Sikkim Manipal University 4th Semester Spring 2011

Name

: Alaji Mamadou Cire BAH

Roll No.

: 540910685

Subject : Strategic Management and Business Policy Subject Code : MB0036

Program

: MBA Semester 4

University University

Sikkim Manipal

Learning Centre : KnowledgeWorkz Limited (02544)

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MBA SEMESTER 4 STRATEGIC MANAGEMENT AND BUSINESS POILICYMB0036 SET - 2 1. Explain the importance of licensing and assigning IP rights. Answer: One basic choice is whether you should actively exploit your IP rights yourself, or to keep your IP rights and license them to others to use, or sell or assign the rights to another person. You can, in principle, make different choices in different countries for exploiting IP rights for the same underlying invention. If you are based in Malaysia, you could in theory decide to exploit your patent yourself in the East Asian region, grant a licence a Canadian company to use the invention in North America, and sell or assign the rights in Europe to a Danish company whether or not this is the best approach in practice is a different matter, of course. A licence is a grant of permission made by the patent owner to another to exercise any specified rights as agreed. Licensing is a good way for an owner to benefit from their work as they retain ownership of the patented invention while granting permission to others to use it and gaining benefits, such as financial royalties, from that use. However, it normally requires the owner of the invention to invest time and resources in monitoring the licensed use, and in maintaining and enforcing the underlying IP right. The patent right normally includes the right to exclude others from making, using, selling or importing the patented product, and similar rights concerning patented processes. The license can therefore cover the use of the patented invention in many different ways. For instance, licences can be exclusive or non-exclusive. If a patent owner grants a non-exclusive licence to Company A to make and sell their patented invention in Malaysia, the patent owner would still be able to also grant Company B another non-exclusive for the same rights and the same time period
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in Malaysia. In contrast, if a patent owner granted an exclusive licence to Company A to make and sell the invention in Malaysia, they would not be able to give a licence to anyone else in Malaysia while the licence with Company A remained in force. Licenses are normally confined to a particular geographical area typically, the jurisdiction in which particular IP rights have effect. You can grant different exclusive licences for different territories at the same time. For example, a patent owner can grant an exclusive licence to make and sell their patented invention in Malaysia for the term of the patent, and grant a separate exclusive licence to manufacture and sell their patented invention in India for the term of the patent. Separate licences can be granted for different ways of using the same technology. For example, if an inventor creates a new form of pharmaceutical delivery, she could grant an exclusive licence to one company to use the technology for an arthritis drug, a separate exclusive licence to another company to use it for relief of cold symptoms, and a further exclusive licence to a third company to use it for veterinary pharmaceuticals. A licence is merely the grant of permission to undertake some of the actions covered by intellectual property rights, and the patent holder retains ownership and control of the basic patent. An assignment of intellectual property rights is the sale of a patent right, or a share of the patent. It should be remembered that the person who makes an invention can be different to the person who owns the patent rights in that invention. If an inventor assigns their patent rights to someone else they no longer own those rights. Indeed, they can be in infringement of the patent right if they continue to use it. Patent licences and assignments of patent rights do not have to cover all patent rights together.
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Licences are often limited to specific rights, territories and time periods. For example, a patent owner could exclusively licence only their importation right to a company for the territory of Indonesia for 12 months. If an inventor owns patents on the same invention in five different countries, they could assign (or sell) these patents to five different owners in each of those countries. Portions of a patent right can also be assigned so that in order to finance your invention, you might choose to sell a half-share to a commercial partner. If you assign your rights, you normally lose any possibility of further licensing or commercially exploiting your intellectual property rights. Therefore, the amount you charge for an assignment is usually considerably higher than the royalty fee you would charge for a patent licence. When assigning the rights, you might seek to negotiate a licence from the new owner to ensure that you can continue to use your invention. For instance, you might negotiate an arrangement that gives you licence to use the patented invention in the event that you come up with an improvement on your original invention and this falls within the scope of the assigned patent. Equally, the new owner of the assigned patent might want to get access to your subsequent improvements on the invention. 2. Assess the need for Corporate Social Responsibility with supporting instances. Answer: CSR is a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis. The main function of an enterprise is to create value through producing goods and services that society demands, thereby generating profit for its owners and shareholders as well as welfare for society, particularly through an ongoing process of job creation. However, new social and market pressures are gradually leading to a change in the values and in the horizon of business activity. There is today a growing perception among enterprises that sustainable business success and shareholder value cannot be achieved solely through maximising
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short-term profits, but instead through market-oriented, yet responsible behaviour. Companies are aware that they can contribute to sustainable development by managing their operations in such a way as to enhance economic growth and increase competitiveness whilst ensuring environmental protection and promoting social responsibility, including consumer interests. In this context, an increasing number of firms have embraced a culture of CSR. Despite the wide spectrum of approaches to CSR, there is large consensus on its main features: CSR is behaviour by businesses over and above legal requirements, voluntarily adopted because businesses deem it to be in their long-term interest; CSR is intrinsically linked to the concept of sustainable development: businesses need to integrate the economic, social and environmental impact in their operations; CSR is not an optional "add-on" to business core activities but about the way in which businesses are managed. Socially responsible initiatives by entrepreneurs have a long tradition in Europe. What distinguishes todays understanding of CSR from the initiatives of the past is the attempt to manage it strategically and to develop instruments for this. It means a business approach, which puts stakeholders expectations and the principle of continuous improvement and innovation at the heart of business strategies. What constitutes CSR depends on the particular situation of individual enterprises and on the specific context in which they operate, be it in Europe or elsewhere. In view of the EU enlargement, it is however important to enhance common understanding both in Member States and candidate countries. The Growing Recognition of CSR CSR has found recognition among enterprises, policy-makers and other stakeholders, as an important element of new and emerging forms of governance, which can help them to respond to the following fundamental changes:
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Globalisation has created new opportunities for enterprises, but it also has increased their organisational complexity and the increasing extension of business activities abroad has led to new responsibilities on a global scale, particularly in developing countries. Considerations of image and reputation play an increasingly important role in the business competitive environment, as consumers and NGOs ask for more information about the conditions in which products and services are generated and the sustainability impact thereof, and tend to reward, with their behaviour, socially and environmentally responsible firms. Partly as a consequence of this, financial stakeholders ask for the disclosure of information going beyond traditional financial reporting so as to allow them to better identify the success and risk factors inherent in a company and its responsiveness to public opinion. As knowledge and innovation become increasingly important for competitiveness, enterprises have a higher interest in retaining highly skilled and competent personnel. The Global Dimension of CSR Global governance, and the interrelation between trade, investment and sustainable development are key issues in the CSR debate. Indeed, awareness of CSR issues and concerns will contribute to promote more sustainable investments, more effective development co-operation and technology transfers. Both processes of trade and financial markets liberalisation should be matched by appropriate progress towards an effective system of global governance including its social and environmental dimensions. Globalisation has also increasingly exposed enterprises to trans-boundary economic criminality, requiring an international response. By abiding by internationally accepted standards, multinational enterprises can contribute to ensure that international trade markets function in a more sustainable way and it is therefore important that the promotion of CSR at
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international level takes as its basis international standards and agreed instruments. Those agreed instruments are, at present, of two kinds: First, the OECD Guidelines for Multinational Enterprises are the most comprehensive, internationally endorsed set of rules governing the activities of multinationals. In promoting CSR in developing countries, EU businesses should demonstrate and publicise their world-wide adherence to them. Second, beyond CSR, international agreements are in place and their implementation by governments should be promoted. In its communication on Promoting Core Labour Standards and Improving Social Governance in the context of Globalisation the Commission stressed the need to ensure the respect for core labour standards in the context of globalisation. It stressed in particular the universality of core labour standards and the need for codes of conduct to integrate the ILO fundamental Conventions. At the same time, identifying common frameworks for the global dimension of CSR is challenging due to the diversity in domestic policy frameworks, protection of workers and environmental regulation. A number of initiatives in which European companies participate, such as Investors for Africa, World Business Council for Sustainable Development, and the UN Global Compact have sought to identify basic principles and practices. The underlying approach should be that, at global level, just as at European, the implementation of CSR principles should also go over and above the legal requirements that businesses need to comply with, and approaches should involve consultation with local stakeholders. CSR practices and instruments will be more effective if they are part of a concerted effort by all those concerned towards shared objectives. They should be transparent and based on clear and verifiable criteria or benchmarks. Public policy can contribute to the development of an action framework with a view to promote transparency and thus credibility for CSR practices
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3. What are the obstacles faced by small business units? Explain with examples. Answer: Small business is more than a fashion or a buzzword. In the USA, only small businesses create new jobs. The big dinosaur firms (the "blue-chips") create negative employment they fire people. This trend has a glitzy name: downsizing. In Israel many small businesses became world class exporters and big companies in world terms. The same goes, to a lesser extent, in Britain and in Germany. Small businesses often face a variety of problems related to their size. A frequent cause of bankruptcy is undercapitalization. This is often a result of poor planning rather than economic conditions- it is common rule of thumb that the entrepreneur should have access to a sum of money at least equal to the projected revenue for the first year of business in addition to his anticipated expenses. For example, if the prospective owner thinks that he will generate $100,000 in revenues in the first year with $150,000 in start-up expenses, then he should have no less than $250,000 available. Failure to provide this level of funding for the company could leave the owner liable for all of the company's debt should he end up in bankruptcy court, under the theory of undercapitalization. In addition to ensuring that the business has enough capital, the small business owner must also be mindful of gross margin (sales minus variable costs). To break even, the business must be able to reach a level of sales where the gross margin exceeds fixed costs. When they first start out, many small business owners underprice their products to a point where even at their maximum capacity, it would be impossible to break even. Cost controls or price increases often resolve this problem. In the United States, some of the largest concerns of small business owners are insurance costs (such as liability and health), rising energy costs and taxes. In
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the United Kingdom and Australia, small business owners tend to be more concerned with excessive governmental red tape. Another problem for many small businesses is termed the 'Entrepreneurial Myth' or E-Myth. The mythic assumption is that an expert in a given technical field will also be expert at running that kind of business. Additional business management skills are needed to keep a business running smoothly.
4. Are decision support systems beneficial in strategic management and

business policies? Justify your answer. Answer: A decision system has great impact on the profits of the company. It forces the management to rationalize the depreciation, inventory and inflation policies. It warns the management against impending crises and problems in the company. It specially helps in following areas: The management knows exactly how much credit it could take, for how long (for which maturities) and in which interest rate. It has been proven that without proper feedback, managers tend to take too much credit and burden the cash flow of their companies. A decision system allows for careful financial planning and tax planning. Profits go up, non cash outlays are controlled, tax liabilities are minimized and cash flows are maintained positive throughout. As a result of all the above effects, the value of the company grows and its shares appreciate. The decision system is an integral part of financial management in the West. It is completely compatible with western accounting methods and derives all the data that it needs from information extant in the company. So, the establishment of a decision system does not hinder the functioning of the company in any way and does not interfere with the authority and functioning of the financial department.

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Decision Support Systems cost as little as 20,000 USD (all included: software, hardware, and training). They are one of the best investments that a firm can make. 5. Mr. Kevin is a CFO of a multinational company. What would be his role and responsibilities in the company? Answer: As CFO Mr. Kevin would be in charge of: 1. The Finance Director 2. The Financing Department 3. The Accounting Department which answers to him and regularly reports to him. Despite the above said, the CFO can report directly to the Board of Directors through the person of the Chairman of the Board of Directors or by direct summons from the Board of Directors. His main Functions are: 1) To regulate, supervise and implement a timely, full and accurate set of accounting books of the firm reflecting all its activities in a manner commensurate with the relevant legislation and regulation in the territories of operation of the firm and subject to internal guidelines set from time to time by the Board of Directors of the firm. This is somewhat difficult in developing countries. The books do not reflect reality because they are "tax driven" (i.e., intended to cheat the tax authorities out of tax revenues). Two sets of books are maintained: the real one which incorporates all the income and another one which is presented to the tax authorities. This gives the CFO an inordinate power. He is in a position to blackmail the management and the shareholders of the firm. He becomes the information junction of the firm, the only one who has access to the whole picture. If he is dishonest, he can easily enrich himself. But he cannot be honest: he has to constantly lie and he does so as a life long habit.
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He (or she) develops a cognitive dissonance: I am honest with my superiors I only lie to the state. (2) To implement continuous financial audit and control systems to monitor the performance of the firm, its flow of funds, the adherence to the budget, the expenditures, the income, the cost of sales and other budgetary items. In developing countries, this is often confused with central planning. Financial control does not mean the waste of precious management resources on verifying petty expenses. Nor does it mean a budget which goes to such details as how many tea bags will be consumed by whom and where. Managers in developing countries still feel that they are being supervised and followed, that they have quotas to complete, that they have to act as though they are busy (even if they are, in reality, most of the time, idle). So, they engage in the old time central planning and they do it through the budget. This is wrong. A budget in a firm is no different than the budget of the state. It has exactly the same functions. It is a statement of policy, a beacon showing the way to a more profitable future. It sets the strategic (and not the tactical) goals of the firm: new products to develop, new markets to penetrate, new management techniques to implement, possible collaborations, identification of the competition, of the relative competitive advantages. Above all, a budget must allocate the scarce resources of the firm in order to obtain a maximum impact (=efficiently). All this, unfortunately, is missing from budgets of firms in developing countries. No less important are the control and audit mechanisms which go with the budget. Audit can be external but must be complemented internally. It is the job of the CFO to provide the management with a real time tool which informs them what is happening in the firm and where are the problematic, potential problem areas of activity and performance. Additional functions of the CFO include: (3) To timely, regularly and duly prepare and present to the Board of Directors financial statements and reports as required by all pertinent laws
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and regulations in the territories of the operations of the firm and as deemed necessary and demanded from time to time by the Board of Directors of the Firm. The warning signs and barbed wire which separate the various organs of the Western firm (management from Board of Directors and both from the shareholders) have yet to reach developing countries. As I said: the Board in these countries is full with the cronies of the management. In many companies, the General Manager uses the Board as a way to secure the loyalty of his cronies, friends and family members by paying them hefty fees for their participation (and presumed contribution) in the meetings of the Board. The poor CFO is loyal to the management not to the firm. The firm is nothing but a vehicle for self enrichment and does not exist in the Western sense, as a separate functional entity which demands the undivided loyalty of its officers. A weak CFO is rendered a pawn in these get-rich-quick schemes a stronger one becomes a partner. In both cases, he is forced to collaborate, from time to time, with stratagems which conflict with his conscience. It is important to emphasize that not all the businesses in developing countries are like that. In some places the situation is much better and closer to the West. But geopolitical insecurity (what will be the future of developing countries in general and my country in particular), political insecurity (will my party remain in power), corporate insecurity (will my company continue to exist in this horrible economic situation) and personal insecurity (will I continue to be the General Manager) combine to breed short-sightedness, speculative streaks, a drive to get rich while the going is good (and thus rob the company) and up to criminal tendencies. (4) To comply with all reporting, accounting and audit requirements imposed by the capital markets or regulatory bodies of capital markets in which the securities of the firm are traded or are about to be traded or otherwise listed. The absence of a functioning capital market in many developing countries and the inability of developing countries firms to access foreign capital markets make the life of the CFO harder and easier at the same time. Harder because
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there is nothing like a stock exchange listing to impose discipline, transparency and long-term, management-independent strategic thinking on a firm. Discipline and transparency require an enormous amount of investment by the financial structures of the firm: quarterly reports, audited annual financial statements, disclosure of important business developments, interaction with regulators (a tedious affair) all fall within the remit of the CFO. Why, therefore, should he welcome it? Because discipline and transparency make the life of a CFO easier in the long run. Just think how much easier it is to maintain one set of books instead of two or to avoid conflicts with tax authorities on the one hand and your management on the other. (5) To prepare and present for the approval of the Board of Directors an annual budget, other budgets, financial plans, business plans, feasibility studies, investment memoranda and all other financial and business documents as may be required from time to time by the Board of Directors of the firm. The primal sin in developing countries was so called privatization. The laws were flawed. To mix the functions of management, workers and ownership is detrimental to a firm, yet this is exactly the path that was chosen in numerous developing countries. Management takeovers and employee takeovers forced the new, impoverished, owners to rob the firm in order to pay for their shares. Thus, they were unable to infuse the firm with new capital, new expertise, or new management. Privatized companies are dying slowly. One of the problems thus wrought was the total confusion regarding the organic structure of the firm. Boards were composed of friends and cronies of the management because the managers also owned the firm but they could be easily fired by their own workers, who were also owners and so on. These incestuous relationships introduced an incredible amount of insecurity into management ranks (see previous point).

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(6) To alert the Board of Directors and to warn it regarding any irregularity, lack of compliance, lack of adherence, lacunas and problems whether actual or potential concerning the financial systems, the financial operations, the financing plans, the accounting, the audits, the budgets and any other matter of a financial nature or which could or does have a financial implication. The CFO is absolutely aligned and identified with the management. The Board is meaningless. The concept of ownership is meaningless because everyone owns everything and there are no identifiable owners (except in a few companies). Absurdly, Communism (the common ownership of means of production) has returned in full vengeance, though in disguise, precisely because of the ostensibly most capitalist act of all, privatization. (7) To collaborate and co-ordinate the activities of outside suppliers of financial services hired or contracted by the firm, including accountants, auditors, financial consultants, underwriters and brokers, the banking system and other financial venues. Many firms in developing countries (again, not all) are interested in collusion not in consultancy. Having hired a consultant or the accountant they believe that they own him. They are bitterly disappointed and enraged when they discover that an accountant has to comply with the rules of his trade or that a financial consultant protects his reputation by refusing to collaborate with shenanigans of the management. (8) To maintain a working relationship and to develop additional relationships with banks, financial institutions and capital markets with the aim of securing the funds necessary for the operations of the firm, the attainment of its development plans and its investments. One of the main functions of the CFO is to establish a personal relationship with the firms bankers. The financial institutions which pass for banks in developing countries lend money on the basis of personal acquaintance more than on the basis of analysis or rational decision making. This "old boy network" substitutes for the orderly collection of data and credit rating of borrowers. This also allows
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for favouritism and corruption in the banking sector. A CFO who is unable to participate in these games is deemed by the management to be "weak", "ineffective" or "no-good". The lack of non-bank financing options and the general squeeze on liquidity make matters even worse for the finance manager. He must collaborate with the skewed practices and decision making processes of the banks or perish. (9) To fully computerize all the above activities in a combined hardwaresoftware and communications system which integrates with the systems of other members of the group of companies. (10) Otherwise, to initiate and engage in all manner of activities, whether financial or other, conducive to the financial health, the growth prospects and the fulfillment of investment plans of the firm to the best of his ability and with the appropriate dedication of the time and efforts required. It is this point that occupies the working time of Western CFOs. It is their brain that is valued not their connections or cunning acts. 6. Give a note on strategies that improve sales: Answer: Strategies to Improve Sales There are three alternatives to improve the sales performance of a business unit, to fill the gap between actual sales and targeted sales: Intensive growth Integrative growth Diversification growth Intensive Growth: It refers to the process of identifying opportunities to achieve further growth within the companys current businesses. To achieve intensive growth, the management should first evaluate the available opportunities to improve the performance of its existing current businesses.
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It may find three options: To penetrate into existing markets To develop new markets To develop new products At times, it may be possible to gain more market share with the current products in their current markets through a market penetration strategy. For instance, SONY introduced TV sets with Trinitron picture tubes into the market in 1996 priced at a premium of Rs.10, 000 and above over the market through a niche market capture strategy. They gradually lowered the prices to market levels. However, it also simultaneously launched higher-end products (high-technology products) to maintain its global image as a technology leader. By lowering the prices of TVs with Trinitron picture tubes, the company could successfully penetrate into the markets to add new customers to its customer base. Market Development Strategy is to explore the possibility to find or develop new markets for its current products (from the northern region to the eastern region etc.). Most multinational companies have been entering Indian markets with this strategy, to develop markets globally. However, care should be taken to ensure that these new markets are not low density or saturated markets, which could lead to price pressures. Product Development Strategy involves consideration of new products of potential interest to its current markets (e.g. Gramophone Records to Musical Productions to CDs) as part of a Diversification strategy. Study the following example to understand what Product Development Strategy is. MICROSOFTs New Strategy It is called PC-plus. It has three elements:

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Providing computer power to the most commonly used devices such as cell phone, personal computer, toaster oven, dishwasher, refrigerator, washing machines and so on. Developing software to allow these devices to communicate. Investing heavily to help build wireless and high-speed internet access throughout the world to link it all together. Microsoft envisions a home where everyday appliances and electronics are smart. According to Bill Gates, In the near future, PC-based networks will help us control many of our domestic matters with devices that cost no more than $ 100 each It is also said at Microsoft that VCRs can be programmed via e-mail, laundry washers can be designed to send an instant message to the home computer when the load is done and refrigerators can be made to send an e-mail when theres no more milk. Microsoft plans to give these appliances brains and provide them the means to talk to each other through their Windows CE Operating System. Integrative Growth: It refers to the process of identifying opportunities to develop or acquire businesses that are related to the companys current businesses. More often, the business processes have to be integrated for linear growth in the profits. The corporate plan may be designed to undertake backward, forward or horizontal integration within the industry. If a company operating in music systems takes over the manufacturing business of its plastic material supplier, it would be able to gain more control over the market or generate more profit. (Backward Integration) Alternatively, if this company acquires some of its most profitably operating intermediaries such as wholesalers or retailers, it is forward integration. If the company legally takes over or acquires the business of any of its leading competitors, it is called horizontal integration (however, if this competitor is weak, it might be counter-productive due to dilution of brand image).
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Diversification Growth: It refers to the process of identifying opportunities to develop or acquire businesses that are not related to the companys current businesses. This makes sense when such opportunities outside the present businesses are identified with attractive returns and that industry has business strengths to be successful. In most cases, this is planned with new products that have technological or marketing synergies with existing businesses to cater to a different group of customers (Concentric Diversification). A printing press might shift over to offset printing with computerized content generation to appeal to higher-end customers and also add new application areas (Horizontal Diversification) or even sell stationery. Alternatively, the company might choose new businesses that have nothing to do with the current technology, products or markets (Conglomerate Diversification). The classic examples for this would be engineering and textile firms setting up software development centers or Call Centers with new service clients. Situation Analysis Sales Improvement Strategies: A supplier of computer stationery invests in a computer stationery manufacturing unit. A vendor supplying engine boxes to Maruti decides to supply the same with modifications to Hyundai. A company dealing in computer floppies plans to set up a Software Technology Park.

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