Luận văn thạc sĩ quản trị kinh doanh quốc tế MBA (3)

Group Class: GaMBA01.X01 Final exercise-MBA TABLE OF CONTENTS Page CHAPTER I: ARGUMENT FOUNDATION ABOUT BUSINESS STRATEGY AND DEVELOP BUSINESS STRATEGY OF THE ENTERPRISE Concept and the role of business strategy 1.1 Concept 1.2 Role of business strategy in enterprise’s development 11 Build business strategies 12 2.1 Bases for building business strategies 12 2.1.1 Requirement for business strategies: 12 2.1.2 Bases to build the business strategies 13 2.2 Process of building business strategy 13 2.2.1 Define targets of the enterprise 14 2.2.2 Analyze the influence factor on the process of building business strategy 15 2.2.3 Select strategy .24 2.2.4 Implement and evaluate the implementation of strategy .25 CHAPTER II: ANALYZE REAL SITUATION OF BUSINESS STRATEGY AT MB CAPITALMANAGEMENT COMPANY 27 General introduction of the Company 27 1.1 Process of formation and development of the Company 27 1.2 Business activities of the Company 29 1.2.1 Business model 29 1.2.2 Human resource 30 1.2.3 Products and services 31 1.2.4 Technology 32 1.2.5 Capital and strategic shareholders .33 1.3 Result of business activities 34 Analyze the real situation of business strategy of the Company .35 2.1 Some features about Vietnam’s fund management sector 35 2.2 Analyze macroeconomic environment .39 2.2.1 Analyze social environment 39 2.2.2 Analyze the legal environment 40 2.3 Analyze sector environment .41 2.3.1 Power of suppliers .43 Group Class: GaMBA01.X01 Final exercise-MBA 2.3.2 Strength of clients .43 2.3.3 Barriers of penetrating the sector: .44 2.3.4 Threats from alternatives .45 2.3.5 Competition level within the sector .46 2.4 Analyze SWOT 53 Competitive advantages of MB Capital: 55 2.5 Business strategic target of the Company in the period of 2010 - 2015 55 CHAPTER III: BUILD BUSINESS STRATEGY OF THE MB CAPITALMANAGEMENT COMPANY IN THE PERIOD 2010-2015 .57 Business strategy of MB Capital in the period of 2010 - 2015 57 Solutions and processes of implementing strategy .60 2.1 Solutions about the products for capital mobilization 60 2.2 Solutions for development of human resource 62 2.2.1 Recruitment policy of MB Capital 62 2.2.2 Policy of training the human resource 63 2.2.3 Priority policy of MB Capital 63 2.3 Solution for distribution channel 64 2.4 Solutions for customers 65 2.5 Solutions for improving the effectiveness of investment activity .66 2.6 Solutions for information technology 67 2.7 Solutions for PR - Marketing 67 2.8 Financial solutions 68 Build and complete the organizational structure and controlling system 68 3.1 Build and complete organizational structure .68 3.2 Build controlling system .69 Group Class: GaMBA01.X01 Final exercise-MBA LIST OF FIGURES AND TABLES FIGURE 2.2-1: PROCESS OF MAKING STRATEGY 13 FIGURE 2.2-2: MODEL OF MACRO ENVIRONMENT 18 FIGURE 2.2-3: MODEL OF COMPETITIVE FORCES BY M.PORTER 19 FIGURE 2.1-1: SOLUTION ABOUT PRODUCTS FOR CAPITAL MOBILIZATION 59 FIGURE 2.1-2 CHART: PREDICTION OF DEVELOPMENT SPEED OF TYPES OF PRODUCTS OF MB CAPITAL 60 FIGURE 3.1-1: MB CAPITAL ORGANIZATIONAL STRUCTURE 68 LIST OF TABLES TABLE 2.2-1: IRREDUCIBLE SWOT ANALYSIS FRAME 22 TABLE 1.2-1 NUMBER OF THE EMPLOYEES OF MB CAPITAL THROUGH YEARS (MB CAPITAL RESOURCE): 29 TABLE 1.2-2: TOTAL CAPITAL MOBILIZATION THROUGH YEARS - CHART (MB CAPITAL RESOURCE): 31 TABLE 2.1-1 LIST OF SOME FUND MANAGEMENT COMPANIES OF VIETNAM (RESOURCE: HTTP://WWW.SSC.GOV.VN) 35 TABLE 2.1-2 LIST OF SOME FOREIGN FUND MANAGEMENT COMPANIES OPERATING IN VIETNAM (RESOURCE: HTTP://WWW.SSC.GOV.VN) 36 TABLE 2.3-1 AGGREGATE THE EVALUATION FROM THE MODEL OF COMPETITIVE FORCES OF MICHAEL PORTER 40 TABLE 2.3-2: COMPETITION WITHIN SECTOR 45 TABLE 2.4-1: SWOT ANALYSIS OF MB CAPITAL (RESOURCE: MB CAPITAL) 52 TABLE 1.3-1: APPENDIX 01 - ACCOUNTING BALANCE SHEET (MB CAPITAL RESOURCE) 71 TABLE 1.3-2 - APPENDIX 02 - REPORT ON THE RESULTS OF BUSINESS PRODUCTION ACTIVITIES (MB CAPITAL RESOURCE) 77 Group Class: GaMBA01.X01 Final exercise-MBA NAVIGATION ABBREVIATIONS ACB Asia Commercial Bank ACCA Certified audit profession - accounting - finance - banking AUM Assets Under Management BIDV Bank for Investment and Development of Vietnam BVF Baoviet Fund BVIM BIDV - VIETNAM PARTNERS Investment Management CFA Chartered Financial Analyst FMC Fund Management Company FPT FPT Corporation GDP Gross Domestic Product HNF Hanoi Fund HNWIs High Net Worth Individuals HSBC Hongkong Shanghai Banking Corporation IDG International Data Group (Ventures Capital) IT Information Technology JPMorgan JPMorgan Chase & Co MAFPF1 Manulife Vietnam Growth Fund MB Bank Military Bank MB Capital MB Capital Management Joint Stock Company MBA Master of Business Administration MJA MJA Company OTC Over-the-counter Market PE Market Price/Earning Per Share PEST Pest Analysis (Politics - Economics - Social - Technology) PR Marketing (Public Relation) PRUBF1 Prudential Balanced Fund PXP Phanxiphang Asset Management Company Group Class: GaMBA01.X01 Final exercise-MBA REITs Real Estate Investment Trust ROE Return on Equity S/O Strengths/Opportunities S/T Strengths/Threats SME Small and Medium Enterprise SSC State Securities Commission SWOT Strengths, Weaknesses, Opportunities and Threats USD Currencies of the United States VDF Vietnam Dream Fund VFM Vietnam Fund Management Company VIF Vietnam Investment Fund VIPs Very Important Persons VND The monetary unit of Vietnam W/O Weaknesses/Opportunities W/T Weaknesses/Threats WTO World Trade Organization Group Class: GaMBA01.X01 Final exercise-MBA INTRODUCTION Reasons for selecting the topic: In order to implement the business investment on securities in the financial market, investors not only have the knowledge of securities and securities market but also have to frequently pay attention, following the situation, analyzing development tendency of capital market To this, investors must carry out the practical survey, collect information and documents to conduct individual analysis of each specific stock, establish and manage investment lists to minimize risk, improve efficiency of using invested capital With the field of theses professional and special skills, only specialists and professional investors can implement Therefore, conflicts between investment demand with limited capacity of knowledge, information and technology have been solved by the process of cooperation and division of social labor in activities of business investment in securities From the practical demand, it has led to the formation of indispensable economic relationships step by step basing on the assignment and coordination of the relations of capital ownership, administration and management of using invested capital organizationally Together with it, the owners of invested capital have established financial institutions under the model as "investment fund ", "investment company", "fund Management Company"… Investment fund and fund Management Company were born from the internal demand of the financial market and when the securities market has developed with a certain degree The fact has proved that, although the stock market has appeared since the middle of the 15th century, the investment funds and fund management companies have just started to appear at the end of the 19 th century and developed strongly from the middle of the 20th century to the present Vietnam is also in that tendency When Vietnam’s stock market has just been born and gone in operation since 2000, terms like as "investment fund", "investment Company", "fund Management Company" are very strange for investors But from Group Class: GaMBA01.X01 Final exercise-MBA the mid 2006, Vietnam's stock market witnessed a boom of investment funds and domestic and international management companies of investment funds Before the global economic crisis in 2008, activities of investment funds and fund management companies have the relatively large impact on Vietnam's stock market The small investors saw in the investment funds and fund management companies with methodical, professional investment and very deep analyses of stocks and stock market When global crisis occurred in the late 2007, the world stock market declined badly and Vietnam was also in that situation Investment funds and fund management companies - professional investors also were unavoidable the consequences of the economic crisis In such difficult context, the confidence of investors in the fund management companies decreased Competition among fund management companies in the country, the domestic fund management companies and foreign ones happened more severely Many small fund management companies operated perfunctorily and had to take the consideration for mergence or dissolution Therefore, urgent demand of most of fund management companies is considering, making their own development strategy again With the knowledge acquired from the subject of strategic administration in the global advance master for business administration program of Griggs University, our group will analyze and develop business strategies for MB Capital Management Joint Stock Company in the period 2010 - 2015 We hope our analyses and evaluations can make partly contribution to the development of MB Capital Management Joint Stock Company Group Class: GaMBA01.X01 Final exercise-MBA CHAPTER I: ARGUMENT FOUNDATION ABOUT BUSINESS STRATEGY AND DEVELOP BUSINESS STRATEGY OF THE ENTERPRISE 1.1 Concept and the role of business strategy Concept There are many different viewpoints about business strategy and strategic administration In order to realize more obviously about the concepts of strategy, we will take the consideration for some viewpoints of economists: According to that viewpoint, business strategy is an art - Alain Threlart thinks that “Strategy is the art used by the enterprise to confront with the competition and get the victory” - M.Porter thinks that “Strategy is the art building the firm competitive advantages for defense” Therefore, these authors consider the strategy as the art to compete on the market and develop the enterprises According to viewpoint of the management, business strategy is a form of special plan - G.Arlleret: “Strategy is definition of the roads and means to obtain the defined targets through the policies” - D.Bizrell and group of authors: “Strategy is the general plan guiding or orienting the enterprises to the expected target It is the foundation for defining the policies and demonstration method” - Gluecl: “Strategy is a type of plan with the united, comprehensive and general properties designed to ensure that targets of the enterprises will be implemented” Group Class: GaMBA01.X01 Final exercise-MBA According to viewpoint of combination, the strategy is both planning and art - “Business strategy is the art of combining the activities and controlling them to reach the long-term target of the enterprises” - Chandler considered the strategy involved in fixing the basic long-term targets of the enterprises, and selecting the method or the action process and allocation for the essential resources and organizing the implementation of those targets: “Business strategy is an art of designing, organizing the means to reach the long-term targets of the enterprises, ensuring suitably with the change of business environment” Based on the views of strategy and business strategy above, we could realize building and deciding the strategy towards targets are not enough, the strategy must introduce specific actions with specific time and certain resources to carry out the targets Enterprise’s strategy includes not only what enterprises want to implement but also the method of organizing, implementing those issues An individual, simple action is not the strategy Strategy must be a series of actions and decisions which are closely related All strategies are towards targets of enterprises and established basing on the internal resources (strength, weakness) and factors of external environment (opportunity and challenge) Related strategies to the targets of an enterprise help the enterprise to obtain the set targets However, business strategies are more related to how an enterprise can compete successfully on a specific market It is related to the strategic decisions for selecting products, meet clients’ demand, gain a competitive advantage comparing with competitors, exploiting and creating new opportunities etc… Therefore, in short, we can define business strategy and strategic management as followed: Group Class: GaMBA01.X01 Final exercise-MBA "Business strategy is a combination of long-term targets, policies and big solutions of business production, finance and solution of the human factor to bring the business activities of enterprises to develop up to a higher new position in term of quality" "Business strategy is a series of commitments and actions used by an enterprise to win a competitive advantage by exploiting core capacities in a specific market" "Strategic administration is the process of researching the current as well as future environments, making the targets of the organization, introducing, implementing and investigating the implementation of decisions aiming at reaching those targets in the current and future environment, strategic administration is thought by many researchers that it is both an art and a science" 1.2 Role of business strategy in enterprise’s development Firstly, the main function of business strategy is to create a unified direction for types of plans in the enterprises In other words, business strategy helps enterprises to realize clearly their purpose, orientation, is the lodestar for all actions of enterprises in doing business Although if there is only a type of plan, it is not ensured for enterprises to reach to their expected destination, the strategy will be the important foundation for the plans, other working policies; thus it often receives priority for the solution in advance Secondly, together with rapid change and development of business environment, the market will always appear the opportunities and threats Then, business strategies help enterprises to understand and take advantage of business opportunities, take initiative to find solutions, overcome the dangers, traps of the market Thirdly, business strategy makes the contribution to improving the effectiveness of using enterprise’s resources, strengthening competitive position, ensuring the continuous and sustainable development of enterprises in the long 10 Group Class: GaMBA01.X01 Final exercise-MBA savings is more and more various The search for investment products to meet this demand will create strong motivation of development for professional investment financial institutions, including MB Capital Organizational customers - MB Capital towards target customers are financial institutions inside and outside the country MB Capital has been successful in attracting the capital from foreign investors such as the United Investment, this is the favorable starting step for expanding the door to get access to invested capital flow from the partners of foreign financial institutions in Japan in general and improving the position to help MB Capital to expand the co-operation with foreign investors in Vietnam in particular 2.5 Solutions for improving the effectiveness of investment activity The core part in business activity of the Company is effectiveness of investment performance MB Capital makes the efforts to exploit the existing strengths as well as the co - operation of the MB Group to improve operational effectiveness of investment amounts: - Enhance the quality of the staff, especially paying attention to develop and foster the staff of investment specialists - Strengthen cooperation; take advantage of the strengths of MB Group and Thanglong Securities in the search for potential investment opportunities - Implement the research of the investment market of Laos and Cambodia, together with plans to open branches in these markets of MB Bank and Thanglong Securities - Develop systems to encourage the creativity and dynamic characteristic of investment team; actively get timely changes of the market to have the suitable policies 65 Group Class: GaMBA01.X01 2.6 Final exercise-MBA Solutions for information technology - Improve the system of accounting management software financial, fund management, management software of investment list, especially systems of software serving the implementation of new products such as open funds, index fund - Complete website with meeting well the demand of providing information for investors, as well as implement electronic transactions such as selling onlinepurchased fund certificates - Consolidate databases on market, sectors and company; improve the quality of input information for analysis - Develop IT backup system to ensure continuous operation when there are occurred problems 2.7 Solutions for PR - Marketing - Need to build the brand name of MB Capitalas indispensable part and making the contribution to create the strength of the brand name of MB Group Therefore, the Company needs to actively exploit this advantage and have the comprehensive coordination with the PR program of MB Group - Need to build the brand name in the direction of MB Capitalas a reliable investment partner for customers - Promote the product marketing activities; especially the strong products through direct channels and media channels (newspapers, television ) - Strengthen the organization of useful events related to services of supply and operation of the company, community activities to promote more image of MB Capital to investment public people, for short term in Vietnam, then expanding in the market in Laos, Cambodia and other countries like Japan, Taiwan 66 Group Class: GaMBA01.X01 Final exercise-MBA - Actively participate and win prestigious awards at home and abroad in the field of investment management like as Asia Asset Management, The Banker, Finance Asia - Establish MB Capital Foundation Charitable Fund with initial contribution of the Company, the staff, and then call for the kindness of investors 2.8 Financial solutions - Improve the financial capability of the company through increasing chartered capital or increase the retained percentage of profit to ensure the legal capital requirements increased by scale of assets Currently, Vietnam has not had a specific regulation on this issue, but according to international rules together with the tendency of requiring the improvement for financial capacity of financial institutions today, MB Capital needs to have the minimum chartered capital of 200 billions VND to manage total assets relevant to 1.5 billions USD - MB Capital needs to take the consideration for searching and selecting a strategic shareholder as a foreign financial group and foreign fund management company This will help MB Capital to enhance the activities as well as expanding the business into overseas market - The company may raise capital through issuing shares for existing shareholders, for employees and strategic partners - Plan of using the capital: 3.1 Build and complete the organizational structure and controlling system Build and complete organizational structure MB Capital has intention to build the organizational structure under the followed model: 67 Group Class: GaMBA01.X01 Final exercise-MBA General Assembly of shareholders The Board of Directors The Board of controlling The Board of General Director Investment Rea Fixe Priv List management ed Eq uity lest ates d ate Inco Equi me ty Business PR - Deve Saledevelopment & Inves tor Relat ion Mar keti ng lop prod ucts Support Le gal ity I Fi T na nc e -A cc ou nti ng Ad istr atio n Co ntr olli ng for NB &Q LR R Figure 3.1-6: MB Capital organizational structure - Now, the Company is still maintaining the model of operating structure under the professional departments In the coming time, the Company will implement the model of structure of new activities For the department of business development and support, the change is not much, mainly re-arranging the staff and organizing the more specialized parts - The most change lies in part of investment management The employees of the investment part will be arranged into the appropriate divisions with specialized investment services such as listed securities, real estates, fixed income or private equity This arrangement aims to specializing investment activities in each field, thus the performance of the investment management will be more effective 68 Group Class: GaMBA01.X01 3.2 Final exercise-MBA Build controlling system - Controlling activities help the leadership to understand the situation of implementing strategies and implementation results in each period Since then, the board of the leadership can compare the implemented comparing with expectations and also propose solutions to solve unwanted arising problems in the process of implementing strategies - The company will build a department to supervise the implementation of new strategies of the Company This unit will assist departments in implementing new strategies, and implement statistics, reports for achieved results in the process of implementing strategies for the leadership 69 Group Class: GaMBA01.X01 Final exercise-MBA CONCLUSION In modern market economy, business strategy is a must for any company For MB Capital as well, business strategy plays an important role in the process of the development of the company The strategy has not only set directions, targets but also the solutions, measures that MB Capital need to implement in the coming time in order to reach such goals Nowaday, with the rapid development of science and technology, the boom of information technology together with sudden changes in the economy of every country, especially the global economy is in post crisis period, having a right and proper business strategy is so much more important for MB Capital to cope with biggest risks in the financial sector as well as to capture the opportunities arised Due to lack of time and limited knowledge, information, the capstone definitely has lots of things to improve Our Group really appreciates comments and feedback from teachers, professors We would like to express our thanks to teachers, professors and MB Capital Management Company for helping us in the whole MBA class and in the making of this capstone 70 Group Class: GaMBA01.X01 Final exercise-MBA Table 1.3-9: Appendix 01 - ACCOUNTING BALANCE SHEET (MB Capital resource) CODE ASSETS 100 A CURRENT ASSETS 110 I Cash and cash equivalents 111 Cash in budget 112 Bank deposit 114 Deposit of investment principal 120 II Short-term investment 121 Business securities 122 Business securities of investment principal 123 Short-term investment of investment principal 128 2009 2008 2007 20,838,028,592 9,839,581,231 5,020,617,597 870,846,133 18,285,908 33,854,400 14,758,266 18,368,926 85,237 - 143,172 295,702 17,839,081 6,905,077 14,615,094 18,073,224 361,590 26,949,323 - - 38,919,723 544,764,260 4,952,009,077 813,967,365 11,933,4 15,937,498 30,386,881 14,805,414 29,476,000 14,976,000 - - - 515,292,000 4,931,539,000 800,000,000 (2,489,721) (1,441,238) (9,916,804) (838,049) 20,780,603,191 9,260,310,772 53,023,383 38,181,446 Provision for decreasing the investment price of banking securities 130 Quarter I/2010 III Short-term receivables 71 Group Class: GaMBA01.X01 131 Receivables from customers Final exercise-MBA 16,267,113 14,876,874 1,251,930 828,895 991,245 1,186,800 651,933 29,342,431 Receivables from activities of fund 132 management 133 Inner receivables 3,629,730 2,964,725 3,396,751 51,372 134 Other receivables 20,760,283,853 9,241,851,123 48,064,019 7,958,748 (568,750) (568,750) (341,250) - 219,770 651,799 826,871 265,896 74,751 81,293 87,187 265,896 145,019 179,684 49,979 - 390,822 689,705 - 476,813,157 477,394,519 20,987,682 22,512,673 Provision for bad short-term 138 receivables 150 IV Other current assets 151 Advance of the staff 152 Materials, tools 153 Other current assets B FIXED ASSETS & OTHER LONG -TERM INVESTMENT 210 I Fixed assets 2,964,202 3,198,696 1,887,763 913,554 211 Tangible fixed assets 2,964,202 3,198,696 1,864,654 894,293 72 Group Class: GaMBA01.X01 212 Original price 213 Accumulated depreciation value 217 Intangible fixed assets 218 Original price 219 Accumulated depreciation value Final exercise-MBA 4,712,730 4,712,730 2,720,487 1,195,863 (1,748,528) (1,514,034) (855,833) (301,570) - - 23,109 19,261 45,740 45,740 45,740 28,892 (45,740) (45,740) (22,631) (9,631) II Securities investments and other long-term 473,58 230 investment 6,930 473,916,340 18,918,912 21,595,750 231 Long-term securities investment 30,773,094 34,273,094 21,211,912 21,595,750 232 Investment in joint venture companies 480,000 496,776 - - 233 Long-term investment of investment 450,000,000 445,000,000 - - (7,666,164) (5,853,530) (2,293,000) - principal 238 Provision for price decrease of long-term securities investment 260 III Other long-term assets 262,025 279,483 181,007 3,369 261 Pre-paid cost 237,025 254,483 156,007 3,369 73 Group Class: GaMBA01.X01 262 Other amounts of payment as a security 270 300 Final exercise-MBA 25,000 25,000 25,000 - TOTAL ASSETS 21,314,841,749 10,316,975,750 5,041,605,279 893,358,806 A LIABILITIES 21,248,634,591 10,250,073,839 4,983,393,830 812,328,261 10,250,001,137 4,983,366,350 812,328,261 21,248,561,88 310 I Short-term liabilities 311 Short-term loan - - - - 312 Payables for the seller 26,571 280,259 7,828 7,484 313 Tax & payables for the State 658,664 50,525 776,804 178,753 314 Payables for the employees - 7,255 1,136,395 2,287,145 316 Inner payables - 1,083 - - 317 Payables for investment principal 21,239,106,635 10,243,270,708 4,978,995,605 807,708,111 318 Other payables 8,770,019 6,391,307 2,449,718 2,146,768 340 II Long-term liabilities 72,702 72,702 27,480 - 341 Provisional fund for unemployment benefit 72,702 72,702 27,480 - 74 Group Class: GaMBA01.X01 Final exercise-MBA 400 B OWNER’S CAPITAL 66,207,158 66,901,911 58,211,449 81,030,545 410 I Capital resource 60,642,284 65,121,269 50,685,055 79,105,461 411 Share capital 40,000,000 40,000,000 40,000,000 40,000,000 (9,670) (9,670) - - Re-evaluation difference of foreign currency 415 at the end of the period 416 Additional reserved fund of chartered capital 3,565,298 2,228,727 2,096,129 - 416 Provisional fund of finance 6,774,066 4,234,581 3,982,645 - 417 Undistributed profit 10,312,590 18,667,631 4,606,281 39,105,461 420 II Funds 5,564,874 1,780,642 7,526,394 1,925,084 421 Fund for business development 930,944 518,065 683,654 - 421 Fund for bonus, welfare 4,633,930 1,262,577 6,842,740 1,925,084 21,314,841,749 10,316,975,750 5,041,605,279 893,358,806 440 TOTAL LIABILITIES AND OWNER’S CAPITAL 75 Group Class: GaMBA01.X01 Final exercise-MBA Table 1.3-10 - Appendix 02 - REPORT ON THE RESULTS OF BUSINESS PRODUCTION ACTIVITIES (MB Capital resource) Code TARGET 2009 2008 2007 Revenue from business activities 32,680,889 21,050,455 41,080,897 10,530,741 10,877,422 41,019,614 22,150,148 10,173,033 48,611 - - 12,672 - - - Revenue from fund management activities Revenue from asset management activities Other receivables Deduction amounts of revenue 10 Net revenue 32,680,889 21,050,455 41,080,897 11 Expense for business activity (8,221,603) (5,559,038) (4,487,960) 24,459,286 15,491,417 36,592,937 9,875,965 3,585,667 8,541,615 Accumulated revenue from 12 business activity Revenue from financial 13 activity 14 Financial cost (1,891,202) (13,605,178) (1,071,771) 15 Enterprise management cost (3,391,185) (2,827,047) (2,140,199) 16 Net profit from business 29,052,864 2,644,859 41,922,582 - 14,197 - activity 17 Other income 18 Other cost (373,800) (7,103) - 19 Other profit (373,800) 7,094 - 76 Group Class: GaMBA01.X01 Final exercise-MBA Total pre-tax accounting 20 profit 28,679,064 2,651,953 41,922,582 (1,930,858) - - 26,748,206 2,651,953 41,922,582 Payable corporate income 21 tax 22 Corporate income post-tax profit REFERRENCES Prof Dr.Lê Thế Giới, Dr.Nguyễn Thanh Liêm, Mr.Trần Hữu Hải (2009), STRATEGY MANAGEMENT, Statistic Publishing House Prof Dr.Ngô Kim Thanh, Prof Dr.Lê Văn Tâm(2009), STRATEGY MANAGEMENT, NEU Publishing House Alex Miller (1998), STRATEGIC MANAGEMENT 3rd Ed Irwin/Mcgraw-Hill Thomas L.Wheelen, J.David Hnger(2004), STRATEGIC MANAGEMENT AND BUSINESS POLICY 9th Prentice Hall 77 Group Class: GaMBA01.X01 Final exercise-MBA Peter Wright, Mark J.Kroll, John Parnell (1996), STRATEGIC MANAGEMENT: CONCEPTS and CASES 3rd Ed Prentice Hall Henry mintzberg, James Brian Quinn, John Voyer (1995), THE STRATEGY PROCESS, Collegiate Ed/Prentice Hall David A.Decenzo, Stephen P Robbins (2002), HUMAN RESOURCE MANAGEMENT, 7th Ed John Wiley & Sons Jeffrey A.Mello (2006), STRAGEGIC st MANAGEMENT, South West, Thomson HUMAN RESOURCE MB Capital, Business Reports from 2007 to 2009 10 http://www.csuchico.edu/mgmt/strategy/ 11 http://www.vinabook.com/quan-tri-chien-luoc12 http://www.strategy-business.com/ 13 http://www.ssc.gov.vn 14 http://www.mbcapital.com.vn June 26 th, 2010 Group No.4 78 ...Group Class: GaMBA01.X01 Final exercise -MBA 2.3.2 Strength of clients .43 2.3.3 Barriers of penetrating the sector:... organizational structure .68 3.2 Build controlling system .69 Group Class: GaMBA01.X01 Final exercise -MBA LIST OF FIGURES AND TABLES FIGURE 2.2-1: PROCESS OF MAKING STRATEGY 13 FIGURE 2.2-2:... THE RESULTS OF BUSINESS PRODUCTION ACTIVITIES (MB CAPITAL RESOURCE) 77 Group Class: GaMBA01.X01 Final exercise -MBA NAVIGATION ABBREVIATIONS ACB Asia Commercial Bank ACCA Certified audit profession