P. 86 ex. 2

Part 1 (I = Interviewer, MS = Marjorie Scardino)

I:	How do you develop a strategy for a large company?
MS:	There are lots of ways to go about it. I think the way we've done it is to first think about what assets we have – what's unique about those assets, what markets we know about and what markets are growing, and which of those markets can make the best use of our assets. We then put that into a bowl, heat it up, stir it around, and come out with a strategy.
I:	And in broad terms, what is your strategy at Pearson?
MS:	Well I, we have approached our strategy... Let me answer it this way, by looking at it as three simple steps. When I joined Pearson a couple of years ago, we needed to improve our operations. We needed to just run the companies we had, and the businesses we had better. So our first step in our strategy was simply to operate better. To create better profits, and better cash generation, and better long term value for the shareholders. We then... the second step which was not happening in a serial way but happening at the same time, the second step was to look at the assets we had and see which ones we should keep and which ones we should dispose of. Those we disposed of, we did because they would be worth more to other companies than to us because they didn't fit with the rest of our company, or were things we didn't actively control – we had a passive interest in – so those disposals were an important part. And then the third step was to stitch together all our businesses, so that they were able to use each other's assets, to make a greater whole.

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