Telefonic Plc. (Telefonic"), a telecommunications company, has recently been privatised by the govemment of Burma after legislation was passed which removed the state monopoly and deregulated the communications market, opening it up to competition from both national and overseas companies. Prior to the deregulation, Telefonic was the sole supplier of telecommunications in Buma and was required to provide 'the best telecommunications service the nation can afford'". At that time, the govemment dictated the performance levels required for Telefonic, and the level of resources it would be able to give to meet its objectives. Following the privatisation, Telefonic's shares were floated on the Burma Stock Exchange, with 80% being made available to the population of Burma and up to 20% being made available to foreign nationals. The govemment of Buma retained a 'golden share' to prevent the acquisition of Telefonic by any foreign company. However, the privatisation meant that many of the traditional ways in which the industry had operated would need to change under the new regulations. Apart from the money received from the flotation, the govemment privatised Telefonic in recognition of both the changing global environment for telecommunications companies, and the overseas expansion opportunities that might exist for the privatised company. The government recognises that foreign companies will enter the home market but feels that this increased competition is likely to make Telefonic more effective in the global market. You have recently been appointed as the Management Accountant for Telefonic and have a background in the commercial sector. The Board of Directors remains unchanged from the time Telefonic was a state monopoly. Required: (a) Outline to the Board of Directors why the objectives of Telefonic will need to change as a result of the privatisation of Telefonic and the deregulation of the market. (10 marks) (b) Recommend TWO examples of suitable strategic objectives for Telefonic, following its privatisation and the deregulation of the market, and explain why each would be an appropriate long tem objective. (6 marks) (c) Assess the link between objectives and critical success factors, and recommend, with reasons, TWO Critical Success Factors (CSFS) which would be appropriate for Telefonic as company.