Making Strategy Execution Work - Industrial Excellence Award
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Making
Strategy
Execution Work
How do companies translate their strategy into Christoph Loch
Cambridge Judge Business School,
operational actions that support it? Strategists use a University of Cambridge
different language than operational workers, and often
Stylianos Kavadias
the statements of the CEO have little connection with Cambridge Judge Business School,
University of Cambridge
what the employees do. Christoph Loch, Stylianos
Kavadias, and B. C. Yang suggest a tool that can help B. C. Yang
Sinyi Realtors and Fu Jen Catholic
companies to align their employees’ actions with University Taipei
strategies, clearly explain that alignment, and encourage
innovation from the bottom up and collaboration
between departments, all in a way that can be completely
customized to the company’s strategy.
MBR | Winter 2021 | Volume 01 | Issue 01 25
1. The Difficulty of Cascading established business partnership emphasized functional excellence, so
Strategy with a large retail chain under the that the heads and directors could
Translating strategy into action partner’s brand and a newer unit feel certain about their unit’s perfor-
is hard. Many organizations have designed to help CCC grow a credit mance, but none explicitly described
found themselves in circumstances business under its own brand. Each or supported the business objectives.
in which the CEO has developed a unit and the respective support func- Unsurprisingly, given this approach
sophisticated strategy but, because tions had been asked by the CEO to to strategy execution, the company
no one has taken the time to convert develop their individual strategies in was unable to make decisive progress
big strategy statements into specific the context of the overall strategy. toward its business goals. Many com-
targets and plans, the employees end Both units had ambitious growth panies find themselves similarly dead-
up doing things that do not support plans, though with slightly different locked when their various functions
that strategy. Likewise, some compa- emphases. The new business would are not aligned.
nies realize too late that they have a be based on branding a broad assort- There are four fundamental
strategy and operational plans, but ment of credit services and providing reasons why companies frequently
that the two are not aligned. Let us excellent customer service. The estab- fail to effectively execute intelligent
take the example of CCC, a mid-sized lished supplier would enhance the val- strategies:
European consumer credit compa- ue of its partner through technology, 1. Weak top-down alignment: Goals
ny. Exhibit 1 shows its structure at compliance, and collaboration. The are poorly, if at all, articulated or
the time of our involvement, which strategic plans of the support func- they are inconsistent and fail to
consisted of two business units: an tions, in the spirit of best practices, contribute to the whole. A typical
Exhibit 1: The business and functional strategies of CCC
CEO
Strategy
Staff
Support Functions
Retail Partner
Own Brand
Brand
Strategy: Strategy:
Build brand identity and Drive retail partner’s growth by
awareness with a combined increased penetration through
card/loan/insurance offering and technology, compliance, and
superior customer experience customer experience
Sales: Best in class sales capability through service culture and reduced churn
Funding Local and diversified funding strategy
Data Best in class analytics capability
IT Become a leader in security, system stability, and technology
HR Become an employer of choice, strengthen and retain key skills
Compliance Build compliance infrastructure on par with leading banks
Risk Best in class risk team to secure business models and growth
26 Volume 01 | Issue 01 | Winter 2021 | MBR
indication of this problem is the 4. The limited strength of quanti- The first step in our cascading ef-
use of generic targets drawn from tative planning: The uncertainty fort is to realize that, unless we set a
industry benchmarking, which and complexity of organizations tangible target, we will never achieve
generally do not support the orga- often renders purely quantita- change because, without clear evi-
nization’s specific priorities. The tive targets insufficient – the dence that we are making progress,
overarching message must be numbers are too coarse, difficult we will tend to allow the mission to be
translated into useful and mutual- to obtain, and inflexible to com- overshadowed by other urgent things.
ly consistent functional, regional, promise. They require comple- So, it is essential to set a target. Let us
and project objectives. mentary qualitative agreements suppose that our target is to get below
2. Weak bottom-up innovation that colleagues can discuss at 80 kg (for some of us, this may be a
or modification: Strategy is of- regular strategic reviews. very ambitious target).
ten treated as an optimization The second step is to identify
effort, with its planning being 2. Tools and Processes and articulate the actions we’ll need
rigidly divided from execution. to take to achieve this target. At the
The reality is more fluid: imple- The cascading highest organizational level, these
menting strategy requires cre-
ative insights, tracking mercuri-
tree represents a actions will be more general and
comprehensive than at the opera-
al market demands, technology multidirectional (top-down, tional levels: eat less (calories in)
opportunities, and competi- bottom-up, and horizontal) and exercise more (calories out).
tion. The necessary adaptabili-
ty cannot be achieved solely by
communication process. Makes sense. But these goals are
too far removed from the stresses
analysts at the top. It requires of our day-to-day life, in which we
all the information available to Many companies try to ensure better need to monitor whether or not we
an organization, including from strategy execution by using score- have acted in pursuit of the mission
frontline personnel, suppliers, card tools, such as the balanced every day. It is therefore necessary
and partners. Companies must scorecard (BSC) and the Hoshin to translate these actions further
have a way of incorporating Kanri planning processes. In strat- downward.
new observations and ideas egy cascading, however, the great- The third step is to treat
into their strategy and its artic- est challenge is that everything, high(er)-level actions as “missions”
ulation. from decisions about coordination for the next step down, and start over
3. Limited collaboration: Too of- and priorities to management and again. So we set a specific target for
ten each unit in an organization multi-level discussions, is specific to each action – eat fewer than 2,000
adopts its own targets and then the particular organization. None- kcal and burn more than 2,500 kcal
pursues them in isolation, as theless, in successful companies, per day (again, this is brutally am-
though overall strategic priorities managers make sure these discus- bitious!) – and develop actions (no
could be achieved by simply put- sions reflect a systematic dialogue: chocolate and more veggies, and jog-
ting the separate work of disparate from the top down, from the bottom ging) that are closer to making the
units in a heap. But organizations up, and horizontally between col- plan operational, but still do not de-
are messy and complex, particu- leagues, teams, and business units. termine specific actions that can be
larly in the tasks where units inter- We have observed several such dia- credibly monitored every day. To get
act to deliver outcomes. A classic logues which suggest a way, rooted there, we move to a third iteration
example from the 1980s describes in total quality management, to de- which dictates actions such as “put
a parts logistics manager who vise an effective process of cascad- veggies on my plate at every meal”
cuts inventories to save costs, ing strategy discussions.1 Exhibit 1 (appealing to our impulse to politely
thus hurting the service manager describes the principles by which empty our plate), and “put the run-
who wants to increase customer high-level goals may be translated ning gear in the way so I stumble
satisfaction by having parts avail- into operational goals that can be over it” which leaves us no excuse
able to customers at short notice. tracked through a simplified (educa- to back out. By selecting actions that
Unit managers must negotiate tional) example. Let us suppose that we can monitor every day, we make
their targets and their interrela- we have set a strategic goal, perhaps our everyday activities support our
tionships with one another. They shedding those extra kilos. How do strategy.
must collaborate in responding to we ensure that this lofty mission is The green arrows represent
uncertainty and share their ideas successfully put into operation? Let’s three important features that an ef-
for better approaches. trace the steps on the graphic below. fective cascading process should
MBR | Winter 2021 | Volume 01 | Issue 01 27
Exhibit 2: A cascade process: the weight-loss cascading tree
Top down Mission:
cascading Lose weight !
< 80 kg
Target
Eat less Exercise
Action
π 2,000 kcal >= 2,500 kcal
Bottom
up ideas
Target
Action Less chocolate More veggies Jogging
Interactions
Target π 1/week Each meal 3 times/week 10 km per run
Action Hide Put veggies Put shoes and Fix route before
chocolate on plate gear in the way (no excuses)
exhibit. Given that top management ideas (and pursue the best ones). that will add up to more than their
is responsible for achieving the stra- Top-down and bottom-up communi- sum (rather than less when they get in
tegic mission, it certainly needs a cation is crucial. each other’s way). The cascading tree
top-down element. But who knows Finally, none of the actions are really represents a multidirectional
what the best actions are? In the independent. No one operates in an (top-down, bottom-up, and horizon-
graphic, perhaps swimming or aer- isolated silo, so it is naïve to put too tal) communication process :
obics is better suited to our capa- much faith in the notion that if ev- 1. Top management articulates
bilities than jogging, and the people eryone just does what they are sup- (high-level) goals.
with operational roles know it. Bot- posed to, we will all be fine. The tough 2. The next level articulates first-lev-
tom-up input is therefore crucial in no-chocolate-plus-veggies diet, for el actions (“this is how we can do
choosing the activities best suited to example, may make it harder to main- this”) and negotiates interdepen-
ensuring that we execute the strate- tain the motivation to jog. Perhaps dencies between departments: “I
gy successfully. Novel ideas from the one square of low-calorie dark choc- need you to support me by doing
operational levels may even suggest olate after each run could act as an ‘x’ so that I can achieve my bit” or
ways to improve the strategy. Every- incentive to keep jogging. The goals “don’t do ‘y’ because it will hinder
one should therefore have a clear ex- of different departments interact and me.” Keeping track of these high
planation of the strategy and be giv- mutual communication and negotiation level (and often important) inter-
en the means to articulate their own are required in order to design goals dependencies regulates the give
28 Volume 01 | Issue 01 | Winter 2021 | MBRand take between departments, specific priorities and known inter- gets, including training and so- keeping everyone honest and dependencies. Sometimes the over- cialization, as well as high-level making it harder for anyone to get all goals may shift levels, or even cultural encouragement of less a free ride. dimensions. Moreover a hierarchical rigidly structured achievements 3. Departments check their actions goal tree is morphing into a vertical that support the company’s prin- by submitting reports to the and horizontal series of discussions ciples. next level down. Are there bet- in which everybody works together 3. Ideas which travel upward from ter ideas? Are there additional to develop organizational perfor- the lower levels are fundamental interactions? mance, everyone is fully informed to this multi-dimensional strategy. 4. Next, the contributing parties and understands the operational Even simple strategies involving, should negotiate how to meet imperatives, and new ideas emerge for example, cost performance their goals: Can we achieve the and are put to good use. If everyone need bottom-up input to take full goals (or perhaps with a differ- in the organization trusts that those advantage of the organization’s ent mix even exceed them)? Top who offer more will build credit wealth of knowledge. This knowl- management can choose to take rather than being exploited or repri- edge may spring from sales and a hard line, or it can be open to manded, the end goal often becomes marketing in regard to customers, change, perhaps in response to more ambitious than what was origi- from operations and supply chain the organization’s ambition and nally proposed. management in regard to delivery innovation. This cascading process is con- performance, from accounting in 5. The people in those groups that sistent with four principles which we regard to economies, and so forth. are directly affected by a high- have identified through our research. This principle is even more im- er-level goal (for example, the These principles are vital to allowing portant to multidimensional strat- “less chocolate” and “more veg- a company to effectively cascade a egies, in which only frontline and gie” groups in Exhibit 2) should, at multi-dimensional strategy. middle management understand this level, discuss the goals togeth- 1. Strategy cascading requires for- the subtle interplay of myriad er. This conversation will allow mal quantitative targets, just as employees’ individual behavior. them to understand what every- proposed in the BSC. Without Successfully cascading a multi-di- one does, to discuss conflicts, and them, it is difficult to act. Howev- mensional strategy goes hand-in- to discover how, through give and er, the targets must not be gener- hand with adapting that strategy take, they can be more produc- ic, using benchmarks based on to innovations, most of which rise tive together while also holding other organizations. They must from below.3 Incorporating these one another accountable. They instead be custom-built from the ideas also respects fair process – are also likely to uncover and ne- strategy and priorities of their giving everyone a voice – which gotiate a number of small interde- own organization. The straight- motivates people emotionally to pendencies. Although it might be forward principle of measuring contribute rather than resist. possible to ignore some of these, what you want to achieve, not 4. All three of these principles are un- talking them over renders the re- what others do, is still often ig- derpinned by two organizational sulting plan of action more robust, nored, whether for convenience capabilities: effective communica- and makes the participants better or from a lack of confidence in tion and top management behavior. colleagues, since they have al- our own goals. A strategy is not just a conceptual ready grappled with conflicts and 2. Strategy cascading also requires position statement; it is a battle found recipes for working through qualitative process targets (com- plan that, if all employees under- them.2 mitments to do things). Most stand and internalize it, produces 6. Make this level’s actions the mis- strategies are multi-dimensional alignment. It is therefore vital to ex- sions for the next level down, and cannot be fully captured by plain the strategy to employees, not and then start again from step 2. one set of targets, particularly once, but continuously over time. The cascading tree is construct- when some of the targets are It is also essential to open informa- ed recursively downward, with hard to quantify in simple KPIs tion channels through which they feedback rising back up. After 3 (key performance indicators). can express ideas and offer feed- or 4 iterations, though, further One example is Sinyi’s ethical back. And while strategy cascading levels become unwieldy and principles, which we will discuss is a process (a defined sequence of consistency harder to maintain. at greater length below. A cas- actions), it cannot be programmed. Through this process, a portfolio of cading tree may contain both The whole structure depends on operational activities emerges, with quantitative and qualitative tar- the behavior of the people at the MBR | Winter 2021 | Volume 01 | Issue 01 29
top. If they do no more than pay lip application of an algorithm (indeed, with a feasible resource commitment).
service without actually listening to there is no algorithm). Second, the They then identified two dimensions
ideas and feedback, the strength of question is not whether the assign- of action as being the most promising:
any cascading process will wither. ment of [theoretical] tasks is com- increasing patrols by street officers,
On the other hand, if senior manag- plete, but whether every unit has and educating residents about how
ers participate sincerely, the trans- stepped up. In some cases, a partic- they could help minimize the occur-
parency which cascading creates ular unit may simply not have any- rence of robberies. These actions
will help to control their bias in fa- thing to contribute to a particular were then assigned specific targets
vor of their own ideas.4 goal, but anyone who does not par- (one patrol per day, one home visit per
This process does not usually pro- ticipate sufficiently should bear the month). The home visit target could
ceed as a set of theoretical ques- consequences. be put into action by one branch of the
tions such as: What are we trying to Let us consider a simple example police (community counselors), while
achieve?, What do we need to do?, or of cascading strategy from this per- the patrol target would be addressed
Who will be assigned the tasks? In- spective. This example is based on a by frontline officers. After the neces-
stead it is rooted in what is actually project that we undertook with the po- sary training and preparation, both
there. The discussion moves from lice department of a city. The depart- groups began to act.
strategic imperatives to contribu- ment had set the goal of significantly In translating the patrol target
tions from the existing organiza- reducing violent crime, especially into everyday actions, officers from
tional units, often passing through robberies of residential houses in all different departments discovered
several iterations if the initial pro- vulnerable precincts. The police want- that they could share patrols; al-
posals don’t achieve their aims. This ed to know how to start working to- though traffic cops and municipal
process has two pragmatic implica- ward this goal without simply writing street cops were already patrolling,
tions: first, the resulting cascade is checks to add more officers. Exhibit they were working separately, unco-
not the only answer; driven by their 3 summarizes the cascading process ordinated. By sharing the tasks of
different processes, capabilities, and that we developed together. both groups and developing priority
cultures, different organizations may In a workshop with three hierar- schedules that took both traffic and
come up with very different ways chical levels, the police officers first vulnerable periods into account, the
to achieve similar things. Strategy described their target – not eliminat- effective number of patrols could
articulation and execution are cre- ing crime entirely, but reducing it by be increased without increasing
ative exercises, not the mindless 20 percent (which seemed possible budgets or manpower. However,
Exhibit 3: Cascading process in a municipal police department
Mission: Reduce serious
crime (e.g., domestic
robberies)
20 % reduction
Target Increase patrols at Communicate with people
action hot spots when they leave their homes
Target One additional patrol per One visit per month for houses in
action residential sector hot spots
Merge different Set rush hour times Distribute leaflets Conduct orientation
types of patrols for patrols in houses sessions
30 Volume 01 | Issue 01 | Winter 2021 | MBRto achieve this cooperation, both effectively with each other and with 3. Comparison with Other
sides had to invest in the training their superiors. Cascading Tools
and in each other’s patrol targets What mattered during this There are certainly other cascading
(How many traffic violations went process was not the derivation of tools already in wide use. Four of the
undetected? How many houses were an optimal set of KPIs, but the in- best known are: the balanced score
unobserved?). These compromises crease in communication and guid- card (BSC) proposed by Kaplan and
required negotiations between the ance which taught the two branch- Norton in 1983,5 the Hoshin Kanri
two units, which had never collabo- es to collaborate. Only through this Planning process that Toyota and a
rated in this way before. The result- communication and learning were few other Japanese companies be-
ing operating procedures took time they able to change their behavior gan to develop in 1950,6 the Objec-
and effort, demanding that the unit so that the strategy could be car- tives and Key Results (OKR) appli-
heads and their senior teams build ried out. KPIs alone would have cation invented by Andy Grove at
a constructive relationship. It took led to more isolated behavior, fol- Intel in the 1980s,7 and the strategy
over a year to achieve, but the end lowing the letter but not the spirit briefing process proposed by Bun-
result was effective because they of their goals and failing to under- gay (2011).8 The strengths and weak-
had come to have a shared vision stand the effects of their behavior nesses of these methods are laid out
and the confidence to communicate on colleagues. in Table 1.
Table 1: Overview of some widely used cascading methods
Balanced Score Card (BSC) Hoshin Kanri Objectives and Key Strategy Briefing Process Cascading Trees
(Kaplan and Norton 1983) (Toyota 1950) Results (OKR) (Grove (Bungay 2011)
1985)
Logic 1. Develop strategy; 2. Map; Establish an organizational Articulate ambitious Senior managers answer Give high-level mission/
and 3. cascade using BSC vision and mission, with goals (tangible, the question, “What do you action targets and break them
performance dimensions: strategic (market-oriented) objective, high-value want me to do?” Articulate into lower-level contributing
financial, customer-facing, objectives, and cascade creating) and required strategic intent, how the actions and targets. Repeat
process, and learning/change; them with the Hoshin measurable results pieces fit together, and going down 2–3 levels and
then 4. Implement operational Planning (“X”) matrix, then to work toward (not their priorities, and connect negotiate the appropriate
execution; and 5–6. monitor execute with Kaizen and actions). them to high-level tasks. interdependent actions at
and learn as the strategy TQM tools. each level.
unfolds and is adapted to the
environment.
Strengths Cohesive institutional approach • Proven at operational Strategic initiatives Questioning and • Transparency and clarity.
– this is the most widely used level since the 1950s. oriented around results, communicating the • Identify and negotiate areas
strategy mapping tool. • Emphasis on bottom-up and transparency in the strategy. of interdependency.
and cross-functional organization by sharing • Empower creative actions at
management. OKRs between units. each level.
• Integration of unit-level • Bottom-up input of
goals with daily tactical both constraints and
management. opportunities.
Limitations • The BSC dimensions risk • There is a risk that the • No actions included; Similar to the first step Can become complicated if
being used generically strategic market-oriented therefore the tool stays of the cascading tree, not based in a disciplined
as pre-defined quality objectives and the at strategic level, not but does not address the process of collaborative
dimensions that hinder a truly operational (Kaizen) linking strategy to daily middle and front-line levels. construction at each level and
differentiated personalized actions will be only operations. This tool is largely useful strict prioritization.
strategy. weakly connected – the • Negotiations of inter- at the senior management
• The execution premium Hoshin Planning matrix dependencies and level.
process has a strong quickly becomes too thus collaborative
top-down emphasis; the complex for causal problem-solving are
feed-back cycle emphasizes transparency and not included, leaving
the success of the strategy flexibility. the focus on solitary
and underplays input from • Can become heavily efforts.
lower levels and negotiations bureaucratic.
between units, potentially
hindering organizational
creativity and enthusiasm.
MBR | Winter 2021 | Volume 01 | Issue 01 31sional constituencies and goals, for a secure working environment
A cascading tree offers their private shareholders, financial in which to grow while generat-
an intelligent compromise markets, regulators, customers, and ing reasonable profits to sus-
– an explicit guide to society. The traditional simplicity of tain the group’s survival and
maximizing shareholder value has development.
constructive top-down, come under attack, in the wake of
bottom-up, and cross-unit the 2008 financial crisis, as being This mission statement sets sever-
negotiation processes insufficient. Moreover, in an age in al goals, balancing the benefits to
which society increasingly expects Sinyi’s stakeholders: customers, em-
that build common companies to consider the environ- ployees, shareholders, society, and
understanding and ment, employee benefits, and socie- the environment. Sinyi is a for-profit
alliance – emphasizing a tal contributions, firms must devise organization, but it does not pursue
multifaceted strategies that embrace profits to the exclusion of every-
collaborative process. the deep conflicts between multiple thing else. Having begun with the
goals. How can these complex de- principled decision to forgo price-
All tools have limitations. The BSC mands be translated into operation- spread arbitrage it went on, without
has often been used as a generic al targets? direct compensation, to introduce
indicator (rather than articulating Let us look at one company that additional customer benefits over
unique qualities) and has a top- has made ethical business its core the years, such as offering custom-
down flavor that does not bring out principle, the Taiwanese real estate ers full coverage for any disagree-
the best in employees. Hoshin Kan- broker Sinyi Co. Sinyi was founded in able surprises in their new property.
ri is perhaps the closest method to 1981 in Taipei by Chun-Chi Chou and Sinyi also leads the way in reporting
what we propose, but it is most ef- has, since the turn of the century, be- its environmental footprint and con-
fective within operations (already come the largest and most respect- tributes generously to civic projects
two levels down in our cascading ed real estate brokerage in Taiwan. It in its communities.
tree). When an organization starts has a 15 percent market share, reve-
the process with a high-level strat- nues of US$190m, profits of US$27m, Top-Down Cascading
egy, the Hoshin matrix becomes ex- and, as of 2016, 3,000 employees. Strategy cascading in a company
tremely complex and process-heavy. Initially, Mr Chou found real estate such as Sinyi has a business com-
OKR focuses on individual goals for to be a scattered industry in which ponent but is also rooted in collabo-
change, yet, while acknowledging the practice referred to as “earning ration and common beliefs, without
the benefits of transparency, it does the price spread” was common – if which the multiple stakeholder core
not address interdependency or the final purchase price was higher of its ethical principles would not op-
collaborative problem-solving. The than the seller’s original minimum erate in a balanced way. As a result,
strategy briefing process focuses on price, the agency would appropriate (even our simplified representation
articulating strategic trade-offs and the difference along with the (legal) of) Sinyi’s cascade strategy requires
priorities at the top level, and on the commission. One of the first princi- at least two cascading trees. The first
goals and actions of senior execu- ples that Mr Chou introduced was concerns revenue, garnered through
tives, without connecting to the front that his firm would not use this un- a differentiated strategy of providing
line. Our cascading tree offers an in- ethical method. Instead, Sinyi would customer service and earning cus-
telligent compromise – an explicit offer the customer total transpar- tomer trust. This position cascades
guide to constructive top-down, bot- ency. The company expanded this into operational targets and process-
tom-up, and cross-unit negotiation first practice over time into a range es in a standard quantified way, as
processes that build common under- of service innovations, all aimed at shown for two levels in Exhibit 4.
standing and alliance – emphasizing serving the customer in an ethically While the exhibit shows the
a collaborative process. Managers clean and transparent way. This phi- tree for the sales target (revenues
have to work for it, but it enables losophy was eventually formalized and market share), the numerical
true strategic customization, with- in the company’s mission: values are omitted for reasons of
out becoming a heavy-handed bu- confidentiality. The higher level re-
reaucratic process. Our purpose is to foster secure, flects strategic priorities: employ-
speedy, and reasonable realty ees must buy into and live the prem-
4. Case Example: Sinyi Realtors transactions through the syner- ise that customer trust and ethical
There is ever increasing pressure gy of expertise and teamwork, behavior translate into business.
on companies to serve multidimen- providing Sinyi’s employees with Sinyi doesn’t just sell houses; it sells
32 Volume 01 | Issue 01 | Winter 2021 | MBRExhibit 4: Cascading of sales targets at Sinyi
Sales volumes and
growth
Sales target and market share target
Target
Cultivate employees Service quality Efficient process
action
Target All employees buy into the value Client satisfaction, service quality Number of transactions, deals, and
action proposition of trust measured by quality department sales per month and person
• Intensive initial training • Salespeople solve problems for • Standard operating procedures
• Ongoing training by senior clients (SOP) (e.g., time spent on
colleagues • Transparency (e.g., disclosure of community work, prospective
• Regular departmental meetings price ranges) clients, and client work)
with Chief Ethics Officer • Guarantee features (e.g., on house • Fast turnaround (sales completion)
• Incentive scheme for collaboration components) • Collaboration and sharing
and openness, discouragement • Extra services (e.g., cleaning, information with colleagues
of chasing commissions at the provision of slippers)
expense of service
service. Providing high quality ser- range or other bidders, is built into activities throughout the company.
vice is therefore a high-level action the process. This column also de- The second cascading tree, in Exhib-
and its processes, such as consisten- scribes additional services such as it 5, delineates these connections.
cy and speed, must support sales. guarantees and case-by-case add- The firm’s target is to continue to
Each high-level action has a target: ons reflecting the needs or desires clearly differentiate itself as the most
all employees must fulfill the trust of individual customers. The right ethical player in the industry. This
value; quality of service is formally column supports this work by laying target is not aligned with the sales
tested by various measures of cus- out standard operating procedures target but intersects with it. Combin-
tomer satisfaction administered not (SOPs) which structure the sales- ing both in one tree would result in
by anyone in sales, but by a separate person’s work as well as the accom- confusion rather than transparency,
quality department; and customer panying legal functions, and which so the company instead created two
interactions and conversions per ensure that the team collaborates trees (pretty much the upper limit
branch and per month are subject and shares information. (The legal of complexity that a cascading tree
to an assortment of efficiency mea- department has a separate set of will support). The ethics target is
sures. process goals which have allowed it supported by four high-level goals:
The second level actions sup- to reduce turnaround time by a third investments that explicitly acknowl-
port the first level targets, embody- over the last five years.) edge the needs of all stakeholders;
ing the overall strategy. The left These formal business goals do ethical employee behavior (in accor-
column shows that Sinyi prioritizes not fully capture the ethical princi- dance with company norms); a chief
employee training, both formally ple of sharing benefits with stake- ethics officer, installed in 2010, who
and through cultural immersion. holders. The sales goals are founded embodies employee centeredness
The center column supports client on the assumption that being ethical and ethics; and the establishment of
satisfaction, emphasizing the helpful builds trust and good business, but specific incentives. Each goal has a
and problem-solving nature of the in- stakeholder ethics also comprise a target, from “make all projects follow
dividual realtor ’s work. Transparen- goal in their own right. So they also our principles” to “incentivize ethi-
cy, including openness about price need to be connected to operational cal behavior throughout.”
MBR | Winter 2021 | Volume 01 | Issue 01 33Exhibit 5: Cascading of ethics across the company
Achieve ethical balance
across five stakeholder
groups
Be seen to be the most ethical realtor in the country
Target Investments reflect Employees behave Chief Ethics Incentives
action stakeholder needs ethically Officer
Target All projects account All employees behave Incentive compatibility
Buy-in by all employees
action for all stakeholders ethically of ethical behavior
• Highest investment • Selection of recruits • Consistent communication • Of the 5 percent (regulated)
committee (authorizes based on attitude tests that “by doing the right thing, transaction fee, salespeople
all investments) is called (collaboration, considering you can be profitable” get a commission that is only a
“Total Ethics Meeting” others) • Chief Ethics Officer speaks as fraction of the industry average
(TEM) • Six months training on a standing item at TEM, staff (numbers confidential)
• Any investment business values and priorities (e.g., meetings, store managers’ • Penalties for pursuing profits
case must describe how people centric, do the right meetings over customer service and
the project will affect all thing for the customer) • Sinyi leads on environmental quality, encouragement of
stakeholder groups • SOP (e.g., twice-weekly practices, such as carbon collaboration
updates for the customer) footprint reporting • Encouragement of pro
bono community work to
build personal pride and
organisational reputation
As in Exhibit 4, we see a strong had both worked on, the chief ethics public shaming and fines (though the
emphasis on HR practices, not only officer reminded them of the Sinyi shaming is considered more severe).
on training but also on the selection principle that taking advantage of Meanwhile, teamwork and voluntary
of new employees according to their others is a sin. He advised the more engagement in community activi-
interest in others and their ability to senior salesperson to concede the ties are encouraged and informally
be considerate and collaborative. larger share of the commission to rewarded.
The chief ethics officer (third ac- the more junior because senior staff
tion) acts both as the conscience of have a responsibility to help and ed-
the organization, informally encour- ucate junior staff. We succeed not in
aging employees to abide by its eth- Sinyi has a similar policy for in- isolation, but through
ical principles, and as a catalyst for centive structures, making commis-
innovation. These roles necessitate a sions smaller relative to salaries. A collaboration amid
close relationship between the CEO Sinyi commission is about 12 percent interdependency.
and the chief ethics officer. For ex- of the company’s fee (compared to
ample, the chief ethics officer gives a 20-30 percent elsewhere), of which
short presentation at every meeting one-third goes to the team. This Horizontal Communication
of the TEM, reminding attendees that practice encourages teamwork and Sinyi’s practices ensure that all its em-
the ethical principles of the business ethical, customer-oriented service to ployees understand and represent the
are a priority. The chief ethics officer a greater degree than those of com- company’s values. In our interviews
also resolves dilemmas and conflicts petitors. Violations of the company’s at Sinyi, we found that workers at all
within the organization. When two customer service policies, for person- levels demonstrated a clear under-
salespeople disagreed about sharing al profit or any other reason, result standing of what makes Sinyi unique.
the commission for a large sale they in immediate punishments including As their chief ethics officer puts it,
34 Volume 01 | Issue 01 | Winter 2021 | MBR“people must believe that this posi- Bottom-Up Innovation performance, introducing roughly
tioning can breed success.” Sinyi’s The goals we have discussed come one major new service per year, in-
employees also expressed confi- largely from a vision of the business cluding a takeback guarantee cov-
dence that, when necessary, their which comes down from the top. ering problems that are discovered
ideas will be heard by top manage- For twenty years Sinyi’s competitors after purchase, and an investigative
ment. The cascading processes at have striven to usurp its position by service to determine whether any-
Sinyi are not cold and mechanical; adopting similar language and prom- one has ever died in the house (an
they embody the values of the own- ising customers the same integrity. important issue in Chinese culture).
er, the CEO, and the senior team. As Although none have yet matched
a result, some of the cascaded goals Sinyi’s consistency in customer ser-
affect the entire organization, reveal- vice, the company has to evolve Front-line salespeople
ing its broader interdependence. The constantly to stay ahead. Sinyi has who can change their
initial six-month training, for exam- therefore consistently innovated
ple, certainly covers effective selling new services over the last twenty processes feel a sense
(“It taught me how to speak to peo- years. of ownership – they know
ple,” said one salesperson), but it Such guided innovation is ideal they have a voice and
also encompasses collaboration, em- for nurturing projects that address
pathy, and taking care of each other weaknesses (e.g., process improve- influence which causes
as ends unto themselves, not just as ments in response to customer feed- them to identify with the
business goals. By encouraging sales- back) and for taking advantage of organization and willingly
people to engage in their commu- strategic opportunities (such as a
nities, the company finds business new management information sys- go the extra mile.
opportunities and also adds value to tem that improves workers’ knowl-
those communities without directly edge of their customers, sales re- Salespeople can also initiate for-
measuring the value of community cords, and process integration). The mal changes to the company’s
contacts converted in to customers. TEM agrees upon these projects be- process. For example, the current
These actions, laid out across sever- fore handing them over to the strat- stock of houses for sale used to
al cascading trees, acknowledge that egy office and the customer service be visited weekly, every Friday.
we do not succeed in isolation, but department. But the sales staff found that this
through interdependency. However, employees at all levels schedule was sometimes too slow
And Sinyi has a range of goals are encouraged to initiate activities to allow them to effectively com-
which would never work without and influence goals, driving innova- pete for desirable properties, so
interdependency or without each tion and change from the bottom as salespeople are now allowed to
member of the organization shar- well as from the boardroom. Sales- visit a new house any time, once it
ing a common understanding of the people have a budget with which has come up for sale. They discuss
company’s mission and values. Var- to test new customer service ideas. ideas like this in the daily morning
ious HR practices guide the selec- One salesperson, learning that her meeting, a practice very much in
tion and training of employees so client did not like to reuse slippers the spirit of continuous improve-
that they learn, in their first year others had already used, bought ment in total quality management.
with the company, the importance some disposable slippers before a Because of their direct input, the
of this balance and how to achieve house visit. Her experiment was so salespeople feel that, although it
it. In the words of Sinyi’s chief eth- successful that it was formalized as is formally owned by the customer
ics officer, “We tell our people that a standard option. service department, they also own
quality, transparency, and honesty Front-line employees are encour- the SOP, and that it reflects their
toward the customer will lead to aged to send messages with ideas knowledge and shared best practic-
profitability. The salespeople must for change to both the CEO and the es. Of course, not all proposals are
believe this; otherwise our compa- chief ethics officer. These officers accepted: one salesperson exper-
ny does not work. If we execute the read and responded to each mes- imented with thoroughly cleaning
business successfully in this way, sage, and a few result in commen- a house for the buyer in hopes of
we are generating a profit machine, dations or follow-up projects. Store triggering a decision, but the com-
with the employees at the center, and regional managers are asked to pany rejected making cleaning part
with which we can then also in- bring innovation ideas to the TEM of the SOP because it would have
crease the benefits to the environ- for discussion. And Sinyi continues been economically burdensome.
ment and society.” to steadily improve its operating Nonetheless, front-line salespeople
MBR | Winter 2021 | Volume 01 | Issue 01 35who can change their processes strategies which respond to the fun- top-down arrow, then, corresponds
feel a sense of ownership – they damental uncertainty of the world to our high-level cascaded goals. We
know they have a voice and influ- around us. The time has passed have found that top management
ence which causes them to identify when strategy was a static set of de- teams have the capacity to pursue
with the organization and willingly tailed goals, planned and optimized. and supervise perhaps fifteen to twen-
go the extra mile. Yet managers still know too little ty strategic change projects on top of
about how to set up and support their usual responsibilities.9 Most of
adjustments of strategy in response these changes are compatible and can
In flexible and innovative to changes in the environment. One be pursued within the existing struc-
companies, strategic goals clearly demonstrated path to suc- tures and processes. For these, cas-
cessful adaptation is the process we cading asks each unit, “What can you
change and evolve with have described in this article. do to make this happen?” Few strate-
the information that arises Exhibit 6 illustrates that adaptive gic projects cannot be accomplished
though the bottom-up strategy execution is a cauldron of within the existing structures. These
ideas and decisions which circulate few may require an additional unit
initiatives. in all directions. At the top, there are with different experts, equipment, or
broad goals responding, with the perhaps entrepreneurial approaches.
help of formal analysis and decision And for these, the cascading needs
5. Strategy Execution as a tools, to the societal, technological, to start from scratch, just as it would
Process and market environment. These goals for any major project which assigns
Finally, the proposed cascading need to be translated into high-level people to new tasks not already being
system can help organizations to operational targets (in this case “im- performed by incumbents.
adapt. Management scholars agree provement and productivity” and In all the strategic changes
that there is a need for adaptable “new products and innovation”). The which are compatible with existing
Exhibit 6: Strategy cascading as a creative process
Business Strategy Goals
(e.g., growth, market share, profit) CEO
Strategy Formal Strategy Planning
(e.g., portfolio or SWOT analysis market
Top-Down
Cascading
Staff intelligence, technology monitoring)
• Improvement
and
productivity Bottom-up
• New
products and BU 1 information and
initiatives
BU 2 Horizontal
Collaboration
innovation • Formal and informal
networks
• Visits and
conferences
• Shared processes
• Collaborative
Sales Tech Ops Sales Tech Ops projects
• Culture and
openness and
exchange
Functional bottom-up information/ideation schemes
(supported with review boards at various levels, which help to convert ideas into official strategy)
• Customer feedback
• External contacts (such as trade fairs, suppliers, universities, benchmarking with other companies)
• Suggestions
• Improvement projects (such as Kaizen, 6σ), innovation slack (such as quality circles, experimentation budgets),
suggestion system
36 Volume 01 | Issue 01 | Winter 2021 | MBRstructures, information also flows are not necessarily to be found in
up from the bottom, carrying not process handbooks, but are both In flexible and innovative
only many small improvements but formal or informal actions that are companies, strategic goals
also higher-impact ideas. These are widely accepted and recurring. change and evolve with
collected through various mecha- Formal actions might include sanc-
nisms and drive the generation of tioned and resourced six-sigma the information that arises
innovative initiatives in the middle. (continuous improvement) proj- though the bottom-up
For example, the company where ects, benchmarked across several initiatives.
we first saw the cascading tree in units, while informal actions could
action changed its operations strat- be talking to external contacts or
egy from “cost leadership” to “time discussing best ideas and the in- KPIs, to strengthen employee align-
leadership” when front-line person- teractions between them with col- ment with its overarching goals.
nel suggested that, by speeding up leagues. But as a company expands and the
processes, customer service could This system of top-down, bot- numbers in its hierarchy increase,
be transformed into a competitive tom-up, and horizontal cascading people at the lower levels become
weapon and, because speeding orients employees toward shared irresistibly tempted to focus on their
up would require operations to goals and emerging changes in the local KPIs and the grander purpose
be eliminated, costs would also environment, as well as promoting begins to recede. Another organiza-
decrease. There are some well- horizontal transparency and align- tion we worked with grew from ap-
known examples of similar strate- ment. We call this situation a caul- proximately 10,000 people to nearly
gy changes. In the 1980s Intel was dron because, to an outsider it may 20,000 (six times larger than Sinyi).
transformed from a memory chip look like a chaotic stew of seeming- This organization opted to reduce
manufacturer into the market lead- ly unconnected activities. But the specifically local KPIs (however well
er in processor chips after a bot- outsider does not see the combina- designed) and to emphasize high-
tom-up revolution in which middle tion of processes and cultural rules er-level KPIs. The change helped
management eventually persuad- that aligns the system with shared people to recognize the bigger pic-
ed their seniors. Likewise, in the goals. The cauldron does require ture and understand that they were
1990s, the ideas of middle manage- patience and persistence, but as all in the same boat, encouraging
ment, which the upper levels took a one Sinyi senior manager put it: dynamic negotiations about actions
decade to accept, reorganized IBM “Gaining everyone’s trust is very that might not improve an individ-
into a service business, converting difficult and a never-ending jour- ual’s success but would help wider
hardware production units into in- ney, and it is constantly subject to groups to achieve larger goals. To
ternal suppliers. Bottom-up ideas undermining and misuse, by cus- keep such a large organization on
don’t just drive improvements on tomers and sometimes employees. track, strategy alignment must be
existing goals, they also introduce Our results indicate that the public loosened, or the levels of detail in
new performance elements (new honors our efforts, and our rep- the cascading tree limited.
services, new customers, new ways utation is unparalleled. This rep- In flexible and innovative com-
of defining value) that surpass ex- resents no laurels on which we can panies, strategic goals change and
isting strategic goals and help the rest, but an encouragement to keep evolve with the information that
company to innovate. moving forward.” And strategies arises though the bottom-up initia-
All of the arrows (which rep- rarely create a monopoly on which tives. There is no precise recipe for
resent information and communi- an organization can rest secure- how strategy cascading and execu-
cation flows) should be support- ly. Instead, strategy offers a foun- tion should look. Their organiza-
ed by institutional mechanisms dation from which to keep trying. tional content depends on econom-
and processes, as well as cultural Even Sinyi’s service portfolio has ics, markets, and culture along with
norms that encourage employees changed dramatically over the last myriad smaller factors. Nonethe-
to contribute. Alignment, compati- twenty years, yet the underlying less, despite the case-to-case de-
bility, and mutual creativity should values (of sharing with customers, tails, certain core elements exist in
be expected to be negotiated be- employees, and society) remain. any cascading system that strategi-
tween units, divisions, and teams, No tool is universal, no matter cally aligns and executes adapta-
again supported by a combination how you stretch it. As an organiza- tion. Excellent cascading allows an
of mechanisms including process- tion grows, even the cascading tree organization to change its strate-
es and cultural routines and hab- reaches its limit. Sinyi uses horizon- gies without having to manage a
its. These institutional processes tal collaboration targets, rather than crisis.
MBR | Winter 2021 | Volume 01 | Issue 01 37Christoph Loch is a Profes- Stylianos Kavadias is Yang Bai-Chuan (B.C.) is
sor of Technology and Op- the Margret Thatcher an Associate Professor of
erations Management and Professor of Technology Business Administration
Dean of the University of and Operations Manage- and a member of the
Cambridge’s Judge Busi- ment and Director of the board of trustees at Fu
ness School. For thirty Entrepreneurship Centre Jen Catholic University in
years, he has worked with at the University of Cam- Taipei. He serves as Chief
organizations of various bridge’s Judge Business Ethics Officer and adjunct
types on executing innovation, managing School. He is an expert in product devel- Chief HR Officer at Sinyi Realty Group. He is
complex and uncertain projects, and emo- opment and innovation, and on the entre- dedicated to advancing the application of
tionally motivating professional employees. preneurial journey of new ventures. ethics theory in business practice.
Appendix: A Brief Overview of Academic Work on Strategy Cascading
For a long time, both academics and practitioner then required to achieve alignment.18 This view is con-
professionals have wrestled with the problem of sistent with our cascading tree proposal.
strategic alignment of organizational actions. They Finally, analytical hierarchical planning (AHP)
have approached it in four ways, none of which ad- strove to formalize the link between strategic goals
dressed it systematically. Resource allocation the- and the complex execution decisions required at dif-
orists approached strategy execution on the notion ferent levels of the hierarchy.19 While offering inter-
that action occurs wherever the money goes. Strat- esting insights into the methodology of deconstruct-
egy execution can certainly be quite formal, some- ing complex decisions into smaller and simpler
times involving metrics, but it can also be driven by choices, AHP has been criticized for its restrictive
culture.10 Execution has likewise been approached as formalism and for trying to automate a process that
a decision between several possible resource alloca- relies upon subjective evaluations and perspec-
tions, using capital budgeting methods, or through tives. 20
the more qualitative lens of strategic program port- Table 1 examined four important cascading tools
folios.11 But in order to allocate resources effectively, that are currently in wide use. Other scholars have
companies must combine considerations of strategic emphasized the importance of alignment, the need for
action portfolios, financial circumstances, and com- employees to understand, and identify with, the over-
pany culture.12 arching goals, so that their actions will strengthen the
Agency theorists observed that the firm’s objec- company’s strategic position.21 Managerial recommen-
tive might not be that of the employee (agent), and dations tend to echo the concerns raised in the theoret-
suggested that compensation and incentives might ical literature that aligned measures must be subject to
be important to aligning strategies.13 A famous paper modification from the bottom-up in response to chang-
foreshadowed the dangers of untargeted incentives, es and new ideas.22 Our cascading tree proposal fulfills
demonstrating the fallacy of “rewarding A while hop- these needs. There is also a long-standing discussion
ing for B.”14 of the measures that influence behavior. For example,
Other scholars approached strategic alignment as FAST (frequently discussed, ambitious, specific, and
a problem of communication and coordination. They transparent) measures have supplanted the previously
argued that, while rewards and metrics cannot be popular SMART (specific, measurable, achievable, re-
viewed independently from strategy and structure,15 alistic, and time-bound) model.23 While this discussion
the firm must decide what to communicate to its em- is certainly important, it does not directly address the
ployees as strategy, and then use what has been com- problem of alignment. Indeed, as we have described,
municated to drive reward systems.16 The clarity with some companies have chosen to reduce the specificity
which a strategy is explained to organizational units is and direct consequences of performance measures in
thus a key enabler.17 Moreover, both vertical alignment order to achieve collaboration throughout the compa-
and horizontal communication and collaboration are ny and support the (fuzzier) whole.
38 Volume 01 | Issue 01 | Winter 2021 | MBREndnotes 1. We observed this for the first time many most advanced discussion of their strategy 11. Harris, M., Kriebel, C. H., Raviv, A. 1982. Asym- processes: top-down, bottom-up, and the years ago when it was used by a successful cascading process is in Kaplan, R. S., Nor- metric Information, Incentives and Intrafirm value of strategic buckets. Management leader, Dr. Jessen, at Festo. ton, D. P. 2008. Execution Premium: Linking Resource Allocation. Management Science Science 61(2), 391–412. 2. Cross-functional collaboration is illustrated Strategy to Operations for Competitive Ad- 28(6), 604–620. See also Cooper, R. G., Edg- 18. See Sting et al. 2016, from Endnote ii. in a case study of changing manufacturing vantage. Boston: HBS Press. ett, S. J., Kleinschmidt, E. 2001. Portfolio Man- 19. Saaty, T. L. 1980. The Analytic Hierarchy Pro- lines to maintain the productivity of aging 6. Tennant, C., Roberts, P. 2001. Hoshin Kanri: agement for New Products. Perseus. cess, New York: McGraw Hill; Wind, Y. Saaty, employees, in Loch, C. H., Sting, F. J., Bauer, a tool for strategic policy deployment. 12. Loch, C. H., Kavadias, S. 2011. Implementing T. L. 1980. Marketing Applications of the N. N., Mauermann, H. H. 2010. How BMW is Knowledge and Process Management 8(4), Strategy Through Projects. Chapter 8. In: Analytic Hierarchy Process. Management defusing the demographic time bomb. Har- 262–269. See also Waldo, W. 2019. The seven Morris, P., Pinto, J., Söderlund, J. (eds.), The Science 26, 641–658. vard Business Review, 88(3), 99–102. The steps of Hoshin Kanri Planning. Lean Meth- Oxford Handbook on the Management of 20. Dyer, J. S. 1990. Remarks on the Analytic wider need for horizontal collaboration is ods Group, https://www.leanmethods.com/ Projects. Oxford: Oxford University Press, Hierarchy Process. Management Science documented in Sting, F. J., Loch, C. H. 2016. resources/articles/seven-steps-hoshin- 224–251. 36(3), 249–258. Implementing Operations Strategy: How planning/ 13. Very influential early work in this stream 21. Examples are shown in: Kim, W. C., Maubor- Vertical and Horizontal Coordination Inter- 7. Grove, A. S. 1985. High Output Management. were Grossman, S., Hart, O. 1983. An Analy- gne, R. 2015. Closing the Gap Between Blue act. Production and Operations Management London: Vintage. Later discussions can be sis of the Principal-Agent Problem. Econo- Ocean Strategy and Execution, HBR.org 05. 25(7), 1177–1193. found in Zhou, H., He, Y. 2018. Comparative metrica 51(1), 7–45; and Holmström, B. 1979. February 2015, adapted from: Blue Ocean 3. This has been shown in Kim, Y. H., Sting, F. study of OKR and KPI. International Confer- Moral Hazard and Observability. Bell Journal Strategy, Expanded Edition: How to Create J., Loch, C. H. 2014. Top-down, bottom-up, or ence on E-Commerce and Contemporary of Economics 10(1), 74–91. Uncontested Market Space and Make the both? Toward an integrative perspective on Economic Development, ISBN 978-1-60595- 14. Kerr, S. 1975. On the Folly of Rewarding A, Competition Irrelevant, HBS Press 2015; operations strategy formation. Journal of 552-0; and Google’s OKR Playbook at While Hoping for B. The Academy of Manage- Loch, C. H., Tapper, S. 2002. Implementing Operations Management, 32(7–8), 462–474. https://www.whatmatters.com/resources/ ment Journal 18(4), 769–783. a Strategy-Driven Performance Measure- 4. Sting, F. J., Fuchs C., Schlickel M., Alexy O. googles-okr-playbook. 15. Galbraith, J. R. 1974. Organization Design: ment System for an Applied Research Group. 2019. How to Overcome the Bias We Have 8. Bungay, S. 2011. How to make the most of An Information Processing View. Interfaces Journal of Product Innovation Management Toward Our Own Ideas. Harvard Business your company’s strategy. Harvard Business 4(3), 28–36. 19, 185–198; and Rucci, A. J., Kirn, S. P., Quinn. Review, Online. Review 89, January–February, 132–140. 16. Rotemberg, J., Saloner, G. 1994. Benefits of R. T. 1998. The Employee-Customer-Profit 5. Kaplan, R. S., Norton, D. P. 1992. The Bal- 9. See Sting et al. 2016, from Endnote ii. Narrow Business Strategies. American Eco- Chain at Sears. Harvard Business Review anced Scorecard: Measures that Drive 10. Bower, J. L. 1970. Managing the Resource nomic Review 84(5), 1330–49. 76(1) (Jan–Feb), 83–97. Performance. Harvard Business Review Allocation Process, Boston: HBS Press. See 17. Hutchison-Krupat, J. 2018. Communication, 22. Sull, D., Homkes, R. Sull, C. 2015. Why Strategy (January–February), 71–79; Kaplan, R. S., also Burgelman, R. A. 1983. A Process Model incentives, and the execution of a strate- Execution Unravels—and What to Do About Norton, D. P. 2000. Having Trouble with your of Internal Corporate Venturing in the Diver- gic initiative, Management Science 64(7), It. Harvard Business Review, March, 2–10. Strategy? Then Map It. Harvard Business sified Major Firm. Administrative Science 3380–3399; and Hutchison-Krupat, J., Kava- 23. Sull, D., Sull, C. 2018. With Goals, FAST Beats Review, September–October, 167–176. The Quarterly 28, 223–244. dias, S. 2015. Strategic resource allocation SMART. MIT Sloan Management Review. MBR | Winter 2021 | Volume 01 | Issue 01 39
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