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1 Second Year Courses

2 Index Accounting and Control Economics Managerial Economics Information Systems Bussiness Ethics Organizational Behavior and Human Resources Management Financial Management General Management Marketing Production, Technology and Operations Business Spanish Entrepreneurship Managing People in Organizations

3 ACCOUNTING AND CONTROL Achieving Profit Goals and Strategies The course introduces the various management systems that managers have to guide the formation and implementation of business strategy. The first part of the course looks at the problems that emerge in entrepreneurial firms as they grow and need to formalize part of their management tasks. The second part focuses on a global framework for the design of management systems. It includes tools to implement the current strategy as well as tools to develop and experiment with new approaches to the business. The third part of the course explores the structuring of economic incentives and how to protect the organization against operational risk that comes from the pressure required to perform. Corporate Financial Reporting: An International Perspective This course strengthens and extends students understanding of corporate financial statements. Technical issues, e.g. acquisition accounting, foreign currency transactions, deferred taxation and post-employment benefits are introduced, and international differences in these and other accounting areas are described and illustrated. Techniques of financial statement analysis are reviewed, with special emphasis on the effect of different accounting methods on intercompany (time-based) comparisons, and new financial performance measures are explored. Students apply the knowledge they have gained: they analyze an international company s financial statements in a course-long project. Fundamental Analysis The course content will parallel the process of equity analysis itself (understanding the business, understanding its accounting and guessing how the future will look like). Guest speakers will illustrate the valuation framework used by professional analysts. The course will cover the following topics: Investment strategies Understanding the past of a business Forecasting its future Valuation models and technical screens How the pros do it Management Control Concentrates on control systems as they relate to organizational strategy and structure. Emphasizes responsibility centers and appropriate evaluation methods for each one; formal budgeting processes, design of control systems, and the impact of control systems on individuals and organizations. 3 SECOND YEAR COURSES

4 Students taking this course will learn to assess the relationship between an organization s strategy and its management control system. Determine the most appropriate structure of responsibility centers for an organization, given its strategy and organization design. Identify key success factors for a company s business, and to translate these into objectives and goals that can be measured and reported to managers. Evaluate the management control process, i.e. the way that managers work together to achieve corporate objectives. Disaggregate the management control process into its four key elements: programming, budgeting, measurement and operations, and reporting and evaluation. Critique each of the four key elements, and to redesign them, when necessary, so that they are more effective and efficient in helping an organization achieve its strategy. International Financial Statement Analysis The course goes beyond the traditional techniques of financial statement analysis which were covered in first-year courses. New performance measures such as economic profit (EVA ) and non-financial indicators are described and illustrated. Ways of analysing liquidity and credit risk using accounting numbers are explained. Common techniques of earnings management are exposed. In addition, there are sessions devoted to earnings forecasting and earnings-based methods of valuation. As befits the title of the course, the focus is on international companies. Differences in accounting practice can make it difficult for an investor to compare the profitability and risk of firms in different countries. The course shows how investors deal with such differences when analysing financial statements. ECONOMICS Applied International Economics Using a blend of theory and cases, the course provides the basic skills required to understand the workings of the international economy. The first half focuses on the real economy (free trade, protectionism, industrial policy, competitiveness, etc.). The second half concentrates on monetary problems in the international economy (how exchange rates are determined, exchange rate systems, European Monetary Union, etc.). Emerging Economies This course provides the tools for the analysis of the economic, financial and political structure of emerging economies, in order to assess their economic situation and country risks. The course is designed to appeal to students who, whether in consulting or banking, are likely to be asked to evaluate the economic situation of emerging economies and their investment opportunities. 4 SECOND YEAR COURSES

5 Ideologies The course aims to help students grasp the fundamentals of current ideologies and their practical consequences in political, social and economic life. It deals with the main ideas in current thinking from their beginnings to the present day and their most significant elements, relations, and contradictions; liberalism and socialism; nationalism and internationalism; Christian social thought and laity; secularity and Islam; feminism, ecology, etc. Markets, Competition and Government The course focuses on industries where firms try to gain market dominance by developing successful systems of complementary products and services, introducing and controlling industry standards, exploiting network effects and attempting to control the access to the networks or the bottlenecks. The course highlights key strategic decisions such as technological compatibility, standard adoption, raising the costs of switching systems, developing an installed base of clients, defining conditions of network access and vertical structure Managerial Economics MANAGERIAL ECONOMICS Managerial Decision Models This course extends the lessons and ideas developed in Decision Analysis with the idea of developing the skills and perspective necessary to use quantitative techniques creatively to gain insight into the resolution of practical business problems. Emphasis is not on the mastery of sophisticated mathematical techniques, but rather on exploring the most widely applicable methodologies of decision and risk analysis, probability and statistics, optimization, competitive analysis, and management science in a way that integrates personal judgment and intuition in realistic business situations. Toma de decisiones y gobierno de organizaciones Conferencias-Coloquios Consecuencias de las decisiones dentro de una organización Criterios para la toma de decisiones y su ponderación El aprendizaje personal y organizativo a través de las decisiones Parámetros que determinan la calidad de una organización Resumen y conclusiones del curso Casos: Chris Cunningham Porter Manufacturing Company Southwest Airlines People Express Men s Wearhouse GM-Powertrain PC&D Mercadona 5 SECOND YEAR COURSES

6 INFORMATION SYSTEMS Using Technology to Create Strategic Options The course will focus on the following issues. How does new digital technology effect: how organizations define strategy (in terms of the nature of the planning process) how organizations think about the source of competitive advantage. New industry structures (in particular, electronic markets). New organizational arrangements (networked organizations and BPO (business process outsourcing)). Understanding changes in technology as a source of disruption to DCFs and other future earnings streams, how to manage in technologically intensive environments. BUSINESS ETHICS Christian Anthropology This course deals with the anthropological and theological foundations of modern society, its individuals and its institutions. The purpose is to provide the students with access to understanding the meaning of the structures which shape their vision of life. The objective is that each person may form his or her own vision through a discussion of these elements: marriage, work, family, human rights, revelation, faith, truth, Church, ecumenism, freedom, etc. The aim is for the students to confront each element, come to their own understanding of the meaning of each, and integrate each into a coherent and satisfying vision for their lives. Humanismo Cristiano y Culturas Empresariales Están en lo cierto quienes afirman que el ámbito de los negocios y la empresa es un mundo inhumano dónde, en ara de los beneficios, se sacrifican las personas y se deshumanizan las culturas? Algunas veces, puede ser que sí. En todo caso, pocos dirían que sea eso lo correcto, ni que sea sostenible. Una empresa eficiente no tiene por qué estar reñida con la existencia de una cultura empresarial con calidad humana, más bien todo lo contrario. Hoy es generalmente aceptado que la cultura empresarial tiene una gran relevancia en el desarrollo y comportamiento de las personas dentro de la organización, al tiempo que influye notablemente en la toma de decisiones, en el modo de afrontar los cambios y en la implantación de estrategias. Pero hay muchos tipos de culturas empresariales, y no todas promueven igualmente el desarrollo humano. El humanismo cristiano, acrisolado a lo largo de 2000 años, concede gran importancia a la dignidad de las personas y a todo aquello que contribuye a crear entornos humanos, favorables a un desarrollo humano integral. De este modo, aporta elementos significativos con valor intrínseco y para la formación de culturas de empresa de calidad. En este contexto se sitúa el presente curso. En él se presentan las líneas básicas del humanismo cristiano y, desde él, se analizan culturas reales de empresas y se discute la posibilidad de tomar el humanismo cristiano como una referencia básica para promover culturas de empresa. 6 SECOND YEAR COURSES

7 Ideas Sociales y Políticas para la Empresa El curso pretende reflexionar sobre algunas de las cuestiones de debate en la actualidad, analizándolas desde las ideas sociales y políticas que están en el trasfondo de estas discusiones. El curso puede justificarse en la necesidad que tiene un directivo de empresas de conocer el entorno social y político en el que se desarrolla la actividad empresarial. Las ideas sociales y políticas imperantes en el entorno influyen en la empresa, y, a su vez, las empresas tienen capacidad de influir en la configuración de la sociedad. Para ello se estudiarán las principales corrientes sociopolíticas y se analizará su impacto en el mundo actual. A partir de ellas discutiremos sobre algunas cuestiones como las siguientes: Cómo afectan las nuevas tecnologías a la privacidad? Cómo respetar la diversidad en un mundo que parece cada vez más homogéneo? Hay lugar para los nacionalismos? Cuál es la responsabilidad de los países desarrollados respecto a los países en vías de desarrollo? Cómo tratar con justicia los nuevos fenómenos de inmigración? Las nuevas tecnologías, nos llevan a trabajar más o menos? Cómo se puede hacer compatible el trabajo y la familia? Debemos preocuparnos con los desarrollos de la biotecnología? Qué ocurre con la biogenética? Por qué la globalización despierta tantas protestas? ORGANIZATIONAL BEHAVIOR AND HUMAN RESOURCES MANAGEMENT Careers in Organizations This course has two distinctive thrusts. The first one deals with Objectives Careers and Human Resources and understanding how career streams and systems operate within a firm given the need for coherence between them and the strategy of the organization. This part of the course gives a comprehensive coverage of human flow streams and systems. The fact that career systems have been fundamentally restructured in recent times is an issue which impacts on career systems that MBA students choose. In the second area, Subjective Careers, the course adopts a perspective of that of the manager and the decisions he/she takes about the progress and development of her career. It emphasizes the various stages of personal career development, job search strategies, decisions about the first job, the first steps in developing a style etc. This course will provide students with a better understanding of the job market and an ability to identify career streams where they will be most successful. 7 SECOND YEAR COURSES

8 Communication and Interpersonal Relations Explores the psychological process of communication and the dynamics of interpersonal and group relations within organizations. More specifically, the course examines interpersonal communication, relations and conflicts, relations with superiors, group dynamics and group decision making, and the manager as a counselor. Executive Personality The main purpose of this course is to give valid reference points for approaching the issue that will most affect the executive s work: his or her own personality. What is personality? What factors influence the executive s (apparently) reasoned decisions? How may personal problems be projected in work? What inner resources can an executive draw on to help cope in times of stress? The first objective of the course is to help students develop self-knowledge. Other objectives include how to change negative aspects of our behavior, how to deal with interviews and company recruitment tests, and how to improve, through increased knowledge, our relationships with the people around us. The course covers subjects such as: emotional intelligence, personality, personality disorders, corrective and compensatory mechanisms, stress management, stress prevention, recruitment tests, etc. Global roll-out Workshop (GROW) This course is an innovative multi-disciplinary approach to simulating a virtual global organization. The virtual organization challenges every accepted assumption of organizational life, starting from hierarchical assumptions through to the meaning of future work. GROW links IESE students with students from other business schools to form multinational teams in different parts of the globe. Together they are challenged with developing a global marketing strategy for a real company, whilst receiving input from the company s management. Innovation Management The purpose of this course is to learn how a company can improve its ability to innovate at different levels of its organization: individual, group and corporate. The course also shows how the company must motivate and develop different competencies in people and groups depending on the type of innovation that it is wished to achieve: process or product innovation, incremental or radical, local or global, etc. Finally, using cases from different continents (the USA, Europe and Japan), it is sought to show that innovation has a cultural component that leads companies with different cultures to approach innovation from different viewpoints. Leadership and Organizational Change This course has as its primary objective the evaluation of change strategies in terms of the role of leadership. The course demonstrates the inadequacy of existing leadership models in their ability to prescribe sustainable strategies, and proposes different ways of addressing the leadership issue. While drawing on a firm theoretical base the course is firmly bedded in the practical issues of change and how to bring about effective change in business organizations. Because of its focus on the leadership element SECOND YEAR COURSES

9 of change the course revolves around a central issue of change strategies being ineffective if not driven by individuals. During the course participants will be challenged in an outdoor environment that they have the ability to lead a team. Management of non-profit Institutions The number of non-profit organizations coming into being to palliate deficiencies in State social welfare provision has been growing exponentially throughout the world in the last two decades (more than one million in the US alone). Sometimes identified with the acronym NGO (Non-Governmental Organization) and at other times known as non-profit organizations, we find an enormous variety of organizations with highly diverse objectives, financing, power structure configurations, personnel make up and strategies. The purpose of this course is to introduce students to the different aspects of the governance of organizations in the third sector, which mostly take on the legal form of foundations or charities. Managing Business and Public Administration A large part of a country s economic activity takes place through public administrative bodies, not only because they generate productivity in their own right, but also because they are customers, sometimes suppliers and often regulators of activities, goods and services in the private sector. To ignore the existence of this sector is to ignore many business opportunities. However, the special characteristics of public administrative bodies require in-depth knowledge, for three reasons. Firstly, this knowledge allows business managers to focus their activities more realistically. Secondly, it enhances their ability to solve any problems which may arise in their relationships with the public administration. Finally, it helps them avoid the kinds of errors which may cause ethical conflicts to arise. The relationship between public administration and the private business world is an area which has been insufficiently studied, even though it has greatly influenced the development of many companies for extended periods of time. Team Work: How to Improve its Performance This course analyses the key success factors of improvement teams and work teams. Some of the topics covered related to the improvement teams are: leadership from management, start-up process, training, methodology for the improvement of operative processes, monitoring and recognition. The topics covered around work teams are the organizational framework, the team design, the interpersonal processes and implementation steps. SECOND YEAR COURSES

10 FINANCIAL MANAGEMENT Advanced Applied Finance This course consists of two large blocks, Advanced Issues on Risk and Return and Finance in Emerging Markets. In the first block some topics covered are: implications of the investment horizon on investment decisions, impact of globalization of markets on investors ability to diversify risk, benchmarking as a tool of measuring performance of mutual funds. The second block presents an analysis of the performance of investments in the emerging markets and the relevant measurement tools utilized. Finance II is a prerequisite. Applied Corporate Finance In this course the knowledge and skills acquired in Finance I and II will be practiced and further developed. Team work, the preparation of reports and memos and giving crisp presentations are day to day activities of finance professionals working for firms, banks or consulting firms. Applied Corporate Finance provides the opportunity to develop the relevant skills for these activities through working with real world case-studies. An Introduction to Entrepreneurial Finance This course is designed to introduce students to the issues and practices of financing entrepreneurial businesses (start-ups, emerging growth companies, management buy-outs and buy-ins, etc.). The course covers matters regarding raising finance, pricing and structuring financing, and exiting, from the point of view of both the entrepreneur and the investor. The course has three principal objectives: to give one a feeling for the financing/dealmaking process, to provide an understanding of different methods used in valuing privately-held companies; and to sensitize students to various issues (including non-financial ones) that must be addressed by entrepreneurs and investors alike when funding a new venture and when exiting it. From the course students should gain an understanding of how deals are done, pricing and structuring financing, exit considerations, and a sense of the issues and pitfalls that must be considered in these situations. Derecho Mercantil Estructura del nacimiento y desarrollo de un negocio (sociedades anónimas y sociedades de responsabilidad limitada). Tratamiento jurídico de las acciones como parte alícuota del capital social Socios minoritarios frente a socios mayoritarios Responsabilidades jurídicas de la actuación del directivo, apoderado, administrador, consejero La empresa en crisis. El Concurso. Instrumentos legales para reflotar empresas La suspensión de pagos como derecho del empresario La finalización del negocio: disolución y liquidación. La quiebra Títulos y medios de pago: cheque, letra, pagaré Instrumentos jurídicos de prevención y corrección de la morosidad Bancos, cajas, agencias de valores Libre circulación de capitales Régimen jurídico de la contratación on-line Internet y seguridad jurídica 10 SECOND YEAR COURSES

11 El sistema financiero y su encuentro con la empresa Carácter internacional. Es un curso bilingüe, ya que las notas técnicas más importantes, para facilitar su comprensión están escritas en inglés. No es necesario que el alumno tenga una experiencia previa en el mundo bancario. No es un curso cuantitativo sino conceptual. Es un curso esencialmente práctico. Se analiza: La aplicación de las Normas de Supervisión Internacional Bancarias conocidas como Basilea II. Las estrategias bancarias internacionales. Los distintos tipos de Instituciones financieras. Su relación con la empresa y los particulares. La interpretación de los balances de las instituciones financieras. Instituciones tratadas Distintas modalidades de entidades bancarias (banca universal, banca de inversión, banca privada, banca electrónica, banca por Internet). Private equity. Instituciones que financian el Circulante (factoring y confirming). Instituciones que combinan la financiación y los servicios: (leasing financiero, operating lease, crédito hipotecario, crédito al consumo). Instituciones de inversión colectiva (mutual funds). Entidades de previsión (compañías de seguros, fondos de pensiones). Brokers monetarios y de mercados de capitales. Además se dan sesiones que ponen especial hincapié en: El marketing bancario. La financiación del comercio internacional. La securitización como instrumento de movilización de las carteras de clientes apto no sólo para las entidades financieras sino para cualquier tipo de empresa. La calidad aplicada a los servicios bancarios. Financial Strategy As the title suggests, the course is built around a central theme, which is frequently defined as the final objective of the financial function: maximizing shareholders value. The course will focus on value, its measurement and management. Topics covered are valuation, mergers and acquisitions, tenders and how to defend against raiders, leveraged and management buy-outs, initial public offerings, financial restructuring, etc. 11 SECOND YEAR COURSES

12 Gestión de empresas y activos inmobiliarios Os. Global Treasury Management Actividad inmobiliaria (promotora) Descripción del sector inmobiliario. Distintos segmentos y su importancia relativa El negocio inmobiliario Participantes del sector: inmobiliarias, inversores, instituciones financieras, etc. Entorno del sector: regulación, empresas de servicios Diseño de promociones, ejecución de obras, comercialización Actividad inversora Estructuras de propiedad Valoración de inmuebles. Análisis económico y financiación de operaciones El activo inmobiliario de empresas no inmobiliarias Titulización hipotecaria La inversión institucional Bank-Firm Relationships Means of Payments Short Term Investment Products Short Term Financing Products Treasury Systems Risk Analysis Credit and Trade Risk Evaluation International Financial Management Here the problems, techniques and policies of financial management in an international environment are examined. Comprehensively covers the principles involved in all the traditional areas of corporate finance, including working capital management, capital budgeting, cost of capital and financial structure, taxation, foreign exchange risk and evaluation, and control of operations. All topics are approached from the perspective of a multinational corporation. Investment Banking Analyzes the services provided by investment banks. Main topics include valuation of companies, financial strategy and growth of businesses, acquisitions, leveraged buy-outs, leveraged re-capitalization, greenmail, foreign investments and joint-ventures, neutralization of risk, development of new financial products, and positioning of new financial instruments. Management of Financial Institutions The course is divided into two parts: bank management and financial institution management. The first half covers topics such as international departments, concession of credits, industrial banking, participation in companies, holdings, and future expectations. The second half deals with official credits, savings and loans, credit unions, factoring, leasing, mortgages, venture capital, and insurance. 12 SECOND YEAR COURSES

13 Mergers, Acquisitions and Restructuring This course aims to achieve three principal objectives. First, to stimulate the development of a critical point of view about M&A. The course aims to build a mindset with which to anticipate and understand such an occurrence. Second to exercise analytical tools and concepts of transaction proposals. Analysis will draw on fields such as accounting, tax, law, game theory, capital market theory, and corporate finance. The course will emphasize the importance of developing a view about a deal efficiently. Third, to develop skills in the design of transaction proposals. The course will survey a wide range of constraints and objectives and engage in the creative process of finding attractive deal structures. The course will include an exercise in deal design. Teams of students will be asked to submit deal book proposals to merge or acquire, along with details about terms and structure of the deal. Each team will be asked to negotiate a deal. Options, Futures, and the Valuation of Financial Instruments Financial analysis techniques and finance theory have gone through an enormous transformation in recent years. The most important breakthrough has been the development of options theory. The principal objective of the course is to demonstrate the great potential that options theory has for the valuation of financial instruments. Taxes and the Corporation Provides a vision of taxation as related to Spanish companies. Among the issues covered are value-added taxes, personal income taxes, leasing, mergers and acquisitions, foreigners in Spain, infractions, pragmatism, and honesty. Valuation and Shareholder Value Creation Definition of shareholder value creation. Value drivers. Differences among increase of equity market value, shareholder value added, and created shareholder value. Valuation and shareholder value creation of Internet-related companies. How to value Amazon? Different flows used in valuation: free cash flow, flows available to shares, and capital cash flow. Different discount rates used: weighted average cost of capital (WACC), required return to shareholders, required return to assets, and WACC before taxes. Basic stages and critical aspects in performing a company valuation. Main errors in valuations. Determination of the risk premium in international markets and in the US. Inconsistency of calculating the market risk premium from historic data. 13 SECOND YEAR COURSES

14 The methods for valuing companies by discounted cash flows streams must provide the same result: Free cash flow discounted at the WACC; Equity cash flows discounted at the required return to equity; Capital cash flows discounted at the WACC before tax; APV (Adjusted Present Value); The business s risk-adjusted free cash flows discounted at the required return to assets; The business s risk-adjusted equity cash flows discounted at the required return to assets; Economic profit discounted at the required return to equity; and EVA discounted at the WACC. Differences between using net income or cash flow as the relevant stream for valuation. The break out of Price Earnings Ratio in Price Earnings Ratio without growth, and franchise value. Key factors that affect value and value creation: growth, profitability, risk and interest rates. Inflation and value. Valuation of businesses and projects using option pricing theory. Problems of using formulae of financial options to value real options. Multiples used in valuation. How do analysts reach their conclusions? ROE (Return on Equity) is not shareholder return. The market risk premium has decreased worldwide in the last decade. Fewer companies are paying dividends and dividend yield has decreased worldwide. Instability of volatilities and betas of companies. Different approaches to estimate a qualitative beta. Usefulness and limitations of the proposed measures of value creation for shareholders: Economic Value Added, economic profit and others. EVA is not a good measure of shareholder value creation. Accounting magnitudes can not measure the shareholder value creation. Speculative bubbles on the stock market. Value Creation due to debt. Value of the tax shield and optimal capital structure?. Valoración de empresas Temas que se tratarán en el curso: Consistencia de la estrategia financiera con la estrategia empresarial Estrategia financiera y crecimiento de la empresa Adquisiciones Leveraged buy-out Apalancamiento Greenmail Inversiones y fusiones en el extranjero Neutralización de riesgos, arbitraje y swaps GENERAL MANAGEMENT Advanced Business Policy The descriptive title of the course is The job of the top manager; business policy as a field of political knowledge. The course is structured to provide practical knowledge of businesses: management structures, institutional structures, profit and loss strategies and professional commitment in the organization. 14 SECOND YEAR COURSES

15 Corporate Strategy This course discusses the strategic issues faced by multi-business companies and groups. The course has three parts. In the first one, the course illustrates how corporate strategy can be used to create sustainable corporate value. The functions and responsibilities of the corporate center are discussed. The course also shows the different types of multi-business and corporate groups that exist in Europe. In the second part, the course reviews the issues of creating an appropriate top structure for the multibusiness company and governance structure for the firm. In the third part, the course analyzes the issues involved in managing a major performance enhancement process in complex multi-businesses companies when the company is faced with a merger or with a major restructuring of its portfolio of businesses. The respective roles of shareholders, board members and managers are discussed. Competitive Dynamics: The Rise and Fall of Competitive Advantage The course adopts both the leader and the follower s perspectives. From the point of view of the leader, we will study techniques to deter strategic threats. From the follower s perspective, we will consider methods to successfully attack established leaders. Competitive Dynamics: The Rise and Fall of Competitive Advantage will examine in detail the logic of the sequences of moves and countermoves and the resulting transformation of the business landscape over time. The course is divided into 6 modules: Introduction A two-day case on the competitive dynamics of the videogame industry will serve as an introduction to the main concepts covered in the course. Price Competition This module studies pricing as a competitive weapon. The concepts covered include: game theory and price competition, competitor analysis, price leaders and followers, industry price dynamics, pricing in the presence of learning economies and bundling. Entry & Exit Studies entry deterrance, first- and second-mover advantages, entry strategy, divestment and exit, preemption and the value of commitment. Rivalry Beyond Price Competition This module covers product proliferation, promotion competition, multimarket competition, tacit collusion and non-market strategies. Competitive Moves and Signals Analyzes competitive moves and countermoves, market signalling, offensive strategy and challenging industry leaders. Technology Competition Explores the unique aspects of creating an effective strategy in technology- intensive businesses. Firms operating in environments with large sunk costs, face a set of challenges that are specific to technology-based industries. 15 SECOND YEAR COURSES

16 Implantación de la estrategia El siguiente esquema puede facilitar la comprensión de las distintas partes del curso y el lugar que ocupa cada una de las sesiones. Estructura de responsabilidades Segmentación Integración y autonomía Cambio de la organización Sistemas de dirección Órganos de gobierno y estilos de dirección Industry Analysis, Strategy and Investment Decisions The first objective of this course is to learn to diagnose the essential factors affecting a changing industry, their impact on companies in the sector and the evaluation of different courses of action. The sectors that are explored include banking, the automobile, soft drinks and mass media industries. The second objective is the study of some strategic decisions taken by companies, such as the entry into a new sector or the launching of a new product. The careful analysis of the many dimensions of these decisions is critical to the future of the firm. Innovation and New Technologies The emergence of new technologies is one of the most powerful competitive forces of our time and has far-reaching implications for the viability of many companies. Technical innovations can make many traditional businesses obsolete and can call for a re-definition of the basic capabilities on which competitive advantage is based. This course explores critical choices (related to strategy formulation and organizational design to foster innovation) in both emerging and established firms in the context of major technological changes. Management of Professional Firms Managing qualified professionals demands management approaches which significantly differ from the traditional ones. This course focuses on the typical problems of professional service firms, such as firms in consulting, engineering, financial institutions, hospitals, professional offices and agencies. Topics cover different themes: Personnel (i.e. how to attract, retain, assess and compensate professionals), Knowledge (i.e. update and renewal), Customer Relations (i.e. how to harmonize the interests of clients and those of the professionals), and Strategy and Organization (i.e. tailormade vs. standard services). Managing the Global Corporation The course aims to provide participants with a conceptual and practical understanding of the problems and challenges in the management of multinational corporations in the 1990s and beyond. It consists of four modules covering: fundamental issues of global strategy and management., the traditional and emerging models of multinational corporations (MNCs),ongoing challenges in managing cross-border operations and emerging topics in global strategy and management. 16 SECOND YEAR COURSES

17 Strategic Alliances: Structures, Processes and their Competitive and Managerial Implications In each session of the course, and in the accompanying cases, students explore the issues related to the strategic intent underlying the alliance, the search for partners, and the design of the governance of the alliance. Similarly, participants also look at issues related to the processes that accompany a search for partners, design of governance structures, the management of the alliance on a day-to-day basis, and over the life cycle of an alliance. Participants analyze sources of conflict and crisis, responses thereto, and reasons for termination or dissolution of an alliance. By the end of the course, students will have a better understanding of the strategic, organizational, managerial, and personal implications of collaborative strategies. MARKETING Brands and Brand Communications Understanding the relationship between consumers and the brands is crucial to diferentiation in a world of parity products and services as well as to communicate effectively with them. This course is devoted to analyse what a brand means to consumers through different cases and lectures, including consulting models that give clues on issues as investment needs and communication disciplines better suited to reach efectively marketing targets. Finally it covers the communication process and discussions on the effectiveness of different approaches. Dirección de ventas El contenido del Programa está muy enfocado y proporciona a los participantes una puesta al día de los conocimientos, prácticas y tendencias más relevantes en los temas tratados.análisis del cambio y de sus repercusiones sobre el diseño de nuestra estrategia de distribución: Entorno global Empresa Mercado Consumidor Individual La importancia de los factores actitudinales en el rendimiento comercial: la inteligencia emocional en la empresa. Los factores actitudinales deben ser la base sobre la cual desarrollar nuevas acciones, encaminadas a mejorar el rendimiento de nuestros colaboradores y a alcanzar una mayor implicación personal en la consecución de objetivos comunes. Las actitudes positivas de cada miembro del equipo constituyen el principal argumento para lograr el éxito. Entre otras temáticas, desarrollaremos el Sistema DISC, herramienta imprescindible para conocer cómo y por qué actuamos de una forma determinada, y a la vez, para mejorar nuestra relación con los demás. 17 SECOND YEAR COURSES

18 El nuevo rol del Director de Ventas: La función de un director de ventas consiste en alcanzar resultados extraordinarios a través de la adecuada gestión de un equipo compuesto por personas corrientes. Esto implica que el director de ventas debe actuar como coacher, gestor y director de su equipo, y esto requiere unas habilidades de gestión muy distintas de las que exige la mera función tradicional de ventas, y que pueden resumirse en siete puntos: Planificación: habilidad para crear y desarrollar planes de acción Organización: capacidad para organizar los recursos disponibles y el trabajo que hay que realizar Medición: habilidad para controlar y valorar los resultados obtenidos Animación: habilidad para comunicar y motivar a su equipo para lograr los objetivos marcados Capacitación: habilidad para seleccionar, formar y dirigir a su propio equipo de ventas Autogestión: capacidad para dirigirse y analizarse a sí mismo con la finalidad de alcanzar un rendimiento óptimo Políticas de gestión de nuestro Equipo de Ventas El responsable de un Equipo Comercial es, al mismo tiempo, el principal Director de Recursos Humanos del mismo. A este respecto, deberá poder intervenir en el diseño y en la ejecución de las siguientes políticas: Política de Selección Política de Definición de Funciones Política de Formación Política de Supervisión Política de Evaluación Política de Comunicación Política de Remuneración Política de Planes de Carrera Política de Motivación Política de Medidas Correctoras y Disciplinarias La Planificación Comercial Una vez definido cómo debe ser y cómo debe actuar nuestro Equipo de Ventas, el siguiente paso es darles las herramientas necesarias para que puedan trabajar. Estas herramientas necesarias se concretan en forma de un Plan de Ventas. El Plan de Ventas debe permitirnos planificar nuestros esfuerzos comerciales de forma individual. Esto nos permitirá crear planes comerciales por cliente, por producto, por zona además de medir los resultados mediante diferentes técnicas. Analizaremos las ventajas que puede ofrecer la utilización de unos softwares comerciales de última generación. 18 SECOND YEAR COURSES

19 Diseño y definición de un Plan de Ventas: Vender está más o menos al alcance de todo el mundo, pero ser verdaderamente eficaz vendiendo requiere de una actitud positiva, habilidades, conocimientos y, por supuesto, de unas metodologías adecuadas. El sistema que proponemos se centra en las seis fases de la venta: Preparación, Introducción, Presentación de la oferta, Argumentación de objeciones, Cierre/No Cierre, y Seguimiento, que significa diseñar y poner en marcha toda una serie de acciones de Marketing Relacional dirigidas a la fidelización de nuestros clientes. La Política de Remuneración Dada la enorme importancia que tiene la Política de Remuneración en el rendimiento y motivación de la Red de Ventas, éste es un punto que merece ser tratado en detalle, analizando los distintos sistemas posibles y valorando cuál puede ser el más eficiente en cada caso. Para ello nos centramos básicamente en dos grandes sistemas de remuneración variable basados en: Elementos Técnicas de proyección de ventas y segmentación Planes individuales por zona, por producto y por Cliente. Asignaciones individuales de cuotas de ventas por Cliente Sistemas de información comercial Gestión de grandes cuentas Técnicas de venta Comisiones de venta Cuotas de venta La importancia del Marketing Relacional en la venta. Fidelización de clientes en los nuevos canales de venta. La mayoría de las empresas centran su atención en la venta inmediata y encuentran dificultades para establecer relaciones duraderas con sus clientes, olvidando que son estas últimas las que diferencian a una empresa de éxito de otra. La fidelización de clientes no se consigue sólo mediante su satisfacción. Clientes satisfechos no siempre son clientes leales. Únicamente podemos aspirar a tener clientes fieles si conseguimos desarrollar una verdadera relación duradera y rentable con ellos. Nuestro objetivo debe ser pasar de un sistema tradicional basado en el proceso de ATRAER y VENDER, a un concepto más amplio y mucho más eficaz, basado en el proceso de ATRAER, VENDER, SATISFACER y FIDELIZAR. Nuevos canales de venta: Reflexiones sobre Internet La fuerza que está adquiriendo el nuevo canal de ventas Internet es innegable. Hoy en día, todas las empresas están preocupadas en decidir si deben o no vender a través de Internet, aunque posiblemente, en un futuro próximo, todas acabarán haciéndolo. Sin embargo, esta decisión de entrar o no en Internet, aunque muy importante, no es suficiente si no va acompañada de la siguiente reflexión: cómo y qué voy a hacer para gestionar la relación entre mis dos redes de venta: la red de ventas tradicional y la red de ventas virtual? 19 SECOND YEAR COURSES

20 Export and Multinational Marketing Management Explores the complex issues of export and multinational marketing activities. With a strong practical approach, the course aims at the strategic aspects (what to do and why) as well as covering aspects of tactical implementation (how and when). The scope of circumstances studied ranges from domestic operations such as taking the first steps toward exporting, to the multifaceted situations confronted by large multinationals. Industrial Marketing Constructs an analytical and conceptual base to develop decision making abilities regarding industrial and business-to-business products. Extensive use is made of INDUSTRAT, a strategic marketing simulation which integrates all the marketing variables (price, R&D, distribution, advertising, etc.). Marketing Strategy The objective of this course is to formulate plans for situations in which a company is forced to re-define its objectives and to analyze the availability of resources needed to effect the change. Topics to be discussed include diversification, integration, specialization, standardization, acquisitions, differentiation and growth, etc. Marketing de experiencias, conceptos innovadores y medios The challenge for us in marketing is to evolve marketing theory in important ways to foster better marketing decision-making in this technology-driven era. Some important manifestations of these changes are: The decline in transaction costs and increasing demand for connectivity allowing for more effective and efficient commercialization of commodities. Products and services In addition the transformation of products and services to knowledge-based products as a form of differentiation Dissolution of the traditional hierarchical structures that have ruled relationships among the participants in the value chain (suppliers, clients, intermediators, and complementing constituencies). These traditional hierarchies are being replaced by more efficient and decentralized organization systems. Decrease in the cost of capturing information on individual customer s preferences, behavior, and valuation of offerings. This raises questions about traditional marketing concepts and tools, such as segmentation and differentiation. Consumers shifting from being target markets to being more proactively involved in the marketing process, selecting the kind, timing and length of the information they receive from suppliers of goods and services, and that will also want to be remunerated in one way or another for the information that they supply to the marketing community on their preferences, interest and behavior. This has been popularized as Permission Marketing. Disintermediation and reintermediation: the role of traditional intermediators has been disrupted by the emergence of new distribution roles and formulas. Change in pricing power as technology enables customers to improve their chances to dictate prices to suppliers, both in relationships between companies and in business to consumer transactions. Rather than taking a quote as a given, under some circumstances, prices become negotiable, dynamic and customized. The concept of scale economy becomes vulnerable to mass customization. 20 SECOND YEAR COURSES