The Marketing Management Programme
Written exam
2nd exam with internal examiner
- Economics 6 October 2020
08.30 - 10.30
You are not allowed to
contact the company
This assignment consists of a number of questions. In the overall assessment of the written work, the questions carry
the following indicative weight:
Question 1.1: 12 %
Question 1.2: 12 %
Question 1.3: 26 %
Question 2.1 : 25%
Question 2.2: 25%
Total: 100 %
All aids are permitted, including the internet. Students are, however, not allowed to communicate verbally or digitally
during the exam.
The assignment consists of four pages, including front page.
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The Marketing Management Programme
Guidelines
The exam is a two-hour individual written exam testing the compulsory 3rd semester programme elements in the core
area of Economics.
The written exam is based on a case description about a specific company where the student should consider issues
that relate to internationalisation.
The written exam in the core area of Economics must have a max. scope of 9,600 charcters, including spaces, figures
and charts, but excluding front page, table of contents, list of references and appendices.
On day 2, you should only answer the questions in the case description. In your response, you must argue for
your choice of theory, models and suggestions, but your response should not include an actual methodology
section or research question.
Your response to the questions should be in English.
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The Marketing Management Programme
Question 1: 50 %
Carlsberg wants to expand on the US and Canadian markets. Therefore, your task is to carry out a macroeconomic analysis of these markets to assess what Carlsberg should prioritise.
Your macro-economic analysis should include:
1.1 12 %
Selection of five relevant macro-economic key figures and an explanation of their correlation.
1.2 12 %
A description of the development in the five macro-economic indicators (preferably, you should include the
rate of exchange as well) and a comparison of the two countries.
1.3 26 %
Using macro-economic models and theory, you should explain how the use of fiscal and monetary policy
could affect Carlsberg’s expansion plans in the two countries.
Question 2.1 : 25%
There are many comments on the Corona crisis. Here is one from Danske Bank:
”Numerous companies will have to consider their capital structure
because they have experienced a decline in business that has eaten into
their equity” says Niels Bang-Hansen, Head of Business Client Services in
Danske Bank
Analyse the vertical and horizontal balance structure in the Carlsberg Group based on the below excerpt
from their balance sheet and profit and loss account in million DKK:
Fixed assets
Current assets
Inventories
Amounts
receivable/ cash
and cash
equivalents
Total
assets
17948
Equity
Debt
Long-term debt
Short-term debt
123120
Total liabilities
105172
4751
13197
46035
43774
33311
77085
123120
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The Marketing Management Programme
Result before financial items
Financial items
10465
1098
Question 2.2: 25%
The paper bottle loan is an annuity loan on the following terms. Please note that the rate of interest is
negative.
Principal
Settling period (years)
Initial expenses
Rate of interest
DKK 10000 million
10
1.5%
-1%
Calculate the effective rate of interest of the loan.
Carlsberg Group enhances the efficiency of its production processes on a current basis. It is now possible to
sort into boxes on a new machine. Savings per year, including rate of interest and timeline, appear from the
below table:
Annual savings
Internal rate of interest
Timeline
DKK 120000
4%
7 years
What is the maximum amount Carlsberg Group can pay for the new machine?
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