...For the exclusive use of L. Jobard, 2015. IMB 443 SEEMA GUPTA VOLKSWAGEN IN INDIA In just 4 years since Volkswagen (VW) set up its India operations, it had captured a 3.6% market share – something the Detroit giants had not been able to do after more than a decade in the country (Exhibit 1). VW was the flagship brand of the Volkswagen group, which also owned Audi, Bentley, Bugatti, Lamborghini, Porsche, SEAT, and Skoda. In India, the group was present with Skoda, Audi, and VW. 1 Maik Stephan, Managing Director, Volkswagen Group Sales India said: While three brands give us the collective power, we have to be careful to market them uniquely so that we are not chasing the same customer. i In 2011, the group’s worldwide revenues and net profit were Euro 159 billion and 15.8 billion, respectively. Headquartered in Wolfsburg, Germany, the group operated more than 60 plants around the world. It was the second largest automaker behind General Motors. It had a market share of 12.3% in 2011. Its core markets were Germany and China. It was the market leader in Europe with a 20% market share. It aimed to become the world’s largest automaker by 2018. With a growth of 30% in the Indian automobile industry, India was to play an important role in realizing the group’s global ambitions. ii VW targeted to increase the market share of its flagship brand in India from 3.6% to 5% by 2015. Neeraj Garg, Director, VW Group Sales India said: We have to transition from launch stage to growth stage of...
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...PART I. ITEM 1. Business Ford Motor Company (referred to herein as "Ford", the "Company", "we", "our" or "us") was incorporated in Delaware in 1919. We acquired the business of a Michigan company, also known as Ford Motor Company, which had been incorporated in 1903 to produce and sell automobiles designed and engineered by Henry Ford. We are one of the world’s largest producers of cars and trucks. We and our subsidiaries also engage in other businesses, including financing vehicles. In addition to the information about Ford and our subsidiaries contained in this Annual Report on Form 10-K for the year ended December 31, 2011 ("2011 Form 10-K Report" or "Report"), extensive information about our Company can be found at www.corporate.ford.com, including information about our management team, our brands and products, and our corporate governance principles. The corporate governance information on our website includes our Corporate Governance Principles, Code of Ethics for Senior Financial Personnel, Code of Ethics for the Board of Directors, Standards of Corporate Conduct for all employees, and the Charters for each of the Committees of our Board of Directors. In addition, any amendments to our Code of Ethics or waivers granted to our directors and executive officers will be posted in this area of our website. All of these documents may be accessed by going to our corporate website and clicking on "Our Company," then "Corporate Governance," and then "Corporate Governance...
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...References…………………………………………………………….47 1 Overview of Current Chinese Automotive Industry China’s first automobile manufacturing base, FAW (First Automobile Works), was built 50 years ago. From then on for over 30 years, there was no big progress in the Chinese automotive industry on both production and technology sides. Production capacity was low, and technology was outdated. From the middle 1980’s, with the establishments of joint ventures, the Chinese automobile industry began to develop faster than before. So far, all of the world's major automakers, such as General Motors, Toyota, Ford, Volkswagen, DaimlerChrysler, Nissan-Renault, PSA Peugeot Citroen, Honda and BMW, have established joint ventures in China*. In particular, the joint ventures control about 90 percent of China's passenger car market. The major players in the Chinese automotive industry FAW SAIC Changan Dongfeng Guangzhou AIC Beijing AIC GM Toyota Ford DaimlerChrysler VolksWagon PSA Hyduai Honda Nissian/Renault Fiat MAZDA BMW SUZUKI Kia Nanjing AIC Brilliance...
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...3 Industry Analysis: The Fundamentals When a management with a reputation for brilliance tackles a business with a reputation for poor fundamental economics, it is the reputation of the business that remains intact. —Warren Buffett, Chairman, Berkshire Hathaway The reinsurance business has the defect of being too attractive-looking to new entrants for its own good and will therefore always tend to be the opposite of, say, the old business of gathering and rendering dead horses that always tended to contain few and prosperous participants. —Charles T. Munger, Chairman, Wesco Financial Corp. OUTLINE n n n n n INTRODUCTION AND OBJECTIVES FROM ENVIRONMENTAL ANALYSIS TO INDUSTRY ANALYSIS THE DETERMINANTS OF INDUSTRY PROFIT: DEMAND AND COMPETITION ANALYZING INDUSTRY ATTRACTIVENESS Porter’s Five Forces of Competition Framework Competition from Substitutes Threat of Entry Rivalry Between Established Competitors Bargaining Power of Buyers Bargaining Power of Suppliers APPLYING INDUSTRY ANALYSIS Describing Industry Structure Forecasting Industry Profitability Strategies to Alter Industry Structure 66 INTRODUCTION AND OBJECTIVES 67 n n n n DEFINING INDUSTRIES: WHERE TO DRAW THE BOUNDARIES Industries and Markets Defining Markets: Substitution in Demand and Supply FROM INDUSTRY ATTRACTIVENESS TO COMPETITIVE ADVANTAGE: IDENTIFYING KEY SUCCESS FACTORS SUMMARY NOTES INTRODUCTION AND OBJECTIVES In this chapter and the next we explore the external environment of...
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...3 Industry Analysis: The Fundamentals When a management with a reputation for brilliance tackles a business with a reputation for poor fundamental economics, it is the reputation of the business that remains intact. —Warren Buffett, Chairman, Berkshire Hathaway The reinsurance business has the defect of being too attractive-looking to new entrants for its own good and will therefore always tend to be the opposite of, say, the old business of gathering and rendering dead horses that always tended to contain few and prosperous participants. —Charles T. Munger, Chairman, Wesco Financial Corp. OUTLINE n n n n n INTRODUCTION AND OBJECTIVES FROM ENVIRONMENTAL ANALYSIS TO INDUSTRY ANALYSIS THE DETERMINANTS OF INDUSTRY PROFIT: DEMAND AND COMPETITION ANALYZING INDUSTRY ATTRACTIVENESS Porter’s Five Forces of Competition Framework Competition from Substitutes Threat of Entry Rivalry Between Established Competitors Bargaining Power of Buyers Bargaining Power of Suppliers APPLYING INDUSTRY ANALYSIS Describing Industry Structure Forecasting Industry Profitability Strategies to Alter Industry Structure 66 INTRODUCTION AND OBJECTIVES 67 n n n n DEFINING INDUSTRIES: WHERE TO DRAW THE BOUNDARIES Industries and Markets Defining Markets: Substitution in Demand and Supply FROM INDUSTRY ATTRACTIVENESS TO COMPETITIVE ADVANTAGE: IDENTIFYING KEY SUCCESS FACTORS SUMMARY NOTES INTRODUCTION AND OBJECTIVES In this chapter and the next we explore the external environment of...
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...R e se a rc h a n d Stat i s t i c s B r a n c h working paper 16/2009 Impact of the Global Economic and Financial Crisis over the Automotive Industry in Developing Countries UNITED NATIONS INDUSTRIAL DEVELOPMENT ORGANIZATION RESEARCH AND STATISTICS BRANCH WORKING PAPER 16/2009 Impact of the Global Economic and Financial Crisis over the Automotive Industry in Developing Countries Peter Wad Copenhagen Business School UNITED NATIONS INDUSTRIAL DEVELOPMENT ORGANIZATION Vienna, 2010 This paper was prepared by Peter Wad, UNIDO consultant and backstopped by Nobuya Haraguchi, UNIDO staff member, Research and Statistics Branch, Programme Coordination and Field Operations Division. Iguaraya Saavedra provided administrative support. The designations employed, descriptions and classifications of countries, and the presentation of the material in this report do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations Industrial Development Organization (UNIDO) concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries, or its economic system or degree of development. The views expressed in this paper do not necessarily reflect the views of the Secretariat of the UNIDO. The responsibility for opinions expressed rests solely with the authors, and publication does not constitute an endorsement by UNIDO. Although great care has...
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...9-807-073 REV: MAY 8, 2007 JOSH LERNER Yale University Investments Office: August 2006 David Swensen slowly crossed the trading floor of the Yale Investments Office and looked over the hectic scene. While Swensen himself could not move quickly—he had been on crutches since an injury in the Yale Summer League championship softball game against the Biological and Biomedical Sciences team earlier in the month—the remainder of the staff was moving rapidly, whether leafing through online data or consulting with their peers about prospective investments. Swensen had every reason to feel content, despite his recent injury. The endowment had just completed another spectacular year, having grown to $18 billion (up from $1 billion when he had taken over the office). Yale had developed a rather different approach to endowment management, including substantial investments in less efficient equity markets such as private equity (venture capital and buyouts), real assets (real estate, timber, oil and gas), and “absolute-return” investing. This approach had generated successful, indeed enviable, returns. Swensen and his staff were proud of the record that they had compiled and believed that Yale should probably focus even more of its efforts and assets in these less efficient markets. But his thoughts turned to the larger challenges associated with the management of the university’s endowment. The very success of their strategy had generated new questions. How far did they think Yale...
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...Vertical Specialization and the Changing Nature of World Trade David Hummels, Dana Rapoport, and Kei-Mu Yi T he world’s economies have become increasingly integrated and increasingly global. Among the most important and often cited features of the rise in globalization is the enormous growth in the export and import shares of GDP since World War II. In the United States, international trade— that is, exports plus imports—accounted for 23.9 percent of GDP in 1996, up from 9.2 percent in 1962.1 Worldwide, the merchandise export share of production has more than doubled over the last forty-five years, while the manufactured export share of production has almost quadrupled (Chart 1). Most countries—emerging nations as well as highly developed economies—have experienced increases in their export share of GDP (Chart 2). Clearly, a greater number of countries are trading more today than in the past. David Hummels is an assistant professor of economics at the University of Chicago’s Graduate School of Business; Dana Rapoport is an assistant economist and Kei-Mu Yi an economist at the Federal Reserve Bank of New York. Another significant feature of increased globalization is the internationalization of production. Rather than concentrate production in a single country, the modern multinational firm uses production plants—operated either as subsidiaries or through arm’s-length relationships—in several countries. By doing so, firms can exploit powerful locational advantages...
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...69TH ANNUAL REPORT 2013-14 04 WHAT’S INSIDE CORPORATE OVERVIEW STATUTORY REPORTS 02 Corporate Information 44 Notice 03 Mission, Vision and Values 53 Directors’ Report 04 Chairman’s Message 69 Management Discussion & Analysis 08 Board of Directors 104 Corporate Governance 12 Tata Motors at a Glance 14 Major Launches during the Year 125 Secretarial Audit Report Chairman’s Message 16 Presence across Markets To ensure long-term competitiveness of Tata Motors, the company also took several steps under the Horizonext strategy. FINANCIAL STATEMENTS 18 The NEXT Level in Design 20 The NEXT Level in Driving Experiences 22 The NEXT Level in Fuel Economy 14 24 The NEXT Level in Connectivity 26 Corporate Social Responsibility at Tata Motors Standalone Financial Statements 126 Independent Auditors’ Report 130 Balance Sheet 131 Statement of Profit and Loss 132 Cash Flow Statement 134 Notes to Accounts 30 Awards and Accolades 32 Financial Performance Our products represent the Horizonext philosophy with best-in-class offerings. 170 Independent Auditors’ Report 36 Summarised Balance Sheet and Statement of Profit and Loss (Consolidated) Major Launches during the Year Consolidated Financial Statements 172 Balance Sheet 38 Summarised Balance Sheet and Statement of Profit and Loss (Standalone) 40 Funds Flow - Last Five Years 41 Financial Statistics 173 Statement of Profit...
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...ANNUAL REPORT 2003 T R U ST I S A Q U E ST I O N O F Q U A L I TY, M O R E S O TO DAY T H A N EV E R B E F O R E . T H E S U C C E S S O F O U R B R A N D S S P E A K S F O R T H E T R U ST P LAC E D I N O U R P RO D U CT S , P RO D U CT S W H I C H A R E B A S E D O N A S I M P L E P R I N C I P L E T H AT I S T H E F O U N DAT I O N O F O U R E N T I R E C R E AT IV E P RO C E S S – A PA S S I O N F O R CA R S . A PA S S I O N W E WO U L D L I K E TO S H A R E W I T H YO U . > > > E AC H B R A N D I S A WO R L D O F I T S OW N . 4 06 10 12 14 Board of Management/Supervisory Board Report of the Supervisory Board The Board of Management Letter to our Shareholders Group values Financial Communication 18 Volkswagen share 24 Value-based management 26 Corporate Governance 30 40 46 50 53 58 60 66 Management Report Business development Net assets, financial position and earnings performance Volkswagen AG (condensed, according to German Commercial Code) Research and development Business processes Legal matters Risk report Outlook contents 40 ▼ net assets, financial position and earnings performance Sales revenue at prior year level Despite the negative effect of exchange rate movements, the Volkswagen Group generated sales revenue at the level of the previous year. However, earnings reflected unfavourable underlying conditions and special items. 12 ▼ letter to our shareholders Change and progress Our efforts are targeted at the goal of continuously...
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...IC-TMT20121 PESTLE Analysis on Toyota Prius Abstract Toyota Prius Hybrid is using the Hybrid Synergy Drive (HSD) that perfectly optimizes power from both petrol engine and electric motor according to the driving condition. The electric vehicle (EV) which allows the vehicle run purely for low noise and zero fuel consumption [1]. The objective of our research paper is to investigate the factors that move Toyota Prius into production. The research is based on the PESTLE analysis (which is based on various factors like P-political, E-economy, S-social, T-technology, L-legal and E-environment) by using secondary data and qualitative analysis. In annuals ales worldwide since 1997 until 2011, Toyota Priusis performed well and popular in global market. Based on the analysis, Toyota Prius did move into hybrid vehicle production which influenced by the factors that mentioned above (PESTLE). Keyword: PESTLE, Toyota Prius. 1.0 Introduction Toyota Prius is a compact sedan which manufactured and developed by Toyota. Prius was named with meanings “ahead or leading” and “the predecessor of cars to come”. The first generation of Prius experienced great sales in US with 32% grow from2001 to 2003. It became the world first mass-produced gasoline electric hybrid car with aimed to reducing air pollution and increasing fuel efficiency. The second generation was redesigned as a mid-size lift back, with the redistributed on interior design and mechanical space significantly increasing luggage...
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...69TH ANNUAL REPORT 2013-14 04 WHAT’S INSIDE CORPORATE OVERVIEW 02 Corporate Information 03 Mission, Vision and Values 04 Chairman’s Message 08 Board of Directors 12 Tata Motors at a Glance 14 Major Launches during the Year 16 Presence across Markets 18 The NEXT Level in Design 20 The NEXT Level in Driving Experiences 22 The NEXT Level in Fuel Economy 24 The NEXT Level in Connectivity 26 Corporate Social Responsibility at Tata Motors 30 Awards and Accolades 32 Financial Performance 36 Summarised Balance Sheet and Statement of Profit and Loss (Consolidated) STATUTORY REPORTS 44 Notice 53 Directors’ Report 69 Management Discussion & Analysis 104 Corporate Governance 125 Secretarial Audit Report Chairman’s Message To ensure long-term competitiveness of Tata Motors, the company also took several steps under the Horizonext strategy. FINANCIAL STATEMENTS Standalone Financial Statements 126 Independent Auditors’ Report 130 Balance Sheet 131 Statement of Profit and Loss 132 Cash Flow Statement 134 Notes to Accounts Consolidated Financial Statements 170 Independent Auditors’ Report 172 Balance Sheet 173 Statement of Profit and Loss 174 Cash Flow Statement 176 Notes to Accounts Subsidiary Companies 207 Financial Highlights 210 Listed Securities issued by Subsidiary Companies during FY 2013-14 14 Major Launches during the Year Our products represent the Horizonext philosophy with best-in-class offerings. 38 Summarised Balance Sheet and Statement of Profit and...
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...THE EFFECT OF MOTIVATION ON THE PERFORMANCE OF EMPLOYEES AT GT BANK GHANA by Nduro, Millicent (PG, 4128310) A Thesis submitted to the Institute Of Distance Learning, Kwame Nkrumah University of Science and Technology, in Partial fulfillment of the requirements for the degree of COMMONWEALTH EXECUTIVE MASTERS OF BUSINESS ADMINISTRATION SEPTEMBER 2012 DECLARATION I, hereby declare that this submission is my own work towards the Executive Masters of Business Administration, and to the best of my knowledge, it contains no material previously published by another person nor material which has been accepted for the award of any other degree of this and any other University, except where due acknowledgement has been made in the text. Millicent Nduro (PG 4128310) Student Name & ID ...................................... ................................ Date Signature Certified by: Mr. Samuel Kwesi Enninful Supervisor …………………………… Signature …………………………. Date Professor I. K. Dontwi Dean, IDL ……………………………… Signature ………………………… Date ABSTRACT The success or failure of any business as a matter of fact depends largely on its employees; thus human resources are very essential to the organisation as they are the key to prosperity, productivity and performance. How employees are perceived, treated and how they feel about themselves and ultimately their output directly or indirectly has an impact on their performance and development of the organisation. De motivated employees under...
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...MANAGING INVESTMENT PORTFOLIOS WORKBOOK A DYNAMIC PROCESS Third Edition John L. Maginn, CFA Donald L. Tuttle, CFA Dennis W. McLeavey, CFA Jerald E. Pinto, CFA John Wiley & Sons, Inc. MANAGING INVESTMENT PORTFOLIOS WORKBOOK A DYNAMIC PROCESS The CFA Institute is the premier association for investment professionals around the world, with over 85,000 members in 129 countries. Since 1963 the organization has developed and administered the renowned Chartered Financial Analyst Program. With a rich history of leading the investment profession, CFA Institute has set the highest standards in ethics, education, and professional excellence within the global investment community, and is the foremost authority on investment profession conduct and practice. Each book in the CFA Institute Investment Series is geared toward industry practitioners along with graduate-level finance students and covers the most important topics in the industry. The authors of these cutting-edge books are themselves industry professionals and academics and bring their wealth of knowledge and expertise to this series. MANAGING INVESTMENT PORTFOLIOS WORKBOOK A DYNAMIC PROCESS Third Edition John L. Maginn, CFA Donald L. Tuttle, CFA Dennis W. McLeavey, CFA Jerald E. Pinto, CFA John Wiley & Sons, Inc. Copyright c 2007 by CFA Institute. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced...
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...One mission: 2013 Annual Report A history of delivering strong results More than Approximately Approximately 10,700 retail units operated in 27 countries 245M customers served weekly in our stores in 27 countries 75 % of U.S. store operations management joined Walmart as hourly associates Increase of Increase of More than 59% in earnings per share(1) (1) Data reflects five-year period from fiscal 2009 through 2013. 123% in free cash flow(1)(2) $ 60B returned to shareholders through dividends and share repurchases(1) (2) Free cash flow is a non-GAAP measure. Net cash provided by operating activities of continuing operations is the closest GAAP measure to free cash flow. Reconciliations and other information regarding free cash flow and its closest GAAP measure can be found in the Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this Annual Report and on our website at www.stock.walmart.com. About the cover: Regardless of the market where we operate, the retail format or the website, Walmart serves customers with one core mission: to help people save money so they can live better. To learn more about Walmart’s business strategies and company mission, please visit our electronic report at www.stock.walmart.com. You’ll hear from management, associates and customers about our business. Many of Walmart’s most innovative ideas originate from the insights of associates across...
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