 Welcome back to Corporate Governance. We have been looking around at a lot of case studies and now we are going back to some theory sessions. Today, we are going to be talking about intense competition and aggressive business strategy. Ladies and gentlemen, nowadays in the age of the 21st century, we see that we are no more living in a globalized world. We are living in a palmized world. Complete businesses can be done through the mobile phone, internet connectivity, telephonic connections, and also video conferencing and so many other softwares have made business so simple and also very convenient. Not only can transactions be done through the internet or through the mobile phone, actually complete businesses can be run, can be monitored, can be regulated through the mobile phone. And again, one can always visually verify what is right or wrong and how things are going on in a particular business. We also see that ladies and gentlemen, that in the 21st century, due to these new dynamics in business, there is intense competition. And this intense competition basically means that there is a great need to optimize the effectiveness and efficiency of any organization and all of its products and services. We see that due to this intense competition, people are usually working on very small margins and sometimes are even working on the midway whereby they are selling the product or service just at cost. And all of this is a new paradigm of competition. We can see that in the UK and the US, it is understood that the threat of takeover of company is a critical factor in managerial behavior. So again, in all of this intense competition, we see that in various countries there is also post-style takeovers which are taking place. And that again is a trend in managerial behavior. In the countries like Germany, France and Japan, it is understood that the financial institutions in the banks act as monitors for the corporate governance. While in other countries of the Western world, the financial institutions act as financial monitors and competition among the corporations can be at the most efficient mechanism for ensuring corporate governance. So again, just like I was mentioning that what is being adjudged and what is being monitored is the effectiveness and efficiency of any corporation and because the dynamics has changed, the competition has become extremely intense. A stiff competition in the product market ensures that the management does not avoid its responsibilities even if its internal monitoring is weak. Competition ensures that the management lethargy is less and less. So this competition has been very productive also. We see that through this competition, the laid back approach sometimes in business has to be shed away and one has to be proactive and engaging and always trying to optimize and make sure that the business is done in the most efficient way. And that stiff competition has led to all of these different factors emerging within the different corporations. It can definitely be claimed that competition provides a benchmark for measuring the performance of a company from inside. So again, we see that in a competition, we are looking at our own internal systems but we are also looking at our competition and minutely and meticulously monitoring that and seeing how the performance is emerging from within the organization. Competition induces the managers to put greater efforts for the purpose of cost reduction so as to avoid any possibility of being bankrupt. So again, the best way of doing business is to ensure that your costs are the best. You have worked out different cost strategies and also different procurement strategies. Whereby what we see is that the cost of production or the total overall cost is minimized and that would ensure that the company stays afloat even in times of transgression and of aggression. We also see that when we have an intense competition, then aggressive business strategies are very important. The range of aggressiveness strategy is classified into four categories such as prospector, defender, analyzer and reactor. A prospector enters new areas of business without much thought. So again, we see that because of this time competition, because of opportunities having small windows of engagement, therefore if we have a prospector, we see that that person immediately enters into market and doesn't do too much of thinking or analysis or tries to see what are the pros and cons. The intention of such companies is to become market leader or improve the market share. So that's why they just jump in and ensure that they emerge as the market leader. This process often leads to some setbacks leading to coprofilia. Well, can be risky and sometimes it can also lead to the closure of a particular company. A defender strategy entails finding and maintaining a secure and relatively stable market. The analyzer is in between the defender and the prospector. So again, these different aggressive business strategies are applied from situation to situation and circumstance to circumstance and based upon the own internal vision of a particular organization, the organization would be adopting a particular process and procedure. We also see they take less risk and make fewer mistakes than a prospector, but are less committed to stability than the defenders. A reactor has no proactive strategy, often reacting to events as they occur. They respond only when they are forced by micro environmental pressure. So again, we see that the reactor model would be in reaction. It would be more of managing crises of firefighting rather than proactive engagement and the dependency is on the macro environmental pressure. So, ladies and gentlemen, what we see is that right now, where we moving in 2022, we see that the competition has become very intense and very competitive, while to ensure that competitive organization have to have aggressive business strategies. So, this is the new paradigm now. In all of this, what we see is that there can be possibility of shortcuts and there can be possibility of mistakes and that is why corporate governance comes in and clicks in to ensure that during these aggressive business strategies and in trans competition, the postulates and the stipulations and the rules and regulations as given in the corporate governance framework on a national or global level is being met by all of the organizations. Thank you so much.