PIXLWIZZ

Strategic Case Study

November 2021

Mock Exam 02

Answer

SCS Nov. 2021 - Mock Exam 02 Answers - Akila Gunarathna 1

Section 01

Dear Sir,

Find below the attachment regarding the concerns you have highlighted.

Stakeholder Management

Following are a few key stakeholders we should be keen on in this situation & ways of
dealing with them in this critical situation

1. Gamers in Westland including the affected parties

Gamers are the mainly adversely affected party due to this situation. There are negative
comments circulating among the gamers regarding Pixlwizz games. As an example,
gamers might uninstall Pixlwizz games from their devices, disconnect devices from pixlizz
network & will not install Pixlwizz games in the future. Hence, If we do nothing, the
situation will get worsen. Hence first, we have to admit/ be responsible to the incident
that happened from our end. Then, we can contact the affected parties & inform them of
the actual situation arising & actions we have taken already. Other than that we can
compensate them based on the severity of the impact. We can issue a statement/ guaranty
to gamers that we work our best not to happen these incidents in the future.

2. Shareholders

Shareholders have lost their confidence in Pixlwizz & it was clearly reflected through the
30% share price reduction within the last few hours. The situation will get worse if we are
silent & will severely affects our financial performance as well. By informing shareholders
what happened, through a press conference or informing direct contacts (e.g.- emails) &
actions taken by us as a responsible entity, we can make a positive impact on their
confidence. It will result in a reduction in share price reduction and taking further actions
& maintaining continuous communication will result in recovering the situation.

3. Westland Gamers’ Association

Westland Gamers’ Association seems to be a collection of gamers in Westland, which has

a considerable level of power in the field of gaming. They are in a position to make our
games unavailable on the internet for download purposes with the support of the Ministry

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of Digital Media Westland. Hence managing them will be extremely important. We can
arrange a direct meeting with the association leader & other top positions and inform
them the incident took place, immediate actions we have taken & future intended actions
to be taken. Also, can make them remember, how responsibly Pixlwizz provided it’s
service for a long lasting period & this is something that happened accidentally. Also need
to highlight how severely we take this incident into our accounts. Understanding the
incident & maintain a proper communication with the Gamers’ Association will help us a
lot to maintain the reputation & reduce the adverse impact occurred on business
performance to a minimum, through removing the temporary removal of access to our
games on the internet.

4. Ministry of Digital Media Westland

Ministry of Digital Media Westland seems to be the entity that governs all digital media
activities in Westland. They are the leading party in making our games temporarily
unavailable on the internet with the Gamers’ Association. By following the above-
mentioned actions, hopefully, we will be able to handle the situation with them. Other
than to above-mentioned actions we should be keen on whether we are in breach of laws
& regulations prescribed by the Westland law/ ministry of digital media Westland. If it is,
taking immediate consultations & taking further required actions with the support of the
Pixlwizz legal team is really important. Arranging a direct discussion with the Digital
Media minister would be more appropriate at this time.

5. Westland Government

Westland government (other than to Ministry of Digital Media: Westland) is the next
most important stakeholder in this situation since they actively taking steps towards
making our operations banned. If they ban our operations unfortunately if affects the
business adversely in a number of perspectives such as financial performance, reputation,
etc. Hence we should try to avoid the government’s process of banning our operations. As
mentioned above as well, request direct conversations with the relevant parties in the
government & inform them about the actions we have already taken, building the
confidence of the general public through a press release (which shows our confidence
through accepting responsibility), would be appropriate in here as well. Through above

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actions & progress obtained through discussions with Ministry of Digital Media will affect
the government’s final decision. We can show our previous track record & performances
shown, the contribution of Pixlwizz to the industry & the ethical standards we perform to
make them think twice about their decisions. By enhancing the government’s confidence
will lead to reduce the adverse impact. Level of success of discussions with Ministry of
Digital Media, directly affects/ goes inline with the decisions of (other parties of)
government.

Above mentioned ones are a few key stakeholders in this situation. Other than to them we
should keen on the general public, media institutions, competitors &, etc. number of other
stakeholders.

Debt/ Equity Financing

Below is an evaluation on obtaining debt & equity in this situation to fund the project.

Equity Financing

Equity financing means obtaining funds through issuing shares to the shareholders.
Pixlwizz passes a critical period of time where its reputation was heavily & share prices
were already reduced by 30% within the last few hours due to the damaged investor
confidence in us. Hence if we issue new shares this time, those will be sold at a lower price
& might not be able to attract the required amount of funds. In other words, to obtain the
required about we would have to issue more number of shares. With the excessive shares
in the market, prices might further go down if we go for a share issue. Pixlwizz is a
company with a higher dividend payout ratio of 89%. If we issue shares now, we will have
to pay an additional dividend to compensate to the damaged shareholder confidence,
which might give rise to additional financial pressure on the already created situation.
Relatively lower gearing levevl in Pixlwizz leads to increase cost of equity with the
increased equity funding over the optimal balance between debt & equity. Pressure on
business will get severe, with the increase of cost of capital.

The advantage of financing through equity is that there is also a possibility that newly
issued shares will be sold quickly due to the reduced prices. Investors are already aware
of the incident taken place, standards we follow as a responsible entity, actions we have

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already taken & our past performance. Hence, we would be able to finance the project at
a comparably lesser cost through equity financing because banks might request additional
collaterals or will offer higher interest rates for us with the incidents that have taken place.
Also, there are no fixed commitments on paying out dividends & since our financial
performance affects due to this incident, we can think of postponing/ delaying the
dividend until next time. Also, there is a possibility to go for a right issue & obtain funds
through existing shareholders. Not creating an definite obligation of repaying the funds
would be another advantage of funding through equity.

Debt Financing

Debt financing means obtaining a debt instrument, mainly a loan from a third-party
institute such as a bank. Currently, our debt amount lies at a relatively lower amount
around W$453 million. It counts for a gearing level of 25.80%. it goes in line with our
competitor's gearing ratio of 29.1% and shows relatively a lower gearing percentage.
Hence, we would be able to finance the project successfully through debt, at a lower cost
of debt, which also results in reducing the overall cost of capital of Pixlwizz. Since there is
a obligations towards a fixed interest payments, it will be much easier to forecast and face
the adverse environment condition created around us, rather than depending on a
volatility payment. We might have to pay a higher return for the shareholders to
compensate for the loss of confidence, if we proceed with an equity funding option.
Finally, we can be advantaged from the tax advantage comes from interest expenses, not
like dividend which is paid by the post taxed profit. Also, currently Pixlwizz is in a really
strong position of paying its interest payments. It shows through Pixlwizz’s interest cover
ratio being 65 times.

Even though there are a number of advantages as mentioned above, in another

perspective there are a number of disadvantages as well. We need to keep collaterals when
obtaining a loan and the amount will get increased for sure, with the adverse
environmental condition created around us. Also, interest charges will get higher than the
standard rate due to the same reason. We might have to go through a deep bargaining and
negotiation process to obtain the loan with lesser adverse effects. Here we won’t be able
to deny our interest payments whether our financial status gets worsen or improved.

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There is a high chance for a reduction in the financial performance of us in this year
(already taken place) & increased interest payment will further harm pxilwizz’s financial
performance. If we finance through equity, we will be able to reduce that pressure through
dening or reducing the dividend payments due to the lower performance. Other than to
debt, there are number of other debt instruments and need to consider about them as
well.

Recommendation

By considering all the above-provided arguments and situations that have arisen around
us, I recommend to fun5d the project through a loan. Even though the environment
created around us is adverse at this time, we will be able to answer all of them through a
proper bargaining process through the standards we maintain, actions we have already
taken & our past performance. Debt financing under a low geared condition will be helped
to reduce the WACC as well. Hence I recommend funding the project through debt.

I hope I have addressed all your requirements. if there is anything further, please be kind
enough to contact me.

Thanks & Regards,

Finance Manager.

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Section 02

Dear Sir,

Below are my suggestions for the concerns raised by you.

Drawbacks of Defensive Options

Mainly there are two types of defensive options called, pre-bid & post-bid options. Since,
PCWorld has already announced its intention of a takeover to the market, we are not in a
position to take pre-bid actions. Hence, we have to proceed with some post-bid actions &
the following are a few drawbacks regarding each of them.

1. Advice to Shareholders

PCWorld offered a quick takeover bid due to the severely reduced market prices of shares,
due to the recent situation arisen. Hence, we can communicate to shareholders that the
offer is not enough to compensate their investment and not to sell their shares. We can
do this either directly or via independent auditors being commissioned, to make
information more accurate. Some drawbacks gathered with this option is, shareholders
might think the company trying to hide the existing situation and overvalue the shares.
This might further motivate shareholders to sell their shares, even at a loss. Next, through
announcing shareholders not to sell their shares, the power of shareholders goes high &
we might have to act according to their interest, even at an extra burden for us. As an
example, they might request higher returns and other benefits, on behalf of keeping the
shares without selling. This might result in an extra financial burden for the business. By
intermediating to shareholders’ decisions excessively, their confidence might get down,
and indirectly the company brand name might get damaged in the industry.

2. Counter Bidding

Counter bidding means we are trying to acquire the party who is trying to take over us,
which means the PCWorld. PCWorld is considered as Westland’s largest hardware
manufacturer and one of the game developers. First, we should assess our capacity of
counter-bidding for PCWorld. If we are trying to acquire PCWorld as a defensive action,
even though the offer is not worthwhile it will end up creating a huge financial pressure

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on us. as an example, PCWorld might increase their share prices & business valuation
artificially goes high due to this. If we proceed it will be ended up incurring a huge loss
from our side. Also, Pixlwizz’s less experience in the hardware industry might result in
future problems after acquiring PCWorld & need to be a concern on that as well. the
adverse effect comes through this might takeover the adverse effect comes from
PCWorld’s take overbid. Finally, this might work as a motivational factor for PCWorld to
acquire us definitely.

3. White Knight

The white knight is a strategy where, the target entity, which means us gets the assistance
of a related party to make a higher offer against the takeover bid. Simply, we are an
influencing a friendly entity to offer a higher bid than that and allow that entity to acquire
us. disadvantages under this approach are, we still lose the independence of our business.
Even though we are protected from the unfriendly bidder, still we are under another
company. Most of the time that management and shareholders are favorable with our
management & shareholders. After some time when the situation gets normal, we might
be able to come back to the previous status. But the problem is, it's uncertain. If the
friendly company which acquired us is not intending to sell our shares, then the option
will be ineffective. They will control us until they wish. Another one is, there is a risk of a
new controlling entity, exploiting our resources. It will lead to a number of problems and
finally affect to business valuation & standing as a successful entity. Also, there may be a
number of unpredictable issues other than to above-mentioned ones because of the loss
of independence for another company.

4. Lobbying

Lobbying means attacking the bidder, PCWorld by creating negative publicity of

PCWorld. We can share rumors about PCWorld and demotivate them by attacking us.
this can be considered as a highly unethical way of defending the bid. If the market &
public get to know that all these are rumors and the entity behind this is us, the damage
that happens to our brand name in-return is immeasurable. Our image as an ethical
business will be heavily damaged, which results in a number of problems such as further
reducing share prices and number of stakeholders such as investors, programmers

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leaving the company, reducing sales and etc. from my point of view, the disadvantages
gathered with this approach takes-over the advantages. Hence, we should think twice
before following this approach.

5. Use of Competition Authority Ruling

Use of Competition Authority Ruling means informing the situation to government &
relevant authorities and seeking their support for this situation. By communicating the
importance of Pixlwizz's standing as an independent entity, we might be able to prevent
the takeover bid through their orders, drawbacks gathered with this method is, with the
current situation we have faced, the government’s response towards our actions is not at
an acceptable level. There is a risk of expecting a positive response from the government’s
side. When PCWorld gets to know about this, they will get to know that Pixlwizz is
pressured and there are on the right path, which will motivate them to proceed further. If
unfortunately, the government does not take any actions, the risk of takeover goes higher.
The motivation of PCWorld on taking over goes higher & will motivate some outsider
parties as well. Hence the feasibility of action should be accessed thoroughly.

Other than to above-mentioned specific drawbacks, generally there is a possibility that

whatever actions we took might affect us adversely. PCWorld is the largest hardware
manufacturer in Westland and the majority of the gamers most of the time use PCWorld
hardware. After taking such defensive actions, if they make their devices non-supporting
to our games then there will be a huge problem, and can expect a drastic reduction in our
sales. There is a lesser chance of gamers going with our products by rejecting PCWorld
products, because their investment in hardware is higher. They will proceed with
whatever game supports for PCWorld’s devices. Which will definitely affect our business
performance in an adverse manner. Need to consider those concerns as well & take
actions appropriately after a thorough study.

Strategic Evaluation

According to Johnson & Scholes, potential strategies can be evaluated against the
following three criteria.

Suitability

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Under the criteria, we mainly consider the strategic fit of the new plan of starting a
hardware manufacturing plant in Southland. We, Pixlwizz is mainly into the gaming
industry & we can argue starting a computer hardware facility has a direct & clear strategic
fit with our business. Our vision is to be the best game developer in the real and the virtual
worlds. One of the main drawbacks to develop best games is the non-availability of high-
capacity gaming equipment (e.g.- pc) at an affordable price. Through this new facility, if
we will be able to solve this problem at least to some extent, then we will be able to achieve
our vision easily. Through this, we will be able to attract talented people who are in a
position to create virtual worlds that enables gamers to immerse themselves in exciting
realities. We will be also able to come up with innovations from the computer hardware
side, as we came up with different innovations from games. Which will create a good
strategic fit & a synergistic effect among our games & hardware equipment.

We are looking forward to starting a new facility in Southland, which is the home to
console game development. We have a good understanding of the local market and the
surrounding regions. Hence, we would be able to adapt to Southland’s culture &
environment without any effort. Current strategi understanding will help on developing
the strategies further.

But there is a problem that whether we will be able to achieve our expectations as it is
with the restrictions available in Southland. If government thought of limiting the
production of gaming eequipmnent/ hardware we have to face for a huge problem. Also
we can argue that, since the digital media industry contributes to a higher proportion of
Southland’s GDP, there will be a lesser probability of limiting digital media activities.
Anyway, need to evaluate the situation further deeply.

Acceptability

Acceptability mainly focuses on the acceptability of the new facility from the stakeholders’
perspective. With Pixlwizz’s existing knowledge regarding the gaming industry, especially
consoling knowledge in Southland, it's highly probable that we will be able to earn a good
enough profit from this, without incurring major losses. To support that we will be able
to get the support of the research and development office in Northland. As a game
developing company, we know what are the major restrictions available in developing

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quality games due to the hardware limitations. We will be able to match those restrictions
with the support of research entity in Northland and will be abel to come up with better
solutions. The initiative will be highly acceptable from the gamers’ perspective definitely.
Both gamers and the developers suffer from the non-availability of enough processing
power in the market, at an affordable price. If we can offer computers at an affordable
price, it would be highly acceptable by gamers.

The resistance that comes from the opposition party should be considered. Probably, this
might be the opinion of the parents in Southland as well. but there is greater support from
the government party to start a new hardware facility because of government understands
the greater support comes from these activities to their GDP. We can use that support to
establish successfully in Southland. Since we are driving for a new industry in a different
geographical area, we should consider the number of factors. If something happened in
an adverse manner, it will affect our existing brand name, financial strength & whole
business severely.

Feasibility

Here we should consider whether Pixlwizz has relevant skills and competencies in
proceeding with the new facility. Currently, Pixlwizz is mainly into game development &
hardware manufacturing will be new for us, but Pixlwizz has a piece of great knowledge
& skill regarding hardware as well, since all products go inline. Hence, finding required
other skills & talent won’t be that much problem for Pixlwizz.

Then we should consider whether Pixlwizz has enough resources to proceed with the new
facility. Pixlwizz currently stands in a strong position as a business & has a lower gearing
level of around 25.08%. If required Pixlwizz will be able to fund this project through either
debt or capital. Since we already have operations in Southland, getting the required
financial support from there also won’t be a serious issue. Also we should consider the
problems might arise due to currency differences & recent incidents took place recently.
When it comes to human resources & other resources, we will be able to provide them
from Southland, because of the existing understanding & knowledge we have in the
Southland environment. As an example, our COO Afifi Al-Akiti has a masters in software
engineering, CFO Maria Tektondiou worked in a manufacturing company before, Kristina

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Leonova also worked in a manufacturing facility & Klaus Koschorke, Independent NED
served on boards of several technology companies. their knowledge & experience will be
an immense support for the success of this venture.

Even though the Southland government supports digital media activities heavily, there is
resistance from the opposition party regarding this. We should consider that as well.

I hope I have addressed all your requirements. if there is anything further, please be kind
enough to contact me.

Thanks & Regards,

Finance Manager.

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Section 03

Dear Sir,

It’s sad to hear the continuous occurrence of adverse incidences. Below I have mentioned
my response to the concerns brought by you.

Cyber Attack

Hacking was done through the 48 hours coupon offering window. There are different
methods and techniques of investigating & we can follow them to find out the loophole
or the place where we got wrong. Through that we can also discuss the safety actions to
be taken in the future. Below I have elaborated a few of them.

Forensic Analysis

As with any crime scene, something is always left behind. Forensic analysis is the process
of examining the things that have been left behind by the attack/attacker to increase
understanding about the attack and how our systems were breached to be able to improve
defenses in the future. Through analyzing the system, storage & network we will be able
to get a good understanding of the incident that happened.

Once it is known that a system has been compromised, the first stage is to identify which
parts of the systems within Pixlwizz are affected. This is often referred to as looking for
footprints in the sand to identify what, if any, changes have been made to the system.
Does it affect to system components, changes in configurations, services enabled without
authorization or through fake accounts, etc.

Next, we should analyze the storage space allocated to Jakob Plunge. Another difficulty
with regard to storage analysis is that although files can be deleted, in most cases the
deleted files still exist but in an unreferenced way. They continue to take up storage and
can even still be accessed (although the recovery process is very consuming and complex).

As the third step, then we should analyze the network. Network analysis is focused on
monitoring the amount of data moving across the network related to the Jakob plunge at

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that relevant time period, often referred to as network traffic. Unfortunately the
monitoring process doesn’t allow the company to see what data is being transferred, but
it does tell users are on the network. If we are using a third party could storage, it may
cause privacy issues.

Malware analysis

Ideally, no malware would get on to the entity’s systems, but the reality is it will, once
malware has been identified, analysis of our system should be carried out to understand
as much as possible about the malware. The aim of malware is to understand how the
malware got on to the computer and its purpose, including whether it was intended
specifically for Pixlwizz. Obtaining information means Pixlwizz will be better able to
identify the loopholes available & improve the defenses in the future. We can discuss two
main techniques under this.

Reverse engineering

Reverse engineering is a commonly used technique - not just concerning the malware.
The process is used to deconstruct the subject - to understand how it was designed and
how it works. In terms of cyber security and malware, the design and functionality are of
interest but discovering how the malware infiltrated the system provides a key piece of
information to help patch flaws and prevent further infiltration.

As we know, normally, hackers are aware of the risk that their malware will be discovered
and reverse engineered to learn more about it, so they aim to make it difficult as possible
to reverse engineer. The technique known as layering is used to protect the malware code
and functionality. Several layers of code are written to protect the malware code and each
layer is revealed. The more bizarre a hacker can make their malware code, the easier it
will be for them to protect it & we should evaluate how bizarre our hacker is. It will help
in identifying possible loopholes & actions to be taken in the future.

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During reverse engineering, a key aim is to discover whether the attack was targeted or
not. Clearly, a targeted attack is more of a concern – it means we have something that
someone wants and they have taken the time to write code and hide that code to get at it.
Targeted attacks are likely to have better layering as they do not want the target to know
where the attack comes from, what they are trying to access, and why. of course,
untargeted attacks are still a concern as it means the organization’s security processes
have been breached. With the way everything took place, we can deitnfy this incident as
an target attack & will be bit harder for the programmers to reverse engineer. It will
enhance our programmers knowledge on the loopholes & things to be improved for a
better protection in the future.

Decompilation and disassembly

Once the layers of the code have been removed and Pixlwizz has access to the malware,
analysis must be carried out to understand how it works and why it was put into our
system, since this is a targeted attack.

Since the malware will be written in a specific program language, it is important that
appropriate tools are used and people with appropriate skills carry out the task within
Pixlwizz. As in a fraud investigation, understanding how the opportunity to infect the
company’s systems occurred and discovering the motive of the attacker will help the
company understand what data/information is attractive and how it could be vulnerable.

Other than to above-mentioned technique there is a number of other techniques that we

can follow such as penetration testing, Digital Resilience &, etc.

Possible actions to be taken to avoid future incidents

Hackings are different from one to another and we won’t be able to avoid hacking
problems 100%. Hence we should take security measures as much as possible to keep
hacking issues to a minimum. As much as our security systems & controls are getting
strengthen, the risk will get reduced. Following are few actions that we can take.

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Training our staff

We can train our staff from top to botton regarding cyber attacks & give them the learning
through incidents took place in the past. One of the most common ways cyber criminals
get access to the data is through our employees. As an example, they’ll send fraudulent
emails impersonating someone in pixlwizz and will either ask for personal details or for
access to certain files. Links often seem legitimate to an untrained eye and it’s easy to fall
into the trap. This is why employee awareness is vital. Hence, one of the most efficient
ways to protect against cyber attacks and all types of data breaches is to train employees
on cyber attack prevention and inform them of current cyber attacks. Mean while
programmers & software engineers knowledge should be improved on detection methods
as well.

Keep our softwares and systems fully up to date

Often cyber attacks happen because systems or software aren’t fully up to date, leaving
weaknesses. Hackers exploit these weaknesses so cybercriminals exploit these
weaknesses to gain access to our network. Once they are in – it’s often too late to take
preventative action, as what happened recently. To counteract this, it’s smart to invest in
a system such as patch management, that will manage all software and system updates,
keeping our system resilient and up to date.

Ensure Endpoint Protection

Endpoint protection protects networks that are remotely bridged to devices. Mobile
devices, tablets and laptops that are connected to our corporate networks give access
paths to security threats. These paths need protected with specific endpoint
protection software. Recently happened incident is one of the good example in poor
management of endpoint protection.

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Install a Firewall
There are so many different types of sophisticated data breaches and new ones surface
every day and even make comebacks. Putting our network behind a firewall is one of the
most effective ways to defend ourself from any cyber attack. A firewall system will block
any brute force attacks made on our network and/or systems before it can do any damage.

Backup our data

In the event of a disaster (often a cyber attack) we must have our data backed up to avoid
serious downtime, loss of data and serious financial loss. With the recent incident we had
to face for a downtime regarding our Jakob Plunge game & we were abled to recover in
few hours of time because of having a good backup.

There are number of actions to be taken to avoid future cyber attacks and ensure the safety
& security of our system.

Ministry of Education Contract

The government has taken a step back in awarding the contract for us. Following are a
few of my suggestions on what we can do to proceed with the contract.

We can show the ministry of education & Westland Teachers’ Association the actions
taken by us, controls implemented by us after the incident happened. We should show
them there is no way of happening any hacking activity to our best of knowledge & need
to build confidence among them. A step-by-step clear presentation of controls activities
implemented will help them to understand & be confident with Pixlwizz again. A well-
trained & experienced crew should be allocated to answer & solve their problems. This
result in enhancing confidence of above mentioned stakeholders. Ehanced confidence will
makes the process of getting the contract easier.

Another point is, we are into educational game programming under the contract offered
by the Ministry of Education, Westland. There are criteria & standards prescribed by
government institutes, before offering any contract. We should make sure to being aligned
with those minimum standards. Since our standards are beyond the required standards,

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government thought of awarding the contract to us. Hence, we can motivate the Teachers’
Association by showing those standardized processes and certifications we have taken
regarding our processes. We should highlight that everything will happen according to
the requirements of the ministry & nothing goes out of their requirements & prescribed
standards. This will lead to enhancing their trust towards us & makes the process easier
to bring the contract back to us again.

It will be better if we can arrange a face-to-face meeting with the ministry and Teachers’
Association to discuss this matter. Open discussions will be helpful in the removal of
myths & any other rumors circulating. It's better if we can facilitate through a third-party
reliable party, such as auditors. Comments & recommendations from third parties will be
more reliable than we proving it ourselves. As an example, if an auditor can guarantee
that our operations are back with the standards, it will lead to enhance the confidence
within these parties. Doing all the above-mentioned things in conjunction with showing
our past track records & way we maintaining our qualities & ethics will be helpful in
getting the contract back to us.

Initially, we can offer a trial version of the game at free of charge, to build their confidence
regarding our products. Based on the quality we maintained there and the feedback from
each party, we will be able to proceed with the contract if they are interested. We should
make sure everything works well at its best. Also as a social responsibly, we can offer a
discounted price, which might motivate the ministry as well. rather than concerning on
the revenue this time, we should be keen on building our forgone reputation due to past
incidents. Doing a project in collaboration with the ministry of education will spread a
positive message to society & will help in recovering our business slowly. Hence there is
no cost of offering a good discount for the project.

I hope I have addressed all your requirements. if there is anything further, please be kind
enough to contact me.

Thanks & Regards,

Finance Manager.

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Marking Scheme

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