Enterprise Strategy Essay Example for Free

Enterprise Strategy Essay This type of business structure that is E-business is more common in the developed countries than in third class countries; to sell products customers in the comfort of their homes is widespread in these countries, so Forejustin Passman the founder and general manager plans to make widespread this type of business even in a developing country, Botswana. 1. 0 THE entrepreneur 1. 1 The motivation for starting the business Pull factors are exploiting opportunity and a financial incentive whilst the push factor that led him to open the business was threat of unemployment. The pull factors He was pulled into this business because he wanted to exploit an opportunity to sell gadgets such as tablets i. e. Apple’s Ipads, Amazon’s Kindle and Barnes amp;Nobles’ the nook. Consequently he decided to open Group Little, a predominantly virtual company, having little physical presence and high internet presence. After a market research he realised that most gadget stores in Botswana undermine internet trading and he decided to exploit this opportunity. Citing most gadget stores are set up according to a strategy and are purposely designed to make customer experience as pleasant as possible but their websites normally do not have a similar strategy applied to them, as the sites are normally a glorified business card that does not engage visitors and in some cases even harm the business image. Mr Passman was also pulled to gain financial incentive he paid meticulous attention to primary research in order to weigh the benefits, the cost and opportunities of his approach. The push factors The threat of unemployment is the only push factor that influenced Forejustin to start his business. At age 18 he performed poorly in his A-level results which caused him to fail to pursue a business degree at university, other than compromising and pursuing other degree programmes that he lacked interest in he decided to re-sit some examinations. Whilst in wait for examination results he did not want to be considered to be part of the unemployed so he started his company Group Little. 1. 2 Forejustin Passman’s character traits Proactive- he is one of the few people who do not believe in luck, he seeks after opportunities other than wait for them to present themselves to him. He is also quick and decisive, when faced with the dilemma of whether to go into just conventional retailing he decided and to have the virtual retailing, where he has limited physical presence and a fully-fledged internet presence. His logic behind such a decision being that the internet is a necessary portal for success in the 21st century business and beyond. He is regarded by some a restless while he considers himself easily bored because as he says he is easily diverted to the most recent market opportunity. He is especially known as a man who acts and then learns from the outcomes of his action, and thus far his upbeat approach has worked positively to advance the company. Visionary- Mr Passman has and had a clear vision for Group Little; for it to become a household name in virtual companies of Africa and to be an expert in Africa’s virtual market space. He wants Group Little to be benchmarked by any international company exploring to invest in the virtual market place of Africa. Now this visionary flair has positioned him to be always at the right place at the right time and being able snatch opportunities within his vision. 1. MR Passman’s personality type Mr Forejustin Passman is certainly spontaneous. Spontaneous because most of the things he does, he does instinctively. This matches positively with his proactive character trait mentioned previously in section 1. 2. He is a creative, lively and open-minded person. His humorous nature disposes a contagious zest for lif e. Forejustin’s enthusiasm and sparkling energy inspires the team to work harder, his strengths therefore are creative problem solutions, discovering new ways and opportunities, the conceptualization of new ideas on one hand, but not so much his concrete implementation on the other. To compensate for this weakness he has staff of capable colleagues that takes over his concepts and runs with them. Spontaneous is the best classification of Mr Passman, other than classifying him as an introvert or extrovert which is a widely used approach of personality type definition, which in some cases is limiting to define peculiar individuals as Mr Forejustin Passman. 1. 4 Decision making and leadership style Decision making style Forejustin Passman’s decision making style is conceptual. He has high tolerance for ambiguity in that even when he was not sure how Batswana will respond to an e-business he still went on decided to do what he planned. He has a broad outlook in business, with the resident of truth being not enough Batswana are connected to internet currently, he deemed it fit to go ahead because most industries around the world are adopting e-business and even though Botswana is still lagging behind the time is eminent for her as well to join in. His conceptual decision making style is also evident in that he has found a creative way to solve the local problem of segregated demand and supply. Where people in difficult to reach areas have a high quantity demand of some products from businesses yet they cannot reach those businesses to be supplied with what they demand, so he decided the customers will shop in the comfort of their own far away home and he will deliver the products to them. 1. 5 Leadership style Laissez-faire style, he is a leader who has consciously made a decision to pass focus of power to the outsourced employees. He considered since the workforce is already talented and qualified to do the job they must be able to positively exercise judgement to respond to issues. Mr Passman simply sets out the targets and deadlines afterwards he charges the taskforce to do the work that is at hand, he is not very interested in how they do the job he just wants the work to be done in due time. Some have criticised his type of leadership saying he is risking the success of his business by delegating power the employees but according to him this type of environment breeds creativity, and that is what he wants from his team, creative ways to solve problems, which is a direct match to his decision making style he wants them to think like him. 1. 6 Mr Forejustin Passman’s role within the business Forejustin oversees the review of Group Little’s corporate strategy, looks for market opportunities, acquires strategic assets and protects Group Little’s existing competencies. As this organisation is relatively small, Forejustin has adopted this multidisciplinary role. His acquisition of strategic assets is done in order to solidify their position in the market, he cites sometimes organic growth is too slow for the company’s vision therefore acquisition of some assets provides an impetus to desired growth. The staff The majority of his staff is outsourced, the employees are highly knowledgeable about internet business. Being a cheerful entrepreneur he advocates for a cheerful workforce because he believes if employees are happy that drives up productivity which in turn brings healthier profit margins. 1. 7 Entrepreneurial networking Forejustin’s decision to effectively network sprung up in the beginning stages of his business, he wanted a trademark for Group Little and he just happened to remember months earlier he sent his broken computer to some young technicians; one of them named Kabelo had recently graduated from a creative arts university of Limkokwing where he studied graphic designing. He had saved his contacts in case he needed computer help but his contact wound up birthing more than just computer solutions but also a trademark for his business. This was a highlight to Forejustin that networking especially informal networking is a tool for success, his response; * He strikes conversations with strangers, to get any bit of information he can, exchanges contacts with such an individual and then regularly contact that individual until they establish a network that can provide him relevant business information, advice and support services. Chats with movers and shakers of different industries in order to get some referrals and leads. Mr Passman’s formal networks In this the entrepreneur is lacking. He has not signed up to any formal network which means his chances for collaborative opportunities with others are diminished. It is highly unlikely for him to form new business relationships and lastly it is slow to solve problems because there is no access to a si gnificant number of possible solution providers as emphasised by Kay (2010). His professed inhibitors to formal networking are high membership fees of some formal arrangements. He also attributed inflexible structured timetable for some of these formal networks as a major impediment for him join as he prefers groups that are open where he can come on casual ‘drop in’ basis. But considerations are still being made to join the Diamond Trading Company (DTC) network an outlet that informs and organizes exhibitions for small enterprises. 1. 8 Innovation There a certain drivers of innovation that prompted Forejustin Passman to pursue e-business and figure a, is quite very useful in illustrating that. Source: Sheth and Ram (1987) Figure a Because of technological advances, after the internet boom he realised he needed to adopt an approach in business which matches the changes in technology. The change in technology alters the business environment. This then means that threshold competencies and basic resources are redefined, he implication to Forejustin’s company is, whatever used to be basic necessities of successful trading is now redefined to fit the current robust and continually changing business environment. Group Little’s business environment is no longer just about having the right gadgets, it is also about close interaction with customers and widespread, effective marketing therefore Mr Passman had to approach service delivery differently. Competition for selling gadgets has intensified, with Incredible Connecti ons, Hi-Fi, Game and other gadgets stores exerting pressure, Group Little had to distinguish itself by going online. Understanding that service delivery is directly related to the customer’s psyche he found it fit to offer technological products in a technological platform such as the internet which sends a message to customers of technological proficiency. He also had to innovate since customer needs are frequently changing consequently he had to effectively address them. The weakness of his innovative approach Even though innovation is commendable and obtaining ideas from the international front is encouraged it is evident Forejustin Passman has failed to address the contextualization of this worldwide trend. His payment outlets for instance should have been modified to fit the traditional payment outlets other than just adopting the internationally proclaimed payment system PayPal. 2. 0 The enterprise 2. 1 Business strategy According to Meyer (2010) strategy is the direction and scope of an organisation over the long-term. General enterprise strategy Emergent strategy is Group Little’s adopted strategy. Having considered the high turbulence in the industry he trades in Mr Passman decided to use this approach to guide his business. This strategy has been adopted since this industry is uncertainty and innovation based. It allows frequent feedback on the business environment which in turn permits reallocation of resources to address any information that is received about any changes in the business’ external environment. Operations strategy Figure b Source:ibbusinessandmanagement. com(2012) Using Michael Porter’s generic model figure b above, Forejustin has opted differentiation operational strategy. In this strategy unique attributes that are valued by customers and which are perceived to be better than the gadgets of the competition are intensively adopted by Group Little. This company has the following internal strengths to make this differentiation strategy successful; * Highly skilled and creative development team. * Strong sales team with the ability to successfully communicate the perceived strengths of the gadgets The risks linked with this strategy include imitation by competitors and changes in customer tastes. In addition, a range of firms pursuing focus strategies may be able to achieve even greater differentiation in their market segments. 2. 2 E-business As Group Little is a typical example of an e-business it is quite instructive to use the SWOT model to analyse the strengths, weaknesses, opportunity and threats this organisation it has; Strengths Global reach to marketing. Since the web is an international platform Group Little’s marketing is not just limited to local media and advertising opportunities it spreads out to other regions. There is improved customer interaction. The customer and the enterprise meet in the comfort zone of the customer, therefore the customer can openly offer ideas, orders and even complaints all this will better Group Little’s service delivery. Weaknesses Security; customers are always concerned with the integrity of their payments, most shy away from revealing confidential bank information in the web, which costs Group Little significantly. The other weakness is the customer has no idea of the quality and physical condition of the gadgets; it is very common for discrepancies to exist between what sites advertise and the actual product. Opportunities New technologies surfacing could open up internet accessibility in Botswana which will be advantageous to Forejustin’s company since the critics’ argument pivots around this matter. Group Little also has prospects on cutting down local competition. As local competition has not adequately used the online trading space which can give Group Little an online competitive advantage if Forejustin Passman chooses to invest significantly to develop this area. Threats Fraud; given that there are some individuals that are out to deceive for financial gain are always Mr Passman’s concern, they may fake Group Little’s website and deceive the customers. Changes in law and regulation are always a threat. Regulatory authorities to protect customers from fraud they may place laws and regulations that will stifle Group Little’s competitiveness. 2. 3 Organisational culture This has been defined as, a system of shared actions, values and beliefs that develop within an organisation and guides the behaviour. This is as cited by Uhl-Bien et al. (2010). Forejustin Passman has directed Group Little culture, one of the shared values is the ‘no Sunday policy. ’ In this Forejustin has reflected his Christian beliefs and his philosophy of people before profit into the corporation’s culture. His belief in God prompts him to keep the Sabbath which to him is Sunday and his people before profits philosophy leads him to protect their wellbeing by giving them rest on Sunday. Any order placed on Sunday is attended on Monday by rejuvenated and more productive employees. This has its obvious disadvantages such as foregone sales but Mr Passman believes his policy is beneficial to all parties involved. When work is on between Monday to Saturday the team is relaxed and open, this as Forejustin says allows for conception of creative ideas. Any facet that stifles creativity is minimized be it the tangible such as tables or chairs or the intangible aspect like a mental attitude that stigmatizes mistakes. This culture solves two important issues external adaptation, which deals with reaching goals; how to reach those goals and if members have developed this freedom to make mistakes they can effectively guide their day-to-day activities. It also solves the issue of internal integration, members can easily merge and share ideas when mistakes are not stigmatized and this leads to greater productivity. . 4 Critical success factors of his business Branding Forejustin’s Group Little has to create a brand that appeals to the African technologically adept. Now as asserted by Perry (2009) a brand is more than just a corporate symbol it is an intangible asset that provokes emotional responses from individuals which presents a sustainable competitive advantage. This entrepreneur must position his company’s brand to be able to leverage from being one of Botswana’s few companies that are committed to successful internet trading. Little is known of Group Little but this is an incentive not a deterrent because the brand can be driven in any direction that Forejustin sees proper to execute his vision. Even though his company was registered with the Registrar of Companies and Intellectual Property in 2009, not long ago every product and or service he introduces must align to the strategy of the company; he has to monitor Group Little’s identity, as the perception portrayed to customers over these few years is the one that affords the company to leverage on the brand premium. Realising that the company’s brand was its critical success factor efforts to protect his brand symbol from infringement were undertook; he decided to copyright the brand symbol. Distribution Comprehending their need for effective systems, Group Little has rationalized their distribution systems to enhance performance of their products. As an attempt to enhance the logistics execution and capabilities Mr Passman decided to form a synergy with Botswana Couriers. This he decided to do in order to quicken delivery of the gadgets sold, in contrast to sending the orders via Botswana Post with their renowned incompetence he decided to solidify his distribution by having an exclusive agreement with Couriers. As Meyer (2010) asserts exclusive distributor agreements will constitute a major impediment to the distributors if the distributor wants to switch from the commitment. In this synergy Group Little is offered discounts because of the volume of gadgets it trades around the country and basic efficiency in the distribution of the products is greatly enhanced. Technology It seems obvious yet still noteworthy that Group Little has technology as their trading platform has to remain on vigilant and aware of new technology developments. Most gadgets they sell use mobile applications, applications are pieces of software that are designed to fulfil a particular purpose, for Group Little that purpose simply is to make easy access to its website’s content and increase sales, therefore Group Little is in the process of having their own application. The entrepreneur has looked at engaging a company named Bright labs which operates in Tlokweng for the development of Group Little’s very own mobile application this will enable those who have bought these gadgets to also download the application and then browse for more products from Mr Forejustin Passman’s Group Little. 2. 5 Conclusion Forejustin Passman’s Group Little’s performance has been average, but if he can put measures in place to direct its strategy the company will realise its potential to become a benchmark e-business in Botswana and even in Africa. He simply needs to re-assess who he is and what Group Little is, a point of focus (the target market to approach, how he is going to approach that market). In addition he is required to solidify his networks as this is one business competence he has ignored and it will ultimately cost him and his business from growing from being a small medium enterprise to being the envisioned benchmark multinational. Contextualisation of Group Little’s business model also can provide an impetus its success as well, Mr Passman shall consider adopting traditional transaction means in order not to inhibit his business from reaching every possible customer. Bibliography Books 1. Meyer, R, Wit, B, (2010), Strategy-process, content, context an international perspective, 4ed, Hampshire: Cengage learning EMEA 2. Perry, B, (2009), Enterprise operations, Oxford: Cima publishing 3. Uhl-Bien. M, Schermerhorn J. R. , Hunt . J G, Osborn R. N, (2010), Organisational behaviour, Hoboken: John Wiley amp; Sons 4. Kay. F, (2010), Successful networks, London: Kogan Page 5. Yves, L, Goz, G. H, (1998), Alliance Advantage-The art of creating value through partners, Boston: Harvard business School Press. 6. Sugars. B, (2012), Super Size your sales, the entrepreneur, August, p. 2 7. Bessant J, Tidd J,(2011), innovation and entrepreneurship, 2ed, Sussex: John Wiley and sons 8. Moon. R, Gee. S, (2012), Creating business opportunity, Hampshire: Palgrave Macmillan 9. Mullins L. J, (2010), management amp; organisational behaviour, 9ed, Essex: Prentice Hall Websites 10. Multiply (2012): Spontaneous idealist [online] Available from: http://mirau. multiply. com/jour nal/item/116/My-Personality-Type-Spontaneous ,[ accessed 14 December 2012] Appendix Personal reflection Studying real entrepreneurs and real companies always equips I as the student beyond lecture content. The study of this enterprise and Mr Forejustin Passman was a delight because I got to know interesting real aspects about business, I have learnt when in real business some academic theories will have to be set aside and suspended to deal with the challenges of real business. The more I researched I understood what differentiates successful entrepreneurs and unsuccessful entrepreneurs and that content I learnt were not part of the assignment requisite but I did learn This module lectures are also noteworthy, I figured this was a reiteration of Enterprise anagement I did in my second year, so lectures consisted of emphasis of year two material. Even though the material is more or less the same as of second year the assessment was interestingly structured, it was strategic rather than operational that seems like an obvious comment but this has really marked the difference in our approach. We were no longer just reporting facts, concepts and academic theories we had to apply and use our groomed understanding to critically analyse the business case.

Warfare and its Psychological Impact Essay -- War Psychology Disorders

Warfare and its Psychological Impact Warfare causes many people to suffer from psychological problems. Many times, these problems come in the form of mental illness. According to the DSM-VI, which is the fourth edition of the Diagnostic and Statistical Manual of Mental Disorders, a mental disorder is "a clinically significant behavioral or psychological syndrome or pattern that's associated with current distress (a painful symptom) or disability (impairment in one or more important areas of functioning) or with a significantly greater risk of suffering, death, pain, disability, or an important loss of freedom. This syndrome or pattern mustn't be merely an expected, culturally sanctioned response such as grief over the death of a loved one. Whatever the cause, it must be considered a sign of a behavioral, psychological, or biological dysfunction."("Diseases") Mental disorders are diseases. However, according to the Director of the National Institute of Mental Health, mental disorders are treatable diseases. Mental illnesses have been proven to be illnesses of the brain. These illnesses can often be treated with medication and psychological therapy. Depression is the leading cause of disability in the world. Some believe that depression is a weakness in character, but it is a real disease with real symptoms. More people suffer from depression than heart disease. Mental illness is a serious disease. Mental disorders are serious problems with serious effects. In war there are three main groups affected by war: soldiers, non-combatants, and society. There are negative psychological consequences caused by war, both culturally and individually, these make war more costly than we realized previously. If we take these negati... ...nd there would be a lot less psychologically injured people in the US and Vietnam today. Our newfound resistance to war will prove to provide a psychologically healthy environment for not only us, but our children as well, for they are our treasure and our future. Our children are more important than any amount of oil or gold. It is our duty to create a positive environment for children in this world. Their well-being should be our first concern. They are not responsible for the conflict, but they suffer severely. They are particularly vulnerable. (Otunnu par 2) According to The Encyclopedia of Violence, Peace and Conflict "there is no escaping the conclusion that combat, and the killing that lies at the heart of combat, is an extraordinarily traumatic and psychologically costly endeavor that profoundly impacts all who participate in it." (Grossman and Siddle par.2)

Good Marriage Essay

Jim went down to the kitchen where the smell of good food beckons him. He smiled to himself, pleased to note that his wife is cooking his favorite food. They’ve been together for twenty-five years, their kids are all grown up. Yet Ana hasn’t forgotten that he likes Thai cooking, slightly spicy and rich with seasoning. He saw his wife adding cut green pepper on the diced meat that is frying on the stove. Ana turned around and saw him standing in the doorway. She bade him sit down while she finishes her cooking. Instead of sitting down, Jim went to the cupboard to get plates and utensils for their meal. The couple has always find ways to please and help each other, a practice they have kept over the years. 2. A good marriage is characterized by husband and wife’s delight in a give and take relationship. There is mutual respect for each other. Husband and wife helps each other in decision-makings, the raising of children, and doing tasks. They both take care of each other and notes what are the likes and dislikes of each party. In a good marriage, the man and wife are both happy in their decision to be with each other for the rest of their lives. That commitment is reaffirmed time and again despite difficulties and trials. In a good marriage, there is laughter and conversation. Both husband and wife will always find things to talk about, and have the time to listen to each other. 3. Looking at Jim and Ana’s lives, their twenty-five years of marriage has not always been a bed of roses. Ana is scrupulously neat, while Jim is a little scatter-brained. Ana keeps a list of things that needs to be done and does them in an organized and timely manner. She likes getting an early start, eating breakfast and finishing work ahead of time. Jim has a tendency to oversleep in the morning, getting up really late on weekends, and spending half of the day sleeping during 2 vacations. He hates putting anything on his stomach before eleven in the morning and likes to work late at night. Ana would sometimes find Jim deeply asleep after she had her bath and breakfast on a day when they’re supposed to go to the dentist. At a time when Ana likes to get an early start, while Jim wasn’t complying, she’d often get bad-tempered and a little quarrel would ensue. These little quarrels didn’t get out of hand because both of them are capable of stepping back and releasing anger. More importantly, Jim and Ana avoid bringing up past issues during arguments. They stick to what’s at hand and settle them without resorting to foul language and by properly expressing their sentiments and criticisms in a constructive manner. 4. A good marriage is not just about seeing the good side of a person. It’s about knowing his or her little habits that may or may not turn out to be annoying. Each party has to accept the totality of the other person and learn to adjust and adapt. In a good marriage, the couple must not try to change each other. Instead, they must try to meet in the middle and compromise. In a good marriage, the couple don’t start running away when things become a little complicated and difficult. 5. A good marriage, simply defined, is comprised of the good and bad things. There are times to laugh, to talk, to argue, and to make up. It is characterized by a lasting friendship where trust and responsibility go hand and hand. Meeting halfway and speaking up are necessary elements to make the relationship endure. Both parties must work hard and stick it out with one another through thick and thin. Husband and wife must selflessly think of each other’s welfare particularly when there are major issues to face and settle. It’s very important to do things together and to go away on vacations to recapture the moments when you both fall in love with each other.

Using the Spanish Verb Saber

Saber is a common verb whose basic meaning is to have knowledge or to have knowledge of. Although it is often translated as to know, it should not be confused with conocer, which also is often translated as to know. The basic meaning of saber can be seen most clearly when it is followed by a noun or a phrase functioning as a noun:  ¿Sabe alguien los horarios de los buses desde el aeropuerto? Does anyone know the times of the buses from the airport?Nuestra presidente no sabe inglà ©s. Our president doesnt know English.No se sabe mucho de su muerte. Not much is known about his death.Sà © bien la verdad. I know the truth well.Nunca sabemos el futuro. We never know the future. When followed by an infinitive, saber often means to know how: El que no sabe escuchar no sabe entender. The one who doesnt know how to listen doesnt know how to understand.No saben escribir en cursiva. They dont know how to write in cursive.El problema era que los dos no sabà ­amos nadar. The problem was that the two of us didnt know how to swim. Saber can mean to find out. This is especially true when it is used in the preterite tense: Supe que todos tenemos cosas en comà ºn. I found out that all of us have things in common.Nunca supieron que estaban equivocados. They never found out that they were mistaken. In context, saber can be used to say to have news about someone or something: No sà © nada de mi madre. I dont have any news about my mother. The phrase saber a can be used to indicate what something tastes like: Yo no he comido iguana, pero se dice que sabe a pollo. I havent eaten iguana, but they say it tastes like chicken. Remember that saber is conjugated irregularly.

American War Of Independence And The French Revolution Essay

Romanticism as a movement is as rebellious as its content. Lynch and Stillinger attempt to define it historically rather than continuously, naming it the â€Å"shortest †¦ period in British literary history† (3). They place it within the timespan of 1785 to 1832, beginning between the American War of Independence and the French Revolution and ending with the passage of the Reform Act in British Parliament. In this time of reflection and change, authors re-examined the previously discarded medieval romances and breathed new, strange life into them. Romantic art became a form of activism, against structures both political and poetic. To account for Romanticism’s â€Å"complex multiplicity† (4), Lynch and Stillinger mention five distinct characteristics of British Romantic work: the piece is written by a British author between 1785 and 1832, it is a response to a politically or socially impactful event, it features rebellion to convention, it is imaginative, and it utilizes imagery. 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“Article 23 of the Indian Constitution †Tool of...

â€Å"Article 23 of the Indian Constitution – Tool of Protection against Exploitation† TABLE OF CASES * Gaurav Jain v. Union of India, AIR 1997 SC 3021 * In the matter of: Prison Reforms Enhancement of Wages of Prisoners, AIR 1983 Ker.261 * Labourers Working on Salal Hydro Project v. State of Jammu Kashmir,AIR 1984 SC 177 * Nihal Singh v. Ram Bai, AIR 1987 MP 126 * People’s Union of Democratic Rights v. Union of India, AIR 1982 SC 1473 * Raj Bahadur v. Legal Remembrancer, Govt. of West Bengal, AIR 1953 Cal 522 * Ram Kumar v. State of Bihar, AIR 1984 SC 537 * Rohit Vasavada v. Ge. Man., IFFCO, AIR 1984 Guj 102 * R.K Tangkhul v. R.S. Khullakpa, AIR 1961 Man 1 * Sanjit Roy v. State of†¦show more content†¦* Pandey, J.N., ‘The Constitutional Law of India’, 47th Edition. This book contains numerous case laws which are relevant and thus it helps in better understanding of the topic with ease. Also, the case laws are very briefly stated so as to give an idea and gist of the case in a significant manner. CHAPTER II ------------------------------------------------- Right against Exploitation Article 23, being a fundamental Right, have assumed great significance and have become potent instruments in the hands of the Courts to ameliorate the pitiable condition of the poor in the country. According to Article 23 (1), traffic in human beings, beggar, and other similar forms of forced labour are prohibited and any contravention of this provision shall be an offence punishable in accordance with law. Article 23 (1) proscribes three unsocial practices, viz. 1) beggar; 2) traffic in human beings; 3) forced labour. A significant feature of Article 23 (1) is that it protects the individual not only against the State but also against the private citizens. 2.1 ABOLISHMENT OF BEGGAR The term beggar means compulsory work without payment. 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Koito Case Free Essays

string(37) " a higher dividend can be justified\." Koito-Pickens-Toyota Case Question 1 The Japanese corporate governance system differs vastly from the US system. Discuss corporate governance issues that may arise under the Japanese keiretsu. The corporate governance system in Japan is widely different from the US one insofar as it mostly involves a unique business model called â€Å"Keiretsu†. We will write a custom essay sample on Koito Case or any similar topic only for you Order Now A Keiretsu is a form of corporate structure that groups a set of companies with interlocking board of directors and common business interests. Thus, due to its particular structure, some governance problem may arise under this Japanese Keiretsu: ) Issues from the perspectives of financiers Because the business is considered almost like an extended family, the financing may become political and the Japanese Keiretsu will almost always give favor to members of their Keiretsu. This could lead the financiers, for instance, to finance a company member of their Keiratsu they wouldn’t have finance otherwise. As far as the potential financiers are concerned, the main issue is the difficulty to enter and invest in the Keiretsu. Getting financial information about the Keiretsu firms could be complicated insofar as the financial and accounting statements are not disclosed. Thus, such discretion could lead to an ambiguity or a lack of understanding from an outside perspective. Actually, the keiretsu are just trying to protect themselves from what they fear the most that is to say the yakuza and the greenmailing. b) Issues from the perspectives owners As mentioned above, the keiretsu are suspicious towards the â€Å"outside† and this behavior may make foreign owners face some difficulties. Because the keiretsu system is much more in favor of inside shareholders than the outside ones, the former may find some difficulties to make the most of their shareholder rights. And this can maybe explain why the outside shareholders are often a minority in comparison with the shareholders of the keiretsu. Moreover, even if one of the outside owners becomes the biggest one, as T. Boone Pickens did, he may not be able to use his rights as he hoped. c) Issues from the perspectives suppliers One of the main issues for external suppliers is to the relationship between OEMs and suppliers that often leads to dumping on the prices and enables the outside supplier to compete with such cheap prices. As far as the integrated suppliers are concerned, the exclusive partnership with the keiretsu they belong enables them to do business with another leading firm and to gain market shares. d) Issues from the perspectives employees On the one hand and in case of horizontal integration, the very structure of a Keiretsu can lead into a confusion in management. The management transfers are so frequent that employees do not understand for which company they really work for is. One the other, the strong stability that comes out from this system could lead to a lack of action and performance from employees. Question 2 What were T. Boone Pickens’ motives when he bought the share? In the eyes of many, Mr. Pickens was only acting as a front man for Mr. Watanabe, a well-known green mailer in order to pave a way to gain power and control over the corporation. Mr. Pickens denies all these accusations of greenmailing by claiming that he bought the share to carry out a â€Å"test case† in order to evaluate the accessibility of the market. In others words, his initiative has the only aim of checking whether the United States could make, in the future, profitable investments in Japan depending of the degree of welcome of the market. Moreover, it is not implausible to think that one motive of T. Boone Pickens was the quest of profit. It should be borne in mind T. Boone Pickens targeted Koito as an undervalued investment opportunity in so far as he anticipated a Koito stock rise due to the tight link between Toyota and Koito. The good performances of Koito stock combined with the rise of the net income and sales reinforce this idea due to the fact that the shareholder’s average annual return has impressively increased. So the pursuit of rise of the dividends could have motivated him to buy the share. As the largest shareholder of Koito Manufacturing, is he entitled to representation on the board, does Japanese law allow for that? If not what in the law could he use to get an equivalent result? With 26. 4% of stock, T. Boone Pickens should have been entitled to representation on the board of Koito insofar as the Japanese law gives him rights due to the fact that he owns more than 10% of stock. But not so in the Japanese Keiretsu point of view. He was overwhelmingly denied board access in a 1989 annual meeting. †¦It is not a custom in Japan just to say, ‘I’ve become a major shareholder so I should become director. ’†, said Takao Matsuura, president Koito Manufacturing Ltd. There are reasons to wager that his seat on the board was compromised by the fact that the company considers him as a greenmailer. Knowing that T. Boone Pickens was planning to increase his stake to 30%, he could obtain board representation by acquiring 4% more than what he expected . In fact, the Japanese law states that those with at least 34% ownership could propose special shareholder resolutions. An alternative would be to establish a new relationship between Mr. Pickens and all the members of the keiretsu based on loyalty and transparency. They would not suspect him of greenmail anymore. We can suppose that T. Boone Pickens has chosen this way insofar as he supported the adoption of a proposal prohibiting Koito from paying greenmail. Question 3 Besides board representation, T. Boone Pickens demanded higher dividend payouts. Were his demands justified? Provide quantitative evidence to back your answer. Besides board representation, T. Boone Pickens asked for higher dividend payout saying that â€Å"Boone Co’s philosophy was to put stockholder interests first† (page 7) and in this very case, his demand for a higher dividend can be justified. You read "Koito Case" in category "Papers" Indeed, when we look at the dividend payout ratio for the period 1982 – 1985 (Table 1), it decreases meanwhile the retained earnings was increasing (Table 2). Moreover, at the same period, the proportion of cash was also increasing. In others words, the retained earnings were not invested enough and stay as cash. Then in 1986, we noticed that the payout ratio increased up to 39% and at the same time the retained earnings and the cash goes strongly down. Finally, almost the same phenomenon is observed between 1988 and 1990. In other words, the payout ratio is not positively correlated to the retained earnings which are not invested and stay as cash. Table 1 Table 2 Is there anything in the Japanese commercial code that would allow Pickens to try to get more dividends? If yes, why doesn’t he use this? If not, based on your experience as an international investment banker, what changes would you recommend him to propose? In order to increase dividends, T. Boone Pickens had several solutions. Indeed, many researches on the conflicts of interest between majority and minority shareholders show that dividend  payout  is negatively related to ownership concentration and support the assumption that large shareholders do not appear to use dividend policy to remove excess  cash. In other words,  firms with concentrated ownership are less likely to increase dividends when profitability increases and more likely to omit dividends when investment opportunities improve. So, T. Boone Pickens could decrease the ownership concentration of Koito. There are also some more aggressive solutions to get more dividends. T. Boone Pickens could increase his shares ownership in order to increase his decision power in the General Assembly insofar as â€Å"a owner of 34% or more of the outstanding stock could propose special shareholder resolutions†. Question 4 Pickens accused Toyota of limiting profits earned by Koito Manufacturing. Explain how the mechanism works? This mechanism is related to the very structure of keiretsu insofar as Toyota, like most Japanese OEM, owns equity positions in its suppliers. In 1986 almost half of Koito’s output was bought by Toyota and at the same time, Toyota has built a dominant position over Koito by having a 19%-part of Koito’s ownership. Therefore, Toyota was not just one of Koito’s customers but also one of its owners. Through its powerful influence and thanks to the close and informal relationship between Toyota and its suppliers, the car manufacturer had been able to negotiate supply contracts, lower prices and then limited profits earned by Koito. Is this a self-dealing transaction? According to Steven L. Emanuel (â€Å"Corporations†, 2009), a self-dealing transaction occurs when three following conditions are met : (1) A key player (officer, director or controlling shareholder) and the corporation are on opposite sides of a transaction, (2) The key player has helped influence the corporation’s decision to enter the transaction (3) The key player’s personal financial interests are at least potentially in conflict with the financial interests of the corporation. In the case of Koito, 3 members out of 23 are Toyota’s executives. Even if these 3 members are no longer Toyota’s executives, the Japanese notion of loyalty and the business relations between Toyota and Koito (Toyota buy 48% of Koito’s output) could imply that these three chairmen could act in favor of Toyota or at least try to satisfy the two companies. And in this way, the supplier was treated unfairly and conflicts of interests might have occurred. If Pickens gets access to financial information, how can he set out to prove his accusations? If you were an investment banker, what accounts or data would you tell him to scrutinize. If Pickens gets access to financial information, he could analyze the Income Statement and compare the evolution of the growth of sales and the growth of gross profit over these past years. Generally, sales and gross profit evolve in the same direction unless there is a below cost-selling. However, here we noticed for example that in 1986, as sales had grown by almost 10,2%, gross profit had grown by 7% and that in 1990, when the sales had grown by 10. 85%, gross profit had only grown up by 2. 8%. Such comparisons could be setting off alarm bells and could point out the fact that Toyota is limiting profits earned by Koito Manufacturing. On the other hand and if he can, he could also compare directly the price of goods sold to Toyota with the price of the same goods sold to minor customers such as Hino Motors. A high difference between the two prices combined with the fact that three directors of Koito are retired Toyota executives, would prove these â€Å"self dealing transactions†. Would you suggest to change the charter of the organization of Koito? As investment banker, I would suggest him to analyze thoroughly the income statements and the supply contracts between Toyota and Koito in details to reinforce his accusations. As far as the charter of the organization of Koito is concerned, I would suggest to add a clause which enables a person somehow related to a strong customer or a strong supplier to be appointed as director to Koito’s board of directors. Question 5 Toyota has threatened to cut all ties with Koito Manufacturing if Pickens take over the company. How would this affect Pickens investments? If you were a minority shareholder in Koito Manufacturing, whose side would you take? Calculate the value of your shares with or without Toyota. Because Toyota is the second largest shareholder in Koito and is its principal customer, representing 48% of the total sales (Exhibit 2), we may think that cutting ties with Koito Manufacturing will lead to huge losses, at least in the first year. Let’s then calculate the value of a share with and without Toyota. In order to use the Discounted Cash Flow methodology, here are the assumptions we made : * The value of the firm is equal to the value of the discounted cash flows for the next four years plus it’s terminal value. The same growth is expected for the coming four years (this growth was calculated as the mean of the previous years growth) * Because the lack of information concerning the cost of equity we used today Koito’s beta (1. 38), a risk free rate of 3% and a Rm of 10% (return on SP) in order to calculate an approximative WACC. Our calculations provide us with a WACC of almost 8%. With Toyota : Without Toyota : If I were a minority shareholder I would probably take Pickens’ side because he puts shareholder interests first. However, I would be careful and make sure that making stockholders’ interest first instead of company’s one will not damage the entity’s wealth. Based on your assessment of the case, are large shareholders an effective solution to corporate gouvernance problem? Based on the analysis of this case, it appears that being a large shareholder is not necessarily an effective solution to the corporate governance problem. Indeed, even if T. Boone Pickens is the largest shareholder, he actually has no influence on â€Å"management issues† including those which concern the amount of dividends paid. How to cite Koito Case, Papers