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This paper analyses the strategy of Ciba‐Geigy′s industrial division at three hierarchical levels, concentrating on subsidiary strategy in the Classical Pigments business. The analysis makes use of a number of models: the BCG matrix, White and Poynter′s model of subsidiary strategy, Porter′s configuration‐co‐ordination paradigm, and Prahalad and Doz’s integration‐responsiveness framework. The strengths and weaknesses of each are evaluated within this particular industrial environment. The main conclusion of the paper is that use of these four alternative analytical perspectives yields a more holistic view of strategy in the Classical Pigments business.

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