1) Go back in time to 1986. Do a SWOT analysis for Telefonica de Espana. Does your analysis lead to the same conclusions as Telefonica's managers?

2) How would you characterize the corporate strategy adopted by Telefonica?

3) Minority investors in Telefonica's South American subsidiaries are unhappy with the parent corporation. Suppose you are a senior manager at the parent corporation. How would you handle the problem with the minority investors? What would you recommend to the CEO should be done about the minority investors?

4) The Latin American telecommunications market is growing much faster (12.6 percent in 2007) than that of Spain or Europe, both of which grew at a 4.9 percent rate in 2007. Should Telefonica have continued to focus on the Latin American market, rather than acquire O2 and Cseky? What about its purchase of a minority position in China Netcom?