Chapter 3

THE EXTERNAL
Presentation 2023

ASSESSMENT
Organization A
 Describe how to conduct an external
strategic-management audit

Objectives: Discuss 10 major external forces

that affect organizations

Describe key sources of external

information, including the Internet

Discuss important forecasting tools

Used in strategic management

Discuss the importance of monitoring

external trends and events.

Explain how to develop an EFE

Matrix

Explain how to develop a Competitive Describe the trend toward

Profile Matrix cooperation among competitors

Discuss the importance of gathering Discuss market commonality and

competitive intelligence resource similarity in relation to
competitive analysis
External Audit
➢ It is the identification and
evaluation of events that cannot be
controlled by the organization.

➢ It reveals key opportunities and

threats confronting an organization
so that managers can formulate
strategies to take advantage of the
opportunities and avoid or reduce
the impact of threats .
Nature of an
External Audit
➢ The purpose of an external audit is to
develop a finite list of
opportunities that could benefit
a firm and threats that should be
avoided.

➢ As the term finite suggests, the

external audit is not aimed at
developing an exhaustive list of every
possible factor that could influence
the business; rather, it is aimed at
identifying key variables that
offer actionable responses.
 01 Economic
forces

02 Social, Cultural,
Demographic, and Natural
Environmental Forces

Key 03 Political, Governmenta l,

External and Legal Forces

Forces 04 Technological
Forces

05 Competitive
Forces
The Process of
Performing an External
Audit
To perform an external audit:

A company must first gather competitive intelligence and

information about economic, social, cultural,
demographic, environmental, political, governmental,
legal and technological trends
Once information is gathered, it should be assimilated and
evaluated
A final list of the most important key external factors
should be communicated and distributed widely
Freund emphasized that these
key external factors should be:

01
Important to achieving long-term and annual objectives
02
Measurable
03
Applicable to all competing firms
04
Hierarchical in the sense that some will pertain to the
overall company and others will be more narrowly focused
on functional or divisional areas
The Industrial
Organization (I/O) View
➢ The Industrial Organization approach to competitive
advantage advocate that external (industry) factors
are more important than internal factors in a firm
achieving competitive advantage.

➢ Proponents of the I/O view, such as Michael Porter

contend that organizational performance will be
primarily determined by industry forces.

➢ Firm performance, they contend, is primarily based

more on industry properties, such as economies of
scale, barriers to market entry, product
differentiation, the economy, and the level of
competitiveness .
 10 Major External Forces that
Affect Organizations: Economic, Social,
Cultural, Demographic, Environmental,
Political, Governmental, Legal,
Technological, and Competitive
 External Forces can be
divided into five categories:
 Economic Forces

Economic Factors have a direct impact on

the potential attractiveness of various
strategies. For instance, when the interest
rate rise, funds needed for capital expansion
become more costly and unavailable.
 Social, Cultural, Demographic,
and Natural Environment Forces
➢ The changes of Social, Cultural, Demographic, and Natural
Environment Forces have a major impact on virtually all products,
services, markets, and customers.

➢ Small, Large, for-profit, and nonprofit organizations in all industries

are being staggered and challenged by the opportunities and threats
arising from changes in social, cultural, demographic, and
environmental variables.
 Social, Cultural, Demographic,
and Natural Environment Forces
➢ The United States is getting older and less white. The oldest member
of America’s 76 million baby boomers plan to retire in 2011, and this
has lawmakers and younger taxpayers deeply concerned about who
will pay their Social Security, Medicare, and Medicaid.

➢ Social, cultural, demographic, and environmental trends are shaping

the way Americans live, work, produce, and consume. New trends are
creating a different type of consumer and, consequently, a need for
different products, different services, and different strategies
 Political, Governmental, and
Legal Forces
➢ Federal, state, local, and foreign governments are major regulators,
deregulators, subsidizers, employers, and customers of organization.

➢ For industries and firms that depend heavily on government contracts

and subsidies, political forecasts can be the most important part of
external audit.

➢ Changes in patent laws, antitrust legislation, tax rates, and lobbying

activities can affect firms significantly.
 Political, Governmental, and
Legal Forces
➢ The increasing global interdependence among economies, markets,
governments, and organization makes it imperative that firms
consider the possible impact of political variables on the formulation
and implementation of competitive strategies.

➢ Governments are taking control of more and more companies as the

global economic recession cripples firms considered vital to the
nation’s financial stability
 Some Political, Governmental,
and Legal Variables

➢ Local, state, and federal laws; regulatory agencies; and special groups
can have major impact on the strategies of small, large, for-profit,
and nonprofit organizations.

➢ Many companies have altered or abandoned strategies in the past

because of political or governmental actions
 Technological Forces

“There is a lot of conflict between technology and content,

Chris has successfully brought both together”- Doug Morris, CEO
of Universal Music Group.

➢ The internet has changed the very nature of opportunities and threats
by altering life cycles of products, increasing speed of distribution,
creating new products and services, erasing limitations of traditional
geographic markets, and changing the historical trade-off between
production standardization and flexibility.
 Technological Forces

➢ The Internet is altering economies of scale, changing entry barriers,

and redefining the relationship between industries and various
suppliers, creditors, customers, and competitors.

➢ Technological Forces- The influences that developments in

technology have on consumers, business and society in general.
 Competitive Forces
➢ Competitive Forces- are the factors and variables that threaten a
company's profitability and prevent its growth. They are generally
grouped into two categories: Direct forces that determine how low the
floor can go for price competition.

➢ An important part of an external audit is identifying rival firms and

determining their strengths, weaknesses, capabilities, opportunities,
threats, objectives, and strategies
 Competitive Forces

➢ Characteristics of the most competitive companies:

1. Market share matters
2. Understand and remember precisely what business you are in
3. Whether it’s broke or not, fix it- make it better
4. Innovate or evaporate
5. Acquisition is essential to growth
6. People make a difference
7. There is no substitute for quality
 KEY SOURCES OF EXTERNAL
INFORMATION, INCLUDING THE
INTERNET
Sources of External
Information
➢ A wealth of strategic information is
available to organizations from both
PUBLISHED and UNPUBLISHED
sources.

➢ UNPUBLISHED SOURCES include

customer surveys, market research,
speeches at professional and
shareholders' meetings, television
programs, interviews, and
conversations with stakeholders.
Sources of External
Information
➢ PUBLISHED SOURCES of strategic
information include periodicals,
journals, reports, government
documents, abstracts, books, directories,
news- papers, and manuals.
Sources of External
Information
➢ The Internet has made it easier for firms
to gather, assimilate, and evaluate
information. There are many excellent
Web sites for gathering strategic
information, but six that the author uses
routinely are listed here:
1.http://marketwatch.multexinvestor.com
2. http://moneycentral.msn.com
3. http://finance.yahoo.com
4. www.clearstation.com
5.https://us.etrade.com/e/t/invest/market
s
6. www.hoovers.com
Sources of External
Information
➢ Most college libraries subscribe to Standard & Poor's (S&P's)
Industry Surveys. These documents are exceptionally up-to-
date and give valuable information about many different
industries. Each report is authored by a Standard & Poor's
industry research analyst and includes the following sections:
1. Current Environment
2. Industry Trends
3. How the Industry Operates
4. Key Industry Ratios and Statistics
5. How to Analyze a Company
6. Glossary of Industry Terms
7. Additional Industry Information
8. References
9. Comparative Company Financial Analysis
Important forecasting
tools used in strategic
management
 Forecasting Tools and
Techniques
Forecasts
➢ Are educated assumptions about future trends and events
Forecasting
➢ Is a complex activity because of factors such as
technological innovation, cultural changes, new
products, improved services, stronger competitors,
shifts in government priorities, changing social values,
unstable economic conditions, and unforeseen events
➢ Is so important strategic management and because the
ability to forecast (in contrast to the ability to use a
forecast) is essential, selected forecasting tools are
examined further.
Forecasting Techniques

➢ There are several business forecasting methods that might

work for your business that will help you understand past
trends and potential demand. The right technique might
depend on what industry is using it. Here are some of the
general forecasting models often used by businesses.

➢ Forecasting tools can be broadly categorized into two

groups: Quantitative Techniques and Qualitative
Techniques
Quantitative Techniques

➢ Most appropriate when historical data are available and

when the relationships among key variables are expected to
remain the same in the future.

➢ Quantitative methods forecast the future through

looking at past data. This measurable, method-based,
analytical mode is appropriate for several statistical
forecasting needs, including short-term goals and planning.
Qualitative Techniques

➢ This method is appropriate where no hard data is available.

Startups, for instance, can’t project against past data,
because there is no past data for their business. They must
use a subjective approach then, that looks at the industry,
market research, and relies on opinions of industry experts.
Casual Methods

➢ This kind of forecasting is used to try to understand and

predict relationships between things. If there has been a
downturn in sales, is that because of the economy or bad
customer service? Understanding the relationship between
data sets can help to create a better plan going forward.
Forecasting Tools

Time Series
➢ A time series analysis looks at historical data and how
various variables have interacted with one another in the
past. These statistical relationships are then extrapolated
into the future to generate forecasts along with confidence
intervals to understand the likelihood of the actual
outcomes falling within that scope. As with all forecasting
methods, success is not guaranteed.
Forecasting Tools

Delphi Method
➢ The Delphi method of forecasting involves consulting
experts who analyze market conditions to predict a
company's performance.
➢ A facilitator reaches out to those experts with
questionnaires, requesting forecasts of business
performance based on their experience and knowledge. The
facilitator then compiles their analyses and sends them to
other experts for comments. The goal is to continue
circulating them until a consensus is reached.
Forecasting Tools

Market Research
➢ Market research is essential for organizational planning. It
helps business leaders obtain a holistic market view based
on competition, fluctuating conditions, and consumer
patterns. It’s also critical for startups when historical data
isn’t available. New businesses can benefit from financial
forecasting because it’s essential for recruiting investors
and budgeting during the first few months of operation.
Forecasting Tools

Performance metrics
➢ When developing a business forecast, managers should be aware
of their company’s performance indicators. Performance metrics
are essential for monitoring your company’s performance and
revenue. This will help you determine which aspects of your
business need more attention in order to grow.

Some performance indicators are:

• New customers growth,
• Duration of tasks and projects, and
• Sales growth.
• Cash-flow statements
Cash-flow statements show “how much money moved in and
out of business”. The cash-flow statements are one of those
important tools for your business as they will tell you whether
you have enough money to operate your business or not.

Cash-flow statements can also include:

• Selling assets,
• Debt repayments, or
• Grants.
Money that goes into your business includes:
• Employees wages,
• Bills,
• Taxes,
• Maintenance,
• Payments to suppliers, and
• Other expenses.
Forecasting Tools

Organization Chart
➢ An organization chart should do more than simply list your
current staffing needs. If your business will need more
employees in the next year or two, it’s important to forecast
those needs to help set benchmarks for determining when
you will need to hire additional workers in time to train
them and get them online. A small business with only a
handful of employees might forecast when it will need to
departmentalize, having dedicated marketing, finance,
human resources, information technology and sales
departments or managers.
Forecasting Tools

Sales Force Composite

➢ The information and intuition of the salesperson determine
the needs of the customer and estimate the sales in the
particular region or area assigned to the salesperson. This
information is vital in forecasting the needs of the
customer, which can be used to make necessary changes in
the business to meet the needs of the customer and identify
the sales volumes beforehand.
 Importance of Monitoring
External Trends and Events
➢ Social, cultural, demographic, and environmental changes have a
major impact on virtually all products, services, markets, and
customers. Small, large, for-profit, and nonprofit organizations in
all industries are being staggered and challenged by the
opportunities and threats arising from changes in social, cultural,
demographic, and environmental variables. New trends are
creating a different type of consumer and, consequently, a need
for different products, different services, and different strategies.
➢ Monitoring external trends and events is crucial
for businesses to stay competitive and adapt to
the ever-changing business landscape. Here are
some reasons why it is important:

❖ Identifying opportunities: External trends and events can

present new opportunities for businesses. By monitoring these
trends, businesses can identify emerging markets, consumer
needs, and technological advancements, allowing them to
develop new products or services that meet the demands of the
market.
❖ Understanding customer behavior: External
trends and events provide insights into customer
behavior and preferences. By staying aware of
consumer trends, businesses can better understand and
anticipate customer needs, leading to more targeted
marketing strategies and improved customer
satisfaction.

❖ Competitive advantage: Monitoring external trends allows

businesses to stay ahead of their competitors. By being aware of what
competitors are doing and how the market is evolving, businesses can
make informed strategic decisions, such as adjusting pricing,
differentiating their products or services, or entering new markets.
❖ Risk management: External events, such as economic
downturns, regulatory changes, or natural disasters, can
have a significant impact on businesses. By monitoring
external trends, businesses can proactively identify
potential risks and develop contingency plans to mitigate
their impact.

❖ Innovation: External trends often drive innovation in

business. By monitoring technological advancements, market
trends, and societal changes, businesses can identify
opportunities for innovation and adapt their products, services,
or business models accordingly. This allows businesses to stay
relevant and meet the changing demands of customers.
H o w t o d e v e l o p a n External
Factor Evaluation (EFE)
Matrix
Industry Analysis : The
External Factor
Evaluation (EFE) Matrix
➢ An External Factor Evaluation (EFE)
Matrix allows strategists to summarize and
evaluate economic, social, cultural,
demographic, environmental, political,
governmental, legal, technological, and
competitive information.
The EFE Matrix can be
developed in five steps:
1. List key external factors as identified in the
external audit process. Include a total of 15 to 20
factors, including both opportunities and threats,
that affect the firm and its industry. List the
opportunities first and then the threats. Be
specific as possible, using percentages, ratios,
and comparative numbers whenever possible.
Recall that Edward Deming said " In God we
trust. Everyone else bring data."
The EFE Matrix can be
developed in five steps:
2. Assign to each factor a weight that ranges from 0.0
(not important) to 1.0 (very important). The weight
indicates the relative performance of the factor being
successful in the firm's industry. Opportunities often
receive higher weights than threats, but threats can
receive high weights if they are especially severe or
threatening. Appropriate weights can be determined by
comparing successful with unsuccessful competitors or
by discussing the factor and reaching a group
concensus. The sum of all weights assigned to the
factors must equal 1.0.
The EFE Matrix can be
developed in five steps:
3. Assign a rating between 1 and 4 to each key external
factor to indicate how effectively the firm's current
strategies respond to the factor, where 4 = the response is
superior, 3 = the response is above average, 2 = the
response is average, and 1= the response is poor. Ratings
are based on effectiveness of the firm's strategies. Ratings
are thus company-base, whereas the weights in Step 2 are
industry-based. It is important to note that both threats
and opportunities can receive a 1, 2, 3, and 4.
The EFE Matrix can be
developed in five steps:

4. Multiply each factor's weight by its rating to

determine a weighted score.

5. Sum the weighted scores for each variable to

determine the total weighted score for the organization.
 How to develop
Competitive Profile
Matrix(CPM)
Competitive Profile
Matrix (CPM)
➢ identifies a firm’s major competitors and its particular
strengths and weaknesses in relation to a sample firm’s
strategic position.

➢ The matrix identifies a firm’s key competitors and

compares them using industry’s critical success factors.
It reveals company’s relative strengths and weaknesses
against competitors, so a company would know, which
areas it should improve and, which areas to protect.
 01 Critical
Success
Factors

Competitive 02 Weight
Performance
Matrix: KEY 03
COMPONENTS Rating

04 Score and Total

Score
CPM: Key Components
1. Critical Success Factors

➢ These are key attributes that matter or determine success

within your industry. Critical success factors will vary from
industry to industry and be made up of both internal and
external factors.
2. Weighting

➢ Each critical success factor needs to be assigned a weighting from

0.1 to 1.0, with a lower weighting meaning that factor is not
particularly important in determining the success of a business, and
a higher rating meaning that factor is critically important in
determining the success of a business.
CPM: Key Components
3. Score

➢ Now that we have our critical success factors defined and their
importance it’s time to assign a score to each one to show how well a
company for each factor.
➢ • 4 – minor strength
➢ • 3 – minor strength
➢ • 2 – minor weakness
➢ • 1 – major weakness
Total Score

➢ The final step to completing your CPM is to add values of all critical
success factors for each competitor. Doing this will give you a total
score for each competitor.
CPM: Key Components

➢ The company with the highest total score is the company that is
strongest in the marketplace (relative to the other competitors). The
bigger the score differential between one company and another, the
bigger the competitive advantage.

➢ The result of the matrix facilitates decision-making. Companies can

easily decide which areas they should strengthen, protect or what
strategies they should pursue.
The Importance of Gathering
Competitive Intelligence
Competitive Intelligence
Programs
Competitive Intelligence (CI)
- as formally defined by the Society of
Competitive Intelligence Professionals (SCIP),
CI is a systematic and ethical process for
gathering and analyzing information about the
competition’s activities and general business
trends to further a business’s own goals (SCIP
Web site).
Competitive Intelligence
Programs
In April 2009, Starwood Hotels & Resorts Worldwide
sued Hilton Hotels Corp, for allegedly stealing more
than 100,000 confidential electronic and paper
documents containing “Starwood’s most competitively
sensitive information.” The complaint alleges that two
Starwood executives, Ross Klein and Amar Lalvani,
resigned from Starwood to join Hilton and took this
information with them.
Competitive Intelligence
Programs
Many U.S. executives grew up in times when U.S. firms
dominated foreign competitors so much that gathering
competitive intelligence did not seem worth the effort. Too
many of these executives still cling to these attitudes-to the
detriment of their organizations today. Even most MBA
programs do not offer a course in competitive and business
intelligence, thus reinforcing this attitude. As a consequence,
three strong misperceptions about business
intelligence prevail among US. Executives today:
1. Running an intelligence program requires lots of people,
computes, and other resources.
2. Collecting intelligence about competitors violates
antitrust laws; business intelligence equals espionage.
3. Intelligence gathering is an unethical business practice.
The three basic objectives of a
CI program are:

1. To provide a general understanding of an industry and its competitors

2. To identify areas in which competitors are vulnerable and to assess the

impact strategic actions would have on competitors

3. To identify potential moves that a competitor might make that would

endanger a firm’s position in the market

Competitive information is equally applicable for strategy formulation,

implementation, and evaluation decisions.
Competitive Intelligence
Programs

The increasing emphasis on competitive analysis in the

United States is evidenced by corporations putting this
function on their organizational charts under job titles
such as Director of Competitive Analysis, Competitive
Strategy Manager, Director of Information Services, or
Associate Director of Competitive Assessment.
Competitive Intelligence
Programs

Unethical tactics such as bribery, wiretapping, and

computer break-ins should never be used to obtain
information. Marriott and Motorola-two U.S. companies
that do a particularly good job of gathering competitive
intelligence-agree that all the information you could wish
for can be collected without resorting to unethical tactics.
THE TRENDS TOWARDS
COOPERATION AMONG
COMPETITORS
THE TRENDS TOWARDS
COOPERATION AMONG
COMPETITORS
The trend towards cooperation among competitors, often
referred to as "coopetition," has been on the rise in various
industries. Companies are recognizing the benefits of
working together in certain areas while remaining
competitors in others. This trend can be described as
follows:

1. Strategic Alliances: Competitors are forming strategic

alliances to share resources, reduce costs, and jointly
develop new technologies or products. These alliances can
enhance their competitiveness in the market.
2. Industry Standards: In some cases, competitors
collaborate to establish industry standards, ensuring
interoperability and facilitating the growth of the entire
sector. This benefits both consumers and the companies
involved.

3. Research and Development: Coopetition often

extends to research and development efforts. Competing
companies may share research costs and expertise to
accelerate innovation.

4. Supply Chain Optimization: Collaborative efforts in

the supply chain can lead to cost savings, improved
logistics, and better inventory management. Competitors
may even share suppliers or distribution networks.
5. Market Expansion: Companies may partner to enter
new markets or regions where they lack a strong presence.
This allows them to leverage each other's local knowledge
and customer base.

6. Risk Mitigation: By cooperating on certain aspects of

their business, competitors can spread risk and reduce
their exposure to market fluctuations or disruptions.

7. Regulatory Compliance: In highly regulated

industries, competitors might cooperate to meet regulatory
requirements efficiently, saving time and resources.
8. Sustainability Initiatives: Coopetition can extend to
sustainability efforts, where competitors collaborate to
address environmental challenges, such as reducing carbon
emissions or promoting eco-friendly practices.

Overall, the trend towards cooperation among competitors

is driven by the recognition that in an increasingly
complex and interconnected business landscape,
collaboration can yield mutual benefits and foster
innovation while allowing companies to maintain healthy
competition in other areas.
 MARKET COMMONALITY AND
RESOURCES SIMILARITY IN RELATION
TO COMPETITIVE ANALYSIS
MARKET COMMONALITY AND
RESOURCES SIMILARITY

➢ By definition, competitors are firms that offer similar

products and services in the same market.

➢ Markets can be geographic or product areas or segments.

MARKET COMMONALITY AND
RESOURCES SIMILARITY

Market Resource
Commonality Similarity
➢ The number and ➢ The extent to which the type
significance of markets and amount of a firm’s
that a firm competes in internal resources are
with rivals comparable to a rival
The Five-Forces Model of Competition
The Five-Forces
Model of
Competition
1. Identify key aspects or elements of each
competitive force that impact the firm

2. Evaluate how strong and important each elements

is for the firm

3. Decide whether the collective strength of the

elements is worth the firm entering or staying in
the industry
The Five-Forces Model
Of Competition
1. Rivalry among competing firms

➢ a measure of the extent of

competition among existing firms.
Intense rivalry can limit profits and
lead to competitive moves, including
price cutting, increased advertising
expenditures, or spending on
service/product improvements and
innovation.
➢ Most powerful of the five forces
➢ Focus on competitive advantage of
strategies over other firm
The Five-Forces Model
Of Competition
2. Potential Entry of New Competitors

➢ Whenever new firms can easily enter a particular industry, the

intensity of competitiveness among firms increases. Barriers to entry,
however, can include:
▪ Need to gain economies of scale quickly
▪ Need to gain technology and specialized know-how
▪ Lack of experience
▪ Strong customer loyalty
▪ Strong brand preferences ▪ Undesirable locations
▪ Large capital requirements ▪ Counterattack by entrenched firms
▪ Lack of adequate distribution channels
▪ Government regulatory policies ▪ Potential saturation of the market
▪ Tariffs
▪ Lack of access to raw materials
▪ Possession of patents
The Five-Forces Model
Of Competition
2. Potential Entry of New Competitors

➢ Despite numerous barriers to entry, new firms sometimes enter

industries with higher-quality products, lower prices, and
substantial marketing resources. The strategist’s job, therefore, is
to identify potential new firms entering the market, to monitor
the new rival firms’ strategies, to counterattack as needed, and to
capitalize on existing strengths and opportunities. When the
threat of new firms entering the market is strong, incumbent
firms generally fortify their positions and take actions to deter
new entrants, such as lowering prices, extending warranties,
adding features, or offering financing specials.
The Five-Forces Model
Of Competition
3. Potential development of substitute products

➢ The presence of substitute products puts a ceiling on the price

that can be charged before consumers will switch to the
substitute product. Competitive pressures arising from
substitute products increase as the relative price of substitute
products declines and as consumers switching costs decrease.
➢ Pressure increases when:
1. Prices of substitutes decreases
2. consumers’ switching costs decrease
The Five-Forces Model
Of Competition
4. Bargaining Power of Suppliers

➢ It is increased when there are:

1. Few suppliers
2. Few substitutes
3. Costs of switching raw materials if high
➢ One solution may be…Backward integration is gaining control or
ownership of suppliers
The Five-Forces Model
Of Competition
5. Bargaining power of customers

➢ Customers being concentrated or buying in volume affects intensity of

competition

➢ Customer power is higher where products are standard or

undifferentiated
The Five-Forces Model
Of Competition
5. Bargaining power of customers

➢ Conditions where consumers gain bargaining power:

1. if buyers can inexpensively switch to competing brands or
substitutes
2. if buyers are particularly important to the seller
3. if sellers are struggling in the face of falling consumer demand
4. if buyers are informed about sellers’ products, prices, and costs
5. if buyers have discretion in whether and when they purchase the
product
CONCLUSION
Increasing turbulence in markets and industries around the world means the external
audit has become an explicit and vital part of the strategic-management process. The
external strategic-management audit evaluates an organization's external environment
using tools like PESTEL analysis and Porter's Five Forces to identify opportunities and
threats. Its importance lies in providing a comprehensive understanding of ten major
external forces, from economics to technology, enabling organizations to craft effective
strategies by monitoring trends, assessing competitors, and recognizing cooperation and
commonality, all crucial elements in today's competitive business landscape.
 THANK
YOU

O R G A N I Z A T I O N A :
S a b r o s o , A n g o t , S u i c o , D a g a n d a r a , N a r v a s a , E s t r e l l a , S a q u i n ,
R o s a u r o , U y , P a l l e g a , M a g a l l a n e s , P o r d e l l i z a , a n d S a b a n i c o