MANAGEMENT PROGRAMME Term-End Examination June, 2005 MS91 : STRATEGIC MANAGEMENT Time: 3 hours Maximum Marks: 100 (Weightage

70%) Note : (i) There are two sections : Section A and Section B. (ii) Attempt any three questions from Section A. Each question carries 20 marks. (iii) Section B is compulsory and carries 40 marks. SECTION A 1. (a) What are some of the basic questions that have to be answered before the management decides about the structure suitable for the strategy chosen ? (b) Much of the business environment today is dynamic in nature. What does it mean for organizational management and how can the latter go about scanning the environment ? 2. (a) The Universal Inner Structure proposition talks about Selflessness as one of the characteristics of effective/successful leaders. But some really wonder how can there be selfless leaders when all around in society there is an environment of selfishness, greed and avarice ? Citically examine the statement. (b) Based on the extremes of "Use of Authority by the Leader" and "Area of Freedom for Subordinates", present in a chart the spectrum of leadership styles. Discuss the attributes of successful leaders. 3. Discuss the dynamics of buyer-seller relationship in technology transactions. As a buyer of technology, what care would you take to see that the transaction is to your advantage ? 4. (a) A Ford Foundation study found that a majority of institutional investors took social considerations into account in the selection of investments. In the light of this, why should the firms undertake Social Audit ? What benefits can a firm expect to get from social audit ? (b) Enumerate the various frameworks of social audit that have been developed and explain any one of them. 5. Write short notes on any three of the following : (i) Benefits of Strategic Management (ii) Porter's perspective on Strategy and Structure (iii) Structure for development programmes (iv) Organrsational Environment (v) Technology Transfer and Absorption SECTION B

6. Read the folowing case carefully and answer the questions given at the end. CASE STUDY Peekay Steels Pravin Kumar flicked the TV off as he saw, for the nth time that night, the second tower of the World Trade Centre in New York come crashing down. "What kind of people would plot so meticulously to take thousands of innocent lives ?" he wondered, as a chill went down his spine. "lt hasn't been a good day for me and lots of others in the US," Kumar muttered, switching on a lamp next to his king-sized chair, and pulling out a file from his expensive Piene Cardin portfofio. A few hours earlier, the 48-year-old CEO of Peekay Steels, which had four other subsidiaries dealing in aluminium, power, oil exploration, and telecom, had emerged from a gruelling four-hour session with Dalal Street analysts. It seemed the analysts thought there was nothing right with his diversified group. The hundreds of crores of rupees that the flagship had mised to fund forays into new growth sectors were proving be a mill round Peekay's neck. The bottomline was bleeding not because the steelmaker was inefficient; rather, the culprit was the staggering interest Peekay had to pay month after month. Kumar flipped a few pages of his file and got to a section titled 'Competitive Analysis'. He put a finger on the column that read production cost and traced it down to the row where Peekay's prices were given : $260 per tonne. Moving his gaze further down, he looked at the global benchmark , $280 per tonne. Feeling bitter, he picked up a pen and circled the number under the financial charges column. "We are paying $81 as interest charge for every tonne of steel that we make," he said it aloud for the words to sink in. "So, by the time my steel leaves the factory it cosls $341 per tonne." In another few hours, Kumar knew he would be seated in the back of his black Mercedes Benz along with three of his key elecutives, on a four-hour drive outside the city to Peekay's steel plant. But before hitting the sack for a few winks, Kumar decided to call Anirudh Desai, Peekay's director of finance. Desai was watching CNN too when Kumar called him on his mobile. "Do you think our US exports are going to be affected if there's a war ?" Kumar asked Desai wiihout bothering to say hello or expressing his shock over the attacks. "It could go either way," replied Desai. "lf there's a war, the US may step up imports. But if the business sentiment worsens, purchases may actually fall., "Let's talk about it later today," said Kumar. "But, Ani, the reason I called was to find out something specific. Can we lower our interest costs without losing control of any of our subsidiaries? " "l think so," replied Desai. "But given the complicated shareholding pattern within the group, individual spin-offs might be tricky. The joint venture route is an option we could look for all our non-steel businesses. Even if we were to forfeit the controlling stake, we could still retain a major holding in each subsidiary. I have done some scenario building, but I don't think I can take you through that over the phone. May be I could do that on our way to the plant tomorrow ?" "l guess you could," said Kumar, wishing Desai good night, and putting the cordless phone back into its cradle.

Kumar had slept for all of an hour when the electronic clock on the table by his bedside beeped. By quarter to seven, Desai and two other senior execs were at Kumar's house, waiting for Kumar to join them for a quick breakfast before setting out on the ride. "What's the update on the attacks ?" Kumar asked no one in particular, but Desai replied. "No news yet on how many dead, but it seems the fatality could run into a few thousands." Over the next 15 minutes, the terrorist attack dominated the conversation at the breakfast table. Getting into the car, Kumar switched to the business at hand. "We simply have to get our financial costs down," he said, turning to Desai. "Yes, but the question is how ?" countered Desai. "In the past, we have used the flagship as an investment vehicle for setting up projects in power, oil, aluminium, and telecom. Not only are these businesses capital intensive, but they have been hit by time and cost over-runs. That has sent our interest costs into a spiral." ''But aren't we trying to swap expensive debt with cheaper funds from abroad ? " questioned Kumar. "Yes, but this may not be the best of time to do that," said Desai. "Besides, let's face it, our track record at repaying loans isn't exactly blemishess. More than once we've had our loans rescheduled." "But can't we convert our inter corporate borrowings into convertible debentures ?" said Kumar. "l'm noi confident of this happening," Venkatesh Krishnan, a nominee on Peekay's board, butted in. "For one, your stock price has taken a severe beating on Dalal Street, and investors are aware of the financial problems you are facing. Also, where is the market for IPOs ?" "So, what is the solution ? Should we, like the analysts want, spin off our low projects into companies and offload the borrowings from our boots ?" Kumar asked. "This would sharpen Peekay's business focus What do our institutional shareholders think about this ?" continued Kumar, looking to Krishnan. Mulling Over The Break-Up Why it Helps... Sharpens business focus to just steel-making Rids the balance-sheet of expensive borrowings Helps leverage cost leadership in steel manufacture Raises investor interest and, hence, shareholder value ...And Why it Doesn't Lowers the promoters stake precariously Throws the company open to takeovers Reduces asset strength in the balance-sheet Limits growth opportunities for individual managers

"The consortium does not favour a break-up," the nominee-director replied. All your lenders see merit in a large balance sheet that comes with a diversified portfolio. But, frankly, my own view is different. True, your operational efficiency in steel is comparable to the best in the world. But the profitability - and indeed the survival - of the group is at stake because of its conglomerate nature. And the only option is for you to stick to what you are good at and divest areas that are marginal to your core business of steel." "But a break-up has its flipside," argued Kumar. "A single business company could attract the attention of predators with an eye on synergy and cost savings. Our power unit, for instance, which has a capacity to produce 1,000 MW of power might interest a larger power unit. A pure play is more likely to invite a take-over bid which may be good for shareholders - since such acquisitions occur at a substantial premium to the market price - but bad for the incumbent management, because it reflects poorly on their past performance." "lf we break up," Desai added, "the group would shrink in size. The growth opportunities for individual managers would be reduced. But the overriding rationale against a break-up is that we need balance in our portfolio. We are good at steel, but the future lies in emerging areas like telecom. So, we should be in telecom". "And let us not forget," pointed out Kumar, "that our shareholders invested in us because we are a diversified company. I don't think we should be concerned about focus because that is not the reason why investors came to us in the first place." As the sprawling steel plant loomed into sight, Kumar knew that answers would be hard to find. Just the same, he had to find them quickly. Questlons : (a) What strategic alternatives, you think, are available to Peekay Steel and which alternative would you recommend and why ? (b) Is it possible for Peekay to lower interest costs without losing control of any of its subsidiaries? If yes, how ? lf no, why ? MANAGEMENT PROGRAMME Term-End Examination December, 2005 MS91 : STRATEGIC MANAGEMENT (Old) ADVANCED STRATEGIC MANAGEMENT (Revised) Time: 3 hours Maximum Marks: 100 (Weightage 70%) Note : There are two Sections A and B. Section A has two sets. Set I is meant for the students who have registered for MS-91 : Strategic Management prior to July 2005 i.e. upto January 2005. Set II is meant for the students who have registered for MS-91 : Advanced Strategic Management from July 2005 onwards. Attempt any three questions from Section A. All questions carry 20 marks each. Section B is compulsory for all, and carries 40 marks.

SECTION A Set I (Old) STRATEGIC MANAGEMENT 1. Briefly describe Chandler's and Porter's perspectives on strategy and structure. Illustrate your answer with examples. (20) 2. 'The operative part of leadership capability lies in the ability to handle people in a manner that they give their best for a cause, organization and the task in hand. Comment on the statement with respect to handling colleagues and handling bosses. (20) 3. Why is it important to integrate R&D into corporate strategy ? Briefly discuss the factors which should be taken into consideration if the innovation process is to be managed successfully. Explain giving examples. (20) 4. Briefly explain the following : (20) (a) The Corporate Rating Approach (b) The Constituency Group Attitudes Audit (c) Partial Social Audit/Aspect Audit 5. Discuss the various modes of technology transfer. Explain the evaluation of technology with respect to the customers and the buyer's points of view. (20) SET II (Revised) ADVANCED STRATEGIC MANAGEMENT 1. (a) "Good governance is epitomized by predictable, open and enlightened policy making, a bureaucracy imbued with professional ethos acting in furtherance of the public good, the rule of law, transparent processes and a strong civil society participating in public affairs. Elaborate the statement in the context of corporate governance. (b) Briefly describe the role of board of directors. (20) 2. Discuss the different approaches to modes of entering a foreign market. (20) 3. What are the different sources of knowledge ? Explain different types of knowledge and the factors which consiitute the knowledge-creation process. (20) 4. Desribe in brief, the key developments in transparency and reporting with respect to social audit. (20) 5. Wrire short notes on any three of the following : (20) (a) Corporate Social Responsibility (b) Strategic Philanthropy (c) IT in servce sector (d) Strategic choice (e) Narayana Murthy Committee on Corporate Governance

SECTION B 6. Read the following case and answer the questions that follow: (40) MYSORE FOODS LIMITED Mysore Foods Limited produces and distributes packaged food products such as cereals, biscuits, spices, jams and jellies, syrups, etc. The company has a national market and also exports small quantities to neighbouring countries. It conducts a large national advertising campaign. It has 75 plants located all over the country and markets 70 different products, each under its own trade mark. Though its products are all food products, they are not otherwise closely related. They vary from long margin specialities with comparatively small volume to large-volume items with smal profit margins. Different raw materials and other articles are used in their processing and packing. All products are, however, sold through the same channel. i.e., retail and provision stores. Gross sales are Rs. 25 crore and total assets exceed Rs. 12 crore. The management of Mysore Foods Limited is centralised. The Chairman of the Board, the President and four Vice-Presidents who are responsible for sales, production, purchasing and law make up the topmost executive level of the company and operate as a committee on all general policy matters. Sales, advertising and sales promotion come under the Sales Vice-President. All plant operations as well as the research and engineering department report to the Production Vice-President. Purchasing is the responsibility of its Vice-President who also governs traffic. Public relations, law and corporate functions fall under the General Counsel. Financial responsibilities are handled by the President and employee relations are covered by each Vice-President in his own area of responsibility. The company was set up by combining several food products organisations and it has acquired others since One of the theories of the organisers was that there would be great advantage in wholesale distribution if one salesman could cover an entire line on one call as against a number of salesmen, each calling to sell a single line. Saving in time alone would be of great value to the distributor. This principle has been retained and has proved successful as the company has grown. One sales organisation handles all the products. Each product is given specific time and attention by the sales organisation in accordance with its demands. The head of the field sales organisation reports to the Vice-President. The Advertising Manager and the Sales Promotion Manager take care of advertising and sales promotion for the entire line but each product has its own advertising campaign and appropriation. The Sales Promotion Manager is in-charge of the missionary salesman who contacts retailers. To avoid neglect or error, single product or a group of products are assigned to one of the 20 Product Managers. Each Product Manager is responsible for seeing that his product receives due attention from the sales organisation, the production department, and the advertising and promotion departments. He specialises in the pricing and sales appeal questions of his product. He reports, however, to the Sales Vice President, who has the overall control. The Sales Vice-President can curtail any efforts of the Product Managers if he is using his sales force for special efforts on some other product or products. There is no institutional advertising. All advertising is coordinated and placed by the Advertising Manager while the final authority rests with Sales Vice-President.

Each plant is operated by a superintendent who is in-charge of wages, maintenance, cost, output, quality, hiring, inspection and other normal plant operation responsibilities. Superintendents report to eight Regional Production Managers who are responsible to the Production Vice-President. The volume of production in each plant is scheduled by the production control group reporting to the Operating Vice President. Final schedules are set after consulting the Sales Vice-President. The business has more than doubled in the last ten years and profits, both gross and net, have increased. The number of plants has also more than doubled. Purchases have increased proportionately. New taxes and new reports to the government have added to the complexity. The management feels that certain problems are potentially dangerous and should be solved before they become serious. There have been periods in which a product has got into difficulty because of loss of favour with the public, bad management or even neglect. Attention of the Sales Vice-President to the problems of some products has caused him, at times, to fail to recognise difficulties in other products even though the Product Manager of such products had recognised them and brought them to his attention. The burden on the present officers is becoming too heavy to ensure proper attention to all their responsibilities. Employment of assistants erodes the personal touch of the top group that is necessary for sucessful management. Opportunities for increasing product-lines and expanding the business are being lost because of lack of executives' time to study them or to manage new products. In any business where specialities are sold under trade marks and brands are the major business of a company, it is necessary for the company to continually bring out new products and to study old ones to determine the point of no return regarding promotion and advertising expenses. Once the top executives group has approved the idea of a new product, it is put under one of the Vice Presldents. He develops an organisation and brings it along. At first, the advertising appropriation for a new product is not the responsibility of the Sales VicePresident but of the Developing Vice President. Eventually, if the product proves to be successful it is turned over to the regular line of organisation. With new products and growth in the old ones, the weight, complexing and number of decisions that have to be taken by the very few men at the top, mean a heavier burden for them. The management feels that in addition to the lost opportunities, market poiential and the need for development of present products are not being fully recognised. The business may have grown too big for the form of management. Executives require more responsible attention for each product. At the same time they wish to retain the advantages of central management in purchasing, traffic, institutional reputation and minimum sales approach and to maintain the high-calibre advice and experience now present in law, advertising, accounting and public relations. Questions : (i) How far is the existing organisational structure effective in the changed conditions of the company ? (ii) Indicate : (a) How the desired product responsibility can be achieved ?, (b) Any changes in line authority, and (c) The use, if any, of staff. functional authority or committees.

(iii) What policy and organisational structure changes do You recommend, and why ? MANAGEMENT PROGRAMME Term-End Examination December, 2005 MS91 (S) : STRATEGIC MANAGEMENT Time: 3 hours Maximum Marks: 100 (Weightage 70%) Note : There are two Sections A and B. Section A has two sets. Set I is meant for the students who have registered for MS-91 : Strategic Management prior to July 2005 i.e. upto January 2005. Set II is meant for the students who have registered for MS-91 : Advanced Strategic Management from July 2005 onwards. Attempt any three questions from Section A. All questions carry 20 marks each. Section B is compulsory for all, and carries 40 marks. SECTION A Set I (OId) Strategic Management 1. Organizational environment plays a major role in the decision-making of the firm. Discuss in brief, the organizational environment with respect to the stakeholders and their relationship with the firm. 2. Explain the concept of selflessness with the universal inner structure of leaders. 3. Explain technology forecasting process and discuss various forecasting techniques. 4. Explaln the concept of Social Process Audit. Briefly discuss Linowes Model as an approach to social report. 5. Write short notes on any three of the following : (a) Environmental analysis (b) Levels of strategy (c) Evaluation of strategy (d) Leadership styles (e) Holding companies SECTION A Set II (Revised) Advanced Strategic Management

1. Discuss the nature and scope of corporate management and its role in non-business organisation, giving examples. 2. 'The different market structures have different viewpoints with respect to competition.' Explain the statement with respect to the market structures and sustainable competitive advantage. 3. What are the different steps involved in developing R & D strategy ? Discuss with suitable examples. 4. Write brief notes on : (a) Kumaramangalam Birla Committee Report (b) Narayana Murthy Committee (c) Naresh Chandra Committee 5. Discuss tbe issues and challenges in Knowledge Management in the present day competitive environment. SECTION B 6. Read the following case carefully and answer the questions that follow : ASIAN PATNTS (INDIA) LIMITED The siege is over, and the time has come for the leader to sally forth into greener pastures. Even as the paints industry is emerging from the shadow of recession, the Rs. 560 crore Asian Paints (India) Limited (APIL), is mixing new shades to emerge with winning colours. Says managing director Atul Choksey : "With proper planning and a comprehensive approach to issues, we intend to keep pace with the growth of the industry". APIL is actually targeting a growth rate that is higher than the 9 to 10 per cent that the industry has been averaging recently. In the year to March 1994, the company notched up a gross sales turnover of Rs. 559.96 crore (net sales : Rs. 401.96 crore), a growth of 10.8 per cent over the previous year. Net profit also registered a healthy growth of 31.5 percent to Rs. 25.61 crore. The results have tidied up the company's balance sheet, which had begun to look a bit ragged. APIL's approach is multipronged : expansion of its product range and introduction of value added, niche products in the industrial paints area; line extensionos of existing products to target lower income market segments both in rural and urban areas; expansions of production capacity and continuous modernisation to keep pace with the growing demand; and diversification in to the unrelated but synergistic area of ceramics. All these strategies are part of what the company's top management terms "harnessing our full potential", or the challenges that lie ahead. They are also aimed at retaining leadership in a recession-free industry over the next few years. APIL is the leader in the entire industry, comprising both organised as well as unorganised players, with a market share of about 19 per cent. The company is confident of the fact that its share of industry sales is twice as much as that of its nearest competitor, Goodlass

Nerolac. APIL also dwarfs the others in size, its net sales nearly twice that of Goodlass Nerolac, well over twice that of third-placed Berger Paints, and nearly four times that of fourth-placed Jenson and Nicholson (see Exhibit-I). It is only wary of the expanding unorganised sector which seems to be eating up the share of firms in the organised sector. Nevertheless, given the multiplicity of shades it is capable of, APIL reckons it can look forward to a compound growth in its market share. Exhibit I How They Compare (Figures in Rs. crore for 1993 - 94) Company Asian Paints Goodlass Nerolac Berger Paints Garware Paints* Shalimar Paints Bombay Paints
** **

Net sale Net Profit 401.96 205.88 174.95 106 102.59 37.81 25.62 8.05 3.24 1.97 2.57 1.60 0.03

Net Profit/Sales (%) 6.36 3.91 1.85 1.72 2.33 1.56 0.08

Jenson & Nicholson 110.33

* 18 months to September 1993 **12 months to March 1993 But though the good times are back, the company is not content to sit back and relax. The last three years, during which the paints industry went through a trough, saw APIL taking a beating (though it remained the market leader all through), with its paints division showing a negative growth of 3.5 per cent in terms of volume. With the rupee having been progressively devalued during the years 1989-92, and with high rates of inflation also rampant over this period, excise duties and other levies too exerted upward pressure on paint prices, and this served to depress demand. An additional complication, reinforcing this trend, was created by the difference in the selling prices of paints made by the organised and unorganised sectors. The first signs of recovery came with the Union Budget of 1993 which cut exercise and custom duties, Excise duties were reduced to 30 per cent and customs duties were cut from 85 to 65 per cent- This provided a respite to the industry by facilitating a rolling back of prices, and it began to grow at about 2 per cent a year. In spite of intermittent social disturbances in 1993, the industry gradually responded and so did the demand for its products. Simultaneously, the automobile industry, which is a major user industry for paints, also began to emerge from the two-year recession.

A gradual revival of the industry brought along a new threat for the seven major players from the organised segment. Uneven prices during the recession years had the unorganised competitors grabbing at a significant chunk of the market. Budget concessions brought relief to the organised sector, but its constituents also found themselves having to compete with an unorganised sector that had grown to become a significant threat, even as the prospect of competition from imports began to worry the organised sector. APIL'S largest new venture will be a diversification into ceramics, though the project is still at the planning stage. The decision to enter a new field is fuelled by the management's perception that the ceramics industry has tremendous potential for growth. Even though the company has no experience in the production and technology aspects of ceramic tiles manufacture, it has opted for ceramics because the marketing will involve utilisation of its existing distribution network for paints. The rationale is that since paints and ceramics are both building materials, APIL'S existing customer base (which can serve as a ready-made market) will be targeted for its ceramics products. "With our extensive distriution network and stocking points, we can reach even the remote markets. So marketing ceramics is not likely to be a problem," says Choksey. The plan is to penetrate ihe market as quickly as possible, and grab a substantial chunk of industry sales. The company will initially start with ceramic tiles, but these is no plan to restrict itself to any specific market segment. The project involves a Rs. 70 crore initial investment in the first phase, which involves installation of a capacity of 23,000 tonnes per year. This will be followed in a couple of years by the second phase, which will see an increase in the capacity to 50,000 tonnes. The new project is scheduled for completion by the end of 1996, and it will, in all probability, be located in Gujarat. This is because any location in that state will have the advantage of proximity to the raw material supplying areas in Gujarat and Rajasthan. APIL is currently negotiating with foreign collaborators for the technology, which will have to be imported. The technology will also have to be adapted to Indian conditions. While putting a few eggs in a new basket to ensure that fluctuating fortunes in the paint industry do not have the effect of hurting the company's bottomline yet again, APIL is not ignoring its bread-and-butter buslness - that of paints. Over the past year, a variety of new brands have been added to its product range. The company has made an attempt to extend its marketing and distribution beyond the country's major towns, to which its activities were hitherto confined. 'Utsav', an economically priced brand, was launched last year and is targeted at small households with limited budgets. This project concentrated mainly on consumers in Tamil Nadu, Maharashtra and Gujarat, thus widening the accessibility of its products to all consumer levels. General Manager Mr. P.M. Murthy says that "the degree of penetration concentrates on how economical it is to do business." He says that though this new product has performed favourably, it has not contributed much to the profits of the year. "Of course, it promises to

be a very good and attractive segment for future business," he adds, when asked about its future growth and profit potential. Other new products also include powder paints to be used for both auto and non-auto appliances. There are other products like wood finishings (Touch-wood) that takes care of refinishings on furniture. To strengthen its industrial product base, APIL has collaborated with PPG industries, an American firm, and thus enjoys the use of cathode electro deposition primer (CED). The company has concluded a tie-up with Nippon Paints for original equipment paint products and with Sigma Coatings of Holland for corrosion coatings. The technology that has been brought home as a result of these ventures is modified at the company's plant at Bhandup, so as to make it suitable for the Indian climate. With a better product range on offer now, APIL is just waiting for a greater awareness of industrial paint applications to develop in the Indian market; the presumption is that the demand for this particular product is still latent. For its decorative paints, the company has gone in for differential pricing to encourage all segments of the market. The company is intent on a continuous modernisation and upgradation of its technology and its assets, so as to keep in tune with the changing requirements of the marketplace. In addition, it is also working on plans to increase production capacity owr the next few years. Besides the activity on the domestic front, APIL is increasing its overseas presence as well. One of the few indian companies with overseas subsidiaries in the South-Pacific region, APIL is now setting up a new subsidiary in Australia. Its existing ventures abroad too have reported healthy results : Asian Paints (South Pacific) has registered a 12 per cent growth, Asian Paints (Tonga) grew at a rate of five per cent, Asian Paints (Solomon Islands) at over 10 per cent and Asian Paints (Nepal) at over 18 per cent. With a new subsidiary at Vanuatu (New Hebrides) and a joint venture unit in Townsville (Australia), APIL has established at least a foothold in the international markets. When asked about the threats facing the company, Choksey chuckles and says he prefers to call them challenges. "We need to meet the demands of this growing organisation- of our workforce, our technology and our assets. A major point to be tackled is to be able to meet the growing demand for our product and to create a greater awareness for our newer products," he says. Over the first few months of the current financial year, sales volume has been growing at a rate of 14 per cent, well above the industry average. With the recession firmly behind it and government levies no longer inflating its prices, the paint industry seems to be on an uptrend. But the APIL management has its work cut out for it : it will not merely have to gear up to meet the burgeoning demand, but will also have to work hard at retaining and then increasing its market share. Questions : (a) What corporate goal has the compary adopted for the next few years and with what strategies does the company propose to realise the above goal ?

(b) What threats is the company facing or/and might face in future ? What has it done and/or what could it further do to safeguard itself from threat(s)? (c) Evaluate the new strategies of Asian Paints (India) Limited. particularly its proposed foray into ceramics. (d) What action plans has the company proposed to strengthen its product base ? (e) Classify all the strategic plans or proposed strategic actions of the company for achieving growth against suitable headings, e.g., Diversification, Joint Ventures, etc.,