Marketing Design and Innovation Smart TVs

Executive Summary Marketing design and innovation has gained massive relevance in the electronic industry where competition has reached the cut-throat levels. The Smart TV industry is one of the most affected industries where firms are fighting to retain their competitiveness. Samsung Smart TV is one of the products that have found themselves in this competitive environment.Advertising We will write a custom dissertation sample on Marketing Design and Innovation: Smart TV’s specifically for you for only $16.05 $11/page Learn More The marketing team of Samsung has been coordinating closely with the production unit to ensure that the design, colour, shape, and functionality of the product meet the needs of the market. The marketing approach taken by the firm must be innovative enough to appeal to the emotions of the customers in order to influence the buying decision. Strong brands are very helpful in such competitive environments. Introduction The field of marketing has undergone a massive transition over the years as various changes take place in the global market. According to Trott (2005, p. 89), firms have come to realize that they no longer hold the power of deciding what to deliver in the market. In the past when there were few players in various industries, firms had massive powers, and consumers had to accept what was presented to them. However, this changed as the market started getting competitive. It was clear that firms had to go beyond offering the normal products to the market. They had to be unique in their product offerings in order to gain competitive advantage over others. They realized that before producing any product, they had to get the opinion of the consumers in order to present to them what will offer them maximum satisfaction. Marketing changed from an inward-out approach to an outward-in strategy. Only the best could survive the intensity of the competition and firms in different industries struggle d to outsmart their competitors. The electronic industry has experienced a stiff competition, not only because it is at the heart of the emerging technologies, but also because of the nature of the customers. Firms in this industry have been struggling to come up with new products that can help them attract the attention of the market. This has given rise to the marketing design and innovation. According to Von (2003, p. 56), firms have embraced innovation as a way of developing unique products in the market that can meet the demands of customers. This scholar also says that customers have become so sensitive of the product design when making their purchases. The shape, colour, design, imagination, relevance, usefulness of the product will define the possibility that a customer will purchase a given product.Advertising Looking for dissertation on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The recent introduction of t he Smart TV by various electronic companies is a clear indication that firms have come to appreciate the relevance of the marketing design and innovation in their production strategies. This research will focus on analyzing the marketing design and innovativeness of Samsung Smart TV. Critique of Television Sets Features, Benefits and Values Samsung is one of the most successful electronic companies that have been able to retain its attraction both in the developed and developing economies. It is one of the top brands in the electronic industry, always coming up with new products in different designs that go beyond customers’ expectations. The company plunged itself into the field of Smart TV as a way of asserting its position as a leading company in this industry. This product has been considered unique because of its features. Below is a diagram of Samsung Smart TV. Samsung Smart TV As shown in the diagram above, this is more than a television set. It is a whole system of e ntertainment brought together. The second diagram below is the best graphical presentation of the features of this digital entertainment machine. Features of a Samsung Smart TVAdvertising We will write a custom dissertation sample on Marketing Design and Innovation: Smart TV’s specifically for you for only $16.05 $11/page Learn More In defining features of a Smart TV, Rosellina, Amna and Matherly (2013, p. 67) says, â€Å"It has a higher focus on the online interactive media, Internet TV, over-the-top content, on-demand streaming media, and home networking access.† Basic feature of this product is that it is a television set that has all the features of a conventional television set. However, it has other integrated features that make it unique from a television set. It supports the interactive media. This means that one can use it to access the social media such as Facebook, Tweeter, and YouTube. Its ability to support the streaming medi a means that the user can easily watch any online entertainment by streaming it live. It offers numerous benefits to the user. One can easily download a video and store it within the system for future viewing. It is also multifunctional, meaning that as a person watches news on BBC, he or she can record events taking place at CNN so that he or she can watch it at a later time. This high value makes it a unique product in the market. Critical success factors, phases of innovation, and timeline Development of the Smart TV can be traced to way back in 1994 when the first patent was registered by a group of electronic engineers in the United States. However, its real impact started taking shape in 2010 when major companies started commercializing the product after successfully testing the models. It is also important to analyze phases of innovation and critical success factors in this industry. The path towards Smart TV has been long and bumpy as firms struggle to develop unique product s. According to Baxter (1999, p. 46), the path taken by the leading electronic firms to arrive at Smart TV is closely connected to the path that was taken to come up with the Smartphone. From traditional television sets, most companies realized that it was necessary to develop more superior products for their customers. The initial issue about the design that had to be addressed at the early stages was about the shape.Advertising Looking for dissertation on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The cathode-ray tube television sets were occupying a huge space in an environment where space was an issue. The development of plasma screen television sets was a critical success factor when addressing the issue of space. Then the companies realized that customers needed more in their television sets other than the TV and AV functions. They came up with radios. However, this did not receive massive acceptance as it did when the radio was introduced on phones. The invention of LCD was another critical success factor in this development process. It had superior features than the plasma TV. LED was the second last stage. Finally, there was the Smart TV with superior functionality as those that have been described above. Samsung has been very active in the various stages described above, and it is currently one of the major manufacturers of Smart TVs. Although this product is not available in most homes, it is an indication of a major success that has been made in this industry. Analy sis Comparison of Leading Brands of Television Sets and Their Design Factors Some of the top electronic brands have been keen to develop Smart TVs as a way of tapping into this rich field that has received positive reception from customers. According to Bidault, Despres and Butler (1998, p. 478), most of the electronic companies that have ventured into the manufacture of this product have their own unique designs that they have embraced, with some having higher performance features that others. Samsung is one of the leading companies that have been very successful in this industry. Although the functionality of its Smart TVs is slightly different from that of other brands, the physical designs of these Smart TVs are almost the same. They have embraced the ultra-thin model using LED technology. Samsung Smart TV has a diamond colour, with a touch-screen and qwerty-keyed remote control that enables the user to easily type, when looking for information on the internet. According to Cimp u (2013, p. 45), the 75-inch Samsung’s Samsung D9500 remains the largest Smart TV in the market. At this stage, it would be necessary to analyse the top six brands of Smart TVs in the global market. LG Smart TV has been viewed by many critics as the best Smart TV in the market in terms of the functionality and the value it offers. Its heavy downloading capacity makes it one of the most favourite Smart TVs among the internet savvy individuals. It can also identify and inform the user about specific sites where data being downloaded is obtained. The following diagram shows the physical design of an LG Smart TV. LG Smart TV As can be seen from the above image, it is clear that this Smart TV has more functionalities than a conventional television set. Besides offering basic television channels, this television allows users to access interactive media such as Facebook, Tweeter, and YouTube. Other online services such as e-market can also be accessed through this website. The Pana sonic Smart TV brand shown has been one of the most successful Smart TV brands in the market. The Panasonic Smart Viera seeks to offer its users a unique ability to use various functions at the same time. As shown in the figure below, the screen can be partitioned by the user so that different functions are allowed to run simultaneously. It means that when using this electronic, it is possible to watch live football while charting with a friend on Facebook and downloading movies from the YouTube. Panasonic Smart Viera Sony Smart TV, also known as Sony Entertainment Network, is one of the best Smart TV brands in the market. The figure below shows a picture of a Sony Entertainment Network. Sony Entertainment Network As the name suggests, this television seeks to offer maximum entertainment to the users. When describing functionality of Sony Entertainment Network, Roedy and Fisher (2011, p.) say, â€Å"The product is built around impressive video unlimited and music unlimited servic es, BBC iPlayer, Demand 5, Lovefilm, Netflix, BBC News, library, BBC Sport, a Sony-branded channel of 3D content, Sky News, YouTube, Twitter, Facebook, Picasa and Skype.† It means that this product offers much more to the users. The marketing unit of this company and the production department worked very closely to come up with a product that goes beyond the expectations of the customers. According to Trott (2005, p. 82), in the current market, the only way of staying ahead of market competition is to be able to provide quality services that goes beyond the expectations of the customers. This is what Sony’s Smart TV sought to achieve in this new product. The Toshiba Smart TV, also known as Toshiba Cloud TV, is another successful Smart TV brand that has achieved massive success in the market. The television is ultra thin because of the issue with the spacing. Besides allowing users to use the social media, it also has the functionalities of Live Sport TV, i-Concerts, Dai ly motion and much more functions. It has a calendar that can be displayed on the screen whenever the user finds this necessary. For the iOS users, the Toshiba Cloud TV app can be a functionality that can be used to improve the experience of using the product. However, it is important to note that users of this product have criticized it for messy accounts and a problem with pairing the codes or password. For this reason, this product is poorly rated as compared to other products in the market such as LG and Samsung. The figure below shows Toshiba Cloud TV. Toshiba Cloud TV Another leading Smart TV brand is Phillips. Its functionality varies a little from that of Samsung and LG. Although it has the capacity to download information from the internet, it lacks the capacity to inform the user about the details of the site from which the information is obtained. However, it shares other functionalities such as allowing users to browse the internet, use the interactive media, download m usic from the internet and store them for future use. The figure below shows an image of a Phillips Smart TV. Phillips Smart TV When analyzing the design of the six top brands of Smart TVs, one thing that comes out clearly is that all of them have embraced the need for this product to be ultra-slim. The main difference in design that comes out, as shown in the diagrams above, includes the shape of the stand and their color. However, other features are pretty much the same. Design and Innovation of Smart TV According to Norzalita and Norjaya (2010, 181), the design and innovation would always define the competitiveness of the product in the market. As customers find themselves presented with products with nearly similar functionality features, they are now focusing on the design of the products as a way of determining their superiority. They look at issues such as product’s shape, colour, and style when choosing the product. Samsung has been very sensitive in defining the des ign of its products. According to Keller, Sternthal and Tybou (2002, p. 9), there is always a general assumption among the consumers that the superiority of the product’s design has a close relationship with the service it renders. This means that a product with a superior design will always be assumed to have a superior value than others with simpler designs. Given the similarity of these products in terms of their functionality, most companies are currently using the differentiation strategy as a way of making their products unique in the market. Firms have to realize that consumers use these designs to rate these products. For this reason, while designing the unique functionality of the products, these firms must remain very innovative on issues such as shape, colour and other attributes of the product. Product and service process The analysis above clearly shows that when designing a product, it is very crucial to pay attention to some of the external features that some c ompanies may be tempted to ignore. This is so because in marketing, these physical attributes play an important role. These factors are critically discussed below. Shape, colour, design, imagination, relevance, and usefulness It is now clear that the shape and colour of a product plays a pivotal role in determining the ease with which it can be marketed among different classes of consumers. Customers pay attention to the finishing touches of a product. Samsung has been keen in defining these factors in their product. The image below is of Samsung Smart TV demonstrating the shape, colour, and design used on the finished product. The Colour Theory of Design holds that different colours evoke different emotions among the customers. The Shape, Colour and Design of Samsung Smart TV In its design, the firm was keen on developing an ultra-thin product as shown in the first diagram. It shows that it is space conscious. The second diagram shows the diamond colour and the shape of the screen . It demonstrates imagination of the developers, and relevance of the product in a world where space is increasingly becoming scarce in many homes. It demonstrates the usefulness of the product, not just because of its functionality, but also because of the consumption of the space. The product design is always an output of an imagination. The invention of a Smart TV and its design was an imaginative work that was based on the premise that the final product should address the issue of space, and functionality of the product. This explains why the product has integrated functions of so many electronic gadgets into its system. The relevance of the applications found on this television and its usefulness will depend on the individual user. For instance, this product eliminates the need for a personal computer. However, for it to be relevant to the consumer, then the person must be a user of the personal computer. For an old man who only needs to watch BBC news and other simple forms of entertainment, this sophisticated product may be of little benefit to them. However, the youths who are heavy users of social media, live sporting events, and heavy data storage, this product is very relevant and highly useful. Style, form, reparability, conformance, performance The style, form, reparability, conformance, and performance are other attributes that customers will be looking for in the products they purchase in the market. Samsung has been very keen on the style, form, and functionality of their products. The figure below is an image of Samsung Smart TV being launched in the market. Style and Functionality of Samsung Smart TV The presence of a lady in this advert is just to emphasise on the sheer size of this television. It shows that the lady could fit perfectly well in the screen if this were possible. In essence, it is telling the consumers that they will be watching images in their real sizes. The screen also informs the consumers of the variety of the functions that they can perform with this product. The qwerty-enabled remote control held by the lady in the advertisement is an indication that this Smart TV has the features of a personal computer. However, it is important to note that most of the Smart TVs have had issues with their reparability. According to the market research by Rosellina, Amna and Matherly (2013, p. 54), Samsung Smart TV has been regarded by most of the users as a high performance product. It is easy to use with very simple manuals to enable the user to understand the sophistication of the product. The product can also be repaired easily in the approved Samsung outlets in the global market. However, there have been limited cases of customers seeking repair for this product, and this means that the current data may not be substantial enough to form a basis of a conclusion. Gestalt Ratio Theory In marketing, it is always necessary to use the underpinning theories to explain some of the phenomena in the market that would define consumer behaviour. In design, Gestalt Theory of Perception is one of the widely used theories that helps explain how designers always seek to achieve visual satisfaction out of their products. Gestalt Theory of perception defines ground-object relationship and various principles about product design (Kelley 2001, p. 89). One of the most important principles of Gestalt ratio is the Golden Ration System. It involves coming up with symmetrical shapes out of a product. This would be a clear indication that the product’s design is based on some definite shape. This is specifically meant to be appealing to the eye when one looks at the product. The symmetrical shape should be achieved by dividing the product into two equal shapes by dividing it into two equal parts from whichever angle. Other smaller symmetrical shapes can also be achieved out of the product as demonstrated in the product below. The figure above shows that Samsung Smart TV has various symmetrical shapes fr om various angles. This is an important factor in defining the beauty of a product from the perspective of customers. Market Penetration and Segmentation In order to be successful in the market, Samsung must define a clear market penetration strategy. This must start with a clear definition of the market segment that is targeted. This will help avoid cases of making general promotions that may fail to reach the intended audience. It is important to use some theories when defining the market segment. One of the underpinning theories that can be used at this stage is Maslow’s Hierarchy of Needs. The marketing unit of Samsung must realize that the market is very competitive, and that marketing programs must be very specific. Samsung Smart TV cannot be a product targeted for the individuals who are struggling to meet psychological or security needs as defined in the Maslow’s Hierarchy of Needs. This is the best product in the market currently with features meant to offer m ore than what a conventional television offers. This means that it is a product for people who have achieved self-actualization or approaching it. For this reason, the targeted segments of this product are the upper class and the upper middle class members of the society. After defining the market segment, the marketing unit must define the positioning strategy (Jolly 2005, p. 45). The Consumer Buying Decision Process Theory will be very useful at this stage. This theory will help the marketing unit of Samsung understand the decision making process of the buyer. This involves understanding some of the basic facts that defines the decision that the consumer will make in the process. The positioning strategy should be developed only after understanding some of these factors valued by the consumer that will make him or her make decisions on the products to buy and those that should be avoided. It is important to note that some consumers are largely attracted to a product simply because of its physical design. Others would want more than just the physical attractiveness of the product. Such customers may ignore the physical appearance and pay more attention to the functionality of the product. Samsung Smart TV must be an all rounded product that would offer an appeal to the customers with varying needs. This product should be positioned in terms of its functionality, space consciousness, and the physical attraction. The marketing management unit should then define the most appropriate communication strategy that would help reach the target audience. Social media platforms such as Facebook, Tweeter and YouTube can be very useful. The mass media such as television adverts and newspaper adverts should not be ignored. It is important to note that Samsung’s performance in the market is impressive. The product positioning was done successfully, and the firm has maintained a massive campaign for this product using both the mass and social media. Brand Appeal in Re lation To Competitors In a highly competitive market, firms are always under massive pressure to come up with ways of making their product unique from other existing products. The best way of differentiating product is to use brand. Samsung Smart TV is operating in a highly competitive environment where the products share so many features. The level of competition in this industry has gotten so stiff that firms are relying on the strength of their brand to gain competitive advantage over competitors. The products are also so similar that customers are using the brands as one of the ways of differentiating them. Below are the images of some of the top brands in this industry. Haier Smart TV (Haier Brand) Apple Smart TV (Apple Brand) Samsung Smart TV (Samsung Brand) Roku Smart TV Net-Range Smart TV Branding is one of the best ways of gaining competitive edge in the market over market rivals. As shown in the six images above, different brands use different innovative features to a ttract the appeal from the customer. It is clear that there are numerous brands of Smart Television in the market. Customers pay a lot of attention to the brand that is presented to them. They always base their buying decisions on the brands that are known to offer quality products. For instance, the brand Net-Range is very new to many of the consumers in the market. It does not have a history, which means that customers cannot attest to its quality. Consumers are always weary of such products. They prefer brands that are known to them. However, it is Samsung brand is one of the highly valued brands in the electronic industry. This has given its Smart TV an edge over most of the market competitors. It means that in the above identified brands, Samsung should only be weary of the Apple Brand. Apple is one of the brands known for its focus on quality of its products. Brand meaning, brand equity, brand awareness, image, and relationship According to Rust, Zeithaml and Lemon (2004, p. 1 0), brand is one of the most important components of the product that should be given emphasis when developing marketing programs. The brand name and brand image helps in the identification of the firm’s product in the market. The brand name Samsung and its logo are very popular in the market. The firm has also been keen on developing brand awareness in order to popularize the product in the market (Dussauge and Garette 1999, p. 176). The brand strategy helps a firm develop a firm grip on its customers in order to gain a competitive edge over its competitors. According to Rosellina, Amna and Matherly (2013, p. 89), brand awareness refers to the level at which a given brand is known in the market. Some of the top brands like Samsung are widely known in the market for various other electronic gadgets. However, Rust, Zeithaml and Lemon (2004, p. 89) warns against ignoring the need for constant awareness creation. At no point should a firm cease maintaining awareness campaign in the market, especially when there is a new product in the market. Quality, cost, status, performance, differentiation The cost of the product is always closely determined by its quality and performance. Samsung Smart TV is fairly priced as compared to its competitors, but it has some of the best features in the market. The firm has also tried to bring differentiation on the product using the logo, design, colour, and functionality. The quality of the product should be used to define the cost of the product in the market. The brands of Smart TVs mentioned above have varying costs based on the brands and the functionality of the product. This means that a 51-inch Samsung Smart Hub will cost differently from a 51-inch LG television. When defining the cost of a product, it is important to pay close attention to the capacity of the buyers and their view of the product. When the buyers have a higher purchasing power, they tend to assume that expensive products are of higher quality than c heaper products. This factor should be taken into consideration when developing the price. Innovation Centred-First to Market The marketplace has changed so much that traditional forms of marketing may not offer the desired solution to firms operating in a competitive industry as Samsung. Innovation-centred approach is the best approach that can be used by Samsung in order to gain competitive approach. This means that the firm must develop marketing ideas that would be emotionally appealing to the customers (Jerrard, Hands and Ingham 2002, p. 121). The ability to appeal to the emotions of the customer can make the much needed difference when customers are making their purchases. Kotler’s Six Meaning, Brand Pyramid, Brand Resonance According to Roedy and Fisher (2011, p. 81), â€Å"The most distinctive skill of professional marketers is their ability to create, maintain, protect, and enhance brands.† In order to achieve this, a firm must be able to be able to understand six meanings of a brand as defined by Kotler. They include brand attributes, values, benefits, culture, personality, and user. Each of the six brand meanings has been given emphasis by Samsung in its new Smart TV model. The brand resonance pyramid can best be explained using the image below. Source (Jordan 2000, p. 79) In the first layer, the concern of Samsung Company would be to establish brand identity. In the second layer, would involve giving meaning to the brand. The third level involves consumer response to the brand, while in the last tier the focus will be on developing customer relationship. Patents and Trademarks Registered for Protection In the field of design, patent and trademarks are very important. It takes massive efforts, resources and time to come up with a new design in the market. The process of coming up with Smart TV took several processes for different companies and that is why different brands of Smart TVs have some sense of uniqueness. Protecting these ne w designs using patent rights enables a firm to protect its intellectual property. Brands also need to be patented to protect them from piracy or any form of misuse. Below is the brand name and logo of Samsung. The name and logo are patented and no firm can use the above brand unless it is done under mutual agreement with Samsung. All the products of this firm, including Samsung Smart TV use this logo in the market. Conclusion Smart TV has been seen as a revolution in the field of innovation technology. Many companies have entered this field, making it one of the most competitive market segments. Samsung is the leading player in this industry, with products specifically designed to meet the customers’ needs. The design of the product plays a pivotal role in determining whether or not customers may make the purchase of the product. When faced with similar products in the market, customers base their buying decision on the shape, colour, size, design, price, and the brand of a product. These features must be closely monitored by the marketing team of Samsung to help the firm remain competitive. List of References Baxter, M 1999, Product design: practical methods for the systematic development of new products, Stanley Thornes, London. Bidault, F, Despres, C Butler, C 1998, Leveraged Innovation: Unlocking the innovation potential of strategic supply, Macmillan, Basingstoke. Cimpu, O 2013, RD for Smart TV, New York: LAP LAMBERT Academic Publishing. Dussauge, P Garette, B 1999, Cooperative Strategy: Competing successfully through strategic alliances, Wiley, Chichester. Jerrard, R, Hands, D Ingham, J 2002, Design Management Case Studies, Routledge, London. Jolly, A 2005, From Idea to Profit, Kogan Page, London. Jordan, P 2000, Designing pleasurable products: an introduction to the new human factors, Taylor Francis, London. Keller, K, Sternthal, B Tybou, A 2002, Three Questions You Need to Ask About Your Brand, Harvard Business Review vol. 2. no. 1, pp. 1 -10. Kelley T, 2001, The art of innovation, Harper Collins Business, London. Norzalita, A Norjaya, M 2010, Analyzing the Brand Equity and Resonance of Banking Services: Malaysian Consumer Perspective, International Journal of Marketing Studies, vol. 2. no. 2, pp 180-185. Roedy, B Fisher, D 2011, What makes business rock: Building the world’s largest global networks, Wiley, Hoboken. Rosellina, F, Amna, K Matherly, T 2013, Look at Me! Look at Me! Conspicuous Brand Usage, Self-Brand Connection, and Dilution, Journal of Marketing Research, vol. 50. no. 4, pp. 477-488. Rust, R, Zeithaml, V Lemon, K 2004, Customer-Centered Business Management, Harvard Business Management, vol. 9. no. 1, pp. 1-11. Trott, P 2005, Innovation Management and New Product Development, FT Prentice Hall, Harlow. Von, S 2003, Managing Innovation, Design and Creativity, John Wiley, Chichester. This dissertation on Marketing Design and Innovation: Smart TV’s was written and submitted by user Silver Gorilla to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Project Management and Operations

Project Management and Operations Introduction Operations management deals with management of a production process of goods and services in an organization. Operations function is central to any business because it deals with merchandise.Advertising We will write a custom case study sample on Project Management and Operations specifically for you for only $16.05 $11/page Learn More As a whole, operations management contributes to the organizational strategy through cost reduction, customer satisfaction, reduction of risks resulting from operation failures, reduction of the amount of investment, and providing a basis for future innovation. Employees are useful determinants of success of an organization. They need to be adequately motivated to ensure execution duties in the organization’s strategic plan. Equity theory Pay satisfaction is a central element of employee attraction and retention. Pay adequacy and equity are the determinants of pay satisfaction. Equity theory requires employ ees to be evaluated through comparison of the ratio of their inputs and outputs with the ratio of input and output of other employees. The inputs take different forms. For instance, what the job contributes, extra role behavior exhibited by the employee and personal contributions. How to distribute the pay rise In most cases, the management distributes annual pay rise uniformly to all employees. In such cases, it is computed as a percentage increase of current salaries of the employees. However, the hard working employees might feel unmotivated since non hard working employees also receive the same share. As an alternative, management often distributes the pay rise based on performance of the employees. This ensures equitable distribution of the pay rise. There are steps that the engineering manager needs to follow to achieve this equitable distribution. First, the manager needs to come up with a budget for the pay rise. Assume that the department intends to spend $10,000 on the pay rise this year. Second, the manger should distribute the annual rise based on the results of performance reviews conducted recently.Advertising Looking for case study on project management? Let's see if we can help you! Get your first paper with 15% OFF Learn More The analysis assumes that the total number of employees in the department is 10. The table shows the ratings of employees during the previous performance review. It also shows the distribution of pay rise. Employee Performance ratings from previous review Classification The percentage of salary increment Tom Atkinson 82% Excellent 16% Tony Montana 79% Excellent 16% John Smith 70% Excellent 16% Michael Legend 64% Average 9% Ali Sinor 60% Average 9% Hamer Courtney 55% Average 9% Hansalik Edward 50% Average 9% Highland Jack 45% Marginal 5% Nugent Johanna 39% Marginal 5% Sears Sandra 33% Marginal 5% From the table above, employees in â€Å"excellent† category receive 16 % of the total budget of the increase. In â€Å"average† category receives 9% and in â€Å"marginal† category receives 5% of the total budget. This distribution can further be differentiated according to each employee’s ratings. The strong performers receive more than weak performers in each category. The table shows these adjustments. Employee Performance ratings Classification Percentage of increment Amount received Tom Atkinson 82% Excellent 18% 1800 Tony Montana 79% Excellent 16% 1600 John Smith 70% Excellent 14% 1400 Michael Legend 64% Average 12% 1200 Ali Sinor 60% Average 11% 1100 Hamer Courtney 55% Average 8% 800 Hansalik Edward 50% Average 7% 700 Highland Jack 45% Marginal 6% 600 Nugent Johanna 39% Marginal 5% 500 Sears Sandra 33% Marginal 3% 300 In the above table, the salary increment is further differentiated so that employees who scored more receive more salary increment. The last column shows the amount which each employee receives from the increment.

Case study WRATD (Werribee Residents Against Toxic Dumps) Essay

Case study WRATD (Werribee Residents Against Toxic Dumps) - Essay Example It was further argued that the development planning of the facility had met all the guidelines and regulations of EPA. Thus, CSR believed that the development was legal and met all the stipulated regulations. However, the local residents were of the opinion that the project would be detrimental to the area’s economy. The region had also been previously compelled to accommodate unwanted developments such as Melbourne’s major sewerage treatment works. The residents formed Werribee Residents Against Toxic Dump (WRATD) in order to fight the proposal by CSR. The group was a grassroots organization with representation from various disparate parts of the community. One of the key issues that hindered the implementation of development of the waste facility was due to ineffective involvement of the local community. There was inadequate publicity about the proposal and the local residents were not properly appraised concerning the project. The process was highly secretive. In a nutshell, there was minimal community involvement in regards the proposal by CSR. The reservations of the local community, whether real or perceived, need to be addressed in order for a project to be accepted. This paper analyzes the role of community engagement to the society and its social impacts. The paper also discusses the pertinent issue of ethics in relation to the society and the role that community engagement can play in order to tackle the ethical problems associated with communications from organizations. The case study of Werribee Residents Against Toxic Dump (WRATD) is critically analyzed in order to assess the proper methodology of public involvement in proj ects and the approaches that should be used in handling publicity for contentious projects. According to Freeman and Harrison (2001), stakeholders comprise of the entire ecosystem that support an organization. From a business perspective

Compare the education between Saudi Arabia and United state Essay

Compare the education between Saudi Arabia and United state - Essay Example Saudi Arabia and the United States are allies. However, while learners in the United States continue to access valuable education and subsequent employment, learners in Saudi Arabia continue to undergo substandard education. Saudi Arabia needs to be at the same level of education as the United States, if the two countries are to gain meaningful cooperation. A lot of scholars have written on the current trends in education in Saudi Arabia and what future holds. Such literature acknowledges that most of the elite in Saudi Arabia have schooled in the United States and provideslessons that Saudi Arabia can learn from the United States (Lippman, 2012). In order for Saudi Arabia to compete globally with nations such as the United States, theformer needs to borrow from the educational system of the latter. It would be very beneficial for Saudi Arabia to emulate the United States in terms of learner-centered instructional methods, more investment in libraries, more emphasis on higher education, and the use of online

Innovation and Sustainability Essay Example | Topics and Well Written Essays - 500 words - 4

Innovation and Sustainability - Essay Example Therefore, this paper will explore two consumption and two production habits of humans that are related to the material resources. In addition, it will give recommendations on sustainable ways of producing and consuming these resources for the purpose of the present and future generation. Population growth continuously affects consumption of materials and environmental resources. With exponential growth, population density increases in a region. The number of population per 1000 population highly determines the amount of consumption of goods that come from the environment. Agricultural production of goods has to be increased with any increase in birth rates in a population. Going by the current trend, every household and in some cases every individual who can attain a driving license has a car especially in the US, which means more fuel consumption, hence, more exploitation of crude oil (Segger, 2011). Technology has contributed a lot to consumption of most goods. It is with technology that humans are able to consume coal out of a coal mine. Fuels that produce green house gases come as a result of the power of machines in exploitation and cutting down of trees which are a great source of carbon sink. All this is done just to satisfy human needs of consumption. For example, trees are cut down for building purposes and for fuel, while exploitation of fuels like petrol and diesel from crude oil is mainly for the current increase of vehicles on the road (Segger, 2011). Advancement of industrial revolution has immensely encouraged high production rate of consumer goods. With advanced technology, more agricultural goods can be produced due to the presence of technologies that can be used like those used to manufacture chemical fertilizers for the unfertile soils. Thus, more agricultural goods are being produced currently, despite the health impacts that some of the production methods like GMO have on human health (Segger,

Analysis of StratSim

Analysis of StratSim The StratSim is a growing and a wider spread industry around the global among the automobile sellers. Notwithstanding the economic and energy instabilities, that led to decreased vehicle demand, sales revenues strongly increased as Gross Domestic Products (GDP) increase from period 1- 4, and remains constant in period 5, and inflation rate decreased from 2.5% period 1 to 1.0% in period 3. However, in some circumstances, sales were increased and/or decreased since firms started making decisions. These 7 competitors were; firm A, firm B, firm C, firm D, firm E, firm F and firm G. In StratSim, there are 7 vehicle classes; Minivan (M), Family (F), Sports (S), Luxury (L), Utility (U) Economy (E), and Truck (T). Vehicle attributes being; performance, styling, quality, interior and safety. Furthermore, advertisement plays a significant role especially when firms striving to create brand image, awareness as well as interests to target customers. Dealerships contributed in generating revenues through sales of ranges of vehicles which in turn enabled the firm to increase its market share while maximising shareholders wealth. Firm B has had 3 vehicle classes; Boss -Truck Boffo Family and Buzzy Economy. 2.0 Strategic Analysis According to (Johnson et al, 2006, p 9), strategy is the direction and scope of an organisation over the long term, which achieves advantage in a changing environment through the use of resources and competence with the aim of fulfilling shareholder expectations. Figure 1. Processes by which strategy is described and executed. Source:http://www.12manage.com/description-deliberate-strategy.html. In a competitive business environment such as StratSim, analysing firms strategies is vital in order to enhance performance and customer satisfaction. 2.1 Firm Bs Strategic Intent Firm Bs mission was to become the leader in automobile industry worldwide by offering highly innovative vehicles to diverse customer segments that will consistently satisfy their dynamic needs. 2.2 Objectives 2.3 Basic Strategy Our strategy was to provide good quality vehicles at premium price trying to differentiate our vehicles from incumbents while avoiding price war from our competitors. By doing so, we became the leader twice in economy (Buzzy) car, period 2 and 5. To meet diverse customer taste and preferences, we made minor upgrades to our vehicles during decision periods, e.g. technology, promotion, advertising, etc. 2.4 External Analysis Scanning the macro-environment is vital since there are several factors that hinder firms performance and growth. In order for managers to come up with effective and suitable strategies that will enable the firm exploit overt and hidden opportunities while overcoming threats, those factors need to be thoroughly tackled before decisions are made. The external analysis comprises; The Michael Porters five forces. PESTEL analysis. Opportunities and Threats (OT) from SWOT analysis, And Critical Success Factors (CSF). 2.4.1 PESTEL framework PESTEL framework is a useful tool that is used by organisations to analyse the complexity of macro-environment variables. It also provides a picture on how these key factors may influence firms success or failure of its particular strategies in future, so that managers can find ways of overcoming. PESTEL refers to; political, economic, social, technology, environment and legal. Figure 2 the PESTEL Framework Source: (Johnson et al, 2006. p 68) The Organisation Political Taxation policy Government stability Social welfare policies Foreign trade regulations Legal Health and safety Competition law Product safety Employment law Economic factors Business cycle Inflation Interest rates Unemployment GNP trends Money supply Disposable income Environmental Environmental protection laws Waste disposal Energy consumption Sociocultural factors Population Demographic Socio mobility Consumerism Income Distribution Lifestyle changes Level of Education Attitudes to work and leisure Technological Government spending on research Speed of technology transfer New discoveries/developments Government and industry focus on technological effort Rates of obsolescence Political/Legal Since 1960, laws and government regulations have affected the automotive industry (Highfill et al, November, 2004). Political changes may favour or hinder the firms production since anti-pollution laws and taxes may be imposed, so, firm B should continuously pay special attention to any rules, codes and regulations regarding carbon-dioxide emissions. Economic During simulation, firm B had experienced unstable economic growth. Its variables like inflation, interest rates, gas prices, and material costs were fluctuated, these have affected firm profitability. Social Due to increased health awareness, people tend to change their lifestyles, while turning to low-emission vehicles, also income distribution and demographic population both affect vehicle production either positively or negatively. Technology Rapid change in technology has provided both opportunities and threats to the automotive industry. Those who employ it effectively, it facilitates them in enhancing firms efficiency by producing vehicles that appeal to customers whilst lowers costs. So far, internet and firm websites as part of technology have been used by many buyers as a reference tool before making purchases decisions. 2.4.2 Critical Success Factors (CSF) Johnson et al (2009) defined CSF as those product features that are particularly valued by a group of customers and, therefore, where the organisation must excels to outperform competition. CSF comprises; threshold features and differentiators. Source: Johnson et al (2009) CRITICAL SUCCESS FACTORS (CSF) THRESHOLD FEATURES DIFFERENTIATORS Threshold features These are features that customer values mostly, and they are likely not to buy a product or service that lack one among them. In StratSim industry, threshold features are; quality, performance, safety and size. Differentiators These are customised or added qualities some customers may/may not consider before purchasing a service or products. During our simulation, price, styling and interior were regarded as differentiators. In reality, differentiators have had given a difficult moment to distinguish what they prefer most, since many vehicles were similar among competitors after modifications being made during decisions. Lastly, firms should take it seriously, creative and keep innovating in these CSF in order to outwit its competitors through customer satisfaction. 2.4.3 Porters Five Forces model The 5 competitive forces model was developed by Michael Porter in 1980 (Johnson et al, 2006). Since then, the model is used by firms as a tool to analyse the attractiveness (profit potential) while determining the intensity of competition (threats) of an industry, and finally come up with the right strategies that will support in exploiting opportunities, neutralise threats and hence grow. Figure 3 Porters Five Competitive Forces model SUPPLIER POWER Switching costs of firms in the industry Presence of substitute inputs Threat of forward integration Supplier concentration Importance of volume to supplier Impact of inputs on cost or differentiation Differentiation of inputs Cost relative to total purchase in industry BARRIERS TO ENTRY Government Policy Capital requirements Access to distribution Economies of scale Switching costs Proprietary learning curve Access to inputs Expected retaliation Brand identity Absolute cost advantages Proprietary products BUYER POWER Price sensitivity Threat of backward integration Substitutes available Bargaining leverage Buyer concentration vs industry Buyer information Buyer volume Buyers incentives Brand identity Product differentiation www.scribd.com DEGREE OF RIVALRY Brand identity Exit barriers Switching costs Product differences Industry growth Fixed cost/ value added Diversity of rivals Industry concentration Corporate stakes Intermittent overcapacity RIVALRY THREAT OF SUBSTITUTES Buyer inclination to substitute Switching costs Price-performance trade-off of substitutes Threat of New Entrants The threat of new entrants in automobile industry is low, since barriers to enter are very high, such as high amount of start-up capital required. Moreover, incumbents have; adequate experience curve, distribution access, economies of scale, strong research and development (RD) and even brand and customer loyalty. These become difficult for new entrants to manage as Incumbents can produce at mass to cover potential and existing customer needs. Bargaining Power of Suppliers Suppliers power in automobile industry is low, since producing a car/vehicle requires a range of inputs (parts) from diverse suppliers. If some inputs not found in one supplier, it is easy to switch from one supplier to another finding a substitute for the required input due to low switching costs. Threat of Substitutes Substitute threats in this industry is likely to be moderate and depends much on customer geographic location, other customers like walking, taking train or riding bike. But in Dar es Salaam city for example, people prefer public transport, motorcycles (BAJAJ known as rickshaw in India) as alternative means to automobile due to increased congestion. Bargaining Power of Buyers In this industry, buyers power is a bit high. Low switching costs from one firm to another seeking for substitutes since most of the customers are price sensitive. For the case of the simulation game we played, most of the products were undifferentiated, so that, buyers can easily shifts to an alternative producer as well as products. Competitive Rivalry The intensity of competition in automobile industry is high due to lack of differentiation strategy and innovation among incumbents especially to the three vehicle classes, i.e. family, economy and truck because most of the firm use similar strategies like price, this reduces market growth as well as profitability. 2.4.4 Opportunities and Threats Opportunities: Advanced technology Firms can use it more efficiently in enhancing product features that can appeal to the eyes of customers. Also use e-commerce to advertise and sell globally. Bargaining power of suppliers. Low supplier power is an advantages to an automobile firms since they can set input prices, and hence be able to enjoy cost advantages while offer good quality products that will satisfy customers. European Union (EU) Automobile manufacturers can use the EU to sell their products. Diversification Diversification can be done to widen the market to other untapped segments like high income earners or internationally and also locate the firms near raw materials where they can enjoy location economies. Differentiation strategy In order to sustain customers, after satisfaction is being met, differentiation strategy can be used as a weapon in delivering a range of added values that surpass those of competitors, since most of the firms use similar strategies. Threats: Bargaining power of buyers Strong bargaining power buyers associated with low switching costs to alternative products, force suppliers to an increased competition in order to provide the best that will satisfy their customers. Increased gas prices Gas being one of the operating energy, increased price will also affect firms production as well as profitability e.g. in simulation that we played, period 1 $/gal was 3.15 rise to 3.50 in period 5. New laws New rules and regulations on carbon-dioxide emissions in environmental protection hinder production of cars that use petrol engines. World economic recession Recession discourages consumption of luxury goods, and streamlines production while people turn to public transports. High competition Initially, all firms in the StratSim industry were in similar position e.g. financially and other resources; these prove difficult in making decisions on how to create demand in order to enhance market shares as well as profits. Each firm was competing. Inflation Inflation has started to increase in period 4 from 2.0% to 2.5%, this will affect consumer prices. Fuel price instability. Rapid change in technology This threatens vehicle production since other substitutes to vehicles may be produced. 2.5 Internal Analysis 2.5.1 Resources and Capabilities These are those which will create a strategic fit in order for the firm to survive and prosper even in a competitive business environment. Lucino Noto, (2007, p 125) Analyzing resources and capabilities: The interface between strategy and the firm THE FIRM Resources and Capabilities Goals and Values Structure and System STRATEGY THE INDUSTRY ENVIRONMENT Customers Competitors suppliers The firm-Strategy Interface The Environment-Strategy Interface Organisation resources are divided into two categories (Johnson et al (2009); Tangible Resources These are firms physical assets. Firm B physical assets were; Three vehicle classes, each of these represents a unique configuration while targeting different customer segments like value seekers, families, singles, high income and enterprisers (the StratSim case, 2010). Financial resources, at period 0, each firm were given sales amounted to $ 15.5 billions (the StratSim case, 2010), which enabled firm B to diversify into different segments. Manpower, firm B had 4 competent human resources who made diverse valuable decisions and hence became twice the leader of economy car (Buzzy). Intangible Resources These are non-physical resources such as; information, reputation and knowledge i.e. intellectual capital. (Johnson et al, 2008). Firm B holds a number of unique competences over its rivals. Firm B capabilities were; Quality. Safety. Performance. Style. Interior. 2.5.2 V.R.I.O Are criteria that are used to assess the sustainability of an organisation resources and capability that will enable the firm achieve durable competitive advantages. V.R.I.O stands for Value, Rarity, Inimitability and Organisation. (Johnson et al, 2008). Value As the game started, firm B had enough resources and capabilities i.e. unique brand name that facilitated it in formulating and implementing different strategies to meet customer needs. But due to increased market demand, demand exceeded production in the periods around since the firm lacked efficiency. Rareness At the beginning, all firms had similar starting point which led them to have a low degree of rarity. This positioning by StratSim made firm B to create more appealing strategies like vehicle enhancements and improvements in terms of its attributes which allowed it to come with things which turned out to be less common among the firms. Inimitability During simulation game, product imitation was very high since previous results and almost all modifications and other statistics were openly published for other firms to see. This means that competitors can possibly copy other firms techniques. Organisation In StratSim industry, there were 7 firms producing identical vehicles, because they used similar strategies, lacking differentiation. Due to these, it became easily for customers to switch from one firm to another if satisfactions have not met. 2.5.3 SWOT- SW SW is a tool that is used in identifying or analysing firms internal strengths and weaknesses and enables it to use the available strengths to minimise or turned those weaknesses to strengths. SW means Strengths and weaknesses. Strengths: Unique brand name Best Motor Works. Unique product names like Buzzy, Boffo, and Boss. Twice leader of Buzzy-Economy car, period 2 and 5. Reliable dealerships. Innovation, almost every decision period, firm B upgraded its vehicle attributes to meet emerging customer needs. Weaknesses: Weak financial position. Unstable growth of market shares. Limited product lines, this means that firm B did not exploit the available opportunities of unsatisfied and potential new customers to launch any new vehicle that will satisfy their needs. 3.0 Decisions 3.1 Technology Firm B upgraded its technology capabilities during decision periods considering dynamic business environment and customer tastes and preferences, while special attention given to economy (Buzzy) and family (Boffo) cars. Investment in technology facilitated firm B in enhancing its production capacity as well as vehicle attributes that appealed to target customers and hence satisfy their emerging needs. 3.2 Marketing Firm Bs marketing mix was to create leverage with customers and build strong brand loyalty which will enable customers purchase our products even in intense competition as in StratSim industry. Firm B unique selling price USP was quality. Quality being the key in our products while charging premium price enable Buzzy (economy) car to become the leader in period 2 and 5. Despite this success, it was hard for firm B survive in just a success of one car and become the market leader. Though the marketing mix was thoroughly applied by adding or reducing the number of dealers in each area, increasing dealer discounts and product promotions attracting customers, firm B marketing share was increased and decreased during decisions due to overspending. (For more marketing and distribution details for period 5, see appendix 1 2) 3.3 Finance During simulation, firm B financial performance was somehow poor despite a slightly increase in sales ($), net income was negative during period 2 and 5 results. We discovered that one of the problems could possibly be overspending, however, (Firm B performance summary period 5, see appendix 3). 3.4 Production In the year around, production was increased as well as vehicle attributes to meet customer demand. Though Boss (truck) and Buzzy (economy) vehicles were upgraded in period 4, there were some shortages on Boss; this means that if we were given a chance to continue making decisions, we could probably increase production to meet the demand (see appendix 4). 4.0 Conclusion Firm Bs mission was to become the leader in automotive industry offering highly innovative vehicles to different customer segments that will satisfy their emerging needs. Unfortunately, firm B did not meet its expectations. Though it became the leader twice in Buzzy (economy) car, this means that its strategies fits in economy market, having success in one vehicle does not guarantee survival, thus why firm B income and market share fluctuated. We were not pretty sure of what contributed in unstable financial performance, though we speculated that overspending was one of the problems. 4.1 What I Have Learned I learned that, in the business, taking risks is the way of success. In StratSim industry, almost each period, market research has identified some potential new customers whose needs were not yet satisfied by current vehicle (the StratSim case, 2010). But firm B overlooked to take advantage of launching new vehicle in order to exploit these opportunities and hence increase our turnover and margins due to being risk averse. 5. Reference and Bibliography: Johnson G, Scholes K, and Whittington R, (2006), Exploring Corporate Strategy, 7th Edition, Prentice Hall. Johnson G, Scholes K, and Whittington R, (2009), Exploring Corporate Strategy, Prentice Hall. Highfill D, Baki M, Copus S, Green M, Smith J and Whineland M, (November, 2004). Automotive Industry Analysis-GM, DaimlerChrysler, Toyota, Ford, Honda, overview of industry analysis, available at http://www.academicmind.com/unpublishedpapers/business/management/2004-11-000aaa-automotive-industry-analysis.html. Accessed on 19/11/1010. The StratSim Case (2010), Automobile industry. Lucino Noto, (2007), Analysing resources and capabilities: the interface between strategy and the firm, available at. http://www.blackwellpublishing.com/grant/files/CSAC05.pdf . Figure , Porters Five Forces Available at www.scribd.com/doc/16998313/Diagram-of-Porters. Accessed on 20/11/2010. 6. APPENDIXES 1. Technology Capabilities Period 5 Firm Ratings (1=low capability) Dev. Centers Interior Styling Safety Quality Max. Feasible 5 11 12 11 12 Firm A 3 4 6 4 7 Firm B 3 4 6 5 7 Firm C 2 4 7 6 6 Firm D 2 4 6 5 6 Firm E 2 6 8 6 8 Firm F 2 4 6 4 6 Firm G 3 5 8 7 9 Tech Dim Considerations Interior flexibility of cargo space Styling general curb appeal, styling, handling, finish Safety structural design, braking system, safety features Quality overall reliability, durability, consistency of products StratSim Ind:ind1 Firm:b Period 5 2. Marketing Detail Period 5 Firm B Consumer Budget (mill.) Company Owned /Fleet Budget (mill.) Regional Corp. Adv. $48 Direct Sales Force $0 Direct Mail $6 Direct Mail $0 Public Relations $12 Total $66 Total $0 Vehicle Val Mkt Share MSRP Dealer Disc. Avg Sell Price Adv. (mill.) Adv. Theme Promo. (mill.) Days Inv. Buzzy 2.4% $11,550 12.0% $10,572 $33 Quality $20 18 Boffo 9.4% $20,400 15.0% $18,749 $34 Safety $29 0 Boss 3.2% $20,499 13.0% $19,859 $28 Perform $15 0 Total $95 $64 StratSim Ind:ind1 Firm:b Period 5 2.1 Product marketing period 4 Vehicle Platform MSRP Dealer Disc. Adv. (mill.) Adv. Theme Promo. (mill.) Boffo No Change $20,400 15.0% $34 Safety $29 Boss Upgraded $20,499 13.0% $28 Perform $15 Buzzy Upgraded $11,550 12.0% $33 Quality $20 Total $95 $64 2.3 Distribution Detail Period 5 Firm B North South East West Total Full Coverage 200 250 150 200 800 Established Dealers 137 137 133 133 540 Coverage 69% 55% 89% 67% 68% Planned Openings 10 9 11 12 42 Support/Dealer (000s) $150.6 $150.6 $153.2 $153.2 $151.9 Units/Dealer 2,187 2,284 2,389 2,756 2,401 Sales/Dealer (mill.) $36.9 $38.9 $40.2 $46.3 $40.5 Service/Dealer (mill.) $1.4 $1.5 $1.6 $1.7 $1.5 Gross/Dealer (mill.) $3.3 $3.6 $3.6 $4.1 $3.7 Dealer Rating 59 60 60 61 60 StratSim Ind:ind1 Firm:b Period 5 2.4 Product Contribution Period 5 Firm B Product Contribution Vehicle Units (000s) Dealer Sales (mill.) Direct Sales (mill.) COGS (mill.) Gross Margin (mill.) Adv Promo (mills.) After Mkting (mill.) Boffo 734 $12721 $0 $9797 $2924 $63 $2861 Boss 234 $4179 $0 $3262 $916 $43 $873 Buzzy 329 $3342 $0 $3319 $24 $53 $-29 Total 1,297 $20242 $0 $16378 $3864 $159 $3705 Note: Dollar amounts are in millions. StratSim Ind:ind1 Firm:b Period 5 2.5 Vehicle Classes Period 5 Class Mfr Sales Retail Sales Unit Sales %Chg (units) Num. Veh. Leader Economy $17,296 $17,904 1,726 +5% 7 Buzzy Family $84,734 $91,128 4,816 +4% 7 Efizz Luxury $0 $0 0 NA 0 Sports $0 $0 0 NA 0 AEV $0 $0 0 NA 0 Minivan $4,950 $5,421 220 NA 1 Goofy Utility $0 $0 0 NA 0 Truck $29,506 $32,278 1,669 -1% 7 Ace Total $136,486 $146,732 8,431 +6% 22 Efizz Note: Dollar amounts are in millions, units in thousands. StratSim Ind:ind1 Firm:b Period 5 3. Performance Summary Period2- 5 Firm B Per. 2 Per. 3 Per. 4 Per. 5 Sales ($) $14,800.9 $17,418.6 $18,244.8 $20,242.1 Sales (000s units) 912 1,088 1,144 1,297 Market Share ($) 13.5% 14.9% 14.2% 14.8% Market Share (units) 13.6% 15.0% 14.4% 15.4% Net Income $-897.1 $249.1 $494.4 $-239.3 Cum. Net Income $-373.6 $-124.5 $369.9 $130.6 Stock Price $18.95 $22.74 $26.42 $26.46 Market Value $9,472.5 $11,370.3 $13,208.4 $13,232.1 Return on Sales -6.1% 1.4% 2.7% -1.2% Return on Assets -10.0% 2.6% 5.1% -3.3% Firm Preference 15.2% 14.9% 13.5% 15.0% Dealer Rating 57 58 60 60 COGS 74.4% 76.2% 77.7%

Models of Decision Making :: Business Management

MODELS OF DECISION MAKING: ïÆ'Ëœ SWOT Analysis Model ïÆ'Ëœ Poster’s Five Forces Analysis ïÆ'Ëœ PEST Analysis SWOT Analysis SWOT Analysis is the most common and renowned model for decision making in the business world today. It is used for conducting the audit, study and analyze the overall strategic position of the business and the environment in which the business operates SWOT is an abbreviation of Strengths, Weaknesses, Opportunities and Threats. The main objective of SWOT analysis is to devise the best strategy for the organization, using it to prepare the business model for the company while keeping in view the resources, capabilities and constraints that are applicable. It is in fact used to assess the internal potential of the organization and how it can be utilized to exploit the avenues available in the environment. It takes into consideration all the favorable and unfavorable factors associated with the organization. This tool when used consistently can help in the predicting the future outcome and including those forecasts in the organization’s strategy. Conducting SWOT analysis is not a complex task but includes a very simple and interesting activity. It also includes brainstorming sessions. SWOT analysis may be used to develop the business idea, assessing an opportunity to make an acquisition, analyzing a potential partnership or making decision about a brand, product, an investment opportunity. SWOT analysis is conducted using a template which is usually in the form of a grid and consists of four sections. An example of the template is produced below: STRENGTHS Financial Resources Human Resource Market Access Brands Patents Copy Rights Technology Infrastructure Quality Cost minimization Effective management Geographical edge Expertise and Experience Backward and Forward Integration Other assets WEAKNESS Cash shortage or lack of access to financial resources Lack of access to market Incompetent human resource and management Lack of infrastructure Non availability of technology Lack of competitive strengths Ineffective supply chain management Narrow Product Range Poor Decision Making Huge Debts High employee turnover Obsolete equipment Complex decision making process Large wastage of raw material OPPORTUNITIES New market New Government policy or change in recent policy Lifestyle or industry Niche market Increase in level of income of individuals New Products and services THREATS Political factors Legislative issues Environmental factors High turnover of staff Takeover by a big giant New technology by competitor Disagreement with key contractors and customers Seasonal impacts Change in attitude, tastes or lifestyle International market impacts on local market Change in the market demand Ever changing technology Price war leading to decrease in profitability Increased competition leading to access capacity Lets have a view on each of the four factors: Strengths: Strengths are the competitive edge or the capabilities an organization has to be utilized when competing with its competitors.

Dell Culture

Dell is also one of the in the market setting the tone for horizontal structure communication. It has adopted Hofstede’s low power distance dimension. In the Retention, Acquisition, and Development account, communication involves much horizontal communication with lean hierarchy. The organization has been able to run much like an entrepreneur startup even though it has reached gargantuan size. The lean hierarchy is one of Dell’s key success factors because it creates more efficiency in the workplace. Further, Dell takes specific actions to maintain control and monitoring of employees.The first step that Dell uses for micromanagement of employees is through senior advisory groups. These groups of highly educated employees in the field with a long track record of experience give certain employees monthly conference calls to check up on high-level issues that affect Dell worldwide. Second, Dell performs quarterly financial reviews to monitor how employees are spending thei r time and thus to ensure that these workers are using efficient use of time in order to accomplish the priorities for the company.For example, the sales team needs to maximize time spent with customers, as customer service is Dell’s differentiation. Lower priority tasks such as checking email are expected to be accomplished during off hours as opposed to prime meeting time. Next, Dell gives client report cards measuring criteria such as clear and concise direction. Through this method, Dell coaches its workforce and provides coaching feedback on how to improve. Finally, Dell enforces training of employees as the last important step to maintain control.All employees are required to attend Dell University in order to understand their product completely. Employees who do not understand their products will cause the corporation to lose credibility. Thus, Dell invests a lot of money in education of employees in order to maintain its competitive edge in the marketplace as a whole and more specifically, to continue gaining market share from its major competitor in China, Lenovo Computers. The managements not only must maintain control but also help to establish communication between Dell headquarters and their specific departments.In order for local agencies to maintain communication with the home offices, managers delegate much of this role to the employee communications department. This department is responsible for facilitating exchange of communication between headquarters and the separate agencies worldwide. Communication is a crucial issue, which Dell aims to maintain and continually improve with the advent of new technology. The Internet revolution has made control between the home office to the separate branches far more manageable in recent years.All of the specific agencies are required to communicate via one common extranet. Agencies are all involved in the activity of Dell and its vision. Agencies can voice their opinions on any plan in progress t hrough this extranet. Further, Dell pushes communication through email. Phone calls are less common as they have little time flexibility and raise costs tremendously, especially if across countries. In a market where Dell prides itself on cost leadership, telephone usage is simply not nearly as effective as Email.

A Closer Look at Alice Munros Short Story Runaway

A Closer Look at Alice Munros Short Story Runaway Runaway,  by the Nobel Prize-winning Canadian author Alice Munro, tells the story of a young woman who refuses a chance to escape a bad marriage. The story debuted in the August 11, 2003,  issue of The New Yorker. It also appeared in Munros 2004 collection by the same name. You can ​read the story for free on The New Yorkers website. Multiple Runaways Runaway people, animals, and emotions abound in the story. The wife, Carla, is twice a runaway. When she was 18 and college-bound, she ran off to marry her husband, Clark, against her parents  wishes and has been estranged from them since. And now, getting on a bus to Toronto, she runs away a second time- this time from Clark. Carlas beloved white goat, Flora, also appears to be a runaway, having inexplicably disappeared shortly before the start of the story. (By the end of the story, though, it seems likely that Clark has been trying to get rid of the goat all along.) If we think of runaway  as meaning out of control  (as in runaway train),  other examples come to mind in the story. First, there is Sylvia Jamiesons runaway emotional attachment to Carla (what Sylvias friends describe dismissively as an inevitable crush on a girl). There is also Sylvias runaway involvement in Carlas life, pushing her along a path that Sylvia imagines is best for Carla, but which she is, perhaps, not ready for or doesnt really want. Clark and Carlas marriage seems to be following a runaway trajectory. Finally, there is Clarks runaway temper, carefully documented early in the story, that threatens to become truly dangerous when he goes to Sylvias house in the night to confront her about encouraging Carlas departure. Parallels Between Goat and Girl Munro describes the goats behavior in ways that mirror Carlas relationship with Clark. She writes: At first she had been Clark’s pet entirely, following him everywhere, dancing for his attention. She was as quick and graceful and provocative as a kitten, and her resemblance to a guileless girl in love had made them both laugh. When Carla first left home, she behaved much in the starry-eyed manner of the goat. She was filled with giddy delight  in her pursuit of a more authentic kind of life  with Clark. She was impressed by his good looks, his colorful employment history, and everything about him that ignored her. Clarks repeated suggestion that Flora might have just gone off to find herself a billy  obviously parallels Carlas running away from her parents to marry Clark. Whats especially troubling about this parallel is that the first time Flora disappears, she is lost but still alive. The second time she disappears, it seems almost certain that Clark has killed her. This suggests that Carla is going to be in a much more dangerous position for having returned to Clark. As the goat matured, she changed alliances. Munro writes, But as she grew older she seemed to attach herself to Carla, and in this attachment, she was suddenly much wiser, less skittish- she seemed capable, instead, of a subdued and ironic sort of humor. If Clark has, in fact, killed the goat (and it seems likely he has),  it is symbolic of his commitment to killing off any of Carlas impulses to think or act independently- to be anything but the guileless girl in love  who married him. Carla’s Responsibility Though Clark is clearly presented as a murderous, stultifying force, the story also places some of the responsibility for Carlas situation on Carla herself. Consider the way Flora allows Clark to pet her, even though he may have been responsible for her original disappearance and is probably about to kill her. When Sylvia tries to pet her, Flora puts her head down as if to butt. Goats are unpredictable,  Clark tells Sylvia. They can seem tame but they’re not really. Not after they grow up.  His words seem to apply to Carla, as well. She has behaved unpredictably, siding with Clark, who was causing her distress, and butting  Sylvia by exiting the bus and forgoing the escape Sylvia has offered. For Sylvia, Carla is a girl who needs guidance and saving, and it is hard for her to imagine that Carlas choice to return to Clark was the choice of an adult woman. Is she grown up?  Sylvia asks Clark about the goat. She looks so small. Clarks answer is ambiguous: She’s as big as she’s ever going to get.  This suggests that Carlas being grown up  might not look like Sylvias definition of grown up.  Eventually, Sylvia comes to see Clarks point. Her letter of apology to Carla even explains that she made the mistake of thinking somehow that Carlas freedom and happiness were the same thing. Clarks Pet Entirely On first reading, you might expect that just as the goat shifted alliances from Clark to Carla, Carla, too, might have changed alliances, believing more in herself and less in Clark. Its certainly what Sylvia Jamieson believes. And its what common sense would dictate, given the way Clark treats Carla. But Carla defines herself entirely in terms of Clark. Munro writes: While she was running away from him- now- Clark still kept his place in her life. But when she was finished running away, when she just went on, what would she put in his place? What else- who else- could ever be so vivid a challenge? And it is this challenge that Carla preserves by holding out against the temptation  to walk to the edge of the woods- to the place where she saw the buzzards- and confirm that Flora was killed there. She doesnt want to know.

Importance of Vitamins Essays

Importance of Vitamins Essays Importance of Vitamins Essay Importance of Vitamins Essay Essential fatty acids are vital to promote the growth and fullness of hair. Incorporate seeds and nuts like walnuts, almonds, and pumpkin seeds into your snacks and meals. More common sources of essential fatty acids are flax, canola oil, fish and soy. Vitamins Vitamin E improves circulation to all parts of the body. The scalp needs proper circulation in order for hair follicles to be stimulated. Vitamin E can be found in avocados, nuts, seeds, olive oil, wheat germ, dried beans, soybeans, and dark green leafy vegetables. The B vitamins which include Biotin, Vitamin B6, Vitamin B12, and Pantothenic Acid prevent hair loss. These vitamins can easily be incorporated by adding eggs, meat, poultry, and whole grain cereals to your diet. Sponsored Links livestrong. com/article/242666-diet-to-thicken-hair/#ixzz2B6HNXT00 Besides being rich in protein and vitamin D (both are key to strong hair) the omega-3 fatty acids found in this tasty cold-water fish are the true superstar. Your body cant make those fatty acids, which your body needs to grow hair. About 3% of the hair shaft is make up of these fatty acids, Drayer says. Omega-3s are also found in cell membranes in the skin of your scalp, and in the natural oils that keep your scalp and hair hydrated. Other options: If salmon doesnt thrill you, you can also get essential fatty acids from fish like herring, sardines, trout, and mackerel, as well as avocado, pumpkin seeds, and walnuts (see below for more wonderful things about walnuts

The Influence of Impressionism within the Textile Arts Coursework

The Influence of Impressionism within the Textile Arts - Coursework Example The paper "The Influence of Impressionism within the Textile Arts" explores Impressionism in the context of textile arts. The familiarity of domestic intimacies within Japanese pictorial content, and flat, un-modeled color areas offered much in terms of broad perspective; something that Europeans were greatly attracted to as interests in abstracted intellectual pursuits such as science and philosophy came into vogue as leisure activities for an emergent industrial class of bourgeois. Demand for art in all realms of life, prompted a new market of decorative arts and fashion once reserved only for the elite. Translation of impressionist art into everyday objects was perhaps most readily achieved through the industrial manufacture of textiles and secondary products, in the fashion and domestic design industries. The world of spontaneous ‘now’ within the presence of impressionistic painting became even more precise in the post impressionist period, ‘in favor of a measu red painting technique grounded in science and the study of optics’. The transition from pre impressionism to post impressionism was relatively brief yet lasting, both in terms of aesthetic break with the rationale of modern realist of thought, and retention of class interests in the area of decorative arts. Everyday luxuries from exotic locales in the marketplace obtained through longstanding trade with Asia and elsewhere, provided a dense resource for reiterations of aesthetic beauty now transferred to mass production through factory fabrication. Situated in the context of Karl Marx's industrial England, contemporaneous socialist thinkers contributed to the field of philosophical proscription through alternative responses to capitalization of the national economy, and the attendant shifts within social life associated with the development of the industrial complex. In his book Utopia, Sir. Thomas More (1893) crafted one such response in direct confrontation with what he perceived to be the harshness of industrialism, and solution in the pastoral vision of a future gone back to nature. Following the utopian socialist work of Marx and More, William Morris (1890) News From Nowhere substantiates the ideological tenets of his political thought, and influence on the Arts & Crafts movement in the decorative arts through his portfolio of design and textile applications to book covers, furniture and wallpapers. It is in this landscape of popular thought that the Asian silk motif is put into new relation with European decorative arts. With the advent of optical technologies in the textile manufacturing industry, incorporation of painterly concepts from the burgeoning Impressionist School enabled textile manufacturers to replicate Japanese style and other related content derived from the School's tenets; an aesthetic of elegance for the masses. Query into the relationship between art and mass production is perhaps most noted in Walter Benjamin's (1992) incursions on the topic in his work, Art in the Age of Mechanical Reproduction. Here, Art is work, Art is Ideologue, and Art is replication of self and society for mass consumption. In the industrial age, through public art, and more specifically the architecture of the World Exhibition, fin-de-secle capitalism implodes into a third formation whereby base meets superstructure as utopian dream space. Prompted by use of steel and industrial

Social Structure Theory Essay Example | Topics and Well Written Essays - 1250 words

Social Structure Theory - Essay Example Social structure theory is a sociological theory based on the argument that the social surroundings in which one exists tend to affect his or her behavior. There is a strong relationship between social environment and behavior in that the manner in which people behaves will be similar despite of their social environment. From the film, it is evident that people from different social surrounding behave differently from people in a different social surrounding. For instance, those people who grew up in poverty and lower class social surroundings tend to manifest criminal behaviors than those from upper class (Durkheim, 1951) The film endorses the social structure theory in that it shows how the society is composed of social institutions such as educational, political, economic, family, and religious whose purpose is to socialize an individual. Further, it shows how society is classified based on economic income and social status whereby those with high economic income belong in upper c lass and have high statuses in society as compared to those with low economic income that have low status in society. It depicts how people in all societies in the world aspire and desire to utilize and maximize their potentials in life but deficiency in natural skills and talents hinder some of them from achieving their objectives. This in turn makes them turn to other means such as crime in order to realize their dreams. The film reveals that social disorganization make people violate the laid down rules and regulations since there is total breakdown of power of informal community to control their behavior. This is attributed to the fact that they want to get themselves out of informal community in which the society has placed them. As such, they will engage in criminal behavior such as human trafficking and slavery in order to achieve their goals (Hester & Eglin, 1992). Social strain theory explains that crime in all societies is as a reaction to the conditions and circumstances that hinder opportunities for some people to achieve economic success for which all individuals are supposed to have. From the film, it is evident that there is no institutional balance of power as proposed by social structure theory. This trend often leads to forced control of some institutions by others thus depriving them some societal privileges. Poverty bounds people from different cultures. The disintegration of informal social control eventually leads to social disorganization as violent groups replace social institutions such as family, schools, and religion as socializers thus transmitting violent values to people (Hester & Eglin, 1992). Therefore, human trafficking is as a result of intergeneration spread of violent values. The film highlights the most serious social issues in modern society, which is human trafficking, and violation of human rights whereby human beings from different parts of the world are sold into slavery for different purposes. People assume that human trafficking is a vice that existed in the distant past or in nations where everybody is above the law. This idea is wrong because as the film depicts, human trafficking exist in every part of the world where people are transported to other nations for working in illegal business or engaging in prostitution. In most cases, men are usually trafficked to provide labor while women are trafficked for prostitution. The film describes that human traffi