to online and to monetise all the activity and investment. (ZenithOptimedia, 2009) (Andrews, 2009)

According to the survey conducted by Wessenden Marketing about the magazine publishing industry last year it is clear that online is the clear focus of future industry growth:

- Currently, across the whole industry sample, 15% of company turnover comes from online / electronic activity.
- 25% of marketing budgets are spent online.
- A very high 87% of publishers see their online activity growing over the next year

Figure 2.3.1. Revenue stream forecast 2011

illustration not visible in this excerpt

(source: Wessenden Marketing, 2009)

Those publishers who are active online, Figure 2.3.1.. above, shows the key revenue streams ranked by their predicted rate of growth over the next year. Generally, traditional site advertising is showing slower growth than other forms of funding such as email ads and sponsorship. Paid-for content is also showing strong growth, even though a later question suggests that the amount of paid-for content is not increasing significantly - a matter of leveraging more value out of existing content. (AA, 2009) (Wessenden, 2009)

2.4. Marketing Overview

Marketing budgets form an area where severe cuts have already been made but looking to the future, marketing budgets are forecast to lag behind turnover and profit trends, so that the industry is clearly not investing back into the long-term health of its brands with as much conviction as it claims. A very significant and rising proportion of the budget is being directed to online activity as developing web traffic is the industry’s top area of marketing investment, with retail sales development coming well down the priority list.

The forecast for marketing spend over the next twelve months, with 29% of publishers looking to increase their budgets, lags behind the growth in turnover (35% of publishers forecasting growth) and profitability (35%). The industry is clearly not intending to reinvest back into its brands, at least in terms of marketing spend, with as much conviction as it claims. 25% of total marketing budgets are currently spent on online activity.

2.5. Future Prospects

Opportunities

- Making the most of online and digital:
- Creating new editorial products for the new platforms.
- Creating new added-value services for readers/users, including upselling/cross-selling other products and services.
- Creating multi-platform advertiser packages. Developing customer insight and data.
- Diversifying into other activities (e.g. events & supplements).
- Seeing off weaker competitors through closure or acquisition is seen as a major and positive result of the recession.
- Reaching new audiences, including niching, breaking down existing audiences into smaller sub-groups for more tailored and personalised products.
- Exploiting the opportunities that overseas markets offer in terms of both readers/users and advertisers. (Mintel report, 2008, 2010)

Threats

- Reducing ad budgets, driven by (1) the current recession and (2) long-term structural change to specific markets, especially classified ads, as they migrate online.
- Increasing competition with a resultant oversupply of news, information and entertainment, accelerated by the internet and free print sources, producing price-cutting by weaker rivals and consolidation.
- Lack of resources, in terms of both the people and the money required to drive increasingly complex products and diverse routes to market.
- Debts and bad financing.
- Rising costs, particularly postage and retail promotions.
- Staff quality to manage a fast-changing environment which demands new skills.

(Mintel report, 2008, 2010)

The magazine market has seen many changes, and the first decade of the new millennium is likely to see an acceleration of these changes as the media marketplace continues to expand. The rapid turnover in terms of magazine launches and closures is likely to continue the way forward will be for more tightly-focused targeting of new and existing magazine titles, with more resources going into marketing to support them. (Mintel report 2008, 2010)

2.6. Future plc. Profile

Future plc is an international special-interest media business that was founded in 1985, with divisions in the UK, US and Australia. Today it produces more than 80 regular newsstand magazines worldwide, 62 websites and 25 annual live events. It has strong market positions in all of its sectors: games, music & movies, technology, sports, auto and crafts. Future sells more than 4 million magazines each month and attracts more than 18 million unique monthly visitors to its websites. In addition, it exports or licenses its publications to 90 countries worldwide, making Future the UK's number one exporter and licensor of magazines. Future is the third largest publisher of special interest magazine in the UK after IPC, BBC and Bauer. The company produces 72 magazines a month in the UK only and its ongoing programme of product development has seen successful launches of new titles and specials including The Knitter and Triathlon Plus in 2009. (Future annual report,2009)

Online, it has Radar Networks in each of the core specialist sectors and alongside its successful GamesRadar and BikeRadar Networks, it has recently launched TechRadar and MusicRadar. Providing innovative applications, news and reviews, they leverage the credibility of the newsstand magazines and deliver massive cross-platform reach to commercial partners. Last year Future launched Qore, the industry’s first ever interactive on-console digital programme through Sony’s PlayStation Network.

Future’s events programme provides opportunities to connect with consumers. The Golden Joystick Awards is the games industry’s biggest awards event, and its music and auto events attract hundreds of thousands of enthusiasts. (Future annual report, 2009)

2.6.1. Changes at Future plc.

The success of Future Plc has greatly contributed to its expansion across the global publishing marketplace. 32% of the portfolio revenue is returned by the gaming sector, 20% by the active sector, 27% by technology, and 21% by music and movies. In order to maintain this vast network of products, Future Plc employs 1,253 individuals across the UK, US, and Australia. (Future annual report, 2009)

In 2004, Future announced an intention to double its size by 2008, so in June 2005 acquired a number of titles from Highbury House Communications plc but he financial results from this acquisition were disappointing and coincided with a period of reduced profits. The company over-invested in acquisitions and under-invested in organic development so The Board decided to scale down the ambitious policy of rapid expansion, and appointed a new Chief Executive, Stevie Spring in 2006. She set out the Group’s new strategy to evolve the business models to reflect changing consumer, advertiser and retailer behaviour, and to ensure to have a more focused and responsive group. The new strategy also included the closure of 51 weaker titles, and the disposal of Future Italy and Future France. Future is now only concentrating on its key strategy of providing English-language content in key sectors, cross-platform. The closure of the titles also meant that a significant amount of people have lost their jobs or were transferred to a different magazine or new department.

As this organisation continues to expand its market presence, a question of business development strategy continues to resonate. Most specifically, managers within the organisation must decide whether to actively pursue online media or print media in various markets. Obvious by its increasing stake in Future’s revenue, online media has gradually emerged as a substantial axis of this organisation. From 9% of the total revenue in 2006 to 19% of the total revenue in 2009, the online media offered by Future Plc is gradually gaining a much broader readership. Characterising the organisational attitude as ‘prosumer’, chief executive Stevie Spring suggests that as the organisation expands to a greater readership, the demanding status of these readers is increasingly influential. Therefore, adjustments to sales team structures in 2008 in both the UK and the US have facilitated greater focus on consumer-oriented content and advertising, positively impacting revenue in both markets. (Future annual report, 2008, 2009)

This research is based on an investigation of the programme revision which Future Plc has undertaken in the past four years as it attempts to establish its market dominance in niche- based markets. The reorganisation and strategic refocusing that such an endeavour has required has placed heightened burdens on a results-driven management staff. The underlying theoretical influences that continue to establish boundaries for such organisational change are based on a cultural progression, one which must be categorised according to both internal and external influences. Adcroft and Willis (2008, p. 314) claim that innate to organisations, there is a social foundation that facilitates knowledge transfer and organisational change at a success rate that is equal to the level of motivation and cooperation amongst its parts. For firms such as Future Plc, the broadly distributed organisational segments continue to require a level of organisational connectivity that can only be effectively facilitated by a linked, firmly established organisational culture. It is within this culture that motivation, change, and competitive advantage are bred, facilitating long term growth and expansion with minimal conflicts amongst divisions.

(Schein,1985) (Schuler&Jackson, 2006) (Guest, 1974)

Conclusion

Identifying the aims and objectives as well as the underlying history of Future Plc, this chapter has introduced the various components of this research, highlighting a specific focus on strategic human resource management and organisational culture. These two influences continue to redefine organisational change and the underlying methods which facilitate successful development. Furthermore, they identify a host of variables that can directly impact the successful operation of growing corporations in complex marketplaces like a magazine publishing company. By limiting this research to Future Plc, a stable, exemplary model of growth and focus will be investigated over the following chapters. The financial and organisational improvements made in the past four years have been both radical and opportune for this expanding media conglomerate. Therefore, by modelling this data through theoretical and empirical research, this investigation will offer evidence of development strategies that are both bounded and opportunistic. The relevance of such findings is far reaching in modern industry, as many organisations seek to establish their market position through internal adjustments that are driven by active, strategic management of organisational properties and culture.

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