In-depth Analysis of Mosaic Company - Case Study Example

Abstract The Mosaic Company is a leading international combined producer and marketer of concentrated phosphate and potash. It is situated in Plymouth, Minnesota. Launched in October 2005, mosaic was formed as a merger between IMC global a fertilizer company formed in 1909 and Cargill’s Potash and phosphate are two key crop nutrients. Mosaic mines two key crop nutrients i.e. potash and phosphate- and produces specialty products MicroEssentials, Pegasus and K-Mag. It is the largest U.S. producer of Potash and Phosphate fertilizer. This paper tries to focus on the Mosaic Company and its main economic activity. The paper delivers an indepth analysis of the company. Table of content 1.0. Abstract 1 Introduction 2 1. Module One Company and Product/Service Situation Analysis 2 Phosphate 4 Business model 7 International markets versus domestic market? 11 Introduction 1. Module One Company and Product/Service Situation Analysis Company overview The Mosaic Company is a leading international combined producer and marketer of concentrated phosphate and potash. It is situated in Plymouth, Minnesota. Launched in October 2005, mosaic was formed as a merger between IMC global a fertilizer company formed in 1909 and Cargill’s Potash and phosphate are two key crop nutrients. Mosaic mines two key crop nutrients i.e. potash and phosphate- and produces specialty products MicroEssentials, Pegasus and K-Mag. It is the largest U.S. producer of Potash and Phosphate fertilizer. The company is a both a producer and marketer of concentrated phosphate and potash. This has enabled the company to grow to greater heights. Mosaic’s customer base includes retail dealers, wholesalers and individual growers in more than 40 countries. As a company that makes all its business decisions and investments with the aim of making the owner (shareholder) better off financially while maximizing its market share in consideration to the stakeholders its main aim is to help the world grow enough food that it needs. This was through growing potash and phosphate line food production in line with the increasing market demand, by helping growers and retailer understand how a balanced soil leads to stronger crops and higher yields. Product export Across the world, production is at a higher risk in many farm fields due to unbalanced fertilization especially when replacing harvested nutrients or building and sustaining the soil ph. However, it’s proven that the use of balanced fertilization between phosphates and potash is the best management practice. In the United states, Canada and Africa recent soil tests indicate that over 60% of the states and provinces, 40% or more of the analyzed soils samples tests medium or lower in soil test potassium and phosphorous , this indicates that the two nutrients need are not being met in many farms. For example phosphorous plays a critical role in photosynthesis, genetic coding and energy transfer in plants while potassium is essential in enzyme activation water use, transport of sugars, protein synthesis and starch synthesis in plants. Moreover potassium like phosphorous is essential in nitrogen fixation in legumes. Therefore the combination of two nutrients in the soil will lead to greater potassium and nitrogen uptake and less residual soil nitrogen that can in turn be an environmental hazard (Pendlebury & Groves, 2004, pg 45). Potash In terms of quantity of potash, the company is characterized by 9.3 tonnes of operational capacity. This excludes a tolling agreement. Mosaic company is on the growing trend and with the completion of several expansion projects; the company expects to have an annual operational capacity estimated to reach the 15 million tonnes by 2021. In total, the company operates five potash mines. As highlighted above, Mosaic company is the 4th largest producer of potash globally. The company sells this product throughout North America and internationally; basically as fertilizer, industrial application and to some extent as animals feed ingredients. The company accounts for 13% of global potash production and 42% of potash production in North America. Phosphate Apart from the potash, the company is also listed as the largest producer and exporter of finished phosphate products. It is characterized by a worldwide distribution network made up of plants, warehouse, port facilities and sales offices. To be precise, 1/3 of the company’s phosphate is shipped within North America. However, the remaining phosphate products are exported globally via PhosChem, an export association and through the company’s own distribution channel. The phosphate market is a global market with China and India being taking the larger share of demand. It is expected that long-term phosphate demand would trend to a 2.5-3.0% global growth rate. Financial overview of Mosaic In the 3rd quarter of 2013, the company reported diluted earnings per share (EPS) of $0.29 on revenues of $1.9 billion. This was a positive growth as compared to same period last year when the company reported an EPS of $.98 on revenue of $2.6 billion. During the 4th quarter, the company projects its potash sales to total 1.5 million to 1.9 million tonnes at an average realized price ranging from $285 to $310. It is worth noting that the gross margin in the potash sales in the 3rd quarter was at 35% and this is projected to be 20% in the 4th quarter. In terms of phosphates, the sales are expected to rise to 2.9 million from 2.5 million for the 4th quarter at an average realized price of $370 to $ 400 per tonne. However, the gross margin is forecasted to be flat with the prior quarter, at 14%. Key statistics Valuation Measures   Market Cap (intraday)5: 20.50B Enterprise Value (Nov 12, 2013)3: 18.14B Trailing P/E (ttm, intraday): 10.89 Forward P/E (fye May 31, 2015)1: N/A PEG Ratio (5 yr expected)1: N/A Price/Sales (ttm): 2.06 Price/Book (mrq): 1.51 Enterprise Value/Revenue (ttm)3: 1.82 Enterprise Value/EBITDA (ttm)6: 6.22 Financial Highlights   Fiscal Year Fiscal Year Ends: May 31 Most Recent Quarter (mrq): Sep 30, 2013 Profitability Profit Margin (ttm): 18.94% Operating Margin (ttm): 22.85% Management Effectiveness Return on Assets (ttm): 8.19% Return on Equity (ttm): 14.87% Income Statement Revenue (ttm): 9.97B Revenue Per Share (ttm): 23.43 Qtrly Revenue Growth (yoy): -23.80% Gross Profit (ttm): 2.76B EBITDA (ttm)6: 2.92B Net Income Avl to Common (ttm): 1.89B Diluted EPS (ttm): 4.42 Qtrly Earnings Growth (yoy): -71.00% Balance Sheet Total Cash (mrq): 3.34B Total Cash Per Share (mrq): 7.84 Total Debt (mrq): 1.03B Total Debt/Equity (mrq): 7.58 Current Ratio (mrq): 3.90 Book Value Per Share (mrq): 31.77 Cash Flow Statement Operating Cash Flow (ttm): 1.89B Levered Free Cash Flow (ttm): -86.51M Business model A business model refers to the rationale of how an enterprise delivers, develops and captures value such as economic, cultural and social value. Mosaic company is the world largest producer of phosphate and second largest producer of Potash. It operates within 3 business segments namely; phosphates, potash and offshore industries. The phosphates industry-which is within the company’s business model-produce phosphate fertilizer and feed phosphate that are important in the production of crop nutrients and animal feed nutrients respectively. Mosaic’s phosphate rock production was estimated to be 15.8 million tonnes in the fiscal year 2008. Virtually, central Florida host all the company’s phosphate mines. The company’s core phosphate fertilizers are monoammonium phosphate, diammonium phosphate and Granular triple superphosphate. The potash segment of the business is responsible for mining and processing potash that is used in the manufacture of crop nutrients and animals feed ingredients. In addition, the potash is used in industries across Canada and the USA. Potash is produced and sold internationally with other applications used for de-icing and as water softener regenerates. On the other hand, Mosaic offshore industry segment produces and markets fertilizer products that include potash, phosphate and nitrogen-based crop nutrients. Advantages of exporting The first reason for mosaic company to export is quite compelling; to increase its sale and profits. The company has the opportunity to supply and sale potassium and phosphorus products in markets that never existed before which increases its sales and thus leads to high returns on investment. In addition, it also enhances domestic competitiveness; increasing the market share and being more diversified; this is through the spread of the risks that might have been faced by the company should it had concentrated on the domestic market alone. For example compensation of seasonal demands for the fertilizer since it is required seasonally. Exportation of the products creates room for the company’s expansion. It has also helped the company to expand the life cycle of its products in spite of the stiff competition it faces from both domestic and other foreign companies that produce the same line of products or close substitutes (Pendlebury & Groves, 2004, pg 90). It also creates employment across the world, for example the extensive officers that are required in different foreign countries. Disadvantages of exports In spite the advantages that do outweigh the disadvantages; extra costs incurred in identifying, penetrating and establishing of the products remains a major concern in developing new markets with longer payback periods. In the spirit of the mosaic company’s laid responsibility of community responsibility, sustainability, awards and recognition as a form of product modification also adds an element of extra cost of production to the product. 1.2: Current market profile The mosaic company has an operational capacity of over 9million tones that servers the Canadian markets, United States and Africa. The main objective is to reach the sole farmer(s), wholesaler and retailer, by optimizing mosaics position in the industry and capturing opportunity aggressively, cost effectively and always being flexible with the circumstances in the market (ZOU, KIM & CAVUSGIL 2009, pg55). This is also achieved through reaching their clients with products that are not indifferent from one market to another despite being used in different seasons and at different ratios. In Africa over the past three years food security and economic crises have led to the urgent need to invent and plan or develop a sustainable agricultural system because many people lack access to food, with this trend at one time the total population will surpass the available recourses in form of food which are being increasingly challenged by water scarcity and climate change. This lays the platform to every individual in Africa being a player either directly or indirectly. For example there is a new vision for agriculture initiative led by consumer industries of the world; mosaic being one of it. In the northern states of America a record drought was among the record epidemic farmers faced last year. With dwindling sales from key international markets even made the situation worse for fertilizer companies, Mosaic company depends on foreign markets. Canada being one of the major places that Mosaic operates and in the spirit of social cooperate responsibility the company donated 2million US dollars to the ducks unlimited Canada .Through this they are able to reach through experience, expertise and guidance to reach their target markets which are farmers. In September 2013, Mosaic reduced its quarterly forecast for phosphate and potash sales and prices. This was because of cautiousness caused by the breakup of Belarusian Potash Company which resulted to softening of the domestic and international crop nutrient markets. According to the company’s statement, the company expects potash sales volume to hit 1.45 million to 1.65 million tones as opposed to the earlier projection of 1.8 million to 2.1 million tons. The statement also indicated that the prices are expected to be between $330 and $340. The strengthening and weakening of dollar and rupee respectively, have led to falling of demand of potash from India. India is regarded as the major importer of potash. In addition, the falling of prices has also resulted to cut in demand for potash in China and India. These situations have influenced the decision of distributors to be cautious hence holding off their purchase until the situation improves. However, the experts expect this decline in prices to be short-term, and the long-term prospects to be positive. The company’s $7 billion Saudi Arabian joint business is expected to improve its growth in phosphate segment. Additionally, long-term industry drivers in the emerging markets such as increasing population and declining supply of agricultural land will lead to demand for higher crop yields. This will in return favor the production of fertilizers. Being a member of Agricultural Chemicals industry, Mosaic faces stiff competition mainly from public companies such as Agrium Inc. (AGU), Potash Corp of Saskatchewan Inc. (POT), El DuPont de Nemours & Co. (DD), Dow Chemicals Co. (DOW), Total SA (TOT) and BASF SE ADS (BASFY.PK). The company also faces stiff competition from private companies such as Mitsubishi Chemical Corporation, Yara International ASA, Shell Chemicals Limited, ExxonMobil Chemical Company and Formosa Plastics Corporation. International markets versus domestic market? The phosphate market is a global market, with developing countries-especially China and India-construed as the largest consumer of the product. Market experts expect long-term phosphate demand to be on the increase to trend at a 2.5% to 3.0% global growth rate. The potash market is also a global market whereby the developing countries constituting the better part of the demand pie. However, because of its flexibility on agricultural use, potash can be a discretionary nutrient for farmers during cost-conscious times and hence its use on land can sometimes be skipped. Market experts predict a long-term potash demand to grow at a global rate equivalent to 2.5% to 3.5%. The figures below show the world processed phosphate shipments and world muriate of potash shipments respectively. 1.3. Product service industry analysis The increased global population offers the best market for Mosaic’s products. However, there is no product without a substitute and biofuel production crop requirements are the immediate substitutes of concentrated phosphate and potash. Biofuels offers competition to concentrated phosphate and potash because they are so cheap and readily available. In addition, they are environmental friendly unlike the concentrated potassium and phosphorous fertilizer which alters the soil ph. if not used in the recommended criteria. The disadvantages of these organic manure or fertilizer are that they cannot be used on large scale farming. Mostly they obtained in small quantities therefore they are hard to apply on large tracks of land where a farmer practices large scale farming. The main competitors to these products are the Potash co-operation of Saskatchewan Inc., Israel chemicals limited and OSSC Uralkali. The main competitive advantages of Mosaic Company over these competitors are the constant review of production and consumption trends, quality of the fertilizer and fertilizer subsidy programs through different bodies in their target markets. For example, in Africa through ECOWAS offers the much desired market for the products (ZOU, KIM & CAVUSGIL 2009, pg34). In addition, Mosaic employs extensive product education programs to the targeted consumer and through this it helps improve customer loyalty to the company. Through mass production the company is able to enjoy huge economies of scale and therefore able to offer their products in the market at a low price. This encourages sales given the universal economic crisis where every individual is willing to buy the best quality products at the lowest price possible. 1.4. The SWOT analysis The SWOT analysis is a major strategic planning tool that stands for strength, weakness, opportunities and threats. The Mosaic Company-SWOT analysis examines the company’s business structure and operations. In addition, the SWOT analysis enlightens the company’s revenue lines and strategy. The main strength is vast and strong capital base. This gives Mosaic a good platform to engage in mass production and enjoy economies of scale hence they end up cutting on their costs of production thus availing high quality products to their target markets at affordable prices (DOOLE & LOWE 2008, pg99). Through their extensive agricultural programs, the company is able to reach the grass root consumer of its products. This increases its market share as consumers become loyal to the products. Good management portrayed by Jim T. Prokopanko has enabled the company to have a good public relation within its staff and the outside environment. Motivation, job appraisals, rewards and recognition has been the key internal strength to this company among the employees who work towards a common global goal the geographical location. These employees are the first customers to the company because of the fact that they understand the products better than anyone else. In relation, to this the company can steer use of an organic food popularity campaign. Globally there are several bodies that are campaigning for an increase in food production for population sustainability. For example the World Food Organization is raising concern over the same and it encourages increased production which can be achieved through use of the mosaic fertilizer products. Many farmers who are the major consumers are opting to use other simple methods of fertilizer like farm yard manure instead of the manufactured one. There is also an upward trend of in organic food consumption due to their affordable prices, this also offers a strong challenge in the market, lastly the over increasing population growth that encroaches arable land leading to less land for farming (HART 2003, pg156). The table below represents the summary of the company’s SWOT analysis. Strengths Strong market position Demand for products is sustainable Well diversified international sales Weakness Vulnerability of production facilities Work safety Natural disaster Federal permits or mining rights Opportunity Strong potential growth in fertilizer market Joint ventures to gain phosphate mines outside of North America Increase in long term contracts Threats Increase in competition from: PotashCorp, if BHP leaves Canpotex after successful acquisition State-owned producers in emerging markets Tightening of environmental regulatory policies Unpredictable climates Module 2: Global market research South Africa is among the four countries that are ranked as upper-middle income economies by the Word Bank. Its economy is the largest in Africa. According to the latest economic survey by World Bank, a quarter of South Africa’s population is unemployed and this rate is estimated to be at 40%. A quarter of its population lives on less than $1.25 per day. The country has a comparative advantage in the production of Agriculture as compared to other sectors. This makes it one of the important target markets for Mosaic company products. The country moved to secondary from a primary economy in the recent past and hence its economy is basically driven by tertiary sector. The tertiary sector accounts for 65% of GDP which translates to $230 billion in nominal GDP terms. As per the year ending 2012, the country had a GDP of $585.6 billion and a growth rate of +2.6%. The per capita income stood at $11,035 with 5% inflation rate. The labor force stands at 17.89 million with unemployment rate of 25.2% for the 1st Quarter of 2013. The exports are $101.2 billion and the imports stands at $106.8 billion. In Africa one of the main target countries is South Africa which has an a population of about 52 million people of diverse origins with almost 30 percent of the population being children of age under 15 years, 65% of up to 64 years and 5% of over 65 years (HART 2003, pg56). The current economic freedom of about 61.8% has been steered by a more open economic system hence relatively competitive trade regimes. In addition, South Africa has top income tax of 40% and top cooperate tax of 28%.Value added tax and overall tax burdens accumulate to 23.8%. South Africa has the infrastructure of a fully developed country with a huge electricity expansion program underway and the most developed communication network on the continent Africa (HART 2003, pg6). In terms of ease of doing business, South Africa is ranked 39th across the world. The main industries are mining, commercial ship repair, metalworking, machinery, gold mining, chromium and agriculture. Canada’s economic freedom score is 79.4 making its economy the 6th freest-according to 2013 index. In is the freest economy in North America. Its population is 34.4 million with a GDP of $1.4 trillion. The economic growth stands at 2.5% with $40,541 per capita. The unemployment rate is 7.4% and its inflation is 2.9% coupled with $40.9 billion FDI inflow. The country’s economy has been resilient, and this is attributed to strong commitment to open-market policies that facilitate global trade and investment inflows. Canada is also the target market with a population of over 34 million people; 16% aged below 14 years, 69% up to 64years and 15% over 65 years. Infrastructure wise, Canada is the lead federal department responsible for infrastructure policy development and programs delivery. These are achieved through Economic development agencies that have the responsibilities of promoting short-long term development of regional strategies in all sectors of the economy and agriculture being one of them (HART 2003, pg86). This has enabled Canada to have the highest economic freedom and also being the 11th richest economy in the world with international trade making the large part of its economy. With agricultural, energy, forestry and mining exports accounting for about 58% of Canada’s exports with agriculture leading, as Canada is one of the largest exporter of agricultural products; especially wheat and other grains to the United States and Asia (Paul & Kapoor 2008, pg134). The regulatory framework of Canada is very competitive and this has been the motivating factor in business formation and operation. Without minimal capital standards, there is one requirement needed to start a company. Employment and productivity growth are enhanced by flexible labor regulations. As shown above, there is minimal inflation with minimal price controls from the government. The country is characterized by competitive trade regime with tariff and non-tariff barriers averaging 0.9%. Canada’s flexibility and openness help maintain the dynamic investment environment. The remarkable banking sector remains stable despite the global financial challenges. China is another target market for Mosaic company. Being the largest country in the world, China’s population is over 1344 million according to the 2010 census. Its population growth is 0.47% with its population generally being described as young population. The age structure of China is: 0-14 years (17.4%), 15-24 years (16.1%), 25-54 years (46.5%), 55-64 years (10.9%), 65 years and over (9.1%). The unemployment rate of China stands at 15% with human development index of 0.7. The consumer expenditure of China is as follows: food 45.6% (37.1%), household furnishings 4.2% (6.3%), education and recreation 12.1% (14.4%), housing 15.9% (10.7%), medicine and medical service 6.0% (7.1%), transportation and communications 8.4% (11.1%), clothing 5.7% (9.8%), The GDP stands at $5.6 trillion while per capital income is U.S. $1,398. The inflation rate stands at 8% and its exchange rate is determined freely. China has experienced development in infrastructure; ranging from communication and transport systems. Agriculture plays a vital role in the country hence there is large allocation towards agricultural production. The political system is very stable hence a more favorable environment for business. There is also freedom in trade with ease in tariffs and duties. In a more general way, China ranks first followed by Canada and then S. Africa in terms of target markets. Module 3: In-Depth Market Analysis and Selection of target market According to the research in relation to timely information, competition, strategies and opportunities regarding the market environments, South African market has been given a big boost through the reforms of agricultural market. Here agriculture is embraced on a national scope. Initially it was embraced in four provinces - Eastern Cape, KwaZulu Natal, Limpopo and Mpumalanga - with both high prevalence of rural poverty and greater opportunities for agricultural development. This sum up to 59% of the rural population which is a strong base for agriculture and thus market for the agricultural products. However in comparison to this, in Canada’s market, there is an already established free flow of information in the market (Paul & Kapoor 2008, pg88). The more diversified technology in the market helps in developing an analytical framework that assists role players (the firm and its target customers) in agriculture with information on how agro-economic variables such as, agricultural policies, regional demand, product distribution, competitive advantage and trade liberalization can be embraced by the firm. This makes the Canadian market to be slightly better off but the South Africa’s has some long-term laid prospects, making it a better market too (Paul & Kapoor 2008, pg14). The high population in China makes it a greater consumer of Agricultural products. The amount of funds directed towards Agriculture is greater than that in S. Africa or Canada. Among the three countries, China has higher GDP though Canada has high per capita income. In terms of infrastructural development, Canada is rank first among the three countries. S. Africa is also a good target market, but I think China overweighs all the countries in terms of high population that demands and consumes agricultural products. In this regard, China is ranked first followed by Canada and S. Africa in terms of target market for Mosaic Company. Module 4 Entry Strategy 4.1. Distribution strategy Market strategies are planned methods of delivering the potash and phosphorous fertilizer and animal products to the target markets of South Africa and Canada and distributing them there when they are needed (Paul & Kapoor 2008, pg74). Whereas the goal of each and every business enterprise is to serve a global market better that its competitor, there is nothing as important as having a physical presence in key areas around the world. Mosaic company adopts an extensive global distribution network. This enables the company to exhibit an unparalleled advantage in efficiently moving products globally. Mosaic company’s distribution operations and port facilities in several countries are located in prime growth regions especially Brazil, Argentina, India and China. This exposes the company to various regions globally thereby providing the opportunity to balance seasonal demand patterns. It ships its products to approximately 40 countries and participates in the world’s largest phosphate and potash export associations. This ensures flexibility in shipping hence improving the way customers’ service. In return, the company is able to maximize its manufacturing operating rates. 4.2. Exchange rate strategy In accordance with Mosaic Company’s business plan, it will be easier to achieve the company’s major objectives through; introduction of new distribution and delivery strategies such as free delivery to volume customers and subscription delivery. Forex risk is a very vital concept that the company has to deal with to ensure smooth operations. Each day, the company’s financial officers across different locations checks on the forward currency contracts bought. To mitigate the foreign exchange risk, the company buys between $10 million and $20 million of forward contracts annually. These hedges saves Mosaic company 12% of revenue, money that would be gone as a result of foreign exchange volatility. Another foreign exchange strategy is through doing business in more than 20 currencies. When the Mosaic company needs to pay out a claim abroad, it builds up deposits in that currency by halting conversions of the annual premiums collected in that currency. However, sometimes the company converts its foreign cash into dollars, except where national regulations demands maintenance of particular currency during transactions. 4.3. Cultural Strategy Mosaic Company faces an increasingly segmented market characterized by cultural heritage, socioeconomics, different language, lifestyles, and education (Sharan 2006, pg77). The company’s management has realized that the success of Mosaic depends on its ability to break through the emotional connect with its customers. Extensive interaction with the customers has helped the company to make significant inroads in the market. The company operates and intends to operate in markets with different cultures; hence the need to effectively recognize and privilege the customers of the respective countries in which it operates. The concept of harmony has worked for Mosaic company. In this regard, the company emphasizes the harmony concept to bring the opposite principles together. In addition, this mechanism is important for transcending paradoxes (Sharan 2006, pg172). 4.4 Marketing strategy The company’s market strategy is through online advertisement. The company also focuses on the print media to market its products (Sharan 2006, pg2). Mosaic marketing management team creates customers and increase sales for its clients basically through taking into account the voice of the end user and decision makers. The notable marketing strategies include; brand image guidelines, visual design, public relations, proper website for marketing and integration of the print and social media. 4.5. Corporate social responsibility This is a very vital part of any multinational company; Mosaic no exception. The company ensures corporate social responsibility through engaging in activities such environmental cleaning, charity works and development of infrastructure in the countries in which it operates (Sharan 2006, pg89). Therefore, the firm takes an initiative to plant trees in order to reduce the effects of air pollution. This is by monitoring its functions in line with the law of the foreign land, ethical standards, agreed norms both international and within the society that it operates in. The increasing growth in global population ensures that food security rank among the world’s highest priorities. Mosaic Company is constantly integrating social, environmental and economic goals into its operations through global awareness, operational efficiency and careful planning. The company is committed to food security through Mosaic Village Projects to help farmers in Guatemala, Africa and India grows more food by providing fertilizer, infrastructure and agronomic training. Conclusion In conclusion a good export or import business that is successful must lay down a realistic business plan that is based on current research on its target markets. Mosaic Company being one of the multinational companies has to be on the driving seat to ensure that it deals with competition appropriately. In doing this, the company has to establish a good marketing strategies and heavy production activities. The employees are also a vital part of the company. On realization of this, the company has established a good working relationship that will ensure employees satisfaction. Bibliography (1999). Mauritius: dynamising export competitiveness. London, Commonwealth Secretariat. BÖHM, A. (2009). The SWOT Analysis. München, GRIN Verlag. DOOLE, I., & LOWE, R. (2008). International marketing strategy: analysis, development and implementation. London, Cengage Learning. GEOLOGICAL SURVEY. (2010). Minerals Yearbook Area Reports: International Review 2007, Latin America and Canada. Geological Survey. HART, S. J. (2003). Marketing changes. London, Thomson. HATTEN, T. S. (2012). Small business management: entrepreneurship and beyond. Mason, OH, South-Western Cengage Learning. HAWKINS, D. E. (2006). Corporate social responsibility balancing tomorrow's sustainability and today's profitability. New York, Palgrave Macmillan. Jenster, P., & Hussey, D. (2001). Company analysis: determining strategic capability. Chichester [u.a.], Wiley. Maguire, M. (2007). ABB Company Analysis. München, GRIN Verlag GmbH. NELSON, C. A. (1999). Exporting: a manager's guide to the world market. London, International Thomson Business. OECD NUCLEAR ENERGY AGENCY. (2000). Nuclear education and training: cause for concern? : a summary report. Paris, France, Nuclear Energy Agency, Organization for Economic Co-operation and Development. Paul, J., & Kapoor, R. (2008). International marketing: text and cases. New Delhi, Tata McGraw-Hill. Pendlebury, M. W., & Groves, R. E. V. (2004). Company accounts: analysis, interpretation and understanding. London, Thomson Learning. RANCHHOD, A., & GURAU, C. (2007). Marketing strategies: a contemporary approach. Harlow [u.a.], Financial Times Prentice Hall. RANCHHOD, A., GAUZENTE, C., & TINSON, J. (2004). Marketing strategies: a twenty-first century approach. Harlow, FT/Prentice Hall. RYAN, D., & JONES, C. (2012). Understanding digital marketing: marketing strategies for engaging the digital generation. Philadelphia, PA, Kogan Page. Sharan, V. (2006). International business Concept, environment and strategy. Delhi, Pearson Education. STOVEL, J. A. (1967). Canada in the world economy. Cambridge, Harvard University Press. THOMPSON, W. C. (2013). Canada 2013. . ZOU, S., KIM, D., & CAVUSGIL, S. T. (2009). Export marketing strategy tactics and skills that work. [New York, N.Y.] (222 East 46th Street, New York, NY 10017), Business Expert Press. "Mosaic Company 2011 Annual Report, Form 10-K, Filing Date July 31, 2012" Read More