Kim long securities corporation formulation of business development strategies in the context of the global financial crisis

The role of business strategies in modern business environment Description of the formulation process of a strategyAnalysis of business environment of a firm (external environment)Internal analysis of an enterprise (internal environmental analysis)KIM LONG SECURITIES COMPANY’S BUSINESS DEVELOPMENT STRATEGIES

TABLES OF CONTENTS LIST OF ABBREVIATIONS .6 LIST OF FIGURE AND TABLE CERTIFYING STATEMENT .8 ACKNOWLEDGEMENTS ABOUT THE AUTHORS INTRODUCTION I Justification of the necessity of the capstone project II Research objectives and applicability 11 III Scope of the research work 12 IV Approaches 12 V Research methodology 13 VI Structure .13 CHAPTER I - THEORETICAL BACKGROUND 14 I Definition of Securities Terms 14 1.1.1 Securities 14 1.1.2 Securities Company 14 1.1.3 The roles of securities companies 14 1.1.4 Business operations of securities companies 14 II Fundamental issues of strategy and modern business strategy 15 Viewpoints about strategy .15 1.1.5 Typical features of a strategy 17 1.1.6 Types of business strategy .18 1.1.6.1 Classification of business strategy by levels .18 1.1.6.2 Classification of business strategies by content 18 1.1.6.3 Classification of business strategies by process 18 III The role of business strategies in modern business environment 19 Description of the formulation process of a strategy 19 1.1.7 Identification of corporate mission and objectives 20 1.1.7.1 Identification of corporate mission .20 1.1.7.2 Identification of strategic objectives 21 1.1.8 Analysis of business environment of a firm (external environment) 21 1.1.8.1 Impacts of external environment on business strategy 21 1.1.8.2 Evaluation of the environmental impacts 25 1.1.9 Internal analysis of an enterprise (internal environmental analysis) .26 1.1.9.1 Analysis of the value chain of an organization 26 1.1.9.2 Analysis of financial situation .27 1.1.10 Strategy formulation and selection 28 1.1.11 Formulation of strategy by level 30 1.1.11.1 Business strategy .30 1.1.11.2 International business strategy 30 CHAPTER II – KIM LONG SECURITIES COMPANY’S BUSINESS DEVELOPMENT STRATEGIES .31 I An overview of Kim Long Joint Stock Company 31 Development history .31 1.1.12 Development process and important turning-points of the company 31 1.1.13 Organizational and management structure of the company 32 II Analysis of corporate strategy and governance .34 External environment analysis 34 1.1.13.1 Macro environment 34 1.1.13.1.1 Economic environment 34 1.1.13.1.2 Technological environment .36 1.1.13.1.3 Social and cultural environment 37 1.1.13.1.4 Political and legal environment .38 1.1.13.1.5 Global environment 39 1.1.13.2 Analysis of sector environment 41 1.1.13.2.1 Situations of sector environment 41 1.1.13.2.2 Summaries of opportunities and challenges in the sector environment .44 Opportunities 44 1.1.13.3 Five competitive forces .46 1.1.13.3.1 Threat of current competitors 46 1.1.13.3.2 Threats of potential competitors 50 1.1.13.3.3 The company’s customers .50 1.1.13.3.4 The company’s suppliers 51 1.1.13.3.5 Substitute products 51 1.1.14 Internal environment analysis .51 1.1.14.1 Vision, Mission, motto and objectives of KLS 51 1.1.14.2 Business performance results of the most recent three years 53 1.1.14.3 Key financial indicators 55 1.1.14.3.1 Analysis of some financial indicators .56 1.1.14.3.2 Booked value of the Company 58 1.1.14.4 Business activities .58 1.1.14.4.1 Brokerage – Dealing 58 1.1.14.4.2 Securities proprietary dealing 59 1.1.14.4.3 Underwriting 59 1.1.14.5 KLS share prices .60 1.1.14.6 Personnel policy 61 1.1.14.6.1 State of human resources in the period (2008) 61 Departments / Sections 62 Number of certified staff/ total workforce at the beginning of the period 62 Number of certified staff /total workforce at the end of the period 62 Number of resigned from the company in the period .62 The number of new recruits in the period 62 Board of Directors .62 4/4 62 4/4 62 62 62 Brokerage section 62 13/29 62 19/32 62 62 62 Proprietary dealing section 62 4/5 62 4/5 62 62 62 Underwriting section 62 3/3 62 3/3 62 62 62 Consultancy section 62 3/12 62 5/13 62 62 62 Depository section .62 3/13 62 5/15 62 62 62 TOTAL 62 30/66 62 40/73 62 62 14 62 1.1.14.6.2 Workforce and expertise as of June 2009 .62 1.1.14.6.3 Compensation policy .63 1.1.14.6.4 Personnel training and attraction policies .64 1.1.14.6.5 Recruitment procedures and attraction schemes .64 1.1.14.6.6 Training schemes .64 1.1.14.7 PR and Marketing 65 1.1.14.8 Analysis of sustainable comparative advantages 66 1.1.14.8.1 Resources and potential 66 1.1.14.8.2 Formulation of core competencies 70 1.1.15 Formulation of KLS key business strategies via SWOT matrix 72 CHAPTER III – STRATEGIC MEASURES & RECOMMENDATIONS 76 I Strategic measures 76 Strategic options 76 1.1.16 The target of diversification strategy 76 1.1.16.1 Mitigated risks 76 1.1.16.2 Increased corporate value and competitiveness over key competitors 77 1.1.16.3 Strengthened resources 77 1.1.17 Specification of strategic measures .78 1.1.17.1 Competitive strategies .78 1.1.17.2 New products design 79 1.1.17.3 Marketing strategy .80 1.1.17.4 International business strategy 83 II Recommendations 86 To the Kim Long securities corporation .86 1.1.17.5 Consolidation of risk management system 86 1.1.17.6 Improvement of the organization for the strategy implementation 86 1.1.17.7 Reform of the administrative structure 87 1.1.17.8 Proper assessment and allocation of resources 87 1.1.17.9 Improvement of the steering information system for the implementation of the strategy 88 1.1.17.10 Strict inspection .89 1.1.17.11 Staff training, recruitment and appointment of quality personnel 89 1.1.18 To the macro environment 90 1.1.19 To the Industry environment 90 III Obstacles in the course of the studies and future orientation .91 Sensitivity of the data 91 1.1.20 Time for studies .91 CONCLUSION 92 BIBLIOGRAPHY .93 I Books 93 II Other Publication 93 III Websites .94 APPENDICES .94 I Names and Responsibilities of Group's Members 94 II Names of Organization and Individual Instructors to the capstone project 96 LIST OF ABBREVIATIONS SSC KLS SWOT HASTC HOSE ODA FDI US BM IT GDP State Securities Commission Kim Long Securities Company Strengths, Weakness, Opportunities, Threats Ha No Securities trading center Ho Chi Minh Stock Exchange Official Development Assistance Foreign Direct Investment The United States Board of Management Information Technology Gross Domestic Product LIST OF FIGURE AND TABLE FIGURE TABLE CERTIFYING STATEMENT We certify that this research work is our own output, and all the data and results indicated in it are true and verfiable to the best of our knowledge We also certify that the analyses in the studies are elaborated collectively by us from references and our learnt theories The views expressed in the research are not necessarily individual statements of any of us who are officers working for our own organizations Hanoi, June 20th, 2009 ACKNOWLEDGEMENTS We want to convey our sincere gratitude to the in Vietnam for your guidance during our course of studies Besides, we acknowledge the kind support of Kim Long Securities Corporation in providing us with data and meeting with us so that we have a practical insight of its strategic planning At university, we thank the professors and doctors, who provide us with skills and knowledge on corporate governance during our whole course The knowledge is fundamental background for the elaboration of our capstone project, and useful for our application in real work Finally, we are particularly thankful to the valuable tutoring from Sir Sean Mc Gough – PhD in our completion of this research work ABOUT THE AUTHORS INTRODUCTION I Justification of the necessity of the capstone project In 2007, foreign and local investors saw a boom of the stock market in Vietnam after seven years of its operations The capitalized value of the securities market, whose composition includes state bonds, represented over 50% of the country's GDP1 The daily dealing value of the registered exchanges reaches over USD100 million The initial number of four securities companies established in 2000 increased twenty-fold in 2007 Such surge in the number of securities companies at the time was a catalyst to make the local bourses more active and sturdy, thus creating numerous choices for investors The emergence of new securities companies, however, adversey influenced the operations of existing securities businesses as it caused shrinkage in their market shares In addition, the removal of the protective barriers to the local financial services as a consequence of the country's increasing regional and global integration process posed enormous challenges to domestic securities firms Many of these businesses were exposed to being taken over, merged or backing out from the market unless they became more competitive to challenge their new foreign rivals At the turn of 2008, the whole world was shocked by the global financial crisis After a series of financial scandals in the US and the rest of the world, on September 15, 2008 Lehman Brothers – an old-aged American bank with a 158 years' operational history collapsed, which marked the biggest bankruptcy ever in the US3 The catastrophe of numerous take-overs, mergers and other bankruptcies throughout the world due to mortgage-related losses was looming These developments cast doubt on global financial administrators, institutions, researchers and policy-makers of what had been considered in the past few decades as the positive side of the new financial management and control theories and approaches The situation also caused them skeptical about the growth of the financial markets, the interaction among different market segments, and the intergration of regional and global economies and stock markets State Securities Commission, 2007 Annual Report Report of the Working Division on Vietnam WTO admission /Part II – Figure of commitments on services, the list of MFNS exemptions as provided for in Article I http://money.cnn.com/galleries/2009/fortune/0905/gallery.largest_bankruptcies.fortune/ (June, 7th 2009) 10 the market and other services associated to the company On that basis, assessment can be made and measures for improvement can be worked out Market segmentation and location goal The next step is market segmentation Securities investors and firms all have high demands for consultancy services on IPO, issuance of additional shares, merger listing of different types Depending of each market segment, differentiated service charges and types can be applied to adapt to the various customers’ needs Follow-up steps After completing key steps, it is necessary that the MI division applies marketing intelligence techniques and tactics for growth of the company’s customer base In such context, the following actions can be taken: • Establish good relations with line authorities and corporations to formulate a customer database and promote KLS’s service products to the customers; • Provide more trainings to the marketing team and promote their contacts with customers; to coordinate with economics universities for training of marketing personnel; • Increased participation in workshops at home and abroad to project the company’s image to customers; • Provide sponsorship to social activities to create good corporate influence on the potential service users; • Develop a website in the English language, and promote the firm’s service products and presentation in other languages; • Establish and maintain information sharing to the mass media for sound projection and location of KLS’s trademark on the market; • Participate in the signing missions between Vietnam and other countries on finances and securities; 82 1.1.17.4 International business strategy To align with the diversification, and take advantage of the integration tendency, the development of international business strategy is considered the second strategic instrument for KLS penetration into oversea markets Market and penetration approaches: services provided in the domestic markets are from local enterprises A common feature of these markets is demand for quality and hi-tech services, which is completely aligned with KLS's diversification strategy Obviously, the ultimate goal of the company is to have access to global markets In view of each market segment, it can be seen that: • Oversea market: this is a big-scaled financial market constituted of member markets of many different countries with high annual demands for expanded international partnership This provides a good opportunity for Vietnam securities industry and KLS to enter the world bourse The effective approaches to that end is increased partnership with customers in the area, and extensive participation in international trade fairs and conventions • It is indicated in the analysis of KLS strengths and the securities service environment that Vietnam has achieved sound position in the international arena after its successful hosting of many big international events in Hanoi This is illustrated through intensive exchanges and bilateral and multilateral signing between Vietnam State Securities Commission and financial authorities, institutions and groups in the world Hence, it is necessary that the company build sound prestige to turn itself to one of the modeling firms to represent the securities industry in the country’s signing of projects and programmes with foreign partners However, to perform this task well, KLS need to understand the foreign customers’ psychology in the way they think, then KLS will make a plan with key points to concentrate As our survey shows, the prior concerns of foreign investors are transparency The second factor is a free legal framework and third is international standards 83 With such stands, it is essential that KLS carry out the measures below: Transparency Transparency is a difficult task for enterprises without posting a bill However, at present, KLS is a public company posting a bill on Hanoi Stock Transaction Bureau It is compulsory that important decisions be approved by all shareholders and publicized on the mass media Therefore, it holds some benefits in setting up factors to perfect the transparency for foreign customers To complete this task, KLS needs to set up an information page and some English documents as mentioned in marketing strategy These documents and information page should publicize all information in the company website, information reported to SSC under stocks and enterprise law and current regulation Besides, English documents and information page, KLS also needs to have a weekly and monthly summary report on micro and macro changes as well as current situation of the Company This summary report will be translated into English and other languages to serve potential customers Together with these documents, a team of professional staffs will be trained urgently to serve this group of customers For the company’s real situation, it is necessary to make clear prospects and strategies based on logical and scientific analysis; from that, to evaluate opportunities, challenges, and outstanding aspects, which have been obtained during the company’s development strategies by diversifying under time milestones based on objective analysis Furthermore, KLS needs to bring potential customers into the situation through meetings of customers with presence of the company’s presidents and management levels in order to show the company’s care to benefits as well as demands of these special investors These meetings should be held regularly or based on the market situations without formalism The very last aim of them is to thoroughly understand their thought about the company as well as to acquire their opinions and contributions for improving strategic targets and shortcomings during development 84 Creating opportunities and reform For a long time, foreign investors have still acknowledged Vietnam as their opportunity for investment However, they have claimed that Vietnamese companies not have professional working style Therefore, it is very important to make impression by reforming the whole mechanism and customer services Under this real circumstance, KLS needs to reform manner of managing and taking care of customers as mentioned in strategies of personnel and Marketing Besides, creating opportunities is a factor for aiming at foreign investors’ feelings Projects, cooperation, relationships between KLS with customers and huge organizations such as IPP, and market management organizations are indispensable factors for investors to acknowledge In addition, foreign investors often base on evaluation results of other organizations to get better knowledge of Vietnamese companies This is due to the fact that they are not native people, and are not accustomed to their operation situations Therefore, effectively implemented strategic policies, product differentiation, good management system of risks, as well as perfect personnel structure and operation mechanism are the key for developing the companies to become leading professional companies and for attracting foreign investors However, it is necessary to pay attention to perform seriously and drastically The foregoing strategic measures are supportive to the achievement of the diversification-based growth strategy To make them successful, efficient organization and flexible implementation that highlights the shared responsibility from KLS top leaders to the staff is essential Moreover, the firm’s administrators are required to make appropriate allocation of resources, improve guidelines for the strategy implementation, promote trainings to its staff, and recruit quality human resources 85 II Recommendations To the Kim Long securities corporation 1.1.17.5 Consolidation of risk management system Apart from the goals for increased corporate value and market expansion, reduced risks are one of the top priority goals in KLS’s diversification-based growth strategy The company has established a formal risk management system (see the figure below) In the past global financial crisis, however, the system reveals certain weaknesses As remedial attempt, it is recommended that the company • cut down investments in the shares with poor liquidity; • invest 10% to 15% or higher percentage of the total circulated shares of a • listed organization; invest but not exceed 10% of the total circulated shares of a non-listed • organization; establish a risk contingency fund and purchase job responsibility insurance • for its staff; not use short sell or similar approaches in deposit service Figure 1.10 – Risk management flowchart Preparation Preparation for for implementation implementation Incompliant Incompliant Inspection Inspection and and control control Compliant Compliant Organization Organization for for implementation implementation 1.1.17.6 Improvement of the organization Adjustment Adjustment and and improvement for improvement the strategy implementation Report Report on on outcome outcome Poor The organization for the strategy implementation is the second stage of the strategic Poor Excellent process The stage is decisive in the success of the strategy Excellent The organization, therefore, should be highlighted in KLS action plan Storage completion Storage and and completion 86 1.1.17.7 Reform of the administrative structure An online administrative structure is compatible to the operations of a large company in financial and securities services like KLS Its present structure is relatively compact in contrast with the size of the stock market Clearer definition of the functions and powers of each strategic sections should be made for more efficient implementation of the strategy Fully aware of the competitiveness and impact of the market on its operations, KLS has started to launch promotion and advertising campaigns even though not yet uniform or radical The strategy executive appratus of the firm is not clearly defined The strategies are meant general guidelines for the overall growth of the firm A separate executive section with more formal organization should be established and regulated The regulations on such section provide for regime and coordination among different sections in the company Further trainings should be held so that the old-styled thinking of subsidies and monopoly will be gradually erased It is also essential that KLS emphasizes the vital importance of the strategy to its existence threatned by the current fierce competition at home and abroad Increased work responsibility and autonomy for heads of departments and working groups is advised to achieve greater sense of overall corporate responsibility Reform in work manners of KLS’s staff is also needed An internationally professional and highly competitive working environment does not allow a firm’s employees to maintain their administrative hour-based working style Rather, individual producitivity and efficency at work should be promoted 1.1.17.8 Proper assessment and allocation of resources To guarantee fruitful implementation of a strategy, a firm needs to review its available resources for proper allocation The task is executed by the Human Resources Department in coordination with other involving sections and deparments such as Accounting and Personnel When aware of the possibility of a success, the strategic sections start the allocation of finances, human resources and time The allocation is made in line with the set goals, strategic measures, short- 87 term plans and execution schedules of the Company And it should be announced in writing and publicized to the involving strategic sections of the firm 1.1.17.9 Improvement of the steering information system for the implementation of the strategy The information system helps managers of a strategy to send their strategic decisions to lower levels and get feedback from them The first step in the implementation of a strategy for managers is the use of the information system • Management information channel: The Planning Department is assigned to issue guidelines for the implementation of a strategy, and these guidelines are annexes of of the strategy launch document apporved by the Company Director The Department is also in charge of producing reports on the implementation plans of the strategy, developing and disseminating implementation regime and regulations of the strategy to the strategic sections (Mid-level) or business managers execute the business plans that are designed from the business strategy, and work out and decide on execution schedules, and disseminate their decisions in writing and other forms to lower levels The management information channel should be kept in smooth run during the execution of the strategy It is also necessary that the execution be planned and regulated in an efficient manner The guidelines and documents as such are base for the execution at lower level and future monitoring If the management information is not clear, there will be duplication, confusion and obstacles in the executive stage, and the resources will be wasted Consequently, the efficiency of the strategy implementation is restricted • Feedback channels: Feedbacks are essential inputs for strategic managers and their monotoring The responses are basis for managers at different levels to measure the strategy execution progress and outcome to provide timely adjustments for accelerated implementation and enahnced efficiency of the strategy The feedbacks should be regular, intensive and filtered by 88 different management levels so that the right feedbacks reach managers Feedbacks are always associated with verification as they are collected from daily reports of lower levels, from financial reports, and monthly, quarterly and yearly performance review reports of the company 1.1.17.10 Strict inspection Inspection is indispensable in the general management process and business strategy management Inspection is aimed to provide assessment and remedial adjustments to constraints during the execution of a strategy Respective forms of inspection are used for different scope and level of strategic management For instance, periodical and random inspections can be conducted by a company on its key areas of operations and in its strategic units Regular inspections are held on business operations of lower level units by their managers More importantly, selfconciousness and complaince of all staff to corporate regulations must be highlighted The inspection work should be planned and done from the company’s top management The Board of Directors, through its control committee, holds random inspections, and periodical inspections through its reports The inspection team must be composed of various subjects to gurantee accuracy, adequacy and objectivity The size of the inspection team, and the scope of inspection work should be reasonable so as not to obstruct the implementation of the corporate strategy 1.1.17.11 Staff training, recruitment and appointment of quality personnel KLS’s staff structure is advantageous in terms of expertise, quantity and composition but relatively constraint in certain aspects Towards an efficient corporate strategy, it is essential that a well-planned human resources development strategy that cover staff recruitment, training and re-training be built 89 Additionally, staff scaling and effective appointment of capable staff to strategic positions should be promoted in KLS for its enhanced strategic management capacity 1.1.18 To the macro environment Flexible monetary policy be in place Gradual and continuous widening of the exchange rate band at appropriate time is recommended to avoid adverse mental impact of the issue Step-by-step cut on the general interest rates to support difficult businesses, create employment and increase exports; Such gradual cut on the interest rates is aimed to avoid shocks for commercial banks; Increased draw in and accelerated disbursement of foreign direct investment capital via enhanced promotion of investment, simplified administrative procedures for site clearance, FDI disbursement, organization of trainings and physcal capacity upgrade for industrial zones; Agressive execution the stimulus package that targets raised consumption, increased employment, exports support and efficient use of the invested facilities; 1.1.19 To the Industry environment Continue the privatization to guarantee progress of the reform programme of enterprises, and create high quality products for the stock markets and draw in increased funds; Negotiative approach or auction sales among strategic partners, and reduced sales to others are recommended; The transform of ownership contributes to more effective corporate governance, while causing no losses to the Government, and drawing in additional FDI (FDI as paid-in capital for purchase of share must be held in 2-3 years); Increase financial capacity for local banks and in-flows of foreign capital by allowing them to sell 5% or smaller percentage of their stakes to foreign partners without asking for permit from the State Bank of Vietnam; and raise the threshold of foreign-ownered stakes to 35% to make local banks more attractive when flows of investment funds are declining; 90 Amend Decision 238/2005/QD-TTg on the FDI content in the local stock market, of which the flat rate of 49% be applied to both listed securities and PLCs; In case of sectoral and indunstry categorization, the higher differentiated rates can be effective Line authorities coordinate with its member companies to design, issue and monitor internal procedures on internal control, risk management and other proferssional procedures; III Obstacles in the course of the studies and future orientation Sensitivity of the data Stock markets are advanced markets, and markets of information and mentality Any information from the Government or companies on trivial issues may cause the markets to fluctuate In such background, the analysis in the capstone project has not addressed all the problems arise from the past financial crisis in a specific and adequate manner The operations of stock markets are compliant to a number of principles on information sharing Some of the information can not be released without permit of relevant line authorities Such rules are aimed to hedge the confidentiality of a firm’s information from its competitors and other interests This is self-explanatory to the absence of a comprehensive analysis of all aspects of KLS’s problems to seek radical remedies for its constraint performance 1.1.20 Time for studies Other than the foregoing factors, time constraint is another obstacle to our studies Fortunately, with the data and support provided from KLS’s line authorities, other partners and experts, and particularly the best efforts of our team, the capstone project, in principle, has made sufficient reflection of the firm’s and the securities service’s performance in the conditions on the world financial crisis 91 CONCLUSION Developing business strategies is indispensable in operations of any business, particularly in the periods of fierce competition of an open market, and widespread global financial crisis The year 2008 elapsed but the leftovers of the crisis on the global economy are felt widely As a chain reaction, Vietnam domestic stock market underwent a plummet that was associated by the loss-making state of many securities companies Facing such challenges, the formulation of an appropriate business strategy is essential in stabilizing and boosting the growth of the securities company Using the learnt theories on business strategies and data collected from the market and other securities companies, the capstone project report “Kim Long Securities Company formulation of Business Development Strategies in the context of the global financial crisis” has addressed part of the necessity and the company’s current needs for stability and growth Despite the fact that the capstone project is limited to analyzing some strategic issues of KLS for its more secure and developed operations, the indicated measures and recommendations are practical and useful for the line authorities and other participating financial institutions in a market under crisis but full of opportunities 92 BIBLIOGRAPHY I Books B Wernerfelt (19940, “A Resource Base View of the Firm” , Strategic Management Journal, 5(1994), 5(1997)171-180 Charles W.L Hill, Gareth R Joines (2002), Strategic Management: An Integrated Approach, 5th, Ed Houghton Mifflin David A Secenzo, Stephen P Robbins (2002), Human Resource Management, 7th John Wiley & Son, Inc Jack W Calhoun (2004) Fundamentals of financial management, 10th Thomson Lawrence R Jauch and William F Gluek(1989)Business Policy and Strategic Management Le The Gioi, Associate Professor, PhD., (2007), Strategic Management, page 166, Statistical Publishing House M.E Porter, Competitive Strategy (New York: Free, Press, 1980 Porter,M.E (1981) The contribution of Industrial Organization to Strategic Management New York: Wiley Quinn, J., B (1980) Strategy for change: Logical Inscrementalism 10 Homewood, Illinois, Irwin R Lubit, 2001 “Tacut knowledge and knowledge management: The keys to sustainable competitive advantage”, organizational Dynamics, 29(3):164- 11 178 Rap and Tom Collins, Maxi Marketing, New York: Mc Graw-Hill, 1987 II Other Publication Annual report 2007 State Securities Commission Annual report 2008 State Securities Commission Annual Report 2007 of Kim Long Securities Company Annual Report 2008 of Kim Long Securities Company Associate Professor, PhD Ho Si Quy, Presentation at the third International Workshop on Vietnamology on December Competitor Report 2008 of VCB Securities company Financial Statement of KLS 2006, 2007, 2008 93 J.E Barriers to New Competition (Cambridge, Mass: Harvard University Press, 1956) For a review of the modern literature on barriers to entry, see R,J Gilbert, “Mobility barriers and value on Incumbency” in R Schmalensee and R.D Willing, Handbook of Industrial Organization, (Amsterdam,, Holland 1989),I Report of Strategy Division on Competitor in Securities market of 10 Vietcombank Securities company 2008 Report of the Working Division on Vietnam WTO admission /Part II – Figure of commitments on services, the list of MFNS exemptions as 11 provided for in Article I Securities Law No 70/2006/QH11, Chapter 1, Article III Websites http://epress.anu.edu.au/anzsog/centrelink/mobile_devices/ch03.html (June, 7th 2009) http://www.sciencedirect.com/science (May, 8th 2009) http://www.cophieu68.com/together.php (June, 6th 2009) http://www.news.harvard.edu/gazette/2007/05.17/27-chandler.html 4th 2009) http://money.cnn.com/galleries/2009/fortune/0905/gallery.largest_bankruptci es.fortune/ (June, 7th 2009) http://harvardbusiness.org/resources/strategy (June, 14th 2009) http://www.strategy-business.com/ (June, 15th 2009) (June, APPENDICES I Names and Responsibilities of Group's Members Full name Nguyễn Huy Hoàng Implemented work • Delegation of assignment and review general work 94 • Outline the preliminary draft • Analyze the financial situation of the company • Check the work contents of the members • Provide comments on the detailed draft • Draft Chapter and analyze the external environment Cao Đăng Phúc • Contribute in collecting financial and accounting documents, and other relevant documents • Provide suggestions to another writings • Directly contact KLS to agree the contents of writing subject and requesting for provision of relevant materials Lê Sử Năng • Write the introduction, synthesize Chapters and to write Chapter and Conclusion, design the Powerpoint Presentation; • Present the capstone project on behalf of the group’s members; • Provide comments on the detailed draft • Contribute to write contents of macro environment Vương Quốc Thắng • Collect materials of macro environment • Collect illustration images 95 II Names of Organization and Individual Instructors to the capstone project NAME Dr Sean Mc Gough DESCRIPTION Contribution to the name, structure of the draft as well as all basic contents of the capstone project Mr Dang Ngoc Khang Suggest issues of centered attention to Kim Long Securities Company the enterprise and branch 96 [...]... stable and sustainable development of a securities company while acting as effective instruments to stabilize and boost the growth of stock markets given the prevailing global financial crisis In summary, all of the above stands well justify our choice of the research titled Kim Long Securities Corporation - formulation of Business Development Strategies in the context of the global financial crisis , which... underwriter commits to the issuer to completing the procedures prior to a securities offering, to buying a part or all the securities of the issuer for resale or to buying the remaining undistributed portion of securities from the issuer; or to assisting the issuer in distribution of securities to the public d Securities investment advisory Securities investment advisory is the service in which securities companies... differentiating their market-access products, services or reducing their prices The competition intensity within the industry often depends on the following factors: The number and capability of companies within the industry: The number and capability of companies within the industry decides competition nature and intensity within the industry In the industry with big companies of equivalent capabilities, the. .. strategies Action strategies can be selected from the ones formulated in the development of orientation strategies, or from the strategies established during the performance of orientation strategy III The role of business strategies in modern business environment In modern business environment, strategies play an increasingly important role in the existence and growth of an enterprise Strategies are... underwriting were less profitable due to the large drop in the price of the majority of listed shares over the initial value of the investing company and booked value of the listed companies In this context, the quest for, and development of a sustainable and strategic instrument to promote business operations of small and medium, and newlyestablished securities companies is essential Efficient business strategies. .. strategies of specific service of a company such as financial, marketing, and personnel, etc Functional strategies are supportive in achieving the success of business and company strategies 1.1.6.2 Classification of business strategies by content Based on contents of strategies, French administrators divided business strategies into the following types: • Commercial strategies are strategies applied in all... decline and downswing The liquidity of the stock market was deeply undermined, which lead to an immediate deep fall of the VnIndex In addition, sharp increase in trade deficit in the early period of the year spread real concerns of the balance of payments The tension reached a climax in May 2008 when concerns of the balance of payments were associated with worries of the safety of the local banking... streamlined investment All of these efforts are steered towards the ultimate goal of mitigated risks, increased corporate value and strengthened resources for KLS in the context of ongoing global adverse developments Beyond these, the paper can be used as a reference for other studies or research work on the administration of market builders, and KLS’s business efficiency in the past period Moreover, the. .. strategy in the international markets is much higher than in local ones 30 CHAPTER II – KIM LONG SECURITIES COMPANY’S BUSINESS DEVELOPMENT STRATEGIES I An overview of Kim Long Joint Stock Company 1 Development history15 Company profile Name of company: Kim Long Securities Corporation Charter capital: VND 503,630,600.000 Head Office: 22 Thanh Cong Rd., Ba Dinh Dt., Hanoi Office Tel.: (+84 – 4) 37.726 868 Office... exception The country's economy saw two different economic extremes in 2008 – the anti-inflation campaign at the beginning of the year and anti-decline stimulus at the end of the period While struggling to cool down the overheating economy in the first few months of the year, the Vietnamese Government had to seek measures to remedy the rapidly cooled-down national economic growth in the second half of the