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This is a Spanish version. MON is an Argentinean service company with two well-differentiated businesses, an industrial property agency and a law office, with a clientele chiefly made up of multinational corporations. Its quick growth turned it into the leader of the industrial property field and a major law office. By 1992, MON's income is stagnant and its organisational climate is tense, although economic liberalisation in Argentina points to a significant improvement, for which MON must make ready. The teaching goal of this case study is contrasting the analytical view of the strategy with the strategy seen as the result of a collective effort in the company. The case study also shows the importance of the formal organisation, adequately structured with clear, well-differentiated responsibilities, to implement effective processes to attain concrete objectives in the competitive environment.