Small and Medium-Sized Enterprises in the US - Mead Johnson Nutrition's Activities - Case Study Example

Students Name Lecturer’s Name Subject Date Small and Меdium-Sizеd Еntеrрrisеs in the US: The Case of Mead Johnson Nutrition (MJN) Executive Summary Small and Medium Size Enterprises (SMEs) have received significant attention in the extent of their resilience capability and success despite the numerous challenges they face. Gagliardi (7-8) report that amidst challenges, Small and Medium Sized Enterprises (SMEs) have remained steadfast and their numbers have continued to climb. Furthermore, the SMEs have continued to contribute immensely to output and employment creation in both developing and the developed countries. A report by International Labour Organization (245) indicates that the Micro, Small and Medium Sized Enterprises (MSMEs) will contribute substantially in employment creation and thus, contributing to the revival of individual national economies as well as the global economy. Globally, SMEs account for over 90 percent of all enterprises employing about 62 percent formal sector workers in developed countries and 32 percent of such workers in developing countries (Watson 26). The purpose of this paper is to analyze Mead Johnson Nutrition., which is a renowned SME in the US. The paper begins by giving a brief overview of the SMEs in the US. The paper then proceeds to give a short description of the organization. In addition, the paper analyzes the reasons why Mead Johnson Nutrition has continued to perform exceedingly well over the years. Finally, the paper discusses the challenges faced by Mead Johnson Nutrition. TABLE OF CONTENTS A Brief Overview of the Company 5 5 The Approaches Mead Johnson Nutrition Have Used to Achieve Growth Over the Years 7 An Overview of Small and Medium Sized Enterprises Small and Medium Enterprises (SMEs) play a key role in the economic development of any country. The diverse nature of SMEs is such that providing single definition of what constitutes an SME is difficult. Recently the Organisation for Economic Co-operation and Development defined an SME as a company that has less than 250 employees and an annual turnover of below € 50 million (OECD 258). SMEs are categorized into three different groups according to their ability and their success walking through the aforementioned challenges. The first group of SMEs includes those that are able to become globally competitive through regionalization. The second group includes those SMEs that are less adaptable to the globalization pressure. This group may not be able survive in the current situation without making swift move of improving productivity, training and employing skill management and professional staff to face competitions in order to conform to international standards. The third and last group is SMEs that are afforded protection by the government from the effects of globalization (The European Union 36-37). Many SMEs currently evolve in a complex and dynamic business environment that is characterized by the need for greater efficiency and competitiveness based on innovation and knowledge. Hoskisson et al. (141) argues that the level of success that any organization can achieve while in operation can be directly linked to the organization’s competitive advantage over its competitors. Therefore, attaining competitive advantage has been one of the fundamental goals for business managers. According to Hoskisson et al. (141-142), to understand differential organization performance, one must take in account resource distribution among the competing organizations. Ireland, Hoskisson and Hitt (73) note that although any organization may possess more or less of a particular resource, only valuable, rare, and difficult to imitate resources can afford the organization’s competitive advantage over its competitors. Presently, SMEs are experiencing a complex mix of threats and opportunities posed by globalization, diffusion of the information society, and the effects global economic crisis. Moreover, the SMEs have continued to contribute immensely to the output and employment creation in both developing and the developed countries (Watson 26). Despite the importance SMEs in economic sense, SMEs often encounter difficulties in obtaining capital or credit, as well as difficulties in having accessing information concerning potential markets or new technologies due to limited guarantee they can offer and competition from larger companies. According to Ireland, Hoskisson and Hitt (73), when successful strategies are employed in the use of the organization’s valuable, rare, and difficult to imitate resources, that organization is likely to attain competitive advantage. A Brief Overview of the Company Mead Johnson Nutrition (MJN) is one of the leading infant nutrition companies in the world, having undergone transformational acquisitions, which have aided it in the improvement of its position in the sector of pediatric nutrition. The organization is based in the United States of America and was founded in 1905. Since the inception of the company more than one hundred years ago, Mead Johnson Nutrition has emerged as a market leader in pediatric nutrition. The organization employs over six thousand people that are spread in approximately 50 countries over the world. The company trades on the NYSE, and has a total of 3474 million dollars in assets. At the end of 2014 financial year, the company posted its net profit of 650 million dollars, and was ranked position 581 on the Fortunes Global 2000 List (MJN "n. pag."). Mead Johnson Nutrition thrives on making and selling unique infant formulas and other nutritional products. MJN’s products vary from formulas for everyday feeding, to those for uncommon metabolic disorders that entail specialized treatment. Thus, the company targets newborns and premature, toddlers and mothers. The growth of Mead Johnson into a leading multinational company has been fuelled by advances in technologies. Integration of information technology systems was carried out to make fleet and inventory tracking easier. The company has successfully diversified its market share in many countries. Over the years, MJN has established stores in foreign markets like China, as well as product diversification. This move has increased its market share and also MJN it with a competitive advantage over its rivals. MJN’s success in the global market can be attributed to its ability to reach to people of different cultures through the use of multi-lingual advertisement. The closure of unproductive stores and inception of online E-commerce stores have been the key factors of success. However, taking advantage of the rising cost of living to build a client base by offering discounted goods in addition to offering exceptional customer service have been the most significant factors in endearing MJN’s to customers. Additionally, the company’s inclination towards environmental conservation through the use of renewable sources of energy, reduction and proper handling of waste products and the efforts to sell organic products has improved their social responsibility rating. Worth noting is that Mead Johnson Nutrition have regional offices as well as manufacturing facilities in countries that it operates (Forbes pars. 1-3). The Approaches Mead Johnson Nutrition Have Used to Achieve Growth Over the Years The remarkable growth of Mead Johnson over the years could be attributable to adoption of best work practices, including leaning on customers, research and development, joint ventures, efficient supply chain management, motivating employees, value based leadership, compliance with the laws, corporate citizenship among others (MJN "n. pag."). These strategies will be discussed in the following section; Mead Johnson Nutrition understands that employee satisfaction is the key to increased productivity and innovativeness. MJN strives to choose the most qualified candidates for the jobs in order to eliminate bias. The human resource managers at MJN have a duty of attracting a potential pool of candidates, who apply for jobs in the organization. In this case, they select and recruit the people with the right competencies for the right job in the company. MJN understands that every employee wants to enjoy the benefit of compensation as well payment for the extra job time taken. This makes them feel energized and eager to work harder. MJN ensures this by remunerating its workers competitively. Recently, the organization established promotion and rewards and benefits programs in order to motivate their employees. The rewards and benefits that were introduced include career development, parental leave, employee assistance program, learning and development program and superannuation (MJN "n. pag."). According to Blinder (118), good remuneration makes employees carry out their duties effectively and enthusiastically. Some employees leave a company that pays large sums of money but ignores the compensation and join those that regard compensation in their programs. Employees need to rest and enjoy life all of which should be catered for by the company. MJN provides various benefits to its employees, including paid vacations, holidays, time off in case of emergencies, a right to health insurance coverage, maternity leave among others. These benefits make employees feel appreciated and cared for. Thus, they are loyal to the establishment and potential employees will work hard to join the lucky fraternity so as to reap the same benefits. Today, employees are loyal to those organizations that meet their needs. Companies that delight their workers by exceeding their expectations have a competitive advantage. Satisfied employees pose several advantages to the firm. For instance, they talk positively about it and also remain loyal for a considerable period of time. Thus, flexibility in the workplace enhances citizenship behavior, improves group work, avoids unnecessary conflicts and enhances volunteering for extra job activities among others. Compensation system plays a critical role in the management of human resources in any organization. Employees are the most important assets in any company. They need to be motivated and rewarded accordingly in order to perform optimally. If a business has poor reward schemes, it might not achieve its strategic goals and objectives in the long run. However, as research indicates, those organizations that motivate their workforce risk compromising on the quality of work that the employees perform. In order to avoid this, MJN ensures that the workers are rewarded as per their performance. The scheme is based on the defined metrics using performance management tools agreed by all the parties in the organization. According to human capital theory, the skills and knowledge that employees achieve from organizations are very useful in the future job market (Dessler and Phillips 403). Getting fat salaries is not enough for competitive employees. They need further training in order to sharpen what they already have and consequently be able to deliver competitively. This requires regular training from time to time. Keeping up with the dynamic changes is essential and improves both the competitiveness of the employees as well as that of the organization. Frequent seminars also bring people together in a network whereby they share ideas and opinions. Well trained employees are secure as they feel that they can get jobs as soon as they leave another one. For those who do not get a chance to nurture their skills and talents, they stay stagnant in the current jobs and find it hard to progress to higher positions. An employee aiming to go up the social ladder would prefer an organization where there are measures and opportunities that will nurture their talents, thereby increasing chances of climbing up to top positions. However, some employees join organizations where they know they will gain skills and knowledge and then leave as soon as they feel baked enough to join establishments of their choice. This is a big blow to the company that has been supportive to the people in question as they lose resources trying to nurture talent only for these employees to leave (Dessler and Phillips 331).MJN dedicates appropriate time to training all their employees. Through promoting personal development plans, MJN in turn, receive the proper conduct from employees, since they are satisfied with professional achievements and their personal lives. This creates a good working environment, hence promoting the success of the organization (MJN "n. pag."). The company research on consumer needs in order to develop market-responsive products. MJN understands that newborn babies bring a lot of excitements, overwhelming and life-changing times for close relatives. As a child grows, he or she requires a constant supply of vital nutrients in the right proportions. Through research and development, the company has been successful in promoting healthy growth and development. The company encourages its scientists to take risks when trying out new ideas. Every passing day, Mead Johnson scientists thinks up new ideas, implements them and see how customers receive them. Successful ideas are incorporated into the MJN’s business operations, while those which do not work are discarded or modified. By a process of continually generating new ideas, and testing them in the laboratory of the market, Mead Johnson learns what works and what does not. The company allocates resources to those ideas which work in order to meet the business’ purpose. Some of the research that is carried out by MJN scientists includes nutrient absorption and feeding patterns. For instance, in the past few years, there have been concerns about the rising cases of obesity and other lifestyle diseases. This caused Mead Johnson to determine the role of infant nutrition in increasing risks of obesity and other lifestyle illnesses. Scientists at MJN came to a conclusion that obesity is an avoidable risk factor, and therefore, parents need to feed their children with the right amount of calories. The company, thus, creates infant formulas with the right proportion of nutrients in order to meet the calories needs of young children (MJN "n. pag."). This uniqueness separates Mead Johnson Nutrition from the competition. Furthermore, MJN’s ability to attract people with an entrepreneurship mindset has provided the company with a competitive edge (Dessler and Phillips 116). Since its inception, more than a century ago, MJN has been committee to Corporate Social Responsibility (CSR) initiatives. Over the years, MJN has strived to demonstrate responsible corporate behavior. Throughout history, the organization has received a lot of attention and acclaim due to its global citizenship program. The company has taken the responsibility to produce products that are environmentally friendly in line with its Green Vision 2020 environmental targets. This has been realized by ensuring that the product the company manufactures does not pollute the environment. MJN is also committed to philanthropic initiatives as it helps individuals and family members grow and prosper. In addition, MJN does not compromise on quality. The organization fosters trust by producing quality goods that are sourced from vendors with good reputation. Quality practices are integrated with MJN’s business practices, and this provides the company with a competitive edge over its rivals. In addition, Mead Johnson Nutrition recognizes that every country has a unique set of rules and regulations. The CSR initiatives and adaptability to rules provide MJN with a competitive advantage over its rivals in the industry (MJN "n. pag."). MJN believes in a strong leadership team that facilitates attainment of the company’s goals. The Chief Executive Officer provides effective management and determines the company’s vision. The company strives to motivate its employees to carry out their duties enthusiastically and effectively (MJN "n. pag.").The connection between leaders and employees in the enterprise grows overtime through a series of conversations, try-outs and interactions. As Dessler and Phillips (372) assert, the success of organizations in the modern business environment is dependent the managerial leadership of the senior leadership team. The process of leadership is the use of non-coercive influence to direct and coordinate the activities of the members of an organized group towards the accomplishment of group objectives. Thus, leadership is not only some attributes of the person, but also what the person does. The CEO, Peter Kasper Jakobsen, has clarifies the MJN’s strategic intent by setting a clear vision. Mr. Peter Kasper Jakobsen has built a strong organization by developing a common mission that drives both management and employees. In addition, the CEO has shape the organizational culture by building values and beliefs that shape the organization positively. The CEO liaises with the senior managers in order to enhance growth and profitability. Mr. Peter Kasper Jakobsen makes sure efficient and effective internal controls and information management system are closely monitored. In addition, he ensures that the company’s expenditures are within the authorized annual budget. This helps address the issue of unnecessary expenses that may not be accounted for. The senior managers at MJN adopt ethical leadership in their goals’ attainment. Ethical leadership is crucial to an enterprise because it brings such benefits as increase in productivity, sales and profit. As a manufacturing SME, MJN invests in information technology in order to achieve a competitive edge. MJN understands that, in the 21st century, only those organizations that have invested in information technology are able to achieve growth. The company has institutionalized a culture of innovation to meet customer’s needs. In addition, Mead Johnson Nutrition relies on information that is timely, relevant and accurate. Competition in the infant nutrition industry is intense, and therefore, MJN use innovation in order to differentiate their products from those of competitors. Through innovation, the organization has created various unique products that contain the highest-quality ingredients. Dessler and Phillips (116-118) emphasized that whereas the clients may not be precise in estimating the cost, their main concern is to capitalize on their benefits at low costs. The adoption of the internet thus enables SMEs to improve their processes, which in turn lead to greater customer satisfaction. Dessler and Phillips (116) further argue that the adoption of the internet also eliminates the cost associated with voice communication because the firm communicates with its clients by the click of a mouse. The faster processing of information plays a significant role of enabling an in depth product description. Clients are usually dissatisfied when the product’s performance does not meet their expectations. According to Ake et al. (23), reduction in costs has an effect of increasing the firms’ productivity. According to them, the time taken by a firm to process a purchase order via the internet is much less compared with the manual processing. By using the internet, the firm processes such documents as purchase orders and invoices faster and error free (OECD 16). The number of employees required to process such documents electronically is also minimized (Ake et al. 45). Ake et al. (23-45) noted that employees are highly unpredictable resource in an organization because, their can work patterns vary depending on such aspects as level of motivation and health status. The usage of internet technology will thus help to streamline the number of staff and hence save costs on human resources (Ake et al. 1-23). Mead Johnson Nutrition uses joint ventures to penetrate international markets. A joint venture occurs when two organizations combine their operations to form a new entity. For example, in 2010, MJN and Almarai formed a joint venture, which provided MJN with the opportunity to produce baby food in Saudi Arabia. The second joint venture that MJN used to steer its growth was between MJN and SanCor, in 2012. This joint venture was aimed at expanding the paediatric nutrition market in South America (Market Watch "n. pag."). The two aimed at coming up with world class people, infrastructure and resources that would produce outstanding results for the stakeholders. The two results would be able to offer efficient services to the growing international markets. The growth strategy involved developing a consolidated and more efficient expansion project that combined the procurement, management and general overhead activities into one entity. By pooling resources with other firms, MJN is able to achieve short-term growth in foreign destinations. In addition, joint ventures allow MJN to spread foreign risks because the partners in a strategic partnership share both profits and losses (MJN "n. pag."). Quality services are an antecedent of customers’ satisfaction and it forms one of the highly important factors that propel development and growth of SMEs. Considering that provision of quality services is a must to achieve customer satisfaction, such element has become important within the SMEs. On its part, MJN puts efforts to improve the quality of their services in order to derive higher customer satisfaction (MJN "n. pag."). In today’s highly competitive business world, customer satisfaction is considered as the essence of success and as such one of the strategies used by customer focused and market oriented firms. Notably, the concept of customer satisfaction has gained fame, and more and more firms are striving to achieve it as one of their corporate goals. Customer satisfaction is largely associated with marketing where customers are highly likely to repeatedly purchase a service if they were satisfied with the previous one. As such, it is considered a major influence in the determination of the consumers' future purchase intentions. Interestingly, satisfied customers are highly likely to recommend the services provided to their friends by engaging in word of mouth marketing. Notably, dissatisfied clients switch from one manufacturer to the other and also engages in unfavorable word of mouth advertising hence adversely affecting the profitability and viability of the firm. To achieve customer satisfaction, MJN uses various strategies, including having a hotline number where customers can call and ask questions regarding the company’s products. In addition, the company allows customers to raise their concerns about the products they have bought. This helps the clients understand how much the company values them. Furthermore, the adoption of internet technology by MJN has enabled them to gather key customer information which in turn facilitates marketing segmentation, value creation and differentiation. As such, MJN has moved towards a client relationship marketing approach because they act on information to build profitable ties with their clients. The adoption of integrated marketing communication platforms based on internet technologies offer MJN a new exchange mechanism where they can compete well in the global market. In order to stay competitive, MJN has broadened the consumer choices. The internet usage by MJN allows them to make information concerning products to be readily accessible thereby enabling clients to make informed buying decisions. With this regards, clients have an upper hand on how products are designed as well as services provision. This leads to greater satisfaction and loyalty (MJN "n. pag."). MJN’s value chain consists of activities like technology administration, procurement activities and human resource management. Others include logistics, customer service, sales and marketing. Through its integrated information technologies, communication between managers and employees at different levels is very efficient. The same applies to communication between stores in various countries with top managers at the head of the office. Human resources management ensures that employees meet high expectations and get rewards and incentives for their efforts. Close and efficient communication between employees is encouraged. MJN’s procurement department ensures that the company gets the cheapest products from suppliers. This, in turn, helps the company offer larger discounts for its products. MJN strives to offer exceptional customer services, and has greeters at entrances in all of their stores, who usher customers in and around the stores (MJN "n. pag."). Challenges that the Company Faces Irrespective of country, small and medium enterprises face similar challenges in their quest for survival. According to OECD (2-12), more than 60% of small and medium enterprises collapse within the first 5 years of their establishment. Like other SMEs, Mead Johnson Nutrition faces serious challenges in the search of a competitive advantage. Among the challenges that MJN faces while doing business in the US includes inadequate financing due to global financial crisis, intense competition, increased costs of production, legal suits and negative publicity among others. The 2008-2009 global financial crises (GFC) in the United States took its toll on Mead Johnson Nutrition. In fact, it eroded the MJN’s hard won gains of the past decades. For instance, the company experienced slow growth in 2009. The company faced tougher times in accessing attractive lines of credit from 2007-2010. Before the GFC, Mead Johnson Nutrition recorded remarkable growth in the food and beverage industry. However, the revenues and share price declined following the GFC (OECD 50). However, since 2009 the company has enjoyed steady growth, which is attributable to increased sales in emerging markets like China. Figure 1: Mead Johnson Nutrition Co. Annual Earnings Source: medill.northwestern.edu Competition in the food and beverage industry is intense, and this causes a decrease in MJN’s market share. Over the years, firms dealing with infant formula and children’s nutrition products in the US and abroad have been steadily increasing. Many are well established operators with quality products and services such as Nestle and competing with them has been a major impediment to the growth and progress of MJN. The advantage these operators have is that their brands are known all over the world. As a result, a client may opt for their products over the lesser known ones ((Morning Star "n. pag."). Globalization and technological advancements have occasioned unprecedented competition in the food and beverage industry, and Mead Johnson Nutrition is feeling pressure to compete with rival firms. Major competitors, including Pvt1, Danone, Nestlé S.A, Kellogg Company, Kraft Foods Inc. , Campbell Soup Co. among others are use marketing strategies, including positioning and branding for creating a niche in the children’s nutrition market. In addition, these companies use innovations to increase their competitive advantages. As a result, MJN has been forced to compromise on price in order to achieve a greater market share and profitability. Analysts predict that competition in the food and beverages industry to continue to grow due to the ever-increasing attractiveness of the industry. Figure 2: Mead Johnson Nutrition Company (MJN) -NYSE Watch list Direct Competitor Comparison MJN PVT1 DANOY NSRGY Industry   Market Cap: 19.84B N/A N/A N/A 534.76M Employees: 7,700 N/A 99,927 339,000 1.85K Qtrly Rev Growth (yoy): 0.03 N/A 0.04 0.04 0.08 Revenue (ttm): 4.41B N/A 22.71B 96.19B 1.30B Gross Margin (ttm): 0.61 N/A 0.48 0.48 0.3 EBITDA (ttm): 1.07B N/A 3.56B 18.25B 143.03M Operating Margin (ttm): 0.22 N/A 0.12 0.16 0.06 Net Income (ttm): 718.50M N/A 1.20B 15.14B N/A EPS (ttm): 3.54 N/A 0.4 4.73 0.68 P/E (ttm): 27.67 N/A 36.3 16.51 25.46 PEG (5 yr expected): 2.66 N/A 2.27 5.19 2.64 P/S (ttm): 4.42 N/A N/A N/A 1 Pvt1 = Abbott Nutrition (privately held) DANOY = Danone NSRGY = Nestlé S.A. Industry = Processed & Packaged Goods Source: finance.yahoo.com/q/co?s=MJN‎ Many lawsuits which MJN is faced with not only affect the company’s reputation, but also cost the company millions in the form of compensation and legal fees. These lawsuits are related to false advertisements and intellectual property. For instance, in 2000, the company was sued for negligence following the death of an infant who was believed to have consumed MJN’s products. In addition to the many legal cases the company faces, MJN faces other challenges like employee protests, ethical questions on market monopolization and environmental concerns. Ethical shoppers are irritated by MJN’s monopolization of the infant nutrition industry since it has made it almost impossible for small retailers to thrive. Environmentalists are also concerned with the establishment of large buildings especially in Chicago neighborhoods where they increase congestion, pollution and low quality of life (Perrigo Nutritionals "n. pag."). In addition, increasing cost of production affects the company’s ability to offer discounts hence making it lose its competitive advantage. Conclusions and Recommendations The importance of small and medium enterprises in growing world economies cannot be ignored. SMEs have a vital role in business, as they are the drivers of success. In the 21st century business environment, SMEs must compete in a complex, dynamic, and challenging context that is the result of rapid industrial development among nations, market liberalization, globalization, unpredictable and frequent changes in organizational structure, and growing use information technologies, as well as the recent global economic crisis. Most of the SMEs throughout the world started with small investments which were propelled into large businesses by their creativity and desire to achieve more. A good example is Mead Johnson Nutrition which has become a global leader in infant nutrition products. The company is ranked as one of the most profitable SMEs in the US and abroad. The rise of MJN was as a result of adoption of best work practices. It is with this background that many SMEs in the US and abroad have struggled to measure up to core competencies of Mead Johnson Nutrition as its products have been associated with quality and value for money for a long time. However, the company faces numerous challenges which hinder it from realizing its full potential. For instance, competition from established firms like Nestle reduces the company’s profits and revenues. MJN’s strategies can be imitated and, therefore, they will not remain unique for a long period. For instance, competitors in the infant nutrition industry are increasingly making new innovations and managing their costs down in order to increase their share of the market. In order to remain competitive in this industry, MJN will be forced to invest a substantial amount of money in improving and expanding the business premises. It is expected that with more companies entering the market, a company will be required to come up with additional services that will attract and retain the existing clients. The company realizes it will face difficulties in competing for clients with these companies, and therefore, it has to devise new ways of winning customers faith. Thus, MJN should continue using its resource capabilities to develop unique products that capture the hearts and wallets of consumers. In addition, MJN should concentrate on competitors’ actions and responses with a view of protecting, maintaining, and extending its competitive advantages. Works Cited "Our History." Mead Johnson. N.p., n.d. Web. 25 Apr. 2015. Print. Ake Kevin, Clemons John, Cubine Mark and Lilly Bruce. Information Technology for Manufacturing: Reducing Costs and Expanding Capabilities. Florida: CRC Press, 2003. Blinder, Alan. Paying for Productivity: A Look at the Evidence. Washington D.C: Brookings Institution Press, 2011. Dessler, Gary and Phillips, Jean. Managing Now. London: Cengage Learning, 2007. Forbes. Global 2000: Mead Johnson Nutrition. 2015. Print. Gagliardi, Dimitri . A Recovery on the Horizon? Annual report on European SMEs 2012/2013, 2013. Print. Hoskisson, Robert, Hitt, Michael, Ireland, R. Duane and Harrison, Jeffrey. Competing for Advantage. London: Cengage Learning, 2012. International Labour Office. World Employment Report 2004-05: Employment, Productivity and Poverty Reduction, New York (NY): International Labour Organization, 2005. Ireland, R. Duane, Hoskisson, Robert and Hitt, Michael. Understanding Business Strategy: Concepts and Cases. London: Cengage Learning, 2008. Market Watch. Global Baby Foods and Infant Formula Market. 2014. Print. MJN. Hitting Our Stride: Mead Johnson Nutrition Company 2011 Annual Report. 2012. Print. Morning Star. Mead Johnson Nutrition Co. 2015. Print. OECD. Financing SMEs and Entrepreneurs 2013 An OECD Scoreboard: An OECD Scoreboard. Paris: OECD Publishing, 2013. OECD. OECD Skills Studies Skills Development and Training in SMEs. Paris: OECD Publishing, 2013. Perrigo Nutritionals. Mead Johnson, Maker of Enfamil, Loses Multi-Million Dollar False Advertising Case Against Store-Brand Infant Formulas. 2015.Print. The European Union. The new SME definition. Journal of the European Union, 2003: 1-52. Print. Watson, John. SME Performance: Separating Myth from Reality, Cheltenham: Edward Elgar Publishing, 2010. Read More