What is the Importance of Corporate Policy?

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1 Regression analysis is one of the most extensively utilized method between the analytical models of association employed in business research. Regression analysis tries to analyze the connection between a dependent variable and a group of independent variables (one or more). One example is, in demand analysis, demand is versely linked to price for normal commodities. We can write D = A BP, where D is, the demand which is the dependent variable, P is the unit price of the commodity, an independent variable. It is an example of a simple linear regression equation. The multiple linear regressions model is the prototype of single criterion multiple predictor association model where we wish to research the combined impact of several independent variables upon one dependent variable. In the above example if P is the consumer price index, and Q is the index of industrial production, we might manage to research demand as a function of 2 independent variables P and Q and write D = A BP + C Q as a multiple linear regression model. Objectives of Regression Analysis To research a pattern linking the dependent variable and independent variables by establishing a functional relationship between the two. In this equation the level of relationship comes from which is a matter of interest to the researcher in his study. To make use of the well-established regression equation for problems concerning forecasting. To analyze how much of the variation in the dependent variable is described by the group of independent variables. This would allow him to get rid of particular unwanted variables from the system. For instance, if 85% of variation in demand in a research can be stated by price and consumer rating index, the researcher may drop additional factors such as industrial production, extent of imports, substitution effect etc. that may add only 15% of variation in demand provided all the causal variables are linearly independent. Before we discuss about the importance of corporate policy, you must know what exactly is a corporate policy. It is a formal declaration of the guiding principles by which an organization will function. It is usually developed by its board of directors or a senior management policy committee. Corporate policies may appear heavy and complicated. In present scenario, corporate policies are essential even for businesses seeking to do things in a different way. Without proper policies, it will become extremely tough for the business to continue and policies work as guide and help the manager to direct all the actions towards the same goal. What is the Importance of Corporate Policy? Policies are necessary to perform the business activities in a smooth way. Corporate polices offer clear cut courses for achievement of organizational goals. If an appropriate explicit policy has been developed, most of the details can be easily taken care of by the employees and management would not needlessly spend its time as well as energy in performing such tasks. Corporate Policies present you with instructions and a platform for making decisions. Policies promote delegation of the power of making decisions. Properly formulated corporate policies give a direction in which all management pursuits are targeted.

2 Policies provide steadiness to the action of the members of the organization. Policies and guidelines prevent the subordinates to rethink on the day to day challenges and therefore prevent repeated analysis of problems. Policies help in analysis of performance by serving as a standard. Corporate policies boost employees commitment and loyalty for the business. It helps in dealing with the issues for optimal utilization of limited resources. Sound policies aid in developing good public image of an organization. Corporate Polices give the organization clear targets so that the managers can decide regarding the future plan of action. They act as tool for co-ordination and control. Thus we can say that corporate policy is significant for a corporation. It helps in the all round development and growth of the organization. A sound corporate policy gives satisfaction to the workers with regards to working conditions, organizational culture, authority, and responsibility. - See more at: Ranbaxy Laboratories Ltd. (RLL) is the largest pharmaceutical company incorporated in India. It is also amongst the top league globally and is ranked 9th largest generic company worldwide. Ranbaxy is also credited with the tag of true Indian multinational. The company traces its roots to a chemist shop in Delhi. It is one of the first Indian pharmaceutical company to start a joint venture abroad. Rapid growth of Ranbaxy is attributed mainly to its focused research and joint ventures in India and abroad. It is also innovation and market driven, with a strong distribution network. The company was able to grow successfully in highly competitive markets. In the current business scenario, Ranbaxy is focusing on innovation, alliances, mergers and globalisation to achieve its long-term vision of becoming a global pharmaceutical giant with a turnover of $1 billion by The fruits of such efforts are evident in the latest financial result, as a large chunk of its income comes from new products and exports of generics. The growth of Ranbaxy can be attributed to its ability to identify good windows of opportunity and its ability to grow by leveraging innovation, regulatory knowledge and alliances. Introduction - Business Opportunities with Ranbaxy: Core Competencies [pic] Ranbaxy Pharmaceuticals Inc. (RPI) has already experienced commercial success penetrating the U.S. health care market, and is looking to enhance growth and future business opportunities through collaboration and strategic alliances. Ranbaxy Pharmaceuticals Inc. (RPI) is a product-driven pharmaceutical company with diversified expertise. As a wholly owned subsidiary of Ranbaxy Laboratories Limited, India s largest pharmaceutical company, RPI offers an advantage of having a global presence with experience in more than 125 international markets.

3 The company s advanced product development and manufacturing capabilities, combined with a global sales... [continues] Read full essay The presentation is one among the important communication media in organizations on account of the fact that a report is understood in a better manner when it is accompanied by a presentation. Among the three presentation skills required, the communication dimensions, presentation package and use of audio visual aids are considered more important and pertinent. The following are considered to be the major elements of communication dimensions namely; Purpose, audience, media, message, time, place and cost. Message: The presenter has to think about the focus of the message - its breadth and depth - as much as a writer does. However, the dimensions are different. The presenter cannot get as much depth and complexity as a writer can achieve. Therefore, the focus of a presentation has to be different from that of a report. A presentation concentrating in a single theme or a few major strands of a theme is more comprehensible to the audience and leaves a more lasting impression than the one with too many diverse issues. Next, a concretization of the message in the presentation is as important as in good writing. However, the presentation, because it combines sound and sight media, helps to concretize the message more than the written medium. One step further in concretization leads to visualization of ideas and hearing of actual sounds; only the presentation medium helps to achieve this level of concretization. Since the present situation is built on interaction between the presenter and the audience, the emotional content of the message and the audience should be considered. Concretization at the emotional level reinforces the logical concretization of the message. Even simple words like - â œour companyâ, â œmy companyâ, â œyour companyâ and â œthe companyâ carry emotional and attitudinal connotations. These phrases reflect in a way where the presenter stands in respect to the company and the audience. In this respect, the presenterâ s body language also comes into play. Time: The element of time in a presentation situation depends on various factors like the availability of the room, audience and the presenter. The presenter can select the right time if he has the choice. The presentations immediately after lunch, for instance, fail to hold the attention of the audience. Another major aspect of how much time is given to the presenter making the presentation. This is a crucial dimension which decides the length and the overall communication mix. The timing or sequencing of the message is also significant. Place: The presenter may not have much choice in selecting the place. But to make the best use of the place and the facilities available will depend on the presenter. Whether the room is square or rectangular; whether it is a large or small enough for the audience, whether the seating arrangement is fixed or movable are some examples of the questions which bother a presenter.

4 The room arrangement depends upon the kind of audio visual tools that can be used and the type of interaction that the presenter can have with the audience. An examination of the following elements of a room will help in finding the right mix for an effective presentation. Room dimensions, seating, number of people expected, the space available for the presenter and audio visual equipments available. Cost: The preparation of a good presentation is time consuming and expensive. The presenter should ask himself a) whether he is trying to achieve through presentation what he could have easily achieved through written communication and b) whether he could use cheaper production methods and aids than the ones he has chosen to put across the message. SECTION - A 1. (a) What are the determinants of international investment decisions? What are the various strategies that a firm could follow? (b) Discuss the various dimensions of international business and analyse the importance of international business in the world economy. 2. (a) What is meant by intra-firm trade? In what ways does this affect the host country? (b) Critically examine the various approaches to controlling the international business. MS-97 1 P.T.O. 3. (a) What are the main characteristics of a global firm? (b) Discuss the innovative production techniques used by international firms to face global competition. 4. Discuss the stages in cross-cultural negotiation process, citing relevant examples. 5. Explain the following : (a) Ricardo's Comparative Cost Theory. (b) International Code on Transfer of Technology. A traditional assessment center involves six participants and lasts from one to three days. As participants work through the simulations,

5 they are observed by assessors (usually three line managers) who are trained to observe and evaluate behavior and knowledge level. Assessors observe different participants in each simulation and take notes on special observation forms. After participants have completed their simulations, assessors spend one or more days sharing their observations and agreeing on evaluations. If used, test and interview data are integrated into the decision-making process. The assessors final assessment, contained in a written report, details participants strengths and development needs, and may evaluate their overall potential for success in the target position if that is the purpose of the center. Perhaps the most important feature of the assessment center method is that it relates not to current job performance, but to future performance. By observing how a participant handles the problems and challenges of the target job or job level (as simulated in the exercises), assessors get a valid picture of how that person would perform in the target position. This is especially useful when assessing individuals who hold jobs that don t offer them an opportunity to exhibit behavior related to the target position or level. This is often the case with individuals who aspire

6 to management positions but presently hold positions that don t give them an opportunity to exhibit management-related behavior on t