The Tata Group's biggest challenge may be the loss of its dynamic leader. Ratan Tata retired as the chairman of the group at the end of 2012. His successor, Cyrus Mistry, is the first non-family member to chair the group. Needless to say, Mistry has some big shoes to fill. Case Questions 12-27. What advantages does the Tata Group gain from being a conglomerate? 12-28. What are institutional voids? Why might they encourage the conglomerate form of organization in emerging markets? 12-29. Many corporate takeovers involve the acquiring firm installing its own managers and slashing the payrolls of the acquired firm. Why has Tata chosen to retain the existing management teams of the foreign companies it has taken over? 12-30. The Tata Group has a strong commitment to high ethical standards and corporate social responsibility. Does it gain any competitive advantages in the marketplace because of this commitment? 12-31. What advice would you give to Cyrus Mistry, Rajan Tata's successor? What are the primary challenges that Mistry faces? What changes, if any, would you recommend to make to the Tata Group's policies and procedures?