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SUPPORT FUNCTIONS TO SMALL ENTREPRENEURS

2019-07-24T15:06:39.64-04:00

Pricing Credit Default Swap Subject to Counterparty Risk and Collateralization

2018-03-20T16:17:32.373-04:00

Asymmetric Defaultable Interest Rate Swap Valuation and Bilateral Credit Value Adjustment

2018-03-19T10:43:41.997-04:00

STRATEGIC HUMAN RESOURCES MANAGEMENT SCENARIO OVERVIEW: You are hired as the HR director for the fictitious Electro More, a business-to business sales company, manufactures small motors and accessories for industrial and home products. The industry is hi

2018-03-08T01:00:16.48-05:00

Pfizer and Merck cooperate to fight cancer

2017-11-22T17:13:00.28-05:00

Pfizer and Merck cooperate to fight cancer Analyzing the companies’ benefits Based on Pre-Thesis Research Paper Popova Evgeniia ACKNOWLEDGMENTS This publication (with minor changes) arises from class assignment paper with the original title “Pfizer and Merck cooperate to fight cancer – Analyzing the companies’ benefits” written for the course “Business Cooperation: Case Studies” in the University of Muenster. I wish to recognize the valuable help of my supervisor Dipl.-Math. Dr. Eric Christian Meyer provided during my research. Check out for pre-print version on https://ssrn.com/abstract=3061160 Print version on www.amazon.com ABSTRACT Biotech revolution changed pharmaceutical industry triggering a wave of risky collaborations between rivals. Based on the research findings, we answer the question why cooperation in the field of immuno-oncology is a better strategy for Pfizer and Merck KGaA, which aim to achieve competitive advantage quickly and with minimum effort. Combining their assets and core expertise companies realize benefits of greater size and variety in the conduct of research, development and commercializing of their new breakthrough therapy for cancer treatment. INTRODUCTION Biotech revolution changed pharmaceutical industry promoting the role of alliances and product licensing cooperative agreements as technologies of drug research and development (R&D) advanced. This development has in turn triggered a new trend – risky “competitive” cooperation between rivals in attempts to realize advantages of greater size and variety in the conduct of R&D. This paper examines strategic alliance between Pfizer and Merck KGaA to find out benefits companies gain through cooperation strategy employed. Benefit is defined in the Cambridge English dictionary as a “helpful or good effect, or something intended to help” meaning in the economic concept that partnership is formed to provide advantages for the parties. In contest of this paper “Benefit of cooperation” refers to a positive effect companies achieve through combining their complementary assets and competencies. Analysis is carried out on the methodological basis. Conditions of the deal and nature of R&D in pharmaceuticals determine application of concepts of economies and core competencies. First, the large variety of therapeutic classes of medicines opens the way to specialize in certain of them and to develop different types of competencies (skills necessary for the development of antibiotics differ from those in the field of psychotropic drugs): both Pfizer and Merck specialize on immunology. The relevance of one or another class of drugs (and respectively the competencies needed to develop it) depends on the operating environment: both companies focus on immuno-oncology and develop complementary type of drugs. This is the base for

Pfizer and Merck cooperate to fight cancer: Analizing the companies' benefits

2017-11-22T16:57:27.967-05:00

Favourism

2017-11-05T09:07:35.623-05:00

Demonetization - Impact on Indian economy

2017-07-28T13:11:36.433-04:00

How Customer Personality Traits Influence Brand Loyalty in the Coffee Shop Industry: The Moderating Role of Business Types

2017-07-22T19:22:15.717-04:00

Approach to Employability Skills in Technical Education & its impact on satisfaction of selecting an Institute

2017-03-11T06:19:12.763-05:00

Implications of Health Economic Concepts for Healthcare

2016-09-07T20:08:49.393-04:00

Abstract It is the substance of the ongoing rise in the world of health care economics in the US. This paper will display the notions that have compressed Income Diversity and Rising Health Care Costs in the U S displays that health expenses are the largest force of pay diversity. This justification has created health care economics to go in and out several overhauls leading from the compensation which is the core of health care economics, which is the key to economists, policymakers, scientists, and governmental leaders. Nowadays, many organizations compensate their employees providing them income and a benefits packet, the most significant is medical coverage. This could be another reason behind employer's salary raises to maintain complete compensation expenses to cover the high price of health insurance upsurges. In health care economics, the gross domestic product is significant and there is an extraordinary hike in the GDP from 1960 to 2008, and expecting at least a 19% or more by 2019 (Hicks, 2014). _________________________________________ The value of Health Care Professionals and Understanding the Discipline of Health Economics The economics of health care practices for financing are frequently changing since the 1800s. This started the foundation for the American Medical Association in 1847, which supported scientific development, enhanced public health, and financed physicians and patient relationship. In the beginning, doctors were compensated for services established on a profit-making system. Doctors have made and still making house call visits to the sick patient and was given produce in for compensations or food for services render. Hundreds of years after, the demand and supply changed and health care now is more important with advancement, (American Medical Association, 2012). In the early twentieth century, medicine and hospitals developed more and health care shifted with more well-known advances. As migration rise, infections and poverty-stricken labor environment increase, consequential in future medical requirements along with the expenses connected those requirements brought about greater issues. President Harry Truman recommended the national health care plan, but was refused. During the 1930's, the American Association for Labor Legislation talked about social insurance pending which time, Social Security was approved but health insurance was excluded. Therefore, the 1940's health care price has constantly risen with the persistence of medical technology improvement. With these increasing prices, poverty has stricken people and their families and abandons untreated American not covered by insurance, (Health Care Crisis, 2000). Comprehending the self-control of health economics can be established on

E-commerce: Big data, Big Security and the Value for Both Customers and the Companies

2016-09-01T06:54:48.023-04:00

Grameen Bank

2015-04-29T02:27:01.06-04:00

Case of a Multinational Construction Company

2014-07-20T21:03:00.46-04:00

Assignment 3: Case of a Multinational Construction Company The case at hand illustrates clearly that this project was ill-conceived from a cultural preparation standpoint. It seems that the success of landing a remarkable sale that will certainly impact the bottom line of this company may have blinded its managers to important aspects of a long-term commitment to working in a foreign country. The major construction company’s transition into the their project in Afghanistan seems to have been centered around the logistics. It is undeniable that relocating entire teams of employees numbered in thousands is a huge undertaking. However, there doesn’t seem to be any reference at any point during the transition to the local workforce that will be involved in the project. Let’s examine the first indication provided of a conflict. The engineers and workers are not communicating very well. While we weren’t given more details about this element, we can safely assume that at least a language barrier is at play here. It is also possible that the engineers are using a direct western style in communicating instructions or technical requirements to the workers. These workers might not be responding well to a style they consider rude and inconsiderate. The engineers in this case are in a position of authority vis-à-vis the workers. The fact that they are involved in controversies has most likely diminished the respect for them on the workers’ part. It is conceivable that these controversies might be related to behaviors the workers would consider an affront to their religion or values. The Middle East is mostly a conservative part of the world where family values and decorum are important. Many engineers and project leaders were not prepared to deal with these differences and possibly went as far as denigrating them as they might have seemed quite archaic. If the workers went as far as physically assaulting the engineers, then they must have felt highly threatened and fearful in some way. This underlines a serious dysfunction in the cross-cultural teams. The war in Afghanistan is a possible factor that would explain the severity of this conflict as many workers might still regard American civilians with distrust and hold them responsible for perhaps personal losses. In terms of a remedy, completely subcontracting the project to an Indian team is somewhat of a viable solution however the principal issues will remain because the Indian team will face many of the issues related to lack of

Are you a holistic or a specific culture?

2014-07-20T20:57:04.27-04:00

Research Essay

2013-05-03T01:59:41.913-04:00

An academic essay is a detailed explanatory text of a topic. It helps a reader to know and to have a deep and thorough understanding of the topic and the associated stream of knowledge. It is developed in a prescribed format. The first part is the introductory paragraph which includes a sentence to gather the attention of the reader. Then is the thesis statement, which can be in the form of either open or closed thesis statement. The body paragraph which follows contains topic sentence

Nissan Strategy Analysis

2013-04-16T19:45:31.267-04:00

Biology

2013-03-30T08:02:33.09-04:00

A Research paper also known as academic journal is a peer-reviewed periodical by which a student is assessed by an academician. Academic journals act as forums for the introduction and display for investigation of new research and the criticism of existing research. Research paper can typically take form of articles such as research work, review articles and book reviews. A research paper or academic journal implies all scholarly publications in various fields. Scientific journals or journals of the quantitative social sciences differ in form and structure from journals of the humanities and qualitative social sciences. Professional scholars in the field of academics usually make unasked submissions of their academic work to academic journals. After receiving an article manuscript, journal editor assesses the work and decides whether to reject the research study of the researcher or begin with the process of review. If it is the case of peer review by outside academicians, the submission is subject to the editor's evaluation. The number of peer reviewers depends on each journal's editorial practice; usually not less than two and at least three outside peers give the report that describes the editor's decision. A Research Paper is a form of an essay, which is used in academic writing. In this, the writer interprets, evaluates and includes the arguments on an issue. A survey is conducted in the field of knowledge, so that information is collected for deriving the results. There is a structure, which is recommended for writing the research paper. It includes title page, contents page, Abstract, Introduction, literature review, Discussion (in can includes sub-headings), conclusion, and reference List. Introduction section is self explanatory. It includes the thesis or hypothetical statement. It also includes research question and the importance of the topic. Literature review summarizes the research analysis and reviews the literature. Methodology gives information about the data, sources of information, limitations of the data, etc. In the analysis and findings, detailed analysis is discussed about the data collected from various primary and secondary sources. Finally, conclusion is drawn about the entire research paper and recommendations are made. There are some qualities, which are considered, while writing a research paper, such as, there should not be any plagiarism, and it should include parallelism, equal relevance and multiple headings. Our organization provides quality content in research writing. The research paper developed by us includes essay writing, dissertation, research paper, and case

Creativityden

2013-03-18T04:37:28.46-04:00

Dissertation writer

2013-03-05T00:33:48.437-05:00

Buy coursework basically refers to the process of development of study material, which can prove to be helpful for students. These can also be termed as supportive study materials. The content development is the task, which is undertaken by the companies, especially for the college students, as it will prove to be very helpful for the students because the work is based on intensive research and experienced knowledge. Well

Web Directories

2013-02-28T04:43:53.843-05:00

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2013-02-26T03:32:30.7-05:00

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2013-02-20T08:18:43.9-05:00

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2013-02-15T02:49:01.21-05:00

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2013-01-25T09:21:57.053-05:00

SWTOR It's not Simply The actual Questing Which Needs Mental Work

2012-09-04T02:20:27.36-04:00

The actual remarkable on the web environment known as Celebrity Conflicts isn't any prolonged seen basically just like a enjoyable activity neither being an normal motion picture online game. I'm not really talking in regards to the reality that it's regularly the MMOG (Massively Multi-Player on the web component enjoying Game), neither 'm We mentioning towards the actual reality that it's between your speediest retailing fittings ever, neither actually which it might be the very best on the web light fixture created utilizing a constant 11, 000, 000 effective customers. All of the over stated causes tend to be sufficient to create the actual enchanting wow earth associated with Azeroth another as well as superb location. nevertheless do not require would be the intention while using light fixture obtaining therefore various (at minimum not really during my look at along with the look at of numerous organization specialists. Celebrity Conflicts differs usually because it might display children as well as grown ups similarly real earth understanding that they could used in their own individual, skilled as well as social life! Even though Celebrity Conflicts, additionally known as Swtor, is actually typical utilizing similar causes that motion picture as well as computer fittings are typical -- it's enthralling, enjoyable, aesthetically attractive, satisfying and so on. -- it's been accepted because of its capability to assistance people develop way of life abilities. Believe in the reverse of people stories about how exactly the actual harmful outcomes of television physical violence as well as chaotic motion picture fittings tend to be "programming" people to get chaotic whatever the reality which within the real globe. Nicely, with regards to Celebrity Conflicts the alternative is going on as well as good, appealing understanding as well as expertise tend to be "programmed in" after which it utilized whatever the reality which within the real globe! The sooner runs in the light fixture tend to be fairly easy. Just like just about all equivalent kind of dream fittings you have to hold on a few easy measures whatever the reality that you just hold on Celebrity Conflicts from decreased personality amounts. These types of decreased runs maintain Celebrity Conflicts truly similar to additional fittings whatever the reality which within similar style. Whenever you achieve elevated runs even though elements obtain a excellent provide extra intriguing in addition to a excellent provide a smaller amount such as additional fittings within equivalent styles. The

SWTOR account manager company resigns, layoffs in BioWare Austin texas described

2012-08-31T02:29:59.327-04:00

We've acquired a number of undesirable reports being subtracted from BioWare Austin texas right now, using Gamasutra credit reporting that will Legend Competitions: Your Previous Republic account manager company Prosperous Vogel features resigned through the firm. That's don't assume all however, while more stories are generally professing that

QNT 351 Final Exam

2012-07-26T14:41:55.88-04:00

http://homeworkfox.com/tutorials/mathematics/1449/qnt-351-final-exam/ QNT 351 Final Exam PLEASE DOWNLOAD THE ANSWERS HERE!!! http://homeworkfox.com/tutorials/mathematics/1449/qnt-351-final-exam/ 1) The main purpose of descriptive statistics is to 2) The general process of gathering, organizing, summarizing, analyzing, and interpreting data is called 3) The performance of personal and business investments is measured as a percentage, return on investment. What type of variable is return on investment? 4) What type of variable is the number of robberies reported in your city? 5) What level of measurement is the number of auto accidents reported in a given month? 6) The names of the positions in a corporation, such as chief operating officer or controller, are examples of what level of measurement? 7) Shoe sizes, such as 7B, 10D, and 12EEE, are examples of what level of measurement? 8) Monthly commissions of first-year insurance brokers are $1,270, $1,310, $1,680, $1,380, $1,410, $1,570, $1,180, and $1,420. These figures are referred to as 9) A small sample of computer operators shows monthly incomes of $1,950, $1,775, $2,060, $1,840, $1,795, $1,890, $1,925, and $1,810. What are these ungrouped numbers called? 10) The sum of the deviations of each data value from this measure of central location will always be 0 11) For any data set, which measures of central location have only one value? 12) A sample of single persons receiving social security payments revealed these monthly benefits: $826, $699, $1,087, $880, $839, and $965. How many observations are below the median 13) A dot plot shows 14) The test scores for a class of 147 students are computed. What is the location of the test score associated with the third quartile? 15) The National Center for Health Statistics reported that of every 883 deaths in recent years, 24 resulted from an automobile accident, 182 from cancer, and 333 from heart disease. Using the relative frequency approach, what is the probability that a particular death is due to an automobile accident? 16) If two events A and B are mutually exclusive, what does the special rule of addition state? 17) A listing of all possible outcomes of an experiment and their corresponding probability of occurrence is called a 18) The shape of any uniform probability distribution is 19) The mean of any uniform probability distribution is 20) For the normal distribution, the mean plus and minus 1.96 standard deviations will include about what percent of the observations? 21) For a standard normal distribution, what is the probability that z is greater than 1.75? 22) A null hypothesis makes a claim about a 23) What is the level of significance? 24)

Top escortsare available for whatever entertainment you have in mind

2012-07-10T07:24:08.39-04:00

High Reputation to sell D&G Jeans,Belt,Shoes,Coats

2007-02-26T14:49:22-05:00

Due to resale Profitably for clients, we now attract many customers worldwide and Relying on the Outstanding Service and High Quality, we obtain high reputation in Europe and North America. We specialize mostly in the export of Nike-sport- shoes, we also supply many brand garment and textile from China. Such as A&F,D&G,Adidas,Puma,Prada,Gucci,LV,Chanel,Dsquared2,Bape and so on. All products displayed on the website are available and have stocks here. We honor all types

Total Quality Management

2007-01-28T17:33:02-05:00

Total Quality Management Total Quality Management (TQM) is a comprehensive and structured approach to organizational management that seeks to improve the quality of products and services through ongoing refinements in response to continuous feedback. TQM requirements may be defined separately for a particular organization or may be in devotion to established standards, such as the International Organization for Standardization's ISO 9000 series. Every organization, both for profit and non-profit, can benefit from Total Quality Management (TQM). One definition for TQM is a management strategy aimed at embedding awareness of quality in all organizational processes. It has been widely used in education, government, manufacturing, and service industries. TQM processes are divided into four chronological categories: plan, do, check, and act (the PDCA cycle). In the planning phase, people define the problem to be addressed, collect relevant data, and discover the problem's root cause. Next in the doing phase, people develop and implement a solution, and decide upon a measurement to gauge its effectiveness. Third is the checking phase, where people prove the results through before-and-after data comparison. The final phase acting is where, people document their results, inform others about process changes, and make recommendations for the problem to be addressed in the next PDCA cycle (Green 2003). The large and growing importance of world trade is a major phenomenon of our time. This trend has been increasing from the merger of Europe into the European Union and by the rapid growth of a few of the less developed countries of Latin America, South America, and Asia. A customer needs assurance that quality products will be supplied while dealing assertively with any supplier. This assurance is principally important when customer and supplier are on a global basis, entailing separate legal systems and grievance procedures. Thus, the growth in world trade has been a major stimulus for developing successful ways for customers to feel certain about the quality of the goods supplied to them, since their customer could be thousands of miles across the ocean. A more appropriate approach would be to have certainty in the quality systems of the various suppliers around the world. There are two methods that can be used to gain this assurance. The first one is for the customer to evaluate each supplier's system before conducting any business. This method is costly

snapple case

2007-01-17T09:10:22-05:00

This is a case in which a succesful comapny snapple was acquired by quaker and how it came to losses. Major Issues: The major issues in the case can be summarized as follows: 1. Why the Quaker takeover of Snapple failed? Where did they go wrong? 2. What should Triarc Beverage Group do now? To understand and analyze the issues in the case it is important that we understand the reasons that made Snapple a successful brand at a time when many others failed. For this we need to study the characteristics and strengths of Snapple as a brand and the company as a whole. This will lead to the discovery of reasons as to the failure of Quaker Inc in building the Snapple business and also what Triarc should do so as to regain the supremacy of the brand. Analysis for resolving the issues: ¡§It took 15 years to becom e an overnight success.¡¨ W hat m ade Snapple a success w hile m any other prem ium fruit drinks stayed small or disappeared? Snapple was a small company whose origins were based on authenticity and trust in consumers eyes. This was evident in the initial m antra of the com pany ¡§100% N atural¡¨ even before the com pany becam e Snapple (Unadulterated Food Products, 1972). Snapple became successful by launching innovative products, based on fruit juices and teas, into the beverage market. Initially, Snapple beverages were sold to health-food stores and Snapple became successful by launching innovative products, based on fruit juices and teas, into the beverage market. The reasons for the success of Snapple can be attributed to the following brand characteristics and marketing strategies adopted by the company: „X Aggressive distribution and customer loyalty strategy, bolstered by a health and fitness craze prevalent at the time. „X Entered the developing iced tea market the at the right time w ith a brew ed, high quality, ¡§new age¡¨ Ready-to-Drink (RTD) tea, which was a pivotal early move. „X The company had an image of fun and irreverence that was supported through the marketing campaign of 100% natural ¡V no matter how the results were. „X Snapple rolled out an advertising cam paign centered on a ¡§custom er relations, regular people¡¨ them e. Wendy Kaufm an, becam e the ¡§face¡¨ of Snapple on TV and her penchant for answering fan mail on air helped build the com pany¡¦s ¡§quirky¡¨ positioning. This helped them ¡¥connect¡¦ with the public in general. For example Snapple relied on their most zealous customers for product and packaging ideas. „X Snapple had an extensive

International Trade

2006-11-13T14:37:14-05:00

Introduction The managing director of the Four –X Company is concerned about the implications concerning the issues mentioned below. As a legal advisor, I have been asked to address the issues in terms of research and analysis of GATT/WTO principles and structure. My purpose is to advise the Four-X company on the action that the country of Fargo may take against the country of Narnia under GATT/WTO Law, specifically, whether it can challenge the Designer Tax. I think that the Four – X company does can challenge the Designer Tax, because it is was introduced in contradiction with the theories of international trade. Besides, the government of the country of Narnia did not have the sovereignty to impose this tax on imported products, and ignore it with similar products produced locally. In this paper I am going to discuss the concepts of international trade and the implications of corresponding law in order to find the appropriate decision that could help the Four – X company to cope with the problem. Trade Theories Theories other than comparative advantage have been advanced to explain why nations trade. During the past twenty years, a new trade theory has been hypothesized by economists. The new position is referred to as the theory of increasing returns. This term is short for “increasing returns to scale” and is synonymous with “economies of scale.” 1 This theory holds that trade happens in order to take advantage of economies of scale. Industries in two trading countries can achieve lower unit costs by producing large volume and spreading the high start-up expenses over the entire volume produced. If the countries did not trade with each other and relied on the domestic markets only, they might not be able to reach the highest level of scale economies. International trade will result in the volume, which will produce greater economies of scale. Such a theory explains why nations trade the same product with each other. Location results in the higher economies of scale. For example, the Japanese and the United States trade automobiles with each

International Trade

2006-11-13T14:36:25-05:00

International Trade

2006-11-13T14:35:58-05:00

Stress and Burnout in the Workforce

2006-11-13T14:34:16-05:00

Stress and Burnout in the Workforce Work-related stress and burnout turn into a more widespread problem in the American workforce. Both employees and employers face problems when dealing with this issue. One of the common definitions of stress is “an adaptive response to a situation that is perceived to be challenging or threatening to the person’s well being” (McShane, 2001). Stress is much more then just a fastidious situation though. Stress basically is a responsive reaction of an individual to a particular situation. This is why stress is usually difficult to cope with because every person reacts differently to a certain situation. Overwork, job insecurity, and other numerous factors have a negative effect on person. Distress is produced, and an employee physiologically and psychologically deviates in her or his experiences in comparison to healthy functioning. Office jobs are among the high stress rated occupations. The reasons seem to point towards the organization of work within the office, with employees having little control over their workload. Positions such as data entry operators find themselves at the mercy of computers since their salaries are paid according to their output. Heavy workloads and stress are also directly related as it is found that office and even policemen are usually overwhelmed by the large amount of paperwork, often unsuccessfully completed by the end of the business week. Paperwork carried over into the next week therefore becomes a common occurrence adding to the stress level of the employee. Jobs of little status and little opportunity for job advancement particularly more stressful since employees find that organizations do not value them. Women are more often found to be concentrated around jobs that entail both characteristics, heavy workloads and low job status, coupled with the natural responsibility to watch over the home and family; it is clear why stress is of a greater problem to women than men. While mild stress can be beneficial to a person, providing stimulus and challenge. Stress becomes health threatening only when individuals feel unable to cope with demands expected from them. Acute stress triggered by circumstances such as divorce and loss of employment can put people under intense pressure. Long term difficulties in their work situation or home life, such as unresolved family conflicts and loss of promotion opportunities can lead to chronic stress. These issues can burden people both psychologically, defined by symptoms such as resentfulness, loss of confidence and self-esteem;

Stress and Burnout in the Workforce

2006-11-13T14:33:44-05:00

Stress and Burnout in the Workforce

2006-11-13T14:33:21-05:00

Stress and Burnout in the Workforce

2006-11-13T14:33:11-05:00

Informatiomn Management

2006-11-13T13:11:18-05:00

Organisations in the public sector are more and more turning to information technology (IT) in order to comply with the central governments that modernise government agenda. However, there is a need in ensuring that the implementation of main IT systems in not regarded as the end but the means to the end of attaining major improvements of performance. This aeticle suggests that though IT can be an agent for change as it gives opportunities to do things in different way, some business processes redesign should also be undertaken and connected with an IT strategy. The implementation of IT without the processes reengineering might fail in delivering anticipated benefits. The paper stresses the links between process reengineering and benchmarking to allow the design of improved processes and considers approaches to BPR which are best suited to the public sector. A case study in a local authority is used to illustrate the need to link technology with process to bring about major organisational change. Importance of management Any successful business, organisation, or association uses management as its main function. Management includes four distinct categories, which are planning, organising, leading, andcontrolling. These four functions have different characteristics, but conjoined all of them form the qualities of a successful manager. Planning This function includes developing a plan that consists of defining the goals and objectives of management, identifying tasks or how the objectives will be achieved, which resources are required, and associating timelines and budgets for the success of task on hand. Planning also includes fulfilling the project’s plan, together with careful controls to ensure the plan is being managed according to plan. Organising Organising is the command, control and feedback relationships among employees in an agency, and their information. The data flow structure for the performance management system generally follows the organisational structure. Begin the paragraph for your second topic. There are several aspects to consider about the goal of the business organisation. These characteristics are explicit, deliberate, and recognized. Ideally, these features are carefully considered, and established. Leading An organisation has the greatest chance of being successful when all of the employees work toward achieving its goals. Since leadership involves the exercise of influence by one person over others, the quality of leadership exhibited by supervisors is a critical determinant of organisational success. Thus, supervisors study leadership in order to influence the actions of employees toward the achievement of the goals

Levi's management ideas to improve teamwork in their company

2006-10-03T14:48:35-04:00

Levi's management ideas to improve teamwork in their company Levi's management ideas to improve teamwork in their company There is a wide range of forces acting upon organisations which make the need for change inevitable. These forces of change can be summarized in five broad concepts: changing technology; knowledge explosion rapid product obsolescence; changing nature of the workforce; and quality or working life. The organization under analysis is Levi jeans manufacturer, USA, which represents one of dynamic and fast growing branches in the United States and around the world. Levi Strauss employed so-called modular manufacturing production process which “utilizing either teams or cells - has been up and running in the U.S. sewn products industry for nearly a decade” (Abend, 1999). The aim was to operationalize values through actions designed, for example, to implement total quality and provide financial and non-finan¬cial rewards for expected behaviour, to improve productivity, to promote and reward good teamworkю Using the value set as headings for reviewing individual and team performance emphasizing that people are expected to uphold the values Levi expected to improve manufacturing system. Research into indus¬trial psychology has changed to the examination of organization psychology, with emphasis on groups and relations between groups. The emphasis was on individual training and development, but it appeared that a broader out¬look was needed to consider the complete organization, concentrating on organizational, group and interpersonal processes, and develop plans to improve the whole system. Innovations in Levi have been prompted precisely by the need to have a continuous workflow that the expensive technologies require, in order to be cost-effective. In order to survive Levi Strauss restructured and reorganised its traditional work organisation into a modular form. Collective bargaining and work organisation are almost invariably affected when enterprises change their structure and management, i.e. when they reorganise or rationalise the management system or the production process. In a time of rapidly changing technologies and ever-shorter product life cycles, product development often proceeds at a glacial pace. In an age of the customer, order fulfillment has high error rates and customer enquiries go unanswered for weeks. In a period when asset utilization is critical, inventory levels exceed many months of demand. The usual methods of boosting performance - process rationalization and automation - haven't yielded the dramatic improvements for Levi need. In particular, heavy investments in information technology have delivered disappointing results - largely because companies tend to use

Levi's management ideas to improve teamwork in their company

2006-10-03T14:48:01-04:00

Levi's management ideas to improve teamwork in their company

2006-10-03T14:46:15-04:00

Levi's management ideas to improve teamwork in their company There is a wide range of forces acting upon organisations which make the need for change inevitable. These forces of change can be summarized in five broad concepts: changing technology; knowledge explosion rapid product obsolescence; changing nature of the workforce; and quality or working life. The organization under analysis is Levi jeans manufacturer, USA, which represents one of dynamic and fast growing branches in the United States and around the world. Levi Strauss employed so-called modular manufacturing production process which “utilizing either teams or cells - has been up and running in the U.S. sewn products industry for nearly a decade” (Abend, 1999). The aim was to operationalize values through actions designed, for example, to implement total quality and provide financial and non-finan¬cial rewards for expected behaviour, to improve productivity, to promote and reward good teamworkю Using the value set as headings for reviewing individual and team performance emphasizing that people are expected to uphold the values Levi expected to improve manufacturing system. Research into indus¬trial psychology has changed to the examination of organization psychology, with emphasis on groups and relations between groups. The emphasis was on individual training and development, but it appeared that a broader out¬look was needed to consider the complete organization, concentrating on organizational, group and interpersonal processes, and develop plans to improve the whole system. Innovations in Levi have been prompted precisely by the need to have a continuous workflow that the expensive technologies require, in order to be cost-effective. In order to survive Levi Strauss restructured and reorganised its traditional work organisation into a modular form. Collective bargaining and work organisation are almost invariably affected when enterprises change their structure and management, i.e. when they reorganise or rationalise the management system or the production process. In a time of rapidly changing technologies and ever-shorter product life cycles, product development often proceeds at a glacial pace. In an age of the customer, order fulfillment has high error rates and customer enquiries go unanswered for weeks. In a period when asset utilization is critical, inventory levels exceed many months of demand. The usual methods of boosting performance - process rationalization and automation - haven't yielded the dramatic improvements for Levi need. In particular, heavy investments in information technology have delivered disappointing results - largely because companies tend to use technology to mechanize old ways of doing business.

STRATEGIES FOR CULTURE MANAGEMENT

2006-07-18T15:25:57-04:00

What are culture management strategies? Strategies for culture management are about the achievement of longer term objectives for either changing the culture in specified ways or for reinforcing the existing culture of an organization – its values and the way things are done around here. It will be concerned with how the culture of the organization can be moved from a present state to a future desired state. The strategy will be based on an analysis of the present culture and the extent to which it supports the achievement of business goals. This should identify areas where changes are deemed to be desirable. Those changes can then be specified and plans developed for them to be implemented. Culture reinforcement strategies are also based on an analysis of the existing culture and how it supports the attainment of goals. In so far as it is supportive, steps can be taken to ensure that the desirable features of the culture are maintained. Culture management often focuses on the development of shared values and gaining commitment to them. These values will be concerned with the sort of behavior the management believes is appropriate in the interests of the organization. The core values of the business express the beliefs about what management regards as important with regard to how the organization functions and how people should behave. The aim is to ensure that these beliefs are also held and acted upon by employees. Organization Culture It has been defined as the commonly held beliefs, attitudes and values that exist in an organization put more simply, culture is ‘the way we do things around here” These values, norms, beliefs, attitudes will shape the ways in which people behave and get things done around here. • It is difficult to define • It is multi-dimensional with many different components at different levels • It is not particularly dynamic and ever changing • It takes time to establish and therefore time to change a corporate culture Organizational Climate Culture refers to the deep structure of organizations which is rooted in the values, beliefs and assumptions held by organizational members. Climate refers to those aspects of the environment that are consciously perceived by organizational members. Climate is a perception and is description. They are realizations experienced by an individual. Appropriate Cultures A good culture exerts a positive influence on organizational behavior. It could help to create a ‘high-performance’ culture, one that will produce a high level of business performance. The

STRATEGIES FOR CULTURE MANAGEMENT

2006-07-18T15:25:56-04:00

STRATEGIES FOR CULTURE MANAGEMENT

2006-07-18T15:25:13-04:00

Sun life case

2006-07-06T14:58:47-04:00

Table of contents 1: Summary 2 2: Main Contents of the report 3-20 2.1: Introduction 3 2.2: Problem and the followed procedure 4 2.3: Sun Life Financial from strategic managerial viewpoints 4 2.3.1: Sun Life Financial’s strategic logic 6 2.3.2: SWOT analysis 10 2.3.3: PEST analysis 13 2.3.4: The attractiveness of the Chinese insurance market 17 2.3.5: Strategies and city choice 18 3: Results, conclusions and recommendations 22 4: Bibliography 23 1. Summary This report looks into the Chinese insurance market for Sun Life Financial in order to evaluate whether it is wise for the company to enter the Chinese market and if so, where to enter. To research whether Sun Life Financial is internally ready to enter the Chinese market or not, there was chosen to use the strategic logic theory. The Chinese government imposes foreign companies to form joint ventures if they want to be active in the Chinese market. In this way, domestic companies will benefit from business development as well. Sun Life Financial strategically chose to form an alliance with Everbright, because of Everbright’s established distribution network and good relations with the government. Sun life Financial’s business concept consists out of already developed products in other markets, adapted to Chinese customers. The biggest potential customer base can be found in urban areas where people tend to be more westernised and richer. The products in these areas will be offered by means of personal selling carried out by a specially trained sales force. The organisation concept shows that Sun Life Financial can use their management expertise, financial strength and extensive customer service experience to support their business concept. Furthermore, it could use Everbright’s established distribution channels and local market expertise. Both parties have an equally share in the joint venture. Stakeholder development with the government is the most important core process to be undertaken by Sun Life Financial, since in the future they would like to make a strategic move into the wealth management business and pensions. The SWOT analysis shows that potential strength and weaknesses balance each other out, but according to our opinion, the strengths are stronger than the weaknesses. Opportunities are based on a big market potential, whereas threats are mainly due to the communistic history of the country. From the PEST analysis one can conclude that political factors are still a bit unstable (bureaucracy and market restrictions), the other factors have seriously improved. The Chinese insurance market is highly attractive because of the fact it is a nearly untapped market with high growth potential. In addition, market shares and profits can be obtained relatively easy. Entering the Chinese market

Barco

2006-06-02T23:31:07-04:00

Barco 1000, 1001, 1500 and 1600. These are a series of 9" analog convergence projectors that Barco came out with from about 1989 to 1993. All very similar to the Barco 600 chassis, but used 9" Sony ES focus tubes, called the SD-146A. A great picture when properly set up, but Barco drove these tubes quite hard, and sudden tube failures were common. These tubes are hard to find on the used market, and are insanely expensive if purchased new. 64 Khz scan rate, 1000 to 1500 lumens. In around 1990, Barco came out with the 500 and 800 models. The 500 is a 7" version of the 8" Barco 800. The 500 put out 600 lumens, the 800 put out 825 lumens. The projectors have digital convergence which is very easy to set up, and lots of on screen menus to guide you through the setup procedure. ES In about 1993 Barco came out with the Barco 801. The 801 was very similar to the 800, but had an extra circuit called AKB that compensates for picture tube wear. Basically the same overall picture as the Barco 800. ES focus on this set as well. There are two versions of Barco 500 and 800 as well as other Barco models. There are Graphics and Data models of most projectors. The Data models use hybrid lenses and do not scan as high as the Graphics versions, which also have all glass lenses. The Graphics are somewhat more desirable, but in most cases the scan rate of the Data projectors is more than adequate for home theatre use. The Data 500, 800 and 801 scan to 58 Khz, (line tripling), the Graphics scan to 92 Khz. In 1992 to 1994 Barco had a model called the Barco 700 and 701. This was designed more for the home market as the case was small and very streamlined looking. 7" Sony ES focus tubes, about 600-700 lumens, and scan rates varying from 36 Khz to 60 Khz depending on the model. This unit had digital convergence, and a very nice picture if the tubes are in good shape. This model was not as modular as other Barco modules, requiring the projector to be sent in as a whole when servicing was required. A higher end version of the 701 is the 701s followed by the 708. The 701s and 708 used 1000 lumen ES focus Toshiba tubes, and both sets

Barco

2006-06-02T23:24:19-04:00

Barco 1000, 1001, 1500 and 1600. These are a series of 9" analog convergence projectors that Barco came out with from about 1989 to 1993. All very similar to the Barco 600 chassis, but used 9" Sony ES focus tubes, called the SD-146A. A great picture when properly set up, but Barco drove these tubes quite hard, and sudden tube failures were common. These tubes are hard to find on the used market, and are insanely expensive if purchased new. 64 Khz scan rate, 1000 to 1500 lumens. In around 1990, Barco came out with the 500 and 800 models. The 500 is a 7" version of the 8" Barco 800. The 500 put out 600 lumens, the 800 put out 825 lumens. The projectors have digital convergence which is very easy to set up, and lots of on screen menus to guide you through the setup procedure. ES focus on all of these sets. In about 1993 Barco came out with the Barco 801. The 801 was very similar to the 800, but had an extra circuit called AKB that compensates for picture tube wear. Basically the same overall picture as the Barco 800. ES focus on this set as well. There are two versions of Barco 500 and 800 as well as other Barco models. There are Graphics and Data models of most projectors. The Data models use hybrid lenses and do not scan as high as the Graphics versions, which also have all glass lenses. The Graphics are somewhat more desirable, but in most cases the scan rate of the Data projectors is more than adequate for home theatre use. The Data 500, 800 and 801 scan to 58 Khz, (line tripling), the Graphics scan to 92 Khz. In 1992 to 1994 Barco had a model called the Barco 700 and 701. This was designed more for the home market as the case was small and very streamlined looking. 7" Sony ES focus tubes, about 600-700 lumens, and scan rates varying from 36 Khz to 60 Khz depending on the model. This unit had digital convergence, and a very nice picture if the tubes are in good shape. This model was not as modular as other Barco modules, requiring the projector to be sent in as a whole when servicing was required. A higher end version of the 701 is the 701s followed by the 708. The 701s and 708 used 1000 lumen ES focus Toshiba tubes, and both sets came with component inputs along with RGB, video and S-video. In late 1993 Barco introduced a new series of video projectors, the 808, 1208, 1200, 1209, and 1101.

The Impact of an Old Fleet on the Demand for Air Transportation: The Case of VASP Brazilian Airlines

2006-03-13T05:43:38-04:00

Introduction The Viação Aérea São Paulo, known by the great public as VASP Brazilian Airlines, was created in November of 1933, in São Paulo. The company at first was investor owned and its first planes were two Monospar, bought from an English airline. Even though it had a good beginning, the company had constant losses and the only solution to solve the crisis was asking for government help. On March of 1935, the São Paulo government agreed to help the company, not lending money but making it a public company owned half by the state and half by the city of São Paulo. The VASP owners agreed with that decision, because it was the only way to avoid bankruptcy. After decades under government control, in 1988, the São Paulo state told the press that it wished to privatize the company because it still had monthly losses. On October of 1990, on a public auction, the VOE/CANHEDO group, represented by the Canhedo Group and the VASP employers, bought the company for US$44 million dollars. Until today, the company is owned by the VOE/CANHEDO group. After the reelection of Fernando Henrique Cardoso as President of Brazil, the brazilian central bank decided to devaluate its currency and the airlines suffered a lot because its debts were in US dollars. One of the biggest problems that VASP faced was that it had earnings on brazilian currency and had costs in US dollars. QUndergraduate Student of EPGE/FGV; E-mail: brunojmp@fgvmail.br While VASP was facing all this trouble, in 2001, the “low fare airlines boom” arrived in Brazil. The GOL Linhas Aéreas was a mimic of Jet Blue 1. Its prices were at least 40% less than the airlines operating in Brazil and it did attract costumers. The meal served inside the plane is quite simple, just cold sandwiches and cereal bars. VASP that could not compete with the brazilian biggest airlines, VARIG and TAM, now had a competitor: GOL. At the end of 2002, GOL passed VASP on the brazilian airline market, making VASP the 4th brazilian airline, after VARIG, TAM and GOL. Recently, one of VASP airplanes had problems while flying to Fortaleza airport, Pinto Martins. A week later, another airplane flying from São Paulo to Curitiba had problems after landing. The land crew tried to fix the problem and after it took off to continue the flight, the planes remained and the plane had to go back to Curitiba2. One of the biggest brazilian newspapers said that the VASP fleet was from the 1970s. The VASP frequent flyers were shocked. Nowadays, VASP and GOL compete

The Impact of an Old Fleet on the Demand for Air Transportation: The Case of VASP Brazilian Airlines

2006-03-13T05:41:35-04:00

The Impact of an Old Fleet on the Demand for Air Transportation: The Case of VASP Brazilian Airlines

2006-03-13T05:41:33-04:00

The Impact of an Old Fleet on the Demand for Air Transportation: The Case of VASP Brazilian Airlines

2006-03-13T05:41:02-04:00

Notes on Business Surveys

2006-02-07T19:08:50-05:00

1 – What are the six common ways to get information (include a short description of each)? 1 – Literature search: review all readily available materials, such as trade publications, newspapers, magazines, annual reports, and any other published materials. 2 – Talking with people: meetings with customers or suppliers or business conversations at trade shows, seminars, and association meetings. 3 – Focus groups: exploring people’s attitudes and ideas by holding a group 6 to 20 people in a conference-like setting with a moderator. 4 – Personal interviews: one person interviewing another person for personal and detailed information. Usually from a written survey, and the interviewee’s answers are taken verbatim. 5 – Telephone surveys: using 100-400 respondents to probe information in usually less than ten minutes. The script is usually the same as a written questionnaire. 6 – Mail surveys: sending mail to survey a large sample size. These usually take eight to twelve weeks to complete, and do not have an interviewer. 2 – What are the five advantages of written questionnaires? 1 – Cost-effective in comparison to face-to-face interviews. 2 – Easy to analyze. 3 – Familiar to people. 4 – Reduce bias by not having an interviewer or a middle man. 5 – Less intrusive than telephone or face-to-face surveys. 3 – What are the four disadvantages of written questionnaires? 1 – Possibility of low response rates, which lowers confidence in the results. 2 – Inability to probe responses. These leave little flexibility to the respondent. 3 – The respondent may not be who the mail was sent to and intended for. 4 – They are not suited for everyone. 4 – What are the twelve qualities of a good question? 1 – Evokes the truth. 2 – Asks for an answer in only one dimension. 3 – Can accommodate all possible answers. 4 – Has mutually exclusive options. 5 – Produces variability of responses. 6 – Follows comfortable from the previous question. 7 – Does not presuppose a certain state of affairs. 8 – Does not imply a desired answer. 9 – Does not use emotionally loaded or vaguely

Gender Pricing in business

2006-02-07T19:06:20-05:00

Issues in Entrepreneurship – Part 1 – Gender Pricing Businesses commonly offer special pricing. Examples include ladies’ night at clubs and ballparks, discounts for single moms at children’s clothing stores, discounts for men on Father’s Day, and higher prices for women’s clothing at dry cleaners. These pricing differences are accepted and expected by most customers and businesspeople. Now these practices are being challenged as discriminatory pricing. Businesses using such discounts defend them as being an important tool in attracting customers. Businesses also say they do a lot of social good and cause no harm. Businesses charging higher prices based on gender say the difference is in the amount of extra service required. What are your thoughts on this issue? What changes could be made in the above examples to eliminate possible gender discrimination? Would you consider gender pricing in your business? I think that gender pricing is very fair and is just another tactic that entrepreneurs can use in their business. Anyone that is offended by this is obviously way too sensitive and just mad that they aren’t of the right gender to receive a discount (for example, you’ll never see someone complain that they did get a discount on account of being a woman or man). I think that if an owner of a business can get this tactic to work, then more power to him. Gender pricing can either be very successful or ruinous, and if it pulls in more business, then there is no harm. People who don’t like it can simply not come to your establishment… and who wants those oversensitive people in your store anyway? Perceiving this as gender “discrimination” is purely in the mind of the consumer, and there isn’t very much that the entrepreneur can do to change that. One tactic that can be used is to have special pricing for both genders on separate occasions. For example, make both men and women feel unique by having a sale for ladies one week and a sale for men on another week. If the consumer knows that their own rebate will come and is in sight, then he or she has no reason to complain and will be more excited to come to your store. There will always be the “war of the sexes”, and that cannot be changed. A smart entrepreneur can capitalize on this. I would definitely consider gender pricing

Dell

2006-02-03T04:37:42-05:00

Dell Corporation was founded and established by Michael Dell in 1984. Dell is responsible for providing a vast variety of computers and peripherals ranging from individual customers to major corporations. Dell ranks 2nd when it comes to manufacturing personal computers in the United States and 3rd in the world. Dell also has various manufacturing plants throughout the world, making it a powerhouse in the computer sector. Dell has many factors that drive the company forward. One is there ability to provide customers the most newest technology at the lowest prices and providing that product in a faster way than the competition. Dell’s ‘factory direct’ method makes this possible by cutting out the middleman and implementing the direct selling method. This is Dell’s bread and butter and it has caused Dell’s revenues to grow in the billions of dollars worldwide. But even with their successful track record, Dell also faces many considerable changes that are known to affect the computer industry. Short product life cycles and constantly changing technology make products obsolete in a very quick time span. Dell contends with this problem by offering customers standard technology. By offering customers with up to date and high value products, Dell believes it is giving the customer what they want. The internet has also played a significant role in Dells success. Dell’s website has allowed customers to customize their computers to fit their specific needs. Dell’s efficient distribution method makes it very easy to produce and deliver to its customers in the fastest, most efficient way possible. Another contributing factor to Dell’s success is something that most consumers don’t see. It’s the way Dell is managed from the top, all the way down. Michael Dell is very much in control of the company he helped build. He wants to hear other viewpoints and ideas. He wants his staff to question everything and test their superiors. He believes in everyone being responsible for their own actions. He believes in saving money by whatever means necessary. If it takes too long to earn a profit, then the project gets pulled. Dell’s very hands on approach have made the company very successful over the years. Besides being conscious to its customer’s needs, Dell also focuses on its employees needs as well. Employees want to feel valued and believe that what they have to say matters and will be taken into consideration and Dell adopts that type

Labor Markets: Monopoly, Oligopoly, and Monopolistic Competition

2005-12-08T05:05:19-05:00

In society, the world of business is operated and separated into certain market forms that lay the groundwork for a specific infrastructure which lies within the different economical market systems. Through the view of economics, “the science which studies human behavior as a relationship between ends and scarce means which have alternative uses” (DeUriarte), the main criteria by which one can distinguish between different market forms are based upon several specific categories. Such categories may distinguish the type of market system involved within the criteria depending on the outline structure that leads an individual to answer an economists’ most basic queries; the number and size of producers and consumers in the market, the type of goods and services being traded, and the degree to which information can flow freely. After careful research and understanding of the economical degree of measure, certain, major forms of markets clearly stand out above all; a monopoly, oligopoly, and the monopolistic competition. Each market structure consists of diverse characteristics; a monopoly is defined as a persistent market situation where there is only one provider of a kind of product or service. In contrast, oligopoly is a market form in which a market is dominated by a small number of sellers. Furthermore, the monopolistic competition is a common market form where many markets can be considered as monopolistically competitive, because there are many producers and many consumers in that given market. Still to this day, monopolies exist in our economy and thus set certain standards that portray the lack of economic competition for the good or service in that particular market. However, several important monopolies are prevalent that justify certain factors discussed, “a pure monopoly which is a market whose sales are completely attributable to a single firm” (DeUriarte 125) and “a natural monopoly which is able to produce at the cheapest cost for society by virtue of its history and experience in the market and therefore is relatively free from any serious threat of entry by new firms” (DeUriarte 125). In a pure monopoly, the telecommunications industry has illustrated the ability to produce high profits and excessive revenue throughout the industry, allowing for the price – setting power to be evident which establish authority standards and procedures that dictate the market. Thus, assuming that the firm aims to maximize profits (where MR=MC), one can establish a short run equilibrium

Corporate Culture

2005-11-03T03:47:06-04:00

Introduction Corporate culture is the shared values and meanings that members hold in common and that are practiced by an organization’s leaders. Corporate culture is a powerful force that affects individuals in very real ways. In this paper I will explain the concept of corporate culture, apply the concept towards my employer, and analyze the validity of this concept. Research As Sackmann's Iceberg model demonstrates, culture is a series of visible and invisible characteristics that influence the behavior of members of organizations. Organizational and corporate cultures are formal and informal. They can be studied by observation, by listening and interacting with people in the culture, by reading what the company says about its own culture, by understanding career path progressions, and by observing stories about the company. As R. Solomon stated, “Corporate culture is related to ethics through the values and leadership styles that the leaders practice; the company model, the rituals and symbols that organizations value, and the way organizational executives and members communicate among themselves and with stakeholders. As a culture, the corporation defines not only jobs and roles; it also sets goals and establishes what counts as success” (Solomon, 1997, p.138). Corporate values are used to define corporate culture and drive operations found in “strong” corporate cultures. Boeing, Johnson & Johnson, and Bonar Group, the engineering firm I work for, all exemplify “strong” cultures. They all have a shared philosophy, they value the importance of people, they all have heroes that symbolize the success of the company, and they celebrate rituals, which provide opportunities for caring and sharing, for developing a spirit of “oneness” and “weness”(Weiss, 1994). Organizations that stress competition, profit, and economic or self-interests over stakeholder obligations and that have on morally active direction often have cultures that are in trouble. The founders of an organization set the tone for the beginning stage of what a company’s culture will be. The practices of the founders and first employees begin the rituals, the corporate stories, and norms. Ethics are a major factor in the development of a positive or negative culture. If companies allow unethical acts to occur, this behavior will perpetuate itself through the life of the organization. Promotions and raises also affect the type of culture a company has. Is everyone given a chance to excel or are there picks and choose as to who will get the promotion?

The Necessity of Law and Order in Democracy and Shopping Centers

2005-10-31T15:24:57-04:00

The convenience of our shopping centers and their market environments’, lie solely upon the foundation of democracy, and it's political structure. There is a distinct connection between shopping centers and democracy, where both factors are extremely important to our country, and both work in very similar ways. In our history, the growth of democracy was complimentary with shopping malls, in regards to the expansion and prosperity of our nation. Today, shopping malls participate in the fluctuation of our economy, provide service to satisfy daily needs, and embody our culture. In fact, it could be concluded that shopping malls and their market environments’, are almost a direct reflection of our democratic society. In addition, these shopping centers rely on democracy, and its political institutions, in order to prosper. Although there is a specific connection between shopping centers and democracy, shopping centers also contain internal symbolism which pertains to all humanity universally. Shopping centers today, closely resemble democracy, and the development of the new world. With out order, shopping centers, or democracy, fail to function. “No democratic society can flourish with out law and order” (Gruen and Smith 407). In the beginning, before government and civilization, the world was in its natural state. The only right that a man had was the right to his life, and every man was on his own. Therefore, in order to ensure their own survival, men would continue to kill each other off in this natural state, constricting any room for advancement. The world lacked order, reasoning, and unity. Even though it was a long process, humans eventually took the first steps toward a solution; by reasoning, they came together and created a form of government. Government and politics, are generally responsible for saving mankind from their own human nature. These primitive governments marked the end of the world, in its natural state, and caused the beginning of world development. Although these governments created positive changes, they were unsuccessful. Like most governments, they lacked the necessary qualities, which democracies possess, in order to find the right balance between the people, government, and economy. Consequently, through much time and evolution, the world emerged into what it is today. Of course, it is important to understand and analyze the circumstances of the natural world when connecting democracy, and shopping centers. Due to the fact that at some point in our history, some form of government was established,

Is Business Bluffing Ethical?

2005-10-05T16:08:17-04:00

Albert Carr stated that legality and profits are the only standard that people in business should follow. In Carr’s article “Is business bluffing ethical?” he compared and found the rules of business to be similar with the rules of poker. In a game of poker, bluffing is a central part of the game and this is known and accepted by all the players. So bluffing in poker is not considered morally wrong. If in business everyone understands that bluffing is okay, should we still consider bluffing immoral? As a matter of fact, Carr also pointed out the moral rules in business are different with those outside of business. Most people think that bluffing both inside and outside of business should be ruled by the same moral standard. Therefore, I am going to use Mill’s Utilitarianism, and Kant’s ethical theory to support Carr. I will also use the stakeholder theory to view business bluffing. Since bluffing is often mistaken for cheating, the difference between them should first be made clear. Bluffing, according to Carr, is not entirely cheating but not entirely telling the truth either. It is usually just an exaggeration of a true fact. In his theory of Utilitarianism, Mill argues that if an action can cause both good and bad consequences, the way to judge whether this action is morally right or wrong depends on which action produces more happiness. In addition, Mill also advocates producing the greatest happiness for the greatest number of people. Applying this theory in business, bluffing can also cause two consequences, bringing more profits to the business or creating mistrust among its customers. It is not hard to measure which consequence produces more happiness for people. Just check any company’s business plan and one can see that all they want to do is increase profits, not be honest. In the short run bluffing in business promotes sales for firms and increases profits. In the long run, people tend not to believe everything a businessman says. They take everything they say with a grain of salt. In other words, if a businessman says his product is the best, consumers tend to believe that it may be average or even close to the best but not necessarily the best. Therefore unless the businessman totally cheated and lied to them about his or her product, they keep buying this product. Products without bluffing are hard to

Texas Instruments Company Profile

2005-10-05T16:00:01-04:00

Why oil shortage will send us back to the Stone Age.

2005-09-19T18:00:44-04:00

"Green" is the party which most dismiss as a waste of time, a joke of a party whose policies would not cover any of the relevant social issues of our time. It like policies such as communism woud only be applicable in a perfect world, and unfortunately we are far from this goal, "Perfect" having many different meanings to different people. But don't be too hasty to ignore the policies concerning fuel. It is essential that it is understood that EVERYTHING revolves around fuel.

The Purpose of my Last Argument (Wal-Mart is a disease spreading across America and the world)

2005-08-29T16:48:36-04:00

Royce S. Moore Channing Grigsby English 200 Wed, 8/24/05 The Purpose of my Last Argument My last argument, in the Bruno's Foods’ break room, with a “fish department” member, was for the most part about Wal-Mart. I was reading, How Wal-Mart is Destroying America (and the World) and What You Can do About It, by Bill Quinn, when John (FD, for short) said, “A Wal-Mart is better than a K-Mart.” Wal-Mart may have a “better,” variety of merchandise to choose from, however, Wal-Mart's goal is not to bring bigger and better things to our neighborhoods, it's to drive out all other businesses making you dependent, then once you're completely dependent their always low prices begin to rise. Wal-Mart destroys the down-town area, the community, and the livelihood of any town it invades. The downtown area dies in a Wal-Mart infected town. “...:Wal-Mart builds on undeveloped land away from both a town's established center and/or business district,” (Quill, 12). Wal-Mart will draw people away from the downtown area by offering a convenient alternative. With people doing all their shopping at Wal-Mart; out side the down-town area, the private businesses within the downtown area will see a loss in sales due to the thinning traffic on, “main street.” “The Save Historic East Aurora (New York) Association projected that a new Wal-Mart would 'strip our retailers, and especially our Main Street business district, of 68 percent of their existing sales' ... Scary!”(12). With this information fresh in my mind I naturally respond to FD's comment; RSM: “Wal-Mart is in many ways far worse than K-Mart, yeah, Wal-Mart has more to sell and for lower prices, but K-mart is not out to kill the local community, K-Mart is not trying to destroy the downtown area, K-mart does not send people in to local shops every week and see what they’re selling and for how much so they can sell the same for cheaper and drive them out of business, and K-mart how bad it may be, does not have a person in the back room who's sole job is to write off an amount of damaged goods for every in coming load, telling deliverers, “you had better believe us or we'll drop you as a supplier!” K-mart is bad but Wal-Mart is the worst.... Wal-Mart’s down right blatant about cheating and stealing.” FD didn't have anything

written communication

2005-07-28T17:58:28-04:00

INTRODUCTION. “Man is an animal that lives in language as a fish lives in water and so written communication is just one of the ways that man can survive through” (English scholar Annie Dillard). Writing is a skill to give information. Like all skills, it is not inborn and so it needs to be learnt. To give information you need good communication skills including the ability to write simply, clearly and concisely (Harris & Cunningham, 1996). QUESTION A. Delineate the purpose of written communication, giving reasons for your answers. Different people have different reasons as to why they write. Some people write for their own private reasons or to attain their own individual goals. An example of this ‘private writing’ is exploratory writing. This is writing ideas that you do not want others to see. Introductory writing where you free write on a topic, before composing what you want to say. Examples of writing to explore a topic include keeping a journal, which helps one to take down information that will help him recollect and investigate ideas for a future write up. Another purpose in written communication may be to communicate something that happened, or narrating an experience to a reader. This is referred to as writing to reconstruct experience. To make the experience more vivid and interesting to a reader, you should give specific details, use concrete language (words that create a specific image in the mind of your reader for example: slowly tip-toe) and use of analogies (comparison words, for example hard as a rock). Examples of this purpose of writing include: - a witness writes a police statement to describe an occurrence. Or writers who write novels or books describing a true story they experienced. In most of our lives, we learn from those who can teach. Experienced elders or specialists teach us how to live, conduct ourselves, relate to one another and survive in different environments. My first day in USIU I was handed a student handbook which had all the rules and information about the university. That handbook was written with a purpose which was to instruct and advice. The purpose of instructions from this type of writing is to explain to readers about something or what they should do. Another purpose for writing is to inform. Information is power. In today’s society people need a lot of information to perform, thus making information quite a valuable commodity. A good example of

Reformas Regulatórias e Reestruturação no Setor Elétrico Americano: O que deu errado na Califórnia?

2005-06-07T23:45:57-04:00

Basics of Mutual Funds

2005-03-07T08:11:52-05:00

Original Post : 15-08-04; Reposted on 07-03-05 A Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. The money thus collected is invested by the fund manager in different types of securities depending upon the objective of the scheme. These could range from shares to debentures to money market instruments. The income earned through these investments and the capital appreciation realized by the scheme are shared by its unit holders in proportion to the number of units owned by them (pro rata). Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed portfolio at a relatively low cost. Anybody with an investible surplus of as little as a few thousand rupees can invest in Mutual Funds. Each Mutual Fund scheme has a defined investment objective and strategy. Types of funds on the basis of investment portfolio : Balanced fund A fund that invests substantially both in debt and equity. Debt fund A fund that invests in debt securities like Government securities, Treasury Bills, corporate Bonds etc. These funds are generally preferred by investors wanting steady income and not willing to take higher risks Factor Fund It is a mutual fund that has a core philosophy of investing in a particular factor or style in the market. They are also referred to as Style Funds. Examples of factor funds are Mid-cap funds, Low P/E funds, Growth funds etc Gilt fund Funds that invest predominantly in government securities and treasury bills. It is good for investors who desire safety of principal and adequate liquidity. Equity/Growth fund A fund that invest primarily in equities and has capital appreciation as its investment objective Income Fund A fund that usually invests in debentures, bonds, and high dividend shares. Preferred by investors who wants regular income. It pays dividends to the investors out of its earnings Index Fund A fund whose portfolio is benchmarked against a popular index like the BSE Sensex or the BSE Natex. Such an investment philosophy reflects the belief that the market is efficient and trying to beat the market over the long term is futile Liquid Fund A fund that invests its corpus in short term instruments like call markets, treasury bills, Commercial Paper (CP), Certificate of Deposit (CD). Vulture Fund It is a fund that takes over the non-performing assets of bank or financial institution at a discount and issues pass-through units to the

Advertising Analysis

2005-01-25T20:35:57-05:00

Advertising Analysis My advertisement was found in a recent addition to recovery magazine. Recovery is a magazine aimed at teenagers that fall into the category that enjoy surfing, skating and mainly punk and rock music. The particular advertisement I chose was explicitly for sunglasses but it was also for the retail store that sells them. In this case the shop is called Glue. The theme of the particular advertisement is a virtual reality. Like the product is from another world but you the consumer can purchase then now. The actual virtual reality theme is portrayed in significant detail, which also sets this advertisement apart from the others. In the advertisement the background image which is part of the virtual look is lined, also known as interlaced, to create the feeling of virtual reality greatly increase. The two characters in the advertisement are specifically placed also. The actual background image has a wall in it so the producers set the 2 characters apart. By making the male close to the camera showing only the top half and the female counter part is set back on top of the wall to show the whole body and how real it is. The characters, male and female, look as if they are playing a virtual shooting game. The characters are holding fake guns that look quite futuristic yet still portray an image of virtual reality. The advertisement incorporates a white border to show of the orangeness of the advertisement. The bottom section of the advertisement is sort of cut off to add to the virtual reality feeling and to add to the feeling of being in the game also. The bottom section is compiled of 4 sections. The first of the four sections is an artificial picture of an unrealistic gun and text confirming the consumer is on “Level four. This adds to the virtualness. The second section comprises of another advertisement for a product in which the consumer, a punk, rock, surfy-skater, would also be interested in. A specific brand name is also shown. The third and second last section is quite large to make you look at it and it comprises of the actual listing of the clothes and the prices of them. This way the reader will know how much to expect to pay for the product and also know what to ask for if the product cannot be found in

How to apply for a job

2004-05-18T22:40:07-04:00

How to apply for a job. Money makes the world go round. In today’s world money is everything to everyone. If a person doesn’t have money most likely there standard of living is not that nice. However too get money most have to get a job. A job is one of the most crucial aspects of anyone’s life. In fact the average American spends eight percent of their life at work. Thus it is crucial to know how to apply for a job. There are four crucial things every person ready to apply for a job should know. In today’s society knowing the dos and don’ts of getting a job could separate a life of glory and wealth in a job a person loves or a life of minimum wage fast food work. Now when it comes to jobs there are millions and millions of jobs out there, however there are billions of people vying for those jobs. No matter what job it is from being a six-figure doctor to being a minimum wage fry cook there is most of the time always-another person going for the job. This makes it incredibly important to have a edge over the other people trying to get the job. There are three major things to know when trying to get a job. The first crucial step to getting a job is actually to talk to any trustworthy person you are friends or acquaintances with. As weird as this may sound employers generally hire people they know, first and people sent to them from people they know, second. This is of course assuming both applicants have the same amount experience. In fact it has been suggested as many as five of every ten positions are filled through personal contacts. The better the job and the better the pay, the greater the chance it will be offered through a personal contact. If this were true, job seekers would be wise to make a list of every person they know and contact them for assistance finding a job when a person is searching for a job. Also it is crucial when considering this to make sure you try to get help from good workers. However personal contacts do not guarantee a job, which is why it is crucial to know the other three important things to do. The next crucial step to getting a job is being prepared as

government spending

2004-05-09T06:42:06-04:00

Financing the operations of the federal government is extraordinarily complex. Annual federal budgets climbed from $250 million a century ago to almost $65 billion in 1955; then, in less than 30 years, they grew tenfold, to nearly $650 billion in 1982. Government revenues have not matched expenditures since the early 1960’s, and deficit spending has become the ordinary way of doing business. Almost 47 percent of the federal government’s revenue comes from personal income taxes, with another 12.5 percent coming from corporate income taxes. Other sources of federal revenue are excise taxes (4.5 percent), interest on deposits (2.25 percent), customs duties (1.5 percent), and estate and gift taxes (1.25 percent). Minor sources of income – from charges for passports to admissions fees to the Smithsonian Institute – amount to less than .2 percent of the federal government’s income. These sources account for nearly 70 percent of annual revenues, and constitute the general fund, which goes to pay the ordinary operating expenses, from welfare to new missiles. The remaining 30 percent of federal income is designated for specific purposes, including Social Security payments, unemployment taxes, federal employees’ retirement funds, and other retirement and disability funds. These funds are held in trust to provide benefits for those who have paid into the systems. For example, Social Security payments are a major source of income for many retired persons. The largest portion of expenditures goes to Social Security and related payments (34 percent). Next comes expenditures for the national defense (23 percent), followed by interest on the national debt (11 percent). Health programs account for 10 percent, and other government programs, from veterans’ benefits to agriculture, account for 17 percent. The budgets of Congress, the federal judiciary, and the White House and executive offices combined account for less than half of 1 percent. As long as the government is able to levy sufficient taxes to meet expenditures, it can maintain a balanced budget and avoid a national debt. This is not always possible, however, because tax revenues as well as expenditures are not perfectly predictable. Unexpected unemployment can result in lower tax revenues and increased transfer payments. (Transfer payments are payments made by the government for which no goods or services

Doubt Induces Economic Decline

2004-05-09T06:35:57-04:00

At the moment, the prospects of both the American and the world economies are horrendous; they are struggling to stay afloat and nothing looks as if it will change for at least the next twelve months. Regardless of all the monetary and fiscal policy put into place to decelerate sluggish growth and stimulate downward-spiraling economies, that which remains ever-present is an underlying uncertainty in the future. This debilitating lack of confidence is the catalyst for the all-encompassing decline in the economies. The major economies under scrutiny are America, Europe, and the Asia-Pacific region; all three economies are suffering yet for different reasons. Nevertheless, the net effect of this depressed situation is the same: low consumption and waning fixed investment. America is the best of the three aforementioned economies. However, America continues to suffer from the collapse of the record long boom between ‘93-‘00. The Internet bubble has definitely taken its toll on the current state of the American economy. In the first quarter of 2001, there was a surge in the technology sector that created a bull market. This bull market produced a massive overcapacity of useless telecommunications networks, which consequently left a considerable debt. Since March 2001, the economy has been weak. As everyone is aware of the American economy’s fragility, confidence has dwindled. As a matter of fact it was documented that consumer confidence hit its lowest levels in March 2003. Lack of faith in the economy has had a knock-on effect of plummeting investment. Yet, reports now say that investment is on the rise. But since there have been so many previous false starts, especially in the past two years, I believe there is no reason for one to get his/her hopes up with the expectation that the technology business has finally found its footing. As for George Bush, he has no idea what is going on with the economy. The American people applaud him for the tax cuts but the way he has gone about doing so is ridiculous. Now since he intends for these tax cuts to have long-term benefits, they obviously do not help anyone now, which means he is not stimulating the economy (that is what the economy needs). And what makes the situation worse is Bush is giving the tax breaks to the rich, which means

Are we suing for a Purpose?

2004-05-09T06:31:52-04:00

“It all depends.” The ever-pervasive element, the lawsuit, is no longer just an American “get rich scheme;” but, it is now heavily at work in the United Kingdom. Everyone is trying to make an easy buck off of the judicial system and for the most part they are doing a good job. People suing all the time and winning large sums of money in court with ridiculous cases have chipped away at the underlying goodness of lawsuits. Therefore, the potential for lawsuits to better the economy has always been there; but, the manipulation of it and overt claims of greed have corrupted its once noble intentions to decoy people into scrutinizing the legitimacy of every claim. Firms are continually churning out goods into the consumer market. However, with the advent of the lawsuit, great pressure has been imposed on companies to be more careful in terms of efficiency and especially safety with regards to goods and services. If a customer feels he has been cheated of his money and/or is simply dissatisfied with what he has paid for, than he has the right to file a lawsuit against the party responsible. Undoubtedly, such a case cost a hefty sum of money and 90 percent of the time the defendant loses; thus, giving businesses incentive to improve the quality or design of what they offer the consumer market so as to avoid troublesome and expensive court cases. Lawsuits keep businesses in line so as to prevent them from acting irresponsibly. From the leaking of a Mazda gas tank to an alcoholic doctor, the range of possible prosecution circumstance never ends. How does a firm deal with such deficiencies? The answer is to fix them. This is not simple and not cheap. It is very expensive to protect people from such a multitude of hidden dangers and product defects, which sometimes makes things not worth doing. For example, a medicinal firm attempts to put a new super aspirin on the market, but it must be tested for possible side effects; a bureaucracy mulls over the expense of carrying out such a process and decides whether it is really worth going through such an inconvenience given the expected return. The time and cost devoted to such an endeavor is off-putting and discourages business (especially fairly new companies, which have

across cultures communicating business globally

2004-04-23T18:18:59-04:00

Global business benefits may include allowing firms to increase their profitability in ways not available to purely domestic enterprises. Firms operating internationally are able realize location economies. Location economies are value creation activity in the optimal location, using lower-cost locations reduces overall costs and product differentiation for super pricing and creating a Global web for value creation. I use to ask myself why the Le Mans car continues to be sold even though it was considered in the U.S. as a low rating vehicle. That question was answered as I read more into global and international business. Because of location economies and cost the car was a great production for GM. In Germany the car was made cheap but the gain for GM was great. If we look at Hyundai cars we use to say it was a piece of junk but the company use of location economies created a continuous gain. In Korea the Hyundai factory made outstanding cars but for the U.S. they were made with just enough quality to create a gain and start a name. Longtime goal had to be the focus of Hyundai for the U.S. market in which they have succeeded. Global business also benefits the use of cheap labor. We all wonder why a business move to overseas and the answer is “cheap labor” which is part of product and skills localization. Because of low employment rates and lack of trades a country like Mexico have skilled workers that will work twice as hard and half the pay of Americans. A globalize business will relocate or expand to reap the benefits to maximize productivity. Large businesses normally get a big tax break from the country it setup in. Can we call this type of business strategy a greedy business? No, it’s just business. Now that I have a clear understand of the Global and international business I would like to break it down in my terms. Global business refers to the exploit of other country resources to include labor rate, tax cuts and etc….. Where as international business is to expand your product to other countries that can use your product over their own. Where there are advantages there are also

3COM To Fix Cultural Communication within the corporation

2004-04-23T18:14:44-04:00

In this paper I will be making proposal/suggestions to the 3COM Corporation as if this was a new company. I will try to alleviate the cultural communication differences. This proposal hopefully will furnish the company with ways to communicate with their employees from different region of the world effectively. I also will be using the four elements of effective business communication; audience, content, delivery and comprehension. The section will cover the audience portion of effective communication proposal/suggestions. 3COM has shown in their plans that they plan on hiring employees from 65 nationalities. Of their 1200 employees majority of them will be immigrants. My first suggestion for starters, the company needs to hire some multi-language speaking employees to be able to translate to suspected employees. These employed translators will be hired as workers some what like a team leader. I will say again this is just for starters. (It is impossible to hire translators for all the different nationality suspected) The next suggestion will be to setup the delivery on how to perform the job. A multi-language audio/video training course will need to be incorporated in a training program. This alone will be one of the greatest barrier breakers the company will have to face. The only thing that must be checked with the training video is that the translation is on-point with the video. We all have seen videos that the audio was not in sync which took away from the message. After successfully watching the video the team leader will then demonstrate by hand-on method of training. Once the demonstration is completed each employee will have to perform that task with a high success score of 90%. This will cover two major parts; comprehension and to help eliminate accidents. The focus on safety in a lot of companies is at a minimum. But a corporation likes 3COM with much different type of machineries safety should be a big focus. The next suggestion will be to post poster with directions and explanation how to correctly use the equipment. These posters will have to be large enough to be read from a distance to accommodate all employees of that particular job. Also, these posters will have to support at a minimum all languages

appropriate to use jargon

2004-04-23T18:00:36-04:00

First we need to understand what jargon is and mean in different atmospheres. Jargon" is a term that is defined as "verbal behavior of children, beginning at about 9 months and ceasing at about 18 months, which contains a variety of syllables that are inflected in a manner approximating meaningful connected speech" (Terminology of Communication Disorders). Author William Lutz points out that jargon is a kind of "doublespeak"—"a language that pretends to communicate but really doesn’t. It is language that conceals or prevents thought; rather than extending thought, doublespeak limits it.” He clarifies this with a classification of four kinds of doublespeak, among which is jargon: "a second kind of doublespeak is jargon, the specialized language of a trade, profession, or similar group such as that used by doctors, lawyers, engineers and educators. I think an important point about jargon is it’s often makes the simple appear complex, the ordinary profound, the obvious insightful. There are times when jargon is very appropriate. For instance, I remembered when the President of the USA has engaged with the President of Russia on a debate of the international use of space stations. There are technical terms or jargon that both Presidents will use in order to talk about technical systems on the space stations themselves and in relation to forming an agreement. I had to breakdown some it to my wife what they were really saying. I knew a lot about the issues they were speaking because I like anything that deals with technology and space. The scientific jargon associated with the space station was created for such use but when both Presidents step up to the podium to speak to the press about the progress that they are making then both will use words that the public will understand and not the jargon that was used in their meetings. The Presidents may use a few instances of jargon because the term in widely understood by the public. Also relevant are the two types of jargon that will be used. Legal and scientific; the legal teams must understand the scientific jargon so that legal agreements are clearly understood in regards to usage of the space stations, equipment deployment and maintenance. The issue of jargon becomes complicated when two unfamiliar languages must work with one another.

Gettysburg address example of effective communication

2004-04-23T17:58:48-04:00

I do feel the speech was a speech that made it point. The speech was very basic. The speech was analyzed and it showed that 217 words of the 266-word speech were one-syllable words, but they done the job. The army has a saying of “bottom line up front” which I feel this speech represented. To be truthful about the speech I feel the speech got its point across to the people but I don’t feel it’s a speech to be praised like it has been. Understanding the times that education was not a focus to 90% of the population. Therefore the use of the one-syllable words probably was the best way to communicate to the people. If this is the case, then yes I can say it was a great speech for it time and location. If we actually look at writing like the Mesopotamia Era then 1863 A.D. it was very spiritual and poetic. Yes again, the speech was an effective speech. The speech as I can understand was directed to the audience in more ways then one, as I mention earlier. I can remember in high school that it was stated that President Lincoln was laugh at by his own cabin members because of his blur speech and lack of academic knowledge. As I stated in the last paragraph that President Lincoln lack of academic knowledge. I also remember in class that we were to read the Gettysburg Address and give our views of it. Over 80% of the class wanted to know what so impressive about it. As I re-read it again I am still not impressed. The speech used generic words that yes it said to the audience his thoughts of the sacrifice the soldiers gave for the union but it was “simply” spoken. I do give credit were credit is due. In his address Lincoln highlighted that the men who fought at Gettysburg were not fighting for personal gain or fame; they fought to preserve an idea, the idea that all mean are created equal. I gave more credit to him according what he stood for then I can for the speech.

Profit Is More Important Than Cash - Discuss

2002-11-06T13:00:00-05:00

Cash and profit are two terms that are often confused in business studies as being the same thing, but it is important to distinguish between them if we are able to analyse businesses correctly. Simply put Cash is notes and coins either in hand or at the bank, while Profit is the difference between income and costs yet both can occur at different time scales. You can't spend profit, you can only spend cash. Both need to be examined to find which is the more important. Profit is considered to be long term; it shows whether or not a business is making money. How much profit a business appears to be making in its accounts could be an incentive to a number of people outside the business. Shareholders are a particularly important group in the way that they may receive a share of the profits in the form of dividends. How much profit a business is making usually decides how much of this money they get, along with the number of shares they hold. The idea is much the same for those wishing to invest in the business. If they feel the company is performing well due to it having high profits they may choose to invest their money in order to get something back on it. For businesses then, showing high profits on the profit and loss account could be beneficial in that attracting more investors would lead to an influx of cash that all businesses would appreciate. Although depending on how much or how badly a business needs cash still doesn't make a distinction between which is the most important. Of course if businesses appreciate extra cash no matter what their liquidity they will probably strife to keep their investors happy. Showing the uphold of good dividends to these people could come about through retained profits. Monitoring profits like this could mean that it is profit that is more important than cash. Retained profit is money that is kept in the business at the end of the financial year. It contributes to shareholders' funds on the balance sheet reserves. The financial gain for them just from holding shares in a business will probably mean profit is the more important to shareholders in this respect. Yet some may be concerned whether these dividend payouts can be sustained. Retained profits can assist with this in that the higher they are a firm is able

The role of Marketing in Telstra International

2002-06-21T14:00:00-04:00

Executive Summary

Telstra is Australia’s largest and most efficient telecommunications company, which provides one of the best-known brands in the country. They offer a full range of services and compete in all areas of telecommunications both domestically and internationally. Telstra, originally Telecom Australia was established in 1901 by the Postmaster Generals Department to manage all domestic phone services. Telecom Australia continued to be operated by the Postmaster Generals Department until 1975 when it was created as a separate entity. In 1982 Telecom Australia became the official Telecommunications Corporation for all domestic and international telephone services. On the 1st of July 1995 Telecom Australia changed their name to Telstra for the purpose of differentiation from other global telecommunications companies. The company has been trading international since 1993. Currently Telstra operates in over 19 countries worldwide (Appendix One). Telstra’s vision is to enhance its position as the leading full service telecommunications and information Service Company in Australia as well as to expand its presence internationally. Telstra recognises that Data and Internet services are the way of the future. Telstra is redefining the telecommunications industry and therefore are redefining their markets to offer a more extensive array of products to compete effectively in these markets. Telstra has made many international investments in the Asia-Pacific region. As well as this, Telstra continues to review all investment opportunities, which will provide substantial strategic and financial placement in overseas markets.

1.0 Reasons for international expansion

1.1 Increases Sales By entering countries with already large uses of broadband Internet access, Telstra acquires knowledge to be able to provide local consumers with better products both home and abroad. These better services therefore will entice a larger market share worldwide. 1.2 Acquire Resources By forming an alliance with one of Asia’s larges wholesale telecommunications providers Reach Ltd (Refer to section 4.1) Telstra has acquired access to their worldwide network of submarine cables, I.P Systems as well as satellite systems. 1.3Diversification Currently there is a major loss occurring in the telecommunications sector across Australia (Appendix Two), however good times are predicted ahead. (Appendix Three) Telstra has recorded a record low of revenue as well as share price in the 3rd quarter of this financial year. By broadening their focus into different global markets, Telstra has been able to pick up the lost revenue in the Domestic market in the global market. 1.4 Minimise Competitive Risks Currently domestic markets are going through a period of rapid decline where as the global markets are going

Microsoft: Monopoly or Great Bussinessmen?

2002-05-09T14:00:00-04:00

Since 1990, a battle has raged in United States courts between the United States government and the Microsoft Corporation headed by Bill Gates. What is at stake is money. The federal government maintains that Microsoft's monopolistic practices are harmful to United States citizens, creating higher prices and potentially downgrading software quality, and should therefore be stopped, while Microsoft and its supporters claim that they are not breaking any laws, and are just doing good business. The only thing Microsoft is guilty of is taking advantage of free enterprise. Microsoft's antitrust problems began for them in the early months of 1990(Check 1), when the Federal Trade Commission began investigating them for possible violations of the Sherman and Clayton Antitrust Acts, (Maldoom 1) which are designed to stop the formation of monopolies. The investigation continued on for the next three years without resolve, until Novell, maker of DR-DOS, a competitor of Microsoft's MS-DOS, filed a complaint with the Competition Directorate of the European Commission in June of 1993. (Maldoom 1) Doing this stalled the investigations even more, until finally in August of 1993, (Check 1) the Federal Trade Commission decided to hand the case over to the Department of Justice. The Department of Justice moved quickly, with Anne K. Bingaman, head of the Antitrust Division of the DOJ, leading the way. (Check 1) The case was finally ended on July 15, 1994, with Microsoft signing a consent settlement. (Check 1) The settlement focused on Microsoft's selling practices with computer manufacturers. Until now, Microsoft would sell MS-DOS and Microsoft's other operating systems to original equipment manufacturers (OEM's) at a 60% discount if that OEM agreed to pay a royalty to Microsoft for every single computer that they sold regardless if it had a Microsoft operating system installed on it or not. After the settlement, Microsoft would be forced to sell their operating systems according to the number of computers shipped with a Microsoft operating system installed, and not for computers that ran other operating systems. (Check 2) Another practice that the Justice Department accused Microsoft of was that Microsoft would specify a minimum number of operating systems that the retailer had to buy, eliminating any chance for another operating system vendor to get their system installed until the retailer had installed all of the Microsoft operating systems that it had installed. (Maldoom 2) In addition to specifying a minimum number of operating systems

Wal-Mart Tire and Lube Observation Evaluation

2002-05-01T14:00:00-04:00

I chose to observe and evaluate a Wal-Mart Tire and Lube customer service representative. On February 16, 2002, I went to the Wal-Mart store in Upstate New York to change both of the tires on the front of my car. At around 4:45 PM, I walked up to the Tire and Lube department counter inside of the store. A customer service representative, Linda, proceeded to assist me with my purchase. While my order was being worked on, I observed Linda while at work. I was able to observe Linda, while she was taking care of about six customers. For this observation report, I chose to evaluate this worker on the following criteria:

Politeness - how polite she is with customers and her coworkers?

Interest - does her job seem to be interesting or boring to her, and her reaction to performing tasks for her job?

Speediness - her pace of performing tasks for her job.

Knowledge - how knowledgeable she is about her area of work?

Cleanliness - how clean she is dressed and how clean her workspace is?

Organization - how organized her desk and her papers are?

Personality - how well she interacts with customers and coworkers?

Interaction with coworkers - how well she interacts and works with her coworkers?

Efficiency - how efficient she is with performing tasks for her job?

Laziness - if she is lazy or not while at work (if yes, then how lazy?). Most customers that were assisted by Linda had smiles on their faces; they also smiled while talking with her. All customers seemed very satisfied with her help and had all of their questions answered. While taking orders, Linda was very polite with customers and listened well to what the customers had to say. She appeared very interested in her job and helping people find, order, and buy what they needed. Despite taking her time helping customers, Linda worked in a very proficient pace and did not take any breaks or deep breaths in between the orders. She also seemed to be very knowledgeable and experienced in this line of work. She was asked a plethora of questions while observed by me, and there were not any that she could not answer. However, some customers seemed perplexed by a few of her answers, most of the time it was because of the terminology. At that time, Linda proceeded to explain her

Marxism and the Labor Theory of Value

2002-04-28T14:00:00-04:00

Jon Elster concluded his Making Sense of Marx with the claim that ‘It is not possible today, morally or intellectually, to be a Marxist in the traditional sense’ (1985, p.531). Acceptance of this statement depends, of course, on what is meant by traditional Marxism. Elster makes it clear that what he means by traditional Marxism is that ‘intellectually bankrupt’ and ‘non-scientific’ economic theory associated with the labor theory of value, the theory of the falling rate of profit, and ‘the most important part of historical materialism’, the ‘theory of productive forces and relations of production’ (1986, p.188-194). In place of these redundancies, Elster proposes a new Marxism founded upon logically consistent microfoundations (1982). To achieve this reconstruction, he explicitly favours the tools of neoclassical analysis; a ‘truly scientific’ methodology that posits the existence of economic institutions (for example, prices and markets), then attempts to show that they are compatible with the actions of individual agents who engage in rational calculated satisfaction-maximizing exchanges. Defending a position very similar to Elster’s, Roemer (1989a, p.384) provides the following summary of Marx’s economic theory and its late twentieth century reconstruction: Marx thought that the easiest way to explain how the surplus was produced was to assume a labor theory of value - that is, that prices of commodities were proportional to the amount of labor embodied in them. Exploitation took the form of workers producing goods embodying more of their labour than was embodied in the wage goods that they received in return, that surplus labour became monetized through the price system in a simple way because prices were assumed to be just proportional to the amounts of labor embodied in commodities. But it has long been known that equilibrium prices in a market economy are not proportional to the amount of labor embodied in goods; it was therefore necessary to ask whether the Marxist theory of accumulation could be made more precise even though the labor theory of value was wrong. This has been done during the last twenty years, by applying techniques of input-output analysis and general equilibrium theory, by Michio Morishima and others. It is, in my view, a winning point for Marxism that its theory of capitalist accumulation can be liberated from the false labor theory of value. Some Marxists, however, persist in viewing this reconstruction as heretical, dispensing as it does with the labor theory of value. In considering the

Nike

2002-04-28T14:00:00-04:00

Introduction

Former University of Oregon track coach and co-founder of Nike Bill Bowerman once said: “If you have a body, you are an athlete!” (NikeBiz) This way of thinking is how Nike conducts every aspect of their business. Every person is a potential athlete or “consumer”. This is a common term when used in the realm of athletics but when Bill Bowerman said this it was in direct reference to the shoe industry. From their marketing strategies to their selling philosophies, Nike has developed one of the most recognizable and demanded name and logo tandems ever. Nike, which is the Greek Goddess of Victory, was born in 1972 when BRS, Blue Ribbon Sports, launched its first branded shoe at the U.S. Olympic track and field trials. A former University of Oregon track team member Phil Knight created Blue Ribbon Sports. At Oregon, Knight was coached by the legendary Bill Bowerman and then went on to become and alumni of the Stanford School of Business. BRS was crafted in 1962 when Knight made a deal with Onitsuka Tiger Company, a Japanese shoe company, to import their shoe to the United States. Knight had the idea to sell a low cost shoe with a very high quality. Knight had high aspirations of taking Adidas out the top spot in the athletic shoe market. In 1964, Bill Bowerman decided to join Knight as a partner at BRS to create a joint quest to be number one. Bowerman redesigned the Tiger shoes while Knight acted as the accountant/personal seller and went on the road to sell their newly crafted sneakers at track meets and local shoe stores. By 1966, Blue Ribbon Sports opened their first store in Portland, Oregon. Knight and Bowerman managed the store with the only other employee being a former Stanford runner Jeff Johnson. (story/chrono, 1)

Signing First Endorsers

During 1971, BRS caught a break when a trading company called Nissho Iwai introduced BRS to important letters of credit. This credit allowed BRS to subcontract its own shoe line and by 1972 it was selling Nike Brand shoes. Over the next decade Nike expanded almost double its size each year from the previous year. Nike is officially called Nike in 1978 and has signed on tennis great John McEnroe, New York City marathon champion Alberto Salazar, women’s marathon gold medallist Joan Beniot, and Olympic track star and gold medallist Carl Lewis. (story/chrono, 1-2) Also

Post WWII Economic Expansion

2002-04-22T14:00:00-04:00

“The U.S. embarked on one of the greatest periods of economic expansion in its history.”

America did indeed embark on one of the greatest periods of expansion in the postwar years. People had money, consumers were spending that money, and corporations were profiting from that. New types of companies got started and were succeeding, and older businesses folded because of this. New industries were created which opened many possibilities for the near future. Current workers were getting promoted into white-collar jobs in all sorts of industries, and new jobs were created because of new technology. The postwar era was the beginning of the technology boom, which would transform the world within 50 years. The move away from the cities still continued, and the baby boom was still occurring. All of this made the postwar years some of the best economic years in American history. During World War II people were earning wages, but not spending much of them. This was mostly because of the small supply of consumer goods, if they were even produced during the war. This meant that the average American consumer had several years of wages saved by the end of the war. Some unfortunate families also had money from the government and insurance companies if they lost a relative due to the fighting in Europe and the Pacific. This meant that at the end of the war Americans had money, and the want to buy new things and give the economy a nice, long awaited boost. Americans had thousands of dollars saved up, and now they wanted to do something with that money. The obvious solution was spending it. For the first time in years consumer good were once again produced and sold in large quantities. That set-up was a perfect situation for economic growth. Consumer has money, corporation has product, consumer wants product. It’s very simple, the consumer will pay for what they want, and that will cause economic growth because of increased spending. This spending was very obvious, the Grosse National Product increased by 292 billion dollars from 1945 to 1960, which was an increase of almost 150%. That proves how much American consumers were spending compared to the war years. This increase in buying did not just make the consumers happier. The corporations welcomed the buying increase, because that meant a profit increase for them. The “big three” automotive companies, General Motors, Ford, and Chrysler, because the

Supply Chain

2002-04-20T14:00:00-04:00

Introduction

We have identified that any initiative aimed at improving the customer/ supplier relationship supports SCM – this is true from an internal, individual organization perspective through to complex supply chain structures. Identify at least 1 initiative being implemented (or has been implemented) by your business that supports SCM thinking. For each initiative: Describe the aims (objectives) of the action being taken and outline the supply chain problem it seeks to address Outline the proposal (or solution) and describe how it supports SCM principles Identify any potential barriers to its successful implementation that could hinder the effectiveness of the initiative

1.1 Background information the company

Established in 1980, Possehl BESI Electronic Hong Kong Limited has been famous in the Electronic industry locally and internationally for its’ precision skills and loyalty towards its’ customers. Located in Tsuen Wan, Hong Kong, we are currently employing over 600 staffs; they include Management and Administration officers, engineers, technicians, production operators and security guards, etc. The parent company of Possehl BESI Electronic Hong Kong Limited is Possehl BESI Electronics N.V. in the Netherlands. It is a joint venture between L. Possehl & Company mbH of Germany (50%), GHL Industries of Asia (25%) and BE Semiconductor Industries of Amsterdam in the Netherlands (25%). This combination has created a company that has been one of the top 10 players in the high-tech electronic semiconductor packaging and equipment sector in the world. In fact, it is the largest non-Japanese supplier in this field since 1992. Possehl BESI Electronic Hong Kong Limited produce mainly two kind of products, one of them is semiconductor packaging, technically known as punched and etched, high-precision components, such as lead frames, contacts, punched parts, components & subassemblies that are intend to be consumed by the electronic industry. Lead frames are manufactured from strip metal by means of stamping or etching, and microchips are then mounted on each of these lead frames. The thickness of each frame is no thinner that 0.1 mm. These carriers are vital for turning chip sets into state-of-art electronic components that will later be installed into computers, mobile phones or missiles. Special required finishing are also available upon request, for example, electroplating full-face and spot technology lead frames or making endless plug-in connectors that can be as small as 0.07mm in width for special purposes. Other than the semiconductor packaging, Machineries and tools that manufacture lead frames and assemble semiconductors are another major business at Possehl BESI Electronic

Australian Exchange Rate

2002-04-15T14:00:00-04:00

“What factors affect the demand and supply of Australian dollars in the foreign exchange markets? Distinguish between the possible causes and effects of a currency depreciation and a currency appreciation on the Australian economy. What forces have come into play, if any, in the past four months that have affected the value of the Australian dollar?” Exchange Rate: “The rate at which one unit of domestic currency is exchanged for a given amount of foreign currency”

A BRIEF HISTORY OF THE AUSTRALIAN DOLLAR

Until 1971, the Australian dollar (AUD) was “pegged” to the British pound. This meant that the AUD rose or fell in line with the pound. In 1971, the AUD became pegged to the US dollar instead. These currencies were fixed currencies, which meant that the Australian currency would only change value when a major world currency also changed. This system lasted only until 1974 when the AUD became pegged to a trade-weighted selection of other currencies. This was still a fixed currency. In 1976 this selection of currencies became moveable. Small shifts were able to take place when needed. In 1983 the AUD became a floating currency. This means that the value of the dollar is determined by supply and demand. Initially, the Reserve Bank of Australia was not intended to intervene in the market however since then it has been deemed necessary for intervention to take place, usually to prop up the price.

FACTORS AFFECTING SUPPLY AND DEMAND OF AUSTRALIAN DOLLARS

With a floating exchange rate, such as Australia’s, supply and demand factors largely determine the dollar’s equilibrium price. The exchange rate is sensitive to changes in both demand and supply, which can cause changes in the equilibrium exchange rate. Another factor, which can affect the supply and demand of Australian dollars, is intervention in the market by the Reserve Bank of Australia.

DEMAND

The demand for Australia’s currency in the foreign exchange market (Forex) is a derived demand. It is derived from the demand for a country’s exports of goods and services and its assets. In simple terms, people who may have a demand for the Australian dollar could include:

Foreigners wanting to purchase Australian exports

International tourists visiting Australia

International investors wishing to purchase Australian shares or property

International firms setting up branches or expanding in Australia

Speculators and investors who think the value of the Australian dollar will rise in hope of making a profit. The demand for the Australian dollar will be affected by a

Australian Council Of Trade Unions

2002-03-31T14:00:00-04:00

“Research the history, structure and activities of the Australian Council of Trade Unions as Australia’s peak union body. How is this body responding to the issues of declining membership and other changes in the workplace which have occurred within the last 10 years?”

Introduction

The Australian Council of Trade Unions or ACTU is Australia’s dominant association and governing body of the trade union movement in Australia. It is the only peak council and national centre which represents the Australian Workforce. The ACTU plays a substantial role in Australian politics. It is the representative of organised labour in wage negotiations with businesses and federal parliament. Although not officially affiliated with it, the ACTU maintains a strong association with the Australian Labor Party. The ACTU consists of 46 affiliated unions throughout Australia. Each state of Australia has a branch of the ACTU. Generally, these are called Labor Councils. The ACTU speaks on behalf of most workers in most types of work including those in manufacturing, finance, government and the service sectors. Most of the ACTU’s policies and operational decisions are generally made through a democratic process, which takes place at a couple of gatherings:

An Executive of around 50 people who meet two or three times each year, this includes representatives from every union, ACTU officers, youth and indigenous representatives.

A Congress of around 800 delegates who represent all of ACTU’s affiliates which is held about every three years.

A Brief History

The Australian Council of Trade Unions was established in May of 1927. On May 3rd, 1927 at the Interstate Trade Union Congress a motion was put forward by the Sydney Trades and Labour Council, the Melbourne Trades Hall Council and United Trades and the Labor Council of South Australia, saying that they wanted an, “all Australian Council of Trade Unions.” This resulted in the creation of the Australian Council of Trade Unions or ACTU. A committee of seven was elected and their role was to set out the goals and structure of the Council. Issues that affected the whole trade union movement were dealt with by delegates from affiliated unions of the ACTU. The ACTU was a very small under-resourced organisation for many years after its initial creation.

Structure

Up until recently the Australian Council of Trade Unions has had five elected full-time officers. Last year, the ACTU decided to reduce this number to four after the resignation of two officers. The ACTU now has a President, a Secretary

Key Economic Tools

2002-03-31T14:00:00-04:00

"What economic tools does the government use to manage the economy and carry out economic functions? Outline how the government carries out these functions and discuss some of the constraints the government faces in performing these functions." The government performs many different tasks and functions in the economy and management of the economy. The government has a variety of tools, which are used in the management of the economy, but along with these tools, constraints are often placed on the government. One of the main economic functions of governments is the reallocation of resources. The government largely uses taxation and expenditure to affect resource allocation. If the government spends large amounts on collective goods and services and welfare and it is financed by taxation then some resources will have moved out of private production and into the public sector. Also, if the government places taxes on some products and services and not on others, then this will alter prices and have an effect on demand. This would have an impact on the allocation and resources in the production of these various goods and services that have been taxed. Another way taxation can be used as a tool for the reallocation of resources is if governments use various incentives to either encourage or discourage certain types of production. Some of these incentives could include subsidies, tariffs, quotas or various tax incentives. The government can redistribute income, which in effect can attempt to correct inequalities in the distribution of wealth and income in the economy. E.g if a government were to place higher taxes on those on higher incomes, and use funds received to provide welfare for those on lower incomes, then the spread of income is more even. This can also assist in the reduction of poverty. When the government has an income taxation system that taxes higher income earners more than lower income earners, it is called a progressive taxation system. The more income you earn, you get placed in higher tax brackets and therefore pay more tax. Governments attempt to stabilise the economy by using both fiscal and monetary policies. Governments try to avoid major fluctuations in economic activity by using a mix of policies. Fiscal policy refers to the use of taxation and spending of a government and monetary policy refers to controlling the cost and availability of money in the economy i.e. interest rates. By using a suitable policy

Should the Government interfere in the economy?

2002-03-15T13:00:00-04:00

Have you ever been on a soccer team? Then you must have noticed that that it takes teamwork and a lot of cooperation, and understanding from the other players to become successful. Most significantly, there is a coach. Who is willing to go out on a limb to make sure his team is keeping it together, and trying there hardest. He organizes all aspects of the team and keeps order. The coach informs you of, what you are going to learn, how to use your talent, and the target for your new skills. Without a coach there will be chaos and misunderstanding in the team. Only the best players will get to play and they will ignore the others. This example closely shadows how a government intervenes, within an economy when it is in need, or when a country is completely controlled by its government, which is why, I choose the above example. The economy and its type, affect every one living in a country. It changes your values, your beliefs and your expectation. I believe that government control economy has several more advantages then a market economy. My first reason promoting government control is that, it controls the monopolies played by the large corporations. Bill Gates and his Microsoft Corporation, is the best example of these monopolies. Owning enough money to pay off the US debt and controlling eighty percent of the computer software business. He controls the prices of the computer software, by supply and demand of the buyers. Society can be greatly upset because he can increase the price whenever he wants to make few extra bucks, and he is, no doubt capable of doing this, because there is a huge demand of his software. Government interferes for the sake of public good by taxing him, and eventually the govt. will put an end to his monopoly. In a govt. controlled economy there are no extremely rich or greatly below the poverty line people, because as a coach, govt. will treat every one equally. One of the most famous examples form history would be Hitler’s domination and control over his empire, in World War 2. He brought Germany out of, one of its biggest economic slumps, and built it into an efficient active economic monster. His minister of economy reduced imports, unemployment, and spend into wide rang of industries and made agreements with other nations. Nazi Government expanded

The demise of Polaroid Corporation

2002-03-02T13:00:00-05:00

All good things must eventually come to an end. Polaroid was founded by a brilliant Harvard University dropout in 1937, Polaroid Corp., which filed for bankruptcy protection on October 12th 2001, went from making 3-D glasses, desk lamps and filters for gunsights to become the number 1 maker of instant cameras in the world. Polaroid has proven to be an influential force throughout the decades. Polaroid developed a heat-seeking missile equipped with miniature computers, during the Second World War. Polaroid remained busy with military tasks, making filters for aerial reconnaissance, binoculars and gunsights, as well as inventing infrared filters, dark-adaptation goggles and target finders. The pivotal moment in the company's history came on Feb. 21, 1947, when Land wowed the Optical Society of America meeting in New York City with his demonstration of a single-step photographic process that enabled pictures to be developed in 60 seconds. The next year, Polaroid sold the first instant camera and film to the public at the Jordan Marsh department store in Boston. The Polaroid Model 95 Land Camera sold for $89.50. Over the years, Polaroid became a household name as actors Mariette Hartley and James Garner introduced Americans to Polaroid's One-Step camera in TV commercials. Polaroid's sales surged to $1.4 billion in 1978. Unfortunately, as Polaroid matured as a company and household name, it over estimated its influence as an American icon; it was unable to keep up with evolving technology and implemented poor business management strategies. Polaroid had the reputation of being one of the most prosperous Nifty Fifty companies. A Nifty Fifty designation ranks a company as a very desirable one to invest in because the company displays innovative ideas and effective managerial practices. Executives at Polaroid always felt that there would be a niche market for instant photo imaging because “professionals like police officers, insurance salesman, adjusters and real estate agents would exclusively use Polaroid cameras at work” (Edwards). Sadly, Digital imaging replaced the need for instant photo imaging, which resulted in the elimination of instant imaging as a valuable tool. The prominence that Polaroid once enjoyed in the instant imaging niche market was shattered because “they overestimated the value of their core business” (McLaughlin). The development of inexpensive one-hour photo developing also affected the market for instant imaging. People could now go to the local grocery store and have a roll of film processed with increased quality in less than

Chapters Inc. – Indigo Books & Music Inc. merger

2002-03-02T13:00:00-05:00

Issue Analysis: Chapters Inc. – Indigo Books & Music Inc. merger

The idea of a superstore book retailer was that of Larry Stevenson, the former CEO of Chapters Inc. This legacy of creating the ultimate booklovers haven began when Stevenson acquired Coles and Smithbooks. These smaller retailers helped to formulate the idea of Chapters, which was launched in 1996. Later that year Heather Reisman the co-owner of Trilogy Retail Enterprises established her own branch of superstore book retailing called Borders Canada, this created a bitter rivalry. This rivalry stems back to the day when Reisman launched Borders Canada, which was an American and Canadian book retailing venture. Stevenson, sensing competition lobbied the idea, and Industry Canada disallowed the creation of this company. Reisman evidently did not give up, and later that year founded Indigo Inc., she hired away seven on the top executives from Chapters Inc., which infuriated Stevenson. Over the years, the inability to control inventory and the failure of Chapters Inc.’s e-commerce endeavor caused an $84.5 million annual loss by Chapters Inc., Indigo Inc.’s losses were also great totaling $31.7 million. Many saw the merger of the two industry conglomerates as the only means of salvaging their operations. When Indigo Inc., on November 28, 2000 made its bid to obtain Chapters Inc; many industry analysts had different ideas about the merger. Tom McFeat of CBC News Online recognized the need for healthy competition in the market place. Mcfeat compared Chapters and Indigo Inc.’s number of stores and found that there would be no competition in the Canadian Book Industry if the two chose not to merge. He identified that with the merger of Chapters Inc. and Indigo Inc. stores would have to be closed resulting in Job losses for those who are employed by the respective companies. This does not include the lost revenue and jobs for independent bookstore owners who cannot compete with such a large conglomerate. In consequence of the merger, Chapters Inc., known for discounting bestsellers up to 50% off the suggested selling price, was forced to limit price-cutting to a maximum of 30%. McFeat also revealed the concern of The Writers Union of Canada, which was “that if the merger went ahead, it would be even more difficult for an author to get published unless the book was likely to be a best seller”. Paul Brent of The Financial Post views the merger as being

E-commerce

2002-03-02T13:00:00-05:00

“You Hold the E”

The technology of today is vastly innovative and beneficial to those who know how to manipulate it. The Internet era is unfolding, anybody can now log on to their computers and take care of their financial business, online in the comfort of their own homes. This is called e-commerce, within the past few years; companies have been excited with the idea of online shopping and connecting with customer’s worldwide. This is mainly because of over exaggerated headlines, outrageous market appraisals and so-called “instant billionaires”. The hype began in 1994, when the Internet and the World Wide Web gained popularity; companies competed to be the first ones out with convenient online shopping sites, for busy, tech savvy individuals. Online shopping was seen as the future and technology stocks were benefiting from all the positive media that was being reported. Unfortunately, these predictions proved to be incorrect and in the 1999 Christmas season, companies that had invested heavily in creating online shopping sites realized that the everyday consumer still did their shopping in the “real world”. Although e-commerce centers itself on selling a company’s product, e-biz aids in re-engineering the transactions that run our economy. E-biz helps to bring a business closer together and organize it making it more efficient. E-biz ensures that each business system communicates with one another and shares information; sales data, order entry, billing, shipping and receiving, inventory; and many more all feeding off of one another. It also ensures that if a company’s customers and employees want to access this information from anywhere and anytime, they can do so securely. The effect of e-commerce and e-biz on the economy, participants of the economy and the accounting field are proving to be both positive and worth anticipating. E-commerce and e-biz definitely influence the economy in a very constructive way. Investors can now put in orders for stocks 24 hours a day, and trade on markets around the world in real time within seconds, individuals now have any information desired, right at their fingertips. Investors can now work from home and get stats about their stocks off the web and react to the information in a matter of seconds, meaning they can cash in on business opportunities instead of having to wait for their broker to put the transaction through. This means that the investor now has more control over the market and in turn has

The Basics of Stocks

2002-02-10T13:00:00-05:00

“Those who are ignorant in investment history are bound to repeat it. Historical investment returns and risks of various asset classes should be studied. Investment results for an asset over a long enough periods (greater than 20 years) are a good guide to the future returns and risks of that asset. Further, it should be possible to approximate the future long-term return and risk of a portfolio consisting of such assets.” – William Bernstein, the Intelligent Asset Allocator

What, Exactly, Are Stocks?

Stocks are shares in a company. When you buy shares of a company, you, yourself, become a part owner of that company. As a shareholder, you get the same basic rights and privileges as people who own millions of shares. You can receive quarterly reports and an annual report with information on how the company is doing. If the company makes money, your stock’s value will increase. When the company loses money, your stock’s value will decrease. Quarterly reports tell how much money the company has gained or lost during the reporting period. This will keep you updated on how well, or poorly, your stock is doing. The annual report is a combination of all the quarterly reports. Fancy charts and graphs are usually included. They give detailed financial and business information about the company. There would never be a time when you couldn’t be fully aware about your stocks health.

How Do They Work?

If a company wants to raise money (capital), one of its options is to distribute stock. Stocks can raise money without making a debt, or to not create a legal obligation to pay back borrowed funds. Most investors are in stocks for the money. They expect to be paid more than they paid themselves. Investors expect their investment to earn more for the company, than any other form of investment. If the return on investment is high, then the price usually increases. So, if the earnings go up, the price goes up. In the long run, stocks have beaten most of the other alternatives to investing. It’s proven that a long-term investment will usually gain more money then any other type of investment will in the same amount of time. In other words, stocks are the way to go.

How Do I Pick The Right Ones?

People who invest in stocks are normally either Technicians of Fundamentalists. Technicians look at stock prices from the past to predict future prices. They usually

Globalisation - Economic Growth and Development and development indicators.

2002-01-27T13:00:00-05:00

“Outline the differences between economic growth and economic development. Discuss how economic development may be measured. Outline how globalisation may impact upon a nation’s development. Where appropriate make reference to a relevant case study.”

Although economic growth and development are similar in meaning, they have some essential differences. Economic growth refers to the increasing ability of a nation to produce more goods and services. Economic development basically implies that individuals of that nation will be better off and takes into account changes in economic and social structures that will reduce or eliminate poverty. Economic development can be measured in a number of different ways including the Human Development Index, a Gender Empowerment Measure, a Human Poverty Index and a Human Freedom Index. All of these measures were developed by the United Nations Development Program. The World Bank also has its own indicator called the World Bank Development Indicator. Globalisation can have both negative affects on a nation. It can impact on the levels of economic growth a country may experience, impact on levels of unemployment or it may impact on a country’s quality of life. Economic growth is the expansion of a country’s productive capacity. This leads to a rise in total national output. Growth can occur in two different ways; the increased use of land, labour, capital and entrepreneurial resources by using better technology or management techniques and increased productivity of existing resource use through rising labour and capital productivity. While theoretically having an increasing national output means greater material welfare and a rise in living standards, it does not equate to having higher levels of well being for individuals in that nation. Economic growth can, in fact, have negative impacts on a nation including environmental degradation and the loss of traditional cultural values. It also may mean there is greater inequality between different classes in society, that is, the gap between the rich and the poor may grow. It is for these reasons that economic development measurements are also used. Economic growth as a measure fails to account for other important social and economic factors such as the size of the black market, domestic work which is not given a financial value, the level of damage to the environment and inequalities in income distribution. Various indicators have been developed to compensate for the limitations of economic growth measurements. Rather than just measuring the economic living standards in a country, development

Walt Disney Studios

2002-01-16T13:00:00-05:00

The Walt Disney Company is a company that developed from the vision and work of only a small amount of people, mainly Walt Disney. Disney Studios became a big success because of the creativity, determination, and effort put forth by Walt Disney who never gave up and got upset when people wouldn't work as hard as him. In 1893, Roy Disney was born on December 5, and in 1901 on the same day, Walter Elias Disney was born. As children their father beat them, and it was said that the beatings always haunted Walt as he went through his career. In 1923 Walt and Roy left their home in Kansas City to try their luck in Hollywood, California. Walt only brought a few cartoon drawings, a used suit and $40. Walt did the drawing and creating and his brother operated the cameras and the accounting. Their careers didn't begin smoothly but Walt was determined not to give up. Many times it looked like they wouldn't make it, but in 1928 Walt created Mickey Mouse and saved the Disney Brothers Studio. They produced the world's very first sound cartoon. From that point on Disney Studios continued to grow adding characters like Pluto, Donald Duck, and Goofy. Walt helped design the studio because his main concern was to produce a self-sufficient, state-of-the-art production factory. There were separate buildings for the animation, inking, painting, and camera. The sound facilities included dubbing, scoring, effects, and voice recording studios. Most of the buildings were connected together by underground passages so that even in bad weather the production of films would not be disturbed. In the 1950's the studio expanded adding sound stages and production craft facilities. The studios continued to expand as the need for new technologies increased. Disney now owns many cable networks including ABC, the Disney Channel, the History Channel, A&E, ESPN, and Lifetime television. They also own the Anaheim Mighty Ducks. After Walt Disney died of lung cancer in 1966 the most creative people inn Hollywood no longer wanted to work for Disney. They decided to form Touchstone Pictures so that their movies would not only appeal to children and young families but as well as young adults and older audiences. In 1984 the Walt Disney Company hired Michael Eisner as it's chairman and CEO. Disney has become so large that they have organised themselves into many companies. There are companies to run the different

Globalisation - Why nations participate and reasons for restrictions

2001-12-11T13:00:00-05:00

Why do nations trade? Outline changes to world trade as a result of globalisation. Discuss any justifications for restricting trade. Various nations participate in world trade for a variety of reasons. Three major factors which motivate nations to trade are factor endowments, absolute advantage and comparative advantage. There are also many other benefits, which can be gained from world trade. These include increased production resulting in increased GDP and higher rates of economic growth, higher standards of living and also increased employment. The vast increase in globalisation has resulted in many countries becoming more efficient in specialised industries. Despite all of the above-mentioned benefits, nations still restrict trade to protect their domestic producers. Each country has a different availability of resources. This is known as having different factor endowments. These differences exist for:

Natural Resources
Human Capital
Human Made Capital

A country will trade with another country to allow for greater access to those goods and services that it cannot produce efficiently and at a reasonable price. If a country can produce more of a good or service, using the least resources then it is said to have an absolute advantage. If one country has an absolute advantage in a particular product, then that product may be cheaper coming from that country so the other country will trade to get the cheaper product. Comparative advantage is similar to absolute advantage. The difference is that it is when one country is relatively more efficient at producing one good or service than the other. It allows countries to specialise in the production of a good or service in which they have comparative advantage. Simply, the country with the lowest opportunity cost for producing one good has a comparative advantage. With a country specialising in a particular good or service, economies of scale apply and a country is able to produce the good or service more efficiently and cheaper than another country, hence countries trade to get the cheaper product. When a country can specialise in a particular product, it allows for that country to have increased production. Production contributes to the nations Gross Domestic Product (GDP) or Gross National Product (GNP). This is the value of all things produced in a country in a year. If a country is producing more, then real output increases which is recorded in the GDP which in turn results in higher levels of economic growth. These are all reasons why nations take part in

Supply/Demand and the theories of location

2001-09-26T14:00:00-04:00

Economic theories of supply and demand provide a clear indication of the effectiveness of free markets in the allocation of land resources. Changes in the costs associated with accessibility have resulted in a free market move of population away from traditional city centres. With reference to concepts of location, and specific to TWO cities known to you, describe the process of decentralisation and explain why such free market moves may be resulting in longer term planning difficulties. For businesses, there are many costs and benefits of the single market (Sloman, 1998). One of these is location. Firms are likely to locate either near sources of supply or the centre of their markets. This essay will discuss how changes in accessibility have lead to population movement. Showing concepts of location and then relating them to two cities will do this: Edinburgh and Glasgow. The aim will be to show decentralisation and then how long term planning is affected. The conclusion will sum up the author's viewpoint as well as the key points of the essay. To begin with, the essay will touch on supply and demand before going on to discuss demand theories of location. Supply concerns resources and is therefore limited to what is available (Sloman, 1998). It is counteracted by demand that is related to 'wants' and is practically limitless and boundless. All current economics are based on supply and demand and economics is the basis for survival of cities in the areas they exist. Nevertheless, market barriers affect supply and demand curves. Market mechanisms also help ensure demand and supply equilibrium. Market elasticity provides a concept of need against choice and some markets react more quickly than others do. Demand elasticity is affected by several factors: -percentage change in demand to price, Necessities versus discretion, Impact of good or ability to substitute, requirements for perfect competition, monopoly and oligopoly and market control. The steepness of the demand curve reflects the willingness and ability of the consumer. There are about five main theories of location. The first is the Von Thunen model. Von thunen suggested that farmers near a market would tend to grow crops expensive to transport, whereas farmers further away would tend to produce lighter crops. Therefore, the location of land has a significant factor to what it produced. Different crops possess different rent gradients. Perishable crops (e.g. vegetables) have steeper curves than less perishable crops (e.g. wheat). A second theory is attributed to

Economic Divergence in Australia

2001-08-24T14:00:00-04:00

Economic divergence in Australia – it is an issue that I feel all Australians should be aware of and deal with, because if the gap is not bridged, then Australia's economic prosperity and social fabric will be under serious threat. Evidence of this divide is seen with the differences in unemployment rates and household income between the urban and rural regions. Australia's economy has sent inner-city employment levels through the roof - thousands of millionaires created each year by exploding real estate prices in Sydney and Melbourne have helped to feed a huge retail boom. This, however, goes only so far - there is a 'dark' side to our prosperity - Australia is experiencing a wealth divide, and areas in the bush and other rural communities are struggling for survival. Evidence may also be found in the city, where suburbs a few kilometres apart differentiate enormously in terms of income and unemployment rates. Take the bush, for example, where reliance on a single industry and a shortage of services creates a wealth of problems. Not only this, but low prices for key commodities such as wheat and wool is making life very tough for many rural communities across Australia. In terms of unemployment, the number of jobs in rural and mining areas has been on the decline and particularly in the past 15 years. At the other end of the spectrum, outlying suburbs of Sydney and Melbourne still face unemployment rates of above 10% because of the cutting back of employment in traditional industries such as textile, clothing and footwear, and vehicle manufacture. This can plainly be seen in Elizabeth, north of Adelaide, where almost one in four of those seeking work are unemployed and the suburb remains heavily dependent on the car industry. In terms of statistics, a huge contrast is evident with the unemployment rate in the Murraylands in South Australia at 11.3%, against the minute 2.9% in the inner-west of Sydney. This is underlying evidence of the variance between city and bush. The growing chasm may also be seen with the differences in household income, where in an area such as the Wide-Bay Burnett region in Queensland has barely half the household income of inner Sydney. It is predicted that during the next five years, many regions of Australia will struggle to achieve increases of household income of up to $1000, while the 'global' city segments of Melbourne and

Flucations in the Australian Dollar

2001-08-19T14:00:00-04:00

The Australian Dollar is a "Commodity Currency". A "Commodity Currency" means that its fortunes are heavily dependent on the prices of Gold, Copper, Nickel, Coal and Wool. All of these commodities are Australia’s main exports. At present, commodity prices are low, especially gold. Melbourne-based mining consultant Surbiton Associates said exports of Australian gold were in danger of declining if exploration failed to be supported and production declined as a result. The country produces about $5 billion worth of gold each year and over the past 10 years the metal has earned $42 billion in export revenue. Presently, our dollar has been the weakest in history, comparable to the United States (US) dollar. The record low occurred in early April where it sank to 47.75 US cents. Compared to the US dollar, our Australian dollar buys at present 50.81 US cents. (27 July 2001). It is unrealistic to determine what started the dollars slide or when it started. In this graph it is visible that the dollar started to drop as far back as April 1997. Although, we can never be sure that the fluctuations are actually fluctuations in the $A or those of the $US. For that reason the following figure shows the movements in the $A against the trade weighted index (TWI). As its name indicates, the trade weighted index tries to measure the value of the $A against a basket of currencies. Those currencies are chosen to reflect the weight in Australia's trade with the countries issuing the currencies in the index. At the moment, the US dollar is very strong. This is surprising considering that the American economy is not very strong. Interest rates in the US basically show the situation. Americas interest rates have seen five cuts over the last four months to where it now sits at 3.75%. This was the US governments’ way of trying to kick-start the economy through fiscal policy. This is why many economists believe the US dollar will subside, as there is no backing in the economy. The “Aussie”, as it is referred to in foreign markets, is believed to be dependent on the performance of the Japanese Yen and the new Eurodollar, with the three currencies tending to move in tandem. This is because of Australia’s importing and exporting relationship with the two other currencies. Interest Rates At the moment the interest rate in Australia sits at 5%. In resent times interest rates

Outsourcing

2001-08-06T14:00:00-04:00

Outsourcing is the contracting out of a company’s in-house function to a preferred vendor with a high quality level in the particular task area. Outsourcing is one of the fastest growing trends in business. Large- scale organisations such as Telstra (especially for their Internet and Pay-TV divisions) have latched onto outsourcing due to the almost immediate opportunity of savings and quality improvement. Outsourcing can impact many elements of an organisation in a positive or negative manner. Areas such as structure, corporate culture, cost centres and labour have the most tendency to react to outsourcing developments. Employees of organizations don’t benefit from outsourcing as they are at a risk with becoming redundant. This occurs as another group outside the organization who have similar skills and competencies that can perform the same tasks replace existing workers. This treatment of employees can trigger a collapse in confidence and morale from all other employees throughout an organization as they view fellow employees leaving due to job replacements. Therefore in the future lasting employees will feel uncomfortable in an organization that is constantly outsourcing with fears of loosing their job. In order to prevent this morale downgrade management may choose to cross - train redundant employees so they can fit in another suitable position, where it may for expansion or increase labour productivity. Another aspect that may be impacted by outsourcing is the hierarchical structure. If a certain department is run from outside such as Human Resources, i.e. recruitment is controlled by an outside body, this makes the ‘HRM’ division to be removed from the organization and hence its formal structure. Advantages of clearing a structure can give senior management the prospect of re-using and expanding into locations that have been previously outsourced. The departmentalisation of the structure might have to be altered to correspond with the changes caused from outsourcing. The reason why an organisation can reduce costs when going ahead with outsourcing is because it can call upon the outside body to perform a task on a ‘need basis’. This means an organization can call upon a contracted when the need be. Re-visiting the HRM division being outsourced, this division is working away all the time with unnecessary wages being paid. An organization does not need people in charge of obtaining recruitments all the time so by outsourcing recruitment, money can be saved. Another consideration is the redundancy of workers, if employees are

Fiscal Policy

2001-06-05T14:00:00-04:00

Policy that uses taxation and government spending to steer the economy. Fiscal policy describes two governmental actions by the government. The first is taxation. By levying taxes the government receives revenue from the populace. Taxes come in many varieties and serve different specific purposes, but the key concept is that taxation is a transfer of assets from the people to the government. The second action is government spending. This may take the form of wages to government employees, social security benefits, smooth roads, or fancy

Business Ownership Types

2001-05-10T14:00:00-04:00

There are different types of ownership within the business sector. Sole tradership is when the business is fully owned and managed by one person, though others can be employed to help run the business. As the sole traders only financial income is from the business and/or bank loan, they do not have the resources to expand and cover regional or national areas. These types of businesses are located in the small business sector and usually cover local areas. Such businesses could be hairdressers, corner shops or market stalls etc. Sole traderships have unlimited liability so if the business fails to pay its debts the financial responsibility falls on the owner/s to pay the debts in full even if they have to sell their business, personal possessions and assets. Another example of business ownership is a partnership. Examples of partnerships used in business are accounting firms and solicitors firms. A partnership has two or more owners. They work, manage and are responsible for the running of the business. Individual partners may concentrate on a certain aspect of the business where they have expert knowledge. As there is more than one owner, larger amounts of capital can be fed into the business via personal funding or bank loans. Partnerships have an unlimited liability. There are two types of limited companies: Private and public. Shareholders own private limited companies. Members of the public cannot buy the shares and the shareholders cannot buy or sell their shares without agreement from the other shareholders. Family owned businesses or larger businesses such as Virgin would fit into this category. Public limited companies have shares on the stock market and can be bought and sold by any member of the public, this way the company can raise further capital and expand their resources. Tesco and British Telecom are such examples. Both these types of limited companies have limited liability, which means the owners of the business are only liable for the amount they invested in the business (unless the debt is so large that the business has to be sold to repay the debt). Co-operatives are companies that are owned by a group of people (members) who have shares in the company. Shares can start as little as £1 and each member has a share in the Co-operative. It is the members (shareholders) who finance the co-operative and they control on how the business and profits are run. They may

Advertisements Built Ford Tough

2001-05-03T14:00:00-04:00

The target audience throughout the 129-year history of Popular Science magazine has traditionally been working age males. The advertisements within that magazine reflect the audience in whom they are attempting to reach. From new technological gadgets to old-fashioned tools, the advertisers know what will be attractive to the reader, and to the reader’s wallet. Of these advertisers, the most popular by far have been those from the automotive industry. The Ford Motor Company has chosen to strategically advertise within the pages of this magazine on numerous occasions and with various ads that were meant to lure new customers into buying Ford vehicles. It is interesting to notice that the styles of these advertisements are schemed with just the right qualities to attract as many male consumers as possible. The January, 2001 issue of Popular Science depicts a classic, two-page advertisement from the Ford Motor Company displaying its new F-150 SuperCrew pickup truck. From the colors of the ad, to the write-up found on the pages, it is very clear that the purpose was to attract males by using some of advertising’s basic appeals. The advertisement appeals to men by providing an outlet for their need for affiliation, the need to aggress, and the need to dominate. One of the most common appeals toward men in advertising is concerning the need for affiliation among men. This advertisement depicts a photograph of six hard-working men performing various duties – all around a brand new Ford truck. Above this photograph is another picturing six empty styrofoam cups of coffee. These subtle innuendoes are intended to support one of the major themes of the ad – that this particular truck provides seating for six. The way the cups are pictured, lying atop of one another supports the idea that many men hold that friendship and comradeship is greatly important to the success of their lives. Another detail supporting this idea is the fact that the men in the picture are dressed primarily the same. They all wear dark jeans, dark work shoes, and white tee shirts. This gives an impression of uniformity, and of the need for affiliation with friends and co-workers. The advertisement inconspicuously displays a sense of belonging – if the reader decides to buy a new Ford truck! The need to aggress is depicted by quite a few aspects of this ad. First of all, the strong lettering at the tops

The Discovery of Economy

2001-03-29T14:00:00-04:00

It is a pristine tradition that much matters to a nation, when it comes to issues irrelevant to human development. Speaking in terms of reality, the economic boom of a nation is what human development all about. Now let us profoundly analyze what exactly is the economic boom of a nation. As we begin our analysis, it is highly important for the reader to be enlightened with the fact that it is necessary to think the right way if he has to understand this immensely valuable message. The reader will have to discredit all economic and political concepts and thoughts in considering the planet earth as a single nation and its people as just its citizens with no individual nationalities. Thinking this way alone can make this message more comprehending. Today everyone knows the fact that the world has, due to the advancement in human transportation and communication technology, virtually shrunk to a small global village. Much gossip is evident in the electronic media on the virtual currencies in circulation on the Internet. So it is clearly evident that it solely depends on the way we think, for which each single nation is a proof. Let us consider for example that if fifty states of the USA are divided into fifty nations, then fifty different currencies come into existence with different living standards in each nation. Formalities and barriers will have to be braved by the people as for the flow of people, goods and services from one state to the other. Bureaucratic interference will always remain whenever there is an exchange of business, trade or travel between any two nations from among the fifty. On the contrary if the fifty are again merged into a union of the USA, then there is no need for working out on policies, sovereignty, constitutional amendments, economy, GDP's, GNP's, exports and imports of the fifty states with each state as a separate nation. Similarly let us apply the concept to all the so-called countries of this world considering them to be a single nation at least in economic terms, if not socio-politically. Let us keep in mind the fact that the all the nations of the world, just for the purpose of serving their selfish national ends, have been committing blunders on the economy of this world. Because of the absurd and weird reason that we are socio-politically, culturally, lingually and in many other aspects

The Exporters’ Pocketbook

2000-10-09T14:00:00-04:00

Sam Vaknin's Psychology, Philosophy, Economics and Foreign Affairs Web Sites I. The Export Transaction and its Documents The Transaction Finding a market for the goods (market research) Selecting the marketing channels Negotiations Pricing Distribution channels Order Contract Commercial Invoice Commercial Invoice must include (minimum): Payment Terms Mode of Payment Division of Costs Details of Carrier Details of Receiving Party Details of Buyer Other Details For best results use the ECE (Economic Commission for Europe) Standard Commercial Invoice Packing List must include (minimum): Contents of the Packaging (=of the shipment) If more than one package or outer and inner packing – all contents per each packing and per each package must be detailed separately Permits and Licenses Export licenses if needed Standards certificates Labeling Quality control certificates (highest is ISO, such as ISO-9002 or ISO-9000) Health and phytosanitary certificates Veterinary certificates Other permits, licenses and certificates Service Providers Marine Transport Air Transport Land Transport (lorry, train) Insurance Warehousing Banking and other Financial Services (factoring, forfeiting, etc.) Airway Bill of Lading (ABL) (More details later – see appendices for samples) Holder of ABL does not own goods Air Transport Contract not effected – but ABL proof of existence of such contract, including weight, measurements, number of packages and invoice. Marine Bill of Lading (MBL) Proof of receipt of goods in a certain condition Proof of existence of transport contract MBL facilitates the transfer of ownership Negotiable, transferable and assignable Subject to the Hague conditions and MUST INCLUDE:

Name and address of sender

Port of loading and Port of discharge

Date of lading and place of issuance of bill of lading

Name of vessel and number of voyage

Identity marks of cargo

Description of goods – number of packing units, weight, volume

Condition of goods – statement of carrier (if not stated – the goods are in good condition)

“Clean on Board” not “Foul” Types of Bills of Lading (BL) Shipped BL – Goods are on deck of ship Received for Shipment – Prior to loading onto ship Direct BL – From origin to destination, transshipment not allowed Ocean Through BL – In case of transit involving a few carriers. In such a case, each carrier imposes its own conditions on each leg of the voyage and for the limited duration it handles the cargo. Pure Through BL – First carrier must transport from port of loading to a mid-point and is responsible for

Financial Crises and Global Capital Flows

2000-09-11T14:00:00-04:00

Sam Vaknin's Psychology, Philosophy, Economics and Foreign Affairs Web Sites The recent upheavals in the world financial markets were quelled by the immediate intervention of both international financial institutions such as the IMF and of domestic ones in the developed countries, such as the Federal Reserve in the USA. The danger seems to have passed, though recent tremors in South Korea, Brazil and Taiwan do not augur well. We may face yet another crisis of the same or a larger magnitude momentarily. What are the lessons that we can derive from the last crisis to avoid the next? The first lesson, it would seem, is that short term and long term capital flows are two disparate phenomena with very little in common. The former is speculative and technical in nature and has very little to do with fundamental realities. The latter is investment oriented and committed to the increasing of the welfare and wealth of its new domicile. It is, therefore, wrong to talk about “global capital flows”. There are investments (including even long term portfolio investments and venture capital) – and there is speculative, “hot” money. While “hot money” is very useful as a lubricant on the wheels of liquid capital markets in rich countries – it can be destructive in less liquid, immature economies or in economies in transition. The two phenomena should be accorded a different treatment. While long term capital flows should be completely liberalized, encouraged and welcomed – the short term, “hot money” type should be controlled and even discouraged. The introduction of fiscally-oriented capital controls (as Chile has implemented) is one possibility. The less attractive Malaysian model springs to mind. It is less attractive because it penalizes both the short term and the long term financial players. But it is clear that an important and integral part of the new International Financial Architecture MUST be the control of speculative money in pursuit of ever higher yields. There is nothing inherently wrong with high yields – but the capital markets provide yields connected to economic depression and to price collapses through the mechanism of short selling and through the usage of certain derivatives. This aspect of things must be neutered or at least countered. The second lesson is the important role that central banks and other financial authorities play in the precipitation of financial crises – or in their prolongation. Financial bubbles and asset price

Notes on the Economics of Game Theory

2000-09-11T14:00:00-04:00

Sam Vaknin's Psychology, Philosophy, Economics and Foreign Affairs Web Sites Consider this : Could Western management techniques be successfully implemented in the countries of Central and Eastern Europe (CEE) ? Granted, they have to be adapted, modified and cannot be imported in their entirety. But their crux, their inalienable nucleus – can this be transported and transplanted in CEE ? Theory provides us with a positive answer. Human agents are the same everywhere and are mostly rational. Practice begs to differ. Basic concepts such as the money value of time or the moral and legal meaning of property are non existent. The legal, political and economic environments are all unpredictable. As a result, economic players will prefer to maximize their utility immediately (steal from the workplace, for instance) – than to wait for longer term (potentially, larger) benefits. Warrants (stock options) convertible to the company’s shares constitute a strong workplace incentive in the West (because there is an horizon and they increase the employee’s welfare in the long term). Where the future is speculation – speculation withers. Stock options or a small stake in his firm, will only encourage the employee to blackmail the other shareholders by paralysing the firm, to abuse his new position and will be interpreted as immunity, conferred from above, from the consequences of illegal activities. The very allocation of options or shares will be interpreted as a sign of weakness, dependence and need, to be exploited. Hierarchy is equated with slavery and employees will rather harm their long term interests than follow instructions or be subjected to criticism – never mind how constructive. The employees in CEE regard the corporate environment as a conflict zone, a zero sum game (in which the gains by some equal the losses to others). In the West, the employees participate in the increase in the firm’s value. The difference between these attitudes is irreconcilable. Now, let us consider this : An entrepreneur is a person who is gifted at identifying the unsatisfied needs of a market, at mobilizing and organizing the resources required to satisfy those needs and at defining a long-term strategy of development and marketing. As the enterprise grows, two processes combine to denude the entrepreneur of some of his initial functions. The firm has ever growing needs for capital : financial, human, assets and so on. Additionally, the company begins (or should begin) to interface and

The Myth of the Earnings Yield

2000-09-11T14:00:00-04:00

Sam Vaknin's Psychology, Philosophy, Economics and Foreign Affairs Web Sites A very slim minority of firms distribute dividends. This truism has revolutionary implications. In the absence of dividends, the foundation of most - if not all - of the financial theories we employ in order to determine the value of shares, is falsified. These theories rely on a few implicit and explicit assumptions: (a) That the (fundamental) "value" of a share is closely correlated (or even equal to) its market (stock exchange or transaction) price (b) That price movements (and volatility) are mostly random, though correlated to the (fundamental) "value" of the share (will always converge to that "value" in the long term) (c) That this fundamental "value" responds to and reflects new information efficiently (old information is fully incorporated in it) Investors are supposed to discount the stream of all future income from the share (using one of a myriad of possible rates - all hotly disputed). Only dividends constitute meaningful income and since few companies engage in the distribution of dividends, theoreticians were forced to deal with "expected" dividends rather than "paid out" ones. The best gauge of expected dividends is earnings. The higher the earnings - the more likely and the higher the dividends. Even retained earnings can be regarded as deferred dividends. Retained earnings are re-invested, the investments generate earnings and, again, the likelihood and expected size of the dividends increase. Thus, earnings - though not yet distributed - were misleadingly translated to a rate of return, a yield - using the earnings yield and other measures. It is as though these earnings WERE distributed and created a RETURN - in other words, an income - to the investor. The reason for the perpetuation of this misnomer is that, according to all current theories of finance, in the absence of dividends - shares are worthless. If an investor is never likely to receive income from his holdings - then his holdings are worthless. Capital gains - the other form of income from shareholding - is also driven by earnings but it does not feature in financial equations. Yet, these theories and equations stand in stark contrast to market realities. People do not buy shares because they expect to receive a stream of future income in the form of dividends. Everyone knows that dividends are fast becoming a thing of the past. Rather, investors buy shares

Alice in Credit Card Land

2000-09-11T14:00:00-04:00

Sam Vaknin's Psychology, Philosophy, Economics and Foreign Affairs Web Sites Your credit card is stolen. You place a phone call to the number provided in your tourist guide or in the local daily press. You provide your details and you cancel your card. You block it. In a few minutes, it should be transferred to the stop-list available to the authorization centres worldwide. From that moment on, no thief will be able to fraudulently use your card. You can sigh in relief. The danger is over. But is it ? It is definitely not. To understand why, we should first review the intricate procedure involved. In principle, the best and safest thing to do is call the authorization centre of the bank that issued your card (the issuer bank). Calling the number published in the media is second best because it connects the cardholder to a “volunteer” bank, which caters for the needs of all the issuers of a given card. Some service organizations (such as IAPA – the International Air Passengers Association) provide a similar service. The “catering bank” accepts the call, notes down the details of the cardholder and prepares a fax containing the instruction to cancel the card. The cancellation fax is then sent on to the issuing bank. The details of all the issuing banks are found in special manuals published by the clearing and payments associations of all the banks that issue a specific card. All the financial institutions that issue Mastercards, Eurocards and a few other more minor cards in Europe are members of Europay International (EPI). Here lies the first snag : the catering bank often mistakes the identity of the issuer. Many banks share the same name or are branches of a network. Banks with identical names can exist in Prague, Budapest and Frankfurt, or Vienna, for instance. Should a fax cancelling the card be sent to the wrong bank – the card will simply not be cancelled until it is too late. By the time the mistake is discovered, the card is usually thoroughly abused and the financial means of the cardholder are exhausted. Additionally, going the indirect route (calling an intermediary bank instead of the issuing bank) translates into a delay which could prove monetarily crucial. By the time the fax is sent, it might be no longer necessary. If the card has been abused and fraudulent purchases or money

Law of Demand: No way to be proven wrong

2000-06-15T14:00:00-04:00

Law of Demand is an assertion. We need not question it if its testable implications have not yet been refuted. But quite a lot of people always challenge such a law and doubt its predictive power. On the other hand, some people use the case of luxury goods, which in my eyes it’s invalid, to refute the law. They suggested that the higher the prices, the higher the quantity demanded of luxury goods, because the buyers want to show their wealth off by buying higher prices luxury goods. However, the people who suggested this idea do overlook an important point. In the law we hold other things being unchanged in order to exclude other factors that may affect the price. In other words, we only want to know the response of quantity demanded on a change in the price. When the prices of luxury goods rise, their luxury level will increase too, and this violates the assumption of other things being equal. According to Law of Demand, holding other things ,including the luxury levels of luxury goods, being unchanged, when the prices of luxury goods increase, their quantity demand will decrease. Up until now, it seems that

Coca-Cola and its Evolution

2000-05-13T14:00:00-04:00

The Coca-Cola company started out as an insignificant one man business and over the last one hundred and ten years it has grown into one of the largest companies in the world. The first operator of the company was Dr. John Pemberton and the current operator is Roberto Goizueta. Without societies help, Coca-Cola could not have become over a 50 billion dollar business. Coca-Cola was invented by Dr. John Pemberton, an Atlanta pharmacist. He concocted the formula in a three legged brass kettle in his backyard on May 8, 1886. He mixed a combination of lime, cinnamon, coca leaves, and the seeds of a Brazilian shrub to make the fabulous beverage. Coca-Cola debuted in Atlanta's largest pharmacy, Jacob's Pharmacy, as a five cent non-carbonated beverage. Later on, the carbonated water was added to the syrup to make the beverage that we know today as Coca-Cola. Coca-Cola was originally used as a nerve and brain tonic and a medical elixir. Coca-Cola was named by Frank Robinson, one of Pemberton's close friends, he also penned the famous Coca-Cola logo in unique script. Dr. John Pemberton sold a portion of the Coca-Cola company to Asa Candler, after Pemberton's death the remainder was sold to Candler. Pemberton was forced to sell because he was in a state of poor health and was in debt. He had paid $76.96 for advertising, but he only made $50.00 in profits. Candler acquired the whole company for $2,300. Candler achieved a lot during his time as owner of the company. On January 31, 1893, the famous Coca-Cola formula was patented. He also opened the first syrup manufacturing plant in 1884. His great achievement was large scale bottling of Coca-Cola in 1899. In 1915, The Root Glass Company made the contour bottle for the Coca-Cola company. Candler aggressively advertised Coca-Cola in newspapers and on billboards. In the newspapers, he would give away coupons for a free Coke at any fountain. Coca-Cola was sold after the Prohibition Era to Ernest Woodruff for 25 million dollars. He gave Coca-Cola to his son, Robert Woodruff, who would be president for six decades. Robert Woodruff was an influential man in Atlanta because of his contributions to area colleges, universities, businesses and organizations. When he made a contribution, he would never leave his name, this is how he became to be known as "Mr. Anonymous." Woodruff introduced the six bottle carton in 1923. He also made Coca-Cola available

The Hospitality Industry

1999-08-25T14:00:00-04:00

The Food and Hospitality Industry has become one of the biggest employers in our state. It now has attained a much higher status in society and demands high standards of work from its employees. Employment opportunities are many, but eagerly sought by a vast majority of people. For this reason as in any other established business, interviews are conducted. Through these interviews, the interviewer looks for personal qualities and interpersonal skills in a prospective employee to fulfill the job requirements. One of the most important things that an employer looks for are personal qualities. These consist of: a keen attitude, a friendly disposition, neat appearance, a willingness to work, confidence, cleanliness, personal hygiene, deportment (efficient) and honesty, among the many others. Interpersonal skills basically include the ability to interact with people and using initiative to deal with problems which may arise if the customer is not satisfied. If interpersonal and personal skills are exercised then they will greatly contribute to a happy and successfully working environment. This can be accomplished by remembering to keep in mind the fundamental aspect of any catering establishment which is to "Always acknowledge that the customers are the most important people in the business, and nothing is more important than serving them." - An introduction to catering. Due to the fact that a large amount of job satisfaction can be found in the food and hospitality industry, jobs are very often sought after. Many who wish to enter the industry usually do so by gaining a apprenticeship . Apprenticeships in the hospitality industry usually last between 2.5 years to 4 years. These apprenticeships mainly consist of 'on the job training', combined with full time practical work experience, along with future training at TAFE. Apprenticeships are usually categorized into : bread making and baking, butchering and small goods making, cooking , pastry cooking and waiting. To gain a apprenticeship today in South Australia a person needs to be at least 15 years old. Also the applicant is required to have at least reached year 10, and to have a good grounding in basic mathematics. Apprenticeships are administered by the state government and before applying for one it is recommended that one registers their interest with a job centre. When a employer takes on a apprentice, there is a probationary period of three months before the contract is signed, this ensures that the employer will permit the apprentice

Accountants

1999-08-22T14:00:00-04:00

Thesis: An accountant has many choices to what particular field of accounting to specialize in depending on the financial information she wants to analyze and how it is done.

Class: Accountants

Special Interest: Analyzing Financial Information

Subclasses: Financial accountants

Tax accountants

Internal auditors A college student decides she wants to become an accountant. General accounting and bookkeeping classes can be taken in high school. In college, the student needs to decide on a more specific field of accounting. An accountant has many choices as to what particular field of accounting to specialize in depending on the financial information she wants to analyze and how it is done. Financial accountants, tax accountants and internal auditors are all accountants in general, but require different training and work methods. A financial accountant records economic data and periodically prepares reports that show profit and other financial information of a company using the generally accepted accounting principles. The reports prepared by the accountant are useful for managers, and also for owners, creditors and the public. Based on information in the reports the public can use the reports to choose a company to invest in. Because a financial accountant is employed by an individual company, she is considered a private accountant. Another type of accountant is a tax accountant. A tax accountant prepares yearly tax returns for individual clients. The accountants have to use constant data such as rates of pay and other information to determine the proper amount of taxes to be paid. These accountants have to take a class once a year to catch up on yearly changes in tax laws and regulations. If a tax accountant has met state experience requirements, she may want to take exams to become a Certified Public Accountant (CPA). A third type of accountant is an internal auditor. Auditors are sponsored by the Institute of Internal Auditors and work within an individual firm. The auditor reviews accounting and operating procedures used by a firm to make sure everything is being run properly. If things aren't being run properly, it is the auditor's job to find the problem and to try to rectify it. An auditor is considered a private accountant because he is employed by a firm, yet if he specializes in auditing, he may want to get a Certified Internal Auditor (CIA) certificate. So, an accountant has career choices to make based on more specialized interests in a field, and as with other careers,

Patterns in Medicinal Advertising

1999-03-31T14:00:00-04:00

One of the most innovative trends in print advertising is medicine advertisement. The content of these particular advertisements (ads) are intriguing to me. I intend to analyze five medicinal ads to find the tools used by advertisers and to explore the positive and negative aspects of advertising medicine through print ads for the public. The people who develop ads to market prescription medicine products must have an inkling of what the reader wants to see. For instance, the ads in a parenting magazine most often target mothers. The ads in a sports magazine predominately target athletes. How do the advertisers know what the reader will respond to? Patterns are tools that help us to narrow our thinking down and put thoughts into categories that we identify with. Patterns allow us to store information in blocks so that we do not have to relearn information that has already been learned. Some patterns are universal and most people have some categories or patterns that other people have. An example of a universal human pattern is using language to communicate. Other patterns that we have, may be derived from our own experience and unlike those of others. Patterns are useful in advertising because advertisers can target their reader by tapping into specific categories. Perception is a person's understanding of the information they receive. Depending on their experience or their understanding they will categorize their perception and in turn it will become a thought pattern. For instance when a person talks to a priest their perception of him may be that he is perfect or does not sin. They may categorize all priests this way and not judge them in the way that they would any person who is not a priest. I feel that patterns and perception work hand in hand. Sometimes patterns are formed based on perception, sometimes perception is based on a pattern. What came first the chicken or the egg? I'm not quite sure, but I do know they affect each other. Ads are designed by using patterns that target a specific audience. The reader's perception of the product may form exclusively based on the ad. The patterns that I noticed specifically amongst the five medicine ads that I've chosen to analyze is the break through effect. In one ad there was a woman with her child and they were breaking through glass. Another ad featured a woman and her child with clear

Efficient Market Theory: A Contradiction of Terms

1999-01-22T13:00:00-05:00

Abstract According to the Efficient Market Theory, it should be extremely difficult for an investor to develop a "system" that consistently selects stocks that exhibit higher than normal returns over a period of time. It should also not be possible for a company to "cook the books" to misrepresent the value of stocks and bonds. An analysis of current literature, however, indicates that companies can and do "beat the system" and manipulate information to make stocks appear to perform above average. An understanding of the underlying inefficient "human" factors in the market equation is necessary in order to account for the flaw in Efficient Market Theory. Efficient Market Theory: A Contradiction of Terms Efficient Market Theory (EMT) is based on the premise that, given the efficiency of information technology and market dynamics, the value of the normal investment stock at any given time accurately reflects the real value of that stock. The price for a stock reflects its actual underlying value, financial managers cannot time stock and bond sales to take advantage of "insider" information, sales of stocks and bonds will not depress prices, and companies cannot "cook the books" to artificially manipulate stock and bond prices. However, information technology and market dynamics are based upon the workings of ordinary people and diverse organizations, neither of which are arguably efficient nor consistent. Therefore, we have the basic contradiction of EMT: How can a theory based on objective mechanical efficiency hold up when applied to subjective human inefficiency? As a case in point, America Online (AOL) offers a classic example of how investors can be misled by a company that uses the market system against itself. AOL, up until early November of this year, used an accounting system that effectively "cooked their books" and provided misleading figures on the company's performance. Instead of accounting for its promotion expenses and costs as a regular expense, as normal companies do, AOL spread them over two years. This let AOL report annual profits based on revenue figures derived from denying actual expenses (as cited in Newsweek, November 11 edition). By deferring those costs, AOL over the years reported profits $385 million greater than they would otherwise have been. The company then used these non-existent profits to promote itself as a money-making opportunity for both stockholders and potential investors, artificially increasing its stock prices. This accounting practice is perfectly legal, but the information was kept private for over two years.

Demand Curves

1999-01-22T13:00:00-05:00

Demand is "the quantity of a commodity that will be required at any given price over some given period of time". "For the majority of the goods and services, experience shows that the quantity demanded will increase as the price falls." (Stanlake 155) This characteristic can be shown by a demand curve. A demand curve is a graphical representation of the data in table with values of demand called a demand schedule. A good that is in greater demand do to income increases is known as a normal good. A inferior good is a good that is in less demand even though the income increases. When this situation occurs the demand curve is positive sloping. A giffen good is a special type of inferior good where demand increases when price increases. The graph below is a sample demand curve, where the demand schedule for the quantity of toilet paper demanded is graphed. From this graph we can determine how many rolls of toilet paper will be purchased at what price. As can be seen from looking at this graph, it is negatively sloping. As one variable gets larger the other will become smaller, or when the price drops more is purchased. The whole demand curve "theory" is based on human behavior. It is logical to say that people will purchase more of a product when the price is cheaper. In reality, if the price of a good rises the income (or assets) of the consumer will decrease. The people would not be able to buy the same goods as before because they cost more. Consumers can do two things; if the good is a normal good (previously defined), they would buy less of the good; if the good is an inferior good, they would buy more of the good. Thus, the income effect can be defined in this statement: When the price of a good falls, the expected outcome would be that the consumers would buy more because they have the money and can afford to buy more. The slope of the demand curve can be explained in terms of the income and substitution effects. If the price of a good falls consumers would buy more of that good and less of others. If the price of a good rises people would buy less of that good and more of another because the good is more expensive than others. The outcome

Why is Wal-mart so Successful?

1999-01-22T13:00:00-05:00

Sam Walton, a leader with an innovative vision, started his own company and made it into the leader in discount retailing that it is today. Through his savvy, and sometimes unusual, business practices, he and his associates led the company forward for thirty years. Today, four years after his death, the company is still growing steadily. Wal-Mart executives continue to rely on many of the traditional goals and philosophies that Sam's legacy left behind, while simultaneously keeping one step ahead of the ever-changing technology and methods of today's fast-paced business environment. The organization has faced, and is still facing, a significant amount of controversy over several different issues; however, none of these have done much more than scrape the exterior of this gigantic operation. The future also looks bright for Wal-Mart, especially if it is able to strike a comfortable balance between increasing its profits and recognizing its social and ethical responsibilities. Why is Wal-Mart so Successful? Is it Good Strategy or Good Strategy Implementation? -- In 1962, when Sam Walton opened the first Wal-Mart store in Rogers, Arkansas, no one could have ever predicted the enormous success this small-town merchant would have. Sam Walton's talent for discount retailing not only made Wal-Mart the world's largest retailer, but also the world's number one retailer in sales. Indeed, Wal-Mart was named "Retailer of the Decade" by Discount Store News in 1989, and on several occasions has been included in Fortune's list of the "10 most admired corporations." Even with Walton's death (after a two-year battle with bone cancer) in 1992, Wal-Mart's sales continue to grow significantly.The Wal-Mart Philosophy-Wal-Mart is successful not only because it makes sound strategic management decisions, but also for its innovative implementation of those strategic decisions. Regarded by many as the entrepreneur of the century, Walton had a reputation for caring about his customers, his employees (or "associates" as he referred to them), and the community. In order to maintain its market position in the discount retail business, Wal-Mart executives continue to adhere to the management guidelines Sam developed. Walton was a man of simple tastes and took a keen interest in people. He believed in three guiding principles: 1. Customer value and service; 2. Partnership with its associates; 3. Community involvement (The Story of Wal-Mart, 1995). The Customer-The word "always" can be seen in virtually all of Wal-Mart's literature. One of Walton's deepest beliefs was that the customer is always