Online clothing Business Plan Essay Example | Topics and Well Written Essays - 3250 words

Online clothing Business Plan - Essay Example House of Stella will employ the best managers to handle the various interdependent departments. It will capitalize on the internet and e-business by creating a website that will cater to the needs of the target market. It will further highlight customer service, with highly trained online customer service specialists to handle online queries and providing fashion inputs among the target market. This is the company’s key to getting personal with the client base. Since House of Stella will utilize the online business, it will tie up with other companies having the same business interests. Partnerships with media entities such TV and Magazine Publications will prove to be the driving force for the company’s success. Efforts such as this will spark interest in the market and establish word of mouth and referral among viewers and patrons alike. House of Stella will run under sole proprietorship, with its owner and Chief Operating Officer also one of the principal designers who will create different product lines for the company. Its Headquarters and Manufacturing Hub shall be located in Los Angeles, California. The aim of the company is to provide a wide array of product choices to its target market, which are primarily working women whose age ranges from 21 to 45 years old. The product lines range from the hip-casual, vogue corporate to chic glam. There will be items for all occasions, from everyday wear to formal gowns and apparel. The company will employ the services of the new and upcoming fashion designers fresh from school and just starting out their career. It will tie up with top universities to employ top student designers to undergo on-the-job trainee and apprenticeship with House of Stella, for them to collaborate on designs fit for the target market. 70% of the designers will come from this roster, while the rest will be its in house fashion designers who have already established brands and have their

White Paper on the film Henry V Essay Example | Topics and Well Written Essays - 1000 words

White Paper on the film Henry V - Essay Example Setting a concrete example for this leadership is the leadership of Henry V during his term. Perhaps during his motivational rhetoric before he and his people went off to a battle what made his leadership notable. The content of his speech had a power to move or compel his member toward his vision. To scrutinize the content of his inspiring â€Å"St. Crispin† speech will help this study to understand Charismatic Leadership. Citing the reality of life and death in his speech, King Henry V’s St. Crispin’s speech appealed truthful. Thus it brought another dimension to view life, enough to motivate people to move in his direction. To have his people not to fear regarding their number, he made them realized that greater honor was waiting for the few people rather than the multitude. The share of honor in multitude will be a lesser credential than to a group of fewer people. Perhaps in his speech, King Henry V’s charisma was emphasized when he cited and imply about God’ will with his own vision and plans. This just signified humility on his part towards a more Greater Power than his own that he was acknowledging. In a study of trait of charismatic leadership done by Quarterman Lee (2008), he came up with certain descriptions to describe such kind of leaders. The descriptions will also served as categorical arrangement to analyze the context of King Henry V’s St. Crispian’s speech in this study. In order to present to people being governed a leader’s compelling vision, a certain means of transmission will be needed. Speech or rhetoric to address the people is one of those (Nelson, Megill, and McCloskey, 1987). King Henry V used a persuasive rhetoric in his St. Crispian’s Day speech. Apparently, after the speech were given, the cited expected effect of such act manifested towards King Henry V’s people. He declared that certain day to be the St. Crispian’s Day,

Materials For Cladding System

Materials For Cladding System The materials for cladding are often chosen for their manufacturing parameters, cost, durability as well as appearance. Examples of the materials are metal cladding and precast concrete cladding. Both of these differ in terms of strength, durability and cost of each material. Metal Cladding The durability of a metal cladding is affected by type of material, exposure of the panel, local environment factors, corrosion protection as well as the details of the cladding itself. When using metal cladding, the lifespan of this system is generally defined in terms of its period from the first use to the first maintenance which is the period for when then material may need to be repainted to maintain its original appearance or the original coating system can no longer protects the metal underneath. Usually, metal cladding suppliers will provide detailed information regarding their product including the durability of the metal cladding itself. The coatings of cladding are also affected by the intensity of the exposure to ultraviolet radiation which means less longevity but for organic coated steels, the period to the first maintenance can be as long as 30 years. The durability of a metal cladding can also be affected by the workmanship related defects during the installation proc ess such as scratching the coating. Since metal cladding began to be used in a range wider than simply industrial buildings, then architectural features for aesthetical value such as curved eaves and corners as well as horizontal profiles have been developed. Texture and colours are mixed to form a more interesting cladding rather than a plain metal cladding but the incorporation of architectural features requires huge care over specifications as well as installations. The most used cladding system for architectural purposes are profiled cladding and composite panels which were often laid horizontally and fixed to vertical sub-frames of the building itself. A curved profile panels are produces from flat profiled sheets, either by creating a series of cross ribs that were then adjusted onto the metal locally. The other method in producing curved profile panels involves stretching the profile to provide a smooth curve without cross ribs like the earlier method but this method is more restricted in the range of curves and radii available to be used. For this curved profiled panels, a more careful setting out is needed compared than the flat profiles but it has the advantage in being stiffer than the flat ones. From this, it is obvious that a curved profiled panels and composite profiled panels are more durable yet stronger compared to flat profiled panels. Besides, this can be used as an advantage for architectural purposes which the world often look for nowadays. Precast Concrete Cladding Precast concrete has now become the architectural cladding material of choice because it has the advantage in terms of aesthetics, durability, low maintenance surface, applied finishes, as well as construction economy. This system often combines the benefits of low maintenance, high durability, excellent fire resistant and even energy efficiency. This combination makes precast concrete cladding an ideal solution for the emphasis of prestige, luxury and aesthetic appeal, especially for high rise offices and residential towers or for economy and durability priority such as in lower rise offices and commercial structures. Brick, marble, tile and granite are of typical finishes used for precast concrete cladding but any other decorative stone can also be applied for more variations. This type of cladding system is one of the most cost effective because it is naturally coloured. The main advantage of precast concrete cladding are in terms of installation, where the installation for this cladding system is swift and rapid; the sized of the panels which are typically sized so that they can span grid to grid, allowing a large area of the applied building to be weathered as quickly as possible. Besides, there are no scaffolding required in the installation of this precast concrete system as all fixings are accessed from the rear end of the panels. Sometimes, for construction that needed to use glazing units and insulation, they can easily be fitted to the precast unit in the factory that made the precast unit itself, thus decreasing the time needed for the work. But, in order to make precast concrete cladding system more cost effective, it is important that panel sizes to be maximized and a degree of repetition exists which these will ensure a number of panels can be casted from a single mould. Two types of sub surface drainage system for domestic usage In building a good drainage system, there are few principles that need to be followed. Some of them are: Material should have adequate strength and durability. Every part of a drain should be accessible for the purpose of inspection and cleansing. Drains should be in straight run as far as possible. Drains must be laid to a gradient which will render them efficient. The fall or gradient should be calculated according to the rate of flow, velocity required, and the diameter of the drain. Every drain inlet should be trapped to prevent the entry of foul air into the building which the minimum seal required is 50mm. For domestic usage, there are three types of subsurface drainage system which are combined system, separate system and partially separate system. The scheme or plan layout of drains will depend upon factors such as number of discharge points, relative position of discharge point, and drainage system of the Local Authority sewers. Combined System In a combined system, all the drains are discharged into a common or combined sewer. It is the most simple and economic method since there is no duplication of drains. This system has the advantage in terms of easy maintenance. Besides, all drains are flushed when it rains and it is impossible for this system to be connected to the wrong sewer. But this system also has its disadvantage, which is that all the discharges should pass through the sewage treatment installation, which might be costly and prove to be difficult with periods of heavy rain. Separate system A separate system in domestic subsoil drainage is the most common method applied by the Local Authorities where two sewers are used in this method. One of the sewers receives the surface water discharged and conveys them direct to a suitable outfall such as a river or sea, where the discharges require no treatment while the second sewer receives all the soil or foul discharges such as from baths, basins, sinks, showers as well as toilets. These discharges will then being conveyed to the sewage treatment installations. In this system, more drains are required and it is often necessary to cross drains one over another. There is a risk of connecting the drain to a wrong sewer and the soil drains are not flushed during heavy rain, but the savings on the treatment of a smaller volume of discharge leads to an overall economy which is acceptable to be applied in domestic area. The function of road and pavement A road is an identifiable route, way or path between two places which might or might not be available for the use by public. Public roads, especially those major roads that connect two destinations are defined as highways. A modern road normally smoothed and paved to allow easy travel of road users. While pavement is defined as surfaces intended for traffic and soil, which are protected by an overlay of imported or treated material with the objective to limit the stress in the ground. The surface of road as well as its associated construction is known as pavement. One of the main functions of roads and pavements is to transfer and distribute transportation load onto the ground. Even on the ground soil itself we can use to travel, but the loads of the transportations that use the path is not evenly distributed since the soil is not compacted and supported. With roads and pavements, the loads of the transportations were equally distributed and this provides a safe and comfy journey. The second function of road and pavement is to provide a flat surface. This is to achieve a comfortable, smooth and safe journey. A smooth riding surface is important for riding comfort and throughout the road development; this has become the measure of how road users see of a road. A rough surfaced road can be caused from few factors; one of it is caused from pavement distress due to structural deformation. Besides, the other major factor of road and pavement is to prevent the subgrade from being damaged. Subgrade is the supporting soil underneath the pavement. It is important to protect the subgrade as it is the foundation for the road and pavement. Like building, if the foundation is damaged, the whole pavement is damaged as well. If the subgrade is over-stressed, it will deform and lose its ability to properly support the loads above it. So, the pavement should have sufficient structural capacity in terms of strength and thickness, to adequately reduce the stress so that the loads and stress do not exceed the strength and capacity of the subgrade. The thickness and strength can vary depending on the combination of subgrade types as well as loading condition. Roads and pavements are also used to provide adequate surface friction or in other words, roads and pavements are to provide a skid resistance surface. The priority in road user requirement is that of safety. Every road user concerns about their safety when using roads. Safety, especially in wet conditions such as during heavy rains, can be linked to a loss of surface friction between the tyre and the pavement surface due to the existence of water surface on the road itself. So it is obvious that roads and pavements should be able to provide an adequate skid resistance for road users, in any weather conditions. The last function of roads and pavements is to provide a waterproof layer. The outer surface of a pavement acts as a waterproof surface which prevents the subgrade that supports the pavement from becoming saturated because of water absorption. When they become saturated, the soil loses its ability to support the applied loads, let alone overload, and this will lead to a premature failure of the pavement itself. So, the outer layer should not contain even a tiny pore, in order to prevent water from being absorbed underneath. Cellular concrete roofing units, pavement overlays, bridge decks airport runways, pressure vessels, blast-resistant structures, tunnel linings and ship-hull construction are some applications of a particular fiber reinforcement concrete. The types of the fibers with characteristics comparison with the conventional concrete. Fiber reinforced concrete can be defined as a composite material which consists of a mixture of cement, mortar or concrete and discontinuous and uniformly dispersed suitable fibers. The addition of this fiber would act as crack arrester as well as improving its static and dynamic properties. Fiber reinforced concrete is used as it has the advantages of static and dynamic tensile strength, energy absorbing characteristics and an improvised fatigue strength. The main factor that affects its properties is the relative fiber matrix stiffness where the modulus of elasticity of matrix helped in stress transfer efficiently. A good bond is important to improve the tensile strength of the material. There are many applications with different types of fibers and these were affected by the characteristics of the certain fiber containing in the concrete: Glass Fiber Reinforced Concrete (GFPC) Glass fiber reinforced concretes are mainly used in exterior building panels or as an architectural precast concrete. One of the advantages of GFPC is that they are lightweight. Despite their light weight, a GFPC panel is strong and is more environmental friendly as they were mostly made of recycled post-consumer glass. Steel Fiber Reinforced Concrete (SFRC) Steel fiber reinforced concrete is a composite material made of hydraulic cements, water, fine and coarse aggregate and a dispersion of small, discontinuous steel fibers. The steel fibers are distributed uniformly throughout the concrete matrix which gives the SFRC the ability to control temperature and shrinkage cracks. They were commonly used in cellular concrete roofing unit. Polypropylene Fiber reinforced Concrete (PFRC) Polypropylene fiber reinforced concrete has the ability to improve freeze-thaw resistance, improve resistance to explosive in case of severe fire, and improves impact resistance. It is often used in foundation piles, pre-stressed piles and facing panels. Asbestos Fiber Reinforced Concrete (AFRC) Asbestos fiber reinforced concrete has been used since early 1900s which were applied into concrete. Unfortunately, this composite became a concern as it is venomous to health but AFRC were still used in some applications which is outside of health zone such as in pipes and sewer pipes. Mica Flakes Fiber Reinforced Concrete (MFRC) This type of fiber reinforced concrete partially replaces asbestos applications in cement boards, concrete pipes and repair materials. Mica flakes as fibers can help preventing long-term decreases in terms of tensile strength as well as impact strength. Carbon Fiber Reinforced Concrete (CFRC) Carbon fiber reinforced concrete is an electric conductor concrete and by this, they are normally used in locations where electrical contacts are necessary. Besides, it has the characteristic of corrosion resistance, compared to other metallic electrical contact materials. Fiber Reinforced Concrete (FRC) Conventional Reinforced Concrete Higher durability Lower durability Protect steel from corrosion Steel prone to corrosion Lighter (in terms of materials) Heavier (in terms of materials) More expensive Economical Greater strength (per 1mÂÂ ³) Weaker (per 1mÂÂ ³) Higher workability Less workability Table: Characteristic comparison between FRC and conventional concrete The above table shows the characteristic comparisons between fiber reinforced concrete and conventional concrete. in terms of durability, FRC is more durable compared to conventional concrete this is because of the presence of fibers in FRC that adds to the durability of the concrete and thus, making it more flexible to be used widely in construction. Besides, the weight of FRC is relatively lighter compared to conventional concrete. Such as for Glass Fiber Reinforced Concrete, both the glass and concrete make up the volume and thus decreasing the weight as the fiber contained in the concrete has lower mass compared to a full conventional concrete. This superb characteristic increases the workability of the FRC, beating conventional concrete in terms of weight as well as workability. The workability of a FRC will reduce if the fiber volume is increased. Therefore, the volume of fiber need to be controlled but this is an advantage as the cost for materials will not be that high. the workability of FRC can be measured by conducting a Vebe test. Unfortunately, a fiber reinforced concrete is more expensive as it is needed to be readily made in factories, so does the material costs which need to make up for the materials for fiber. But, from the table, it is obvious that FRC has more advantage over conventional concrete, despite the costs. So, this higher cost for sure will increase the reliability of the material, and the building itself.

Essay --

In Africa there have been many wars and problems with poverty as well as famine that lead to war. One specific war was the civil war in Congo also known as The Great War of Africa. The war in Congo lasted from August 1998 to July 2003 and left thousands of people dead or injured. The war started because of issues in the DRC which stands for the Democratic Republic of Congo. The war was a long and terrifying war that ended when the transitional government of Democratic Republic of Congo took power. Africas unfriendliness has continued with the Lords Resistance Army Insurgencies and The Kivu as well as Ituri conflicts. The civil war in congo has made a huge impact on the people of africa and how they live today. The Kivu conflict was an armed conflict against the FARDC ,which stands for The Military of the Democratic Republic of the Congo, and the Hutu power group Democratic forces for the liberation of Rwanda in 2004. The main group against the FARDC was the rebel tutsi forces under the command of Laurant Nkunda. As a result of this conflict the CNDP, which stand for the National Congress Defence of the People, divided R0wandan Hutu power in 2009. The Ituri was a conflict between the Agriculturalist Lendu and Pastoralist Hema ethnic groups of the Ituri region which is in the northeastern region of the DRC. This started as early as 1972 and the most recent conflict was in 1999 to 2003 but has had small amounts of conflict until 2007. The lendu ethnicity was represented by the FNI which stands for Nationalist and integrationist Front. The hema ethnicity was represented by the UPC which stands for the Union of Congolese Patriots. there was a lot of violence like large massacres that both ethn icity did. The BBC found out that from 199... ... to blend into the forest and wait for them to attack; the nature of the army even further undermines the military operations. There are many attempted solutions that the security council of UN tried, but did not completely succeed in stopping the war. In the future there will not be as much fighting. There will be less conflict and more peace with the government and the FDLR. Hopefully in the future the people of Africa will not live in poverty as well as famine and have more money than what they have now. They could have enough money to survive longer and to buy medicine as well as food. In africa there should be more laws passed to for gun control and the government should try to get bigger and stronger to stop the FDLR. The UN should try to do more to stop the war in Africa. there are many solutions that that were tried but failed in stopping the war in Africa.

Life Stressors Essay

Many daily hassles have contributed to a certain level of stress in our lives. For life to continue or achieve the set objectives, then the hassle must be there, no way we can avoid them. If we can not avoid these hassles, then we can manage then responsively for our well being and sound health. â€Å"Examples of the daily hassles are; regrets over past decisions, money worries or concerns and not enough time for family, relaxation or entertainment† (Coon & Mitterer†¦167). The pressures and demands that cause stress are called stressors. There are so many life stressors including, death of a close family member for instance the mother, divorce, bad health or a changing behavior of a family member. There are various symptoms that are visible to enable recognize that he or she undergoing stress. Stress causes mental, physical and emotional duress. To get a handle in stress, one needs first to learn how to recognize it. Incase of these daily hassles, a person needs to get used to then and prepare his/her psyche that without them there may be no tomorrow. If a person develops this mentality that the hassles are normal his /her conscious will not be bothering about the hassles. Incase of money, the rich who have the money are not satisfied, therefore a plan i. e. the budget in using the little money can save a person too much stress. The issue with lack of time to relax or be with family can solely be solved by good management of time resource and strictly adhere to the timetable or schedules. â€Å"Issues of the past can easily be avoided by getting occupied actively in the wok place and or focusing in the future† (Zautra†¦. 93). Stressors are the hardest to cope with but one must be occupied with no time to sit idle, talk to as many people as possible including counselors, pastors, close friends, workmates, and family members. To crown all these, â€Å"physical exercises are commendable to any kind of stressor or stress† (Cohen†¦57). Works Cited: Coon, Dennis & Mitterer, John, O. Introduction to Psychology: Gateways to Mind and Behavior. New York: Wadsworth Publishing, 2003. Cohen, S. Measuring Stress: A Guide for Health and Social Scientists. New York: Oxford University Press, 1997. Zautra, A. Emotions, Stress and Health. New York: Oxford University Press, 2003.

Entertainment V. Addiction Essay

There is a definitive and quite distinct difference between wholesome, quality entertainment and addiction. In the novel Fahrenheit 451, Ray Bradbury very clearly states the variation among the two. Through his examples and characters in his story about a very realistic society, he expresses his opinions and almost foresees something quite relevant to society today. However, there will always be those select few who will recognize the worthlessness of mindless propaganda that seems to infect the minds of humankind. Television takes a prominent role in the script of everyday life. Additionally, it takes an even larger role in the lives of the citizens of Bradbury’s metropolis. Actually, it is more of a brain cell cemetery. For example, Mildred, the main character’s (Montag’s) wife, is constantly bombarded with television and radio programs. In fact, three walls in the parlor of the couple’s home have been converted into giant television screens! For Mildred, however, this is not good enough. She whines that having a fourth wall installed would make her happy, and that she couldn’t possibly be happy without it. Her argument is that the installation would only be $2,000 and that in order to earn this money they could just â€Å"do without a few things†. This could be considered addictive, taking into account that she is willing to give up part of the way that she lives in order to further intoxicate her mind and make her even number to the world around her . And as a result of this constant flow of trivial nonsense into her system, she is made to feel as though she is thinking for herself, acting for herself, and having a wonderful time. During the time that Ray Bradbury had written this book, television was a brand new invention. It was not too terribly popular yet, but he thought that it posed a problem. In Ray’s mind, people would be consumed by irrelevant and insignificant programs, which may become habit-forming as time progressed. He wrote of enormous televisions, which we can relate to modern-day flat screens. Bradbury foretold of people becoming reliant on technology, and not being able to ponder life and all of its questions†¦ to just stop and smell the roses! This is all very relatable to modern society,  and it is easy to see where it fits into everyday life. Clarisse, a seventeen year old girl in Fahrenheit 451, is able to show Montag that life does not have to be lived in such a way as to think that being unaware of the world is a good thing. She is able to show him that there are ways to enjoy one’s self without needing anything but an open mind. Clarisse is one of those genuine people who are able to think for themselves, who asks the â€Å"why† instead of the â€Å"how† of things. Furthermore, the intellectuals that Montag meets also have that same zest for life. They are able to understand the importance and necessity of the thoughts of others in the past. These intellectuals realize that a better understanding and perception of life can come from theminds of others. Faber, an exceptionally odd character, is also one of those remarkable people. He is able to realize that true entertainment comes from enjoying life and exploring its mysteries. He is able to find joy in free-thinking and learning in a way that is completely separate from the superficial way of his society. Montag also slowly comes to this great discovery throughout the book. It starts with him just being curious. But isn’t that all it takes to do something great, a spark of curiosity? In conclusion, Mr. Bradbury’s position is clear as crystal in his novel Fahrenheit 451. Entertainment consists of inspiring and enlightening ideas and activities, while addiction can come easily and swiftly from those things that will deaden the mind and will bring nothing of value into the thoughts of mankind. And even though they can be rare, those who are able to look past those things and find the worthwhile substance in life will gain more out of life by being able to look at the world in new ways.

Humanism During The Renaissance Essays - Medieval Philosophy

Humanism During The Renaissance Essays - Medieval Philosophy Humanism During the Renaissance The Renaissance was an incredibly important turning point in Western Intellectual and Cultural Tradition. All of these changes centered around the idea of Humanism in which, people became less "God Centered" and more "Human-centered". I have narrowed down these changes, and will discuss in detail, these changes in three major categories: Political, Education, and the Humanism of Arts. The major pollical changes of the Renaissance were from the old Feudal System of the Middle Ages into a more flexible and liberal class system. This was most noticeable in Italy (particularly in Florence), where the divisions consisted of the old rich, the new rich nobles, the middle class, and the lower middle class(The poor didn't count). This created great conflict between these social divisions. The new rich consisted of successful merchants, capitalists, and bankers innovators of new systems of making money. The Humanism philosophy was also a very popular with the people and many political leaders rose to high positions with support of these ideals. Three humanists even became chancellors of Florence they used their rhetorical skills to strongly rally the people of Florence against their enemies. The great changes in Education of the Renaissance were inspired at first, by the desire of Humanists to be wise and to speak eloquently. The idea of useful education for the people, and very "well rounded" schooling in many different fields of learning were the new defined goals of Renaissance education. People all over (Especially in Florence) revived the Ancient Greek studies of Plato, Aristotle, and many others. People began seriously questioning what these people said and re-developed the "Scientific Theory" in which you didn't just accept whatever was said to you, but you tested the truth of it. In the area of Humanism and the Arts, Renaissance Artists no longer were subordinate to the interests and the values of the Clergy, and were able to create anything of their "artistic will". Both men and women were now able to appreciated arts beyond just religious themes. Artists could also now take advantage of new techniques, such as oil painting and linear perspective to enhance the quality of their works. All of the great artists of the time used became who they were solely because of this new artistic freedom that the Renaissance brought them. These artists also created works that were more complex than before. Taking advantage of this, artists such as Leonardo da Vinci the ultimate example of the Renaissance man working in all types of educational fields, and Michelangelo who was possibly the most famous artist and sculptor in history. As you can see, the Renaissance was to great extent and a major turning point in history from the Middle Ages in just about every element of the Society. The Renaissance have truly become the original roots of our culture from the West. This was was the time when people questioned the past, and decided to go back to the schools of learning taking the past of the Greeks into their present to make a better future.

Free Essays on Pharmacology

Pharmacy Pharmacy is one of many careers found in the medical field. Pharmacists prepare and dispense drugs prescribed by doctors. They also advise patients, doctors, and other health-care professionals on proper doses and possible side effects. They must know what’s in the drug, how it works, and how it affects people with different illnesses or injuries. Pharmacists also: 1. purchase medical supplies 2. answer customer questions 3. go with doctors and hospital staff on patient rounds 4. advise patients on medical equipment and other over-the-counter products 5. supervise staff and manage a small business – if they have their own pharmacy The actual mixing of ingredients to form powders or pills is only a small part of a pharmacist’s actual job. Usually the medicines are produced by pharmaceutical companies in standard dosages and forms. Pharmacists must be able to explain instructions to patients and health-care professionals, and have good eyesight in order to properly measure and dispense medications. 3 schools that train in Pharmacy are: 1. University of Houston 141 Science and Research 2 Building Houston, TX 77204 2. Texas Southern University 3100 Cleburne Houston, TX 77004 3. The University of Texas at Austin 1 University Station A1900 Austin, TX 78712 A pharmacologist and a pharmaceutical representative are two jobs found in the Pharmacy field. A pharmacologist studies the effects of drugs on biological systems. Basically a pharmacist is a research scientist who specializes in understanding how chemical agents work in the body. These chemical agents can be either hazardous materials such as pesticides and poisons, or they be medicines and drug treatments used to combat illness and prevent disease. Pharmacologists are looking for treatments for cancer, and for all illnesses that badly affect humans such as Parkinson’s disease, Hodgkin’s disease, and AIDS. Some also specialize in the veter... Free Essays on Pharmacology Free Essays on Pharmacology Pharmacy Pharmacy is one of many careers found in the medical field. Pharmacists prepare and dispense drugs prescribed by doctors. They also advise patients, doctors, and other health-care professionals on proper doses and possible side effects. They must know what’s in the drug, how it works, and how it affects people with different illnesses or injuries. Pharmacists also: 1. purchase medical supplies 2. answer customer questions 3. go with doctors and hospital staff on patient rounds 4. advise patients on medical equipment and other over-the-counter products 5. supervise staff and manage a small business – if they have their own pharmacy The actual mixing of ingredients to form powders or pills is only a small part of a pharmacist’s actual job. Usually the medicines are produced by pharmaceutical companies in standard dosages and forms. Pharmacists must be able to explain instructions to patients and health-care professionals, and have good eyesight in order to properly measure and dispense medications. 3 schools that train in Pharmacy are: 1. University of Houston 141 Science and Research 2 Building Houston, TX 77204 2. Texas Southern University 3100 Cleburne Houston, TX 77004 3. The University of Texas at Austin 1 University Station A1900 Austin, TX 78712 A pharmacologist and a pharmaceutical representative are two jobs found in the Pharmacy field. A pharmacologist studies the effects of drugs on biological systems. Basically a pharmacist is a research scientist who specializes in understanding how chemical agents work in the body. These chemical agents can be either hazardous materials such as pesticides and poisons, or they be medicines and drug treatments used to combat illness and prevent disease. Pharmacologists are looking for treatments for cancer, and for all illnesses that badly affect humans such as Parkinson’s disease, Hodgkin’s disease, and AIDS. Some also specialize in the veter...

Analysis Of Foreign Direct Investment And Marketing Management

Foreign direct investment, marketing strategy, management of marketing operations , determinants of FDI, market access Foreign direct investment is the investment that is made by an organization or an individual in a specific country related to the interests in business in the other country. Foreign direct investment takes place when an organization plans to expand its operations in a different country or acquires business assets in a foreign country. Foreign direct investment is attracted by countries which have an open economy and offers skilled workforce to the organization. Foreign direct investments can be of three types which are, vertical, horizontal and conglomerate (Blonigen and Piger 2014). Foreign direct investment can be used by any organization as an international market strategy according to which they can invest in manufacturing or setting up a new factory in a different country. The definition of FDI is also related to the acquisition of interest related to a company in another country. The different ways by which the organization can enter a new market are, construction of facilities in a new market area, acquisitions and mergers, investment in joint venture which is located in a foreign area. Foreign direct investment is made by an organization so that they can access to closed markets which are limited by trade related barriers (Papadopoulos, Hamzaoui-Essoussi and El Banna 2016). The companies can take advantage of the lower costs related to production and labour in the new market areas of the country. This type of investment is important for many industries or companies which demand innovation and access to technology. Investments are made in different countri es so that the organization can enhance its competitive position in the industry (Sheth and Sisodia 2015). The conclusions that are presented in the study are of significance in the academic and practical fields. On one hand, this supports the development of the studies related to future research related to the marketing strategies developed after making investments in the foreign countries. On the other hand, the reasons that are related to the foreign investment related decisions of the organizations are also presented. This study will therefore help in analysing the foreign investments and the strategies related to marketing. Blonigen, B.A. and Piger, J., 2014. Determinants of foreign direct investment.  Canadian Journal of Economics/Revue canadienne d'à ©conomique,  47(3), pp.775-812. Olson, E.M., Slater, S.F., Hult, G.T.M. and Olson, K.M., 2018. The application of human resource   management policies within the marketing organization: The impact on business and marketing strategy implementation.  Industrial Marketing Management. Papadopoulos, N., Hamzaoui-Essoussi, L. and El Banna, A., 2016. Nation branding for foreign direct investment: an Integrative review and directions for research and strategy.  Journal of Product & Brand Management ,  25(7), pp.615-628. Sheth, J.N. and Sisodia, R.S., 2015.  Does marketing need reform?: Fresh perspectives on the future. Routledge.

Career aspiration Scholarship Essay Example | Topics and Well Written Essays - 500 words

Career aspiration - Scholarship Essay Example Technological innovations and materialistic civilization, apart from creating beneficial impact on the society, have introduced several negativities in to the system. Social workers function as the guardians of the society to preserve and enhance the social and moral values, especially in the combustible younger generation. As I am into the study of theory of social work in the College, during the practical session and with interaction with the members of the faculty, I have come to the conclusion that a social worker’s job is never dull as one is continuously involved in the task to help others to solve their issues. Doing social work is a twice-blessed assignment. It blesses the doer and it blesses the receiver and generally both are happy at the end of the assignment. I have the personal experience what support means to the disabled Due to my disability problem my movement is on a restricted scale, and after the college hours, I cannot think of engaging myself in any part-time assignments to make an earning. The financial position of my family is not such that they can fully support me with the high tuition fees, conveyance expense, expenses on books, and all those unavoidable expenses that are part of the student life. To apply for scholarship, to cover up all those expenses is my only option now. If necessary I am willing to provide the credentials from two respectable persons/office bearers from my community about my genuine need for the scholarship. I am also ready to give any other documents supporting my genuine need for the scholarship. As stated above I am handicapped to find any source of income as I cannot rush from one place to another like a normal person and as such, and I need to make the best use of my time, after the college hours for my study. I have submitted the facts related to my life and my intention to challenge it within my limitations. I have a strong inclination to lead a life of essential

AIC Case Study Example | Topics and Well Written Essays - 500 words

AIC - Case Study Example In contrast, AIC systems total volume is lower than Taiwanese rivals elite group Company systems, MSI, and ASUS. However, the companies’ relentless effort on the management of costs enables it to scale high as it labels as a competitive source. Consequently, by the year 2000, AIC structures had evolved into original design manufacturer (ODM). Based on ODM, the company took the vigorous role by innovating and developing new generation components. Additionally, the company participated in house design and development work, which advanced its operations to foster more exclusively establishing long-term relationships with its customers across the planet. In the year, 2007, AIC embarked on a new strategy, diversifying its products portfolio with the inclusion of consumer electronics focusing on mobile technology. Based on the development of technology and AIC company advancement, most hardware has become a commodity with mobile technology taking several forms including ultra-portable laptops called netbooks, mobile phone Laden that have variable arrays and traditional laptops(Wheelwright & Yong 2). The assembly line of QuiN design required refinement, and this made initial orders unpredictable. Wheelwright & Yong (4) argue that the development of full-scale production of the QuiN 816 was frantic. Moreover, promotion of QuiN netbook generated significant publicity as it created an unexpected spike in the production demands. This created lumpy orders of the QuiN netbook and later developed the little need and received an unexpected order for numerous thousand units within a short notice. However, the solution needs to focus on getting new assembly line that is operational. Additionally, QuiN 816 needs to review its operations and identify ways of improving the productivity of the existing capacity. Chen focused on assembling line process for QuiN 816 network. Moreover, by working closely with

Jean-Paul Sartre Essay Example | Topics and Well Written Essays - 1750 words

Jean-Paul Sartre - Essay Example This research will begin with the statement that the roots of Jean-Paul Sartre’s Existentialist-Marxist understandings are deeply embedded in the objects of freedom (analytically) and personal struggle (history/personal struggle).   It is not only impractical to separate Sartre from his time-period, it is impossible.   Dissolution of people’s identities both spiritually and historically was being realized through the tragedies of World War I and World War II.   Combining these significant destructions with new perspectives concerning Psychology (through Freud, Jung†¦), Philosophy found a seemingly different path explaining â€Å"who we are† and â€Å"what is our purpose† as humans.   Sartre was heavily influenced by literature and art and through this media suggested an approach to perceiving the world as it is; ugly, grotesque’, self-absorbed.   This movement towards a more realistic or negative view of life differed greatly from the â€Å"Hope† offered by Leibnitz, Aquinas and other ‘positivists’.   Accordingly, Sartre felt the backlash from â€Å"Hopeful-ists† resulting in Sartre’s â€Å"Existentialism Is a Humanism† lecture in Paris, France 1944. In â€Å"Existentialism Is a Humanism†, Sartre spells out what Existentialism actually is.   Sartre says there are two kinds of Existentialist â€Å"the Christians...and atheistic existentialists† the latter being the group Sartre belongs to.  Ã‚  ... Perhaps Sartre’ wished to embolden and/or disarm his Christian detractors by enlisting Gabriel Marcel as a co-conspirator since Marcel, a converted Catholic, first â€Å"endorsed but later repudiated† (SEP) the Existentialist label. Adding a supremely ironic twist is Sartre first repudiating then endorsing the label of ‘Existentialism’ himself (Sartre.org). Sartre may have been reading Kant and his â€Å"Utilitarianism† by including Christianity as a default proponent; by utility. Sartre suggests the commonness of existentialists is the belief that â€Å"existence precedes essence.† This idea is novel in the scheme of Philosophy. Greek thought or philosophy from Plato suggested a â€Å"Realm of Forms† as the perfection of anything conceivable in perfect form. The ‘thing’ observed had a ‘perfectness’ illustrated in the â€Å"Realm of Forms† above and beyond the common illusionary perception of a living hu man being (Plato 68). Sartre defined reality as production of each individual perceiver’s understanding or capabilities without a definite ‘template’ or guide about what may or may not be true of the ‘thing’ perceived. This is Sartre’s ‘Freedom’ supposition: â€Å"Man is nothing else but that which he makes of himself† (Sartre 5). Here, Sartre follows closely in the footsteps of Spinoza by exacting ‘God’ from the realm of reality and describing a ‘natural’ or humanistic understanding of reality. Freedom, to Sartre, is not a political or societal extension; although it can be. Freedom is breaking the chains of bondage from â€Å"determinism† of perhaps, Calvinistic Christianity and allowing man the complete dominion of his or her own

Big Tobacco Sues Feds over Graphic Warnings on Cigarette Labels Research Paper - 1

Big Tobacco Sues Feds over Graphic Warnings on Cigarette Labels - Research Paper Example cco has two distinct functions, one as a consumable article and the other as a revenue earner, which at times appears to secure conflicting official treatment" (Breed, 2011). To counter this thought that tobacco is injurious to health, major cigarette manufacturing companies spent millions of dollars. They found anti smoking campaign by the government just to malign the minds of the people since scientific research yet to establish the actual cause of death of a person. Any law or ordinance that prohibits the sale of cigarettes at this stage is unjustified. It backs the American jurisprudence a man or woman is â€Å"innocent until proven guilty† (Breed, 2011). Yet Scientists have to prove that tobacco smoke or any of its constituents in cigarette cause human disease. So far, the research and studies conducted to find out the real cause of death/damages on human body, comes to the conclusion that tobacco cannot be blamed as a solo reason for the death of a person but the weak immune system that vary from individual to individual effects the human body (Breed, 2011). The strong defense of the tobacco manufacturing companies is that they are contributing a lot in shape of taxes to the national exchequers imposed by the concerned state on tobacco products. Further this industry employees a large number of employees. In case of industry, failure there could be two pronged losses: a) loss of taxes that collects by the states b) unemployment. Any effort to undermine the industry would have devastating impact on the jobs of more than 400,000 workers associated with tobacco industry besides losing of jobs of another 300,000 employees of its allied industries. As far as revenue generation through sale of this product is concerned, smokers are contributing approximately ten billion dollars a year, which reflects the sizeable chunk towards total revenue of the United States of America (Breed, 2011). The biased advertisement comprised of pictures of those smokers who have

Comparison of a leader and a manager Essay Example | Topics and Well Written Essays - 250 words

Comparison of a leader and a manager - Essay Example In addition to that, there is difference in the motivation level and control between a leader and a manager. According to (Nielson), a leader sets new and unique direction. Therefore, he should be able to justify the changes he suggests and show the validity of his approach. A manager helps in the application of ideas suggested by a leader and is responsible to make sure that the assigned tasks are completed by employees in time. In spite of these differences, a leader and a manager apparently share several important responsibilities. Both make heads of a team and coordinate teams to reach a goal. A final similarity between the two is that both exchange information in order to plan and direct. To sum up, leader and manager are much different, and yet alike. Although they differ in many areas such as people out look and motivation, they have several points in common. Furthermore, it can be said that both seek success.

Plan to Develop a Global Virtual Team Essay Example | Topics and Well Written Essays - 750 words

Plan to Develop a Global Virtual Team - Essay Example Plan to Develop a Global Virtual Team Various factors have led to the rise of virtual teams; in fact, the prime contributing factors are advancement in technology and globalization. At the commencement of a virtual team, there is unexpected bonus, whereby the team’s productivity is increasing, and the productivity of an effective virtual team increases according to the industry and organization. In this case, global virtual teams facilitates garnering of substantial talent from different parts of the world, thus eliminating the expenses incurred on travelling and creating the accessibility of low wage resources. On the other hand, this section of the paper focuses on discussing a plan of developing a virtual team, and these entail three steps. Step 1: Participating in the Selection Process of Virtual Team Members and Leaders Management of talent can help the team leaders in the process of formulating the team through an assessment of employee in contention for membership on a virtual team, in order to determine whether they possess the relevant skills (Ebrahim, Shamsuddin and Taha, 2653). Organizations may expand due to the use of a virtual team, thus evaluating candidate for the skills is relevant in the method of assortment for positioning in the outlook. In this case, forming a virtual team requires professionals to be aware of the skills and competencies that are to be d emonstrated by an assessment of potential virtual leader, in a case whereby they currently possess the skills or they will develop them due to additional training. Step 2: Ensuring Appropriate Selection, Training and application of Virtual Team Technologies Prior to formation of a virtual team, a human resource manager is expected to consider the relevant technologies that are needed to contribute to success. Therefore, the virtual workers may depend on the technologies for facial expression and assessment of nonverbal cues as the fundamental drivers of establishing the trust among the members (Wikibooks, 1). In the process of technology implementation, the team leader is expected to create a chance for the computer system in the organization to use a section of the board, and for the team members to share personal experience. Step 3: Train The virtual team members are expected to have a high level of competence by, thus making the odds that assembles the A-team of the virtual team with members that posses the relevant skills and competencies for effective navigation thought the environment. There are technical experts with the knowledge that is vital for the projects handled by the team and they may possess expansion of the communication skills that are required (Meena and  Kip, 1). On the other hand, there is need to establish an effective communicator with the ability to be a good virtual team leader. Therefore, training is necessary in order to facilitate the success of the virtual team, whereby the HR and the talent manager find it substantial to identify the gaps in skills in a way that ensures training in a way that closes the gaps. Cultural Differences between the Countries that Could impact the Culture and Performance of the Team Cultural differences are adding value and diversity to teams, though in some sections there are problems. Various cultural issues emanate for the global virtual team, whereby there are a bogus perception of similarity, whic h is contradictory insight of teamwork. For instance, South Korea has a position on the scales and index concerning other nations, whereby from dimensions in 2005, there are empirical and parameters that are verifiable in a way that the counties would be classified in a particular category (Malhotra and Majchrzak, 11). In fact, there were independent

Comparison of a leader and a manager Essay Example | Topics and Well Written Essays - 250 words

Comparison of a leader and a manager - Essay Example In addition to that, there is difference in the motivation level and control between a leader and a manager. According to (Nielson), a leader sets new and unique direction. Therefore, he should be able to justify the changes he suggests and show the validity of his approach. A manager helps in the application of ideas suggested by a leader and is responsible to make sure that the assigned tasks are completed by employees in time. In spite of these differences, a leader and a manager apparently share several important responsibilities. Both make heads of a team and coordinate teams to reach a goal. A final similarity between the two is that both exchange information in order to plan and direct. To sum up, leader and manager are much different, and yet alike. Although they differ in many areas such as people out look and motivation, they have several points in common. Furthermore, it can be said that both seek success.

Social Factor Essay Example for Free

Social Factor Essay War Child is a network of independent organization, working across the world to help children affected by war. Theyre a social organization to advance the cause of peace through investing hope in the lives of children caught up in the horror of war, which is mainly their number one aim. Employees of War child has a big influence in the organization, because their all there for the same reason to help the organization reach their aims. What is also a social factor of War child is that anyone can volunteer and take part of the important events to save those kids. Employees can move to different countries where they can set up camps to build programs for war affected kids, the only thing that can go wrong is if an employee doesnt want to go or even work together as a group, this can both cause conflict and also can become public to donators and cause a downfall in the organization. But of course they would only send qualified employees to do to go into post conflict areas for their safety and health. War Child believes that interplay between physiological and social factors is consisting of healthy emotional, cognitive, social and spiritual development, which includes social integration. As a social factor they implement either or together with their partners, progress to protect and empower children and young people. War Child is a right-based organization committed to the fulfillments of children rights! Comparing the organizations As you can see that both companies are not that far from each other, they all can perform well so long the economy is going good and positive. The only difference really with the both organization is that for MS aims for profit and War child for a good cause by helping war affected children. But both of this company can get into to problems with the economy for example if theres an economic crisis, people will not spend as much money, .sales will go down and even have to fire people from their jobs and with War child is the economy is still being greedy by wanting more diamonds and causing war in places such as Angola and Sierra Leone. One the social part there are not too far from each other nearly the same, they all needs to work together to achieve their organizational aim. So long there is the right communications and respect amongst each other, then conflicts can be avoided. Because of the globalization, the economy changes and the society, there will always be changes if there can. For example government regulations and the standard of living the people has paid a price for. The external factors do have a lot of influences on these companies. If the economical crises arise can cause the company to close some stores or even come to debts and could case war not only from war affected kids but the whole society in general.

Business Management and Change at Billabong (BB)

Business Management and Change at Billabong (BB) HSC Topic One: Business Management and Change Case Study Billabong Management Theory Behavioural Management Theory Creative thinking and innovation are of greater importance than ruthless efficiency. Managers see their roles primarily as motivating staff communicating the companys vision to customers stakeholders. Workers overcame problems and gave input into the way Billabong was run. Primarily to do with business culture and lack of morale caused by inertia of managers their resistance to change BILLABONG Sources of Change * External influences Economic factors: Negative: level of unemployment and growth/interest rates means less people can afford BBs products Rising incomes in East Asia and South America have helped create new markets Social factors: Changing consumer tastes Increasing tastes in sports such as skateboarding and surfing BMX now included at Olympics increases recognition of sport and clothing Political factors: Protectionism and limiting of imports through tariffs has seen BBs product strengthened in the domestic market Gov emphasising and pushing Aus exports, BB has seen improved overseas sales. Geographic: Pollution of beaches discourages people from surfing Influences what products BB have to release Snow gear in countries like Switzerland and surf gear in markets like Hawaii Internal influences  · E-Commerce Positive: Simplifying logistical and organisational difficulties +: Monitoring and tracking sales à  control Internet website greater relationship/interaction with customers  · New Procedures Private à   Public Comply with legal regulations meant à  financial record systems for annual financial report Tighter control over finances so as to increase return for investors  · Business Culture Management team changed in 1998 when Matthew Perrin and Gary Pemberton bought 49% of BB Now comprised of more professional managers with greater business knowledge and procedures than the original surf enthusiasts who established the business Structural responses to change Outsourcing Production to SE Asia and China Response to economic and financial influences Allows company to focus more on design and marketing Lowers costs to maintain competitive advantage in price-sensitive markets Strategic Alliances Cooperated with Channel V Billabong Music Bus Tour Both had similar target markets Increased brand recognition and awareness Reasons for resistance to change Financial Costs Developing new products such as skateboards and sunglasses requires money Acquiring smaller businesses, eg. Honolua Surf Company cost around $20billion Inertia of owners International expansion brings some risk from the financial backers/owners and therefore saw resistance from shareholders Managing change effectively Identifying need for change BB gained an edge over competitors by being one of the first businesses to expand overseas in the early 1980s Diversifying into skateboarding and accessories increased market share Creating culture of change New management team in 1998 acted as ‘change agents achieved growth by constantly observing and pursuing new opportunities Change Models (force field analysis) Driving Forces Restraining Forces à  revenue New opportunities for staff Year round demand (seasons) Costs of production Lack of new designers Need to hire new managers for new departments Change and Social Responsibility Ecological Sustainability Surfrider Foundation Conservation and regeneration of beaches and foreshores Quality of life Encourages team work and a relaxed atmosphere both in the office and in retail stores BB has a strict ‘no child labour policy and regularly inspects overseas production facilities Cultural Diversity Encourages communication between domestic and international stores/offices Employees are encouraged to transfer between international offices to gain new experiences The Nature of Management  · Management Roles -An interpersonal role is one in which the manager deals with people. Proactive- incorporates dynamic action and forward planning to achieve particular objectives -An informational gathers information within the business and supplys it outside the business -A decision-making role involves solving problems and making choices  · Skills of Management -People Skills -Strategic thinking -Vision -Self-Managing -Teamwork Ethical behaviour Responsibilities to stakeholders include: manage change social justice ecological sustainability compliance with the law codes of practice Understanding Business Organisations with Reference to Management theories  · Contingency Theory  · Classical-Scientific Planning, Organising, Controlling Division of labour, chain of command, autocratic leadership style meaning the manager tends to make all the decisions in the business.  · Behavioural ability to understand and work with people from a variety of backgrounds and different expectations Leading, Motivation, Communication Flatter organisational structure democratic leadership style where managers consult employees to ask suggestions and take them into account when decision making.  · Political encourages the formation of coalitions to promote different points of view. Power and Influence within a business can have both a positive and negative effect. It can be sued to intimidate (negative) or empower others (positive). Legitimate power due to status or position of the person in the firm e.g management Expert power due to a result of a persons skills and expertise Referent power from a persons individual characteristics (personality and charisma) Reward Power to the rewards or compensation a manager distributes Coercive power controls individuals by the actions or words of the manager Negotiating and Bargaining, Stakeholder views, Coalitions Managing Change  · Nature and Sources of Change in Business External Changing Nature of Markets, Economic Influences, financial, geographic, social, legal, political, technological Internal Effects of decelerating technological change, e-commerce, new systems and procedures, new business cultures Structural Response to Change -Outsourcing Flat Structure Strategic alliances Networks  · Reasons for Resistance to Change Financial Costs Inertia of managers and owners Cultural incompatibility in mergers and takeovers Staffing Considerations de-skilling, acquiring new sources, loss of career prospects and opportunities. * Managing Change Effectively Identifying need for change- SWOT anaysis and balance sheets Setting Achievable goals mission statements and company goal Culture of Change Change Models Force-Field Analysis Unfreeze/Change/Refreeze Change and Social Responsibility Social Responsibility is the awareness of a businesss management of the social, environmental and human consequences of its actions. Customers eventually find out which businesses are acting responsibly and which are not. Ecological Sustainability Quality of Working life Technology E-Commerce Globalisation and Managing Cultural Diversity HSC Topic Two Financial Planning The Role of Financial Planning * Strategic role of Financial Planning strategic plan Organisational goals and objectives Managing financial resources * Objectives of Financial management Liquidity -pay debts in the short term (less that 12 months) Profitability ability to maximise profit Efficiency -manage its assets to maximise profits with the lowest possible level of assets Growth increase its size in the long term Return on capital -profit returned to owners or stakeholders as a % of their contribution * The planning Cycle Addressing present financial position e.g revenue, p l statements, budgets Determining financial elements of the business plan Developing budgets Cash Flows Financial reports Maintaining record systems Planning financial controls Financial Markets Relevant to business financial needs * Major Participants in Financial markets Banks Financial companies -provide loans to individuals and businesses e.g personal and secured Insurance companies -loans to the corporate sector through insurance premiums Merchant bks (investment bks) -services such as borrowing and lending to the business sector. Superannuation/Mutual funds provide funds to the corporate sector through the investment of funds received from superannuation contributions The Reserve bank of Australia (Government) -acts as a banker and financial agent for the federal government * The Role of the Australian Stock Exchange (ASX) as a primary Market The ASX is the major financial exchange in the country. It comprises the largest primary and secondary markets for companies and individuals wishing to create and exchanges financial assets in the economy * Influences on Financial Markets domestic markets e.g change in inflation, demands for funding, changes in government policies. Companies can be positively and negatively affected. Overseas influences such as world events, foreign exchange rates, tax regulation for foreign operations * Trends in Financial Markets Technology has allowed markets to become more competitive and grow allowing financial transactions all the time. Globalisation will also give overseas investors access to Australian companies and increase opportunities for Australian investors and international markets. Management of Funds * Sources of Funds Internal Owners Equity Retained Profits External Short-term borrowing Bank Overdraft allows a business to overdraw their account to an agreed limit Bank Bills Long Term Borrowing Mortgage Debentures -The company repays the amount of the debenture by buying back the debenture. Finance companies raise funds through debenture issues to the public. Leasing involves the payment of money for the use of equipment that is owned by another party. Factoring is the selling of accounts receivable for a discounted price to a finance of factoring company. Venture Capital is funds supplied by investors to either a new organisation or to an already established business ready to grow or diversify. Grants are provided by the government for businesses to develop and promote international competitiveness. Grants often enable an organisation to become competitive in the global environment e.g exporting organisations. * Comparison of debt to equity financing Debt finance refers to short and long term borrowing from external sources of an organisation Equity Financing refers to the internal sources of finance in the organisation Gearing/Leverage is the proportion of debt to equity which is used to finance the activities of a business Using Financial Information * The Accounting Framework Financial Statements Revenue Statements shows the revenue earned and expenses incurred over the accounting period with the resultant profit or loss. Revenue statements show operating revenue earned from the main functions of the business e.g sales of inventories and the non-operating revenue earned from operations such as rent and commission. It also shows operating expenses such as rent, advertising, insurance. Balance Sheets represent the assets and liabilities at a particular point in time expressed in money terms and calculates the net worth of the business. The balance sheet shows the level of current and non-current assets and liabilities including investments and owners equity. Balance sheets indicate whether it has enough assets to cover debt interest and money borrowed that can be paid assets used to maximise profits if owners are making a good return on their investment * The accounting Equation and Relationships (A) Assets = (L) Liabilities + (OE) Owners Equity The accounting equation forms the basis of the accounting process which shows the relationship between assets, liabilities and owners equity. The accounting equation shows that the assets of the business may be financed by either the owners or by parties external to the business. COGS = inventory + purchases closing stock * Comparative Ratio Analysis By comparing ratios of a firm over time reveals trends and indicate directions for the future. Comparisons with other businesses and industry ratios is often used although can be inaccurate due to differences in companies and industries. Businesses often compare ratios against common standards such as statistics from the ABS. * Limitations for Financial Reports Historic cost accounting states that values are stated at the cost incurred at the time of purchase or acquisition, meaning financial statements will be a mixture of different year figures. Historic cost has been used for a long time although may become inaccurate in times of inflation. Value of Intangibles licences, trademarks, brand names and goodwill. Effective Working Capital (Liquidity) Management * The Working Capital Ratio Working Capital Ratio = Current Assets over Current Liabilities (2:1 ACCEPTABLE ALTHOUGH VARIES) The Working capital ratio shows if current assets can cover current liabilities. * Control of Current Assets Cash Balances are generally kept at a minimum and hold marketable securities as reserves of liquidity. Receivables is important in terms of management of working capital. The quicker the debtors pay, the better the firms cash position. Inventories make up a significant account of current assets and their levels must be carefully monitored so that excess or insufficient levels of stock do not occur. * Control of Current Liabilities Payables must be paid by their due dates due to avoid any extra cash charges imposed for late payment and to ensure that trade credit will be extended to the business in the future. Loans management of loans is important for establishment interest rates and ongoing charges must be investigated and monitored to minimise costs. Overdrafts policies should be used to manage bank overdrafts and monitor budgets on a daily or weekly basis so that cash supplies can be controlled. * Strategies for Managing Working Capital Leasing Factoring Sale and Lease back is the selling of an owned asset to a lesser and leasing the asset back through fixed payments for a specified number of years. Effective Financial Planning * Effective Cash Flow Management The activities of a business are divided into three categories as a statement of cash flows 1. Operating Activities e.g inflow cash and credit, outflow payments to employees 2. Investing Activities -e.g selling of old motorbike, purchasing new property 3. Financing activities- e.g inflow selling of shares, outflow repayment of debt. * Management Strategies distributing payments through out a month or year or different period so that cash shortfalls do not occur payments and bad debt of accounts by debtors can cause shortfalls of cash for businesses at important times. discounts for early payments * Effective profitability Management Cost Control Fixed Costs e.g insurance and salaries Variable costs change with the level of activity within a business e.g materials and labour used in the production of a product e.g fixing a roof. Cost Centres are particular areas, departments or sections of a business to which costs can be directly attributed. Direct costs are those allocated from a particular product, activity, department or region e.g depreciation of equipment used solely in the production of one good. Indirect costs come from shared projects, activities, departments or regions. Staff should be motivated to minimise expenses where possible as savings can be substantial if people take a close look at costs and eliminate waste and unnecessary spending. * Revenue Controls Sales objectives must be at a level of sales that will cover costs (fixed and variable) and result in profit. Changes to the sales mix can affect revenue. Research should be made to identify the effects of sales mix changes before implantation. Pricing Policy affects revenue and therefore impacts on working capital. To attract buyers while underpricing may bring high sales but still result in cash shortfalls. Ethical and Legal Aspects of Financial Management * Audited Accounts An audit is an independent check of the accuracy of financial records and accounting procedures. Types of Audits- 1. Internal conducted internally by employees 2. Management used to review the firms strategic plans and determine if changes need to be made. 3. External required by corporate law to ensure it complies with Australian auditing standards. * Australian Securities and Investments Commission (ASIC) ASIC enforces and administers laws and protects consumers in the areas of investment, life, insurance, super and Australian banking. ASIC sets out to reduce fraud and unfair practices in financial markets and products. ASIC ensures that companies adhere to the law. Collects information about companies and makes it accessible to the public. * Corporate Raiders and Asset Stripping Asset Stripping describes the practice of organisations that identify and sell off for a profit, assets of a company, especially one that has been acquired in a recent takeover. Entities that take over other companies and sell off the assets are known as corporate raiders. HSC Topic 3 Marketing Case Study Types of Markets Resource BHP Billiton Industrial Painter Intermediate Gloria Jeans selling cakes Mass IBM Computers Niche ‘Mountain Bike Magazine Developing Marketing Strategies Product and Service Positioning * Qantas was under competitive pressure from Virgin Blue in the leisure market * Qantas wanted to maintain its higher positioned government and business segments * Expanded to a subsidiary Jetstar who were positioned as a value-for-money product Price including pricing methods Price Points * Jetstar International * Base price for seat, Charge $30 for meal, $7 for blanket and amenity kit and $12 for entertainment kit Promotion Advertising * Dell Computers focus much of their advertising to print media * Use inserts/pamphlets/brochures in magazines, typically in the technology liftout section of the newspaper, where their target market is most likely to be reading Place Distribution * Dell distribute products directly, with no intermediaries * Exclusive distribution (no stores), Intensive (internet) * Distribution system is e-commerce Ethical and Legal Aspects Role of Consumer Laws in dealing with Deceptive and Misleading Advertising * Gillette (Duracell) VS Eveready * TV advertisement claims Duracell lasts up to four times longer than ordinary batteries * Eveready claimed the ad infringed the TPA * Independent tests showed the Duracell batteries never last 4x longer * Federal Court ruled Duracell breached the TPA in the areas of misleading and deceptive conduct and false representations about the quality and benefits of goods The Nature and Role of Markets and Marketing Marketing is a total system of interacting activities designed to plan, price, promote and distribute products to present and potential customers. * Types of Markets Resource markets e.g mining, agriculture, forestry and machinery. Industrial Markets purchase products to use in the production of other products e.g buying flour to make bread Intermediate markets (resellers) consist of wholesalers and retailers who purchase finished products and resell them to make profit Consumer Markets e.g cars, clothing, food Mass Market is when the seller mass produces, mass distributes and mass promotes one product to all buyers Niche Markets are micro markets made for buyers who have specific needs or lifestyles * Production Production Orientation 1820s 1920s When a business concentrates on making as many possible goods at the lowest price possible Sales Approach 1020s 1060s When a business concentrates on selling techniques to attract customers Marketing Approach 1060s 1980s When a business collects information on consumer trends to sell its products * The Marketing Concept Consumer Orientation when a business concentrates on maximising customer satisfaction to sell its products Relationship Marketing the focus on encouraging repeat purchases and loyalty to the business by managing customer relations at the time of and after the initial purchase. Elements of a Marketing Plan * Establishing Market Objectives * Identifying Target Market Total Market Approach one type of product with little or no variation aimed at everyone through one distribution system. Market Segmentation approach the market is subdivided into groups of people who share certain characteristics. * Developing Marketing Strategies (examining elements of the 4 Ps) * Implementation, Monitoring and Controlling Financial Forecasting measures the sales potential and revenue forecasts (benefits) for strategies and compares these with anticipated costs. Comparing actual and planned results 1. Sales analysis comparing of actual sales with forecast sales to determine the effectiveness of the marketing strategy 2. Market share analysis/Ratios by comparing competitions market share to their own this can reveal changes in total sales (increase or decrease) 3. Marketing Cost Analysis marketer breaks down the total marketing cost into specific marketing activities to access the effectiveness of each activity. Market Research Process Market research is the process of systematically collecting, recording and analysing information concerning a specific marketing problem. The three steps of the market research process are; 1. Determining information needs 2. Collecting data from primary and secondary sources 3. Data analysis and interpretation -the data that represents average, typical or deviations from typical patterns. The data must be then displayed in way which statistics and figures can be conducted e.g spreadsheets Customer and Buyer Behaviour Customers are classified into two categories: Consumer the process of purchasing goods and services for personal household use. Organisational the purchase of goods and services by producers, resellers and government. Types of Customers Household Personal personal and household spending plays a dominant role within the economy as it contributes to the level of economic activity which affects business profits, unemployment levels, interest rates levels and rate of inflation. The Firms market consists of businesses that purchase goods and services for further processing or for use in their production process. Educational institutes Government Customers Governments spend billions of dollars each year for a wide variety of goods and services ranging from battleships to paperclips. All purchases of the government spend public funds to buy products, the government is accountable to the public, requiring a much more formalised set of buying procedures where firms submit quotes to supply a particular good or service and the lowest bid is generally accepted. * The Buying Process The buying process involves 5 common steps: Recognise the problem need or want requiring satisfaction Search for info brands, product characteristics, warranty, price etc Evaluate alternatives cost and benefit analysis Purchase Evaluate after purchase stability of product, satisfaction gained or dissatisfaction may occur. * Factors influencing Customer Choice Psychological influences e.g perception, motive, attitude and personality Socio-cultural influences e.g family, friends, social class, culture and subculture. Economic Influences -A boom is a period of low employment and rising income. Contraction is a period of slowly rising unemployment with incomes stabilising. Recession sees unemployment reach high levels and incomes fall dramatically. Expansion means unemployment levels start to fall slowly and incomes begin to rise. Government Influences government will put into place policies that expand or contract the level of economic activity. These policies directly or indirectly influence business activity and customers spending habits and such will influence the marketing plan. Developing Market Strategies * Pricing Strategies Price Skimming charging the highest price possible for innovative products Pricing Penetration charges to lowest price possible for a product or service to achieve large market share Loss-leader selling a product below its cost price to attract customers Price Lining a limited number of key prices for selected product lines e.g one line of watches for $35 and a more expensive line at $55 * Pricing Methods Cost-plus margin the total cost of production then adds on amount for profit (mark-up) Market set prices according to the level of supply and demand, when demand is high prices are high Competition based a business chooses a price based on competition, either below, equal to or above * Marketing segmentation and product Mass marketing or a total marketing approach This includes basic food items, water, gas, electricity etc. Concentrated Market Approach -By using the concentrated market approach the business is able to analyse its customer base more closely and design strategies to satisfy this select groups needs, and develop particular products based on customer feedback. Product Differentiation is the process of developing and promoting differences between the businesses products and those of its competitors. e.g jeans with designer labels and washing detergent with brightener additives * Place/Distribution Channels of Distribution or marketing channels are routes taken to get the product from the factory to the customer. The process usually involves a number of intermediaries such as wholesalers, brokers, agents or retailers. To choose the channel of distribution the location is the main contributor of the business market or market coverage (number of outlets a firm chooses for it product). There are three ways a business can cover a market Intensive distribution when a business saturates the market with their product e.g milk, lollies and newspapers Selective Distribution businesses use a moderate proportion of possible outlets where customers are prepared to travel e.g clothing, furniture Exclusive Distribution only one retail, outlet in a large geographical area for exclusive and expensive products. Physical Distribution Transport Warehousing involves receiving, storing and dispatching goods. Inventory controlled through a system that maintains quantities and varieties of products appropriate for the target market.  · Effects on Distribution 1. Technology 2. Local Government Approving new development applications and alteration to existing premises Fire regulations Determining land zoning and the purpose for which a building and land can be used Parking regulations Health regulations Size, shape and location of business signs Ethical and legal Aspects Environmentally responsible products Materialism an individuals desire to constantly acquire possessions Impact of retail development -intensely competitive environment may result in some retailers using questionable marketing practices Sugging Selling Under Guise of a survey, Role of Consumer Law Deceptive and misleading Price- Discrimination Implied Conditions or terms Merchandise quality meaning that the product is of a standard a reasonable person would expect for the price Fitness of purpose meaning that the product is suitable for the purpose for which is being sold. That is, it will perform as the instructions or advertisement implies Warranties Resale Price Maintenance Legislations to respond to ethical and legal aspects of marketing: The Trade Practice Act 1974 is one of the most important pieces of legislation in Australia and has two purposes: 1. To protect consumers from misleading and deceptive conduct 2. Restrictive trade practices to restrict competition as well as ensuring that a number of businesses are operation at any one time in the same market, to avoid the problem of monopolistic power. Fair Trade Act (FTA) is a mirrors legislation that covers sole traders and partnership as well as companies Implied conditions in both Acts: Merchantable quality worth the money Fit for purpose does its jobs. HSC Topic Four: Employment Relations Case Study Managing the ER function Line Management * ALDI Supermarkets * Individual store managers are expected to solve all instore problems there is no ‘area manager or specialist ER department Key influences on ER Social Inf Business Management and Change at Billabong (BB) Business Management and Change at Billabong (BB) HSC Topic One: Business Management and Change Case Study Billabong Management Theory Behavioural Management Theory Creative thinking and innovation are of greater importance than ruthless efficiency. Managers see their roles primarily as motivating staff communicating the companys vision to customers stakeholders. Workers overcame problems and gave input into the way Billabong was run. Primarily to do with business culture and lack of morale caused by inertia of managers their resistance to change BILLABONG Sources of Change * External influences Economic factors: Negative: level of unemployment and growth/interest rates means less people can afford BBs products Rising incomes in East Asia and South America have helped create new markets Social factors: Changing consumer tastes Increasing tastes in sports such as skateboarding and surfing BMX now included at Olympics increases recognition of sport and clothing Political factors: Protectionism and limiting of imports through tariffs has seen BBs product strengthened in the domestic market Gov emphasising and pushing Aus exports, BB has seen improved overseas sales. Geographic: Pollution of beaches discourages people from surfing Influences what products BB have to release Snow gear in countries like Switzerland and surf gear in markets like Hawaii Internal influences  · E-Commerce Positive: Simplifying logistical and organisational difficulties +: Monitoring and tracking sales à  control Internet website greater relationship/interaction with customers  · New Procedures Private à   Public Comply with legal regulations meant à  financial record systems for annual financial report Tighter control over finances so as to increase return for investors  · Business Culture Management team changed in 1998 when Matthew Perrin and Gary Pemberton bought 49% of BB Now comprised of more professional managers with greater business knowledge and procedures than the original surf enthusiasts who established the business Structural responses to change Outsourcing Production to SE Asia and China Response to economic and financial influences Allows company to focus more on design and marketing Lowers costs to maintain competitive advantage in price-sensitive markets Strategic Alliances Cooperated with Channel V Billabong Music Bus Tour Both had similar target markets Increased brand recognition and awareness Reasons for resistance to change Financial Costs Developing new products such as skateboards and sunglasses requires money Acquiring smaller businesses, eg. Honolua Surf Company cost around $20billion Inertia of owners International expansion brings some risk from the financial backers/owners and therefore saw resistance from shareholders Managing change effectively Identifying need for change BB gained an edge over competitors by being one of the first businesses to expand overseas in the early 1980s Diversifying into skateboarding and accessories increased market share Creating culture of change New management team in 1998 acted as ‘change agents achieved growth by constantly observing and pursuing new opportunities Change Models (force field analysis) Driving Forces Restraining Forces à  revenue New opportunities for staff Year round demand (seasons) Costs of production Lack of new designers Need to hire new managers for new departments Change and Social Responsibility Ecological Sustainability Surfrider Foundation Conservation and regeneration of beaches and foreshores Quality of life Encourages team work and a relaxed atmosphere both in the office and in retail stores BB has a strict ‘no child labour policy and regularly inspects overseas production facilities Cultural Diversity Encourages communication between domestic and international stores/offices Employees are encouraged to transfer between international offices to gain new experiences The Nature of Management  · Management Roles -An interpersonal role is one in which the manager deals with people. Proactive- incorporates dynamic action and forward planning to achieve particular objectives -An informational gathers information within the business and supplys it outside the business -A decision-making role involves solving problems and making choices  · Skills of Management -People Skills -Strategic thinking -Vision -Self-Managing -Teamwork Ethical behaviour Responsibilities to stakeholders include: manage change social justice ecological sustainability compliance with the law codes of practice Understanding Business Organisations with Reference to Management theories  · Contingency Theory  · Classical-Scientific Planning, Organising, Controlling Division of labour, chain of command, autocratic leadership style meaning the manager tends to make all the decisions in the business.  · Behavioural ability to understand and work with people from a variety of backgrounds and different expectations Leading, Motivation, Communication Flatter organisational structure democratic leadership style where managers consult employees to ask suggestions and take them into account when decision making.  · Political encourages the formation of coalitions to promote different points of view. Power and Influence within a business can have both a positive and negative effect. It can be sued to intimidate (negative) or empower others (positive). Legitimate power due to status or position of the person in the firm e.g management Expert power due to a result of a persons skills and expertise Referent power from a persons individual characteristics (personality and charisma) Reward Power to the rewards or compensation a manager distributes Coercive power controls individuals by the actions or words of the manager Negotiating and Bargaining, Stakeholder views, Coalitions Managing Change  · Nature and Sources of Change in Business External Changing Nature of Markets, Economic Influences, financial, geographic, social, legal, political, technological Internal Effects of decelerating technological change, e-commerce, new systems and procedures, new business cultures Structural Response to Change -Outsourcing Flat Structure Strategic alliances Networks  · Reasons for Resistance to Change Financial Costs Inertia of managers and owners Cultural incompatibility in mergers and takeovers Staffing Considerations de-skilling, acquiring new sources, loss of career prospects and opportunities. * Managing Change Effectively Identifying need for change- SWOT anaysis and balance sheets Setting Achievable goals mission statements and company goal Culture of Change Change Models Force-Field Analysis Unfreeze/Change/Refreeze Change and Social Responsibility Social Responsibility is the awareness of a businesss management of the social, environmental and human consequences of its actions. Customers eventually find out which businesses are acting responsibly and which are not. Ecological Sustainability Quality of Working life Technology E-Commerce Globalisation and Managing Cultural Diversity HSC Topic Two Financial Planning The Role of Financial Planning * Strategic role of Financial Planning strategic plan Organisational goals and objectives Managing financial resources * Objectives of Financial management Liquidity -pay debts in the short term (less that 12 months) Profitability ability to maximise profit Efficiency -manage its assets to maximise profits with the lowest possible level of assets Growth increase its size in the long term Return on capital -profit returned to owners or stakeholders as a % of their contribution * The planning Cycle Addressing present financial position e.g revenue, p l statements, budgets Determining financial elements of the business plan Developing budgets Cash Flows Financial reports Maintaining record systems Planning financial controls Financial Markets Relevant to business financial needs * Major Participants in Financial markets Banks Financial companies -provide loans to individuals and businesses e.g personal and secured Insurance companies -loans to the corporate sector through insurance premiums Merchant bks (investment bks) -services such as borrowing and lending to the business sector. Superannuation/Mutual funds provide funds to the corporate sector through the investment of funds received from superannuation contributions The Reserve bank of Australia (Government) -acts as a banker and financial agent for the federal government * The Role of the Australian Stock Exchange (ASX) as a primary Market The ASX is the major financial exchange in the country. It comprises the largest primary and secondary markets for companies and individuals wishing to create and exchanges financial assets in the economy * Influences on Financial Markets domestic markets e.g change in inflation, demands for funding, changes in government policies. Companies can be positively and negatively affected. Overseas influences such as world events, foreign exchange rates, tax regulation for foreign operations * Trends in Financial Markets Technology has allowed markets to become more competitive and grow allowing financial transactions all the time. Globalisation will also give overseas investors access to Australian companies and increase opportunities for Australian investors and international markets. Management of Funds * Sources of Funds Internal Owners Equity Retained Profits External Short-term borrowing Bank Overdraft allows a business to overdraw their account to an agreed limit Bank Bills Long Term Borrowing Mortgage Debentures -The company repays the amount of the debenture by buying back the debenture. Finance companies raise funds through debenture issues to the public. Leasing involves the payment of money for the use of equipment that is owned by another party. Factoring is the selling of accounts receivable for a discounted price to a finance of factoring company. Venture Capital is funds supplied by investors to either a new organisation or to an already established business ready to grow or diversify. Grants are provided by the government for businesses to develop and promote international competitiveness. Grants often enable an organisation to become competitive in the global environment e.g exporting organisations. * Comparison of debt to equity financing Debt finance refers to short and long term borrowing from external sources of an organisation Equity Financing refers to the internal sources of finance in the organisation Gearing/Leverage is the proportion of debt to equity which is used to finance the activities of a business Using Financial Information * The Accounting Framework Financial Statements Revenue Statements shows the revenue earned and expenses incurred over the accounting period with the resultant profit or loss. Revenue statements show operating revenue earned from the main functions of the business e.g sales of inventories and the non-operating revenue earned from operations such as rent and commission. It also shows operating expenses such as rent, advertising, insurance. Balance Sheets represent the assets and liabilities at a particular point in time expressed in money terms and calculates the net worth of the business. The balance sheet shows the level of current and non-current assets and liabilities including investments and owners equity. Balance sheets indicate whether it has enough assets to cover debt interest and money borrowed that can be paid assets used to maximise profits if owners are making a good return on their investment * The accounting Equation and Relationships (A) Assets = (L) Liabilities + (OE) Owners Equity The accounting equation forms the basis of the accounting process which shows the relationship between assets, liabilities and owners equity. The accounting equation shows that the assets of the business may be financed by either the owners or by parties external to the business. COGS = inventory + purchases closing stock * Comparative Ratio Analysis By comparing ratios of a firm over time reveals trends and indicate directions for the future. Comparisons with other businesses and industry ratios is often used although can be inaccurate due to differences in companies and industries. Businesses often compare ratios against common standards such as statistics from the ABS. * Limitations for Financial Reports Historic cost accounting states that values are stated at the cost incurred at the time of purchase or acquisition, meaning financial statements will be a mixture of different year figures. Historic cost has been used for a long time although may become inaccurate in times of inflation. Value of Intangibles licences, trademarks, brand names and goodwill. Effective Working Capital (Liquidity) Management * The Working Capital Ratio Working Capital Ratio = Current Assets over Current Liabilities (2:1 ACCEPTABLE ALTHOUGH VARIES) The Working capital ratio shows if current assets can cover current liabilities. * Control of Current Assets Cash Balances are generally kept at a minimum and hold marketable securities as reserves of liquidity. Receivables is important in terms of management of working capital. The quicker the debtors pay, the better the firms cash position. Inventories make up a significant account of current assets and their levels must be carefully monitored so that excess or insufficient levels of stock do not occur. * Control of Current Liabilities Payables must be paid by their due dates due to avoid any extra cash charges imposed for late payment and to ensure that trade credit will be extended to the business in the future. Loans management of loans is important for establishment interest rates and ongoing charges must be investigated and monitored to minimise costs. Overdrafts policies should be used to manage bank overdrafts and monitor budgets on a daily or weekly basis so that cash supplies can be controlled. * Strategies for Managing Working Capital Leasing Factoring Sale and Lease back is the selling of an owned asset to a lesser and leasing the asset back through fixed payments for a specified number of years. Effective Financial Planning * Effective Cash Flow Management The activities of a business are divided into three categories as a statement of cash flows 1. Operating Activities e.g inflow cash and credit, outflow payments to employees 2. Investing Activities -e.g selling of old motorbike, purchasing new property 3. Financing activities- e.g inflow selling of shares, outflow repayment of debt. * Management Strategies distributing payments through out a month or year or different period so that cash shortfalls do not occur payments and bad debt of accounts by debtors can cause shortfalls of cash for businesses at important times. discounts for early payments * Effective profitability Management Cost Control Fixed Costs e.g insurance and salaries Variable costs change with the level of activity within a business e.g materials and labour used in the production of a product e.g fixing a roof. Cost Centres are particular areas, departments or sections of a business to which costs can be directly attributed. Direct costs are those allocated from a particular product, activity, department or region e.g depreciation of equipment used solely in the production of one good. Indirect costs come from shared projects, activities, departments or regions. Staff should be motivated to minimise expenses where possible as savings can be substantial if people take a close look at costs and eliminate waste and unnecessary spending. * Revenue Controls Sales objectives must be at a level of sales that will cover costs (fixed and variable) and result in profit. Changes to the sales mix can affect revenue. Research should be made to identify the effects of sales mix changes before implantation. Pricing Policy affects revenue and therefore impacts on working capital. To attract buyers while underpricing may bring high sales but still result in cash shortfalls. Ethical and Legal Aspects of Financial Management * Audited Accounts An audit is an independent check of the accuracy of financial records and accounting procedures. Types of Audits- 1. Internal conducted internally by employees 2. Management used to review the firms strategic plans and determine if changes need to be made. 3. External required by corporate law to ensure it complies with Australian auditing standards. * Australian Securities and Investments Commission (ASIC) ASIC enforces and administers laws and protects consumers in the areas of investment, life, insurance, super and Australian banking. ASIC sets out to reduce fraud and unfair practices in financial markets and products. ASIC ensures that companies adhere to the law. Collects information about companies and makes it accessible to the public. * Corporate Raiders and Asset Stripping Asset Stripping describes the practice of organisations that identify and sell off for a profit, assets of a company, especially one that has been acquired in a recent takeover. Entities that take over other companies and sell off the assets are known as corporate raiders. HSC Topic 3 Marketing Case Study Types of Markets Resource BHP Billiton Industrial Painter Intermediate Gloria Jeans selling cakes Mass IBM Computers Niche ‘Mountain Bike Magazine Developing Marketing Strategies Product and Service Positioning * Qantas was under competitive pressure from Virgin Blue in the leisure market * Qantas wanted to maintain its higher positioned government and business segments * Expanded to a subsidiary Jetstar who were positioned as a value-for-money product Price including pricing methods Price Points * Jetstar International * Base price for seat, Charge $30 for meal, $7 for blanket and amenity kit and $12 for entertainment kit Promotion Advertising * Dell Computers focus much of their advertising to print media * Use inserts/pamphlets/brochures in magazines, typically in the technology liftout section of the newspaper, where their target market is most likely to be reading Place Distribution * Dell distribute products directly, with no intermediaries * Exclusive distribution (no stores), Intensive (internet) * Distribution system is e-commerce Ethical and Legal Aspects Role of Consumer Laws in dealing with Deceptive and Misleading Advertising * Gillette (Duracell) VS Eveready * TV advertisement claims Duracell lasts up to four times longer than ordinary batteries * Eveready claimed the ad infringed the TPA * Independent tests showed the Duracell batteries never last 4x longer * Federal Court ruled Duracell breached the TPA in the areas of misleading and deceptive conduct and false representations about the quality and benefits of goods The Nature and Role of Markets and Marketing Marketing is a total system of interacting activities designed to plan, price, promote and distribute products to present and potential customers. * Types of Markets Resource markets e.g mining, agriculture, forestry and machinery. Industrial Markets purchase products to use in the production of other products e.g buying flour to make bread Intermediate markets (resellers) consist of wholesalers and retailers who purchase finished products and resell them to make profit Consumer Markets e.g cars, clothing, food Mass Market is when the seller mass produces, mass distributes and mass promotes one product to all buyers Niche Markets are micro markets made for buyers who have specific needs or lifestyles * Production Production Orientation 1820s 1920s When a business concentrates on making as many possible goods at the lowest price possible Sales Approach 1020s 1060s When a business concentrates on selling techniques to attract customers Marketing Approach 1060s 1980s When a business collects information on consumer trends to sell its products * The Marketing Concept Consumer Orientation when a business concentrates on maximising customer satisfaction to sell its products Relationship Marketing the focus on encouraging repeat purchases and loyalty to the business by managing customer relations at the time of and after the initial purchase. Elements of a Marketing Plan * Establishing Market Objectives * Identifying Target Market Total Market Approach one type of product with little or no variation aimed at everyone through one distribution system. Market Segmentation approach the market is subdivided into groups of people who share certain characteristics. * Developing Marketing Strategies (examining elements of the 4 Ps) * Implementation, Monitoring and Controlling Financial Forecasting measures the sales potential and revenue forecasts (benefits) for strategies and compares these with anticipated costs. Comparing actual and planned results 1. Sales analysis comparing of actual sales with forecast sales to determine the effectiveness of the marketing strategy 2. Market share analysis/Ratios by comparing competitions market share to their own this can reveal changes in total sales (increase or decrease) 3. Marketing Cost Analysis marketer breaks down the total marketing cost into specific marketing activities to access the effectiveness of each activity. Market Research Process Market research is the process of systematically collecting, recording and analysing information concerning a specific marketing problem. The three steps of the market research process are; 1. Determining information needs 2. Collecting data from primary and secondary sources 3. Data analysis and interpretation -the data that represents average, typical or deviations from typical patterns. The data must be then displayed in way which statistics and figures can be conducted e.g spreadsheets Customer and Buyer Behaviour Customers are classified into two categories: Consumer the process of purchasing goods and services for personal household use. Organisational the purchase of goods and services by producers, resellers and government. Types of Customers Household Personal personal and household spending plays a dominant role within the economy as it contributes to the level of economic activity which affects business profits, unemployment levels, interest rates levels and rate of inflation. The Firms market consists of businesses that purchase goods and services for further processing or for use in their production process. Educational institutes Government Customers Governments spend billions of dollars each year for a wide variety of goods and services ranging from battleships to paperclips. All purchases of the government spend public funds to buy products, the government is accountable to the public, requiring a much more formalised set of buying procedures where firms submit quotes to supply a particular good or service and the lowest bid is generally accepted. * The Buying Process The buying process involves 5 common steps: Recognise the problem need or want requiring satisfaction Search for info brands, product characteristics, warranty, price etc Evaluate alternatives cost and benefit analysis Purchase Evaluate after purchase stability of product, satisfaction gained or dissatisfaction may occur. * Factors influencing Customer Choice Psychological influences e.g perception, motive, attitude and personality Socio-cultural influences e.g family, friends, social class, culture and subculture. Economic Influences -A boom is a period of low employment and rising income. Contraction is a period of slowly rising unemployment with incomes stabilising. Recession sees unemployment reach high levels and incomes fall dramatically. Expansion means unemployment levels start to fall slowly and incomes begin to rise. Government Influences government will put into place policies that expand or contract the level of economic activity. These policies directly or indirectly influence business activity and customers spending habits and such will influence the marketing plan. Developing Market Strategies * Pricing Strategies Price Skimming charging the highest price possible for innovative products Pricing Penetration charges to lowest price possible for a product or service to achieve large market share Loss-leader selling a product below its cost price to attract customers Price Lining a limited number of key prices for selected product lines e.g one line of watches for $35 and a more expensive line at $55 * Pricing Methods Cost-plus margin the total cost of production then adds on amount for profit (mark-up) Market set prices according to the level of supply and demand, when demand is high prices are high Competition based a business chooses a price based on competition, either below, equal to or above * Marketing segmentation and product Mass marketing or a total marketing approach This includes basic food items, water, gas, electricity etc. Concentrated Market Approach -By using the concentrated market approach the business is able to analyse its customer base more closely and design strategies to satisfy this select groups needs, and develop particular products based on customer feedback. Product Differentiation is the process of developing and promoting differences between the businesses products and those of its competitors. e.g jeans with designer labels and washing detergent with brightener additives * Place/Distribution Channels of Distribution or marketing channels are routes taken to get the product from the factory to the customer. The process usually involves a number of intermediaries such as wholesalers, brokers, agents or retailers. To choose the channel of distribution the location is the main contributor of the business market or market coverage (number of outlets a firm chooses for it product). There are three ways a business can cover a market Intensive distribution when a business saturates the market with their product e.g milk, lollies and newspapers Selective Distribution businesses use a moderate proportion of possible outlets where customers are prepared to travel e.g clothing, furniture Exclusive Distribution only one retail, outlet in a large geographical area for exclusive and expensive products. Physical Distribution Transport Warehousing involves receiving, storing and dispatching goods. Inventory controlled through a system that maintains quantities and varieties of products appropriate for the target market.  · Effects on Distribution 1. Technology 2. Local Government Approving new development applications and alteration to existing premises Fire regulations Determining land zoning and the purpose for which a building and land can be used Parking regulations Health regulations Size, shape and location of business signs Ethical and legal Aspects Environmentally responsible products Materialism an individuals desire to constantly acquire possessions Impact of retail development -intensely competitive environment may result in some retailers using questionable marketing practices Sugging Selling Under Guise of a survey, Role of Consumer Law Deceptive and misleading Price- Discrimination Implied Conditions or terms Merchandise quality meaning that the product is of a standard a reasonable person would expect for the price Fitness of purpose meaning that the product is suitable for the purpose for which is being sold. That is, it will perform as the instructions or advertisement implies Warranties Resale Price Maintenance Legislations to respond to ethical and legal aspects of marketing: The Trade Practice Act 1974 is one of the most important pieces of legislation in Australia and has two purposes: 1. To protect consumers from misleading and deceptive conduct 2. Restrictive trade practices to restrict competition as well as ensuring that a number of businesses are operation at any one time in the same market, to avoid the problem of monopolistic power. Fair Trade Act (FTA) is a mirrors legislation that covers sole traders and partnership as well as companies Implied conditions in both Acts: Merchantable quality worth the money Fit for purpose does its jobs. HSC Topic Four: Employment Relations Case Study Managing the ER function Line Management * ALDI Supermarkets * Individual store managers are expected to solve all instore problems there is no ‘area manager or specialist ER department Key influences on ER Social Inf