5.0 Marketing (week 4)5.
1 Case Background? OnlineThe two brothers Mr. Uan and Mr. Pok have had a heated debate over whether to develop new insurance products. CEO Mr. Uan believed that STI should learn from its competitors to expand its sales market and develop new insurance, that is, to provide pet insurance for pet owners; at the same time, he also thought that STI should take risks in developing other new insurance, such as building insurance, car insurance, etc.
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, while COO Mr. Pok held that STI should focus on life insurance and medical insurance to maintain customer loyalty because STI has been doing these products for 30 years.? Face to faceDr. Pok believed that STI’s website was outdated, and there were many problems in product online marketing, such as STI’s lack of online inquiry, price display, English version, and even vague descriptions of their insurance packages.
In addition, there were no STI insurance products pages on Facebook or Google, instead, they were all competitors’ pages. Moreover, there were no other apps or social media to sell STI insurance products. Therefore, at present, the marketing mode of STI is urgently needed to be improved and strengthened.5.
2 Problem identification? OnlineThe two brothers Mr. Uan and Mr. Pok have had a heated debate over whether to develop new insurance products. Mr. Uan was advocating the development and expansion of new products, while Mr.
Pok held that STI should focus on life insurance and medical insurance to maintain customer loyalty because STI has been doing these products for 30 years.? Face to face1. STI was failure to keep its website updated, such as, no product details, no price display, no company information and no English version about website etc.2.
STI lacked digital presence and digital marketing, such as, no social media advertising (Facebook, Twitter, Google, etc.) and no Mobile Apps. 3. There were some problems in organizational structure, such as, no marketing manager to guide team for decision-making, no focus on Thailand 4.0 etc. 5.
3 Recommendations? Online? Face to face6.0 Accounting (week 5)6.1 Case Background? OnlineLong-term housing banker informed CEO Uan that he needed to see STI’s accountant because he found some irregularities in STI, but the company’s accountant left three months ago and there was no new accountant yet. The head of HR, Ms. Goy, recommended her husband Tom as a new accountant, because she said Tom had a background in accounting. Tom said he would be happy to take up the position and would like to serve as a company accountant for a long time.
However, because Tom had no accounting experience, although he has learned accounting knowledge, it is difficult for him to take over the actual work immediately.? Face to faceHouse banker asked CEO Mr. Uan to submit the company’s balance sheet, income statement and cash flow statement to view the operation of STI. The banker wanted to meet the CEO and discussed the company’s financial situation with him, but Mr. Uan had no accounting knowledge and he did not know how to answer the banker’s questions at all.
Hence, he hoped that the new accountant Tom (Mrs. Goy’s husband) would teach him some accounting knowledge to deal with the banker’s problems. At the same time, Tom had no accounting experience. His balance sheet and profit statement were incorrect.
The imbalance sheet was also a big issue in STI.6.2 Problem identification? Online1. STI’s former accountant resigned three months ago, and there was no new accountant at present.2. Ms. Goy recommended her husband Tom as a new accountant, but Tom did not have practical work experience though he own accounting background.? Face to face 1.
The house banker asked to meet the CEO and discussed the company’s financial situation with him, but Mr. Uan had no accounting knowledge and he did not know how to answer the banker’s questions.2. Tom, the new accountant, had no accounting experience.
3. The imbalance sheet was also a big issue in STI.6.
3 RecommendationsOnline1. Adjust the organizational structure of STI, strengthen the management of human resources department, pay attention to employee recruitment and training. Once employees leave, HR department should be able to find qualified replacement staff immediately.2. Ms. Goy, HR Director, should pay more attention to staff turnover, recruitment and training. She needed to keep abreast of STI’s human resources.? Face to faceThere were two ways of solutions, the one was short-term solution and the other was long-term solution.
As for short-term solution:1. Prepare the correct financial statements, such as balance sheet, income statement, cash flow statement, etc. because the correct financial statements could help top leaders understand the current financial situation of STI and know how many assets and liabilities STI has, so that they could make wiser decisions. 2.
Ask Tom to help CEO Uan quickly understand the most basic financial knowledge and prepare for meetings with the house banker. If possible, postpone the meeting.3. STI needed to immediately find a professional accountant from accounting firm to train Tom so that Tom could better understand the actual financial management.As for long-term solution:1. It was necessary for STI to hire senior financial experts to build an excellent professional financial team to handle STI’s current and future budget, procurement, investment, financing, capital operation and other financial affairs.2.
The recruited accountants should be meritocracy rather than cronyism in order to avoid encountering family conflicts which would result in corruption and other issues.3. Set up a supervision department to supervise financial issues and prevent conflicts of interest.7.0 Finance (week 6)7.1 Case Background? Online: Introduce to Financial MarketsSTI financial manager Ms. Money Penny said COO Dr.
Pok asked her to invest a lot of money in Bitcoin because he believed that Bitcoin had benefited a lot in recent years.But for her, investment cannot be blind, it needed to consider potential risks and the development of financial market. She hoped that consultants could help her persuade COO to carefully consider investment decisions and do not blindly invest in order to make money.? Face to face: Financing and InvestingAs a financial manager, Mrs. Money Penny has never played her role since the death of her former CEO. The new CEO was not aware of STI’s current financial situation, Mr. Uan and Dr. Pok did not attach importance to the financial department, nor did they ever require companies to prepare financial statements and predict business activities, which led to Mrs.
Money Penny’s intention of finding a new job.7.2 Problem identification? Online1. COO Dr.
Pok desired to invest blindly in bitcoin without prediction and planning.2. The upper managers did not trust the financial manager Mrs.
Money Penny and did not accept her opinion about investment decisions.? Face to face1. The top leaders never check the company’s financial statements, nor do they attach importance to the opinions of the financial department.
2. Mrs. Money Penny, the financial manager, has never played her role since the death of her former CEO and she decided to hunt for a new job.3. STI has no real investment plan in place.7.3 Recommendations? Online1. In term of bitcoin investment, we should consider the current situation of the company regarding its accounting & finance department which is not well set up, no report or serious financial plan has been developed yet.
The recommendation is to focus first on having a performing department with the right people in the right positions. Once change implementations are executed and the financial situation of STI is under control, further discussions about specific investments can be faced.? Face to face1. Top managers should pay more attention to financial manager and set up a proper accounting team to support the financial manager.
The importance of financial manager to the company is urgently known by CEO, COO and HR. It is important to have recordkeeping before moving further on with complex analysis.2. STI needs to create a Financial Planning and Analysis (FP&A) team for budgeting, forecasting, and analysis, which will be used to support the most important corporate decisions. According to Principles of Best Practice FP&A (Lawrence Serven, 2017), it is significant that effective FP& A will have a positive impact on the company and it also shows the benefits of good practices.
3. To hire a professional finance firm to be STI consultant in the case if top managers insist on distrust Mrs. Penny or She left STI.
4. In terms of Mrs. Penny, she could make all financial statements and information transparency so that other department and employees could be able to understand some financial information and make appropriate budgets and decisions based on these data. 5. STI could adopt new financial technologies, such as using artificial intelligence to help finance department conduct financial analysis and forecasting, and assess risks in order to make more informed financial decisions.8.
0 Operations Management (week 7)8.1 Case Background? OnlineDr. Pok desired to make STI’s insurance the “Mercedes Benz” in Thailand’s insurance industry, with the highest quality, so he planned to improve the operation management of STI, and then a good operation management system could help him achieve his goal.? Face to faceOne developer wanted to buy STI’s headquarter building and land in downtown Bangkok. Mr. Uan, Mr. Pok and Ms.
Goy agreed to sell it. Then they planned to move STI’s headquarter to the suburbs of Bangkok. Because STI is short of money and the land price in downtown Bangkok is now high, it is a good opportunity for them to sell a high price to alleviate the financing problem of STI. The problem is that the developer let them move out within three weeks, otherwise he will not buy their land. It’s really hard for STI to move out with such a short time. 8.
2 Problem identification? OnlineDr Pok hoped to make STI’s insurance the first in Thailand’s insurance industry, but he did not know where to start and how to do.? Face to faceAll members in STI needed to move away from their original headquarter in downtown Bangkok within three weeks. The time was rather urgent and limited.8.3 Recommendations9.0 Entrepreneurship (week 8)9.1 Case Background? OnlineSince they planned to sell STI’s headquarters, CEO Mr.
Uan has been thinking about how his father started STI from scratch. He felt that he might not be suitable for the position of CEO because he was more interested in engineering and may be able to start his own engineering company. He hesitated whether he needed to hire a professional manager to help him manage STI.
? Face to faceEach enterprise will experience several stages of development, growth, maturity and decline. At present, STI is at a stage of chaos and recession. Mr. Uan is facing a difficult choice.
He likes to know whether he should try to find ways to keep STI going or whether he should sell STI to start a new business. He needs to make a detailed business plan to help him make this crucial decision.9.2 Problem identification? Online1. CEO Uan wanted to know how to start a new business from scratch.2. Mr. Uan felt that he might not be suitable for the position of CEO.
He hesitated whether he needed to hire a professional manager to help him manage STI.? Face to faceSTI was at a stage of chaos and recession. What is the difficulty for CEO is whether to continue to find ways to develop STI or sell STI and start a new business.9.3 Recommendations1. 2.3.4.