【正文】 quisition is the speed with which it allows the pany to enter new product or market areas. (0) G This is particularly true of emerce.The strength of petitors may influence a pany to choose acquisition as a way forward. In markets that are static and where market shares of panies are reasonably steady, it can be difficult for a pany to break into the market, since its presence may create excess capacity. (8)The same arguments also apply` when an established supplier in an industry acquires a petitor. This may either be to gain the petitor’s market share or, in some cases, to shut down its capacity in order to restore a situation where supply and demand are more balanced. There may be financial motives for acquisition. lf the share value of a pany is high, the motive may be to spot and acquire a firm with a low share value. (9) An extreme example is asset stripping, where the main motive for the acquisition is shortterm gain by buying up undervalued assets and selling them on bit by bit.There may also be resource considerations. There may be a lack of resources or skills to pete successfully, so they must be acquired. (10) It may also be that it has knowledge of a particular type ofproduction system，business process ormarket need. In an international context, acquisition is often a means of gaining market knowledge.Sometimes there are reasons of cost efficiency which make acquisition look attractive. A cost efficiency could arise from the fact that an established pany may already be very experienced and have achieved efficiencies which another pany would find difficult to achieve quickly by internal means. (11)In consumer goods industries, costefficiency is usually the reason for an acquisition. Acquisition can also be driven by the expectations of key shareholders. Shareholders usually expect to see continuing growth, and acquisition may be a quick way to deliver this growth. But there are considerable dangers mat an acquisition can lower share price rather than increase it.(12) This is more likely when the decision to acquire is speculative as opposed to strategic. There are some shareholders who favour acquisition simply to bring a shortterm boost to share value.Example: 0A B C D E F GA The necessary development and organisational learning would be too slow.B In the same way, an organisation can increase manufacturing opportunities.C Indeed, this is one of the major reasons for the more speculative acquisitions that take place.D It may be that the parent pany may not have sufficient understanding of the acquired business, and this could remove value.F For example, a pany may be taken over for its research and development expertise.G If, however, the pany enters by acquisition, the risk of reaction from industry rivals is reduced.F In some cases, a market is changing so fast that acquisition bees the only way of successfully breaking into it.PART THREE Questions 1318? Read the article below about changing attitudes to creativity in the workplace,and the questions on the opposite page.? For each question (1318), mark one letter (A, B, C or D) on your Answer Sheet.CREATIVITY IN THE WORKPLACENowadays, many UK panies are striving to be more creative. But according to a recent survey of senior managers, the lack of a cando mentality amongst employees and an aversion to risk is hindering British business. Many think there is too much focus on delivering results quickly, which leaves insufficient time to think creatively. Some plain that a lack of coherent vision on creativity prevents their organisation from being more innovative.Yet while senior managers may regret the lack of creativity, they musttake much of the blame for creating the situation. Until recently successivemanagement science, ‘ promoting creativity means reevaluating most of what we know about management. It means organisations must be prepared to invest in ideas without being sure of the return on that Investment.’ Katrina Murray agrees with this view.‘Businesses are expert at the measuredapproach, which involves analysis and risk avoidance. But there is another approach, which involves intuition andnot always looking at the bottom line. What is hard is establishing a working environment in which both theseapproaches can function simultaneously.’Nevertheless, there are somegenerations of management ignored innovative ideas from employees. Indeed, new ways of thinking were often regarded as an unwanted distraction, and original thinkers received little support. Despite the fact that many organisations are now taking steps to reorient the business culture to promote creativity, it is not surprising, given this background, that a creative environment is hard to establish.Another related issue is raised byKatrina Murray, a partner in a management consultancy:‘While manysenior managers still plain about the lack of support for creativity in their organizations, they also fail to appreciate the contribution that they themselves can make. In some panies, there is a perception that only managers at board level can influence the pany culture.’ Murray feels that such organisations areunlikely to change. For her, ‘creativeorganisations are made up of individuals who believe they can dictate their ownfuture. Companies need to be able to spotthese individuals and gently encourage them to lead the way.’It is also necessary for seniormanagers to reexamine their role. According to Alex Sadowski, an American professor of area. Many thepleasing indicators of progress in this of senior managers interviewed in the survey