1. Evolution
Apex Adelchi Footwear (Apex Footwear) Limited was incorporated in Bangladesh on 4 January 1990 as a Public Limited Company under the companies Act, 1913 and its Share are listed on the Dhaka Stock Exchange Limited and Chittagong Stock Exchange Limited. The company is an export oriented leather shoe and shoe components manufacturer with a shoe manufacturing unit, producing and selling leather shoes and leather shoe uppers to customers in international market. In 2006, it makes Joint Venture with La Nuova Adelchi, Italy which synergizes Italian product development & technology with Bangladeshi manufacturing and material strengths. On December 27, 2006, it changes its name Apex Footwear Limited to Apex Adelchi Footwear Limited. It is a leading manufacturer and exporter of leather footwear from Bangladesh to major shoe retailers in Western Europe, North America and Japan. The company has revenues of USD 42 million in 2006. It is pioneer in the export of value added finished products export in the leather sector of Bangladesh and is also involved in the local footwear retail business with the second largest shoe retail network in the country. It exports $58.87 million in 2007 and $72.37 million in 2008. It has equity, technical and marketing participation from La Nuova Adelchi one of the largest footwear manufacturers of Italy. Its market share is growing fast along with the emerging middle income population of the country.
Slogan
“4 S: Service, Sales, Savings, Systems”.
Service- Quality service
Sales- Maximize sales growth and profitability.
Savings- Minimize Company cost at every level.
Systems- Maintain the chain of command and work collaboratively or in team.
Slogan for sports shoe
“Speed is relative, style is everything’s”.
VISION
“Honest Growth”
MISSION
Sustainable Growth
Vendor of Choice
Creating value for our shareholders
Proactive compliance
Corporate Social Responsibility
VALUES
Respect for people
- Demonstrate respect by developing our people and helping them to achieve high performance standards.
- Treat all people with dignity
Integrity
- Honesty
- Walk the talk
Sense of Urgency
- Strive for speed and simplicity in everything we do.
Empowerment
- Encourage and reward self-confidence and initiative
- Require accountability
Courage
- Face reality, make timely difficult decision
2. Product Line
Apex Adelchi Footwear’s product line consists of more than 2500 items of shoes. Its shoes are mainly two types- lace and without lace. Other products consist of following types- Back Belt, Slippers, Sandal, and Sports. It imports all sports shoes from China and India. It markets all the products under its own brand name. It imports shoes and uses its own brand name instead of the manufacturers’ brand name.
It produces leather men’s and ladies shoes of various styles. Styles include:
Mens’ dress and formals
Mens’ Casual
Mens’ Dress and Casual Boots
Ladies Boots
Mens’ and Ladies Hand stitched Moccasins
Apex Adelchi footwear is proud to introduce Aetrex Performance Footwear, the first athletic shoe line to combine the latest developments in the field of biomechanics with state-of-the-art athletic shoe design. Aetrex Performance Footwear creates a new category of athletic shoe that provides an equal distribution of pressure throughout the gait cycle while maintaining the highest standards in comfort, breath ability, stability and overall support.
2.1. Product Development
Apex Adelchi Footwear has product development department. It closely observes the changing demand of the customers and develops products that will match with the needs, requirements, and preferences of the customers. It conducts marketing research to understand and figure out the market demand. It uses outside marketing research firm to conduct the research.
At the new product development process, it makes prototype of the product and sends it to the top level management for gaining the permission of developing the product. After getting the permission, it produces the product in a very small scale. It distributes the products to several selective Gallarie Apex, assess the customers’ attitude toward the product and analyze the sales. If the product is able to attract the required and favorable number of customers and generate satisfactory sales, it goes to the large scale production of the product. It develops 5 items of shoes per week on average.
2.2. Categories of Shoe
Apex Adelchi Footwear classifies its products into four categories-
1. Category “A”: The best
2. Category “B”: Better
3. Category “C”: Good
4. Category “D”: Moderately good
It classifies the shoes on the basis of price, target market, design, sales potentiality, and inventory turnover rate. This rating changes overtime, for example, category “A” shoe may become category “C” only after Eid festival.
2.3. Ordering Procedure of Apex Adelchi Footwear
Gallerie Apex orders its required products to CDC (Central Distribution Center) situated at Tejgoan in Dhaka City by completing a Special Requirement Form. Store manager fill up this form mentioning the code of the product, quantity and other things. They order on weekly basis. They order in such a time so that it does not face the stock out situation. This form is sent to CDC either by sales people or courier service. CDC accumulates several requirement form of Gallerie Apex and sends it to the factory. The lead time varies from one month to two months depending on the situation and nature of the product. If the required products are available in the CDC or factory, the products are sent within a very short time. It is going to start online order system within a few days.
All Gallerie Apex have prepare a daily sells report by mentioning categories, price, and number of pairs of shoes sold in a day. They also have to prepare weekly and monthly statements of its sells by mentioning categories, price, and number of pairs of shoes sold in a week or month.
In export process Apex Adelchi Footwear first receive order from La Nuova Adelchi, Italy & Other foreign party and then ordered the manufacturing unit to go for production of particular product as specified by Impoters.
2.4. Distribution System of Apex Adelchi Footwear
Apex Adelchi Footwear distributes its products to Gallerie Apex by using own distribution channels with in the Dhaka City. For distributing its products to outside the Dhaka City it uses Courier service or rented truck. Its products come to CDC from the factory. Then the products are delivered to Gallerie Apex from CDC.
2.5. Demand System of Apex Adelchi Footwear
Demand of its products derived from customers. Customer demand creates demand in Gallerie Apex. That demand is forwarded to CDC. Finally, the demand is delivered CDC to the factory of Apex Adelchi.
2.6. Sales Forecasting
Apex Adelchi Footwear collaborates with related departments and store managers for forecasting the demand of its products. Each person individually expresses their opinion about how many pairs of shoes will be sold in a certain period. On the basis of those opinions, the top level management set the production target for its products.
It forecasts sales on the basis of the research findings, information from the sales people and store managers, store size, store location, and economic condition, consumption pattern, standard of living of the customers surrounding the store. Practically, it is observed that its sales forecast is 80% accurate.
2.7. The Bullwhip Effect
Bullwhip effect is the fluctuations in orders increase as it move up the supply chain from retailers to wholesalers to manufacturers to suppliers.
In Eid season there is a high demand for its product. In this period its sales is equal to six months of its total sales.
It tries to overcome this problem by:
A) Off-peak production
B) Make up demand by alternative design of a particular product.
C) Improving information accuracy
D) Improving operational performance
E) Building partnership and trust among the channel members.
2.8. Managing Unsold Inventory
For selling unsold products, Apex Adelchi Footwear offers discount on the selected items of shoes for a certain period in a year. Sometimes it set the price bellow the total cost of production for unsold products and follows milk the product strategy. It destroys the shoes that cannot be used by the customers.
3. Representing Brands
Apex Adelchi Footwear’s logo is its brand. It has also some high selling products that represent its brand. These are Franco, IT (Italian) Project, FR Project (sandal), ID Shoe, and HW (hardy worker).
3.1. International Affiliation
Italian one of the largest shoemakers La Nuova Adelchi Footwear has entered into a joint venture with Bangladesh’s Apex Footwear with an investment of Tk 15 crore. It synergizes Italian product development & technology with Apex Footwear.
Adelchi Footwear Bangladesh Ltd, first ever Italian joint venture in the country’s footwear sector, will be fully an export-oriented shoe factory with expected annual sales of Tk 90 crore at initial stage. The company looks to raise its annual export earnings to Tk 200 crore in second phase of operation.
Apex Adelchi Footwear (former Apex Footwear) started exporting in 2000. Its export market consist of the following countries-
Germany
France
Italy
Austria
Scandinavia and Switzerland
Other EU countries
Japan
USA
Canada
4. Major Customers
Apex Footwear recently makes a joint venture with La Nuova Adelchi. Adelchi is the major customer. There are some customers in the following countries.
• Germany
• France
• Italy
• Austria
• Scandinavia and Switzerland
• Other EU countries
• Japan
• USA
• Canada
5. Sourcing Strategy
Sourcing is the set of business processes required to purchase goods and services.
5.1. Outsourcing
Apex Adelchi Footwear outsources its raw materials and components from both local and foreign source. For export purpose Apex outsources transportation facility (Air and Ocean). Apex also use third party for Export Forwarding and sample forwarding.
5.2. Supplier Selection
Quality is the first consideration for supplier section. Apex Adelchi Footwear selects its supplier by two ways-
a) Direct Negotiations
b) Using Third Party
5.2.1. Direct Negotiations
Apex select local and foreign supplier based on the following characteristics:
-Lead time
-Reliability
-Quality
-Design capability
-Total cost of doing business with supplier.
5.2.2. Using Third Party
Apex uses third party in supplier selection because they have specialization and learning, and likely to be sustainable over the longer term. The third parties have strong relationship with the suppliers and from this relationship Apex also get benefits.
Apex negotiates the price with its suppliers. The top management and sometimes third party have done this. It maintains collaboration negotiation (joint problem solving, searching for creative win- win solutions to maximize joint outcome). It maintains this because of the following reasons:
• Long term relationship.
• Trust/openness, active listening.
• Parties share information, honestly treat each other with understanding and respect.
5.3. Procurement of Raw Materials
Procurement of raw materials from local and foreign suppliers is summarizes as under:
Local Foreign
Leather Accessories & components Packing materials Leather Accessories & components
Qty Sft Value Taka Qty Eqv. Prs. Value Taka Qty Eqv. Prs. Value Taka Qty Sft Value Taka Qty Eqv. Prs. Value Taka
154,315,071 24,050,411,434 1,166,042 100,279,643 3,362,069 184,913,842 2,055,591 267,226,826 4,387,628 1,557,607,856
a) Leather, accessories, components and packaging materials:
b ) Spare parts:
Local Value in Taka Foreign Value in US$
24,818,292 355,308
5.4. Role in the Competitive Strategy
Sourcing decisions are crucial because it affects the level of efficiency and responsiveness the supply chain can achieve. Most of the leathers are procured from Apex Tannery Ltd. to ensure best quality and increase responsiveness. Apex uses private carrier to deliver product from central distribution center (CDC) to Gallerie Apex if it located in Dhaka city. On the other hand if it located outside of Dhaka city it use package carrier or rent transports from third party. For export, it also use third party (Cost and Freight Forwarding Agent) to achieve economic of scale.
6. Purchasing Strategies
Competitive advantage in contemporary market flux does not depend solely on firms’ competency in providing competitive ranges of offerings. Conversely, it draws on firm’s skill to establish superior purchasing strategies in complex inter- organizational settings of numerous suppliers. Firms are no longer able to develop major product or service innovations alone because of the dispersion of knowledge and technological resources driven by organizational specialization. In addition, the growing need for greater effectiveness to focus on its core competencies, leading to the externalization of the activities to partners.
Apex maintains both single and multiple sourcing strategies. It looks for single sourcing strategies when it has only one supplier for each product and service. It seeks scale advantages through lower cost products in a dyadic relationship. Multiple sourcing strategies are adopted when the buyer systematically utilizes several suppliers for each product and service. Apex considers quality here. Those who maintain quality will be patronized by Apex.
Apex Adelchi Footwear procures its raw materials from local and foreign sources. It collects lather from Apex Tannery Ltd. It imports soles, line lather, stickers or ornaments, glue, shoelace, and yarn from Chine and India. It import directly from the manufacturers of raw materials who ensure quality and its requirements. It also imports by using local third party. In case of procurement of raw materials, it only focuses on the quality. It does not maintain partnering, relationship buying or collaborative network with its suppliers. It maintains transactional exchange here. It maintains the following strategies here:
• Single purchase.
• Focus on quality.
• One time purchasing event.
• Significant purchase.
• After sales experts.
• Maintaining services.
It procures raw materials from those suppliers who ensure the quality product even if the price is relatively higher than other suppliers. If any supplier could ensure quality over time, it purchases from that supplier several times. It maintains relationship strategy here. It maintains the following:
• Long term orientation.
• Repetitive purchase.
• Dyadic partner.
• Diminishing price.
• Win- win situation.
• R&D project.
Otherwise, it purchases from different suppliers in different times by direct bargaining.
It maintains the following strategies here:
• Strategic procurement.
• Key partner network.
• Decreased no suppliers.
• Better knowing of chosen suppliers.
• Updated product versions.
• Mutual knowledge transfer.
It takes two months to get raw materials arrived its factory from any country since it was ordered. It uses both air and ocean for importing raw materials.
7. Relationship Perspective in Apex
7.1. Relationship Development Process in Apex
Apex exports its shoes in various countries of the world. For building a good relationship with foreign buyers it follow most of the phases of relationship development process suggested by Dwyer, Schurr and Sejo Oh.
Enabling sub processes for deepening dependence
7.1.1. Awareness
In the awareness stage, Apex becomes aware of the different foreign buyers. It collects relevant information about the prospective buyers. After evaluating the information it selects potential partners to whom it want to export. So it goes for the next stage.
7.1.2. Exploration
In exploration stage, Apex interacts with the foreign buyers and even initial purchase can take place in this stage. The newly developed relationship in the exploration stage is fragile. There are five interplaying enabling processes through which relationship is developed. These are attraction, communication and bargaining, power and justice, norms development and expectation.
7.1.3. Expansion
The essence of the expansion phase is increasing dependence between the exchange partners. When Apex finds that its foreign partners can adjust with them and can successfully build the market for its shoes in the foreign market, it tries to build a sustainable relationship with the buyers.
7.1.4. Commitment
Finally Apex goes for a long-term relationship with its foreign partners, such as Apex builds a collaborative relationship with Adelchi of Italy.
There is also strong internal relationship among the employees of the Apex. Because of these internal relationship employees have strong mutual trust and dependence on each other. There are goodwill trust between the Apex and Adelchi. They are cooperative in management practices. So they can avoid competitive bidding among themselves. Goodwill trust also exists among the company employees allowing them to decentralize the decision making. Though every department have the power of taking any decision, the department is also responsible for that decision. The Apex and its suppliers also share valuable information, risk and profit among them.
7.2. Supply Chain Visibility of Apex
Supply chain is defined as the management of upstream and downstream relationships with suppliers and customers in order to create enhanced value in the final market place at less cost to the supply chain as a whole.
The supply chain visibility in Apex is transparent. It shares information among the channel members on a selective and justified basis. Development of information leads to shared knowledge and collaborative abilities.
Visibility for a supply chain is important for accurate and fast delivery of information. The lack of accurate information can cause certain negative consequences such as the “bullwhip-effect” in supply chains.
Apex has collaboration with Adelchi. The supply chain collaboration occurs when “two or more companies share the responsibility of exchanging common planning, management, and execution and performance measurement information” and that collaborative relationships transform how information is shared between companies and drive change to the underlying business processes.
The metaphor of transparency in Apex is shown below:
Opaque Translucent Transparent
Apex does not share any information with third party as well as outside personnel in the industry. Apex share outline information or partial information with La Nuova Adelchi, Italy. Information is shared on a selective and justified basis within the organization.
The channel relationship forms in Apex are termed as corporate channels. In corporate channels, there are high degrees of vertical integration in the sales and distribution functions. A firm that uses its own sales force, its own fleet of trucks, from its owned distribution centers is highly integrated. Ownership provides a significant measure of control over channel functions because one’s own employees are generally more inclined to take direction than are associates of an independent organization. All these are practiced in the Apex.
7.3. Employee Relationship
Apex Adelchi Footwear maintains a very strong relationship among employees. It currently employs 6743 persons at various departments. In the lunch time during office hour, employees have their foods by sitting in same table. The company provides same type of food for all employees. It never differentiates any person in terms of their designations. It maintains a free flow of information among the employees. Any employee can ask any question to any middle and top level management at any time. When a person comes to another person, they give priority to that person’s need to their own task that they were performing. They deem it is discourteous to continue their own task when a person comes to them. Most of its employees believe that they are doing a business not a job.
8. Value Creation Stage in the Supply Chain
In Apex Adelchi Footwear value creation begins with new product development, which creates design and specifications for the product. Marketing and sales generate demand by publicizing customer priorities that the product will satisfy. Marketing and sales also brings customer input back to new product development. Using new product specification, manufacturing unit transforms inputs to outputs to create the product. Central Distribution Center (CDC) delivers the product to various sales centers (Gallerie Apex) to make the product available for customer. Gallerie Apex also provides after sales service to customer.
Figure: Value creation stages
9. Pricing strategies
Apex adelchi maintains two types of pricing strategies. They are-
1) Cost based pricing
2) Value based pricing
9.1. Cost based pricing
It means adding standard markup to the products’ cost. Sellers can determine cost much more easily than it can estimate demand. By matching the price to the cost, sellers are simplifying the pricing task. Price competition is minimized because prices tend to be similar. It is faired to both buyers and sellers. Sellers do not take the advantage of buyers when the latter’s demand more acute, and sellers earn a fair return on investment.
9.2. Value based pricing
Setting price based on buyers’ perception of value rather than the sellers’ cost.
The employees of Apex act as the rule of customers to judge what would be the appropriate value if they purchase the product. The targeted value and price then derived decisions about product design and what cost is incurred.
10. End Users of the Products
At the inauguration stage it target higher class group who are affluent to purchase high price shoe. But now it is offering many products targeting higher middle class group. For capturing the market of middle class and lower middle class, Apex also plans to build synthetic footwear unit. (Unit-Π)
Social Class Product
Higher class -Leather shoe uppers.
-Exclusive shoe.
Higher middle class -Lower value show.
-Sandal.
11. After Sales Perspective
-It repairs the shoe if it defects within one month of purchase.
- If it is not repairable it provides customer a new one.
- To receive after sales service they want to go the same outlet from which they purchase the product.
- In export business its partners (Adelchi Footwear, Italy and third parties) provide the after sales service.
12. Industry Position
Apex Adelchi Footwear is the market follower in the country market. It just follows the country market leader Bata Shoe Company and tries to achieve the equal market share that Bata holds. It has no target to surpass the Bata yet. It has more than 106 outlets all over the country. It is the second largest shoe retail chain after Bata. Its market share is growing fast along with the emerging middle income population of the country.
Apex Adelchi Footwear started exporting in 2000. It exports to Italy, Germany, Western Europe, Japan, and North America. It exports directly from its factory. It is a number one company in exporting of Bangladesh.
12.1. Comparison between Apex Adelchi and Bata
Bata and Apex Adelchi, two of the country's leading shoe manufacturers and retailers, are set to intensify its battle for customers with both groups to sharply increase its number of stores. A comparison between them are shown below-
Apex Adelchi Footwear Limited Bata
It has more than 106 retail outlets. It has 237 retail stores.
It plans to set up some 20 new retail outlets. It will set up 40 different stores this year10 city stores, 11 super stores, 14 family stores and 5 franchise stores.
It aims to cater to the footwear needs of the middle class in the urban and semi-urban areas across the country. It focuses mainly on the demands of the middle and high income groups.
Its main objective is to provide customers enough choices. Its strategy is rapid expansion because the middle class is growing in the country.
It will focus on providing products within a price range that is affordable for different types of customers. It focuses on providing lower priced products than Apex Adelchi.
It wants to set up some complete family stores enabling its customers to have a pleasant shopping experience. Its biggest focus now is on the city and super stores.
12.2. Competitors of Apex Adelchi Footwear
In the country market the competitors are:
Bata Shoe Co. (Pvt.) Ltd, Naz shoes, Athnan Shoes, Excelsior Shoes Ltd, Comfort Footwear Ltd, Combined Shoe Ind. Ltd, Chowdhury Industrial Complex (Pvt) Ltd, Bengal Products, Homeland Footwear Ltd, Bangladesh Shoe Industries Ltd, Impact Industries Ltd, Arcu Industries Mfg. Ltd, Youngone Sports Shoe Industry Ltd, Paragon Leather and Footwear Inds. Ltd, Madina Leather and Allied Products, Khadem Shoe Company, Excelsior Shoes Ltd, Bangladesh Shoe Industries Ltd, Pragoti Shoe Ind. Ltd, and Dunhill Corporation Limited.
13. Other Relevant Topics
13.1. Product Specification
Apex Adelchi Footwear uses a specific and unique meaningful code for recognizing a particular item of shoe. These codes are imprinted in the levels that are attached to the shoe. When an employee of Apex Adelchi Footwear sees the code, they can recognize it and remember the picture of the shoe. There is a Gallarie inside the corporate office of it. It contains all items of shoes those are available in the market. This Gallarie is for its employees who can easily identify how many items of shoes are available in the market, which item (s) is performing well and which item’s performance is not satisfactory.
13.2. Distribution strategy
Apex Adelchi Footwear follows selective and Intensive distribution.
- Selective Distribution: When new product introduce in market it first appear in divisional outlet only.
- Intensive Distribution: If the new product best fit with customer demand and if the sales growth of the new product is high in divisional outlet, then Apex decide to go for intensive distribution. It makes the product available in all the Gallerie Apex.
13.3. Mystery Shopper Program
In the Apex, the employees also follow mystery shopping. Since it distributes its shoes through its own sales force, the high officials go to the Gallerie Apex like a customer to evaluate the performance of the sales force. How it behaves with the customers, convince the customer and handle complaints of the customers. We talked with a sales force of Gallerie Apex at Gulshan-2 about the mystery sopping. He said us that one day he was performing his duty as usual. A gentle lady came to the gallery and was walking around the Gallerie like a normal customer. At first he thought she was a customer. But he noticed the logo of Apex on the bag of that lady. So he understood that the lady might be an employee of the head office of Gallerie Apex. After a few days when he came to the head office for an official purpose, he was looking for that lady and he found the lady was working in a desk in the corner of the Gallerie Apex. So the salesman became confirmed that the lady went to Gallerie to evaluate their performance.
13.4. Employee Description & Development
Apex Adelchi Footwear working culture is characterized by open and informal dialogue between employees and management. Teamwork plays an important role and mutual respect is the key ingredient. Manners between colleagues are informal and relaxed, and a sense of belonging plays an important role in everyday life. Now, it has more than 6473 employees, 70% female in factory. It offers in-house training and skill up gradation by internal and external dedicated trainers .07 Italian & 07 Indian resident expert technicians. Young motivated professional team consisting of MBA’s, Engineers, Footwear Technologists, fresh graduates and skilled operators and supervisors. Apex Adelchi Footwear continuously trains its sales people for providing the best service to its customers. Its sales people receive training two days in a week. Their compensation packages consist of fixed salary and employee incentives on sales. It sets sales target for sales people on yearly basis. Sales people divide their target into monthly basis and work hard to fulfill their target. For assessing the performance of the sales people, it uses mystery shopping technique. It gets promotion to its sales people. A sales people can be promoted to store manager, store manager to area sales manager, area sales manager to divisional sales manager and divisional sales manager to top level management.
Personal Orientation - They get fixed salary + Incentives for increasing sales.
Company Orientation- If sales increase company growth and profitability also increase.
They always try to minimize the cost of the company.
13.5. Decision Making Process
Apex Adelchi takes decisions by collaborating with various related departments. In spite of taking decisions by collaboration, every department is responsible for its own performance or failure. In case of departmental decisions, it takes decisions in a team for increasing the effectiveness and efficiency and reducing the perceived risk.
13.6. Categories of Outlet
Gallerie Apex is classified into four categories-
1. Category “A”: The best
2. Category “B”: Better
3. Category “C”: Good
4. Category “D”: Moderately good
It classifies its outlets on the basis of store size, location, sales, and economic, demographic, psychographic, behavioral and consumption pattern of the people surrounding the store. This rating changes overtime for certain phenomenon or development of the areas where stores are located, for example, category “A” type Gallarie Apex may become category “C” after certain period.
14. Major Achievements/Milestones
Apex Adelchi footwear signs deal with Walt Disney (Monday, April 6, 2009).
Apex Adelchi Footwear Limited recently signed an agreement with Walt Disney Footwear. Under the agreement, all the Walt Disney Footwear items will be available at all outlets of the Gallerie Apex.
Apex Adelchi Footwear signs contract with Technohaven (The Daily Star Internet Edition, Published On: 2008-03-02)
Apex Footwear Limited signed an agreement with Technohaven Co Ltd to implement ERP solution in its operation. Under the deal, Apex will get support of Technohaven Enterprise Resource Management System (TERMS) from Technohaven.
The ERP software application will automate inventory management, production planning, procurement, financial management and human resources management system of Apex.
References
1. Chopra, Sunil and Peter Meindl, Supply Chain Management, Third edition, Pearson Prentice Hall, PP.39, 434,439,514,522.
2. Adopted from F.Robert Dwyer, Paul H.Schurr and Sejo Oh, “Developing Buyer-Seller Relationships”.
3. Paul A. Bartlett, Denyse M. Julien and Tim S. Baines; Improving Supply Chain Performance through Improved Visibility; The international Journal of logistics management. Vol.18 No 2.2007, pp 294-313; Emerald group publishing limited 0957-4093.
4. Toni Laaksonen, Kalle Pajunen, Harri I. Kulmala; Co-evolution of trust and dependence in customer-supplier relationships, Elsevier Inc.
5. Annual Report (2008) of Apex Adelchi Footwear Limited.
6. The Daily Star Internet Edition15.htm, Published On: 2008-03-02 (Retrieved on 28th May. 2009).
7. The Daily Star Internet Edition, Vol_ 5 Num 2.htm, Published On: Fri. May 28, 2004 (Retrieved on 5th May. 2009).
8. The Daily Star Internet Edition, Vol_ 5 Num 2.htm, Published On: Fri. May 04, 2009 (Retrieved on 25th May. 2009).
9. www.apexadelchi.com (Retrieved on 5th May. 2009).
10. www.banglapedia.search.com.bd(Retrieved on 5th May. 2009).
11. www.bangladesheconomy.com(Retrieved on 5th May. 2009
12. www.stockbangladesh.com (Retrieved on 5th May. 2009).
13. www.shoikotsblog.blogpost.com (Retrieved on 5th May. 2009).
14. www.lfmeab.org (Retrieved on 29th May. 2009).
thnx
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