Management Challenges

Shrinking budgetary allocation is common in many businesses, which can be caused by external factors such as lack of profit, or internal factors such as a deliberate decision to cut costs. Whichever the cause may be, people tasked with the management of a business should learn how to deal with such eventualities. A choice has to be made and a strategy undertaken in order to ensure that the business would not only survive, but even succeed in its venture. Shrinking budgets are nothing more than challenges on the management of scarce resources (Tjosvold & Poon, 1998). Contrary to instinct and common belief, shrinking budgets do not hinder the productivity of an organization. True, shrinking budgets do demand more efficient actions and grounded decisions, but they also push managers into performing better. Tjosvold and Poon note the opinion of researchers on organizational power and politics to the effect that â€Å"conflicts over scare resources intensify competition (Tjosvold & Poon, 1998).† They also claim that conflict over scarce resources lead to effective distribution of resources. The scarcity of resources brought about by the shrinking budget can be productive because of the demand to step up to a higher level. This breeds a sense of competition in the team, which pushes people to work harder to produce better output (Tjosvold & Poon, 1998). On the other side of this perspective is one that denies the usefulness of competition (Tjosvold & Poon, 1998). This side emphasizes cooperation among members of a management team in order to come up with a business plan that manages the effects of the lowered budget (Tjosvold & Poon, 1998). Thus, shrinking budget could lead to unity, cooperation, relationship development and organizational power theorizing (Tjosvold & Poon, 1998). Thus, taken in the proper perspective, shrinking budgets could actually raise productivity to a higher level (Tjosvold & Poon, 1998). Workplace Diversity Diversity is another aspect of business management that has caught the interest of many practitioners and researchers. Generally, the widely held opinion is one in favor of various kinds of diversity in the workplace, such as gender and cultural diversity (Miller,1999). For example, promoting gender diversity in a business organization is now being considered as an effective way of building good human resources. Women are often seen as a minority in various business firms, since they occupy a small percentage in a corporation’s workforce (Miller,1999). However, present changes are reversing this trend through the increased hiring of women in business organizations (Miller,1999). The policy towards increasing the number of women recruits in business and professional organizations is a positive and bold move that is directed towards removing undue discrimination in the professional setting. Provided that the woman applicant possesses the qualifications required by the available position, there is no reason to choose a male employee possessing the same qualifications over a female employee, if such decision is based solely on the applicants’ genders. Thus, simultaneous with the recognition of the inequalities in society regarding hiring of men and women, promoting gender diversity in the workplace shows a deliberate policy of equalizing the market for men and women alike. Another aspect of diversity is cultural diversity. This concept works optimally for a multinational business, which has business connections in various localities (Miller, 1999). Hiring people from all sorts of cultural backgrounds would allow the business organization to reach out to the locals of the place, thereby increasing the company’s goodwill, and eventually, profit (Miller, 1999). Thus, a company that has sales agents of the same cultural background as the consumers has more chances of capturing that market (Miller, 1999). Cultural diversity also leads to a better understanding by the company of possible issues that lead to misunderstanding and disagreements among people working in the same workplace (Miller, 1999). Thus, it is apparent that cultural diversity can play a major role in promoting the well being of a business organization. It should be noted, however, that the organization must ensure equal treatment to people even though they are coming from different cultural backgrounds (Miller, 1999). This way, cultural diversity would only benefit the business organization, and not hinder its development (Miller, 1999). Ethics and the Organization Ethical principles and policies play a big role in the operations and success of a business organization (Hamner, 2006). While ethics is commonly treated as a legal concept, it deals more with proper behavior of people in any situation (Hamner, 2006). The concern about ethical or unethical behavior of members of a business organization springs from the realization that such behavior has great effects on the success or failure of such organization (Hamner, 2006). In particular, unethical behavior within an organization has adverse effects, which could consist in loss of huge sums of money (Hamner, 2006). The best effect of having a clearly formulated ethical policy and ethical code within an organization is the influence of such policy and code on the conduct and attitude of members of the organization (Hamner, 2006). A strong support by the management in favor of ethical behavior will breed a culture of ethics that would make people value ethics, to the extent that unethical behavior would seen out of place in the organization (Hamner, 2006). To be effective promoters of ethical behavior in a business organization, the management must devise incentive schemes for members of the organization who follow ethical rules (Hamner, 2006). Moreover, the ethical rules and policies should be able to cover all facets of ethical behavior, which includes moral, economic, and legal aspects (Hamner, 2006). In sum, managing business necessarily means that one will have to deal with different challenges, such as shrinking budgets, workplace diversity, and ethical issues. However, all such challenges can be dealt with and used as means to succeed. Proper management would actually make organizations stronger and better once such kinds of challenges are met squarely. References Hamner, M. (2006). Management. Aerospace America. Retrieved October 17, 2007 Miller, S. (1999). Poltical Correctness in the Office. Office Systems 16(4). Tjosvold, D. & Poon, M.   (1998). Dealing with Scarce Resources: Open-Minded   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Interaction for Resolving Budget Conflicts. Group Organization Management 23(3): 237-255   

Legal Issues for Business Essay

Sole proprietorship is an unincorporated business with one owner who pays personal income tax on profits from the business. The benefit of the sole proprietorship is the tax advantage. The disadvantage of a sole proprietorship is obtaining capital funding. * Liability – As the owner of a sole proprietorship, one is personally liable for all business debts, creditors may sue you personally to satisfy the debt. * Income taxes – As a sole proprietor you must report all business income or losses on your personal income tax return; the business itself is not taxed separately. * Longevity – Longevity depends on the owner and their ability to operate the business; this can be significantly affected if the owner becomes sick or dies. * Control – The owner is in complete control of the business, It is the owners responsibility for all decisions pertaining to business operations * Profit retention – The owner has 100% control of profit retention. They may cho ose to invest their profits or use it for personal use. * Convenience/Burden – Sole proprietorships are convenient and easy to start up since there are no governing laws. A burden of the business is the decisions made may affect the businesses success are the sole responsibility of the owner. GENERAL PARTNERSHIP: An agreement formed by two or more persons. They are simple and inexpensive to create and operate, but the owners are all personally liable for any debts or legal actions * Liability – The liability is shared by all partners. If one partner does something negligent, all partners can be held liable. * Income taxes – All partners are responsible to report their earnings on their own personal tax returns. * Longevity – general partnerships longevity is based on the agreement between partners, they can agree to end their partnership as easily as they formed it. With a partnership between more than two partners, the person leaving can agree to sell their portion of the business. * Control – Control of a general partnership is shared between all parties involved. * Profit retention – All profits of the general partnership belong to the owners. * Convenience/Burden –A general partnership has the convenience of an easy start-up, all partners have a personal interest in the partnership and all profits belong to the partners.  A main burden with a general partnership is the personal liability of all debts and legalities. LIMITED PARTNERSHIP: Limited partnership is similar to a shareholder of a general partnership, being only liable for the amount of investment one has contributed. Limited partners have no management authority. * Liability – A limited partner is only liable for the investments they have contributed, no more no less. * Income taxes – A limited partner reports their share of capital gains and losses on their personal income tax returns. * Longevity – The longevity of a limited partner is based solely on the amount of investment one contributes and their continuation on their investment. * Control – Limited partners generally do not have any control of a general partnership other than their investment. * Profit retention – The amount of profit a limited partner will receive is based on the amount of investment into the company. * Convenience/Burden – The convenience of a limited partnership is one get to share in the profits and losses, but they do not have to partic ipate in the business itself. A limited partners liability is only limited to the investment they have contributed. A burden of limited partnership can be the lack of involvement for the investment one has contributed, C-CORPORATION: Is a legal way that businesses can organize to limit the owner’s financial and legal liability. C-corporations are taxed separately from the owners. Though they are taxed separately, c-corps have the disadvantage of double taxation, being taxed on the corporate level as well as the shareholder level. * Liability – C-corporations provide limited liability to owners, therefore, owners are not usually responsible for the corporations debts and liabilities. * Income taxes – C-corporations are taxed as a separate entity under corporate tax rates for any business income, any profits made to owners are then taxed again at the personal income tax level. * Longevity – The life of a C-corporation can exist indefinitely based on the shareholders, by selling of stocks, unlimited number of owners and transfer of ownership. * Control – Control of a C-corporation is held by its shareholders, but may be delegated to a board of directors. * Profit retention -Because a C-corporation’s income is taxed twice, paying taxes on its income and the shareholder’s also paying personal taxes on the dividend  income received from the corporation, there is less profit retention than that of a general partnership. * Convenience/Burden – C-corporations have the convenience of unlimited shareholders, as well as no restrictions on who is allowed to become a shareholder. The double taxation of a C-corporation can be a burden to shareholders based on profit retention. S-CORPORATION: A corporation that does not pay federal taxes. All corporate income and losses are passed through to the shareholders and claimed on their personal income taxes. * Liability – Shareholders of an S- corporation are offered limited liability for the corporation’s debt. * Income taxes – S-corporations do not pay income taxes, instead, income passes through to the shareholders and is claimed on their personal income taxes. * Longevity – Similar to a C-corporation, an S-corporation can exist indefinitely, though S-corporations have regulatory restrictions on the number of shareholders it may have. * Control – The control of an S-corporation is held by its shareholders, but may be delegated to a board of directors. * Profit retention – An S-corporation allows its shareholders to keep more of the earned profits by passing through its income taxes directly to its shareholders unlike a C-corporation which is double taxed. * Convenience/Burden – S-corporations have the convenience of retaining more of its profits by passing through its income taxes directly to its shareholders, avoiding the double taxation of a C- corporation. S-corporations have the burden of regulatory restrictions, including limiting the number of shareholders; shareholders cannot be corporations and must be U.S. citizens. LIMITED LIABILITY COMPANY: A Limited liability company (LLC) is a business entity that offers its owners limited liability. Owners are not personally liable for any debt other than their investment. * Liability – owners of a LLC have limited liability; they are only liable for their investment. * Income taxes – A LLC is not a taxable entity, income taxes are passed through to the owners and their personal income taxes. * Longevity – Limited liability companies can exist indefinitely, they have the option of transferring ownership without restriction. * Control – The control of a LLC can be based on the number of owners as well as the amount of investment one has in the company. * Profit retention – Profits of a LLC is passed through to the owners and is  taxed at their personal tax rate, allowing owners to pay less in taxes and retain more profit. * Convenience/Burden – Limited liability companies have the convenience of pass through taxation, allowing the owners lar ger profits. LLC’s have the burden of varying restrictions from state to state, there are different renewal fees and franchise taxes that must be paid and LLC’s must pay self-employment taxes.

Responses to Students Posting Essay Example | Topics and Well Written Essays - 250 words

Responses to Students Posting - Essay Example I concur with you on the point that sometimes it is necessary to put ethics aside and cross the moral line in order to ensure security and protect the American populace. Considering the statement that to corner a criminal, one has to think like one, criminals have no rules or laws to abide by. In a case where there is no other option, the intelligence service personnel have to violate some laws when dealing with criminals such as terrorists. As much as this is illegal, I support the claim that sometimes, the undercover agents have to do so since if they do not cross the line, they will not effectively fight terrorism and America may face attacks similar to 911. Your yardstick of weighing between what is legal, ethical and moral is quite interesting and favorable especially in this topic of handling criminals. The legal aspect is usually ruled out in an instance where the only way out has to be an illegal process. As much as the 2014 National Intelligence strategy demands that the intelligence personnel must stick to some code of ethics that requires respect for human rights, sometimes they have to violate the ethics to save the larger masses. Torture is usually against the moral nature of human beings. The intelligence personnel however usually employ this method on some suspects in order to derive critical information from them. It is important to note that this method does not work in all cases especially those involving terrorists. Most of them work under oaths and will not let out any secret pertaining their organizations.

Stephen Hawking Essay Example | Topics and Well Written Essays - 1000 words

Stephen Hawking - Essay Example His most important contributions were to the fields of cosmology and quantum gravity, especially in the context of black holes. Stephen Hawking, who has been spending his career contemplating the nature of gravity from a wheelchair, is renowned as the co-founder of the Bing Bang theory of origin of the universe and he has made immense contribution to the theoretical understanding of black holes and other space-time singularities, including the strings and worm holes. "Where did the universe come from What happened before its beginning Will it end What will happen after that What, then, is the true nature of time These are the questions that have absorbed theoretical physicist Stephen Hawking, widely regarded as the most brilliant physicist since Albert Einstein, and possibly of all time." (Haven and Clark, 251) Apart from his significant role in establishment of the Bing Bang theory and the theoretical understanding of black holes and other space-time singularities, Hawking has been inspirational in the study of the bizarre workings of a relative, curving space-time. "More than any other individual, Stephen Hawking has both brought the reality of the vast universe into our consciousness and significantly advanced our theoretical understanding of major cosmic events." (Haven and Clark, 251-2) Therefore, the paramount importance of Stephen Hawking as the most prominent contributor to the contemporary physics, particularly the fields of cosmology and quantum gravity is indubitable and this paper makes a reflective investigation into the major contributions by this luminary figure in physics today. In an understanding of the major contributions by Stephen Hawking, it becomes lucid that his breakthroughs in cosmology and quantum gravity still remain a great mystery to the contemporary scholars. It was in the fall of 1973 that Hawking found himself fascinated in a horrific and embarrassing calculation which resulted in significant theories of quantum gravity in the context of black holes. "Attempting to investigate the microscopic properties of black holes, the gravitational traps from which not even light can escape, Dr. Hawking discovered to his disbelief that they could leak energy and particles into space, and even explode in a fountain of high-energy sparks His colleagues were dazzled and mystified Nearly 30 years later, they are still mystified They are ideas that touch on just about every bone-jarring abstruse concept in modern physics." (Overbye, 2002) The colleagues of Hawking were first dazzled and mystified when he reported his findings in the journal Nature, under the title, "Black Hole Explosions" They are still mystified when his ideas generated by his calculation and its consequences were at the center stage in a workshop titled "The Future of Theoretical Physics and Cosmology." Therefore, Black holes still remain fundamentally as enigmatic objects and the discovery of black hole radiation by Hawking has been of essential significance to that connection. Hawking has often been perplexed about his findings with regard to black holes and he asserted 30 years since his original divisive pronouncements that he had been wrong in making the earlier assertion about black holes, the terrifying gravitational abysses that can swallow matter and energy. Previously, there was

How does the preliminary ruling procedure for the European Court of Essay

How does the preliminary ruling procedure for the European Court of Justice work - Essay Example It also ensures that the provisions laid down by the community institution are carried to the letter. Article 220 ‘Treaty of Rome† states that, the â€Å"court must ensure that, in the interpretation and application of the treaty, the law is upheld† The second role played by the court is hearing references from the national courts and gives preliminary rulings to show the scope and application of the law.2 The methodology of interpretation of laws by the ECJ is not specific. Some of the methods used include, teleological, historical and literal approaches. Teleological method of interpreting the law i.e. employed by the ECJ among other courts to interpret legislative provisions in light of purpose that these provisions seek to achieve1 another method used, albeit with hostility is the historical method. Its use is limited to the lengthy and complex process that is involved in the adoption of EU legal rights. Again, considerable changes will occur during the negotia tion period as well as the cropping of anomalies when the court relies on only one document in the midst of diverse legal traditions that inform the enactment of the of EU laws. Another methodology is the literal interpretation of the law as it appears. Moens and Trone Sate that when the provisions of the law are clear, the court will take the normal meaning of the words used.3 The procedures The preliminary ruling procedure involves a decision made by the ECJ when interpreting union law. This decision is usually made at the request of a high court in a member state of the European Union. Preliminary rulings are so called because the referring national court is the one that passes the verdict. The role of the ECG therefore is to provide guidance and clear understanding of what the law says.4 Article 267 gives the ECJ mandate to hear preliminary rules concerning the interpretation of treaties and the interpretation and validity of acts of institutions agencies of the union, offices e tc. Jurisdiction of the court The ECJ gives the single absolute clear and unambiguous interpretation of the law, and it cuts across all states. (I) Jurisdiction of the ECJ Article 267 TFEU states that a reference may be made with the regard to the interpretations of other the treaty and acts of the union. However, reference on validity can only be made on the acts of the institutions of the union. Purpose of Article 267 of TFEU Formerly under article 177of the treaty of Rome, article 267 of the treaty of the of the functioning of the European union states that national courts, during proceedings, can question the ECJ on interpretation of the relevant parts of TFEU, secondary legislation or even constitutionality of relevant secondary legislation.5 The ECJ is very cautious not to impose a given view on how its ruling will be applied in the national proceedings. Discretion to refer All rulings made by the ECJ clarify the scope and meaning of the bunion laws. Article 234 binds the cour t to accept all questions presented by member states. The court advises only on the interpretation and does not make decisions on the questions posed.6It is only a court or a tribunal that can make a referral to the ECJ. The ECJ has a generally harsh attitude toward referrals and only accepts them when there are ‘real and substantial doubts’ and the court feels that and inconsistent application of law if the ECJ does not intervene. However, according to Lord Denning MR (1982), the ECJ does not have the jurisdiction to ‘

Financial Accounting and reporting Essay Example | Topics and Well Written Essays - 1000 words

Financial Accounting and reporting - Essay Example f financial accounting and reporting is the preparation of financial statements such as the income statement, cash flow statement, fixed assets movement schedule and the balance sheet (MAYNARD, 2013, 309). The financial statements are to be made available to all users of financial information who include creditors, regulators of business operations, investors as well as the government through its taxation unit. Other objectives of financial accounting and reporting include provision of information that can be used to establish the solvency position of a given business. The financial statements provide information relating to a firm’s ability to meet its short-term and long-term liabilities as they fall due. The information assists in ascertaining the financial position of a business in terms of its assets and liabilities which assist the business to clearly establish where they stand in reference to what they own and what they owe others. Another objective to be attained by financial accounting is the fact that it offers systematic recording of business transactions in an organized manner thus enhancing accountability and order in the business (SUTTON, 2004, 26). Providing relevant information to be used by several users of financial statements is one of the top objectives of financial accounting and reporting. It assists the stakeholders in making rational decisions. Some of the key users of financial statements are listed below. The investors require financial statements in order to evaluate the practicality of investing in a given business venture. Investors use the information specifically to determine and to predict the future of a company’s dividend growth through the use of income statements. They are able to further establish the various forms of risks associated with a given investment through a keen look into fluctuations in after tax profits, share price and dividend growth. The government requires financial statements from all companies and

Contemporary art vs visual work of the past Essay

Contemporary art vs visual work of the past - Essay Example The essay "Contemporary art vs visual work of the past" explores the art of the past and compare it with the contemporary art. Dating back to the time of Da Vinci and other classical painters and artists, they hooked more on depicting things, humans, landscapes and places in a realistic presentation. They adhere to meet the quality of being a classical artist, which is, â€Å"what you see is what you get†. That is the reason why you can see such painters creating their forms of art that depicts almost exactly lifelike. There might be a lot of reasons for us to come up to the conclusion why contemporary and classical visual arts or painting may look different from one another. By comparing it, we can say that they do belong to the same intention of its form, to be aesthetically appealing to the people, and this is only achievable if one artist find the real value of what really an art is. An art might be of visual form that might appeal to the sense of sight. But we could say t hat that is only the preliminary reaction of the person/s that sees the art. The over all perception to the piece of art might be affected by important factors wherein the viewer could relate. For example, one art form could be appealing enough to get the heart of the spectator, but on the other hand make others frown and left unsatisfied. Starting from the motivations itself, art is a way of communicating to the spectators. It depicts something which is more than portrayed, an interpretation that is kni.

Transportation Cost Fluctuation Due to Changing Crude Oil Prices Essay

Transportation Cost Fluctuation Due to Changing Crude Oil Prices - Essay Example Consequently, for an individual to move from the U.S. to the UK, he or she must use either air or ship as a means of transport to reach the destination. Most of the modern modes of transport used usually depend on oil as a source of energy. Oil used in the transport industry comes in the form of petrol, diesel and other forms of petroleum products. Apart from the transport sector, other sectors of the economy such as industries also depend a lot on oil as a source of energy. In fact, over the past decades, there has been a steady increase in global demand for oil due to globalization and industrialization taking place all over the world. Worldwatch Institute (8) notes that a substantial growth in energy demand in the world has began especially with China and India, which has the largest human population. He notes that from 2002 to 2004, world global demand increased by 5.3 percent with that of China alone increasing by 5.8 percent. Oil demand in other Asian countries increased by 5.8 percent combined. The increased demand is mainly attributed to the ever-increasing industrialization. Worldwatch Institute also reports that from 2002 to 2004, the US demand for oil increased by 4.9 percent, 10.2 percent with UK realizing a 6.8 percent increase. Other developed countries like Germany and Japan realized a drop in oil demand by 1 percent and 2.6 percent respectively. This prices are however not stable as they keep fluctuating depending on global demand. For instance, an increase in the oil demand usually leads to an increase in petroleum prices. Worldwatch reports that the increase in global demand for oil between 2004 and 2005 saw an increase in petroleum price from about $30 per barrel to $60 per barrel. Such a price fluctuation in oil price in turn affects the transport fares. The level to which fuel price fluctuations as affected by global demand for oil, which in turn affects transport costs can only be explained using supply and demand theories. This paper will discuss how fuel price fluctuation is affected by global demand for oil, which in turn affects the transportation cost. Surface Transportation Policy Project (1) argues that apart from the latest increase in gasoline prices, transportation cost mostly go unnoticed by an average America. This is despite the fact that an average American household spent close to 19.3 per cent per dollar in transportation in 2001. The report found out that it is the second largest expense category, which is three times more than heath care adding close to $7,633 per household every year just to get around. The survey found out that it is only housing that e xceeds transportation in terms of expenditure. He notes that in recent years, transportation consume a larger share of family budget. As such, the proportion of household expense grew from below 10 percent in 1935 to close to 14 percent by 1960 and a further 20 percent since 1972 to date. It was also observed that the growth of expenditures on transport closely followed the decline in transit use leading to an emergence of sprawl development (Surface Transportation Policy Project 1). This explains the principle of demand, which states that the higher the price of a product, the lower the quantity demanded, and the lower the price, the higher will be the demand for a product or service. In this case, the law of demand plays out in that the increase in household expenditure lead to a decrease in transit use which in turn lead to emergence of sprawl. This shift was due to the fact that it the only next cheapest alternative to the transit as a means of transport. Surface Transpo

Marketing Concept to the 21st century Business of Starbucks Essay - 1

Marketing Concept to the 21st century Business of Starbucks - Essay Example This requires marketers to constantly upgrade their marketing tactics and strategies. In the 21st century, marketing is quite different from what it used to be a century before. One concept that has gained interest among the marketers is relationship marketing. Relationship marketing deals with developing long and lasting relationships with the stakeholders of the organization. One company that has truly adopted this concept is Starbucks that continues to provide services and products while remaining customer and employee oriented. This paper will delve on relationship marketing and its application within one specific organization which is Starbucks. Description of the Marketing Concept As competition is increasing throughout the world, companies have to constantly readjust their marketing strategies in order to gain an edge over the competition. In this era, companies are becoming increasingly people-oriented, that is, they develop their operations to suit the needs of their stakeho lders. These usually include in most cases the consumers and with new concepts developed, employees have also become the central focus on the companies. Employee oriented companies have become more common in the service industries where employees form the face of the company. Thus the concept of relationship marketing has emerged in today’s world that companies are increasingly adapting to in order gain a good share of the market. In relationship marketing, the aim of the company is not profit maximization but rather retaining good relationship with its stakeholders, specifically the consumers. Palmatier, 2008 defines relationship marketing as ‘the process of identifying, developing, maintaining, and terminating relational exchanges with the purpose of enhancing performance’. This relationship, though is falsely attributed to extend to only the consumers, is in fact developed with all stakeholders including the consumers, employees and the community. Gummesson, 2 002 further broadens relationship marketing to total relationship marketing where marketing is extended from CRM approaches to developing relationships with all stakeholders of the company. He defines the concept in the following terms, ‘Total relationship marketing is marketing based on relationships, networks and interaction, recognizing that marketing is embedded in the total management of the networks of the selling organization, the market and society. It is directed to long-term win-win relationships with individual customers, and value is jointly created between the parties involved. It transcends the boundaries between specialist functions and disciplines’ (Gummesson, 2002) In terms of the consumers, the aim of the company in relationship marketing is to develop long-lasting relationships. This is done by orienting the company to meet the needs of the consumers. Companies that aim at relationship building conduct regular surveys and feedbacks. The purpose of the se surveys is to better understand the customers and to align the operations of the company with the changing needs of the consumers. Companies practicing relationship marketing consistently innovate their products and services to better serve their customers. For example, recently many retail outlets have developed their Android presence. Consumers can easily download applications and order for their products through their cell phones conveniently.  

Financial Performance Analysis Case Study Example | Topics and Well Written Essays - 1500 words

Financial Performance Analysis - Case Study Example This shows a continuous decline in current ratio in 2006 onwards as compared to that in 2005, which shows that the company is experiencing liquidity crunch; and this may ultimately lead to insolvency of the company. The desired (benchmark) current ratio is 2:1. The current ration of M & S shows that the short term assets of the company are not sufficient to cover the short term liabilities. The Debt ratio of M&S was 4055.2/5210.5 = 78% in 2006 which is lower than 3958.1/4867.3 = 81% in 2005. In addition, the interim statements shows a slight increase in the debt to asset ratio to 4289.6/5410.8 = 79%. Overall, the ratio shows that almost 80% of the total assets of the company are financed through debt. When analyzed with current ratio, this shows that the company might be vulnerable to problems arising due to extra loans and debts, and inability to service debt due to lower levels of current assets. The Debt-Equity ratio of the company has shown a declining trend as it decreases from 3958.1/909.2 = 4.35 in 2005 to 4055.2/1155.3 = 3.51 in 2006. It shows an increase to 4289.6/1121.2 = 3.83 for the half yearly period in 2006. This relatively lower level of D/E ratio is considered to be safer and shows that the company is not heavily indebted. ... The ROA for the period April - September 2006 was 281.3/5410.8 = 5.2%. The decline shows that the company is not doing well in making an effective use of its assets to generate income for 2006 as compared to that in 2005. Total Assets Turnover The asset turnover for the company has been 7797.7/5210.5 = 1.50 in 2006 as compared to 7490.5/4867.3 = 1.54 in 2005 showing a declining trend. It was 3929.4/5410.8 = 0.726 for the half year period in September 2006. The total assets turnover is a critical ratio that measures the efficiency of the organization in using its assets to generate sales. The ratio for M&S is on the lower side showing that assets are not being used efficiently to generate dollar of sales. Management should take a note of this and should take appropriate steps to resolve this issue. Inventory Turnover The inventory turnover (Cost of Sales/Inventory) for the company has been 4812.1/374.3 = 12.86 in 2006 as compared to 4887.6/338.9 = 14.42 in 2005. This shows that on average, inventory has been sold 12.86 times in 2006 as compared to 14.42 times in 2005. The decline might be due to the ineffective inventory management practices, or may also be due to the lack of sales (but the sales have increased in 2006 as compared to 2005). The company should investigate this decline in inventory turnover to appropriately identify and resolve issues. Cost of Goods Sold to Sales & Gross Profit Margin The company did relatively better in reducing the cost of goods sold to sales ratio at 4812.6/7797.7 = 61.72% in 2006 as compared to 4887.6/7490.5 = 65.25% in 2005. This shows that the cost of inputs have been kept to low as compared to the revenue that is being generated from these inputs. This may show efficiencies in production function and indicates that there

The social setting Essay Example for Free

The social setting Essay KES is set in the early 1960s in Sheffield, South Yorkshire and in the first few pages we get the impression that Billy and his family live on a deprived estate. There are many signs of this throughout the novel and one of the first things we read about is that Billy and his brother not only share a bedroom but also share the bed itself. He stayed in his own half of the bed, groaning and turning The bedroom window didnt even have any curtains at it. There was obviously no central heating as Billy was very cold when he got up and had to prepare and light a coal fire. Unlike most homes today there was not much food in the house what food there was, was kept in a pantry rather than a fridge; fridges were not commonplace objects in the homes of ordinary people in the 60s. the floor covering is another clue to depravation; it was not covered in carpet but lino. The family had not got much regard for their home. One example of this is the mother cleaning her shoes on the edge of the tablecloth. So as a conclusion to the historical setting we can tell that Billy lives in a time where life wasnt as easy and things we take for granted like central heating, electricity and hot water werent so widely available. Only the rich people had the luxuries like hot water and Billy certainly didnt live in an area, which had any such comforts, his family was poor and its easy see it when reading the novel. The social setting of the novel is mainly his school. He obviously goes to an all boys secondary modern, where discipline is maintained by the headmasters cane and the boys are called by their surnames. The class still have old-fashioned inkwells and blotters at their desks. It would seem that the system has failed Billy if he not competent at reading and writing by the time he is in his last year at school. Though the lack of support by his mother may have something to do with it, Id presume that Billy had been left to get on with school himself with no help from his mother or Jud. So living in a poor, deprived area and having a bad relationship with his mother and brother, Billy was not given the opportunity to succeed in life. The first incident I have chosen is the opening scenes in the novel. It shows Billys morning routine, getting up, getting dressed and going off to do his paper round. I have chosen to examine this scene because I think it starts to make the reader feel sympathetic towards Billy and understand his situation. This is shown throughout the novel, but the opening scenes give the reader a taste of whats to come. The short opening paragraph is deliberately harsh. Hines engages the reader immediately with his stark description of the bedroom, which begins There was no curtains up. This is a short but powerful sentence, as is Silence. which ends this paragraph and makes the reader wonder what is going to break it. The powerful verbs such as shivered, scuffled and crawled all help to intensify the mood of the opening. Hines narrative is extremely descriptive and heightens the readers awareness of Billys poor living conditions and the depressing area in which he lives. The positive descriptions e. g. The coal had caught fire, and the yellow flames were now emitting a slight warmth. are always followed with lengthy negative descriptions e. g. grabbed his windcheater. The zip was broken and the material draped out behind him The effect of this is to keep the reader sympathising with Billy. The conversations that take place between Billy and his brother, the shopkeeper and the milkman all include local dialect, which suggest the working class background. The first character to be met is Billys brother Jud when they are both in bed; Jud is one of the rounded characters in the novel. We can tell from reading the second paragraph that Billy and Jud have to share a bed, which shows us that the family are not very well off at all. We can also tell that Jud does not like Billy; he was no respect for him whatsoever and seems to take every opportunity to bully him: thumped Billy in the kidneys. The conversation between Jud and Billy in this scene is made up of short phrases in which neither character is particularly polite but Jud speaks very rudely to Billy even when Billy is only trying to prevent him being late for work. This evokes empathy within the reader for Billy. This poor relationship is shown many times throughout the novel making us feel more sympathetic towards Billy. We also meet the shopkeeper in the first few scenes when Billy goes to do his paper round. When Billy arrives at the shop they have a conversation about how Billy was nearly late and how theres a long queue of people for his job, people from Firs Hill. The reference to Firs Hill is telling us that the Estate that Billy lives on is very poor and rundown and that the people living at Firs Hill are regarded as more important. theyre all alike off that estate. Theyll take your breath if youre not careful. These are the words that customers had used to the shopkeeper to imply that all the people from Billys estate are thieves and certainly not to be trusted The next character we meet is the milkman, who, like the shopkeeper, is one of the flat characters in the novel. Third class ridings better than first class walking anyday. The milkman tells Billy when they meet each other on Billys paper round. After talking to the milkman for a while Billy nicks a bottle of milk off the back of the float. On the step stood two empty milk bottles. This is the reason why Billy nicked the bottle of milk; he had nothing left at home which shows us that neither his mother nor Jud thought to save some milk for Billy. In the same description on the first few pages we see that Billy is left no food either. There were a packet of dried peas and a half bottle of vinegar on the shelves. The bread bin was empty. There is a general feeling throughout the opening that Billy is very much a neglected child. When watching the film version of the novel there are some aspects of it which make us feel more sympathetic towards Billy and some things that are not shown in as much detail as the novel. The sound and lighting are very important mediums in the opening scene, when watching the film you get a better feel for the darkness of the room and the size of the bed that Billy and Jud have to share. It starts off in complete silence until the alarm clock goes off which seems to act a signal for the bickering between Billy and Jud to begin. The camera shows the view of the bed so we can see both characters as they have their conversation of pronounced limited dialogue. Then there is a sudden shock of light shown with a mid-shot as Jud gets up and presses the light switch. This dramatic change between dark and light and a point of view shot seems to leave Billy looking vulnerable tucked up beneath the tattered covers. As Billy gets up to get dressed into his dirty clothes we hear a soft sound of a recorder in the background, and the only light is that coming from the window. The film misses out the scene when Billy is looking for food in the kitchen and lighting the fire, and proceeds to the scene outside. In this scene we see Billy running down the street from a mid-shot and then a wide-shot as he runs across the field.

Strategic Analysis Of The External Environment Currently Facing Gillette Marketing Essay

Strategic Analysis Of The External Environment Currently Facing Gillette Marketing Essay 1. Abstract Purpose The objective of this report is to conduct an extensive analysis of the external environment and evaluate the key drivers influencing the corporate strategic management of Proctor Gambles brand, Gillette. It will concentrate on identifying, categorising and prioritising the key issues facing this organisation both in the macro-environment and the micro-environment. Methodology The tools used in this report to provide an external analysis of the key environmental forces and competitive drivers include; analytical frameworks such as the PESTEL framework, and Porters 5-forces analysis. In addition an analysis of strategic groups and sources of competition will be included. Findings The influence of political, economic, social, technological, environmental and legal drivers in the macro-environment, combined with the issues from the micro-environment, provide a series of implications for competitive action and strategic choice in the future. In the current external environment, social-trends and technological aspects play a vital role in a companys success in the Shaving Razor industry. Value The report utilises appropriate theory, conceptual frameworks and academic literature on future strategies and scenarios for Gillette from an analytical perspective. 2. Introduction This report will define Gillette as assembling and marketing its products within in the Shaving Razor industry, a distinct category of the Beauty Personal Care sector. Regardless of the period of growth the industry, valued at  £523 million, has benefitted from in recent years, Mintel (2009) suggested that sales of shaving and depilatory products had dropped by an estimated 3%. (Lee, 2010) proposes the industry faces cash-conscious consumers who may be seeking to reduce the cost of expensive razor blades or ensure they last for a longer period of time. However, (Bottomley, 2010) suggests a different reason for the decrease, even the most gadget- obsessed male is likely to question the value of on-board microchips and precision trimmers, when there are simpler, high-quality products available for a fraction of the price. Another point of view from (Jefferson, 2010) who suggests perhaps it is the functional approach that companies within this industry present to customers, connectin g with customers on a more emotional level will remedy the predictable perceptions of two blades are better than one, three blades are better than two and so on. The object of this report is to provide a structure focusing on future trends that can help to analyse strategic choices available to companies in the Shaving Razor industry. It will provide an extensive external environmental analysis of the current Shaving Razor environment with a future-trend perspective, using the PESTEL (political, economic, social, technological, environmental, legal) framework (see, for example, Brooks et al., 2005, p.7) as a suitable analytical tool for the macro-environment. The report will draw out and highlight the key drivers which are most likely to influence the future development of the industry. The report will then focus on Porters five forces framework, which (Porter, 1980) referred these forces as the micro-environment, which will then be used to establish the competitive intensity and therefore the overall industry profitability. Finally the report will analyse strategic groups and sources of competition within the Shaving Razor industry. 3. PESTEL Analysis of the Shaving Razor Industry The external environment consists of the external environment forces which may influence an aspect of organisational activity. These are defined within six broad-ranging sections with the acronym PESTEL, political, economic, social, technological, environmental and legal. A full PESTEL analysis of the Shaving Razor environment is provided in Table 1, however the report has identified, categorised and prioritised the key issues facing the industry from the macro-environment below. Among the key conclusions of the PESTEL analysis are the following: With consumer purchases increasingly dependant on the often neglected topic of social responsibility, (Shayrn, 2009; Trainer, 2005) suggest that over the coming years, even in todays tough economic times, consumers demand an urgency about making their communities more environmentally friendly, fairer and sustainable. In the future, as environmental issues become increasingly reported in the media, (Kraus, 2005) implies the consumer will not only consider the impact their purchases have, but having a corporate social responsibility will be compulsory to remain competitive. In the Shaving Razor industry, this refers to using environmentally-friendly materials, long-lasting performance, environmentally-friendly packaging, CO2 emissions. See for example, Bics new environmentally friendly shaving razor (BicEcolutions, 2010). As the industry provides an essential product, that the majority of males require on an international basis. It is common for companies in this industry to operate and distribute globally. (Anwar et al, 2009) suggested that each country has individual rules on taxation and custom duties which may distort the companys pricing policies, a contradiction in pricing may cause people to purchase stock in bulk from countries with minimal price and black market the companys products, which would have a negative effect on profitability and brand reputation. The Shaving Razor industry take advantage of around a 4750% mark up according to (Poulter, 2009) who suggests that insiders have revealed that replacement razors blades cost only 5p to make yet are sold for around  £2.50 each. This extortionate mark-up on compatibility costs has caught the attention of the Office of Fair Trading who are currently investigating the issue. (The Office of Fair Trading, 2010) refers to this type of issue under the name compatibility costs, these purchase decisions lock a consumer in with inexpensive original equipment (durables) in order to purchase follow-on products which a substantial profit is made on (consumables). The high value-to-size ratio offered by the Shaving Razor industry has triggered the products offered by Shaving companies to become the worlds most shoplifted product according to (The Telegraph, 2003; BBC News, 2010). Kopalchick and Monk (2005, p.70) proposed this caused several companies in the Shaving Razor industry to take action and incorporate Radio-Frequency Identity (RFID) tags, which automatically tracks the products location when it is removed from the shelf. However, with the technology available today, e.g. GPS systems; it would be possible to track the product from leaving the shelf to its eventual disposal, which has led to ethical disputes regarding personal privacy according to (The Star Phoenix, 2006). There is an ongoing legal battle within in the Shaving Razor industry, examples of this are evident in (New York Times, 2004, p4; Grand Rapid Press, 2003, p11; BBC news, 2006). The series of disputes refer to company slogans, advertising campaigns, design patents regarding razor heads with more blades and trademarks according to (Solley, 2005). Each legal battle has costs both in money, time and to some extent brand reputation. The UK government has ordered an increase in value added tax (VAT) from 17.5% to 20%, this will take place on the 4th January 2011 (HM Revenue Customs, 2011). The increase will trigger an increase in material costs, meaning a higher price needs to be charged to customers in order to maintain the same profit levels per unit. According to (The Guardian, 2010) several companies have already made plans to increase their prices and many companies are waiting to see what action competitors take, while some companies have chosen to absorb the increase. (The Western Mail, 2011) reports that many companies believe that if they absorb the VAT increase, they will attract more customers and be able to compete more effectively in the marketplace. This suggests that Shaving Razor companies who absorb the VAT increase may experience more increased custom than those who choose to pass on the rise in costs to customers. Political Economic Social Technological Environmental Legal Each country has individual rules on taxation and custom duties which may distort the companys pricing policies. Contradiction in pricing may cause people black market the companies products.a The VAT increase from 17.5% to 20% will raise material costs throughout the industry and the UK.b Continued growth trend in industry value ( £523 million), however estimated 3% decrease in 2009.c Recession had minimal effect on spending habits within this industry, few people have spend less on shaving products. However, value of sales has dropped, due to heavy promotional discounting.c Price increase due to high demand in premium disposable shaving systems. d Brand loyalty is high within the industry, however one in ten users experiment with new brands and formats. Quality and performance are the key factors relating to whether the user switches to the new brand or format.c Cultural and religious factors that prevent people from shaving. In addition, the media popularisation of Movember, a fund-raising event to raise money to fight prostate cancer.e Demographic changes e.g. the increasing aging of population, who statistically shave less often.f Changing social attitudes. Rise in male grooming sales suggests men are more conscious with the way they look.g Introduction of high-end products last longer, meaning they have to be replaced less frequently, reducing sales.h High-quality premium product with additional USPs e.g. indicator that tells customers when blades need to be replaced; means a higher price can be charged.i Use of JIT and ICT within industry can reduce wastage and ensure the manufacture is more efficient.h Consumer purchases increasingly dependant on the often neglected topic of social responsibility.j The disposal of the dangerous razor blades is a key issue, previously Blade banks were provided as promotional material. It is a joint responsibility between manufacturer and customer to ensure the dangerous affect to the environment is minimised k Depilatories A Possible Threat to Shaving Systems.l There is an ongoing legal battle within the Shaving Razor industry. The series of disputes refer to company slogans, advertising campaigns, design patents regarding razor heads with more blades and trademarks.m Replacement shaving razor heads have become the worlds most shoplifted product.n Many companies within the industry have incorporated RFID tags into packaging to automatically monitor products from shelf to disposal, however this has led to ethical disputes regarding personal privacy.o Office of fair trading are investigating the high compatibility costs currently charged by companies in the industry., putting the present 4750% mark-up at jeopardy.p Sources: a(Ricciuto, 2001); b(The Guardian, 2010; HM Revenue Customs, 2010); c(Mintel, 2009); d(The Times 100, 2010); e(Mandal, 2003); f(Gale,2008); g(Verdon, 2007); h(Greb, 2009); i(Kruger,1998); j(Shayrn, 2009; Trainer, 2005); k (Kostigen, 2008) l(Global Industry Analysts, 2010); m (Solley, 2005; New York Times, 2004, p.4;BBC news, 2006) n(The Telegraph, 2003); o(The Star Pheonix, 2006); p(Poulter, 2009; The Office of Fair Trading, 2010). 4. 5-Forces Analysis of the Shaving Razor Industry Porters five forces framework can enable companies to analyse key forces that will affect the industry from the micro-environment and determine competitive intensity and consequently the overall industry profitability. According to (Porter, 1980) the five main forces include three from horizontal competition: threat of substitution, threat from established rivals and threat from new entrants. The two remaining forces are from vertical competition: bargaining power of suppliers and bargaining power of customers. The diagram below identifies, categorises and prioritises the key issues facing Gillette in the micro-environment. A more detailed exposition of the competitive intensity and industry profitability follows in the next sections. Diagram 1 Key Drivers facing Gillette in the micro-environment 4.2 Threat Of Substitution The level of threat from substitution depends on several factors, the key factors are; relative quality and price, customers willingness to substitute and the costs involved with switching to a substitute. In Gillettes case the main substitutes would be in the form of electric razors, straight traditional razors, depilatories and the option of not shaving. The threat of substitution from electric razors is minimized as Gillette owners, Proctor Gamble, have an arm in this industry with their successful brand Braun. The (Chain Drug review, 2008) suggests that older men tend to prefer electric razors; however the younger generation would lean towards purchasing wet-shaving products which are offered by Gillette. This could be interpreted that there is a potential reduction of the threat of substitution with electric razors in the future. Another substitute is the traditional straight-edge razor. This type of product operates in a very niche market. According to (Smith, 2010) these types of shavers have been fading in popularity due to their dangerous nature, suggesting the threat from this substitute is minimal. Depilatories are chemical agents used to temporarily remove hair at the skins surface. According to (Tuckington Dover, 2007) depilatories offer a smoother skin surface than shaving, however only 1% of American women use such products. It is also suggested that this is due to the fact depilatories are expensive, slow and irritating to the skin. The alternative substitute of not shaving is often combated by the industrys clever marketing techniques, which often suggest it is not socially acceptable not to shave. (Cavallaro, 2008) suggested methods and techniques in which are most effective to market products to men; these methods are used by many companies to advertise effectively. (Birchall, 2009, p.9) suggested Gillettes recent advertising campaigns were framed as an affirmation of body shaving as masculine. The messages portrayed through these advertising campaigns are manipulated to benefit the company, and draw customers away from purchasing substitutes. 4.3 Threat From Established Rivals The intensity of the rivalry from established competition is reliant on; the structure of competition, industry costs, degree of differentiation, switching costs, strategic objectives and exit barriers. The industry Gillette operates in is already unattractive; it contains many powerful and aggressive competitors who have high stakes in staying in the segment, due to high exit barriers. These conditions lead to frequent price wars, advertising disputes, and new, innovative product introductions, making it expensive for Gillette to maintain a high market share. The threat from established rivals is limited by the strong image and brand loyalty Gillette maintains. In addition, Gillettes innovative research and development department keeps the industry thriving by generating differentiation and technological advances. Their success has caused established rivals to borrow from their $1 billion research and development efforts (McCullough, 2003). 4.4 Threat From New Entrants The level of threat from new entrants to the Shaving Razor industry is established by; economies of scale, investment requirements, customer switching costs, access to industry distribution channels, access to technology, brand loyalty, chances of retaliation from existing industry members, government regulations. In the Shaving Razor industry, (Mintel, 2009) suggested there are high levels of brand loyalty present. This makes the industry very unattractive for new entrants, as they would be directly pitting against several major competitors in an oligopoly. Gillette minimises the threat from new entrants by efficient usage of economies of scale advantages, access to the industrys distribution channels and access to technology enhancements. Another key factor affecting the threat from new entrants is the risk of retaliation by Gillette, which could be substantial and could include mergers or acquisitions, an example of this is when Proctor Gamble acquired Gillette for  £30.2bn (BBC News, 2005). Entry to the Shaving Razor industry also involves high set-up costs and exit barriers are also high, reducing the probability of successfully securing finance from external sources, increasing the difficultly for new entrants for this industry. 4.5 Bargaining Power of Suppliers The negotiating power from supplies it determined by; concentration of suppliers, supplier branding, profitability of suppliers, threat of suppliers forward integrating into industry, buyers threat of backward integration into supply, buyers level of importance to suppliers profitability, switching supplier costs. As Gillette manufactures its own products, there is minimal effect from this source. Gillette maintains a win-win relationship with its suppliers of raw-materials as they can be obtained from anywhere and little supplier switching costs would be incurred. (Evans, 2008) suggested that Gillette identifies suppliers with a proven ability to meet its specifications. Once a supplier is selected to participate, Gillette expects them to produce a pre-production planning system to assess the suppliers capability to deliver Gillettes specifications. This high level of capability Gillette demands from its raw-materials supplier shows that he supplier has little power in the business relationship and there is minimal threat. In addition, as a large global brand it can establish a powerful supply-chain management model and global competitiveness enables suppliers prices to be driven low. 4.6 Bargaining Power of Customers The level of bargaining power from customers relies on; the concentration of competition, differentiation and unique selling points, profitability of companies, threat of backward or forward integration into the industry, cost of customers switching to competitor. Buyers in the Shaving Razor industry possess strong and growing bargaining power. With Wal-Mart as the main retailer for Gillettes products, the conclusion drawn could be that the potential profitability can become shortened as Gillette has a high reliance on Wal-Mart and similar large retailers for a large proportion of revenue. (DePamphilis, 2010) outlined suppliers such as Gillette have been under considerable pressure from retailers, due to the on-going growth of Wal-Mart and industry mergers, for example Sears and Kmart. DePamphilis then goes on to suggest Wal-Mart is responsible for 13% of Gillette income is 2005, suggesting a high-reliance on the retailer for profitability, increasing the threat of bargaining from customers. The buyers power increased due to the fact Shaving Razors represents a significant fraction of the retailers costs and the products are undifferentiated. In addition, the buyers in this industry are price sensitive. (Chopra et al, 2010) outline that Gillet tes pricing power is being further eroded by channel migration and increasing consumer resistance to paying significantly higher prices for innovation. 5. Strategic Groups in the Shaving Razor industry A key concept used in strategic management practice, (Hunt, 1972) defined  strategic groups  as grouping companies within an industry that have similar interests, business models or similar combinations of strategies. Gillette faces intense competition in most markets, its products compete with highly marketed, well-known, branded products. The Gillettes performance in this industry depends on the brands ability to adapt itself within this kind of competitive environment. Price-Quality Segment Name Of Parent Co. (Brand market share for Gel 7 oz$/Unitsin parenthesis) PG (Gillette)  [1]   PG (other brands) S.C. Johnson Johnson Johnson Beiersdorf AG Perio Super-premium Neutrogena Razor Defense Gel  [2]   (2.5/1.5%) Premium Gillette Fusion Hydra Gel (14.3/11.5%) Aveeno Gel  [3]   (10/6.7%) Mid-price Gillette Mach 3 Gel (4.5/4.4%) Gillette Series Gel (20/22.9%) Edge Gel (34/35.9%) Nivea Gel (6.5/6.2%) Economy Noxzema  [4]  Gel (1.9/2.7%) Old Spice  [5]  Gel (0.5/0.7%) Barbasol Gel (0.4/0.6%) Gillette, Bic, Shick-Wilkinson Sword King of shaves Conclusion Opportunities and Threats References Porter, M. (1980) Competitive Strategy: Techniques for Analyzing Industries and Competitors. New York: Free Press. Greb, E. (2009) Is JIT Manufacturing the Right Prescription? Pharmaceutical Technology, 33 (3) pp. 72-78 ProQuest [Online]. Available at: http://proquest.umi.com/pqdlink?did=1685062121Fmt=7clientId=29645RQT=309VName=PQD (Accessed: 1 Decmeber 2010). Turkington, C., Dover,J. (2007) The Encyclopedia of skin and skin disorders. 3rd Edn. New York: Infobase Publishing. 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(2009) Mergers, Acquisitions, and Other Restructuring Activities:  An Integrated Approach to Process, Tools, Cases, and Solutions. 5th edn. CA: Academic Press. Hunt, E. and Schwartz, J. (1972) A critique of economic theory: selected readings, CA: Penguin. Datta, Y. (2009) The U.S. Mens Shaving Cream Market: A Competitive Profile, 9th Global Conference on Business and Economics [ONLINE]. Available at: www.gcbe.us/9th_GCBE/data/Y.%20Datta.doc (Accessed: 1 December 2010). Chopra, S., Kapoor, S., Munish, S., Mathur, A., Sharma, K. and Duggal, S. (no date) Advanced Sales Management on Sales Management Practices in Gillette, India. Available at: http://www.scribd.com/doc/42913455/Gillette (Accessed 1 December 2010) Smart, A., Bunduchi, R. and Gerst, M (2010) The costs of adoption of RFID technologies in supply networks, International Journal of Operations Production Management, 30(4), pp.423 447. Available at http://www.emeraldinsight.com/journals.htm?issn=0144-3577volume=30issue=4 (Accessed 1 December 2010.)

Risk Management Functions in Healthcare Organisation

Risk Management Functions in Healthcare Organisation Cloudette Ann F. Sun The main purpose of this report is to examine and discuss the role of risk management function within an organization and assess the policies and procedures against strategic and operational healthcare business functions. INTRODUCTION In a corporate world there is a need to maintain the continuous assurance of success and achieving the desired goals of the company. As businesses start to develop and grow, it has become essential for these companies to identify risks that might hinder their growth and possibly decrease profit. This has made the introduction of risk management very imperative in the organization. To prevent financial crises, an enterprise must have strong footing on the theory of risk management, beginning with anticipating or finding possible risks, discovery of ways to reduce them and to implementation of guidelines to diminish these threats and to increase the development of the enterprise. This paper offers a balance of essential information and indicators on how the management of risk in a financial institution takes place, its benefits and components. ROLES OF RISK MANAGMENT FUNCTIONS IN AN ORGANISATION Examine and discuss the purpose of risk management within an enterprise. Risk management has been defined by ISO 31000 (2009) as principles and guidelines. It provides principles, framework and a process for managing risk. In a financial institution it can be used in risk planning, risk assessment, risk handling and risk monitoring. Once a risk have been identified, a detailed description of this risk should be taken into account; from likelihood of occurrence, its impact as well as taking into consideration the cost, scope frequency and other factors that might contribute to that risk. Within that framework of thought onto the concise analysis of the risk identified, a response plan should or will be developed. This part may take up a lot of time and be given a longer time frame within the process for these may undergo trial milestones or surveys. As these trial plans on reducing risks are taking place, it is the responsibility of the enterprise to initiate an immediate response plan before a concrete procedure or plan has been developed to reduction or risks. Relevant communication between all parties involved should be implemented and consultation with the assigned departments should hasten this process. Implementation of procedures on risk management then follows with the continual reassessment or monitoring of the effects or outcome of the procedures to the expected drop of risk on the enterprise. A framework on the implementation and review on the procedures should be properly documented as to gauge the effectiveness of the plan being instigated. It is vital that risk management will always be a continuous process in an evolving and developing financial institution. Examine and discuss the benefits of risk management within an enterprise As business institutions develop and grown, inevitable risk unceasingly evolves and this makes enterprises agree on the benefits of the continual process on managing these risks. This makes it beneficial for the development of a culture of the company and the education of the members of different departments affected by the risks involved. Cultural development evolves for the better as monitoring of the best possible way to diminish risk and with the end benefit of increasing profit always takes place. Board members of the enterprise create programmes for the betterment of the employees and for the survival of their company. Information dissemination also takes place as individuals in the company are being educated on the solvency plans undertaking in minimizing risks. This also pushes financial institution to their regulatory developments. On the same note, accurate bookkeeping of investments, risks, uncertainties and management decisions are made with the help of the process of risk management. This makes it easier for future references on the recurrence of another or similar risks evolvements. With the precise documentation at hand for reference, minimal cost could be implemented for potential risks and there is a rise in confidence in how the enterprise would manage as contingency plans are already being regulated and suitable analysis of data are already considered by the management. This could ultimately promote good governance within the company. In addition, the achievement of the main goal of any business institution is the control on the financial risk or the implementation on the minimal costs of the enterprise. As an effect, this ultimately increases the company’s ability to increase incentives and in return employees provide their best efforts making which as well makes not only the employers but also the consumers confident and happy in their purchase. Reviewing of Activities and Internal Environment In the process of managing risk the main and primary goal is reviewing or to decipher the movements and internal environment that affects the risk. As corporations tend to grow big a lot of factors tend to taken into consideration. In the internal environment, risks can happen in a lot of areas including in the management of human resource and proper communication within the employees and within the different departments. It is quite difficult to handle a company especially with different backgrounds and settling of varied cultures. This also does not limit to such and includes with the development of technology and research. This has become extremely important with the fast developments of technology in the last years and the continuous improvement of our gadgets and machinery. Another would be with regards to the health, environment and safety of every individual contributing to the advancement of the financial institution. This essentially becomes the primary contribution of the working power that a company holds and eventually assures the continuous production and process of the enterprise. Setting Objectives Evidently it has become widely known that setting objectives by most companies are through guidance of the principle that it must be specific, measurable, achievable, realistic and time bounded. Specific objectives are focused on the particular risk that is being currently examined wherein a detailed description of the risk that hinders the growth of the company is taking place. Having a definite objective guides the enterprise on knowing whether the goal has been achieved. A vague description of one’s objective automatically hinders the company to the continuous process on managing the risk. Measurable objectives give economic reasons of the financial institution for it to continue on the management of their risks. This ultimately sets and gauges if the objectives that have been set are accomplished or there is still a need for improvement. Achievable goals are being set, in which right from the start; the company has already taken into consideration its competencies and its marketing capabilities to the assurance that the objectives being set will be accomplished. Realistic objectives mean that a proper assessment and evaluation has been made within the firm its ability from resources management, competitors, market value and employee before setting a time frame. Time bounded goals keep the company in the right tract and to continually pressure the organization to meet the set time frame. Event Identification Event identification of risk is considered still to be a continual process on building the framework needed for management of risks. Implementation of controls is necessary to help alleviate risks that have already been identified as decreasing the reoccurrence of risks. This as well creates a venue for having the company being able monitor risks and build up parameters for these risks to be properly monitored. This clearly shows that event identification goes together with proper governance of managing risks especially associated with the objectives specifically set by the enterprise. For it to properly identify the event, it must eventually be flexible framework in which has been appropriately interrelated with the objectives. Risk assessment with particular reference to the impact and likelihood of risk The assessment of risk can be associated with their severe, significant, moderate, minor or minimal on the scale of every enterprise. A severe risk assessment would mean have great impact on its ability to meet its desired objective, but this may however reduce one or more of its objectives not to be achieved. In a significant assessment, although there is a significant effect on the outcomes set on the goals; there would be some goals that will be below what it is desired. Moderate assessment has adequate impact on the objectives but may cause some outcomes to be just in the acceptable level. Minor assessments have less influence on the objective causing outcomes to be below the acceptablelevel. Minimal assessments have little or no influence at all on the set objectives of the financial institution on the management of their risks. Risk Response Plan Risk response plan guides in analysing and identifying the risks and integration to planned objectives using the smart principles for main goal in mind for the increase in profit of the company. In the risk response plan, there must be proper integration of the knowledge within the objective. Proper integration with the objectives definitely requires the appropriate allocation of the resources at hand and careful planning including the review of previous similar risks. The scope must also be correct in definition wherein its control and quality are defined adequately. Time allocation is very important as well, for this may guarantee increase of risks; example would be the early distribution of some competitive products in the market. This happens when there is the exact estimation of time and the availability of the resources at hand. Cost effectiveness is vital as part of the risk response plan in which errors are being estimated, any changes in the contingency plan are calculated, as well as maintaining and acquisition of goods. Assuring the quality of the developed plan to control risk is essential. A standardization of the equipment, how it is being processed and the uni queness of the product is critically established. A leadership plan along with the objective becomes extremely necessary, because it all springs from proper leadership skills, with the definition of the responsibilities of each individual included in the plan. This also decreases any conflict arising within the management and increases productivity and organization of the set planned objectives in minimizing risks. Along with this, sets par with excellent communication between the team. This paves the way for the contribution of ideas from different departments and consultation from stakeholders. While developing the risk plan, unforeseeable conditions must also be taken into consideration and be part of the margin of error. Control Activities In an organization control activities are usually planned by the upper management headed by the chief executives. Controls given to the process level or on how the management is being governed and how the risk assessment plan is implemented are considered to be entity-wide controls. For the effectiveness of the plan identified by the management, control policies are being developed. Soft control are done with the â€Å"people† of the organization, which means knowing what really is the situation and eventually promotes open communication, shared values and their commitment with competitiveness. Hard Controls are instigated on the activities planned by the higher management. This could mean strict implementation of the policies, proper review of and inspection of the process and the appropriate structure of the organization. Information and Communication In forming a corporate strategy it is imperative that there is a continuous learning process and proper relay of information within the management and stakeholders. It starts with setting context of the risk involved with the suitable plan involved. It is now through proper dissemination that desired results will be achieved by the financial institution. There must be a constant interaction and dialogue between the stakeholders of the company. It is also the responsibility of the organization to uphold trainings and seminars to keep the employees abreast with the current trend and the plans of the company. Monitoring Kim Heldman (2005) defines monitoring as an activity that collects information, documents each findings and reporting them to the management. This is the phase wherein there is a continuous check of how the risk has been solved or managed and if there is a need for contingency plan to be differed and be reassessed again. Constant monitoring of the guidelines and limits ensures compliance within the organization. Proper consolidation of reports should be made to be reported by the upper management and keep as reference for foreseeable risks as well as unforeseeable. CONCLUSION Therefore, I believe although some financial institutions make not take risk management seriously but the benefits greatly outweigh any financial risks that the company might experience in the future. Financial institutions should ground themselves with the process of risk management. From creating organizational objectives with the smart principle, implementation of these strategies and to assessing the outcome of the plan made for the risks to be minimized. It should also bear in mind that continuous learning and communication within the organization is vital for the enhancement of the institution. Risk management is a process that involves assessment, evaluation, managing and measuring of risks involved in an enterprise. Through risk management the implementation of standardization have been developed in business institutions in our society. BIBLIOGRAPHY Books Heldman, K. Project Manager’s Spotlight on Risk Management.1st edition. Sybex Inc. United States of America. 2005 Wu, D. D. Modeling Risk Management in Suitable Construction. 1st edition. Springer Publications. Germany. 2011. Electronic Sources ISO 31000. (2009).Risk Management. http://www.iso.org/iso/home/standards/iso31000.htm European Agency for Safety and Health at Work. Purpose of Risk Assessment. Retrieved from https://osha.europa.eu/en/topics/riskassessment/purpose

My Mom is a Pathological Liar :: Personal Narrative, essay about my family

I think it was my mother who taught me the meaning of honesty. Not because she was honest, but because she lied all the time. She felt that the easiest way out of any given situation was generally the best way out. And, for her, that generally meant telling a "little white lie." As a young child I thought it was kind of cool. And, naturally, when I would come to her with a concern or question wondering what I should do, she generally advised me to lie. "Mom, I told Theresa that I would go over to her house, but now I would rather go to Sue's house to play." "Tell Theresa you're sick," she would advise. And generally I did. But I didn't seem blessed with her lack of conscience. On many painful occasions Theresa would find out that I really went to Sue's house without her. These occasions taught me that it is more painful to be caught in a lie than it is to tell the truth in the first place. I wondered how it was possible that my mother had never learned that lesson. I started thinking of all the lies that I'd heard her tell. I remembered the time she told someone that her favorite restaurant had closed, because she didn't want to see her there anymore. Or the time she told Dad that she loved the lawn mower he gave her for her birthday. Or when she claimed that our phone lines had been down when she was trying to explain why she hadn't been in touch with a friend of hers for weeks. And what bothered me even more were all the times she had incorporated me into her lies. Like the time she told my guidance counselor that I had to miss school for exploratory surgery, when she really needed me to babysit. And it even started to bother me when someone would call for her and she would ask me to tell her that she wasn't there. So, I started my own personal fight against her dishonesty. When I answered the phone and it was someone my mother didn't want to talk to, I said, "Louise, mom is here, but she doesn't want to talk to you. My Mom is a Pathological Liar :: Personal Narrative, essay about my family I think it was my mother who taught me the meaning of honesty. Not because she was honest, but because she lied all the time. She felt that the easiest way out of any given situation was generally the best way out. And, for her, that generally meant telling a "little white lie." As a young child I thought it was kind of cool. And, naturally, when I would come to her with a concern or question wondering what I should do, she generally advised me to lie. "Mom, I told Theresa that I would go over to her house, but now I would rather go to Sue's house to play." "Tell Theresa you're sick," she would advise. And generally I did. But I didn't seem blessed with her lack of conscience. On many painful occasions Theresa would find out that I really went to Sue's house without her. These occasions taught me that it is more painful to be caught in a lie than it is to tell the truth in the first place. I wondered how it was possible that my mother had never learned that lesson. I started thinking of all the lies that I'd heard her tell. I remembered the time she told someone that her favorite restaurant had closed, because she didn't want to see her there anymore. Or the time she told Dad that she loved the lawn mower he gave her for her birthday. Or when she claimed that our phone lines had been down when she was trying to explain why she hadn't been in touch with a friend of hers for weeks. And what bothered me even more were all the times she had incorporated me into her lies. Like the time she told my guidance counselor that I had to miss school for exploratory surgery, when she really needed me to babysit. And it even started to bother me when someone would call for her and she would ask me to tell her that she wasn't there. So, I started my own personal fight against her dishonesty. When I answered the phone and it was someone my mother didn't want to talk to, I said, "Louise, mom is here, but she doesn't want to talk to you.

Essay For Setting :: essays research papers

Essay for Setting   Ã‚  Ã‚  Ã‚  Ã‚  A setting is where and when the story takes place. Most of the setting involves the time and place of the action, and like â€Å"The Three Strangers†, by Thomas Hardy, who presents this short story with good development and distinctive setting. In this work of his, he creates a captivating atmosphere, emphasizes the force that the protagonist struggles with, and he makes it believable.   Ã‚  Ã‚  Ã‚  Ã‚  Hardy creates an environment of rough landscape with phrases like â€Å"Three miles of irregular upland†¦Ã¢â‚¬  (760), thus creating a feeling of insecurity. Hardy also represents it in â€Å"†¦some starved fragment of ancient hedge is usually taken advantage of the erection of these forlorn dwellings† (760). In addition, we see the forming of an environment of danger, like in the passage where it says â€Å"†¦straightway several of the party fell into the snare set by Nature for all misguided midnight ramblers over this part of the cretaceous formation†¦flint slopes, which belted the escarpment†¦losing their footing on the rubbly steep they slid sharply downwards†¦Ã¢â‚¬  (771). Therefore, giving a mood of mystery and of tension.   Ã‚  Ã‚  Ã‚  Ã‚  Second, Hardy emphasizes that struggle between the protagonist and the people or forces acting on them throughout the whole short story. For example, although Mrs. Fennel allows the new arrivals in her house, she seems uncomfortable with them, â€Å"This testimony to the youthfulness of his hostess had the effect of stopping her cross-examination† (764). Similarly, we see that the moment the second stranger gets in the house, the first one tries to create a friendly environment with him, â€Å"†¦and the first stranger handled his neighbor (the second stranger) the family mug†¦Ã¢â‚¬  and also, in the silence of everyone to the second stranger’s song, the first stranger would join in; â€Å"The room was silent when he had finished the verse-with one exception, that of the man in the chimney corner who at the singer’s voice, ‘Chorus’ joined in†¦Ã¢â‚¬  (768).   Ã‚  Ã‚  Ã‚  Ã‚  Third, the author makes it believable when he states places, dates, and regional customs. For instance, when instead of the word tobacco, he places baccy, which was a word from that specific place and time, â€Å"The shepherd filled and handed him a new clay pipe, saying as he did so, ‘Hand me your baccy box- I’ll fill that too, now I am about it’ †(765). Also when it says â€Å"Among the few features of agricultural England which retain and appearance but little modified by the lapse of centuries†¦ †, â€Å"Shaking the water drops from his low-crowned glazed hat, he said, ‘I must ask for a few minutes’ shelter comrades, or I shall be wetted to my skin before I get to Casterbridge.

Amyotrophic Later Sclerosis Essay examples -- Health, Diseases

There are many known diseases in the world that we live in today affecting a wide range of individuals of different ages, ethnicities, and genders. With each type of disease comes a diagnosis, prognosis, and potential for a cure from one of life’s many ailments. Over the course of time, technology has began to lead the way in discovering as well as treating many disease in which doctors previously knew little about. Amyotrophic lateral sclerosis (ALS), often referred to as Lou Gehrig’s disease, was first described in 1869 by French neurologist Jean-Martin Charcot. In 1939 ALS brought international attention when Lou Gehrig abruptly retired from baseball after being diagnosed with the disease(6). Today there are as many as 20,000 to 30,000 people in the United States that have ALS with an estimated 5,000 people being diagnosed with the disease each year. While the disease can affect all races and ethnic backgrounds, it is more common among men than in women. The typical onset of ALS is generally between the ages of forty and sixty, however, individuals that are younger and older can also develop the disease as well. There are no clear risk factors associated in 90 to 95 percent of all sporadic or noninherited forms ALS. Only five to ten percent of all diagnosis’s are inherited from one parent who carries the gene responsible for the disease(2). It is clear that there are many statistics surrounding ALS with such a wide range of unknown potential causes, but what do medical professional know about it thus far? ALS is a rapidly progressive motor neuron disease that affects nerve cells in the brain and spinal cord. Upper motor neurons within the brain are responsible for transmitting vital communication links betw... ...BIPAP(bi-level positive airway pressure)to allow for proper breathing while asleep. Inevitably, patients may even consider the use of other forms of mechanical ventilation for survival. Although ventilation support can help ease problems with breathing as well as prolong survival, it does affect the patient’s quality of life and cost. Over the course of time, advancements in technology have helped to find many potential causes for ALS, however, it is yet to be completely understood. Perhaps on day there will be efficient test(s) to effectively determine a cause of ALS. Once a determination is made on the exact cause of the disease, medical professionals can then began discovering new means of treatment, thus potentially leading to a cure some day. Until then, ALS will remain difficult to diagnose with limited treatment options and an inevitable outcome.

Caged Birds Without a Song

Written within the nineteenth century, both Susan Glaspell’s Trifles and Henrik Ibsen’s A Doll’s House, use symbolism within the play to illustrate how different the roles were between men and women during this time. Reputation and public appearance were viewed as intrinsic forms of value within nineteenth century marriages, as though they were solely the backbone of the marriage’s success. Women were viewed as subordinates, mere extensions of their husbands, creating a strong theme of male dominance that echoes equally throughout both plays. Incidentally, in direct correlation to their false presumptions and patronizing mannerisms toward women, in the end, the men are ultimately responsible for their own fall. In Trifles, the concerns of women are considered to be mere trifles, unimportant or of any value to society, which men are ultimately controlling. The play opens at the Wrights’ home a day after Minnie Wright either did or did not killed her husband. The sheriff, Mr. Peters and his wife, the county attorney, and Mr. Hale with his wife have arrived at Wrights’ the home to find evidence proving Minnie’s guilt or innocence, while she’s being held in prison for the murder. Then men repeatedly comment on the unkempt conditions of the Wrights’ home, particularly the kitchen, implying Mrs. Wright must have been unstable because a home is such disarray is outside their perception what a women’s role entails. It’s during this scene Mrs. Peters calls attention to the exploded jars of fruit preserves, understanding the hard work involved in canning preserves, and Mrs. Wright’s concern that the cold weather would cause her jars of fruit to freeze and burst. â€Å"She worried about that when it turned so cold. She said the fire’d go out and her jars would break† (Glaspell 322). The Sheriff’s response is, â€Å"Well can you beat the women! Held for murder and worryin’ about her preserves† (Glaspell 322). The men view her concern as trivial and unimportant in comparison to the trouble Mrs. Wright is facing. In A Doll’s House, Nora, the protagonist, like other women during this time, was considered property of her husband, Torvald. Women were not allowed to own any type of property or borrow money without the co-signature of a man. Nora’s role as a woman was to take care of the children and make sure everything was perfect within the household. Torvald treats Nora like a small silly girl and believes his wife only focuses on trivial matters. He views her as his prize and at no point does he see her as an individual to be considered equal in their marriage. He continuously coddles her and implies she is a secondary element within their marriage. He calls her his â€Å"squirrel† and â€Å"little lark† in a seemingly affectionate manner, yet the implications of these pet names are somewhat derogatory and imply her abilities are simply to scamper about carefree. He lectures Nora on how to spend their money wisely because to him she does not possess an intricate understanding of business principles. In the weeks leading to Christmas, Nora spent her evenings alone working. Torvald assumes that his wife is using the time spent during these busy nights making trivial family Christmas ornaments and other holidays treats. In reality, Nora is working on side jobs she has acquired for money to repay a loan she illegally acquired during a time Torvald was critically ill. She spends eight years of his or her marriage together trying to keep this scandal secret and repay the loan entirely before anyone had the chance to find out. She knowingly plays into Torvald’s patronizing mannerisms because she knows that he is more concerned with how their marriage looks in public than actually understanding the implications of her actions. Viewing the women as extensions of themselves, in Trifles the men express no desire to see the world through Minnie Wright’s or the other two women’s’ point of view. At first, both Mrs. Peters and Mrs. Hale seemed apprehensive about Minnie’s guilt and which side of the law to be on. It is only after Mr. Hale’s comment, â€Å"Well, women are used to worrying over trifles†, that you feel the women start to draw together in unity. (Glaspell 322). His words imply that women are lacking the common sense and mental focus to pay attention to the important things at the same time suggesting that the men should expect such a character flaw as status quo because they are only women and therefore deal everyday in small, unimportant details. The men venture off in search of evidence proving the guilt of Minnie Wright while the two women are left alone in the kitchen to gather some of the personal items she has requested. As the two women engage in conversation, they begin to reminisce about the woman who they once referred to as â€Å"friend. † A short time into this task they discovering an empty, damaged birdcage. Unsure of the cage’s purpose the women begin hypothesizing why it would be in the Wrights’ home. During their discussion Mrs. Hale states, â€Å"She—come to think of it, she was kind of like a bird herself—real sweet and pretty, but kind of timid and –fluttery. How—she—did—change† (Glaspell 328). Upon further investigation the women find the bird, a canary, wrapped in a piece of silk tucked away in Minnie’s sewing box; it was dead, someone had wrung its neck. Again thinking of Minnie, Mrs. Hale states, â€Å"No, Wright wouldn’t like the bird—a thing that sang. She used to sing. He killed that, too† (Glaspell 329). Of course, the canary is what ultimately proves Minnie Wright’s guilt, but because the women are able to acknowledge what makes this discovery so significant, they empathize with Minnie, and without ever voicing their decision to do so, they never tell the men. The concept that women are viewed as an extension of their husbands is also seen in A Doll’s House, when Torvald learns of Nora’s deception and illegal loan. He says to her, â€Å"Oh, what an awful awakening! In all these eight years—she who was my pride and joy—a hypocrite, a liar—worse, worse—a criminal! How infinitely disgusting it all is! The shame! I should have suspected something of the kind. I should have known†¦. all your father’s flimsy values have come out in you. No religion, no morals, no sense of duty—Oh, how I’m punished for letting him off! I did it for your sake, and you repay me like this† (Ibsen 245). Torvald continues this rant as he attempts to sort out what actions he should take next, â€Å"This thing has got to be hushed up at any cost. And as for you and me, it’s got to seem like everything between us is just as it was—to the outside world, that is. You’ll go right on living in this house, of course. But you can’t be allowed to bring up the children; I don’t dare trust you with them†¦ from now on happiness doesn’t matter; all that matters is saving the bits and pieces, the appearance† (Ibsen 246). He is so consumed with himself and how the implications of Nora’s actions affect him that he is completely blind to the fact she now understands how he truly views her, incapable. It is this defining moment in which Nora boldly states, â€Å"When your big fright was over—and it wasn’t from any threat against me, only for what might damage ou—when all the danger was past, for you it just as if nothing had happened. I was exactly the same, your little lark, your doll, that you’d have to handle with double care now that I’m turned out so brittle and frail. Torvald—in an instant it dawned on me that for eight years I’ve been living here with a s tranger, and that I’d even conceived three children—oh, I can’t stand the thought of it! I could tear myself to bits† (Ibsen 252). Nora then decides she will no longer carry on this martial masquerade and leaves Torvald for good. As stated above, in both Susan Glaspell’s Trifles and Henrik Ibsen’s A Doll’s House, the men are ultimately responsible for their own fall in the end. The men maintain their view of women being subordinates and they are often dismissive regarding anything involving even the general realm of women. Each play uses symbolism within the context to illustrate just how different the roles of men and women were during this time and how reputation and public appearance were viewed as intrinsic forms of value within nineteenth century marriages.