Case Study †Operations Management Essay

1.0 INTRODUCTION Operations management is defined as â€Å"the activity of managing the resources which produce and deliver products and services† (Slack et al. 2010 p4). This encompasses the entire activity carried out within the organization. With increasing pressure on organizations to deliver optimally at reduced cost, the role of operations has been transformed from that of strategy implementer to one of strategy driver. Operations strategy looks at the patterns of strategic decisions and actions in a bid to set the roles, objectives and activities of the operations (Slack et al. 2010). An understanding of these strategies is important in ensuring that organizations are well aware of the requirements needed to meet the corporate objectives set about by management. The report looks at a case study of Concept design services (CDS); a product based manufacturing company looking to break into service operations. It seeks to identify current strategy types evidenced in the organization and the role operations play in the implementation of this strategies. Also considered is the relationship between the core functions highlighting possible conflicts, current practices and perceived strengths and weaknesses. Issues such as servitization and growth strategies are considered in relation to the companies push for development in line with its desire to become a service provider. An analysis of the impact it will have on the company’s manufacturing and service departments is also considered. Finally, recommendations that will ensure operations develop with the new growth plan is presented to management. 2.0 STRATEGIES IN CONCEPT DESIGN Within CDS, there is evidence of an amalgamation of strategies. With a diversification of the company’s portfolio, the corporate strategy of the organization had to be reflecting the changing scenario of the business environment. To identify the different strategy types within CDS, there is first a need to understand what strategy is. Strategy can be defined has â€Å"the total pattern of decisions and actions that  position the organization in its environment and that are intended to achieve its long-term goals† (Slack et al. 2010 P79). Strategy has also been described as the long term direction an organization intends to go (Johnson et al. 2011). In achieving an over arching strategy, three levels of strategies have to be considered; corporate level, business level and operational level. The formulation of these strategies will determine how the different organizational strategies will interact with one another (Zanon et al. 2013) While corporate level strategy deals with the overall purpose and scope of an organization such as where to locate the business, what type of business to engage in; business level strategy is more concerned with the various ways the business can compete successfully against other competitors in its segment. Functional strategy looks at ways in which individual functions can contribute to the overall objective of the organization. Operations strategy is concerned with the strategic decision and actions that set roles, objectives and activities of the operations (Slack et al. 2010). It focuses more on how the different parts of the organization can deliver on set strategies through the management of resources, processes and people. Operations strategy’s primary role is to implement strategy, but with continuous business growth, operations is expected to support and drive the organizations strategy. This will see it contributing to the competitive advantage of the firm (Slack et al. 2010). This is aptly captured in Hayes and wheelwrights four stage model of operations contribution. Figure 1. Hayes and Wheelwrights four-stage model of operations contribution. Adapted from Slack et al. 2010 Slack et al. (2010), identified four different perspective to operations strategy; Top-down, bottom up, market requirement perspective and resource based perspective. He noted though that all four perspectives are required for proper understanding of operations strategy. Although the strategies employed by organizations may differ, it remains important to reconcile the needs of the market with operational resources  (Slack and Lewis 2008). Hence, it is important to analyse the process through which market needs are aligned with operational realities, thereby ensuring that operation can deliver what it is being asked of them and that this alignment will endure over time (Zanon et al. 2013). Evidenced in CDS operations is the implementation of two of the identified perspectives; Market requirement and Operations resource perspective. 2.1MARKET REQUIREMENT PERSPECTIVE ANALYSIS A market requirement perspective focuses on what market position requires of operations (Slack et al. 2010). Its focus is not just on the industry, but it considers where the organization intends to compete as well as the nature of competition ­Ã‚ ­Ã‚ ­Ã‚ ­Ã‚ ­ (Lowson 2002). Hill (1985), suggested that to win orders in the market place, organizations operations strategy and the marketing strategy need to be in sync. CDS Marketing function identified a trend that seems to have worked for retailers in the decorative product industry. They realised the importance of fashion trends and its appeal to people. This market requirement led to the creation of a whole new industry. The need for premium, high quality household product characterised by the many different colour range became a market qualifying criteria that drove marketing’s strategy. This strategy was in line with the overall organizations strategy that saw a shift in the focus of its production of industrial injection-mould plastics to popular household items. In a bid to meet markets demand, supply services had to upscale its machineries by procuring additional large injection moulding machines to cater for the rapidly growing volume of products. Also, the design team had to be one step ahead of the competition by ensuring that they had a range of products that will keep customers engaged. Hence, the case study has shown that CDS have been able to develop its operations strategy by allowing operations meet the performance criteria required by the market (Slack et al. 2004). 2.2OPERATIONS RESOURCE PERSPECTIVE ANALYSIS In the case of operation resource perspective or resource based view (RBV),  focus is on the organizations operation resources, competencies and capabilities (Lowson 2002). It focuses on the key strengths of the organization, looking at internal resources that cannot be purchased externally, thus providing the firm with competitive advantage through superior performance (Clulow et al. 2007; Fahey and Smithee 1999; Barney 1991). With operations-led, strategy is developed through sound understanding of current operational capabilities and an analysis of how it can be developed in the future (Slack et al. 2004). An understanding of the organizations strength will then influence the decision as to which markets should be considered for the deployment of current or future capabilities, and which competitors can pose a threat or can be taken advantage of (Hayes et al. 2005). CDS have clearly shown the strength of their operations over the years. Early experience gained from the manufacturing of industrial products have set them miles ahead of competition. This is evidenced in the quality of their product which drove sales to record highs and resulted in retail outlets signing up for the organizations product. The company prides itself on its technical abilities which has been achieved not just from years of experience but by investing in machineries. CDS have acquired latest precision equipment’s with the best quality moulds available. The technical knowledge of the employees also provides the company a unique advantage. Another area of operations that provides competitive advantage for the organization is its design expertise. CDS have in its employ professionally respected designers with the know-how of translating difficult technical designs into manufacturable saleable products. This has provided the organization leverage when dealing with design houses. The company is clearly leveraging on its operations resources, competencies and capabilities to obtain competitive advantage. 3.0AN ANALYSIS OF THE RELATIONSHIP BETWEEN THE CORE FUNCTIONS Within the context of any organization, there are 3 functions that must exist for the organization to realize its goals of meeting customers need. They are; 1) The marketing function 2) The product/service development function 3) The operations function The marketing function which also comprises of the sales unit is primarily responsible for communicating what product/services the organization has to offer to consumers in a bid to generate customers’ requests for the service. The product development functions’ responsibility is to create new and modified products and services in order to generate future customer request for services. And lastly, the operations function is responsible for fulfilling customers request for service through the production and delivery of products and services (Slack et al. 2010). The ability to effectively work with other functions in the organization is a key responsibility for the operation function (Slack et al. 2010; Zanon et al. 2013). Research as shown that in most organizations, different functions within the organization usually employ their own strategies to assist them in realizing their functional objectives. This unfortunately is a basis for corporate misunderstanding, inter-functional differences and rivalry (Hill 2005).While the objective of the operations function remains the production of goods and services whilst managing resources, it has to also manage its relationship with other functions of the organization. Due to the nature of its strategic importance, the operations function usually has conflicts with other functions. MARKETING In determining an organizations strategic objective, operations and marketing usually adopt different approaches. While marketing tends to emphasise improved service features that appeal to customers, operations focus more on efficiency and cost control (Nie and Young 1997). Erickson (2010), stated that the main reason operations and marketing functions in an organization have conflict is due to their perceived differing objectives. Largely, trade-offs are responsible for the conflicts between these functions as they attempt to balance competing priorities (Tang 2010). It is therefore important that organizations manage trade-offs in a manner that will ensure that they don’t compromise the over-arching organizational strategy for gaining competitive advantage. Zanon et al. (2013) in their research identified certain paradigm that organizations needed to implement for the  successful collaboration of the two functions. They argued that there is a need for alignment between market needs and operational realities. The objective here is to satisfy market needs while using appropriate operational resources and jointly developing those resources so that the operations department can acquire new capabilities and provide the firm with sustainable competitive advantage. The marketing function at CDS have been able to effectively market/communicate the value of their products to the market, this is evidenced in the phenomenal growth of the company. Through innovation, extensive advertisement – both on TV and in illustrated magazines, they have been able to drive sales of CDS products. The function have successfully carved a niche market for the organization through the portrayal of its products has been â€Å"classy† and for the upwardly mobile individual. Product differentiation, design partnership and extensive research, combined with a marketing manager with lots of experience and autonomy working with an experienced, technically astute manufacturing department has resulted in the success of the CDS products. The function has also been able to market itself and the value it can give to design houses in Europe. Through its marketing activities, CDS is moving from being just a manufacturer of commodities to a provider of services. Despite the progress that have been recorded by CDS, there still seems to be a misalignment between the marketing and operation functions. With the success of CDS products and the continuous innovation drive of the organization, it would seem that the marketing function is failing to acknowledge the limitations of the company’s capacity. CDS have a problem with the storage of finished goods and this has impacted on the delivery of product availability from supply services. They are currently struggling to ensure that they meet SKU stocking levels. Another problem has been the issue of proper planning and effective forecasting by the marketing team. The seasonal nature of CDS products requires that the marketing function carries out comprehensive forecasting to try and anticipate demand. Currently, poor forecasting by the function is costing the organization. Supply services have to deal constantly with issues of utilization,  efficiency and growing scarp rates; this is as a result of ad-hoc requests for urgent production to meet with un-planned demand. To minimize wastage and ensure proper alignment, marketing and operations will have to network and collaborate better (Johansen and Riis 2005) to ensure that the over corporate objectives are met. NEW PRODUCT DEVELOPMENT (NPD) â€Å"NPD is defined as the transformation of a market opportunity into a product available for sale, through a set of activities executed in a logical way, sequentially and concurrently† (Almeida and Miguel 2007). It allows organizations to gain competitive advantage, attract new customers, retain existing customers, and strengthen their ties with the distribution networks (Kotler and Keller 2006). Organizations that successfully introduce new products do so through a well-developed process that leads from creative designs to a successful launch of the product by focusing on satisfying specific customer needs (Chandra and Neelankavil 2008). The attainment of this task will require NPD to collaborate closely with both operations and marketing. NPD, in comparison to other functions is usually characterised by a high degree of uncertainty, risk and high cost to make changes to initial decisions made (Slack et al. 2010). For CDS, NPD is responsible for transforming designs from marketing into workable design moulds. Operations then ensure that the products from the mould are standardized and tested appropriately and efficiently. The moulds then have to be tested on the production machines. A great deal of inter-functional collaboration is required to ensure that proper scheduling is in place to enable NDP carry out testing without disrupting production. Getting this right is easier said. The reality is that there is usually a delay in getting the moulds from the suppliers in South Korea. This will then result in a need for an urgent test of the moulds. That said, CDSs’ NPD function are technically sound. They have managed to build for themselves a reputation of being able to overcome problems with designs regardless of its nature. The NPD function contributes to the organizations unique operations resource. 4.0 AN EVALUATION OF THE IMPACT OF DEVELOPMENT ON THE OPERATION OF THE  MANUFACTURING AND SERVICE DEPARTMENTS CDS like most manufacturing organizations are starting to appreciate the intrinsic value of adopting servitization as a practice. Servitization have been described as the process of transforming manufacturers to compete through product-service systems rather than products alone (Baines et al. 2007). The rationale for this transition from ‘purely product’ to ‘product- service’ or ‘purely service’ can be viewed from three perspectives (Oliva and Kallenberg 2003). They identified the reasons as; First, economic. Research has shown that substantial revenue can be generated from products with a long life cycle; also services in general have higher margins than products and services also provides a more stable source of revenue as they are resistant to the economic cycles that drive investment and equipment purchases. Secondly, there is pressure on organizations from customers demanding more services. This has led to firms adopting a narrow definition of core competencies while increasing their dependence on technology to help in their bid to specialize. Lastly, it is viewed as providing competitive advantage. The less visible a service is, and the more labour dependent it gets, the more the probability of imitation reduces (Oliva and Kallenberg 2003). Manufacturing has long moved beyond production alone and a combination of both products and service business model are now generally accepted as playing a key role in the success of any modern business (Baines et al. 2014). Companies that have adopted the concept of servitization will probably not follow the product-service classification, but will instead seek to distinguish on the basis of the value proposition with their customers (Baines and Lightfoot 2013). This is the case in CDS, where the company have had to adopt differing service model while dealing with the design houses and retailer service market. While the design houses have adopted a proposition that sees both companies working together – that is the customer wants the company to work with them (Baines et al. 2014), the retailers on the other hand, are happy to leave the management of the entire operation to CDS. Baines et al. (2014) have identified this differing forms of proposition has been ‘base’, ‘intermediate’ and ‘advanced services’. The relationship between the retailer services market and CDS can be classified as advanced. This categorization of product-service offering is centred on  the idea that due to the competencies of the company, maintenance and workability of the operations should be managed by the provider of the service. A feature of this type of offering includes customer support agreements, risk and reward sharing contract, and revenue through use contact (Baines and Lightfoot 2013). To meet with demand, and ensure that customer’s needs are met in terms of product availability, CDS will have to increase its production lines and increase holding capacity. Storage facilities will have to be located closer to the location of their customers. Localised facilities will ensure that store replenishment lead times are reduced. CDS will also have to invest in ICT. Setting up an enterprise resource planning (ERP) system will help connect the stores database with that of CDS. That way, they can easily track inventory levels and are able to respond in a proactive manner. Also, Oliva and Kallenberg (2003) argued that a good practice will be to set up a new service department whose focus will be to drive and improve performance objectives. The consolidation of the service offered is usually accompanied by a strong initiative to improve the efficiency, quality and delivery time of the services provided, and the creation of additional services to supplement the service offering. The consolidation of services also comes with the development of a monitoring system to assess the effectiveness and efficiency of the service delivery. This monitoring system allows managers realize the size of the service market and account for services’ contribution to the firm’s operations (Oliva and Kallenberg 2003). Internally, these changes create the transparency of numbers needed to get a clear sense of direction and to monitor the success or failure of executed changes (Oliva and Kallenberg 2003). Externally, the improvement of quality will establish CDS as a reputable service provider among its clients. CDS has seen steady and continuous growth over the years, albeit its focus had been centred on a single product type. With the recent direction of the organization, there are real concerns surrounding it rapid growth and its diversification into services. Southard and Swenseth (2003) identified certain issues that evolving organizations encounter due to rapid growth, they include bottle-necks, back-orders, and decreased profits despite increased sales. Some of these issues are evidenced in CDS. The rapid growth  of the organization has resulted in capacity related issues. There is one in every twelve chances of a product not being available, continuous scheduling disruption due to demand surpassing supply and the popularity of its product and wide acceptance usually leads to stock outs. The manufacturing function seems to be stretched to the limit with support services equally struggling. It would seem that the organization is currently unprepared for the changes. 5.0RECOMMENDATION TO MANAGEMENT In line with the company’s objective for growth, it has become imperative to address the operational issues that can hinder the organizations growth strategy. Using the product/service lifecycle to analyse the organizations current operations, it is obvious that the transition from being a purely product based manufacturing company to a product-service based organization is still in the infancy state. This is characterised by uncertainty as customer’s needs are not well understood. Hence, operations management will be required to develop flexibility to cope with any changes and be able to give the product/service performance that will ensure quality is maintained (Slack et al. 2010). Other issues to be considered by management includes; the issue of capacity management. To meet with the demand of the market and its growth strategy, CDS will be required to get more warehouses and hold more inventories. The plastic business is clearly one of volume; hence CDS has to ensure that it maintains its status of been a reliable supplier. It also has to effectively operationalize it marketing strategy. The company is currently plagued by poor forecasting and planning. There is a need to upscale the competencies of the sales representatives. This will enable them gather appropriate data that can then be fed into the organizations planning to help reduce scheduling related issues, stock outs and disruptions. Also required is an alignment between the strategies of the core functions. Regular business meetings, where issues relating to each function get tabled will help build better understanding among the different functions. REFERENCES/BIBLIOGRAPHY ALMEIDA, L.F. and MIGUEL, P., 2007. Managing new product development process: A proposal of a theoretical model about their dimensions and the dynamics  of the process. Unpublished Phd. thesis, Universidade de Sao Paulo. BAINES, T., LIGHTFOOT, H. and SMART, P., 2011. Servitization within manufacturing. Exploring the provision of advanced services and their impact on vertical integration. Journal of Manufacturing Technology Management, 22(7), pp. 947-954 BAINES, T. et al., 2013. Servitization of Manufacture. Exploring the deployment and skills of people critical to the delivery of advanced services. Journal of Manufacturing Technology Management, 24(4), pp. 637-646 BAINES, T. and LIGHTFOOT, H.W., 2014. Servitzation of the manufacturing firm. Exploring the operations practices and technologies that deliver advanced services. International Journal of Operations & Production Management, 34(1), pp. 2-35 BARNEY, J., 1991. Firm resources and sustained competitive advantage. Journal of Management, 17(1), pp. 99-120 CALANTONE , R., DROGE, C. and VICKERY, S., 2002. Investigating the manufacturing -market interface in new product development. Journal of Operations Management, 20, pp. 273-287 CHANDRA, M. and NEELANKAVIL, J.P., 2008. Product development and innovation for developing countries. Journal of Management Development, 27(10), pp. 1017 – 1025 CLULOW, V., BARRY, C. and GERSTMAN, J., 2007. The resource-based view and value: the customer-based view of the firm. Journal of European Industrial Training, 31(1), pp. 19-35 FAHY, J. and SMITHEE, A., 1999. Strategic marketing and the resorce-based view of the firm. Academy of Marketing Science Review, 10, pp. 1-21 JOHNSTON, R., 1999. Service Operations Management: return to roots. International Journal of Operations & Production Management, 19(2), pp. 104-124 KOTLER, P. and KELLER, K.L., 2006. Marketing management. 12th ed. New Jersey: Prentice Hall. LIGHTFOOT, H., BAINES, T. and SMART, P., 2013. The servitization of manufacturing . A systematic litera ture review of interdependent trends. International Journal of Operations & Production Management, 33(11/12), pp. 1408-1434 LOWSON, R.H., 2002. Operations strategy: genealogy, classification and anatomy. International Journal of Operations & Production Management, 22(10), pp. 1112-1129 MILLER, A. and DESS, G.G., 1993. ASSESSING PORTER’S (1980) MODEL IN TERMS OF ITS GENERALIZABILITY, ACCURACY AND SIMPLICITY. Journal of Management Science, 30(4), pp. 553-585 OLIVA, R. and KALLENBERG, R., 2003. Managing the transition from products to services. International Journal of Service Industry Management, 14(2), pp. 160-172 PRASAD, S., BABBAR, S. and MOTWANI, J., 2001. International operations strategy: current efforts and future directions. International Journal of Operations & Production Management, 21(5/6), pp. 645-665 RAMASESHAN, B., ISHAK, A. and RUSSEL, P.J., 2013. Interactive effects of marketing strategy formulation and implementation upon firms performance. Journal of Marketing Management, 29(11-12), pp. 1224 -1250 SOUTHARD, P.B. and SWENSETH, S.R., 2003. Transitioning operations to accommodate growing pains in evolving companies: an application of product profiling to a service company. Management Decision, 41(6), pp. 578-586 ZANON, J.C. et al., 2013. Alignment of operations strategy: exploring the marketing interface. Industrial Management & Data Systems, 113(2), pp. 207-233

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Based upon your request, I have conducted a research article on a potential venture which our firs can introduce and invest in a developing country such as India. Due to a shortage of healthcare providers and the poor conditions of the healthcare system, many Indians were dying because of the delay in receiving medical treatment, because labor supply of health professionals is intensive in India, the launch of InstyMeds[R] should help significantly resolve these issues. Recently, a company named InstyMeds Corporation developed their first ATM-Style medication dispenser, â€Å"InstyMeds ®Ã¢â‚¬ , which can label and dispense containers of different shapes and size; most drug forms including tablets, liquids, creams and so forth.   InsteyMeds ® claim that the dispensers can issue medication in a faster, simpler and more convenient way compared to those of traditional drug stores. Moreover, these dispensers are user friendly with their touch screen operating systems. For example, once the patient has been seen, the doctor can simply issue the prescription via the InstyMeds ® system, therefore patients are only required to enter the barcode which has been assigned under their name for verification purposes. The dispenser takes care of the rest and the medication will be labeled and dispensed within five minutes [5]. It is an all-in-one dispensing process which can be done at the same hospital/clinic; patients will no longer have to endure waiting times for medications. Because health professionals are inadequate in India, this is the target sector for this firm to launch InstyMeds ®.   At present there is an unstable drugs delivery schedule and a shortage of health specialists, patients are required to wait longer time before they receive their treatment.   For instance, most of the developing countries have only one doctor and pharmacist per 160,000 people [2]. The absence of health care professionals limits the access of both hospitals and pharmacies to up-to-date medical information; this affects the quality of services.   Since the latest information regarding medication is not accessible to the majority of pharmacists, they are heavily dependent upon the inserted package leaflets used as sources of medical information [3]. To prevent pharmacists from engaging these kinds of practices, InstyMeds ® will be an advantageous approach to solving this. Based on the research, InstyMeds ® can greatly benefit India within three reasons: 1. InstyMeds ® would provide benefit to people in India: Installations of InstyMeds ® allows patients to obtain their medicine 24 hours a day, seven days a week. This service is favorable to patients as the local transportation system is not yet sufficiently developed in India. 2. InstyMeds ® means to Pharmacists: The company claim the dispensers will handle more than 100 prescriptions per day; this can reduce the work load of pharmacists and so it allows the hospital to become more flexible when allocating their manpower.   Moreover, InstyMeds ® internal system will prompt pharmacists to re-stock medicine when the dispensers are running out of drugs.   As a result, pharmacists will then have more time to consult patients with regards to the usage of drugs; this will reduce, if not eradicate medical errors and ideally deliver patients a better service. 3. InstyMeds ® will also benefit the Indian government; the available funds that support the healthcare service are constricted for India, and so the use of InstyMeds ® would be an economical way to allocate the resources of healthcare systems. In general, pharmacists often spend a quantity of time keeping track of drug expiration dates, selecting package and labeling, and maintaining stable inventories. InstyMeds ® can handle everything as mentioned above so instead of hiring new pharmacists, costs can be saved and used in building up the infrastructure. Before the InstyMeds ® becomes public, it is a great opportunity for this firm to donate some of the dispensers free of charge to some non profitable organization such as â€Å"Mà ©decins Sans Frontià ¨res†, this is an international humanitarian aid organization that provides emergency medical assistance to populations in danger; the organization operates in more than 70 countries. By offering InstyMeds ® to their organization, offers a gesture and a positive image for our company and will promote the dispenser at the same time. I believe the public will commonly use the dispenser in the near future and so it is a great idea for this firm to be the first company to launch it. InstyMeds ®, would be a new business venture of pharmaceutical services in the next ten years and this dispenser is not only beneficial to those people in India but profitable to our firm as well.   By investing capital into InstyMeds ® while offering free dispenser to the Mà ©decins Sans Frontià ¨res, it will develop an investment strategy, which can maximize both financial return and social benefit. InstyMeds ® would be considered a socially responsible investment; conveying goodwill to the public and eventually bringing up our service to the next level. When the use of InstyMeds ® is grounded, it will become a new profit center for the firm.

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Satisfaction Nurse - Research Paper Example In such circumstances, late arrival of nurses disturbs the schedule which causes the issues of time management to surface. At the end of the day, this behavior of nurses incurs the hospital many indirect costs, which reduce the profitability of business. On the other hand, shortage of nurses when they are needed on urgent basis is very depressing for the managers and administrators and it also brings a bad name to the organization. Rewarding the employees is fundamental to help them maintain a high self-esteem at the work place and keep their motivation for work high, and the same rule applies on the nurses. Nurses need to be rewarded in order to be satisfied enough to deliver their best at the work place and improve their behaviors in terms of getting punctual and showing readiness to serve when required on urgent basis. In this context, it is obligatory upon every hospital manager to establish an efficient system of rewards for the nurses. The reward can be of any kind ranging from tangible to intangible, and monetary to non-monetary. However, â€Å"Allocating this budget successfully by establishing an acceptable, cost-effective reward system is a true challenge for every hospital manager† (Gieter et al., 2006). ... Answers of these two questions were retrieved from 10 nurses in total. The nurses were required to select one of the two options given against both the questions. In addition, the research participants were handed over a list of 5 rewards that were identified during the literature review and they were asked to rate the extent to which they found them appropriate as reward on a scale of 1 to 5 where 1 indicated least appropriate, 2 indicated, not appropriate, 3 indicated appropriate, 4 indicated very appropriate, and 5 meant most appropriate. Data 8 of the 10 research participants referred to punctuality as a more suitable criterion of rewarding the nurses, whereas 6 of the 10 research participants identified non-monetary rewards as more satisfying while the rest thought of the monetary rewards as more satisfying. The data collected for nurses’ perception regarding the relative appropriateness of the 5 types of rewards is displayed in Table 1.1 Rewards N1 N2 N3 N4 N5 N6 N7 N8 N 9 N10 Pay increment 5 5 4 5 5 5 5 3 4 3 A day off 2 2 1 1 2 2 2 3 1 1 Praise 3 3 4 4 4 2 3 3 2 3 Rise of grade 4 4 4 4 4 4 4 2 3 4 Flexibility of office timings 1 1 1 1 1 1 1 1 2 1 The average score of the responses received from the 10 nurses was calculated, as shown in the Table 1.2 Rewards Average Score Pay increment 4.4 A day off 1.7 Praise 3.1 Rise of grade 3.7 Flexibility of office timings 1.1 Analysis From Table 1.2, it can be assessed that rewards meant to increase the nurses’ satisfaction in the work place range from most important to least important in this order; pay increment, rise of grade, praise, a day off, and flexibility of office timings. Discussion I think that both punctuality and overstaying when required are equally important in the profession of nursing since the

Legalization of Prostitution Essay Example | Topics and Well Written Essays - 750 words

Legalization of Prostitution - Essay Example It is because they cannot control their impulses. The case with prostitution is the same. The general opinion is against it but yet for some strange reason we all know that it exists in our society. In this paper I will argue why it is necessary to legalize prostitution. Why Prostitution must be legalized? Legalizing prostitution will do one great benefit and that too will be to the lives of a prostitute. We cannot ignore the fact that prostitution is a global phenomenon. Even though it is illegal in many countries it continues to exist and because it is not legal the people involved with it are exploited. Illicit activities are taken over by mafias and gangs, and this actually adds to the problems of the society. Criminal syndicates earn money and use that money to finance more illicit activities that may actually be more harmful to the society than prostitution. Due to the fact that prostitution usually happens under the umbrella of criminals prostitutes are exploited and they are taken advantage of. Girls are forced to work as a prostitute and they are made slaves. Foreign girls usually fall prey to criminal organizations who force them into sex slavery (Sarup, K. 2008). Prostitutes who are working on their will are not paid well. Prostitutes are also treated badly and many of them have to face abuse on a regular basis (Sarup, K. 2008). All this happens because the activity is not legalized. People don’t understand but human beings will continue to go to prostitutes in one form or another therefore we should legalize the thing. Prostitutes are a common sight even in countries in which prostitution is banned. This shows that making it illegal will not stop it therefore we should have a pragmatic solution about it. And it is not something out of the blue. Philosophers like Noam Chomsky also argue for the legalization of prostitution for the very same reason (Spector, J. 2006). Prostitution is ubiquitous in the world we live in and there are many people who are earning through this activity. All the money that they are earning is not reaching the government as they are not paying taxes. This means that government is missing upon a great opportunity to earn money. By legalization o f prostitution governments can earn money and they can also register the number of brothels just to ensure that no wrongdoings are happening. Netherland has taken the initiative of legalizing prostitution and they are getting revenue from this industry (Simmons, M. 2008). We have such examples in front of us and therefore prostitution should be legalized. In times of tough financial situations governments can rely on the money they will get through prostitution. Higher taxes can be imposed on prostitution in order to generate revenue. Registration of prostitution related activates will also allow the law enforcement agencies to push out the criminal syndicates from prostitution. Because owners of brothels and other sex selling services company will have t o file tax returns criminals will not try to enter this business. This will actually help reduce crimes like human trafficking that are related to prostitution. Sex slavery is a huge problem for the world today and that can be solved if prostitution is made legal all over the world. People who argue against prostitution do so because they think that it will damage and destroy the family life of the society. They also argue that it is not wise to promote

Business Ethics Enron case Essay Example | Topics and Well Written Essays - 1250 words

Business Ethics Enron case - Essay Example It has dominated the business world in many divisions such as; natural resources, plastics, power, steel, broadband and principal investments. The men who were responsible of Enron’s demise were Kenneth Lay, Jeffrey Skilling, and Andrew Fastow. According to the Permanent Subcommittee on Investigations of the Committee on Governmental Affairs Enron commited high risk accounting, and disclose too many information about their cashflow. They hid their loss to attract investors for them to keep investing in the company. No one in the company reveal the truth until the social analyst starts to do some research because some of its data just do not make sense and found out the fraud that Enron had been committing. The company can had been falsely registering profit with its value increasing at a dizzying figure of 10 billion to 65 billion. But these unfounded profits have its price as it adversely affected the lives of those who invested in the company because they never got their mon ey back. The fraudulent and unethical business practice of Enron can be traced back to its leadership. Leadership at Enron took a twisted turn when it became obsessed with increasing the value of its stock prices. Its sense of excellence also became crooked as reinforced and perpetuated by its leadership. It promoted a corporate culture of callousness when it arbitrarily ranked half of its employees as non-performer which it will eventually fire. The other half remaining may have remained in the company but adopted a corporate value system that is virulently greedy and fraudulent as promoted and reinforced by its leadership through its performance appraisals. The culture of a company is one of the basic aspect of an organization and often, its behaviors are often based on that corporate culture. At Enron, the company culture has a structure where they place the individuals who have a higher position at the upper level of the office, and ordinary workers who have less power in the co mpany occupy the ground level of the office. This company structure reflects that people who can better adapt with Enron’s unethical business practice will control most of the activites, and create a decision and others who cannot will be relegated as subordinates. This culture of giving too much power on people who are unethical promotes the culture of fraud in th eorganization where greed is encouraged and money became the central value of the organization that they no longer care about the environment as long they gain money. As a company Enron does not have positive control environment â€Å" the tone or culture of a firm the control environemnt sets the tone of organization, influencing its people†. (Hartman and Desjardin Pg. 539). In my point of view the negative control environment that Enron company sets it is to make their workers adapt with the situation of the company that they work 12 hours per day only thinking of how to make a billion profit to the compan y by doing fraudulent on the stakesholder. This practice alone of inducing employees to work all day long and forgo other aspects of their lives such as family and social lives is not healthy. Duty care does not also exist in its organizational structure. Kenneth Lay, Jeffrey Skilling, and Andrew Fastow does not apply the duty of care aspect to on their decision. â€Å"Duty of care involves the exercise of reasonalble care by board member... their management responsibilities and comply with the law†

Supply Chain Management Case Study Example | Topics and Well Written Essays - 1000 words

Supply Chain Management - Case Study Example Analysis of Bearing Service Inc Bearing Service, Inc was launched by Herbert Mann in the year 1943, after identifying a business opportunity in ball bearing production. The company has been in operation for over twenty five years since its inception. Its headquarters are situated in Michigan Monrovia. In addition, the company has displayed tremendous growth in terms of structural growth and increase in sales. For example, Bearing Company started from being a single based business structure that was centralized in Detroit. The company has undergone via great expansion in selling bearing related products in various destinations/locations. Bearing Company Inc is independently managed and has decentralized its operations by establishing four subsidiaries in Michigan and in the United State. In above connection, the company focuses in distributing bearings, seals, linear motion products, power transmission tools and other accessories related to power transmission. Bearing service Inc comp rises of more than three hundred product manufactures that supplies material and products that are needed by the customer. However, due to special customers needs, Bearing Service Company Inc may contact other vendors to supply items that are required by the customer? To increase their effectiveness and relevance in the market, Bearing Service Inc provides customers with some basic training concerning their products. For example the company educates their customers on power transmission, linear motion, repair and maintenance among other trainings. Bearing service vision entails providing their clients with great satisfaction by offering them with highly innovative products as well as cultivating long term relationship and responding to any emergencies as soon as they arise. The company received its ISO 9002 Certification the year 1998.This enabled the company to compete with large companies as well ensure that there is continuous improvements. However, the company realized that it w as making low returns by entering into large contract and hence, the company decided to identify the key markets where it could excel properly (Bearing Service Inc, pp.1-2). The strength and weakness of Bearing Service Inc may be evaluated via observing the company strategic plans as internal and business external environment. The strength of Bearing service Inc may be observed in the manner in which the company has design responses for handling emerging customers’ needs based on the company plan. The company has further differentiated its products and has been keeping in touch with new innovations. For example the company, it has been reported that the company has embraced innovativeness to cope with globalization unlike other companies in this industry. In addition, bearing company provides basic training to its customers which also form the basis of its strength in the market. The company has well established logistic and inventory management systems that also form the bas is of its strength. Among the capabilities of bearing company in respect to inventory management include; Plant and crib surveys, establishment of customers identification numbers, usage evaluation, periodic stock taking as well as establishment of customized parts packaging. This has enabled the Bearing Company to minimize numerous cost such as the cost of bearing service provision, materials handling cost,

The Background of the May Fourth Movement in China Essay

The Background of the May Fourth Movement in China - Essay Example Indeed, in the WWI China had joined the allies against Germany, and after the war demanded that allies end the occupation of the Chinese territories, but such demands were ignored in the Versailles Treaty. Frustration and indignation of the Chinese escalated and lead to student demonstrations on May 4, 1919 in Beijing, which quickly expanded to other main cities. The disappointment over the West instigated many Chinese to search elsewhere for help. Still, while the May Fourth Movement grew on the base of the student protests, it had a deeper historic background that contributed to it. In fact, the roots of the May Fourth Movement, also called the New Cultural Movement, can be found in China already around 1916, when Chinese intellectuals began to spread disdain for the traditional Chinese culture, blaming it for turning China into a secondary international player. So, it is no wonder that the controversy over the Versailles Treaty lead to the explosion of popular outrage, and amplifi ed appeals to much needed "new culture" and the need to return to China its due international role. Moreover, at the same time the government of the Northern Warlords, the militant sovereigns and ruling groups, submitted to the foreign powers and significantly increased taxation, which made the population suffer.

The Neoclassical World Essay Example | Topics and Well Written Essays - 1250 words

The Neoclassical World - Essay Example Recorded revolutions in history have strongly exhibited the power of extraordinary artists and how they influenced, promoted, lead and executed the activities of revolution which finally made a common man victorious over ruthless tyrants. One of the beautiful characteristics of history is, as they say that it repeats itself. The proposed methodology seeks to find answers from the past, exploring the reinforcement of revolts during the French revolution, the artistic and political role of the revolutionary French painter Jacques-Louis David. It also struggles to find an inspirational connection between David’s work and the present uprisings in the Arab world which is also known as Arab Spring. What role, media has acquired for the awareness and what it may accomplish by inspiring the masses and promoting the rights of a common man through its various channels and networks around the globe. To fulfill this rigorous task, I have divided this essay in to five sections, while the f irst two discusses about the contribution of David’s art pieces during French revolution; the latter two highlights the significant inspirations derived from his work in the present time and how media can role play David to reinforce or promote Arab Spring. I have also included my observation proceeded by the conclusion on this research. David and the French Revolution Delacroix called him 'The father of the entire modern school in painting and sculpture' (Delacroix, 768) Jacques-Louise was a French artistic leader who rose prominently in the 1780's France .His monumental paintings carried antique themes; they were aesthetic and stylistic forms of French art. He contributed to the French revolution and also served in the National convention as a deputy in the period from 1792 to 1794. He was put in prison after the fall of Robespierre in 1794. His works and paintings depicts the psychological expressions of an Individual’s character through his most famous work â€Å" Oath of the Tennis† and â€Å"Coronation† in which he painted group of people standing and witnessing the significant incidents in history (Dorothy 35). He also used to deliver speeches on issues that concerned him from art to politics to reinforcement and these were also published (Dorothy 42). Stefan Johnson, in his book analyzes David's Tennis Court Oath as being a revolutionary event both dignified and rebellious. It features a man in the centre slightly above the others, reading out an oath while people surrounding him are to repeat the oat after him. The ceremonial oath was done on June 20, 1789 in the tennis court right outside the royal palace in Versailles and just after three weeks the France witnessed the beginning of its revolution (Stefan 5). All the educated and intellectual class in that era was afraid of revolution. While expressing such fear they used to repeat these words mob, crowd, and the mass. At that point of time, the mass was often recognized as a band of fools (Stefan 8). 21st Century and the Arab Spring Arab spring is a term given to the revolutionary storm in the Middle Eastern countries; these disturbances started in December 2010 and are still going on. Countries like Tunisia, Egypt, Libya and Yemen forcefully evicted their respective rulers from powerful positions. Countries like Bahrain, Syria are also on the threshold of uprising. Mass Protests against the

Leadership Profile Essay Example for Free

Leadership Profile Essay When examing what makes a good leader you can ask a very simple question, what I believe to be a very important factor, which is, do they have passion in what they do? Leaders in business today have to have a passion for what they do in order to make a successful and influential leader. The success of any company is only as great as the employees on the forefront make it. Transformational leadership is a form of leadership that occurs when leaders ‘broaden and elevate the interests of their employees, when they generate awareness and acceptance of the purposes and the mission of the group and when they stir their employees to look beyond their own self-interest for the good of the group† (Bass, 1990). Transformational leadership has the ability to generate a higher commitment to the company from its’ employees. I believe that Sam Walton, the Founder of Walmart had this ability. Walmart as we know it today evolved from Sam Walton’s goals for great value and great customer service. â€Å"Mr. Sam,† as he was known, believed in leadership through service. This belief that true leadership depends on willing service was the principle on which Walmart was built, and drove the decisions the company has made for the past 50 years. So much of Walmart’s history is tied to the story of Sam Walton himself, and so much of our future will be rooted in Mr. Sam’s principles† (Walmart, 2012). You can see this principle the moment that you walk in to any Walmart store. There is a greeter there to meet you everytime. Sam Walton made sure that from the time that you walked in the door that you had great customer service experience. Not only will it make the customer feel welcomed, but it will also help repeat business. To obtain this type of customer service level, the leader behind the scenes needs to create â€Å"buy ‘in† from their employees. The employees need to believe in what they are doing and understand the goal of the company. One of the towering strengths of Sam Walton was his unique ability to gain the trust and support of the people around him. He called his customers â€Å"neighbors† or â€Å"guests† and he referred to the managers in his company as ‘coaches’† (Bergdahl). The first Walmart was opened in 1962 and by 1970, the company went public because of how much it had grown. This is a true testament of a good leader having a clear vision of what he wants for his company and what he expect from the employees. His vision alone is what makes him so effective. He believed that offering lower prices and greater customer service can make all the difference to a business. Seeing the success of Walmart proves this theory. Employees easily understand the goal of the company. They too benefit from the lower prices. According to Michael Bergdahl, author of The 10 Rules of Sam Walton, Sam Walton was a man who had a vision, never gave up, and was optimistic. These are just a few of the characteristics of Sam Walton that have affected many people. â€Å"Walton also a leader who close to the employees. Often vanity top executives has led to the collapse of a company. They tend to build a distance (gap) with front-line employees. The bigger of the company, usually the greater the possibility of these leaders have lost contact with the front-line employees. But not so with Sam Walton, he was a leader who humble and modest. Throughout his life, he often visited the front lines of every store. Sam Walton’s leadership style is close to the employee coloring corporate culture of Wal-Mart today† (Bergdahl).

Fedex and UPS Essay Example for Free

Fedex and UPS Essay 1. Accounting Treatments Capital Lease -Lessee Initially, the lessee recognizes the asset under his property, plant and equipment. The amount that should be debited is the Lower of asset’s fair value and present value of minimum lease payments. The present value is determined by discounting minimum lease payments using interest rates implicit in the lease. Also, initial direct cost that the lessee incurs in relation to the lease is added to the cost of recognized asset. On the credit side of the entry should be lease liabilities, which is in fact, some kind of a loan. The lease liabilities should be split into current and noncurrent liabilities as some payments are made within 12 months while others are made after 12 month of the reporting date. Subsequently, there are two things we must take care of. First, we must depreciate the lease asset over the economic life, not over the lease term because that doesn’t necessarily need to be the same. The entry is to debit depreciation expense in profit or loss and credit the accumulated depreciation account. Secondly, we need to allocate the lease liability or minimum lease payments paid to the lessor into two parts; reduction of lease liability and finance charge or interest. IAS 17 requires the finance charge to be allocated so as to produce a constant periodic rate of interest (interest rate implicit in the lease) on the remaining balance sheet liability. (Refer to appendix A for journal entries Capital lease-Lessor The lessor is a finance provider, and therefore records lease receivables as the debit side of the entry. The lease receivable is the net investment in the lease, which is the total of minimum lease payments and unguaranteed residual value. Total of these two figures is gross investment in the lease and we need to discount it to present value using discount rate implicit in the lease and all this must be equal to fair value of the asset plus initial direct cost. The credit side to this entry is simply cash given out by the lessor. Subsequently, we have to split minimum lease payments received from the lessee between reduction of finance lease receivable and finance income similar to what the lessee would do. (Finance income should reflect a constant periodic rate of return on the lessor’s net  investment in the lease.) (Refer to appendix A for journal entries) Operating Lease-Lessee In an operating lease, the lessee does not recognize any asset. The lease payments are recognized as rent expense in profit or loss on a straight-line basis. The journal entries would include a debit to rent expense and credit to cash or accounts payable. (Refer to appendix A for journal entries) Operating -lessor Lease payments received from the lessee are recognized as revenue in profit or loss on a straight-line basis. The lessor keeps the asset on his financial statement and depreciates it in line with its fixed asset accounting policy. (Refer to appendix A for journal entries) Advantages of Operating Lease In an operating lease, the lessee is considered to be renting the equipment and thus the lease payment is recorded as rental expense. No assets or liabilities are recorded on the balance sheet (Off-balance sheet financing). This is beneficial for companies because it will result in a lower asset base, therefore creating a higher ROA. Operating lease will also display more desirable solvency ratios such as lower debt to equity. This off balance sheet method of recording will also produce better debt covenant ratios for the company to show its debt lenders. Moreover, some companies associate management bonuses to certain ratios such as return on capital, which would be more optimal looking if recorded under operating lease. Another major benefit of operating leases is the potential tax benefits. An operating lease may allow the company to deduct payments as operating expenses during the period in which they are paid. If the company purchases equipment, they may be able to deduct the in terest, as well as the cost of the depreciation. 2. Under current Financial Accounting Standards Board regulations, what business arrangements might FedEx have made in order to account for leases as operating leases rather than capital leases? An operating lease is usually coined as anything that is not classified as a finance lease.  Factors that an operating lease may include are: 1. If a lease does not significantly transfer all the risks and rewards, associated with ownership of an asset the lease 2. If the ownership of the asset is more likely to go back to lessor at the end of the term 3. The lessee does not have the option to buy the asset at a cost significantly below the fair value of the asset → ie. a bargain price. The term of the lease is not a major part of the economic life of the lease item. IAS 17 does not explicitly say how much is a major portion however ASPE states that 75% and above is a major portion. 5. If there is little or no risk to the lessee; all major risks are borne by the lessor. An example wo uld be cancellation costs. 6. The leased asset is of common nature; not specialized and can only be used by the lessee. 7. The present value of the total amount of minimum lease payments do not equal or is close to the fair value of the asset leased. Other Additional Criteria can be: 8. Whether fluctuation in fair value at the end of the lease accrue to the lessor 9. If the lessee does not have the option to extend the lease for a secondary period at a â€Å"below the market† price Arrangements FedEx would have to make to disclose the operating lease would include disclosures about: the outstanding payments left for non-cancellable operating leases for the time periods: within one year within two to five years after more than five years the total future minimum sublease income for non-cancellable subleases the lease and sublease payments recognised in income for the period the contingent rent recognised as an expense  the general description of significant leasing arrangements, including contingent rent provisions, renewal or purchase options, and restrictions imposed on dividends, borrowings, or further leasing For operating leases, IAS 17 states that the total lease payments should be incurred as an expense and would appear on the income statement regularly with the amount on a straight-line basis over the entire lease term. Any enticements that the lessee may have received from the lessor to enter into the lease arrangement, must also be divided on a straight line basis to offset the  rental expense. 4. Lease Capitalization on Financial Variable and Ratios Unrecorded Lease Liability and Debt-to-Equity Ratio Based on the ratios and calculations performed there are many incentives for companies to report leases as operating leases rather than capitalize them. It can be concluded that the impact of lease capitalization on the financial statements is far greater for FedEx than UPS, however both companies are reaping benefits from reporting leases as operating leases. Capitalizing leases requires that leases are recorded as assets and liabilities on the balance sheet. The Unrecorded Lease Liability is 98.41% of existing liabilities for FedEx and 8.27% for UPS. Thus, by not capitalizing leases, firms are able to decrease their liabilities and present a more lower debt/equity ratio.The Debt/Equity ratio gives stakeholders an indication of the capital structure of the firm. The ratio for FedEx moves from 0.97 to 2.70, which indicates a more leveraged capital structure. UPS ratio moves from 0.87 to 1.28. The capitalization of leases would not a llow FedEx to maintain a debt-equity ratio below 1, which would change shareholder’s view on the financial flexibility of the firm. If FedEx wishes to maintain a relatively low debt-to-equity ratio on their financial statements it would be unfavourable to capitalize leases. Return on Asset The Return on Assets (ROA) is another key ratio that is affected when leases are capitalized due to the increase in assets that the company owns. When leases are capitalized there is a decrease in ROA for both FedEx and UPS by 1.69% and 0.32%, respectively. This is a relatively significant drop in efficiency and further motivates firms to record leases as operating leases. Interest Coverage Ratio The interest coverage ratio informs stakeholders of a company’s ability to pay back their interest. There is a significant drop of 17.26 in FedEx’s interest-coverage ratio and a drop of 9.2 in UPS’s interest coverage ratio. This means that a certain amount of profit is attributed to the fact that leases are not capitalized. In conclusion, it is clear from the variables and the ratios analyzed why companies prefer to record leases as operating leases rather than capitalize them. Operating leases are kept off the balance sheet and their main impact on the income statement is rent expense since the risks of ownership are not assumed. On the other hand, when leases are capitalized, the present value of payments including interest expense,  is treated as a liability on the balance sheet. These two accounting methods result in ratios to be more favourable for the firm when leases are recorded as operating leases rather than financial leases. 5. New Exposure Draft: A Contract-Based Approach Development of Contract-Based Approach Leasing is a critical activity in business as it is a means of gaining access to assets, obtaining finance and reducing an entity’s exposure to the risks of asset ownership. Some key advantages of leasing assets rather than purchasing assets are 100% financing, flexibility and the tax advantages. Therefore it is crucial that leases are appropriately accounted for and nature and duration of the lease agreement is considered. Current models require lessees and lessors to account for leases as either finance leases or operating leases. A recurring criticism of this approach is that lessees are not required to recognize assets and liabilities arising from operating leases. We can see the benefits of this in the financial statements and ratios of FedEx and UPS, as discussed above. In our opinion capitalizing leases provides stakeholders of a less aggressive view of a company’s financial statements. The contract based approach ensures th at companies recognise the right to use an asset along with the contractual liability on its balance sheet. Recognition and Measurement (Lessee) IASB and FASB are proposing a new approach to lease accounting that ensures entities record assets and liabilities arising from a lease. With this new approach, a lessee would recognize assets and liabilities for leases with a maximum possible term of more than 12 months. Under this contract-based approach, the asset is taken on by the lessee as the right to use to asset and not the asset itself. This a key difference between the contract-based approach and finance leases. When the lease is acquired, the lessee would recognise a lease liability. This would refer to the obligation of the lessee to make recurring lease payments. Additionally, the lessee would recognize a right-of-use asset representing a lessee’s right to use the underlying asset for the lease term. The right-of-use asset would include the initial measurement of the lease liability, any lease payments made at or before commencement date and any initial direct costs incurred by the lessee. The proposal further categorizes the leases into Type A and Type B leases. Type A Lease Recognition Leased assets other  than property (such as equipment and vehicles) would be classified as a Type A lease. However, if the following two conditions are met, the lease would be classified as a Type B: if the lease term is an insignificant portion of the asset’s economic life and if the present value of the lease payments is insignificant relative to their fair value. Initial measurements for a Type A lease would include a right-of-use asset and a lease liability. The lease liability would be measured at the present value of the lease payments, measured at the rate charged by the lessor. If that rate cannot be immediately determined, the lessee uses the incremental borrowing rate. Subsequent measurements would recognize interest expense and the amortization of the right-of-use asset separately on the income statement and balance sheet. This would be accounted for separately from the amortization of the asset. Type B Lease Recognition Leased assets of property (such as land or a building) would be classified as Type B leases. Initial measurements would be parallel to the initial measurements of Type A assets. However, subsequent measurements would recognize a single lease cost. This cost would be a measurement of the interest expense as well as the amortization of the asset. This combined figure would be calculated on a straight-line basis. Effect on Existing Operating Lease Existing operating leases must be appropriately treated based on the a ccounting standards for leases. Leases that were previously reported as operating leases by lessees should be recognised using the new approach at the beginning of the earliest comparative period. The lessee should recognize the lease liability, which is the present value of the remaining lease payments. For Type A leases, a right-of-use asset is measured as a proportion of the lease liability. The proportion is based on the remaining lease term at the time of the earliest comparative period. Additionally, the right-of-use asset recorded should be adjusted for any previously recognised prepaid or accrued lease payments. On the other hand, for Type B leases, a right-of-use asset is measured at an amount that equals the lease liability. The asset is then adjusted for previously recognised prepaid or accrued lease payments.

Trade Kings A Zambia Consumer Company Marketing Essay

Trade Kings A Zambia Consumer Company Marketing Essay For a firm in its initial internationalisation, it will have to use indirect export strategies where it uses intermediary organisations that have the necessary experience in handling export sales on behalf of experienced or low level exporting organisations. As the firms export grows and the firm acquires knowledge in the export market including the preparations of the export documents, it may now opt to use the direct export strategy with less use of intermediaries Most companies would prefer to remain domestic if their domestic market were large enough. Managers would not need to learn other languages and laws, deal with volatile currencies, face political and legal uncertainties or redesign their products to suit different customer needs and expectations. A higher degree of involvement in the domestic market and the company may need a larger customer base to achieve economies of sale. As Trade Kings expanded in Zambia, its marketing pesonnel was able to collect information on the potential opportunities in Malawi. It was actually observed that travelers going to Malawi had introduced the brand maheu there and was a popular brand. This information provided the basis for conducting formal market research which revealed that the brand would successfully sale in Malawi. The company eventually entered the Malawian Market in 2001 through an indirect export strategy. LEARNING CURVE REQUIREMENTS Firms which intend a heavy future involvement might need to learn from the experience that close involvement in an overseas market can bring, some companies may not have any major resources and experience in international trade. Trade Kings did not have any experience in international marketing as it was initially only selling its brands in Zambia. RISKS Some risks such as political risks or the risk of the expropriation of overseas assets by foreign government encourages firms entering into overseas markets to persue an indirect exports strategy as it is safer. On the other hand, the risk of losing touch with customers and their requirements would encourage a direct export strategy. There is political stability in Malawi, Mozambique and South Africa and this provided opportunities for Trade Kings to enter these foreign markets. The lack of experience in export marketing meant that Trade Kings would have to use already experienced exporters, although it would not be in touch with the customers in these countries. CONTROL NEEDS Control over the export operations, particularly over the marketing mix and the distribution channel varies between indirect and direct exporting strategies. Indirect export strategy offers virtually no control to the exporters. Trade Kings had no control over indirect exporters. These were willing to sale on behalf of Trade Kings. However, Trade Kings later opted to use direct export strategy which allowed for greater control over its export operations in Malawi, Mozambique and South Africa. HOW MANY MARKETS TO ENTER The company must decide how many foreign markets to enter and how fast to expand. The risk is the substantial resources needed and the difficulty of planning export strategies into many diverse markets. (Kotler 2004, Page 640). EVALUATING POTENTIAL MARKETS It is important to evaluate the potential of several foreign markets. Many companies prefer to sell to neighbouring countries because they understand these countries better and can control their costs effectively. Most Zambians are familiar with Malawi due to historical and political factors. Trade Kings would not find it difficult to enter the Malawian Market. DECIDING HOW TO ENTER THE MARKET Once a company decides to target a particular country, it must determine the best mode of entry. Its broad choices regarding export strategies include an indirect export strategy and a direct import strategy. A firm internationalizing for the first time has no experience in export documentation, lack local knowledge in the foreign market and valuable distribution contacts. Trade Kings had to depend on the experienced exporters. In this case it would have to use indirect export strategy. EXPORTING STRATEGIES Exporting is the easiest, cheapest, and most commonly used route in to a new foreign market. Many firms become exporters in an unplanned haphazard and reactive way, simply by accepting orders from the potential customers who happen to be based overseas. However it was common for a firm to take a proactive approach to exporting by the systematic planning and the identification and the selection of target markets for its exports. This gives rise to several advantages over those entry methods which require greater involvement in the overseas market. 3.1 ADVANTAGES TO THE EXPORTER 3.1.1 The principal benefit is that the exporters are able to concentrate production in a single location, in order to achieve economies of scale and consistency of product quality. Trade Kings would produce the Maheu brand and distribute it to its foreign markets in Malawi, Mozambique and South Africa. The demand as at now does not require the setting up of a plant in these countries. However Trade Kings is considering a plant in Malawi that will produce a range of consumer products similar to the ones produced in Zambia. 3.1.2 Firms lacking the know-how and experience can try internationalization on a small scale. Trade kings had started exporting maheu brand on a small scale until the brand gained popularity in 2002. The demand for the brand had increased in Malawi. 3.1.3 Exporting enables firms to develop and test their plans and strategies. Trade Kings had to attain the learning curve effect and eventually was able to persue a more expansionary export sales to Malawi, Mozambique and South Africa by persuing direct export strategy. 3.1.4 Exporting enables firms to minimize their operating costs, administrative overheads and personnel requirements. 3.2 INDIRECT EXPORT STRATEGY 3.2.1 EXPORT HOUSES Export house are firms which facilitate exporting on behalf of the producer. There are three main types of export houses: EXPORT MERCHANTS These act as export principals, they buy goods from a producer and sell them abroad. Trade Kings was able to sell its maheu brand to export merchants in Lusaka who where exporting a range of consumer products in Malawi. ADVANTAGES OF EXPORT HOUSES The producer gains the benefits of the export houses market knowledge and contacts. Trade kings was able to use a major export house ABC international export that was able to buy a range of consumer products from various suppliers in Zambia and transport them to malawi, Mozambique and South Africa. As business continued with ABC company, Trade Kings acquired knowledge that was helpful in setting its own export market department. Except in the case of export agents the producer is relieved of the need to do the following: Finance the export transaction Suffer the credit risk Prepare export documentation Trade Kings was not able to incur any promotional and distribution expenses. This was borne by ABC Company. All export documentation was done by the exporter. In some cases export merchants receive preferential treatment from foreign institutional and organisational customers. ABC International Exporters is a large company that has been in the export marketing of consumer products to Malawi including supplying goods to government institutions and organizations. It has developed strong relationships with valuable contacts in the country that it exports to. DISADVANTAGES OF EXPORT HOUSES Ultimately, it is not the producer but the marchants decision to market a product and so a producer is at the Merchants mercy. At this time the merchant was buying less Trade Kings brand in preference to their company brands. Any goodwill created in the market usually benefits the Merchant and not the producer. As with all intermediaries, an export house or Merchants might service a variety of producing organization. An individual producer cannot rely on the Merchants exclusive loyalty. Trade kings brands has created strong loyalty in Malawi, However ABC Company was not effectively marketing the brand. It was also over -pricing the brand leading to lower sales. The exporter also was also increasing stock of Trade Kings Competitor. This lead to the creation of Trade Kings export marketing department. Export houses are not normally willing to enter into long term arrangements with a producer. Trade King had entered with a 2 (two) year contract with ABC International Exporters as they did not want a 5 (five) year contract initially.However as demand for the brand increased in Malawi, the exporter wanted a long term contract. Trade Kings entered in to contract with a specialist export management firm, International Distributors Limited, a specialist export Consultancy and logistics firm. DISADVANTAGES OF SPECIALIST EXPORT MANAGEMENT The drawbacks of using the specialist export managers include:- As the export manager is an independent organisation, it can leave the producers service and the producer will have gained as inhouse expertise. The contract was not renewed because the international distributor firm lacked the resources to fully exploit the foreign markets. As the producer does not learn from experience of exporting, this may adversely affect future options by restricting those available. The Trade Kings did not benefit any export knowledge from the distributors as all export management functions were done by the firm. The specialist export manager may not have sufficient knowledge of all the producers in the market. International distributors proved to lack adequate knowledge in the foreign markets in which Trade Kings could increase its sales. 3. COMPLIMENTARY EXPORTING Complementry exporting or piggy back exporting occurred when one producing organisation refered to as the carrier uses its own established international marketing channels to market the products of another producer referred to as the rider as well as its own. ADVANTAGES OF COMPLIMENTARY EXPORTING There are advantages to both the carrier and the rider as follows: The carrier earns increased profit from a better use of distribution capacity and can sell a more attractive product range. The rider obtains entry to a market at low cost and low risk. Trade Kings did not use this mode of indirect export strategy. 4. TURNKEY CONTRACTS Turnkey contracts may also provide opportunities for complementary exporting. A single firm engaged in a particular project overseas such as construction, petroleum refining, pharmaceutical and civil engineering projects will often acquire products and services from other firms in the home country for the project. (Hill 2005, page 485) Trade kings did not use much of indirect export strategy. DIRECT EXPORT STRATEGY Direct export strategy occurs where the producing organisation itself performs the export tasks rather than using an intermediary. Sales are made directly to customers overseas who may be wholesalers, retailers or final users. Sales may increasingly be made via e- commerce on the internet. As the volume of sales increased and a forcast of demand showed that Trade Kings brand were steadily growing including detergents, candles, match ticks. Sweets , snacks and bathing soaps. Marketing in this environment is similar to the marketing in the domestic market, although there are the added problems of distance product regulations language and culture.(Hill, 2005 Page 488) OVERSEAS AGENCIES Overseas export agent is an overseas firm hired to effect a sales contract between the principal (i.e the exporter) and a customer. Agents do not take title of goods, they earn a commission. Trade Kings entered into a contract with Malawi export agent, Malawi export Limited. THE ADVANTAGES OF OVERSEAS AGENTS An exporter may use overseas agents due to the following reasons:- They have extensive knowledge and experience of overseas market and the customers. Malawi Export Limited, an indeginous local firm, large importer was able to increase the sale of trade Kings products. Their existing product range is usually complementary to the exporters. This may help the exporter penetrate the overseas market. Unlike ABC international exporters who were able to stock Trade Kings Competitors brands. The exporter does have to make a large investment outlay. Trade Kings did not have to spend resources in building a depot and managing it. This was all done by the Malawi Export Limited. The political risk is low Malawi export Limited is an indigenous Malawian firm and has vast local knowledge and local contraact. It is able to withstand any political challenges in Malawi. DISADVANTAGES OF USING OVERSEAS AGENTS The disadvantages of using overseas agents and these are: An intermediarys commitment and motivation may be weaker than the producers. The Malawi export Limited was still able to market others brand by different suppliers and was based towards brands whose turnover was very high compared to Trade Kings brands. Agents usually want steady turnover using an agent may not be the most appropriate way of selling low volume, high value goods with unsteady patterns of demand, or where sales are infrequent. Trade Kings brand were of average turnover and Malawi Export Limited failing to meet the expectations of Trade Kings. This led to the formation of a Trade Kings branch office in Malawi. This would also deal with Mozambique and South Africa. Many agents are too small to exploit a major market to its full extent. Many service only limited geographic segments. As a market grow large it becomes less efficient to use as an agent. A branch office or subsidiary company will achieve economics of scale. The demand for the Trade king brands kept on growing since 2004 and management had to commit its resources in developing an overseas branch office in Malawi. A careful analysis was done by Trade Kings prior to the selection of the Malawi Export Limited Company to act as an overseas agent for the Malawian market. COMPANY BRANCH OFFICES ABROAD A firm can establish its own office in a foreign market for the purpose of marketing and distributing its product. ADVANTAGES OF A COMPANY BRANCH OFFICE The advantage of Companys branch office in setting its own distribution office, a firm may have the following advantages: When sales have reached a certain level branch offices become more effective than agencies. A Trade King Branch was finally opened in the capital city, Lilongwe in Malawi on 1st June, 2005 with most staff being Malawians. Sales performance will improve as the commitment and motivation of a producers own staff should be more effective than those of an agent. Trade Kings Staff were committed to ensure that they attained the sales targets. The level of motivation was high leading to surpassed sales targets in 2006, this lead to the expansion of the branch to also effectively manage sales in Mozambique. The producer retains complete marketing control. Trade Kings had now a strong presence in Malawi and in Mozambique.The branch was now able to pursue aggressive marketing of Trade Kings brands through advertising campaigns, sales promotions campaigns and participation in trade exhibitions in Malawi and Mozambique. DISADVANTAGE OF COMPANY BRANCH OFFICES ABROAD Trade Kings experienced the following drawbacks when it set- up firm setting an overseas Company branch in Malawi Higher investment overhead and running costs are entailed. There can be a political risk particulaly expropriation of assets. The firm will be subject to local staff legislation which it may not welcome. CONCLUSION Mode of entry has implications for the distribution channel. Although in domestic markets firms often give some control over distribution to intermediaries this problem is magnified in international terms. Trade Kings later experienced distribution problems through its indirect export strategy in Malawi. The distributors had earlier on provided Trade Kings with higher sales. However it started to over stock a range of products from various competing firms. This led to a decline in Trade Kings maheu brand despite the product having established brand loyalty on the Malawian market. It can be observed that, for many overseas operations means they are forced into the aims of intermediaries even though this may not be the ideal means of the satisfying the needs of the end consumers. Trade kings enventually had to opt for investing directly in the Malawian market through a direct export strategy.

Obstacles In Team Dynamics Essay -- Teamwork

Obstacles in Team Dynamics Abstract Students face obstacles on a daily basis. These may include personal, financial obstacles or obstacles at work. There are many ways to deal with them, and due to human nature, they are dealt with uniquely. Working within a team environment brings its own obstacles. This paper will discuss obstacles in team dynamics and how to overcome them. Obstacles in Team Dynamics By the time people reach adulthood, they have gone through many obstacles in their lives. Perhaps an individual has been passed over at work, had someone close to them die, lost a job, or just lost direction. Those are some of life's many obstacles. As part of a group, there are obstacles that have to be overcome in a team environment. What are they and how does an individual get past the issues that arise in team dynamics? The prevalence of obstacles inserted into a team dynamic increases the likelihood that a team will fail in its mission. What is Team Dynamics? First, we will answer the question, "What is team dynamics?" "A team is defined as a group of two or more individuals engaged in some joint action with a specific mission or goal. Team dynamics are defined as the motivating and driving forces that propel a team toward its goal or mission." (Six Sigma Team Dynamics, The Elusive Key to Project Success). There is usually much diversity in a group. We have different ethnic backgrounds, intelligence, goalsÂ…. Humans in general are non-trusting. Building up trust in a team is not easy. No matter how hard he works, grades could still be low due to poor performance of another team member. Taking individual responsibility for everyone's grades is not an option. I have heard there is no "I" in t... ...g (1997). Learning to Work as a Team Player. Retrieved March 26, 2007, from http://www.rec.org/REC/Programs/EMTC/Insight/vol22/technique.html. Bayt.com. Tips to Succeeding as a Team Player. Retrieved March 21, 2007, from http://jobs14bayt.com/job/career-article-762.adp. Brown, Tom (1992). Why Teams Go Bust. Industry Week. Cleveland. 241 (5) 20. Retrieved March 28, 2007, from ProQuest database. Dearlove, Des (2002). The Secret of Teamwork; [Final 1 Edition]. The Times. London (UK). Aug 8, 2002, pg.7. Retrieved March 27, 2007, from ProQuest database. Ehlen, Dave (1994). Supporting High Performance Teams. Manage. Dayton. Nov 1994 46 (2) 32. Retrieved 18 March 2007, from ProQuest database. Six Sigma Team Dynamics, The Elusive Key to Project Success. Retrieved March 27, 2007, from http://media.wiley.com/product_data/excerpt/71/04712227/0471222771.pdf

Jesus is a True Hero Essay -- Religion Christian Christiantiy essays p

Over one third of the world's population call themselves Christians, or those who follow the teachings of Jesus. Jesus presence in the souls of humanity is everywhere. Sunday, the day of Christ’s resurrection, is still a day of rest and worship. The calendar still uses the year of his birth as a starting point, with A.D being after death and B.C being before the death of Christ. There are also major Christian holidays that are celebrated by millions each year, Christmas, the day of Christ’s birth, and Easter, the day of Christ’s resurrection. The life of Jesus is told in the new testament of the bible, which is still one of the best selling books of all time and has been translated in 2,000 different languages. The life and the lessons of Jesus are known by all his followers, the compassion he showed towards all people helped change the world. The life of Jesus is told in the New Testament, one of the most sacred and relished books by people all over the world. His mother was Mary, who was a virgin when he was conceived, and Joseph, a poor carpenter. The life of Jesus is contradictory to other messiahs such as Muhammad or Buddha. He was born in a manger as the son of a carpenter. The life he came from was not what was to be expected of a messiah. The Pharisees did not believe that Jesus was a savior because he did not fit the credentials that they thought a savior should have. Surely, a savior would have been born into a rich family and gone to the best schools. Jesus said â€Å"what shall it profit a man if he gains the whole world but loses his soul.† Meaning that the riches of the world are not worth having if you have to lie and cheat for them. Also a Man who has no money but is true to his faith and to god is richer than a man ... ...ieve in him. Jesus’ death for all of mankind’s sin was not a small sacrifice. Because of the huge sacrifice Jesus made, He can be considered a hero - a person who is admired for something He has done. In this case, Jesus is admired for taking all of mankind’s sin upon Himself. John 15:13 says, â€Å"Greater love has no one than this, that one lay down His life for His friends.† Jesus did just that. He loved every person who ever lived and has yet to live so much that He laid down His life for them. All they have to do is believe with their hearts and minds that what the Bible says He did is true. There are many people who have been harassed, beaten, or even killed for believing this. Every year, it is estimated that 186,000 people are killed for believing in Jesus as their Savior and for refusing to deny their faith in Him. This reveals just how great a hero Jesus is.

The Christian Bible, the Hebrew Scripture, The Muslim Koran Essay

The Christian Bible, the Hebrew Scripture, The Muslim Koran: Words are Not Important, Our Actions Are Matt 13:3 "He told them many things in parables. 13:10 "Why do you talk to them in parables?" That's the crucial question: Did God, should God, have intended direct and final communication with us? If so, Jesus certainly failed his mission. There is little evidence that Jesus' appearance cleared anything up or gave us God directly. Wittgenstein, who wanted our language to be clear, knows well enough that neither the Hebrew nor the Christian God's words could fall within his constructed linguistic net. They would always come from outside, from "the mystical." Thus, where our clarified language is concerned, "never the twain shall meet." Then, was Jesus really a proto-Wittgenstein? Did he use parables as an obscure vehicle for speech which alone might bridge the gap for us between our languages and the mystical always outside of it? The Christian Bible, the Hebrew Scripture, The Muslim Koran - or any religion's sacred texts for that matter, will remain controversial but still important avenues for divine communication. Somehow all religious faith lies locked up in non-direct discourse. How, then, can we claim to "hear the word of God or gods," as many claim to do? Well, in the first place, we know that we will never all hear exactly the same sacred speech, interpret it in unison, or respond to it in the same way. For all that our enlightened scholars of sacred texts may provide—and there probably are more misreadings of a text than can be recognized—the Modern-Enlightenment goal to clear up all variant interpretations of a text will fail, due to the impossibility of confining living gods to our attempted literal interp... ...nce. "I created through my word; I communicate spiritually through inspired words; but the creation of the universe and your world could only be accomplished by the release of power and love as directed by my word. However, now words can be just as deceptive as insightful, and so I judge much more by the acts of love—or of evil—released on others by your words of love or hate. At the end of time, you may also judge me, not so much by words, since there comes a time beyond which words are not decisive or effective. Judge me, then, not by the words heard from any religious seer or prophet, no matter if they have been crucial in guiding you in the path of righteousness, but by my powerful acts that will recast the world, bring evil under final control, and so grant new life to the deserving who have held the faith and tried to act as instructed." Thus saith the Lord

General systems and operations design Essay

The human-system design should be least complicated and easy to operate and maintain. Less complications and operational requirements would mean minimum training requirements and workload for the people and thus, less error potential. Hardware operations and computer procedures should also be standardized so that similar operations would require similar hardware and similar applications would only require similar uses and procedures. Operations should only be standardized and implemented to minimize the number of required tools as well as human errors from improper training and minimum skill. Also, the minimization of maintenance requirements and the standardization of procedures and operations should be done so that any person involved in the exploration would at least have an idea on the operations which is especially necessary in cases of accidents when a company in space becomes incapable of operation (Man-Systems Integration Standards, 2006). Changes in Anthropometry As people travels farther from Earth, there is the loss of gravitational pull. This loss, together with the changes in environment exert great effects both in the anthropometry and biology of humans and thus requires extensive consideration especially in designing workstations. In particular, the human body size and posture, the surface area, the movement and volume as well as the mass considerably change with the absence of gravity (Vogel, 1976; Man-Systems Integration Standards, 2006). The height of a person generally increases for both short and long-term missions (Sinha, 2002; Vogel, 1976). This is caused by spine lengthening which can vary from 0.5 inch to about 3% of the baseline height prior to the mission. The fluid shifts caused by gravity cause changes in the chest, waist and limb-circumferences, usually a decrease (Man-Systems Integration Standards, 2006). Because weight is a function of gravitational force, the weight of a person decreases from 3-4%, most of which because of water, and loss of lean body mass as well as fat. Metabolic changes that happen further throughout the mission also cause further weight loss while the center of the weight becomes the head (Man-Systems Integration Standards, 2006). Pre-operation anthropometry does have an effect on how much increase or decrease will happen with the decrease in gravitational pull. This means that in general, sex and race could also have an effect on the amount of changes that would happen as a result of the decrease in gravity. People from the West are usually taller compared to their Eastern, Asian counterparts. In addition, males are generally taller compared to the females of the same race (â€Å"Man-Systems Integration Standards,† n. d. ). The anthropometric data are usually used in the design of equipment. The equipment to be used must be able to fit to any user regardless of size. This is done by designing a one-size-fits-all principle, to accommodate all possible users. This is especially applicable to the design of chairs and the dimensions of the window. Equipment sizes can also be tailored to fit a specific user so long as he or she would be the only user. Objects that must be reached such as buttons and switches must be adjusted based on the reach of the shortest person. In addition, the fact that the spine lengthens while in space would affect the placement of reachable objects. Because the spine lengthens, there would be an increased or easier overhead reach while the downward reach becomes more difficult because of decreased assistance by gravity (Man-Systems Integration Standards, 2006). The anthropometric data can also be used in the design of clothing. Since height increases generally happen as a result of the increase in spin length while in space, the designers must tailor the space suits to accommodate such changes (Man-Systems Integration Standards, 2006). In addition to gravity, the actual tasks that must be performed in space are considered in the design of equipment. To exemplify, if the task involves great precision, continued operation and the use of two hands, the task should be as close as possible to the operator. For tasks that require the use of special suits, design reach dimensions are generally reduced (Man-Systems Integration Standards, 2006). Changes in Work Capacity and Biology The lack of gravity also forces design changes particularly in objects that require pushing, and pulling. Because there is lack in gravity, human force is basically reduced. Diminished musculoskeletal strength and reduced cardiac capacity are effects of lack of gravity and can affect work performance and capacity (Miller, n. d. ). It follows then that in functions that require force such as pushing and pulling, there should be mechanical assistance in the forms of body restraint systems that could substitute for gravity. These restraint systems must be developed under neutral buoyancy conditions on Earth or in actual conditions of the space. Handhold, waist and foot restraints can be used for holding onto a handgrip to accommodate functional reaches; waist restraint for good body control; and foot restraint if the need is excellent reach performance, stability and control (Man-Systems Integration Standards, 2006). Gravity could also have a significant effect on a person’s biology. Particularly, the reduced gravitational force could induce spatial disorientation and space adaptation syndrome or space sickness (Ercoline, 1994). Such are not considered positive effects because they cause impairment of performance. Spatial disorientation refers to changes in posture, vertigo and illusions of movement that could result to tumbling (Brown, 2000). Critical activities are not advised to humans on mission when they are spatially disoriented. In the first days in space when humans experience space adaptation syndrome, humans tend to limit head motions. The effect is increased task time. What is usually done at this point is having limited activities that require speed (Man-Systems Integration Standards, 2006). As implied earlier, gravity also has effects on the human muscular and circulatory system. The effects of diminished gravity on humans’ exercise capacity as a result of reduced cardiac activity (Davis, 1999; Bungo, 1983) and muscular strength (Patton, 1987) necessitates countermeasures such as diet plans and exercise plans (Man-Systems Integration Standards, 2006). One thing that must be considered by the space industry is the adjustment of the human circadian rhythm and the effects of such adjustments in human performance (Gander, 1989). As it is, the goal of human factors research is to effect easier conditions in the space so that better and more successful performance is expected. Failure to do so would mean a loss in life and loss in significant investments (Man-Systems Integration Standards, 2006). Another thing that humans involved in space missions experience is great acceleration and vibration. Acceleration affects the vision depending on how its force is directed. The usual results are dimming of vision, loss of vision at a certain side, usually the periphery, and diminished, blurred or doubled vision. This restriction in vision could induce motion sickness which could affect performance (Stern, 1990). Vibration also has a degrading effect on the performance. It is usually during the lift-off and landing when vibration is greatest. Unfortunately, there are many times when vision is very important. Because of this, letters on equipment and signs are usually written in large format so as to accommodate any blurring or degrading effect of vibration on the person’s vision (Man-Systems Integration Standards, 2006).