MEN Assignment 2010

8/7/2019 MEN Assignment 2010

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MBA Managerial Environment (M

Author: NNC SETJEO for Milpark Business School 2010 MBA - MEN Page 1 of 22

01 March

201008Fall

Author:Nkululeko Conny Setjeo

Summary:This document contains four sections, which are answers to the fouquestions given as an assignment for the class work covered in th2nd semester of the 1st year of my MBA in the above-mentionesubject.


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INDEX

Question 1. 3

Introduction 3

1.1 South African Recession 3

1.2 Demand and Supply 4

1.3 Riding the recession wave 5

Labour 5

Technology 5

Infrastructure 5

Question 2. 7

Introduction 7

Market structures 7

2.1 Pure or perfect competition 7

2.2 Pure monopoly 9

2.3 Monopolistic competition 10

2.4 Oligopoly 11

Question 3. 13Introduction 13

3.1 What it FDI 14

3.2 Benefits of FDI into a country 14

3.3 South Africas attempts to attract FDI 14

3.4 R: $ Exchange volatility and its impact on FDI 16

Question 4. 18

Introduction 18

4.1 Fiscal Policy 19

4.2 Revenue Budget 21

Referencing 22

QUESTION 1



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Introduction

The question states that South Africa was in recession 2008/09 and as a result of

that, Company XYZ, an automotive component, its turnover has dropped by 40%

and its profits by 50%. The assumption is that had it not been for the recession

the companys turnover and profits might have stayed the same or perhaps

improved. Mine is not to prove whether the assumption is true or not but it is

however to provide a hypothetical advice to the management of Company XYZ

on how to apply microeconomics is order for the company to compile appropriate

operational and pricing policies in terms of demand and supply and discuss the

methodology that the companys management need to apply.

1.1 South African Recession

According to a Business Report article, to be in a recession means that

countrys GDP has to experience shrinkage in two consecutive quarters.

During the last quarter of 2008 and the first quarter of 2009 the economy

shrunk by 1.8%, which means that the 6.4% contraction has caused the

country to enter into a recession.

The contraction in growth resulted in a fairly large decline in the demandfor exports from South Africa. This decline has had a negative impact on

the countrys manufacturing industries. The Automotive Industry being

one of the hard hit.

The recession means that there will be retrenchments and interests rates

would be higher. For the automotive industry this simply means that the

financing of a car would be more expensive and the opportunity cost of

capital is higher which will slow down the purchase of a new car.

1.2 Demand and Supply

Having established that the recession would result in demand declining, it

would be probable to conclude from that premise that supply would also

decline, shifting both the supply and the demand curves and therefore

establishing a new equilibrium. The new equilibrium, from E to E1, would



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mean that the price would go up and quantity supplied would be reduced.

As shown in Figure 1.2.1 below, the recession would cause a negative

shift in demand from D to D1 and the same would be applicable to supply

shifting from S to S1. The price would rise up from P to P1 and the

quantity would reduce from Q to Q1. Though profits are not shown in the

figure below, they would however be reduced.

Figure 1.2.1

Table 1.2.2 below is explained as follows:

+ Represents an increase

- Represents a decrease

Blank represents that there is no change

? Indicates that the net change can not be determined without knowing

the magnitude of the shift in demand and supply

Table 1.2.2Author: NNC SETJEO for Milpark Business School 2010 MBA - MEN Page 4 of 22

S1

S

DD1

P

P1 E1

E


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Company

XYZ State

Demand

Shift

Supply

Shift

Equilibrium

Price

Equilibrium

Quantity

Marginal

Cost

Marginal

Revenue

Profits

Past + + + + +

Present - - + - + - -

Future + + + + + + +

The table above indicates that Company XYZ was making a profit in the

past, before the recession and everything within the operations of that

company was balanced. However with the recession facing the company,

the demand curve has shifted to the left as well as the supply curve. Due

to input prices having gone up, as result of recession, the companys

prices have also gone up. With less disposable income and less

employment the likelihood of the company producing more goods to meet

the demand is very slim. Therefore their quantity has also decreased.

With marginal costs having increased since it has become more

expensive to produce their products. In addition, the companys marginal

revenue has decreased resulting in decreased profits by 50%.

1.3 Riding the recession wave

Given the current situation there is nothing much that Company XYZ can

do in terms of its prices. Reason being, their suppliers of raw materials

havent reduced their prices. In fact the probability is that due to the

recession and the prices going up, their suppliers might have increased

their prices. It therefore means that it has become more expensive for the

Company XYZ to produce even lesser quantity. In my opinion, they would

rather package their products in a complementary manner for promotional

purposes. For example buy four tyres and get a free lock-nuts. In

addition, Company XYZ may look at other variable costs to reduce their

average costs.

Labor



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Cash flow is difficult to manage and therefore labour costs would be one

cost that the company needs to cut down on. The renewal of contracts for

consultants at this stage should not be renewed. Job rotations and work

restructuring should be revisited to allow for workers to work less hours

without interfering with the quality of work. Where work was formerly done

by employees, outsourcing to vendors that are willing to adjust their costs

based on the changing workload is also another option in order to reduce

labor cost.

Technology

With profits having declined by 50% it would not be a wise move for the

company to invest in any new technology, though new technology could

save transformation cost. With that said, should any of their machinery

break presently, that would halt the production and therefore result in

further reduced profits. It would therefore be wise for the Company XYZ to

plan ahead for any possibility of machine shutdown. The surplus supply of

products that the company needs to shed may act as a buffer during the

shutdown period.

InfrastructureIt would be advisable for the company to move their production to smaller

premises if where they are currently they are on lease. This would reduce

rental and maintenance costs.

QUESTION 2

Introduction

To fully understand what Market Structures are, one needs to be clear on the

understanding of a Market to start with. According to Armstrong & Kotler (2009),

A market is the set of actual and potential buyers of a product. These buyers

share a particular need or want that can be satisfied through exchange

relationships. These relationships between the actual and potential buyers

would be formed with the actual sellers of the sought product, the company. The

firm usually and most often operates in an environment where there are other

firms who offer the same product to the same market. Meaning the firm has



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competition within the market in which it operates in to sell its products. The

manner or the behavior in which the firm operates is influenced by its own market

and its cost of production. However, the market is not only limited to the actual

and potential buyers, the number of competitors and the cost of production of the

firm. The market would also include size of the actual and potential buyers, the

size of the competition, nature of the product, the availability of information and

the barriers of entry and exit of the market as a whole. These inclusions are

what make a market structure. They are simply the features that influence and

determine the behavior of company as it operates its business.

Market Structures

Market structures are divided into four categories, namely:

2.1 Pure or perfect competition

2.2 Pure monopoly

2.3 Monopolistic competition

2.4 Oligopoly

These four market structures have distinct characteristics and differences

between them, which are discussed below.

2.1Pure or perfect competition

Pure competition is a state when the suppliers compete to sell the product

to the buyers and the buyers compete to obtain the product from the

suppliers. In this structure both the sellers and the buyers of the product do

not have control over the price. The price is determined by the interactions

between both the supply and the demand, therefore both the suppliers and

buyers are price takers and not price setters.

Characteristics of pure competition

There must be a large number of buyers

There are a large number of small firms.

No individual supplier or buyer can influence the price.

No collusion, the price is determined by supply and demand.



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Producers produce a standardized or homogeneous product,

meaning the characteristics of the product are the same.

No barriers to entry or exit of the market.

Both buyers and suppliers have perfect knowledge of the market. If

one company raises its price then the buyers would know that other

companies are charging a lower price and they would therefore not

buy from the supplier with a higher price.

An example of pure competition would be street vendors selling fruit and

vegetable. The product is homogeneous and both the buyers and sellers

do not influence price. However the unstated assumption of this market

sector is that price is the only communication between both the suppliers

and the buyers.

2.1Pure monopoly

A monopoly is a case in which a single firm or company is dominating the

entire market with a niche or unique product and does not have a substitute.

Characteristics of pure monopoly Entry into the market by other companies is completely blocked.

Most often the company will have complete information on the market

participant, making it impossible for any of the market participants to

influence the price. However, the companys control over the price is

limited by the market demand and the goal of maximizing profits.

Meaning that once the company has set the price the quantity of the

product sold is dependent of the market demand. Due to the fact that

this structure is constrained by the market demand and that the price is

highly inelastic, the company may exploit the consumers by reducing

the quantity of supplied product thereby creating a scarcity in the

market. When a price of a product is inelastic consumers tend to buy

less of the product when the price is high. Therefore, by creating

scarcity an impression of if I dont buy now I may never get it is



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created in the consumer, this will results in more demand, which in turn

the company will return to normal production and pricing.

An example of Pure Monopoly is Eskom, the single electricity supplier in

South Africa. Eskom does not have any other competitors in the market

and should other companies chance to enter the market the capital injection

required to start an electricity plant is one barrier amongst others, to enter

the market. In addition, Eskom has total control of the prices. With the

current situation at Eskom it looks like the enterprise is holding the whole

country at ransom. That is the power of a monopolistic company. The

unstated assumption is that the country would not be able to function

without the electricity from Eskom. This does not take into cognizance

growth of bio-fuel. Which the world is moving towards.

2.1Monopolistic competition

Monopolistic Competition is a combination or balance between Pure

Monopoly and Pure Competition. It is a state in which sellers of

heterogeneous products are monopolist as far as their products areconcerned. However, they compete amongst each other in the market for

almost similar goods.

Characteristics of monopolistic competition

There are large number of firms in the industry

Each company produces a distinctive, differentiated product.

There are no barriers to entry or exit

An example of Monopolistic competition is the restaurants at the Nelson

Mandela Square in Sandton, Johannesburg. Each restaurant in the area

has its specialty or differentiated product, in this case a special menu.

Therefore each restaurant can be viewed as a monopoly to a certain

degree. However the competition is amongst the restaurants for the same

market. In addition, the product differentiation will be decided by the



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consumers. Another example is supermarket industry. There are the usual

know big supermarkets such as Pick n Pay, Checkers and Spar. Then

there are other smaller supermarkets. Each would have a no-name brand

that would be a product of the supermarket itself. However you may find

that the content of the product is not differentiated at all, though the

consumers would be the once to state the difference in their own

interpretation. That interpretation could be price or familiarity with the no-

name brand product of one supermarket over the other.

2.1Oligopoly

Oligopoly is when a few firms dominate the market.

Characteristics of oligopoly

Barriers to entry differ from industry to industry, however they are

almost no barriers to entry.

The product may be homogeneous or differentiated.

Companies in an oligopoly structure are interdependent. Meaning if

one company increases price then the rest of the other companieswill have to follow suit.

Uncertainty is high. Since a company cannot know the policies and

strategies of its competitors, it operates in a state of uncertainty

because it is

An example of Oligopoly structure in South Africa would be the 3 major

cell phone network providers, Vodacom, Cell C and MTN. These

companies dominate the market. The products they offer are quiet

homogeneous, which makes them a homogeneous oligopoly. When Cell

C introduced the Cell-number-migration, both Vodacom and MTN had to

react to Cell Cs strategy and begin to allow migration on their network as

well. This proves the interdependence of companies within an oligopoly.



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The differences between the four above discussed market structures is

mostly visible in the Profit making, which is illustrated below in figure 1.1

Figure 1.1

Profit

maximization

Pure

competition

Pure monopoly Monopolistic

competition

Oligopoly

MR = Marginal

Revenue

MC = Marginal

Cost

AR = Average

revenue

AC = Average

Cost

The

demand is

equal to

price

which is

equal to

MR.

Horizontal

and

elastic.

When

MC=MR

then the

company

would only

begin to

make a

profit

though

minimal.

No controlover price

The

likelihood

of high

profit

maximizati

Marginal

revenue is

always

below the

demand.

Downward

sloping,

equals

market

demand

curve

Above the

equilibrium

point

where MR

= MC that

is where

the

monopoly

makes a

profit Considera

ble control

over price

but limited

by market

demand

Demand is

equal to

AR

High profit

maximizati

on in the

long run is

very

unlikely

Downward

-sloping.

Some

control

over price

The MR is

below the

demand

.

Downward

sloping,

may be

kinked

High profit

maximizati

on in the

long run is

very

unlikely

Considera

ble control

over price

but less

than in

monopoly



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on in the

long run is

very low.

Profit

maximizati

on in the

long run is

feasible

QUESTION 3

Introduction

South Africa is a country that is very rich in mineral resources. It is the worldslargest producer and exporter of gold, platinum and chromium, (EverBank 2010).

Though the country is by far the most developed economy on the African

continent, it is also dealing with significant challenges such as outdated

infrastructure and poverty issues. Key issues that might have has an impact in

rendering the Rand to be volatile against the American Dollar in the year 2009

such as inflation, political issues and commodity prices. The focus of this

question is to analyze this volatility and discuss its impact on FDI.

3.1 What is FDI and what does it mean for South Africa?

Foreign Direct Investment is a major stimulus to the economy of a

developing country with key focus on dealing with the challenge of scarcity

of capital, technology, skills and entrepreneurship. According to Mwilima

(2003), FDI is an investment made to acquire a lasting management

interest (usually at least 10% of the voting stock) and acquiring at least

10% equity share in an enterprise operating in a country other than the

home country of the investor. An investor would most probably invest

because of one of the following reasons, seeking cheap labor, seeking

efficiency or seeking a market. The key industries that investors are

most likely to invest in are, Mining, Metalworking, Automobile assembly,

Textiles, Steel, Foodstuffs, Chemicals, and Commercial ship repair.

There are three types of FDI, namely:



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Greenfields

Investing in new assets and starting the business from scratch.

Brownfields

Buying into the shareholding of an existing company and building up.

Mergers & Acquisitions (M&A)

This is the most popular form FDI, however it requires huge numbers of

capital. Through M&A the existing firm eventually disappears. There are

very few benefits to this form of FDI. For example, though employment

will be created at the initial entry of the firm into the economy the layoffs

will be far greater at the time when the firm conducts its restructuring. In

addition, M&A reduces the level of competition. One might find instances

where an investor acquired a domestic competitor just to gain the market

and establish a monopoly. Furthermore M&A gives no guarantee to a

country.

3.2 Benefits of FDI into a country

The whole idea of FDI is to benefit both the investing country as well as

the host economy. There are noticeable benefits of FDI to the hostingcountry or economy.

Transfer of technology

Transfer of management skills

Access to new markets

Stimulation of market forces

Integrating economies

Job creation

Improvement of human capital through skills transfer

3.3 South Africas attempts to attract FDI

GEAR

The Department of Finance in 1996 adopted a macroeconomic strategy

policy called GEAR Growth, Employment and Redistribution. This was a



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5year plan aimed at strengthening economic development, broadening of

employment and the redistribution of income and socioeconomic

opportunities in favor of the poor. According to the Department of

Finance the key goals of the policy as originally outlined were economic

growth of 6% in the year 2000, inflation less than 10%, employment

growth above the increase in economically active population, deficit on the

current account and the balance of payments between 2 and 3 percent, a

ratio of gross domestic savings to GDP of 21.5 percent in the year 2000,

improvement in income distribution, relaxation of exchange controls and

reduction of the budget deficit to below 4 percent of GDP.

ASGISA

Another attempt to liberate the South African economy was through a

national initiative AsgiSA Accelerated and Shared Growth Initiative for

South Africa, which was launched in 2006 by the former Deputy President,

Ms Phumzile Mlambo Ngcuka. Its aim is to halve unemployment and

poverty by 2014. AsgiSA identified the following as constraints that

prevent the country form achieving the desired growth rate:

Relative volatility of the currency Labor market skills

National logistics systems

Barriers to entry, limits to competition and limited new investment

opportunities

Regulatory burdens on SMEs

Deficiencies in state organization, capacity and leadership

Some of the elements that AsgiSA identified to address these constraints

are to pump money into infrastructure, focus on improving education and

skills and adopt special sector strategies for clothing and textiles industries

among others.



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This is precisely where one might notice the impact that the Rand/Dollar

exchange volatility had on FDI because it is through FDI especially, that

the above-mentioned constraints can be met head on.

3.4 R: $ Exchange volatility and its impact on FDI

Having established the importance of FDI into South Africa and how it

would assist in strengthening the economic growth, one needs to take into

congnisence the fact that the R:$ exchange gives investors a message as

to how our economy is perceived. The key elements that in my opinion

are attributable to the volatility of the Rand against the American Dollar

are but not exclusive to:

A change of Government & Political Situation

President Mbeki vacated office in late 2008 and his Deputy Mr.

Motlanthe took over for 6month, then a new President of the country

was democratically elected in April 2009. Mr. Mbeki was an economist

that had steered the country into economical stability and growth during

his presidency. Perhaps the outside world did not believe the following

presidents could keep the country stable in light of possible political

instability within the ruling party at the time. This might have lead toinvestors pulling their investment out of the country until they were

reassured that South Africa would not follow in the Zimbabwean

footsteps. That pull of investors from the country depreciates the value

of the Rand and it therefore becomes more expensive to buy the

American Dollars.

However in the later half of 2009 we saw the Rand slightly improving

with the price of petrol going down and commodities also gained their

momentum. A sign that the South African economy was viewed once

again as stable and investors could then invest into the country.

The Reserve Bank Governor vacating office

% Interests rates were fairly stable in 2009 with marginal declines,

indicating that the economy was stabilizing. However with the new



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Reserve Bank Governor coming into office with a background of having

Chaired Absa Bank that was somewhat troubled at the time, there

wasnt enough confidence in the new Governor. That resulted in the

Rand declining in value and making it very expensive for our imports.%

In addition, the GDP fell by 6.4% in the 1st Quarter of 2009. This decline

was caused by the global recession and it cut manufacturing and

mining exports. The prime rate remained at a high of 7.5%

Fifa World Cup and Infrastructure

As part of the World Cup preparations South Africa has invested a lot of

money into infrastructure development that gave the world an

impression that a lot of jobs have been created. Job creation would

mean more disposable income to be spent which would stabilize the

economy somewhat, and giving the investor the opportunity to invest.

With the same token, infrastructure development would allow for

mergers between foreign investors with domestic entrepreneurs that

would necessitate skills transfer.

From FDI perspective, when the Rand appreciates then the money that the

foreign investor had invested depreciates, which is good for the county. While

from the countries perspective the exporting companies will not be able to make

enough profits. In conclusion the volatility of the R:$ exchange in 2009 had

affected FDI. However FDI had declined across the world due to the global

recession, therefore one cannot make an assumption that even if the Rand had

stability, which is unlikely in a global recession, then perhaps FDI wouldnt have

suffered.



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QUESTION 4

Introduction

2009 was a financially difficult year globally, with most countries having suffered

a recession that saw economies crumbling down under pressure. This is the

background in which the then Finance Minister, Mr. Trevor Manual had set the

2009/10 Budget.

Below is the summary of the 2009/10 Budget that will be a point of discussion for

this question. The point of discussion is the Fiscal Policy relating it to the budgetand to also provide reasons why the National Treasury did not reach its Revenue

budget.

2009/10 Budget Summary

The Minister of Finance, Mr. Trevor Manuel, announced a Budget that provided

tax relief of R13.6 billion in personal income tax relief to individuals but which

provided for an increase in indirect tax collections of R10 billion.

Government expenditure is to be allocated as follows:

Education R140.4 bnGeneral public services R51.3 bnPublic order and safety R75.5 bnEconomic affairs R179.6 bnRecreation and culture R7.7 bnSocial protection R118.1 bn

Housing and community amenities R73.2 bnHealth R86.9 bnDefence R34.7 bnEnvironmental protection R5.6 bnState debt cost R55.3 bn

The National Treasury, in its October medium-term budget statement, expected

tax revenue to be below the target given in February 2009 by R82,4 billion in the



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2009/10 fiscal year due to South Africa's first recession since 1994.

4.1 Fiscal Policy

The five key focus areas for Government spending are:

4.1.1 Creating jobs

4.1.2 Enhancing the quality of education

4.1.3 Improving health outcomes

4.1.4 Rural development

4.1.5 Fighting crime and corruption

4.1.1 Creating jobs

Just coming out of recession in the last quarter of 2009 and needing to

stimulate the countrys economy, job creation is the number one priority

in getting the economy moving. With 63% of the working population

earning just below R2000, it is imperative for the government to create

sustainable jobs in order to collect tax that is needed to fund the

governments spending. The 900 000 job losses in 2008/09 due to the

global recession might have played a huge role in the Treasury notreaching its Revenue Budget. However the Expanded Public Works

Program is estimated to create 500 000.

4.1.2 Enhancing the quality of education

The quality of education in the country has been declining over the past

couple of year. This is evident in the low Matric pass rate and the low

number of students qualifying for university entrance. The government

divided the Department of Education into two departments, adding the

Department of Higher Education onto the existing one. Better quality

education would mean better skilled people in the future, resulting in

them taking an active part in the development of the economy of the

country.



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4.1.3 Improving health outcomes

R86.9 million was budgeted for health in the year 2009. In preparation

for the anticipated influx of visitors who will be coming into the country for

the 2010 FIFA World Cup, the state of the countrys health facilities

needed to be improved. Aside from the FWC preparations, the HIV/AIDS

pandemic that has affected 1 in 10 South Africans required for the

government to improve the state of its health department. A certain

portion of that allocated budget would go toward Anti-Retroviral

Treatment which would improve the quality of life of those infected with

the HI-Virus and reduce the mortality rate. A key factor in improving the

economy of the economy of the country healthy people who are

employable.

4.1.4 Rural development

R250 million for rural development responsibilities was also allocated to

the 2009/10 budget. Prior to a change of government in April 2009 the

previous government did not have a Rural Development Department.The formation of this new department may have added to the a R70

billion deficit in the overall budget.



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4.1.5 Fighting crime and corruption

Again with the South Africa hosting one of the worlds biggest sporting

events, the FIFA World Cup, fighting crime and corruption is a priority

that cannot be left unattended to. In addition to the FWC, to attract FDI

into the country safety and security of civilians would be important to

those investors wanting to invest in the country in relation to their asset

as well as the skilled labor/personnel that they would be coming with.

Therefore, a lot more money than budget for had gone into this priority.

4.1 Revenue Budget

Having established the budget for 2009/10, its estimates and its actual, it

is only probable to make a calculated speculation as to why the National

Treasury did not reach its target. There was R562 million additional

expenditure associated with the new national government structure and

functions. A total of R16.4 billion in unforeseeable and unavoidable

adjustments had been recommended by the Treasury Committee in

2009, of which R12 billion went into paying for higher-than-budgeted

salary adjustments. A further R900 million went into health to fight thespread of HIV/AIDS. These are but just a few of the additional

expenditure that the National Treasury had to accommodate. Juncture

post that with the fact that Revenue Tax Collection was R21 billion less

than anticipated when 2009/10 budget was drawn. The VAT receipt

were also R31 billion lower. This had been caused by the recession that

saw many South Africans losing their jobs and the consumption declined.

In conclusion, the above reasons may give an explanation as to why the

National Treasury was R82,4 billion in deficit and was unable to reach its

2009/10 budget.



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http://www.everbank.com/002CurrencySouthAfrica.aspx

http://PGordhan/MediumTerm/Budget/Policy/Statement/2009.webarchive

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mpetition.png

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McTaggart, D., Findlay, C. and Parkin, M. (2003), Microeconomics, 4th Edition, Addison

Wesley, Melbourne.

Mohr. P., Fourie. L and Associates. (2004), Economics for South African students, 3

rd

Edition, Van Shaik Publishers, Pretoria.

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Final Draft Report FDI, African Labour Research Network, Labour Resource and

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Sloman, J. and Norris, K. (1999), Microeconomics, Addison-Wesley, Sydney.

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http://www.everbank.com/002CurrencySouthAfrica.aspxhttp://www.everbank.com/002CurrencySouthAfrica.aspxhttp://upload.wikimedia.org/wikipedia/commons/d/d7/Economics_Perfect_competition.pnghttp://upload.wikimedia.org/wikipedia/commons/d/d7/Economics_Perfect_competition.pnghttp://upload.wikimedia.org/wikipedia/commons/d/d7/Economics_Perfect_competition.pnghttp://upload.wikimedia.org/wikipedia/commons/d/d7/Economics_Perfect_competition.pnghttp://upload.wikimedia.org/wikipedia/commons/d/d7/Economics_Perfect_competition.pnghttp://www.everbank.com/002CurrencySouthAfrica.aspx

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