Benchmarks And Goal Setting Education Essay

Adult scholars bring a particular set of fortunes to the tabular array when they decided to go on their instruction. Their ends tend to be really different from those of younger scholars. They tend to convey a batch of life experiences with them that affect the manner they view larning. The benchmarks that they set should be really come-at-able and mensurable so that the scholar can experience as if they are doing the advancement that they want to. Adult scholars are really goal-oriented. They want to see that they are doing advancement and have a great desire to accomplish success. Many grownup scholars feel at hazard in an educational so in order to accomplish a successful and synergistic session, facilitators must demo their regard and support for grownup scholars. Puting single ends and mensurating accomplishment is an indispensable accomplishment for many scholars today. Depending on the person, ends may be set deliberately or subconsciously. If this procedure is applied to the acquisition environment pupils should be provided with the tools of goal- scene and accomplishment monitoring. A figure of research workers have suggested that goal-setting patterns can be utile, can impact academic accomplishment and can forestall pupil abrasion. In add-on, it was suggested that supplying non merely goal-setting patterns but besides uniting these patterns with progress feedback can hold an even greater consequence on academic accomplishment than carry oning goal-setting activities entirely without benefit of teacher feedback. It has been shown that the undermentioned three chief factors, setting-goals, self-assessment of public presentation against the ends, and having teacher feedback have been most helpful for scholars in accomplishing success ( Kat o, 2009 ) . Andragogy is perchance the first acquisition theory specifically for grownups. It follows the premise that grownups learn otherwise than kids because they have had more life experiences and are autonomous. It besides holds that information must be used shortly after its presentation for grownups to accept and absorb the acquisition. Additionally, Knowles identifies several countries that define the manner grownups learn. Adult scholars have great trade of experience to add to the acquisition environment. Educators can frequently utilize this as a resource. Adults expect to hold a high grade of influence on educational subjects and how they are to be educated. Adults need active engagement in planing and implementing their educational plans. Adults must recognize the relevance of any new acquisition. Adult scholars look frontward to to holding a high grade of influence on how their acquisition will be evaluated. Adults expect their feedback on the plan ‘s advancement to be acted upon in a timely manner ( Kelly, 2006 ) . Adult scholars are really goal-oriented. They want to see that they are doing advancement and have a great desire to accomplish. Many grownup scholars feel at hazard in an educational scene. Self-esteem and self-importance can be compromised in an environment that is non perceived as safe and supportive. In order to accomplish a successful and synergistic session, facilitators must demo their regard and support for grownup scholars ( Kelly, 2006 ) . Autonomous acquisition ( SDL ) accomplishments are the frequently the foundation of womb-to-tomb acquisition. Teaching intends to accomplish at least two indispensable ends for all pupils: to increase cognition with regard to peculiar content and to develop accomplishments that will function pupils good, even beyond the environment of a specific class. It has been found that from a schoolroom experiment that was designed to measure pupil public presentation with regard to the 2nd end of skill acquisition, specifically the accomplishment of autonomous acquisition ( SDL ) was most of import ( Dynan, Cate and Rhee, 2008 ) . A successful goal-setting procedure that focuses on direction and acquisition is cardinal to good educational pattern. Puting ends allows grownup instruction pupils to stipulate what they want to carry through and provides a benchmark for both single and plan public presentation. Goal scene is an synergistic procedure that involves scholars in, placing and entering their ends, finding whether the ends are come-at-able and mensurable, making a timeline for accomplishing them based on an appropriate instructional program and relevant acquisition activities and set uping a agency for periodic reappraisal and alteration of their ends ( NRS Tips: Learner Goals and NRS Goalsaa‚ ¬ † Making the Connection, n.d. ) . The best ends that can be set normally have five basic features: Precise ends let pupils cognize what they are endeavoring for and give them a clear mark at which to take. Measurable ends allow pupils to cognize when they have achieved their ends. Accomplishable ends are those within a studentaa‚ ¬a„?s range. Reasonable ends achieve a balance between forcing pupils to their bounds and non thwarting them. Time-limited ends create due day of the months that push pupils to finish a end. A timeline should include periodic cheques on advancement ( NRS Tips: Learner Goals and NRS Goalsaa‚ ¬ † Making the Connection, n.d. ) . Establishing grownup scholar ends defines the countries in which direction and acquisition will be focused in add-on to supplying a benchmark by which plans and pupils study advancement. To function this double intent, it is indispensable to distinguish between short and long-run mileposts. It is necessary to update the studentaa‚ ¬a„?s end choice if their state of affairs alterations. It may be suited to curtail the pick of certain ends when their choice is inappropriate. Programs must supply counsel so that grownup scholars select describing ends that are sensible. Plans are encouraged to utilize common sense when assisting pupils choose ends ( Requirements for Student Intake and Description of OAE Adult Learner Assessment Policies and Procedures, 2008 ) . Physical and cognitive alterations that take topographic point as people age are of import to observe because they can hold an affect on grownup acquisition and on the ends that they set: Older pupils have slower reaction times than younger scholars. They need more clip to larn new things as they age, nevertheless, when grownups can command the gait of acquisition, they can frequently efficaciously counterbalance for their deficiency of velocity and larn new things successfully. Vision normally declines from the age of 18 to 40. After 40 there is a crisp diminution for the following 15 old ages, but after age 55 the diminution in vision occurs at a slower rate. Approximately at age 70 a individuals hearing Begins to worsen aggressively and a individual begins sing jobs with pitch, volume, and rate of response. Loss of hearing can be compensated for through the usage of hearing AIDSs, but frequently older pupils may be embarrassed by their hearing loss and experience less confident. This diminution in assurance can go a greater hinderance to larning than the physical disablement. Few changes have been found in both centripetal and short-run memory as a individual ages, but long term memory diminutions. Older grownups have a harder clip geting and recovering information and they experience troubles in forming new stuff and in treating it. Older grownups are non every bit able as younger scholars in trials of callback, but the differences between older and younger scholars in trials of acknowledgment are little or absent. When contextual acquisition methods are used, fewer diminutions have been found in the memory procedure as a individual ages. The most jobs with memory for older scholars occur with meaningless acquisition, complex acquisition, and the acquisition of new things that require reappraisal of old acquisition ( Adult Learning, n.d. ) .DecisionAdult scholars bring a particular set of fortunes to the tabular array when they decided to go on their instruction. Their ends are really different from those of younger scholars because of the fact that they have so much life experience to trust upon. The benchmarks that they set need to be non merely come-at-able but besides need to be really mensurable so that the scholar can experience as if they are doing the advancement that they want to.

Managing Market Acceptance (Case Study)

Field course ‘Developing for Markets’ 2011 Case 2 BD Group: Introducing the Chicka Phone 1 Contents Introduction:3 Part 1 – Influencing market acceptance in a consumer market3 1. 1 Knowledge phase3 1. 2 Persuasion phase4 1. 3 Decision phase4 1. 4 Implementation phase4 1. 5 Confirmation phase4 Part 2 – Influencing market acceptance in a B2B market4 2. 1 Influencing individual members of the DMU5 2. 2 Influencing the customer firm5 2. 3 Influencing a whole market segment5 2. 4 Influencing several market segments6 Part 3 – Evaluating market acceptance6 3. 1 Evaluate Market acceptance in an consumer market6 3. Evaluate Market acceptance in an B2B market7 Reference list8 Introduction: In this case we will treat different aspects in the field of Business Development. The theme is developing for markets, where the processes of adoption and diffusion will be elaborated. To illustrate the theory behind these processes, a case will be presented about a new sta rt-up company, which is named the BD Group. The BD Group has been innovating their communication systems, and want to bring it to the market. For the consumer market, the BD Group wants to bring a new consumer phone: the Chicka Phone 1. This phone holds their new and nnovative technology addressing in particular the needs of students who are much socially active. For the B2B the BD Group is interested in exploiting the technology to other companies. This paper focuses on aspects a company should take into account before bringing a new product to a market and how it can evaluate the market acceptance when a product is actually launched. The former will be addressed in two parts in this paper. In the first part will be referred specific marketing tools that can be used when bringing a new product to the consumer market, and in the second part, this will be done for bringing a new product to a B2B market.The third part will show how to evaluate the market acceptance when the product is actually launched to one (or both) markets. Part 1 – Influencing market acceptance in a consumer market Many proactive firms try to positively influence market acceptance of their newly introduced products. This means that this company has to deal with both (1) the adoption processes at the level of individual customers and (2) the diffusion processes at the market level. In order to do so, a company can use different tools. In this section these tools will be addressed.This will be done using the model of Rodgers (1995) of Stages in the innovation decision process, see also figure 1. The theory will be illustrated by using the case of BD Group. Figure 1: A Model of Stages in the Innovation-Decision Process (Rodgers, 1995) A new company, called the BD Group is going to bring the new Chicka Phone 1 to the market. Different actions have to be considered by BD Group in the adoption process, this to influence the adoption at the individual level. In each phase of the innovation- decision process; the knowledge, persuasion, decision, implementation and confirmation phase, different tools are needed. . 1 Knowledge phase â€Å"Knowledge occurs when an individual (or other decision making unit) learns of the innovation's existence and gains some understanding of how it functions† (Rogers, 1995, p. 20). In the knowledge stage innovators and early adaptors become most engaged. In this stage, information from a different variety of sources and references (statistics etc. ) will be most effective in increasing awareness and adoption of the Chicka Phone 1. Knowledge should be spread in different kind of forms, from commercials to face to face contact with potential customers for the Chicka Phone 1. 1. 2 Persuasion phase Persuasion occurs when an individual (or other decision-making unit) forms a favorable or unfavorable attitude toward the innovation† (Rogers, 1995, p. 20). The persuasion stage is about uncertainty reduction for the customer. The custom er wants to learn about the consequences the innovation will have on his or her personal situation (Rogers, 1995). Interpersonal networks play an important role, as customers are likely to be influenced by subjective evaluation of their peers (Rogers, 1995). In practice, this means that the information needs to reach a select group of customers first, before it can travel via worth of mouth.The groups to be reached first by the BD Group are the innovators and the early adopters. As these groups are eager to figure out more about the innovation, they can be presented with comparison charts and an overview of the benefits. Other persuasive communications tools that fit into this phase are benchmarks, cost comparisons and product reviews (Brenner, 2007). Once these groups are convinced of the value of the product they will start communicating with the early and late majority, which will lead to the laggards. 1. 3 Decision phase Decision occurs when an individual (or other decision-maki ng unit) engages in activities that lead to a choice to adopt or reject the innovation† (Rogers, 1995, p. 20). Again, the customer wants to reduce uncertainty and is likely to be influenced by subjective evaluations within his or her interpersonal networks in this stage (Rogers, 2010). To address this problem, the effect of word of mouth should be enhanced by positive confirmation from other sources. This can be done by the use of social media and free communication channels such as YouTube. com.Providing positive product reviews will help the customer to make the right decision process. 1. 4 Implementation phase â€Å"Implementation occurs when an individual (or other decision-making unit) puts an innovation into use. Re-invention is especially likely to occur at the implementation stage† (Rogers, 1995, p. 20). In the implementation stage marketing and communication will become more and more important. Ongoing communications should be used to satisfy the customers of t he BD Group. A good customer service that has a high availability can be integrated in the organization to satisfy customer needs.Also, a platform for customer feedback is needed, as re-invention is likely to occur. 1. 5 Confirmation phase â€Å"Confirmation occurs when an individual (or other decision-making unit) seeks reinforcement of an innovation-decision that has already been made, but the individual may reverse this previous decision if exposed to conflicting messages about the innovation† (Rogers, 1995, p. 20). Dissatisfaction should be prevented, therefore communication channels should be established to provide proper service.Adjusted and improved versions of the phone should be considered to keep the customers satisfied and attract potential customers. Part 2 – Influencing market acceptance in a B2B market Influencing market acceptance in a B2B market differs of that in a consumer market. In a B2B market, decisions to implement a technology is usually not mad e individually, but involves a comprehensive Decision Making Unit (DMU), consisting of both individuals inside the customer firm and outside organizations (such as consultants).Therefore influencing market acceptance in a B2B market, is a more complex process and before it is done, there should be made a clear distinction of trying to (1) influence an individual members of the DMU, (2) influence the customer firm, (3) influence a whole market segment, or (4) influence several market segments. The BD Group wants to sell their technology to other businesses. The technology concerned is a sophisticated communication technology, and the company is convinced this technology could have many benefits for other businesses. 2. Influencing individual members of the DMU Influencing individual members of the DMU is comparable with individuals in a consumer market, only the influence is mainly limited to the knowledge and persuasion phase. The process for doing so, is called diffusion. Diffusion is the process by which an innovation is communicated through certain channels over time among the members of a social system (Rogers, 1995, p. 35). So when the BD Group wants to influence individual members of the DMU,   they have to reach them personally or trough their social systems.An effective way of acieving this, is by offering the new equipment directly to these individuals, or to his or hers direct colleagues. When offering the communication system to this individual or his or hers social contacts, the benefits and the novelty of the product should be emphasized. But because it concerns complex equipment only approaching the individual and explaining the benefits and novelty, would probably not be sufficient. In order to convince him or her, this person also has to experience the product.To ensure a sufficient experience, (1) a trial version of the system could be offered, combined with a tutorial which shows the ease of use and the novelty of the product, or (2) a try- out event could be organized, in which the individual can directly ask questions to product experts when needed. These offers should of course meet the knowledge the individual that (might) already possess, and also should be realizable in terms of costs and technical possibilities for offering these instances. 2. 2 Influencing the customer firmBD Group could could also try to influence the whole customer firm. Influencing the customer firm can be done by reaching multiple levels within the firm. Given the likelihood of the presence of individuals of multiple classifications of the adoption model, i. e. innovators, early adopters, early majority, late majority and laggards, the manufacturer should consider methods to reach these different segments, since this will result in a different attitude of the people within the firm towards the communication system.In order to make the communication system known to an organization, possible innovators and early adopters should be identified, because they can be ‘used’ in later stages to convince the early and late majority to adopt the system, because late adopters overweight the current system’s benefits over the new one by a factor of three (Gourville, 2006). The innovators and early adopters can be regarded as the first ones which are enthusiastic about the system, even when it is not flawless yet.Since they like to try something new and are regarded as the ‘opinion leaders’, they can convince decision makers to make use of the system. To ensure that they are convinced themselves, evidence from research, press releases or other third party confirmations could be provided to them. 2. 3 Influencing a whole market segment Because the technology of BD Group is sophisticated, it could also try to get market acceptance by emphasizing one particular part of the technology that really stands out, and offer this for free.By addressing one specific need or a service, and offer that particular service for free, the whole technology would be taken for granted. A good example of this came of another telephone technology business, RIM, it has made its service (ping) for free, but earned money by selling phones. Another possibility is to use traditional marketing tools, like advertisement campaigns. By using specific trade journals which can be addressed to specific market segment, businesses of this specific segment could get aware or familiar with the new communication system. Also using existing ‘partners’ can be beneficial.So could BD Group work together with another (mobile) phone company, like Motorola, to use their market access to make a market segment familiar with the new system. In addition to specialist journals an organization can also use specific Internet pages to inform visitors about the new system and offer them an easy opportunity to learn more about the system. This should not be done by so called banners, since many visitors find them annoyin g, but by creating a short bulletin on the home page for example. Finally, an organization can use an exhibition at which they can physically show the system to potential users.However, the effectiveness is really depending on the market segment, but the advantage is that an exhibition will mostly be visited by higher involved people of DMU’s in the segment. 2. 4 Influencing several market segments To influence the broadest group of several market segments, an organization could try to influence the end user of the communications system, notwithstanding the fact that the company is active in a B2B market, to make them aware of the product and convince the different market segments that there is enough demand for the new communications system.This influencing of the end user could be done with broadcasting tools which will have the greatest potential reach. That are television commercials, radio messages and some Internet advertisements, excluding banners since these are more suited for products with lower involvement of the user. Part 3 – Evaluating market acceptance Market acceptance can be described as the process in which a good or service satisfies the needs of a sufficiently large number of customers or business customers to continue or increase its production or availability.With this definition in mind, a set of variables will be put forward to measure the degree of market acceptance in the mobile phone market. BD Group will use these variables to measure the success of the Chicka Phone 1. First factors that can influence market acceptance of the consumer market are proposed and will be explained how to analyse these factors. After that, the same will be done for the B2B market. 3. 1 Evaluate Market acceptance in an consumer marketBy Huizingh (2008) it is stated that the adoption decision, which is the decision from a consumer or a company to buy a certain product, depends on four variables: perceived product characteristics, activities of the supplier, characteristics of the customer and external factors. Therefore, for the BD Group it can be stated that the degree of market acceptance that will be achieved for the Chicka Phone 1 depends on these factors. Figure 2: Diverse group of factors which determine market acceptance of an innovation In the competitive industry of mobile phones it might be difficult to find market acceptance.Moderators influencing market acceptance are mentioned above in a model. Variables that BD Group, a supplier of the new mobile phone can use to measure the market acceptance of customers can be the following: * Amount of complaints of customers * Intensity of use * Total base of customers * Profits on the Chicka Phone 1 * Increase of selling in different phases of the PLC * Amount of positive comments in social media * Amount of positive comments in expert sites The different variables are chosen, because of their relationship with market acceptance.This are indicators of market acceptance and are directly measurable. The indicators are measuring the degree of market acceptance from the customers of the Chicka Phone 1. Factors influencing the degree of market acceptance of BD Group are different than the indicators mentioned. These are discussed in figure 2. 3. 2 Evaluate Market acceptance in an B2B market Following the same reasoning mentioned earlier, the influencing factors of the degree of market acceptance for the BD Group are: perceived product characteristics, activities of the supplier, characteristics of the customer and external factors.Rogers argued that the rate of adoption of an innovation is determined by the perceived attributes of the innovation (relative advantage, compatibility, complexity, trialability, and observability), the type of innovation-decision (optional, collective, authority), communication channels (mass media or interpersonal), the nature of the social system and the extent of change agents’ promotion efforts. However, due to t he specifics of B2B market, the measuring variables differ comparing to consumer’s market. Economic factors: initial cost may affect its rate of adoption, therefore by decreasing the price during diffusion process; a rapid rate of acceptance can be expected * Status aspects: one motivation for organizations to adopt an innovation is the desire to gain social status (for example the CE mark on products increases customer’s trust, therefore many companies want to have it on their products and pay significant fees to such organizations) * Relative advantage: as organizations pass through the decision process, they are motivated to seek information in order to decrease uncertainty about the relative advantage of an innovation.Potential adopters want to know the degree to which a new system is better than the existing one. * Preventive innovation: in order to lower some unwanted future events, an organization might adopt the new system. * Compatibility: with socio-cultural values and beliefs; previously introduced systems/ideas; client needs for the innovation. Reference list Brenner, B. K. (2007). Adopt a Marketing Model to Increase Client Satisfaction. Journal of Financial Service Professionals, 61(3), 8 – 10. Gourville, J.T. (2006). Eager Sellers, Stony Buyers. Harvard Business Review,84(4), 99 – 106. Huizingh, E. H (2008), Innovatie Succes is geen toeval Frambach, R. T. and N. Schillewaert (2002), Organizational Innovation Adoption; A Multi-Level Framework of Determinants and Opportunities for Future Research, Journal of Business Research, 55, 163-176 Rogers, E. M. (1995). Diffusion of innovations (4th ed). New York: The Free Press. http://www. slideshare. net/davidonoue/diffusion-of-innovation-slides-for-chapter-6

Marks and Spencer’s Company Analysis Essay

Marks and Spenser is the largest retailer in UK, and 43rd in the world. The company owns more than 1103 stores, of which 703 – in the UK, and the remaining 400 in 44 other countries (Marks & Spencer, 2013). M&S has been known as a manufacturer of clothing, but since the 2000s, the company developed in other areas, including: food, household good, financial services. In 1998, M&S became the first British retailer profit of which exceeded  £ 1 billion (Bevan, 2002). This essay will focus on origin and key developments. Also, it will touch on strengths, weaknesses, opportunities and the threats the organization faces. M&S started as a small household shop which established by Michael Marks in 1884. Because he frequently traded with a supplier, he knew Tom Spencer who was a cashier in this warehouse. It is the person who invested ï ¿ ¡300 into M&S to further expand (Harvey & Walker, 2012). From this year, the small shop began to trade under the name ‘Marks and Spencer Penny Bazaar’. Simon Marks, Michael’s son, took over M&S in 1916. In order to be outstanding from fierce competition, Simon went to America for gaining experience and absorbing useful ideas. During the period from 1930s to 1940s, M&S witnessed a rapid growth. In 1927, M&S went public. Between 1929 and 1939, its profits rose by about 21million to nearly 25 million. At the same time, M&S introduced the concept of CRS, which is one of the key determinants for its success. CRS is responding to the needs of a company’s stakeholders, especially staff. In the late of 1940s, the Second World War collapsed. Britain went through a huge recession. A considerable number of people live in impoverished, the gap between different classes broadened. Some people showed their anger by ruining infrastructur es and stores. The implement of CRS improved the condition of employers and established good image. As a result, M&S recovered quicker than other companies. According to Marketline, 2012, quality is a major strength of Marks & Spencer since the company was founded. It makes Marks & Spencer recognised as a high-valued company which offers its outstanding quality goods as well as reasonably priced products. Consequently, this results in advantages regarding foods over its competitors such as Sainsbury and Tesco. A wider range product than other rivals is also the key of Marks & Spencer’s success; namely, menswear, womenswear, childswear, household goods and foods. By its strategy, it contributes company to launch specific products to respond consumers’ needs and satisfaction, for example gluten-free bread and cakes for egg-allergic patients. A variety of foods is the essential part for Mark & Spencer with regard to company’s profit, with 51% of total revenue (Marks & Spencer, 2013). Conversely, Marks & Spencer is heavily criticised in terms of clothing and stocking. Clothing design is one of the most factors in which customers are likely not to buy because of its old-fashioned design compared to other up-to-date clothing retailers; Top-shop, Next, Zara (FT, 2012). It significantly leads to the decline on clothing business for Marks & Spencer. Meanwhile, stocking was an area that M&S has to improve in the way which the company cannot meet the demands of its customers. The shortage of clothing causes customers losing their confidence in Marks & Spencer, and therefore, has an impact on somewhere, especially clothing sales (FT, 2012). According to M&S company website, Shwopping is a brand new environmentally commercial marketing strategy, which could be used to get a new cloth by changing an old one. Owing to this programme, M&S is able to collect as much second-hand clothing as it could, taking advantages of these materials to make new stuff; or donating them to poor regions. For M&S, this is a â€Å"one stone, three birds† commercial opportunity, as it may enjoy being a friendly-environmental company which contributes to a positive reputation; also it is likely to get a cheaper resource to make clothing; in addition, a growing number of customers would like to shop M&S, resulting from the â€Å"buy one, get one† culture. On the other hand, M&S’s clothing department is facing a huge risk. Hickman (2012) states that although M&S is popular with older women, it is losing the market for younger generation due to its out-of-date style. That is because there are many more fashionable shops on the high street, such as ZARA, H&M and NEXT. According to Butler (2013), M&S has witnessed a drop of 3.8% in revenues of clothing and homewaes in the last three months of 2012. Unlike M&S, for example, ZARA has created a â€Å"fast and cheap fashion† culture for all ages (Hickman 2012). As a result, there is a strong likelihood for M&S’ managers to think about ways in order its old-fashion image. In conclusion, it has been seen that Marks and Spenser is a successful company that has always offered best quality products, which is how it was able to keep afloat and succeed. Also, It has been shown that recent years Mark and Spencer has been faced difficulties with customer loyalty and â€Å"not fashionable† trends. In order to keep its unique position in the market, M&S needs keep a solid hold on its values and principles, but at the same time leave some space for change. Also, M&S should expand to new market places to countries like China and India, and consider essential moments about that a different market will always have different demand. Finally, Marks and Spenser should keep up with the latest fashion trends, constantly reviewing interior design of its stores and sustain the feel good factor of shopping in M&S.

To which Performance Appraisal Meets the Requirements of the Essay

To which Performance Appraisal Meets the Requirements of the Organization for Improved Performance from Employees - Essay Example This paper discusses the pertinent understanding of the performance appraisals and how these have meant pure value for the organizations when they are trying to encourage their employees as well as to keep a check in terms of uplifting their morale. The performance appraisal system has gained worldwide recognition because it is accepted everywhere. It is the basis of determining which areas are the most strongest and where a general sense of lacking was observed throughout the year. The employees are monitored annually which means that their entire year’s working regimes are scrutinized properly and then only a solution is found out which shall solve their quandaries if they had any during the last year (Booth, 2006). If they met their targets and achieved outstanding results, then there is reason enough to believe that the performance appraisal worked in essence, and it gained what it really had to achieve in the long term scheme of things. The performance appraisal is such a n important barometer for finding out the areas where more success could be achieved and where negativities could be subsided. This is the reason why the performance appraisal system has been given the legal cover that it richly deserves, and its clauses have been backed up by research, evidence and logic. The past records have been adequately understood before a decision is made to find out where the employees went wrong and what have been the areas that they have not been able to tap (Donovan, 2011). Moving further ahead, these performance appraisals highlight how good the employees have been as well. Even the minutest of their successes and achievements are highlighted and projected to the employers who now have to make a decision as to whether the employees deserve a raise, a promotion or any other financial lift-up. This is because the performance appraisals are usually very daring and look to find the positives and negatives in a cut throat fashion. There are not any negatives that will not be covered during the length of the performance appraisals and this has been duly mentioned within the coining up of the performance appraisals. The people who are drafting these performance appraisals have to take into consideration a number of areas so that the employees do not feel left out of the whole equation and believe in getting what they truly deserve (Shaw, 2011). It is their collective effort which counts for the work to become better and more organized within the contexts of the organization. The employees therefore receive what they want to achieve if they have given their best and made the organization aware of their endeavors, efforts and undertakings. This shall solve quite a lot of problems that other performance related systems might just skip. Maximizing individual performance is the need of the hour as far as the organizations are concerned. This is because individual performance can only be enhanced and improved upon if whole-hearted and concerte d efforts are put into place (Beer, 2011). This has been proven true with the advent of time and much success will eventually

Assessing a Company Welness Plan Essay Example | Topics and Well Written Essays - 1500 words

Assessing a Company Welness Plan - Essay Example The management should strive to capture the demographic information of all the employees including their medical history and wellness needs. The management should also incorporate the needs of the employee spouses and dependants in the wellness plans in order to attract full participation of all the employees. Cost shifting and reducing the employee benefits in order to provide the wellness programs may attract a lot of resistance from the employees Company wellness plan Introduction Employers are now expected to create safe working environments, improve the employee health and implement programs which reduce the medical costs as well as increase the employee work efficiency (Jackson, Schuler & Werner, 2012). Employers are also expected to meet the workplace health regulations set by the local and State regulatory authorities hence the company wellness plans can be customized to meet these needs. The company wellness plan should include wellness facility planning, health and producti vity plans, executive health programs, employee health improvement plans, on-site health care and worker’s compensation management (Jackson, Schuler & Werner, 2012). ... Customized Company wellness programs are beneficial to the organization and cost effective to the employer (Bray, 2009). Company wellness plans have numerous benefits to both the employers and the employee. The plans result to increased productivity, less absenteeism and reduced disability claims (Bray, 2009). Health promotion in the wellness plan gives the employees a sense of ownership of the program hence they can work together to improve the safety standards in the organization (Jackson, Schuler & Werner, 2012). Tobacco smoking is one of the leading causes of respiratory related diseases hence implementing tobacco cessation programs in the wellness plan can help the company retain most of its skilled employers and reduce the costs associated with recruiting and training new employees. Companies benefit greatly from prevention of violence in the workplace and diversity education since the wellness plans result in economic savings (Jackson, Schuler & Werner, 2012). Obesity and toba cco provoke indirect hazards related to health care hence the company can improve the welfare of the employees by addressing these health challenges. The Company wellness program develops a Company culture of shared beliefs and norms where employees know that they are expected to exhibit a particular healthy behavior and lifestyle (Jackson, Schuler & Werner, 2012). Companies face numerous challenges in implementing the wellness plans. The main challenge is the availability of demographic data of the employees. Companies’ employees comprise different age groups each with unique health needs (Bray, 2009). The company may face challenges in obtaining the disease history of the employees since such information is

Business Valuation of Tesco Research Paper Example | Topics and Well Written Essays - 1000 words

Business Valuation of Tesco - Research Paper Example The paper discusses reasons resulting in the declining performance of Tesco. In the recession time, when other competitors like Wal-Mart, Sainsbury’s, and Carrefour have been facing severe problems, Tesco has adopted strong strategic plans to cope with the financial crisis. In the years following the financial crisis period, the company has reported a declining profit, despite the fact that profits yielding from its operations were greater, but the consumers’ behavior remained ineffective. Tough competition among competitive companies led by low-profit margin pricing and marketing activities has been observed during 2012-2013. The company has maintained strong policies and strategies to overcome obstacles (Miller, 2005). The analysis of the performance of Tesco shows that the competition has led the company to initiate steps to minimize its costs. It has enabled the company to increase its profit margin when consumers hesitate to spend. On the other hand, an effective a nd innovative platform in the operational side of the business has been observed (Naunheim, 2011).  As the consumer’s behavior model has changed in recent years, this strategy of Tesco has regained the confidence of consumers and has increased its sales volume. The analysis of the five-year financial information (see Table 1) depicts that the company’s stock price has been fluctuating with the changes under economic circumstances (Naunheim, 2011). Tesco’s stock price peaked during 2009-2010, whereas a gradual fall was observed in 2010-2011, but a major decline in stock prices was in 2012-2013 (Dinkhoff, 2009). According to financial data, there has been a major decline in 2012. Amongst competitors in the retailing and grocery merchandising industry, Sainsbury’s stock value has been gradually increased during 2009-2011. By the end of 2011, the company’s stock peaked, and after 2011 a gradual decline in the Sainsbury’s stock prices has been observed (Dinkhoff, 2009). Sainsbury’s market price has not fluctuated like that of Tesco during 2011-2012.  

Review book reviews on the book By His own Hand The Mysterious Death Essay

Review book reviews on the book By His own Hand The Mysterious Death of Meriweather Lewis - Essay Example This review explains the book in terms of a courtroom setting in which Holmberg argues the case for suicide, Guice argues against it and Buckley gives instructions to the readers who are supposedly the jury. Morris then gives some details about the contribution of these three scholars in three different paragraphs. First it discusses Holmberg’s work on contemporaneous sources that support the case for suicide in addition to that Holmberg answers the questions raised by critics of the suicide theory. In the next paragraph, Guice’s work on regarding the details of suicide theory as unreliable are discussed. Finally the review takes note of Buckley’s work on presenting recent studies on Lewis’ death. The review then adds to the information of readers that there is a document section comprising of nine documents related to the death of Meriwether Lewis at the end of this book. This document section basically lets the reader of the book decide what actually hap pened. At the end of this review, Morris recommends this book to everyone who is interested in the case of Meriwether Lewis’ death. The next review is by Todd A. Herring from Lincoln University. This review starts with the instance of Meriwether Lewis’ death as well. It tells us that up till now this case has been a subject of surmise. The reviewer introduces the three contributors of this book namely John D. W. Guice, James J. Holmberg and Jay H. Buckley. The reviewer suggests that the analysis presented in this book leads the readers to the conclusion that Meriwether Lewis took his own life. However, in the previous review no such conclusion was drawn. The review talks about Guice’s work that supports the possibility of murder but considers it implausible. The review then talks about the factors that contributed to Lewis’ suicide, which involve, severe alcoholism, financial difficulties, manic-depressive disorder, failure as a territorial governor and i nability to find a wife. Herring makes reference to a recent controversial contention regarding Lewis’ death which according to the reviewer has not been mentioned in the book. This contention involves William Clark. This review describes the book as a compilation of Guice’s assembly of scholars’ theories, Primary documents and Jay H. Buckley’s bibliography. In the end the reviewer does takes account of the fact that Guice’s work does leave some doubt in the minds of the readers. According to this review this volume is an excellent model for historians and has come closer to the apparent truth than any other previous investigation. The review by Dennis Lythgoe starts with the mysterious death of Meriwether Lewis and the details associated with it. The review tells us that it has been assumed that Lewis took his own life but there were no eyewitnesses. Further the reviewer claims that even William Clark and Thomas Jefferson assumed that Lewis was no t murdered but committed suicide. Then the review moves on to the book and one by one introduces the four scholars and gives a description of their work that has been presented in this book. According to this review, Clay Jenkinson outlines the facts and describes the problems known from the evidence, Holmberg argues for suicide, Guice argues for murder and Buckley concludes the case after assessing both types of arguments. This non scholarly review also regards the book as a courtroom trial. Later in the review the reviewer highlights Buckley’

Economic Background of Tesco Case Study Example | Topics and Well Written Essays - 1500 words

Economic Background of Tesco - Case Study Example As a group its turnover is 28 billion per year and even as a leader it continues to build market share because of its winning strategy.( Corporate Watch, 2004). In this paper we aim to get an insight into Tesco's economic strategy and analyse the different problems it currently faces and might encounter in the future. We also aim to present plausible solutions to tackle the stated problems. Tesco has an insatiable appetite for space, and relentlessly pursues the best new sites. When it comes to just number of stores and locations, Tesco leaves its rivals standing. In the 1960s, Tesco was buying up literally hundreds of grocery stores and small grocery chains around the country. It introduced 'Home 'n' Wear' departments into larger stores to carry higher-margin non-food merchandise, including clothing and household items, and opened its first 40,000ft 'superstore' in Crawley, Sussex. In 2002, it stunned experts and the competition by buying T&S, a chain of 850 convenience stores across the country. The deal doubled the group's store count in the UK at a stroke. The scale of it allowed them to capture quite an increase in market share, and they really caught the rest of the industry off guard. Learning from its past mistakes, Tesco diversified its level of products and prices to appeal to all income brackets in the same store. Tesco offers three distinct ranges of own-brand products, from Value to Finest, priced to attract all types of shoppers to its stores. Therefore in spite of its humble beginnings as a 'thrifty' store, Tesco now has more upmarket customers than M&S and Waitrose put together attracting 15 million customers per week to its stores comprising of the high and low income customer segments. Investing in Growth, Diversification and Expansion-Thinking Big: Tesco has multiplied its power and standing by reaching far and wide both in terms of diversification and expansion in terms of products and locations. It has expanded its grocery retailing at home in UK by finding innovative and energetic in finding ways to expand, such as making a large-scale move into the convenience-store sector, which the major supermarket chains have traditionally shunned. Tesco has found stunning success in its diversification to non-food business. In 1974, in a deal with Esso, Tesco began to open petrol stations on the grounds of its superstores. The idea was successful and by 1991 Tesco was the country's largest independent petrol retailer: it now accounts for 12.5% of all petrol sold in the UK. (Corporate Watch,2004).By late 2004 it was widely regarded as a major competitive threat to traditional high street chains in many sectors, from clothing to consumer electronics to health and beauty to media products. Tesco sells an expanding range of own-brand non- food products, including non-food Value and Finest ranges. Tesco has pioneered the concept of retail services. Tesco has taken the lead in its sector in

Juvenile Charged as an adult and discuss life leading to criminal Research Paper

Juvenile Charged as an adult and discuss life leading to criminal background - Research Paper Example According to deputy attorney general, the case will also serve as an example to others who have the intension of commiting a similar. However, the manner in which this case was handled and ruled created severe criticism from human right activist, media, family members, and other professionals. According to critics, despite the nature and magnitude of the case, the boy was supposed to be treated like a minor in a juvenile court. There were some background information and experiences that forced the case to be moved into adult court systems. Up to that time, Jordan was the youngest suspects to be charged with homicide in the country. The essay below will address some of the background information that directed Jordan brown case to adult court (Nitespinr, 2010). To start with, in Pennsylvania, the law does not provide the lower age limit for murder charges. Due to this, a minor can be charged as a grown up person in a criminal homicide. The laws that operate in Pennsylvania therefore allowed Jordan to be charged with murder case the same way an adult can be charged in any court. On the other hand, according to University of Texas lecturer Lyndon Johnson, in most states across the country, the law permits children to be prosecuted in adult courts. Most of these laws were passed in 1990s and 1980s when juvenile crimes were at the pick. Additionally, in the initial stage of the case, Jordan failed to acknowledge his guilty. Despite of the available evidence, Jordan and his family declined to accept Jordan wrongdoing. According to Anthony Krastek, the deputy attorney general, it was very complicated for the boy to get the required counseling and counseling in the situation where he declines to acknowledge his guilty. As stated by the deputy attorney general, counseling services are only granted to suspect who acknowledge their guilty. On the other hand, the prosecutor informed the court

Unethical Practice in Business - Walmarts Gender Discrimination Essay Example for Free

Unethical Practice in Business Walmarts Gender Discrimination Essay Many businesses have gained a bad reputation just by being in business. To some people, businesses are interested in making money, and that is the bottom line. It could be called capitalism in its purest form. Making money is not wrong in itself. It is the manner in which some businesses conduct themselves that brings up the question of ethical behavior. Good business ethics should be a part of every business. There are many factors to consider. When a company does business with another that is considered unethical, does this make the first company unethical by association? Some people would say yes, the first business has a responsibility and it is now a link in the chain of unethical businesses. Many global businesses, including most of the major brands that the public uses, can be seen not to think too highly of good business ethics. Many major brands have been fined millions for breaking ethical business laws. Money is the major deciding factor. Ethics is a branch of social science. It deals with moral principles and social values. It helps us to classify, what is good and what is bad? It tells us to do good things and avoid doing bad things. Is ethical behavior good or bad for business? The advantages of ethical behavior include: 1. Higher revenues demand from positive consumer support 2. Improved brand and business awareness and recognition 3. Better employee motivation and recruitment 4. New sources of finance: e.g. from ethical investors 5. Business ethics offer companies a competitive advantage. Consumers learn to trust ethical brands and remain loyal to them, even during difficult periods. In 1982, Johnson Johnson spent over $100 million dollars recalling Tylenol, its best-selling product, after someone tampered with bottles of the painkiller. The company followed its credo, a set of ethical organizational values, and the result was a boost in consumer confidence, despite the contamination scare. Society benefits from business ethics because ethical companies recognize their social responsibilities. 6. Attract customers to the firms products, thereby boosting sales and profits 7. Make employees want to stay with the business, reduce labor turnover and therefore increase productivity 8. Attract more employees wanting to work for the business, reduce recruitment costs and enable the company to get the most talented employees 9. Attract investors and keep the companys share price high, thereby protecting the business from takeover. 10. It is good for staff for morale to work in an open culture, with possible benefits of increased productivity and staff loyalty. These are vital ingredients in the current climate when staff may be pushed to the limit. An organization known for fair and responsible practice is likely to attract high quality employees and ‘stand out from the crowd.’ 11. Demonstrating sound ethical practices can often be a condition for tendering for contracts with large customers needing to ensure the integrity of their supply chain. Good relationships with customers based on a commitment to honesty and transparency will enhance a company’s reputation. SMEs that are familiar with these demands will have a competitive advantage. 12. There would be happiness in society as people living a life of sharing and contribution. The disadvantages claimed for ethical business include: 1. Higher costs: e.g. sourcing from Fair-traded suppliers rather than lowest price 2. Higher overheads: e.g. training communication of ethical policy 3. Danger of building up false expectations. 4. Business ethics reduce a companys freedom to maximize its profit. For example, a multinational company may move its manufacturing facility to a developing country to reduce costs. Practices acceptable in that country, such as child labor, poor health and safety, poverty-level wages and coerced employment will not be tolerated by an ethical company. Improvements in working conditions, such as a living wage and minimum health and safety standard, reduce the level of cost-savings that the company generates. 5. Bad business ethics also includes illegal actions. For example, falsification of information regarding financial status can lead to criminal prosecutions of business executives. Investors can lose great sums of money due to such practices. UK clothing firm, Primark, has fired three Indian suppliers because they used child labor to finish goods. Real-World Examples of Bad Business Ethics Reputation is a company’s biggest asset and bad business ethics invariably result in loss of reputation and credibility. Yet many large corporate also find themselves caught red handed indulging in shady conduct. Read on for some real life examples of bad business ethics. There are good business reasons for a strong commitment to ethical values: 1. Ethical companies have been shown to be more profitable. 2. Making ethical choices results in lower stress for corporate managers and other employees. 3. Our reputation, good or bad, endures. 4. Ethical behavior enhances leadership. 5. The alternative to voluntary ethical behavior is demanding and costly regulation.

Why the theories of supply and supply elasticity are important

Why the theories of supply and supply elasticity are important EXPLAIN USING RELEVANT TOURISM, LEISURE AND HOSPITALITY EXAMPLES WHY THE THEORIES OF: -SUPPLY -THE THEORY OF SUPPLY ELASTICITY ARE KEY CONCEPTS IN HELPING US UNDERSTAND AND EXPLAIN WITH OUR INDUSTRY ? This preface provides a comprehensive introduction to the task given for the individual learning outcomes. The Assignment needs to stretch on the Key concepts in understanding the theory of Supply and Supply Elasticity in relevant to Travel, Tourism and Hospitality Industry (Hotel Industry) . The given assignment encompasses the following, PART 01 The factors which could determine the Demand and Supply of Hotel supplies in United Kingdom. It will cover the Key concepts Elasticity of supply in relevant to Hotel Supplies supplied in United Kingdom Hotel Supplies will include the following- Room Amenities- Bath Accessories, City Information Brochures and Stationeries Imported Food Materials New Zealand lamb Chops, Spices , Seasonal P er I Perishable foods Imported Spirits Expensive wines, Rare Collection Cognac, liqueurs and S Single malt. Maintenance Supplies PART 02 The reasons that firms seek to expand their businesses via internationalisation. Illustrating with Hotel industry of how firms that you have researched have pursued the globalisation objective. All these topics are gradually explained as we go and the key terms are highlighted in the task. The underlying concepts and basic principles are used to design the text. Introduction The hospitality industry is major service sector in the world economy. The industry encompasses an extensive variety of service industries that include food service, tourism and hotels. The hospitality industry is a 3.5 trillion Pound service sector within the global economy. London has been named the 2012 for International Games.There are a multitude of benefits for London hosting the Olympics, biggest of them is Hotel revenue in terms of Revenue, which means Demand for Hotels are already forecasted. The demand for the hotels in any market is determined basically by the amount of travellers inflow in that place. This study may examine the relationship between the Supply and the factors affecting the hospitality sector using some of the theories adapted from Mr. Don Burton notes. Reference: http://www.referenceforbusiness.com SUPPLY CONNOTE The term Supply states the total amount of the product that producers are willing and able to provide at a particular price over a given period of time. Here willingness is the keyword and this is determined using various analytical factors in ones mind. The hotel business faces the complexity in the commission of managing the chronological demand for its products put on show for the rest of the world. Also the supply of rooms has outpaced the demand over the last decade. Especially in the United Kingdom, since it is the worlds first industrialised country and stands sixth in the world economy with the power of purchasing parity has to follow some theories in order to sustain healthy in their competitive environment And as per the fact in 2012 the hotels in UK needs to offer 1 million rooms, the demand in the near future is high. The hotels have two basic means of achieving sustainable competitive advantage within their product market by focussing on low price and to meet the demand the Customers. Reference: http://ezinearticles.com/?cat=Business:International-Business SUPPOSITION OF SUPPLY The regulations of supply declares that, The Law of Supply claims that when other things are equal, the quantity supplied of a good rises when the price of the good rises IMPINGE ON SUPPLY Supply agenda shows the Law of Supply states that as the price of a good rises, the quantity supplied of the good rises, and as the price of a good falls, the quantity supplied of the good falls, ceteris paribus. Simply put, the price of hotel supplies increases the supply to the hotel also increases, when price of Hotel Supplies falls then the supply to the Hotel is also reduced. This is done because the Supplier has invested his opportunity cost in other sources. The Graph illustrates when demand for Hotel room is high the quantity supplied of Hotel Supplies are also high when compared to 2010. Source: http://www.hotelnewsnow.com/Articles.aspx FACTORS AFFECTING SUPPLY There are various factors that may affect the Supply of the hotels either undeviating or deviating. These are some notable direct factors such prices of relevant resources, technology, prices of other goods, number of sellers, expectations of future price, taxes and subsidies, and government restrictions.. This is bulleted below in detail, Prices of relevant resources Technology Prices of other goods Number of sellers Expectations of future price Taxes and subsidies Government restrictions Source Roger. A Arnold, Economics, 4th Edition, Page No.72 FACTORS WHICH CAUSES CHANGE IN SUPPLY PRICES OF RELEVANT RESOURCES Resources are needed to produce goods. For example, Source is Steak when the price of Steak gone down, then the hotel will purchase and stock more of steak to sell more steaks in hotels which increases the supply of Steak. In that case Supply Curve will move towards rightward. If there is no resource, that is less steak available thus creating less supply of rooms. Consequently, the preparation of steak will decrease, and the supply curve will shift leftward. TECHNOLOGY Most of the western countries have their usage of advanced technology to serve the hotel companies better. The development and in place highly integrated business processes technologies and system are definite. The hotels states the objective in promoting the hotel interface technologies such as property management system, point of sales system, video on demand security and access control which improves Hotel supplies efficiently and effectively. Therefore, the supply curve will shift to the right. PRICES OF OTHER GOODS When change in the price of one good can lead to a change in the supply of another good For example the Lobster price increases dues to worst climatic conditions making lobster unavailable in market then supply of Fish Increases. Lobster Fish Price Case- 1 Case -2 Quantity NUMBER OF SELLERS If more sellers begin producing a particular good, perhaps because of high profits, the supply curve will shift rightward. If some sellers stop producing a particular good, perhaps because of losses, the supply curve will shift leftward. EXPECTATIONS OF FUTURE PRICE If the price of a good is expected to be higher in the future, then producers may hold back some of the Hotel essential supplies today. Then they will have more to sell at the higher future price.. TAXES AND SUBSIDIES Some taxes increase per-unit costs. Suppose tax on Liqour is increased and producer is suppose to pay 2 pounds per Bottle. This tax leads to a leftward shift in the supply curve, indicating that the manufacturer wants to produce and offer to sell few of Liqour at each price. If the tax is eliminated, the supply curve shifts rightward. Subsidies have the opposite effect. Suppose the government subsidizes the production of Rice by paying wheat farmers 3 pounds for every bushel of wheat they produce. Because of the subsidy, the quantity supplied of rice is greater at each price, and the supply curve of Rice shifts rightward. Removal of the subsidy shifts the supply curve of corn leftward. Government Restrictions The government restrictions affects import of hotel supplies for international market, For example stricter Import duties implies adverse affect on hotel essentials thus giving less Output, the supply to the guest will be restricted with available foods. In this case the Supply curve moves towards left. Reference: Roger A Arnold, Economics, 2008 edition, P.No-71 PART B Price elasticity of supply When price changes, there will be not only a change in the quantity demanded, but also a change in the quantity supplied. Frequently we will want to know just how responsive quantity supplied is to a change in price. The measure we use is the price elasticity of supply.( PeS ) In simple terms the responsiveness of quantity supplied to a change in price. is called Price Elasticity of Supply. When it relates to hotel industry the responsiveness of Hotel supplier to a change in price of the product. The supply to hotel supplies in market will depends on change in price of hotel supplies in market or price offered by the Competitors. supplies Hotel Quantity Demanded The figure shows two supply curves. Curve S 2 is more elastic between any two prices than curve S 1. Thus, when price of Hotel Supplies rises from P 1 to P 2 there is a larger increase in quantity supplied of Hotel Supplies with S 2 (namely, Q 1 to Q 3 ) than there is with S 1 (namely, Q 1 to Q 2 ). For any shift in the demand curve there will be a larger change in quantity supplied of Hotel Supplies and a smaller change in price of Hotel Supplies with curve S 2 than with curve S 1. Thus the effect on price and quantity of a shift in the demand curve will depend on the price elasticity of supply. Reference : Roger. A Arnold, Economics, 2008 Edition, Page No.57 Source : http://economics.about.com INTERPRETATION OF SUPPLY CURVE Source : A. M. Shella , Economies of Hotel management , 2002 edition, P- No.91 KEY CONCEPTS IN DETERMINING THE PES WITH HOTEL SUPPLIES ARE FACTORS AFFECTING PES Spare production capacity When there is plenty of spare capacity  then the business will increase its output and therefore the Hotel Supplies supply will Elastic in response to Demand. Stocks of finished products and components If the stocks are products are high in the market supply will be elastic. Conversely when Hotel Supplies stocks are low, supply will be inelastic in response to a change in demand. The ease and cost of factor substitution If both capital and labour resources are  occupationally mobile  then the elasticity of supply for a Hotel Supplies is higher than if capital and labour cannot easily and quickly be switched 4) Time period involved in the production process Supply is more price elastic the longer the  time period  that a firm is allowed to adjust its production levels. The  momentary supply  is fixed and is determined mainly by planting decisions made months before, and also climatic conditions, which affect the overall production yield. Source: http://www.amosweb.com FACTORS DETERMINING PES Two factors that affect the numerical value of the price elasticity of supply are The Amount that costs rises as output Rises and time period of analysis. 1) The Amount that costs rises as output Rises When the Additional cost for producing additional output, this encourages more firms to produce for a given price which is raised, then more elastic will be supply. The lees the conditions apply, the less Elastic will supply be. 2) Analysis of Time Period when time period is longer then the time for analysis is more, responsiveness to the price change. Longer times enables the supplier to find alternatives. Time period are of two Long Run and Short Run. For example, the supply of the Ethnic Restaurants is not very elastic for a period, because Raw material used in production cannot easily switch to other goods. However, given enough time, a year or more, resources can move between productions, resulting in a more elastic supply. Reference: John Sloman Alison Wride, Economics, 7th Edition, Page 58. Conclusion Subsequent to the above text consisting of the Supply theories and its implication we could identify the factors that may directly cause the Supply either Surplus or Shortage. Having said that, the necessities of the supply are proposed transparently combining various abilities and the willingness of the producer and their assumption. Also the producer Supplying behaviour is related to the nations economical status and external factors (Climate, Transport, Trend) in the United Kingdom on the whole. TASK 2 WORD COUNT 1500 ANALYSE THE REASONS THAT FIRMS SEEK TO EXPAND THEIR BUSINESSES VIA INTERNATIONALISATION. HOW FIRMS THAT YOU HAVE RESEARCHED HAVE PURSUED THE GLOBALISATION OBJECTIVE? Introduction Surfacing the fact that the humankind business endeavours eyeing on high levels of branding and marking their presence all over the world by adapting the input called the Internationalisation. Most of the third world nations are now in the realism of making the most out of it, in terms of manpower and technological progression. With the presence of WTO the world trade organisation and its phenomenal support it has even made easier to connect nations across the globe with traditional business evolution in the way it is suppose to be. Having said that, the key concept is globalisation and its revolution in the modern business environment. This perceived text from the research will clarify the concept of internationalisation and the purpose it serves to aid the organisation picked as an example. And will also justify the adaptation on globalisation to pursue the objectives with complete satisfaction. Internationalisation The expression is closely attached with the term economic globalisation. This concept can be rephrased as the integration of national economy in to the international economy. Which is done by trade foreign investment, capital flows, spread of technology and the presence of security. The late 20th century offers the rural sociology and revitalization in the crisis of development theorist. The rising concern in the sustainability reveals the limits of up gradation concept. It is vital that every nation and the business existing should imply the globalization in their environment. Of-course the unrevealing support of the nations involved in the globalisations speaks loud for its own steps forward in the long lasting business era. However internationalisation is commonly recognised and path driven by amalgamation of vital aspects such as Economic Technological Socio cultural political Biological factors. Source: http://www.dadalos.org/globalisation/grundkurs_4.htm This phrase can also be acknowledged for the fact that it is transnational circulation of ideas, languages or cultural variance. These aspects are belonging to the humanity across the world which has gone through the process can be said to globalised. Significance of internationalisation Globalisation has a various aspects which affects the world business in several different ways. The emergence of the concept was very vital and as discussed earlier the positive outcomes are way too longer. It is advised to adhere to the principles of global marketing instances. The swiftness of internationalisation will continue to have a growing impact on business organisations and their practices evenly. Internationalisation hastens the development of the third world countries. Internationalisation of communication has a phenomenal upshot. Internationalisation fetches equalization of income distribution. Internationalisation brings about increased opportunity in the poor countries. Pessimistic values on internationalisation Although the rising concerns in the firms affiliated with the paradigm internationalisation, which has left hardly any hurdles or negative effects relating the organisation with that of its man power resource etc. The developed nations in this modern business environment adapt the policy of outsourcing which happens in manufacturing and white collar jobs. The exploitations of the globalisation have led the child workers usage in atrocious conditions in order to produce cheap good by ignoring safety concerns. Earlier in this business world, the workers had stable jobs but now the people live in constant dread of losing their jobs to competitiveness in the environment.. The world of terrorism has involved them in usage of internet for their global terror information postal. Nevertheless the growing concerns of the firm have witnessed these negative aspects in establishing their brand. Submission of Internationalisation in relation to a hospitality firm. Globalisation is measured in various key aspects and the most immense thought has to be prearranged to the people industry which is called the hospitality trade. This concept is symbolized by the rapid movement of people, information and capital across national borders worldwide. Although this paradigm is a contemporary force with careful definition it is accepted. Global expansion with common product and branding position are in place to acquire the establishment in control. Sales and marketing of the firm programming in such a way they capture the global economy. Organisational structures that allow delivery of service with local operational control and the usage of world capital market as a primary source of funding. Quilon a personification in the task Succeeding to the illustration and the task given, in which the concept of internationalisation is completely implemented and has witnessed a global accolades for its idea. Quilon the hospitality firm being an example for the task given demonstrates certain prolific dimension to the global restaurant chains. A group of TAJ HOTELS RESORTS Concerning Quilon As a part of an iconic Indian hotel group called the the Taj hotels and resorts Established in 1903, Taj Hotels Resorts and Palaces is one of Asias largest and finest group of hotels, comprising 61 hotels in 42 locations across India with an additional 16 international hotels in the UK, Maldives, Mauritius, Malaysia, Australia, USA, Bhutan, Sri Lanka, Africa and the Middle East. From world-renowned landmarks to modern business hotels, idyllic beach resorts to authentic Rajput palaces, each Taj hotel offers an unrivalled fusion of warm Indian hospitality, world-class service and modern luxury. As they march on in the United Kingdom and established two hotels out of which the crown plaza has the significant Michelin starred restaurant named Quilon. Three other considerations in global expansion for Quilon Restaurant (A Taj Group) Source : Managing the Multinational Enterprise, John M Stopford, P.no 697 Strategic scope for Quilon Global perception is a matter of survival of the business. That is why a strategy is formed to drive the organisation to attain its penultimate vision of a firm. In the following text lets notify the significant features or strategy adopted by the hospitality firm which I have chosen in order to showcase the firms benefit in using the paradigm internationalisation as a business tool. Quilon has adopted Porters diamond theory of international competitive advantage identifies a diamond of four interrelated areas within a nation that assist that country to be more competitive in international markets the four areas being factor conditions, competing firms within the country, support industries of the country and home demand. Source: Porter, M E (1990) The Competitive Advantage of Nations, Macmillan, P.No 691 1) FACTOR CONDITIONS The success of Quilon was depended on the national governments willingness to invest in these areas over long periods of time. Porter emphasised that competitiveness was not just a matter of comparative advantage. Resources can also be home-grown and specialised. Thus, goes well beyond natural resources but can assist in delivering national competitiveness. The Quilon has managed to take competitive advantage on UK market with resources being efficiently used for its establishment has No.1 Ethnic Indian Restaurant. 2) RELATED AND SUPPORTING INDUSTRIES Internationally competitive suppliers and other related industries represent a critical resource for international success. Clusters of such industries, each offering expertise and world-class service, can be vital. For example, Quilon (THE TAJ GROUP) relies on its world success not just from Hospitality sector but on a range of other products like Food Products, Automobile, Steel and Telecom. 3) FIRM STRATEGY, STRUCTURE AND RIVALRY Fierce national competition will drive innovation, force down costs and develop new methods of competing that can then be used internationally by the same companies. Similarly, the Quilon success in Uk was its strength of the highly competitive home market. In Asia the parent company of Quilon has TATA GOUP has established major share of Indian Market. TAG group in UK Hospitality sector has first started with TETLY tea 51 BUKINGHAM PALACE HOTEL and BOMBAY BRAISSIERE which helped Quilon to survive rivalry between the competitors. Source : http://uk.tata.com/ 4) DEMAND CONDITIONS Highly sophisticated and demanding Customers in a nations home market will drive up innovation and quality. Quilon Authentic food with taste and quality created demand among the customer which resulted in tailoring the Menu and delivering the innovate food within the Market. Which awarded Quilon with One Michelin Star for the Quality Delivered. In addition, there are two other factors that are important : 1. The role of Government- Quilon stages of improvement can be influenced by the government regulatios and subsidies. 2. The role of Chance Events The competitive advantage of Quilon can shift in unpredictable ways by various reasons like Recession, Oil price rise and So on. Source: Managing the Multinational Enterprise by John M Stopford, P.No-707 Quilon (The TAJ Group) Market Portfolios The Taj group examines its existing Hospitality portfolio and decides whether new products are necessary. Initially, the firm may provide additional products and services for the domestic market before expanding into international markets . Alternatively, the company may decide to internationalize on the basis of a single successful product. Source : MANAGEMENT CONCEPTS PRACTICES, Tim Hannagan, 4th Edition, P.No- 43 More frequently firms expand internationally by first developing a portfolio of products with the ultimate objective of entering numerous international markets. This was the approach followed initially by Taj Group when it first decided to internationalize. The company built up a portfolio of Hotels and restaurant before venturing abroad. Less frequently firms expand rapidly into many international markets first with a single product and only later do they develop a full portfolio of products. 51 Buckingham Gate was the first international property from the luxury group Taj Hotels Resorts and Palaces which was acquired in 1982, formerly known as St Jamess Court Hotel. After the success of 51 Buckingham Gate, they expanded their hospitality sector by Opening Quilon Restaurant and Bombay Brassiere by 1903. Conclusion: Conversely speaking it is incumbent on all hotel organizations that have aspirations to develop brand names across national boundaries to understand what globalization means. A truly global enterprise will have the ability to react quickly to market opportunities, no matter where they present themselves by applying business concepts that have been proven in the context of a global undertaking. In a world moving more and more towards globalization, hotel organizations will need to communicate more quickly, operate more productively, offer their employees greater opportunity and deliver their customers enhanced benefits. Those companies that address these issues today will be better prepared for the global market space of tomorrow.

Sleep, Dreams, and Our Mental and Physical Processes Essay -- Research

Sleep, Dreams, and Our Mental and Physical Processes Scientists have been researching and conducting studies to discover the true meaning of sleep and dreams. Scientists have developed a few theories on whether we sleep and dream to build up our mental or physical energy. According to the author of an article in Encarta Encyclopedia, Siegel defined sleep as the "natural state of rest characterized by reduced body movement and decreased awareness of surroundings" (Siegel). In an article on MSNBC Interactive, scientists believe in the physical aspects such that energy is lost throughout the day, so sleep is a time to build or restore that energy back up for the next day. The body also does some repair work. A hormone is released while sleeping to restore and build body tissue (Why do we need"). Other scientists in the MSNBC article argue that sleep restores our mental energy. Humans spend all day using the brain and draining out the energy, so sleep is the time to boost that energy up again ("Why do we need"). The National Institute of Neurological Disorders and Strokes explained that sleep is also needed for the nervous system to work properly. Sleep gives neurons the chance to shut down and repair themselves, if they do not rest then they begin to malfunction. In deep sleep, growth hormones are released into body, which is important for children and young adults ("Brain Basics"). The true function of sleep though still remains a mystery. Whether sleep is a time for mental or physical restoration, the process of sleep is the same. Lefton, author of a well-known textbook called Psychology, explains that sleep is broken down into five stages. By using electroencephalograms (EEGs), scientists found out more about these ... ...remain a mystery. Works Cited Brain Basics: Understanding Sleep. 3 July 2003. National Institute of Neurological Disorders and Strokes. 2 April 2004 <http://www.ninds.nih.gov/health_ and_medical/pubs/understanding_sleep_brain_basic_.htm>. Condor, Bob. "In Our Dreams, Our Emotions Run The Show." Chicago Tribune (21 March 2004). ProQuest Direct. Penn State University Library. 5 April 2004. How Much Sleep Do We Need? 2001. Yahoo! Health. 1 April 2004 <http://health.yahoo. com/health/centers/sleep_disorders/102>. Lefton, Lester A. and Linda Brannon. Psychology. Ed. Carol Merrill. 8th ed. Boston: Pearson Education, 2003. 193-201. Siegel, Jerome M. "Sleep." Microsoft Encarta Encyclopedia Standard CD-ROM. Redmond: Microsoft, 2004. Why Do We Need To Sleep So Much? 2004. MSNBC Interactive. 1 April 2004 <http://msnbc.msn.com/id/3076707>.

Blind Obedience Essay -- essays research papers fc

Blind Obedience   Ã‚  Ã‚  Ã‚  Ã‚  While sitting in church on Sunday going through the same motions of every Sunday, my son leans over to ask, â€Å"Why do we have to stand up for this prayer?† My response â€Å"because we are supposed to†. Reading â€Å"The Children’s Story† by James Clavell, made me think a little more about this question that I had no answer for. A person needs to be able to explain why he does what he does. Children are innocent and unknowing; they are like a blank piece of paper waiting to be filled up with drawings and ideas. This book shows just how easy it is to mold a child. It uses a classroom of children facing a major change in their lives as the setting. The story moves quickly and the characters are only briefly sketched out. The story has a science fiction â€Å"feel† to it. The events preceding the story include a war (with an unknown opponent) that we have lost. The main character among the children is Johnny whose father fought in the war and is now being held prisoner. Johnny is afraid for his father and about the changes that are coming to his school because of the defeat. The author is able to assume that we all share common experiences from our youth and our days in grade school, introducing the characters with a minimum of prose. The major theme is critiquing education systems that teach children what to think by repetition and memorization. Clavell uses the story to point out how that makes individuals vulnerable to manipulation. How many ...

Verbal Behavior Essay -- Analysis, Skinner

Skinner's book â€Å"Verbal Behavior,† first published in 1957, presented his ideas about the influence of language can be used in the framework for behavioral research and analysis. The main argument presented by Skinner was that verbal behavior was different than other forms of behavior and deserved to be separated in a distinctive category, and Skinner considered language development as the result of mediation of other people while nonverbal behavior was enforced through the physical environment. Skinner defined the basic verbal operants in his analysis of verbal behavior, which include the mand, tact, intraverbal, echoic, and the autoclitic operants, and he distinguished the type of consequence for each operant. Furthermore, the theory defines the audience as a discriminative stimulus that will affect language development as it gives the signs of possible rewards or punishment. There was no previous research on the topic, so the lack of data available for writing the book and lack of experiments in the book, and the theory was subject to severe criticism and ignored in the academic community for several decades after it was published (McPherson, Bonem, Green, & Osborne, 1984). Although Skinner's language development theory was not accepted in the academic community or applied frequently in research until the 1990s (Sundberg, & Michael, 2001), Skinner's verbal behavior theory successfully defines verbal operants relevant to the basic behavioral principles. This essay will show that the main implication to the development of this theory is the severe criticism of Skinner's theory as unsound and consisted of plagiarized traditional ideas. Despite the criticism against Skinner's theory, it is questionable if the criticism itself prov... ...tals of language development, applying Skinner's theory could rule out those errors and prove to be successful in its applications. Rather than criticizing Skinner's theory based on the lack of empirical evidence presented in his book, or denying the effectiveness of the theory for several seemingly irrelevant reasons, such as the unclear definition of its correlation to a neurological-genetic theory (MacCorquodale, 1970), empirical research should provide clear evidence on the credibility of Skinner's theory. Although the entire theory does not have to be proven successful, several aspects of Skinner's theory have proven successful in conducting behavioral interventions (Sundberg & Michael, 2001). Recent studies show increased use of Skinner's language development framework, so the criticism against the theory was obviously a major implication to its development.

Donna Tartt’s The Secret History Essay

Nietzsche’s philosophy has made for itself a unique cornerstone in the sense that it is not involved with pedantic aspects of ethics and other branches of epistemology. This seminal German thinker moves swiftly along majority of philosophical schools of thought. His exploration of the classical elements in literature, as found in the ancient Hellenic society, is manifested beautifully in Birth of Tragedy. The longstanding debate between the subjectivity and the objectivity of art is addressed to critically by Nietzsche in this book. The basic idea he propagates in Birth of Tragedy involves reality with forms and the same without, and the comparison therein. Known as the Dionysian and the Apollonian, this classical Greek model sums up humankind’s perpetual struggle to arrive at a state of equilibrium. Nietzsche argues that in our effort to pursue a meaningful existence, we need to discard the preposterous viewpoints of the Apollonian and have to embrace the Dionysian. Similar thoughts are expressed in Hermann Hesse’s illustrious work Steppenwolf which thematically deals with the Nietzschean Apollonian versus the Dionysian. The protagonist Haller is psychologically preoccupied with two contrasting facets of personality – the sensible and logical faculty of mind as opposed to the passionate and appetitive. Nietzsche assigns the terms ‘Apollonian’ and ‘Dionysian’ to these two primal worldviews of Greek tragedy. This essay is going to make a comparative study between the Apollonian and the Dionysian with reference to modern literature. To make the comparison, we have chosen Donna Tartt’s The Secret History, one of the originative post-modern fictions from the fatalistic school of literary works. In many ways, this novel echoes the Athenian concept of fate as being an overpowering element responsible for altering the desirable course of events. Idiosyncrasy is the key conceptual component in Nietzsche’s ethical doctrines. Time and again, he questions the acceptability of the prevalent trends that outline the social norms and fashions. What is far less understood in a generic attempt manifests itself intelligibly when associated with a context. â€Å"Nietzsche does not present us with a systematic theory of knowledge. Any attempt to construct one on the basis of his scattered remarks, aphorisms, poetry, and myth would be a difficult, if not impossible, task. It would, above all, be contrary to the intention of his thought and lead to a distortion of his views. Nietzsche, as Walter Kaufmann rightly asserts, is not a system builder, but a problem thinker. † (Pfeffer, p. 95-96) Now in the context of the ancient Greek anthology, both the Apollonian and the Dionysian worldviews were present, resulting in a clash of ideologies. Nietzsche borrows these two terms from the two Greek gods Apollo and Dionysus. The former symbolically represents clarity of form and interpretation, and therefore is suggestive of a linear human personality. Dionysus, on the other hand, stands for frolic and extravagance, hinting at the presence of multiple personalities within a single entity. On one hand he is the god of chaos and unrestrained emotions. But at the same time, he is also the divine countenance of richness and productivity. Hence the Dionysian school of thought deals with formlessness of expression which is closer to art perceived from an unbiased and liberal standpoint. Greek tragedy in its heydays attained sublimity when the two distinctive art forms merged with one another to form a seamless continuum. The beginning of Athenian tragedy was hinged on the Dionysian tradition before the other one sprang up, neutralizing the discordant elements. In a way, fluidity of the Dionysian elements seek platitude through the Apollonian directness. It was a matter of great curiosity for Nietzsche that such contrasting ideologies should ever be able to define tragedy (Pfeffer, p. 32). The flowing nature of Greek opera is worth mentioning in the context of the Dionysian. Music to a great extent is governed by the freedom of form and expression. Normative aspects of the Apollonian do not comply with the ecstatic jubilance conveyed through music. It evokes directly to man’s impulsive and spontaneous nature and hence, is not limited to the external forces of reason and dependence. The ingrained harmony in music is therefore counterbalanced by the Apollonian concept of plastic arts and epic poetry. What makes Greek tragedy a culmination of the Apollonian and the Dionysian is that the poetic genre characterized by reasoning can actually strike a harmonious chord and reach a level of elevated intensity as well as greater profundity. So the expansive verticality of this blending highlights Nietzsche’s exemplary vision of thought and his engineering capacity to induct precision qualities into the philosophy of literature. His unique interpretation of art and tragedy is not based on the conventional techniques. Rather it dissociates itself from the content and creates an aura of universality which can be aptly applied to any epoch of literary practices: â€Å"After recognizing this immense antithesis, I felt a deep need to explore the nature of Greek tragedy which is the profoundest manifestation of the Hellenic genius; only now did I seem to possess the key to probe deeply into the essential problems of tragedy that were no longer derived from conventional aesthetics. † (Pfeffer, p. 32) What is stated in the previous part of discussion is affirmed furthermore by Ansell-Pearson in A companion to Nietzsche. In Birth of Tragedy, he develops a style which is not only mechanical in discourse, but also highly sporadic in terms of articulating the individualistic notions so distinctive of Nietzsche (Ansell-Pearson, p. 58). The metaphysical utterance of Nietzsche deviates from what the contemporary philosophers such as Schopenhauer propagated in their doctrines. Many Greek authors, Euripides for instance, viewed the cosmos as a continuous process of creation primarily in accordance with the Apollonian traits. The Dionysian break down of form is not associated with the fictional content of human existence. The antithetical elements inherent in any human being are overlooked by Euripides in Bacchae. Claims made by Kant and Goethe that form and matter are irreversible in nature are given a refreshing new direction by Nietzsche in Birth of Tragedy. He establishes a linkage between what Euripides calls ‘organic fiction’ and plurality of human nature. He does not try to draw any kind of imposed distinction between the two incongruous constructs. Euripides’ Bacchae does not fit into Nietzsche’s delineation of metaphysics. If we strive to look into Bacchae in the light of the Apollonian and the Dionysian derivatives, we would be able to see clearly into the dubiousness of the latter one. Chronicling the historical event of Dionysus’ arrival to the royal court of Greece, Euripides presents a controversial topic involving man’s stance in relation with god. Even though this drama is written to question many of the old systems of belief, what remains extremely perplexing is the playwright’s ultimate focus. Euripides questions the vague borderline between intellect and feeling, reality and vision, and logic and craziness. But at the same time, he refrains from arriving at any conclusive outcome that would give a clue to the reason behind mankind’s endless misery. What Donna Tartt portrays in The Secret History resembles the thematic literary genealogy of Bacchae. The idea which is propagated through this novel involves the secularism of spirit as the ultimate winner in modern world. The sheer fatality of occurrences at random does not leave a chance of revisiting the past to find plausible explanations. In this sense, this novel is comparable with Birth of Tragedy and its promotion of the Dionysian worldview. This novel can be seen as a modernistic attempt to recreate the primitive world of the Dionysian rites and rituals. On the surface it is just a murder mystery which does not deserve any deeper analysis. But Tartt invests in this apparent murder mystery a profound understanding of the Apollonian versus the Dionysian, and the confrontation between reality and imagination, between social impositions and the human longing for liberation. Aristotle’s viewpoint on the Catharsis is also dealt with effectively, creating an opening for interpreting life outside the beauty of literary premises. A deeper understanding of The Secret History is bound to reveal the classical and literary elements explored in the novel. The etymology of this representative work is closely analogous to both Nietzsche’s Birth of Tragedy and Euripides’ Bacchae. It is indeed fascinating to find a connective bonding with two earlier works dissimilar in nature. First and foremost, Nietzsche’s confrontation with disillusionment in the context of Athenian literature dominated by the Apollonian worldview is stripped off in The Secret History. Events occurring within a timeline which is non-linear in nature do not imply Schopenhauer’s doctrine of the world as ‘maya’ (Segal, p. 361). The gradual disorientation of the lives of six students predates Nietzsche’s preoccupation with answering the question involving human individualism and its manifold expressions. The Secret History propels the earlier school of thought introduced by Schopenhauer: â€Å"Although Nietzsche frequently speaks of â€Å"illusion† in connection with Dionysus and tragedy, he has in mind Schopenhauer’s notions of the world as â€Å"maya†, the self-deception with which human beings (with the exception of the Nietzschean philosopher) mask the emptiness and meaninglessness of their lives, and hardly the kind of theatrical, and metatheatrical, illusion of my chapter on metatragedy. † (Segal, p. 361) It is clear from the three readings that The Secret History along with Steppenwolf is ideologically in proximity to Nietzsche’s Birth of Tragedy. What emerges out of Euripides’ Bacchae is a different doctrinal claim which does not provide any scholarly ground for either the Apollonian or the Dionysian worldviews. Euripides leaves it ambiguous as to which school of thought should the literary definition of tragedy comply with. It is rather a mixture of the Dionysian revelry associated with choir singing and the Apollonian poetry. However, the drama does not provide too much room for calculating the extent of each, therefore making the task of classification immensely difficult and problematic. References Pfeffer, R. (1972). Nietzsche: disciple of Dionysus. Lewisburg: University of Bucknell. Segal, C. (1997). Dionysiac poetics and Euripides’ Bacchae. Princeton: Princeton University Press. Ansell-Pearson, K. (2006). A compilation to Nietzsche. Hoboken: Wiley-Blackwell.

Qantas’ Stakeholders

1. 2. Qantas’ stakeholders Stakeholders are all groups and individuals who have an interest in the company being analysed. In order to focus on these groups which have the power to influence, corporate level activities have to be identified first. This can include large shareholders, governments and trade unions. The power and interest of those stakeholder groups have an impact on the process by which strategy develops at the corporate level and in each individual business. (Williamson et al, 2004, pg. 9) Qantas’ stakeholders are its shareholders, employees, customers, business partners and the community.Indirect stakeholders of Qantas would include academics, the media, governments and nongovernmental organisations. They all have a major influence on the business, its strategy and therefore its performance. According to the Institute of Chartered Accountants in England and Wales â€Å"the objective of financial statements is to provide information about the reporting entity’s financial performance and financial position that is useful to a wide range of users for assessing the stewardship of the entity’s management and for making economic decisions†. Institute of Chartered Accountants in England and Wales, 2002/2003, pg. 22) Furthermore, it says that this objective can usually be met by concentrating only on the information needs of present and potential investors which are the defining class of user. That is the reason why I will focus on present and potential stakeholders in the main part of this assignment. http://www. grin. com/en/e-book/79856/business-deconstructed-qantas-airways-limited shareholders, customers, suppliers, employees, government regulators and members of the community where Qantas operates http://www. antas. com. au/travel/airlines/governance-structure/global/en Table 1: Qantas’ Strategic Objective Analysis| Stakeholder| Salience| Stakeholder demands/needs that must be satisfied| Strategic objectiv e(s) to address stakeholders demand(s)/need(s)| Shareholders| Definitive| * Profit Growth * Business Sustainability | * Profit Growth * Transparent Business| Customers| Definitive| * Quality Service * Cost Reduction * Diverse Route Access| *Extended Partner Base * Optimal Fleet Network * Operational Efficiency| Suppliers| Dominant| * Provide Constant Business * Strong Partnership * Positive Image| * Strong Relationship| Employees| Dominant| * Appreciation * Security * Competence| * Operational Certainty * Provide Staff Benefits| Government| Dominant| | | Community Groups| Dominant| | |

Facebook IPO Essay

Facebook, a social networking site, has grown at an exponential rate that far surpasses market expectation, so much so that its growth rate is referred to as the â€Å" Facebook phenomenal†. In 2004, Facebook had 1million monthly active users, and in comparison, it had reached 845million monthly active users in 2011. This phenomenal led to one of the biggest initial public offerings (IPO) the market had seen in recent years, with total capital raised to be valued at $16B, given the $38 per share offering price. Facebook was valued at around $96.6B in total. Prior to the IPO, the market perceived the valuation with positive approval signaled by both Facebook’s private market share auctions and analyst’s reviews. However, as it will be examined below, Facebook has been significantly over-valued by the underwriters. In addition, the market changed its opinion of Facebook shortly after the IPO, criticizing the valuation of the company was too high. The differences in market reaction showcase shortfalls in valuation, and it is recommended that analysts and Facebook should have used real option to valuate its market value. Over-valuation There are three main reasons why Facebook is overvalued at $38 per share. Aggressive Assumptions made by underwriters The first reason is the $38 per share price is based on overly aggressive assumptions made on Facebook’s future revenue. Facebook generates its revenue in two ways – display advertisements on its website and retain royalties from third-party developers for using Facebook’s online payment platform. Out of the two streams of revenue, advertisement accounts for about 82% of the total revenue, and royalty payment only accounts for 18%. Lead underwriter Morgan Stanley, has justified its pricing based on the assumptions that Facebook’s revenue will grow moderately considering the increasing popularity of its mobile app. Morgan Stanley estimated Facebook revenue to grow at 28% CAGR from 2013 – 2016, with advertising revenue growing at 31% and payment revenue growing at 17% per year. However, it is arguable that these assumptions are overly aggressive, and they will be extremely hard to realize. Upon examining the future prospect of revenue generated from advertising, it can be said that the estimated 31% growth rate cannot be achieved. First of all, given the online advertising market size, and current Facebook market share, Facebook will not be able to achieve the projected annual growth. In 2011, Facebook’s share of the online advertising market is 27% of the $25B industry. It is projected that the online advertising sector will grow to $45B in 2015, and given Facebook’s current market share, Facebook should be able to generate $12.15B in advertising revenue in 2015. However, this only accounts for 20% CAGR. Second, it is uncertain whether Facebook will be able to continue maintain its 27% market share. Facebook disclosed to the public that its current advertisers do not have long-term advertising commitment with Facebook, and many of its advertisers only spend a small proportion of their marketing budget with Facebook. In addition, many companies have started to question the effectiveness Facebook ads. Facebook differentiates its service by emphasizing the premise that ads are more effective if a friend recommends it on Facebook compares to traditional online advertising. It can be observed that companies, such as GM, are starting to doubt the effectiveness of the so-called social advertising by pulling out their ads on Facebook. This can significantly impact Facebook’s share of online marketing in the future. In addition, Facebook disclosed to the public that it might not be able to retain advertisers if it does not reduce its current ad price. However, considering that Facebook is already pricing its ads lower compares to other websites – Facebook charges $0.58 per click vis-à  -vis the industry norm of $1, it is hard to argue that Facebook will maintain its current revenue level even if it retains 27% of market share as it continues to reduce its ad price. Given the factors mentioned, it can be concluded that the estimated 31% growth rate in advertising revenue is overly aggressive. In addition, Morgan Stanley estimated royalty revenue would grow by 17%; however, by looking at the current royalty revenue, it is unlikely that Facebook will achieve the predicated growth rate. Facebook collects royalty payments from developers that use its payment infrastructure to charge players. Currently, Zynga accounts for a substantial portion of the royalty. Considering the intensified competition that Zynga is facing, and its lack of ability to monetize mobile apps, Zynga will continue to experience sagging growth and will not be able to contribute a substantial amount of royalty to Facebook in the foreseeable future. Thus, it is unlikely that Facebook will achieve 17% growth in its royalty revenue. Lastly, Morgan Stanley made these aggressive assumptions based on the premise that Facebook will be able to monetize its mobile app. However, Facebook has not been able to monetize its mobile app to-date. In addition, with the growing number of users using the mobile app as a substitute for accessing Facebook, Facebook is starting to see a decrease in its revenue, which led to the decrease in its stock prices after the IPO. Overall, the assumptions made by underwriters to justify the $38 per share IPO price are overly aggressive. Estimated fair value of common shares is much lower than $38 Facebook has estimated its Class B common stock to be at $30.89 per share as of Jan 31, 2012, and even if one continues with the aggressive estimation method that Facebook used, one will not reach the $38 per share valuation. Facebook adopted a mix of Discounted Cash Flow Method (â€Å" DCFM†), Guideline Public Company Method (â€Å"GPCM†), and Market Transaction Method (â€Å"MTM†) to determine its business enterprise value and fair value of its private share price prior to the IPO. To achieve the price of $30.89, Facebook assigns a 50% weight to the MTM, where it considers the volume of transaction of its private shares, the timing of these transactions, the pricing of private shares in the secondary market, and whether the investors involved in the transaction have access to Facebook’s financial information. It then assigns 25% weight to GPCM and DCFM each to determine fair value. GPCM uses multiples of financial ratios in comparable companies in the same industry, and DCFM sums up the net present value of future cash flow at a discount rate of 15%. The discount rate is conservative, given the risk free rate is at 2.3%, beta for IT services is at 1.06, and the market risk premium of 7%. The assigned weight of the method is questionable. Facebook assigns a significant weight to MTM due to the large volume of third-party private stock sales. But considering that the volume transaction and pricing of the private shares were driven by the hype of the Facebook IPO and the positive reactions from the market prior to the IPO, it is hard to justify that the MTM valuation represents the true value of Facebook instead of an inflated hyped-up value. It is arguable that Facebook should have assigned less weight to MTM, and more weight to DCFM and GPCM. In addition, it is hard to justify the $7.11 increase of fair market value in a span of 4 months considering that Facebook share only increased by $5.35 in estimated fair market value between 2011 and 2012. The methods discussed above and the historical estimates support the conclusion that Facebook IPO price is over-priced. Comparable Company Valuation The last reason is based on multiples generated by comparable companies, namely Google and Apple, it can be calculated that Facebook valuation is not close to the $96.6B valuation. See Appendix A. Market Reactions The market has perceived the IPO with positive remarks. One analyst even valued Facebook to be at $234B compares to the $96.6B IPO valuation. Most analysts either thought Facebook was valued right on the spot or thought it was undervalued. The hype about the stock was more obvious in the private market. Prior to its IPO, Facebook stocks were trading at a high of $42 compares to its $30 estimated fair market value. In contrast, immediately after the fall, most analysts jumped on the bandwagon of claiming the underwriters have overvalued the company. Some investors even blamed Mark Zuckerberg for failing to signal to the investors that the company has been overvalued. The difference in market reaction showcased three shortfalls in valuation. They are objective valuation method that fails to account for dynamic business environment, asymmetry of information, and low level of corporate governance. First, the valuation method that most analysts used to valuate Facebook is based on some types of discounted cash flow method. Analysts will look at future growth prospective of the company, and discount the estimated profit by a discount rate that would be appropriate to capture risks that are foreseeable given the historical financial record. In addition, the traditional discounted cash flow method depends on obtaining information that would allow one to correctly forecast future earnings and free cash flow, and to assess the strength of company management and future earning abilities. The model ignores that companies could change their business practices to the dynamic business environment that cannot be properly valuated based on historical data. Facebook does not provide adequate information to allow analysts to generate reliable valuations. It has limited record of its profits, its revenue has been highly volatile, and the business environment it operates in changes frequently. One instance that the underwriters may have overlooked is Facebook’s ability to monetize its mobile app as mentioned above. The underwriters may have ignored the importance of substitution of web-accessed Facebook usage by the mobile app accessed usage at the time of the valuation given that this risk was not reflected in historical revenue record. The second challenge relates to valuation is asymmetry of information, which is arguable that it had drove up investor expectation that a â€Å"free lunch† scenario will take place. Morgan Stanley was sued and fined for only disclosing softer revenue and profit forecasts to selective investors prior to the IPO and for failing to disclose the cannibalization of Facebook revenue by the increasing popularity of its mobile app adequately to retail investors through the prospectus. Investors with the additional information were able to make a better-informed decision of whether to purchase Facebook share or not. The asymmetry of information also led to market hype. Investors, without the softer revenue and profit forecasts, interpreted the market price to be much higher than the private trade price prior to the IPO and the IPO price. This drove the private share price to $42 from $34 on the secondary market. Investors thought by buying shares before IPO, they would be able to rip a bigger profit considering that the market price will be higher than $38. Lastly, the asymmetry of information led investors to believe that it will be extremely hard to buy Facebook stocks at IPO price given the mentality that the demand for the shares will not meet the supply despite the fact that  ¾ of Class B shares are locked in to be sold at a later time. The market hype, combined with the surging demand of shares and the lack of investor rationality drove the valuation of the company to be higher than what it really is. The last challenge is the lack of corporate governance. As investors have pointed out, the CEO of the company and the underwriters should have disclosed the information adequately in the prospectus. The lack of corporate governance could be driven by the lack of serious fine for improper disclosure of information. Morgan Stanley was only fined $5M compares to the $68M underwriting fee it gained from the deal. Also, the lack of governance was driven by hubris and greed. The underwriters stand to gain a bigger underwriting fee for a higher IPO price, and the company stands to gain more capital for higher IPO price. In addition, it is also easier for the underwriter to justify its valuation for a company that cannot be properly valuated based on the traditional discounted cash flow method. The combinations of driver lead to lack of corporate governance in this case. Suggested Valuation Method It is suggested that analysts and Facebook should have used real options to valuate the company given the volatility of the business environment Facebook is in, and the ever-changing business practices to meet these volatilities. Real option valuation allows the company to include R&D, brand development, and technology initiatives to be built into its valuation. It is also flexible enough to account for company’s ability to change its business practices in the future. Valuation will change in accordance to the options that management will take to delay, expand, contract, switch uses, outsource or abandon projects. Real options would allow Facebook to valuate its new platforms, new mobile apps, and new technology initiatives to renovate Facebook’s current operations. In addition, real option does capture the benefits of discounted cash flow model by assigning weights to future cash flow given the past company performance in the market. Given the current Facebook operation model, it is commended that real options should be used to valuate the company. Conclusion It is extremely hard to valuate a company properly, especially given a company, such as Facebook, which does not have a long history of stable income nor information that would solidify its future earnings. Market reaction prior to and after the Facebook IPO indicates issues within the current valuation models that companies and analysts are using. It is recommended that companies should start to consider using the real option method to valuate companies with similar business characteristics as Facebook. Bibliography Primary source: Facebook. (2012). Registration statement – facebook inc.. (p. 47). Retrieved from http://sec.gov/Archives/edgar/data/1326801/000119312512034517/d287954ds1.htm. Secondary source: Berthelsen, C. (2012). Massachusetts hits morgan stanley on facebook ipo. 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Retrieved from http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=longtermrate. ——————————————– [ 1 ]. Facebook. (2012). Registration statement – facebook inc.. (p. 47). Retrieved from http://sec.gov/Archives/edgar/data/1326801/000119312512034517/d287954ds1.htm. [ 2 ]. Ibid. p.1 [ 3 ]. Ibid. p.13 [ 4 ]. Olanoff, D. (2012, 12 17). Morgan stanley fined $5m over facebook research and handling of ipo by massachusetts. Retrieved from http://techcrunch.com/2012/12/17/morgan-stanley-fined-5m-over-facebook-research-by-massachusetts/. [ 5 ]. Ibid. [ 6 ]. Raice, S. (2012). Is facebook worth $100 billion? . Wall Street Journal , Retrieved from http://online.wsj.com/article/SB10001424052702304584404576442950773361780.html. [ 7 ]. Ibid. [ 8 ]. Supra Note 1 at p.13. [ 9 ]. Gustin, S. (2012). Do facebook ads work? . Time Magazine, Retrieved from http://business.time.com/2012/08/07/do-facebook-ads-work/. [ 10 ]. Buley, T. (2009). Facing up to facebook’s value. Forbes, Retrieved from http://www.forbes.com/2009/04/06/facebook-advertising-rates-technology-internet-facebook.html. [ 11 ]. Martin, S. (2012). Zynga shares slide nearly 5%. USA Today, Retrieved from http://www.usatoday.com/story/tech/2012/12/17/zynga-apple-app-store-ios-iphone/1775403/. [ 12 ]. Supra Note 1 at p.14. [ 13 ]. Supra Note 1 at p.76. [ 14 ]. Ibid at p.77. [ 15 ]. Ibid. [ 16 ]. Damodaran. (2012). Betas by sector. Retrieved from http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/Betas.html; US Treasury. (2012). Daily treasury long term rate data. Retrieved from http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=longtermrate. Re = 2.3%+1.06(7%) = 9.72% Facebook does not have any long term debt. [ 17 ]. Supra Note 1 at p.78. [ 18 ]. Ibid at p.77 and 78. The estimated fair value of Facebook’s shares $25.54 on Mar 31, 2011, and $30.89 on Jan 31, 2012. [ 19 ]. Supra Note 6. [ 20 ]. Smith, R. (2012). Hot item: Pre-ipo facebook shares. Wall Street Journal , Retrieved from http://online.wsj.com/article/SB10001424052970203833004577249512827646658.html. [ 21 ]. Joiner, S. (Interviewee), & Ruggeri, C. (Interviewee) (n.d.). Valuation issues in a down market Mergers and Acquisitions series : Part 1. [Audio podcast]. Retrieved from http://www.deloitte.com/view/en_LB/lb/centers/cfo-center/3e9619288f709210VgnVCM200000bb42f00aRCRD.htm?theme=cfo. [ 22 ]. Berthelsen, C. (2012). Massachusetts hits morgan stanley on facebook ipo. Wall Street Journal , Retrieved from http://online.wsj.com/article/SB10001424127887324407504578185580869680410.html. [ 23 ]. Supra Note 20.