The effects of the credit crunch - Free Essay Example

Sample details Pages: 9 Words: 2714 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Cause and effect essay Did you like this example? International Stock Markets Introduction Don’t waste time! Our writers will create an original "The effects of the credit crunch" essay for you Create order The objective of this document is to gain an understanding of the effect that the credit crunch has had on international stock markets, what the different governments have done or are planning to do to alleviate this problem and the elements that precipitated such a crisis. Therefore in the document the author first begins by defining the credit crunch and the current situation. Then in the next section the author goes on to analyze the effects the crisis has had on the different stock markets across the globe à ¢Ã¢â€š ¬Ã¢â‚¬Å" and specifically looks at the effect that the crunch has had on the American Stock Exchange (the Dow Jones Index) and the Shanghai stock market. Based on the findings the author will then continue to further analyze the specific elements that precipitated these events and look to the future of what is in store specifically for these two countries, what they can and have done to alleviate this problem and what may happen to the global economy as a whole. The Credit Crunch Today the word credit crunch has become a household buzzword and has been known by many different terms throughout the developed and the developing world. Credit Squeeze, Credit Freeze and Credit Crisis are some of the other terms that have been used to define the present crisis that has engulfed the entire globe and brought many economies to the brink of bankruptcy à ¢Ã¢â€š ¬Ã¢â‚¬Å" the Icelandic economy being the best example. So what is a credit crunch or a credit squeeze? It is the decline of available credit facilities in an economy because banks and other financial organizations have tightened their lending regulations in response to a loss of confidence in the consumers ability to pay back loans. Further in order for us to consider a certain situation as a credit crunch, the availability of credit should reduce despite changes in interest rates. By this it is meant that irrespective of an increase or decrease in interest rates there should still be a lack of credit availability in the open market. These are hallmarks of a credit crunch. Therefore it can be stated that in a credit crunch situation there ceases to be any identifiable relationship between the availability of credit and the changes in the interest rates. Another sign of a credit crunch is when investors and bankers and all lenders in general start looking for safe, conventional and low risk investments. This obviously comes at the expense of small and medium scale enterprises, which are the ultimate victims as banks and lending organizations refuse to lend to them and thus push them out of business due to the liquidity crisis they face. Therefore looking at everything that has been stated above it would suggest that a credit crunch in effect would reduce the supply of money in an economy facing the crisis and thus cause a reduction in the disposable income of its population due to the lack of funds, loss of jobs (caused by enterprises going out of business) and credit facilities to get them through the difficult times. The Effects on the Market The credit crunch that gripped the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s developed economies throughout 2008 and is expected to continue well into 2010 has far reaching consequences. This is because a reduction in disposable income affects many different industries directly and all the industries throughout the globe indirectly. Thus it can be said that such a crisis in the developed world would eventually cause a devastating domino effect or rather a cascading effect throughout the world due to globalization and the inter-dependence of economies whether developed or otherwise on one another. The effects of the credit crunch on the market indexes were first seen in the Dow Jones and the FTSE 100 and some other stock exchanges in the developed world. The Dow Jones, which had been at 14,000 point in 2007, saw a huge drop in September and October 2008. Today it is stated that American stocks as a whole have lost 20% of their share value. While the drop in the FTSE 100 was caused by the credit crunch that was in effect in the United Kingdom (starting with the near bankruptcy of Northern Rock) à ¢Ã¢â€š ¬Ã¢â‚¬Å" the drop in the Dow Jones also had an indirect effect on the FTSE. October was one of the most volatile months in the history of many stock exchanges around the world and the gloom and doom forecasts that were made by economic pundits did not help the markets either. The Russian stock exchange and the Mumbai stock exchanges had to be shut down on several occasions in October and November 2008 to stop the free fall of markets. Likewise even the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s fastest growing economy China was faced with severe hardship as the Shanghai stock exchange dropped in value by close to 50% from its peak in July 2007. As stated previously due to globalization all economies throughout the world are inter-dependent and co-dependent on one another[1]. Therefore when a crisis hits one large economy the consequences are far reaching and as is apparent in this case quite devastating to say the least[2]. Taken at face value one would say that there is no connection between the credit crunch and the drop in the market indexes around the world, however it does not take long to make the connection between the two. For instance the lack of available credit in the United States caused a decrease in the disposable income that is in the hands of its public. This reduced a drop in consumption, which hit the housing market, the auto market and the retail sector. The effects on the housing market then caused many banks and investment houses to go bankrupt, as they had invested heavily in mortgage related stocks. Further the hit to the auto and retail sector caused a direct hit to share prices in these industries. Add to this the almost daily occurrences of banks and other huge financial institutions either going bankrupt or desperately asking for help caused even more devastation in the stock markets, thus causing them to loose their value at previously never seen rates. America and China The devastation that has been caused throughout the world has caused fear throughout the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s developed economies that globally we stand on the brink of a prolonged recession that will eventually cause a contraction of more than 10% in productivity, which will then precipitate a depression much akin to the à ¢Ã¢â€š ¬Ã…“great depressionà ¢Ã¢â€š ¬Ã‚  of the 1930s[3]. In an attempt to avoid such a situation at all costs economies throughout North America and Europe have done their utmost best to jump-start the floundering credit and stock markets through injection of funds and huge à ¢Ã¢â€š ¬Ã…“stimulusà ¢Ã¢â€š ¬Ã‚  or à ¢Ã¢â€š ¬Ã…“bail outà ¢Ã¢â€š ¬Ã‚  packages. In the United Kingdom alone the current Labour government has gone out on a limb to use taxpayersà ¢Ã¢â€š ¬Ã¢â€ž ¢ money to bail out many banks and credit organizations. Further the government has also bought stakes in all the banks and credit organizations that have been bailed out and have insisted that these organizations start lending to the general public in an attempt to increasing spending and protect other industries such as the retail, housing and auto industries from collapse. The United States to has carried out similar steps and has even gone as far as requesting the federal reserve to buy the à ¢Ã¢â€š ¬Ã…“toxic assetsà ¢Ã¢â€š ¬Ã‚  that are held by the banks in an attempt to clean up the economy and usher in a new era of conservative economics. In the United States different stimulus packages have been provided to different sectors such as the auto sector to save the à ¢Ã¢â€š ¬Ã…“big 3à ¢Ã¢â€š ¬Ã‚  from near collapse. Likewise economies have taken many different steps such as reducing interest rates, increasing lending from central banks to the financial sector, guaranteeing investors funds in bank deposits etc. Even economies like China, India and Russia have not been spared and the governments in those countries too have pledged huge amounts of funds in stimulus packages. In times of recession, usually the commodities markets do very well and as a result are not as affected by the crisis as countries that are not based on commodities markets. However in this case due to the far-reaching consequences of the credit freeze, there was a drop for demand of commodities, which has caused the Middle Eastern, African, Canadian and Australian economies to all falter. While the Canadian and Australian markets are not solely dependent on commodities with the rising oil and gas prices a huge component of the income in these economies were made up of commodities. Therefore a decline in commodities prices caused a further blow to the once robust economies that weathered the storms of the à ¢Ã¢â€š ¬Ã…“dot comà ¢Ã¢â€š ¬Ã‚  burst[4]. Unemployment levels and home foreclosure figures in the United States currently stand at unprecedented levels and analysts say that it is worse than the devastation that was seen in the 1950s and then again to the 1980s[5]. On more than one occasion the current President of the United States, the President-Elect and head of the Federal Reserve are all known to have said that they are on the brink of a depression and will do everything within their means to avoid such a situation from happening. The very fact that these individuals even tout the term à ¢Ã¢â€š ¬Ã…“depressionà ¢Ã¢â€š ¬Ã‚  can only mean that the country is very near such a situation, which can only mean that we should expect further financial doom in the coming months and years[6]. When the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s largest economy slows down, it has a ripple effect throughout the entire world[7]. At one time it was thought that China, India and Brazil the emerging economies would be untouchable, however the past few months and the performance of their stock exchanges have shown us in no uncertain terms, that this is not the case. America is the biggest consumer in the world. And when the American economy slows down and in this case when there is decrease in the money supply à ¢Ã¢â€š ¬Ã¢â‚¬Å" this has a direct effect on consumption. When the consumption levels in the United States drops all countries that export into the United States are affected. China, India, Canada, Saudi Arabia, Mexico and countless other countries export goods and services in to the United States and are therefore greatly affected by the drop in consumption. When these economies are affected then other economies that are dependent on exporting into countries like China and Canada are affected. For instance the African countries that supply steel and other commodities to China are greatly affected due to the drop in Chinaà ¢Ã¢â€š ¬Ã¢â€ž ¢s export demands in the United States. And thus the domino effect goes on. The wors t part is that factors exacerbate one another and cause increase devastation as the problem persists and makes it harder and harder for governments to reverse the trends as time passes by. This is why early intervention is imperative and some pundits even think that the global economy has already reached the point of no return and that we are falling into an abyss that we will not get out of in the near future and not without some creative and radical changes taking place. In terms of solving the crisis, many economists and financial analysts have put forward different theories on what should and should not be done. There have been suggestions that China should take the lead on these issues and try to jump start the world economy by bailing out the United States and through that ensuring the growth of its own economy. It is true that the Chinese have access to over 3 trillion dollars in foreign reserves but even if they were to use up all those funds to buy up shares and stocks in the faltering US economy that still leaves the question of the à ¢Ã¢â€š ¬Ã…“toxic assetsà ¢Ã¢â€š ¬Ã‚  unanswered and unsolved. The problem in relation to à ¢Ã¢â€š ¬Ã…“toxic assetsà ¢Ã¢â€š ¬Ã‚  is not that they cannot be purchased but that their actual value is unknown and most analysts cannot put a price tag on it as the variable are volatile, ambiguous and extremely complicated. Further it has also been stated that China should attempt to focus its energies on its domestic economy as its banking system much like Indiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s highly regulated banking system is in good shape[8]. While it is true that China has a huge domestic market if it were to lead the way and increase import demand, this would still lead to a very small percentage increase in the import demand when compared to that of the developed economies. Therefore it is suggested that an increase in import demand in China, India and Brazil together will still not be sufficient make up for the short fall that is caused by the recession and ensuing drop in demand in the developed economies. Conclusion It is apparent from everything that has been stated above that the credit crunch, which resulted from the mortgage meltdown that occurred in the United States and the United Kingdom has had far reaching consequences on the stock markets and both the emerging and developing economies around the world. Governments have done everything in their capacity from injecting unprecedented levels of investment and stimulus packages into their economies on both sides of the globe but the effects have been lack luster or almost non-existent. The stock markets still continue to be affected, the liquidity crisis is only getting worse and not better and there has been no solution found to wipe out à ¢Ã¢â€š ¬Ã…“toxic assetsà ¢Ã¢â€š ¬Ã‚  as analysts and economists are not able identify their real value due to the complicated nature of these investments. Throughout the last few decades these developed countries have been preaching to the developing world[9]. This was especially true during the Asian Financial crisis toward the end of the last century[10] and now it is time that the developed economies actually practice what they preached all these years. References Cai, K. G. (2001). à ¢Ã¢â€š ¬Ã…“Is a Free Trade Zone Emerging in Northeast Asia in the Wake of the Asian Financial Crisis?. Pacific Affairs, 74(1), Caldwell, J., ODriscoll, T. G. (2007). à ¢Ã¢â€š ¬Ã…“What Caused the Great Depression?à ¢Ã¢â€š ¬Ã‚ . Social Education, 71(2), pp. 70. Eagle, D. (1994). à ¢Ã¢â€š ¬Ã…“The Equivalence of the Cascading Scenario and the Backward-Bending Demand Curve Theory of the 1987 Stock Market Crashà ¢Ã¢â€š ¬Ã‚ . Quarterly Journal of Business and Economics, 33(4), pp. 60. Feridhanusetyawan, T., Stahl, C., Toner, P. (2001). à ¢Ã¢â€š ¬Ã…“APEC Labour Markets: Structural Change and the Asian Financial Crisisà ¢Ã¢â€š ¬Ã‚ . Journal of Contemporary Asia, 31(4), pp. 491. Grimes, A. (1998). à ¢Ã¢â€š ¬Ã…“The Asian Financial Crisis: How Long Will the Downturn Last?à ¢Ã¢â€š ¬Ã‚ . New Zealand Economic Papers, 32(2), pp. 215. Jiangli, W., Unal, H., Yom, C. (2008). à ¢Ã¢â€š ¬Ã…“Relationship Lending, Accounting Disclosure and Credit Availability during the Asian Financial Crisisà ¢Ã¢â€š ¬Ã‚ . Journal of Money, Credit Banking, 40(1), pp. 25. Leightner, J. E. (2007). à ¢Ã¢â€š ¬Ã…“Thailands Financial Crisis: Its Causes, Consequences, and Implicationsà ¢Ã¢â€š ¬Ã‚ . Journal of Economic Issues, 41(1), pp. 61. Leijonhufvud, A. (2003). à ¢Ã¢â€š ¬Ã…“Reflections on the Great Depressionà ¢Ã¢â€š ¬Ã‚ . Economic Record, 79(246), pp. 388. Raines, J. P., Leathers, C. G. (1994). à ¢Ã¢â€š ¬Ã…“The New Speculative Stock Market: Why the Weak Immunizing Effect of the 1987 Crash?à ¢Ã¢â€š ¬Ã‚ . Journal of Economic Issues, 28(3), pp. 733. Szekely, G. J., St. P. Richards, D. (2004). à ¢Ã¢â€š ¬Ã…“The St. Petersburg Paradox and the Crash of High-Tech Stocks in 2000à ¢Ã¢â€š ¬Ã‚ . The American Statistician, 58(3), pp. 225. 1 Footnotes [1] Raines, J. P., Leathers, C. G. (1994). à ¢Ã¢â€š ¬Ã…“The New Speculative Stock Market: Why the Weak Immunizing Effect of the 1987 Crash?à ¢Ã¢â€š ¬Ã‚ . Journal of Economic Issues, 28(3), pp. 733 [2] Leightner, J. E. (2007). à ¢Ã¢â€š ¬Ã…“Thailands Financial Crisis: Its Causes, Consequences, and Implicationsà ¢Ã¢â€š ¬Ã‚ . Journal of Economic Issues, 41(1), pp. 61 [3] Caldwell, J., ODriscoll, T. G. (2007). à ¢Ã¢â€š ¬Ã…“What Caused the Great Depression?à ¢Ã¢â€š ¬Ã‚ . Social Education, 71(2), pp. 70 [4] Szekely, G. J., St. P. Richards, D. (2004). à ¢Ã¢â€š ¬Ã…“The St. Petersburg Paradox and the Crash of High-Tech Stocks in 2000à ¢Ã¢â€š ¬Ã‚ . The American Statistician, 58(3), pp. 225 [5] Eagle, D. (1994). à ¢Ã¢â€š ¬Ã…“The Equivalence of the Cascading Scenario and the Backward-Bending Demand Curve Theory of the 1987 Stock Market Crashà ¢Ã¢â€š ¬Ã‚ . Quarterly Journal of Business and Economics, 33(4), pp. 60 [6] Leijonhufvud, A. (2003). à ¢Ã¢â€š ¬Ã…“Reflections on the Great Depressionà ¢Ã¢â€š ¬Ã‚ . Economic Record, 79(246), pp. 388 [7] Cai, K. G. (2001). à ¢Ã¢â€š ¬Ã…“Is a Free Trade Zone Emerging in Northeast Asia in the Wake of the Asian Financial Crisis?. Pacific Affairs, 74(1) [8] Jiangli, W., Unal, H., Yom, C. (2008). à ¢Ã¢â€š ¬Ã…“Relationship Lending, Accounting Disclosure and Credit Availability during the Asian Financial Crisisà ¢Ã¢â€š ¬Ã‚ . Journal of Money, Credit Banking, 40(1), pp. 25 [9] Feridhanusetyawan, T., Stahl, C., Toner, P. (2001). à ¢Ã¢â€š ¬Ã…“APEC Labour Markets: Structural Change and the Asian Financial Crisisà ¢Ã¢â€š ¬Ã‚ . Journal of Contemporary Asia, 31(4), pp. 491 [10] Grimes, A. (1998). à ¢Ã¢â€š ¬Ã…“The Asian Financial Crisis: How Long Will the Downturn Last?à ¢Ã¢â€š ¬Ã‚ . New Zealand Economic Papers, 32(2), pp. 215

The Effect Of Computers On Concentration On A Task

My group decided to investigate the influence of computers on concentration (on a task) of adolescent boys. I wanted to find out if computers actually inhibited the concentration of teenage boys, by comparing the results of tests done by a group using pen and paper, to another group’s test results, who had done the exact same test on computers. Before our group decided to use computers as the treatment, we spent several days speculating, brainstorming and researching. We eventually decided on our treatment, because of the increasing influence of technology on our lives, and its growing amalgamation with the schoolyard. When I searched the effects of computers on concentration, Google spewed out 43,600,000 results! Based off the search results, it became very clear to me that even though computers have many advantages; for example, personalised learning and the ability to improve writing skills, they also have one major flaw, they can be very distracting through games and socia l media. Based off that information I assumed that the test results from the students on the computers, would be worse than the results from the pen and paper tests. Next we started developing an experimental plan, we decided to use a Year 12 Maths class (26 pupils) on at the same time as our Statistics class, as the experimental unit. In order to randomly split the participants in half, we used counters. 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Understanding Social Perception Managing Diversity Free Essays

Understanding Social Perception amp; Managing Diversity Perception can and is influenced by a number of different things whether from the things that is read, seen on television, or simply from what we retain from family and friends. The way that perception is interpreted determines how we perceive people or our surrounding. Steve Harvey film and book Act like a Lady Think like a Man elaborates on how the perception between genders, as well as the diversity that distinguishes the communication barriers between men and women and helps to break down that barrier. We will write a custom essay sample on Understanding Social Perception Managing Diversity or any similar topic only for you Order Now In the text Organizational Dynamics and Human Behavior (second edition) major component of social perception and the Kelley’s Model of Attribution are reflected in Act like a Lady Think like a Man and will be elaborated on how it all relates throughout our discussion. Act like a Lady Think like a Man shines light on how men and women perception of the opposite gender is totally different. A woman may view all men in a negative light based off of one negative out come and a man will put every woman in the same category based off of what a woman requires. With both genders categorizing each other the text refers to this as stereotyping. Stereotyping occurs when individuals are placed into categories. For example Act like a Lady Think like a Man placed men in to the different categories Momma’s Boy which is a man who has yet to let go of his mother and tend to his woman, then there is the non committer who is a man who is not willing to go to the next phase which is marriage, the dreamer who will not just focus on accomplishing one task at a time but doesn’t seem to know what and how to implement his plan, and then there is the player who just simply will not commit to anyone due to the desire and challenge in playing the game. Act like a Lady Think like a Man is a guide for women to understand how to perceive men. Steve Harvey has simplified by encoding the males perception of a females, which means he has created a mental representation on how the male mind works (kinicki, 2009, p. 64). In Act like a Lady Think like a Man Lauren was a successful young female CEO of a Major company who wanted a man who is on her level or higher which she believed would make them more compatible in a relationship. Lauren knew what she wanted in a man and received it all but soon came to realize that her dream guy wasn’t what she needed. She met a dreamer Dominic who made her happy with the little things that cause her to reflect back on the different occurrences and share with friends how much this individual made her happy even though he did not possess the required traits she looked for initially. Event memory is containing information for specific events and general events, as well as personal memory which contains information of a single individual or group ((kinicki, 2009, pg. 6). Lauren had to make a judgment call on what she wanted. Was it going to be her happiness with a gentlemen that had potential to be what she wanted or was she going to sacrifice her happiness for status. This was the retrieval process that is retrieved from the memory to make a decision. When a man approaches you you’re the one with total control over the situation-whether he can talk to you, buy you a drink, dance with you, get your number, take you home, see you again, all of that. The woman is in control from the start. For the non committer he doesn’t feel the necessary urge to go to the next phase because the woman does not require it of him, by giving him the perception that you are content in with the current status. This relates to managerial implication through both a performance appraisal and the leadership aspect. Performance appraisal determines good versus poor performance through motivation and commitment and loyalty. Act like a Lady Think like a Man, Kristin realized that her boyfriend the non committer of nine years wasn’t willing to go to the next phase of their lives because she didn’t require anything from him so he displayed no willingness to want more. Leadership is when you lead by example. Kristin then began to make changes by encouraging him to want to apply for a better job and by just simply change the environment of their home through redecorating. Act like a Lady Think like a Man indicated that a woman can find all kinds of deficiencies in themselves-â€Å"I didn’t do this right,† â€Å"I wasn’t good enough,† â€Å"I didn’t love him the way I should,† â€Å"she came in here and outperformed me† (Harvey). Women need to reframe from placing the blame of the man’s actions on themselves. By holding on to that weight can be hindering for future encounters. Steve Harvey said, â€Å"You simply cannot drive forward if you’re focused on what’s happening in the rearview mirror. † Causal attributions is constantly formulating cause and affect explanations for our own and others behavior (kinicki, 2009, pg. 8). Kelley’s Model of Attributions proposes that behavior can be attributed either to internal factors within a person or external factors within the environment (kinicki, 2009, pg. 69). Consensus involves a caparison of an individual’s behavior with that of his or her peers. In Act like a Lady Think like a Man the men were easily influenced by what the others were doing or would say about them. The men would go to play basketball every Thursday and out for a night cap afterwards if one were to attempt to stray from the usual the group would instantly began to place judgment instead of being excepting of prior plans. External factors are behaviors caused by environmental characteristics. Men are more concerned on how their surrounding perceives them and their status. Women want their love to be reciprocated in the same way they give it where as men will reciprocate their love only to the one that feel is deserving of their love. A man is not just going to provide and share his love with just anyone he has to know that you are the one. Women should expect that a man will pay for your dinner, movie, and more in exchange for her time. Men view women who expect this type of treatment as a gold digger, which is someone who is just after the contender with the most. Diversity represents the multitude of individual’s differences and similarities that exist amongst people. In Act like a Woman Think like a Man diversity is reflected in the way that men and women carry themselves, communication styles, and perception of one another. In conclusion Act like a Woman Think like a Man relates to diversity and perception between genders. Diversity highlight how different the thought patterns are but all how it is similar also. Although men are not as open and expressive as women we are all looking for the same things from each other. The perception on how the information is process is totally different but that’s what makes a relationship or organization success is the differences. Act like a Woman Think like a Man helps to understand diversity and perception from a relationship status and through a male’s point of view on where women need help on understanding the male species. Just like an organization has standards and employees respect them women should have standards also. â€Å"Men respect standards get some,† Steve Harvey (Harvey). References Kinicki, A. and Kreitner. R. (2009). Organizational dynamics and human behavior. (Second ed. , pp. 64-70). New York: McGraw Hill. Harvey, S. (2009). Act like a lady, think like a man. New York: HarperCollins Publishers. Harvey, S. (n. d. ). Goodreads. Retrieved from www. goodreads. com/author/quotes/206062. Steve_Harvey Story, T. (Director) (2012). Think like a man [Theater]. (Story, 2012) How to cite Understanding Social Perception Managing Diversity, Papers

Perform Technical Work And Enhance Skills â€Myassignmenthelp.Com

Question: Discuss About The Perform Technical Work And Enhance Skills? Answer: Introducation To become an expert engineer, it is important to collaborate with other people in order to learn how to perform technical work and enhance skills (Shen, 2010). Various aspects of engineering practice require effective collaboration for work to be effectively performed. Collaboration in the engineering practice can involve several expert engineers working together to solve a specific problem or an expert engineer working with new engineers to help them gain work-specific skills (Whitehead, 2007). As an engineering student, technical skills are easy to apply in any scenario that involves collaboration. Recently, I was involved in a class project which was done in groups of five. The project required people with technical drawing skills as well as communication skills. I was appointed as the group leader and was responsible for ensuring group activities were completed as expected. Through the collaboration, the group members were able to complete the project in time. The collaboration e xperience in the group gave me insight into my strengths and weaknesses. I realized that I need to improve my communication skills in order to communicate with others effectively. Besides my shortcomings, I found collaboration to be a key tool for achieving success in team projects. Collaboration was great for the project as it required different skills are required, but it was undermined by disagreements which accounting group communication. Recently, I was appointed as a leader of a football team. As the leader, I was responsible for overseeing team activities and reporting issues that emerge to the team manager. My roles in the team included developing a training schedule, sending match invitations, and changing players. The leadership role required effective communication and leadership skills in order to manage the team well. Often, I had to advise players who faced issues when playing on the field. In one case, I had to instruct one player to work on his dribbling skills in order to become an effective mid-fielder who could help the team to score more goals. Instructing the players was not an easy process. Some players ignored my instructions and at times challenged the advice I gave. Being the team leader, I had to handle such cases with caution to prevent conflicts which could turn dysfunctional and harm the harmony in the team (Deutsch, 2011). In cases where team players disagreed with my instructions, I requeste d their opinions to gain an insight into their preferences and find a solution that could work for both of us. This resolution process was effective and assisted me to forge strong bonds with the team members. To succeed as an engineer in any country, I have to possess several competencies which include analytical thinking, change leadership, organizational awareness, and teamwork. I believe that I have weaknesses in these competencies and need to work on improving my work behaviours in order to succeed in my career. As an engineer, I have to enhance my analytical thinking behaviour in order to effectively understand a situation, assess different aspects of it, review the implications, and determine causal relationships. With regards to this work behaviour, I have to improve my skills in breaking down problems and pulling together observations in a clear format. Change leadership involves initiating and managing change (Anderson, 2010). I have to work on this behaviour by enhancing my ability to interact with others to identify the need for change and actively support the change process. Organizational awareness is a key work competency that is vital in the decision-making process (Robbins , 2009). Given my weakness in this competency, I have to enhance my ability to understand authority structure and predict situations that can affect stakeholders in the organization. Additionally, I have to enhance my capability to work cooperatively with others in groups of any size towards a common goal and share information freely. I believe Im slightly effective in managing my time. In most cases, I deliver my work in time and rarely do I miss to meet deadlines. I can attribute my success in managing time to three key behaviours: goal setting, prioritizing, and managing distractions. I usually set personal goals to manage my time well as goals give me a vision of what I should work towards. Having established goals, I can manage my resources, priorities, and resources. I prioritize my goals based on importance and the timeframe required to achieve them. Prioritizing goals enables me to focus on the most important tasks that need to be completed before embarking on the rest (Schmidt, 2007). Im also effective in avoiding distractions such as chatting which can prevent me from achieving my goals. However, I also have poor behaviours that affect how I manage my time. I tend to procrastinate which affects my focus. Procrastination influences how I create my schedule. Sometimes, I put off important tasks that should be completed as early as possible. This behaviour has made me fail to complete some of my projects on time. marketing is another poor behaviour that has a negative impact on how I manage my time. Multitasking increases work load, and the result is that most tasks are done poorly and are not delivered on time (Mackenzie, 2009). As a budding engineer, I seek to work for top manufacturing companies such as Toyota where I can get exposed to real-world activities and build my career. Such companies are essential in developing work-specific skills and building an amazing work portfolio that may improve my job reputation as well as my expertise in engineering (Maurer, 2008). In the workplace, I would want to be part of a team involved in process design. Typically, I would want to be involved in the design of objects or items to be manufactured in a company. Based on my technical skills, I believe this position suits me best. The engineering practice requires various skills. STEM (Science, technology, engineering, mathematics) knowledge is essential in solving engineering problems. I need strong analytical skills and ability to work in a team in order to effectively perform tasks assigned (Hwang, 2013). I also need to possess excellent communication skills and be attentive to details which are vital for the succes s of projects (Bell, 2010). I can develop work-specific skills by learning through the job experience as well as furthering my education to gain skills relevant to my career. References Anderson, D. and Anderson, L.A., 2010.Beyond change management: How to achieve breakthrough results through conscious change leadership. John Wiley Sons. Bell, S., 2010. Project-based learning for the 21st century: Skills for the future.The Clearing House,83(2), pp.39-43. Deutsch, M., Coleman, P.T. and Marcus, E.C. eds., 2011.The handbook of conflict resolution: Theory and practice. John Wiley Sons. Hwang, B.G. and Ng, W.J., 2013. Project management knowledge and skills for green construction: Overcoming challenges.International Journal of Project Management,31(2), pp.272-284. Mackenzie, A. and Nickerson, P., 2009.The time trap: The classic book on time management. AMACOM Div American Mgmt Assn. Maurer, T.J., Lippstreu, M. and Judge, T.A., 2008. Structural model of employee involvement in skill development activity: The role of individual differences.Journal of Vocational Behavior,72(3), pp.336-350. Robbins, S.P., 2009.Organizational Behavior, 13/E. Pearson Education India. Schmidt, A.M. and DeShon, R.P., 2007. What to do? The effects of discrepancies, psychology, and time on dynamic goal prioritization.Journal of Applied Psychology,92(4), p.928. Shen, W., Hao, Q., Mak, H., Neelamkavil, J., Xie, H., Dickinson, J., Thomas, R., Pardasani, A. and Xue, H., 2010. Systems integration and collaboration in architecture, engineering, construction, and facilities management: A review.Advanced Engineering Informatics,24(2), pp.196-207. Whitehead, J., 2007, May. Collaboration in software engineering: A roadmap. In2007 Future of Software Engineering(pp. 214-225). business Computer Society.

Analyzing a Job

Determining When to Create a Job All businesses in one form or another come across situations where the need arises for more personnel to occupy certain positions. This can arise out of the natural process of employee retirement, company expansion, employee termination and other such instances where a position opens up that requires a person to fill it.Advertising We will write a custom essay sample on Analyzing a Job specifically for you for only $16.05 $11/page Learn More There are instances though where a position is created not out of availability due to the aforementioned factors previously mentioned but rather through necessity. In such situations complications arise in businesses where additional manpower is apparently needed yet there is no definable position that was previously created for it. Defining how and when the need arises is thus a necessity of any competent manager/HR staffer since it is in their best interests to ensure that the compa ny continues to function as efficiently as possible. In determining the necessity in creating a new job position several questions need to be asked, namely: Is there a lack of efficiency in the work place as a result of accumulated tasked being subject to a single individual? Would efficiency increase if someone were to be hired to accommodate these extra tasks? Will the current budget of the company allow the hiring of new personnel? What standards will be required for this particular position? It is only when such questions have been answered that it can be determined whether it is in the company’s best interests to create a new job position and fill it with a person capable of doing the job. Strategies in Outlining a Position’s details In creating an effective position outline what would be needed is to first define the skills and experience needed for a particular position and then define what responsibilities the position entails. What must be understood is that several studies examining the responses ordinary job seekers have when examining a job posting is that they see the responsibilities a position entails and usually have the following response â€Å"hey, I know I can do these responsibilities†, this results in them developing the notion that they can do the job based on the responsibilities and as such even though their skills and experience don’t match those listed in the job posting they still apply anyway. This results in two distinct problems:Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More A heavier workload for the recruiter in charge of looking for the right candidate for the position wherein he/she has to wade through a literal mountain of applications all from people who think they can do the job. A waste of time for the person applying since it is unlikely they will be hired if their skills and experience donâ€℠¢t match what is required in the job posting. It is due to this that when creating a job outline it is important to first place the required skills and experience needed for a position so as to discourage would be applicants from applying assuming they have what it takes but in reality lack the necessary skills and experience to actually do the job properly. What would the duties be? For this particular position (Executive Administrative Assistant / Executive Support) the duties would be to play the role of an assistant in the various aspects of the business that the manager/executive would otherwise be too busy to do. This would come in the form of creating appointments, managing works schedules, ordering products when needed, creating effective time keeping records, inputting personnel data, contacting clients and a variety of other responsibilities as required by the company. Performance Requirements While the job of an Executive Administrative Assistant is not what one would co nsider highly integral to the company the fact remains that due to the nature of dealing with clients, highly confidential company material, assisting the manager and examining various personnel records such a position would thus need a person to be deadline oriented, capable of receiving commands/ assignments on a moments notice, be available to assist even on weekends and thus quite literally assist in nearly every single aspect of a manager’s daily job. While such a workload will not tax a person’s academic experience it still does require a considerable degree of attentiveness and an inherent desire to help. Thus performance requirements for this job will usually entail a person that is already experience in this particular type of job, is well versed with office protocol and is willing to forgo personal time in order to help the company meet tight deadlines. Necessity for Pre-existing Knowledge and Skills Based on the type of work this particular position entails pre-existing knowledge of software systems such as MS-Word, Excel, PowerPoint and Outlook. Any further knowledge of particular software applications can be gained through experience on the job itself. Re-Written Job Posting Executive Administrative Assistant / Executive Support (Job, 2011)Advertising We will write a custom essay sample on Analyzing a Job specifically for you for only $16.05 $11/page Learn More Required Skills and Experience Years Administrative Skills experience in creating travel and expense reports, time sheets, power point presentations and various administrative functions (Job, 2011). Ability to meet tight deadlines Excellent oral and written communications skills Superb Organizational Skills Working knowledge of Microsoft Excel, Word and PowerPoint Ability to independently create effective and poignant business correspondence Position Responsibilities Provide telephone support to the Director and staff Manage Director’s O utlook Calendar Book hotel/flight/car rental reservations for Director Make travel and relocation arrangements for various members of the staff Process expense vouchers and supplier bills Schedule meetings and conferences Track timesheets for Director direct reporting Managers Use Excel for tracking metrics and maintain management personnel files Update Monthly Contact List Monthly Organization Charts Input absence for management associate team in AMTS System Miscellaneous activities in the form of ordering flowers, food etc In the re-written job description all references to propriety bases systems have been removed since in all likelihood different systems would be utilized by other companies. Also, for the job of an executive assistant a more general description is used for the various responsibilities for the position. What is notable though is that in this new job posting the required skills and experience are listed on the top rather than in the bottom of the list. This is to immediately connote the importance of this particular set of requirements to ensure that people won’t get the idea that they can apply for the job based on their assumption that they can do it. Overall the job posting is somewhat more simplified however it does go directly to the point of what is needed for the position and what experience and skills are necessary. Reference Job, Search. (2011). Executive administrative assistant / executive support. Retrieved from http://www.jobsearchusa.org/ This essay on Analyzing a Job was written and submitted by user Taraji Whitfield 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.

buy custom Costco Wholesale Corporation essay

buy custom Costco Wholesale Corporation essay Costco Wholesale Corporation is a warehouse club chain found in the United States of America. As of July 2011, the organization was the largest membership warehouse club in America. In 2007, Costco was the largest wine retailer in the world. The headquarters of the organization is Issaquah, Washington. The first warehouse of the organization was in Seattle. Costco has decentralized to the United Kingdom, Canada, Taiwan, South Korea, Japan and Mexico. James Sinegal and Jeffrey Brotman founded the organization in 1983. Today, Costco has approximately 142,000 employees, both full time and part-time. In September 2009, the company had 55 million members (Costco Wholesale n.p.). The companys main strategy is the provision of lowest prices in high quality merchandise. This strategy aims at selling large quantities of goods at low prices. Costcos main competitor is Sams Club. Other competitors are BJs Wholesale Club, 1-800 Contacts,ALDI Group, and Amazon.com. Costco deals in a wide variety of products that include candy, snacks, health as well as beauty aids. Others include tobacco, alcoholic beverages, cleaning and institutional supplies, and dry and fresh food. The company also has institutionally packaged food and tobacco. In addition, Costco Wholesale Corporation deals in pharmacy, optical, one-hour photo, food court, and hearing aids among other products. Currently, the company has 600 warehouses, which include a lot of warehouses in the U.S and Puerto Rico, 32 in Mexico, eight in Taiwan, three in Australia, and 22 in Britain. Porters five forces analysis is a framework for analyzing industries and business strategies. Michael E. Porter developed the approach in 1979. The approach uses industrial organization economics to come up with five forces of competitive intensity and, as a result, determine the attractiveness of the market. Three of Porters forces are about competition from external sources, (the macro environment) and the two others refer to internal threats (micro environment). The five projections consist of the forces that are close to the company and, as a result, can affect the service delivery of the company. Let us use Porters five forces analysis to understand Costcos competitive environment. There is the threat to new competition. This is the suggestion that markets that post high returns tend to attract new firms. This will lead to a big number of new entrants, a fact that will decrease the profitability of all companies in the industry. Thus, incumbents need to block the entry of new companiesso that they maintain realizing high profits. For instance, Costco has established customer loyalty to its brands (Roads 599). The company does not use multiple brands, where the item is the same (except under circumstances, when it is selling a house brand). Besides, the products have low prices as the company buys them in high volumes from vendors. As a result, customers remain loyal to the same brand (which costs relatively less). In addition, Costco has manywarehouses. Thus, new entrants in the market require a lot of capital so as tocompete. There is a wide distribution of the warehouses, a fact that fosters customer loyalty. Let us move on to the threat of substitute products. This is the suggestion that the availability of products other than the common products increases the likelihood of customers to try alternatives. Costcos competitors have used this approach to introduce different products to the market. For instance, Sams Club has established more warehouses than Costco. However, Costco still maintains a higher volume of sales than Sam's club. This is because Costco has countered the move of Sams club by maintaining a low cost (Costco Wholesale n.p.). The other force is the bargaining power of customers. This refers to the ability of the buyers or customers to pressurize the firm. This factor affects the buyers sensitivity to changes in price. Costco ensures that its buyers have a high bargaining power. The company has little to no switching costs. This means that becoming a member is easy. Besides, Costco has a high concentration of buyers (Roads 600). Moreover, the company sales products that are either similar or the same. This practice ensures that there is a guarantee of customer satisfaction. The other force is the bargaining power of suppliers. This means that suppliers of products to the firm can become a source of power over the firm. This is especially when product substitutes are few. In the case of Costco, suppliers have a low power (McGregor 5). There exists a strong relationship between Costco and the suppliers. The practice of buying large quantities at low costs serves as a winwin situation to both parties. The other force is the intensity of competitive rivalry. This is the main determinant of an industrys competitiveness. Costco has high competitive rivalry. The company can easily replicate its economies of scale or supply chain management (Roads 598). In addition, the battle for low costs results into low profit margins. These factors make the organization remain relevant in the market. Costco Wholesale Corporation has managed to maintain a lead in the warehouse industry. However, there are other players that are worthy notice. As already noted, the most significant competitor of Costco is Wal-Mart and Sam's Club. In fact, Sam's Club hasmore warehouses than Costco. The other significant players are BJs Wholesale Club, 1-800 Contacts,ALDI Group, and Amazon.com. Sme of these competitors (for instance, Amazon.com and 1-800 Contacts) specialize in online marketing of their products. However, apart from Sam's club, the most significant player is BJ's Wholesale Club. The three companies (Costco, Sam's andBJs Club) share a similar business model. This involves selling large volumes of merchandise, using low prices in membership-only warehouse clubs. Competition in the warehouse industry aims at retaining members and maximizing profits. Garretson,Fisher and Burton, give the following levels of competition (95). This level involves the needs or desires of consumers. The warehouse company should establish the potential desires and needs and seek to satisfy them. For instance, customers may need easily accessible warehouses. Costco takes into account this factor by ensuring that there are many retail locations that customers can easily access. On a similar note, Sam's Club has followed suit by establishing more retail locations than Costco. Another example is the use of cash, checks and/or credit cards for payments. This is an attempt to satisfy the needs of workers. This refers to the demands that the buyer wants. For instance, some customers may prefer online ordering of goods, rather than walking to warehouses. Companies like, Amazon.com, decided that online marketing was the best. Besides, Costco and the other leading warehouse companies also allow online ordering of goods (Garretson,Fisher and Burton 96). This refers to the competition based on brands. In this level, questions concern the brand name that the consumers prefer. Costco does not use multiple brands, where the item is the same (except under circumstances, when it is selling a house brand). This ensures thatcustomers remain loyal to a brand and, as a result, remain in the same firm. Customers are likely to buy a brand that they already know (McGregor 5). This one involves the consumer demand (type). This entails analyzing the products that consumers prefer. For instance, Costco offers high quality products at low prices.There is a significant reduction in consumer durable spending because people have deferred purchases like furniture and large appliances. In fact, purchases of apparel have reduced by 6 percent for women and 10 percent for men. There have been marginal increases for the apparel of children. This is crucial asthe product categories for the two types of products make up to 29 percent of Costco's business. Although Costco has only a three percent decline (Costco Wholesale n.p.), this is a worrying trend. Costco has decided to concentrate on other products that are recession proof, for instance, wines, snack foods, tobacco and health related products in order to make up ground to avoid the decline. If the economy continues to decline, there is the fear that the Costco Wholesale Corporation will lose its unrivaled economic stability. This means that the company should come up with other measures of guarding against the threat of economic meltdown. Demographics are another key issue that is facing Costco Wholesale Company. Demographics cause trouble for the company's business model of "a single size packaging" of large volumes of goods. The company pursues this practice in order to reduce handling and restocking of the goods (Costco Wholesale n.p.). This has the advantage of cutting down the expenditure of the organization. However, the world has an increase in the number of the aging population, single and divorced people as well as smaller families. This means that there will be few people who need thelarge sizes of goods that Costco offers. This might serve societies that have large families, for instance, in Africa. However, in the countries that Costco has warehouses, the prevalent trend is that of small families. McGregor established that the average American family consists of five members (6). This means that there is the fear that people might start to shop elsewhere as they no longer need the large volumes of goods th at Costco Wholesale Company offers. As a result, the company should explore the possibility of packaging goods in small packages. Pairing the problem of packaging with the concerns of reliable supplies of merchandise brings another significant issue. As it is seen in Porters five forces analysis, there are aggressive competitors that threaten the market share of Costco. Though the company has controlled much of this competition, there are signs that competitors and suppliers are gaining ground over Costco. For instance, Proctor and Gamble cited Sam's club as their preferred merchandiser (McGregor 5). This is because Sam's Club has more efficient logistics and inventory management systems than Costco Wholesale Corporation. Besides, Sam's club purchases ongoing supplies of Proctor and Gamble products in many sizes. Moreover, Sam's Club stocks a full inventory of P G products. This means that when there is a limited production of merchandise,Sams Club will become the preferred customer and the other corporations (in this case Costco) will have to wait or go without. Costco purchases stock of merchandise on the gre y marketwhenever it is possible. The company also handles only a single size of Proctor and Gamble products in sizes,which are not lucrative for Proctor and Gamble. Besides, Costco has few ongoing commitments for its products. This example shows that there are problems with merchandise policy of Costco. The company should move to seal this gap in order to prevent the competitors from having a cleavage. This is a chain of retail warehouse clubs, belonging to Wal-Mart Stores, Inc. In 2008, estimates showed that Sam's Club served approximately 47 million members from the United States of America. Sam's Club holds the second position in sales volume of warehouse clubs. As already noted, the first one is Costco Wholesale Corporation. However,Sams has more retail locations (602) than Costco (600). Most of the time, Sam's Club sells its merchandise in bulk. It also sells the merchandise directly off pallets. The products that the club sells include jewelry, designer goods, crystal and collectibles, electronics, apparel, food and meats. In addition, most locations have pharmacy, photo, bakery, optical department, among others. A notable feature in most locations of Sam's Club is the availability of stands, at which employees prepare food products for customers to sample and purchase. The club has approximately 47 million members from the United States of America. It operates about 580 club s nationwide (Roads 599). There are approximately 100 locations in other countries like Brazil, China, and Mexico. Sam's Club earned revenue of $ 46.9 billion in the year of 2009. There are various options that can be used for payment in Sam's Club retail locations. These are Wal-Mart Credit Cards, MasterCard, debit cards, Wal-Mart's gift cards, Discover Card, cash or checks. Sam's club offers an aggressive competition to Costco's Warehouse Corporation because of the wide range of products it provides. In addition, the number of retail locations challenges the position of Costco as the largest warehouse club in America. Sam's Club had $44.4 billion in revenue in the year 2007. This was from 591of its warehouses. BJ Wholesale Club, Inc. is a warehouse club chain that operates on the East Coast of the U.S. and in the state of Ohio. The company began in 1984. In January 2010, there were 190 BJ's locations in the United States of America. The company has about 23, 500 employees. Its main competitors are Costco Wholesale Corporation and Sam's Club. BJ's has many benefits to its members. These involve "member pricing", which is a variety of "name-products" goods at discount wholesale prices, among other benefits. BJ's accepts various payment options, such as cash, check, debit cards, and EBT SNAP benefits. Among the main warehouse clubs, BJ's is the only one that regularly accepts Visa for payment. One should be a member at BJ's to enjoy the various benefits available to consumers and businesses. According to Roads (600), BJ's is the thirdcompany with the largest market share in the United States of America. However, its influence is not comparable to Costco or Sam's Club. In 2007, BJ's got $9.0 billion in revenue from 177 warehouses. Costco has a high membership fee, when compared to the other companies. However, Costco's membership fee includes other services such as car and home insurance. This gives Costco leverage of the other corporations. All the Costco stores allow cash, checks and credit cards. However, Costco only takes American Express credit cards. On the contrary, Sam's Club and BJ's accept MasterCard and Discover.Costco's packaging ensures that goods have a low unit price. The cheap prices, indicated by the other warehouses, are misleading as they do not consider the packaging.Costco has undertaken an extensive expansion program. The domestic overexpansion risks cannibalizing the market share of pre-existing stores. BJ's Wholesale Club and Sam's Club have more controlled expansion programs than Costco. In Costco, the average pay of a worker is remarkably high, when compared to the competitors. For instance, Costco pays $17 an hour, which is 42 percent higher than that of Sam's Club. Most of Costco's products are practical and frequently used goods that people need. Costco allows buying of these products in bulk at cheap prices. Besides, Costco's expansion enables accessibility of their warehouses by many customers. The corporation has racks of gift cards that can be obtained at discounted rates. These include Ruby's Diner, Disneyland, Wild Rivers, and so on. Costco's has a favorable return policy. The member can always return products that are unsatisfactory. However, for electronics, the deadline for returning is 90 days. Costco has an advantage over the rest of the companies given its low prices, high employee motivation (because of the good remuneration) and a comprehensive membership policy. However, the corporation needs to re-examine its weak areas. The differentiated branding, in addition to private label products, enables Costco to provide an upscale club experience to members. This allows Costcoto gain market share and, at the same time, increase sales per square foot (Costco Wholesale n.p.). Costco enters a market by selling membership to employed persons in leading companies. The company also sells membership to owners of small businesses. These practices help to capture the highest income population in discount retailing. Costco can increase its present base of 600 clubs in the world.From 2000 to 2008, the operating income of the company increased from $1.037 to $1.969. The company reduced its shares from 475.7 million to 444.3 million as stakeholder equity rose from 4,240 to 9,192. In the same period, membership rose from 17.1 to 56 million. Costco is the first company in the world to move from zero to $3.5 billion in a span of less than six years. In the fiscal year that ended on August 31, 2009, Costcos sales totaled $71.42 billion. This included $1.09 billion net profit. Buy custom Costco Wholesale Corporation essay

Kurdistan Workers Party Paper Essay Example | Topics and Well Written Essays - 500 words - 1

Kurdistan Workers Party Paper - Essay Example Tom). While the network was not officially recognized as a unique entity until 1976, historically, this never stopped their activities any given time, it has held significant influence in the southern Philippines, where it established itself so strongly in the area solidifying its operation for long, therefore is largely a regional entity rather than a global movement. Throughout the 1980s, the SCU network received support from the United States, Pakistan, and other partner countries to support the Scandinavian campaign. From the 1990s through today, the SCU network has supported a variety of Scandinavian regimes and movements in an attempt to expand Protestant fundamentalist principals in the region where its effects still have seen to date. This shaped the entire history of the area. That the Swedish Chefs United is largely a proxy for Swedish interests in the Philippines. This duality of interests is at times confusing and reflects the complexities of the organization and its interests. Furthermore, the SCU network has limited political goals and has subordinated itself to other entities; instead seeking to maintain influence locally while supporting efforts to spread Crusades elsewhere. Their demands never had a powerful impact at any given time due lack of political will and power, therefore being in existence with no clear motive to drive the a gender The Swedish Chefs United, throughout its history, has served to recruit, train and fund militant groups in the region in support of expanding fundamentalist Lutheranrule. In this section I will further examine current US definitions of terrorism and depict that the SCU’s role as a geographically based vehicle for violence is almost indistinguishable from organizations like al Qaeda and the Pampered Chef because of their activities, goals and operations which are not clear but confusing. They

Consumer behavior Essay Example | Topics and Well Written Essays - 2500 words

Consumer behavior - Essay Example This implies that for a positive feedback from the consumer, a lot of emphasis has to be made in ensuring that all these factors put into consideration (Arnold, James, and Scherbet Oliver 1999 p.30 par.4). 3. Consumer behavior is characterized by all of the following EXCEPT thoughts. These factors are characterized by consumers’ dynamism, interactions, exchanges, and predictability. Consumer behavior must be constantly monitored by the marketer because it is usually dynamic and therefore it changes constantly resulting to short product life cycles (Arnold, James, and Scherbet 1999 p.35 par.1). 4. The marketer must constantly monitor consumer behavior because the consumer is: creating new strategies for the products. To keep in touch with this trend, innovation and value addition are of paramount importance in order for the companies to remain profitable and retain their market share. This is achieved by creating new products, newer versions of existing products, new brands and creating opportunities for increased cross holding (Wilcox, Rhoda V 2001 p.34 par.3). 5. To keep in step with shorter product life cycles, many companies are innovating constantly and creating superior value for customers and staying profitable by all of the following ways, EXCEPT constantly changing. Innovation and value addition are of paramount importance in order for the companies to remain profitable and retain their market share. This is achieved by creating new products, newer versions of existing products, new brands and creating opportunities for increased cross holding. (Wilcox, Rhoda V 2001 p.41 par.2). 6. The relationship between the elements involved in consumer behavior is BEST described as: interactive. This is due to the fact that consumer behavior is mainly interactive and profit maximization which is the primary role of marketing must be cognizant of this fact (Arnold, James, and Scherbet 1999 p. 45

MIDTERM EXAM Essay Example | Topics and Well Written Essays - 2000 words

MIDTERM EXAM - Essay Example Once the People have promised their submission to such rules and accept to be governed by these laws made by legislatures in such forms, legislature can never delegate (Rosenbloom, 2014). On the contrary, the Supreme Court has uncovered that nondelagation principle has no restriction on Congress seeking help of the coordinate branches of the government (Rosenbloom, 2014). In the  case the between Mistretta v. United States, 488 U.S. 361, 372 (1989). Elements of Intelligence Principle must accompany the delegation to coordinate branches to which the delegated unit need to conform. The standard of delegation is potential to leave the agency that regulation is delegated to with broad discretion (Rosenbloom, 2014). However, the challenge arises from the Congress delegating a power to an executive agency based on the existing checks on the agency’s discretion. An example is the caused between INS v. Chadha, 462 U.S. 919 (1983). The Supreme Court held that the Congress may not uphold a legislative veto over discretionary agency actions since it violates the Constitutional, legislative process of bicameral passage preceded by a presentment to the President. Therefore, the Congress had to follow a formal parliamentary procedure to scrutinize the discretion delegated to a particular agency. Justice Powel concurred that the ruling could be made on a narrower grounds since in case the Congress validates that a person fails to satis fy the reasons laid by the authority for permanent residence, it is deemed to have assumed a judicial role in violating the principle of separation of powers. Therefore, the concurrence by Justice Powel validates the role of the Judiciary in the determination of the agency’s discretion. Despite this validation, Chevron U.S.A, Inc., v. Natural Resource Defense Council, Inc., 467 U.S. 837 (1984) rejected and limited the role of the Judiciary in

Environmental Factors for International Marketing

Environmental Factors for International Marketing A Key Challenge For International Marketers Is To Develop A Good Understanding Of The International Business Environment. Identify The Key Environmental Factors That Are Of Importance To The Success Of International Marketing And Discuss Their Impacts On International Marketing Decisions. 1. Introduction Due to technological advances and rapid economic growth, the level of world trade has increased considerably over the last four decades. Merchandise exports, for instance, grew from a value of $160 billion in 1963 to almost $16,000 billion in 2008 (WTO, 2009). Motivated by the many rewards and opportunities international exchange offers, more and more countries and companies have become largely involved in international marketing. However, the implications entailed in this â€Å"process of planning and conducting transactions across national borders† are rather different to those companies usually have to face when conducting domestic marketing (Czinkota Ronkainen, 2007, p.4). Differences in cultures, economic conditions, and governmental systems amongst countries mean that the marketing activities of companies taking their operations outside national borders are affected by a new series of environmental factors. In order to be successful at international marketing, it is vit al that marketers attain a thorough understanding of these factors as they impact the international business environment and take them into account when carrying out decisions on marketing activities (Hollensen, 2007). Consequently, this essay aims to identify both these fundamental environmental factors and the effects they have on the international marketers decision making. The essay will firstly consider the factors that derive from culture, such as language and religion. Secondly, the economical elements that influence the international business environment will be examined. Finally, the essay will take into consideration legal and political factors. 2. Cultural Environment According to Hofstede (1980), culture is â€Å"the collective programming of the mind which distinguishes the members of one human group from another†. Given that culture affects consumers behaviour, understanding cultural dissimilarities is crucial for the success of international marketing (Usunier Lee, 2009). Hall (1976) states that there are high context cultures, such as the Japanese one, where the context is equally as important as the words used, and low context cultures, such as the North American one, where communication is often solely conveyed in words. Companies need to be aware of and adapt their marketing concepts to these differences as otherwise it can easily lead to misinterpretations in communication. They need to take into account the element of language which consists of a verbal (the words used and how they are spoken) and a non-verbal part (e.g. gestures and eye contact). The challenge for them is to attain both a thorough understanding of the language in terms of its technicality and the context in which it is used (Hollensen, 2007). In Japan, for example, IBM changed the classification number of its series 44 computer as the pronunciation for the word four is similar to the word death (Czinkota Ronkainen, 2007). A further important source of culture is religion. Marketers need to be aware of the differences between the main types of religion as well as the variations within them (Hollensen, 2007). In Hinduism, for example, peoples capacity of consumption is determined by their status. Companies need to take this into account when making planning their marketing strategy. Also, as the main holidays are linked to religion marketers need to consider when they take place when planning marketing programs. The exchange of Christmas gifts, for example, occurs on 6th December in the Netherlands, whereas in other countries they are opened on 24th or 25th December (Czinkota Ronkainen, 2007). Also, companies need to take into account the values and attitudes of countries. The more these shared beliefs or group norms are embedded into the culture the more care companies have to take when implementing marketing activities (Blackwell et al., 2005). Societies that place a high value on tradition are more reluctant to change and may perceive foreign companies with scepticism (Hollensen, 2007). In Japan, for example, many bureaucrats feel that the consumption of foreign products is disloyal to their country (Czinkota Ronkainen, 2007). Another element of culture is aesthetics which determines what people find appropriate and what not. This can differ considerably from one culture to another meaning that marketers need to be aware of them and adapt their marketing concepts accordingly (Usunier Lee, 2009). Henkels FA soap, for example, modified its advertisement spot for the North American market by having the model wear a bathing suit instead of being naked, as in the ad for the European market (Czinkota Ronkainen, 2007). Furthermore, it is important that managers understand the different manners and customs of countries (Usunier Lee, 2009). General Foods orange juice Tang, for example, is marketed as a breakfast drink in the United States, whereas in France it is positioned as a refreshment as there is no habit in drinking orange juice at breakfast (Czinkota Ronkainen, 2007). There is also the element of education that needs to be taken into account. When designing products or services, for example, companies need to be aware of the level of intelligence of the consumer so they can adapt the complexity of the product or the service to the user (Hollensen, 2007). According to Dallas (1995), the best way for companies to overcome these cultural obstacles is to embrace the local culture. They need to take a localised approach by adjusting products to the markets, building relationships with locals and employing them. This allows marketers to gain information and experience at firsthand, attain an in-depth understanding of what influence consumer behaviour in the market, and cooperate efficiently with employees, the government, and other local partners (Usunier Lee, 2009). This would also allow companies to avoid accusations of cultural imperialism, which happens when marketing approaches are seen as too radical. McDonalds and Coca-Cola, for example, have been accused of forcing American standpoints into other cultures and consequently had to deal with boycotts from consumers (Czinkota Ronkainen, 2007). 3. Economic Environment International marketers equally need to be aware of economic factors when undertaking marketing decisions (Hollensen, 2007). Population figures provide a basic indication of the attractiveness of the market in terms of size and potential growth by looking at life expectancy, age distribution and population growth. They allow marketers to identify the segments and the geographical areas they should target (Czinkota Ronkainen, 2007). Low population growth rates, for example, usually characterise highly economically developed countries with good disposal income (Bradley, 1999). Also, income levels need to be taken into account as they provide an indication of the purchasing power of the market and allow companies to adapt their marketing concepts accordingly (Hollensen, 2007). A packaged goods company, for example, brought out a more economic version of its product in countries that have lower income levels by using cheaper raw materials. Nonetheless, marketers should not greatly rely on this indicator as there are certain types of products that because of the high value they create for the consumer are not affected by income levels. In China, for example, due to being a good upgrade for bicycles and a cheap alternative for cars, sales of motorcycles are high in the country despite the fact that the price of the product represents a high proportion of salary (Czinkota Ronkainen, 2007). Besides, marketers need to consider consumption pattern which allow them to identify the proportion of income that consumers spend on necessities, including food and rent, and consequently the proportion that is left to spend on less important areas of consumption, such as household goods and leisure (Bradley, 1999; Hollensen, 2007). Given that purchases in these areas can be cancelled or postponed unexpectedly, companies can determine the level of confidence in the market (Czinkota Ronkainen, 2007). Another important economical element is inflation as it strongly affects consumers buying habits and ability to buy. In markets with high inflation rates companies need to modify their product making it less expensive to produce so that they can lower their prices to respond to customer needs and sustain demand (Hollensen, 2007). In addition, marketers need to consider the availability and quality of local infrastructure. Transportation, communication, and energy networks have an important effect on the companys functions. They also provide an indication for the demand of industrial products and services (Bradley, 1999; Hollensen, 2007). The fact that two billion people live without electricity and that the access to a telephone is very limited in Asia, for example, informs industrial products and services companies that there are important marketing opportunities for them there (Czinkota Ronkainen, 2007). Furthermore, companies need to consider regional economic integrations as they can create both opportunities and benefits, and threats and problems for them. The European Union, for example, provides many benefits to companies operating within Europe, such as economies of scale thanks to the large single market. For non-EU companies, however, this integration may create problems (Hollensen, 2007). With the aim of protecting European farmers, for example, the EU has now and again imposed restrictions on the inflow of certain agricultural goods from the U.S. (Czinkota Ronkainen, 2007). A thorough understanding of these factors allows companies to obtain a good assessment of the market and reduces the possibility of implementing marketing concepts that could have disastrous results (Czinkota Ronkainen, 2007). 4. Political And Legal Environment The political and legal environment of the companys home country, its host country and the general international environment also has important effects on the marketing activities of international companies (Hollensen, 2007). The politics and regulations of the companys home country can determine its opportunities outside national borders (Hollensen, 2007). One of the main types of regulation that international marketers need to be aware of are embargoes and sanctions which are used to distort the free flow of trade. They need to know where they are applicable and take them into account when planning marketing activities so that they do not breach them and face subsequent sanctions (Czinkota Ronkainen, 2007). Governments also employ export and import control systems. Export controls prevent or delay companies from selling their products in certain countries whilst import controls are used to protect and stimulate the domestic market. Marketers need to take them into account so they know where the company can do business and where it can obtain its supply from. Finally, governments may induct special measures to ensure that their companies behave in a correct manner in the international business environme nt. One of the major areas concerned is boycott, which is when companies reject to conduct business with someone (Hollensen, 2007). The governments control in this area can force companies to decide whether to stop transactions and lose profit or to continue trading and pay charges. The Arab nations, for example, have blacklisted a number of companies who conduct business with Israel. In response, the United States imposed several laws to prevent U.S. companies from complying with the Arab boycott as it has political ties with Israel. Companies may lose out to firms whose home country does not employ such measures (Czinkota Ronkainen, 2007). Nonetheless, according to Czinkota and Ronkainen (2007), it is best to avoid adopting inappropriate behaviour as it may lead to damages to the companys reputation, boycotts by consumers and cancellation of transactions. This might cost the company more money than it gained through adopting such behaviour. Companies are also affected by the legal and political environment of the host country. Marketers firstly need to determine the level of political risk, i.e. the likelihood of political changes that could adversely affect the company, by looking at the host countrys government, its political actions and its stability (Czinkota Ronkainen, 2007). U.S. companies, for example, who are a major target for terrorist attacks because of their home countrys actions and capitalistic image, need to particularly take into account the stability of the host country (Harvey, 1993). Marketers also need to be aware of the actions of the host countrys government. Price controls, for example, which are used by the government to respond to inflation, can put international companies into a difficult situation where it has to decide whether to stop their operations or to carry on in the hope that the controls will be changed and they can regain the sacrificed profits (Frank, 1984). Companies also need to be familiar with the laws of the host country and the restraints they place on their operations. In France, Canada, Brazil, and Indonesia, for example, there are laws that restrict imports of U.S. entertainment to protect and preserve their cultural industries (Czinkota Ronkainen, 2007). However there are also laws that are aimed at assisting companies with their international operations, e.g. subsidies (Hollensen, 2007). Shortages of regulations can also create problems for companies, e.g. the lack of intellectual property rights in China (Czinkota Ronkainen, 2007). Therefore, companies need to attain a good understanding of how the countrys legal and political systems work to reduce the impact of the problems they cause. By undertaking in-depth research on the countrys history, culture and political setting before entering it allows companies to avoid making investments that could have disastrous outcomes. An in-depth knowledge of the country would also allow the company to anti cipate, plan and adapt into the local community. Hiring locally, undertaking local charity work and joint ventures with local businesses show the government that the company cares about the local community and does not just see it as an object it can exploit. This reduces the amount of interference by the government giving the company more freedom in its operations (Czinkota Ronkainen, 2007; Hollensen, 2007). Marketers must also consider the overall international business environment. Relations between countries and governments have important effects on the operations of international companies. The U.S. governments differences with South Africa, for example, forced U.S. companies to leave their operations in the country. Relations between home and host countries are governed by bilateral agreements, as well as by multilateral ones between sets of countries (Hollensen, 2007). Marketers need to continuously monitor the international political environment keeping up to date with political affairs so that they can anticipate changes and plan and modify their marketing strategy accordingly. In terms of the legal environment, managers need to be aware of certain laws and treaties which because of the respect they receive from many countries have a strong influence on the way companies operate (Czinkota Ronkainen, 2007). The World Trade Organization, for example, gives an outline on the behavi our that it finds acceptable from its member states (WTO, 2010). 5. Conclusion International marketers are faced with quite many and quite a range of factors in the international business environment that can have profound effects on their marketing activities. They need to be aware of the main sources of culture, such as religion, language, education, values and attitudes, aesthetics, and customs and manners. Given that they are embedded into societies and individuals it is necessary for companies to adapt their marketing activities to the market and not force a different standpoint on the consumer. International marketers also need to consider economical factors, such as population, income, inflation, economic integrations and infrastructure. They allow them to assess the attractiveness of the market and identify the segments and the geographical areas they should target. This reduces the risk of investing money in marketing activities in markets that are unprofitable. Finally, companies need to take into account the legal and political factors affecting the home country, the host country, as well as the overall international business environment. They need to be aware of the different governments, their political actions, their stability, and their relation with other countries, and constantly monitor them by keeping up to date with economic affairs around the world. This allows them to determine the level of political risk so that they can anticipate and plan for threats and take advantage of opportunities political changes offer them. 6. Bibliography Blackwell, R. D., Miniard, P. W. and Engel, J. F. (2000). Consumer Behaviour. London: Thomson-South Western Bradley, F. (1999). International Marketing Strategy. London: Prentice Hall. Czinkota, M.R. and Ronkainen, I.A. (2007). International Marketing. London: Thomson-South Western. Dallas, S. (15 May 1995). Rule no. 1: Dont diss the locals. Business Week [online]. Available from: http://www.businessweek.com/archives/1995/b342416.arc.htm [Accessed 10 February 2010]. Frank, V. H. (1984). Living with price control aboard. Harvard Business Review, Vol. 62, March-April, 137-142. Hall, E. T. (1976). Beyond Culture. Doubleday: Anchor Press. Harvey, M. G. (1993). A survey of corporate programs for managing terrorist threats. Journal of International Business Studies [online]. Vol. 24, No. 3, 465-478. Available from: JSTOR [Accessed 19 January 2010]. Hollensen, S. (2007). Global Marketing: A Decision-Oriented Approach. London: Prentice Hall. Usunier, J. C. (2009). Marketing Across Cultures. London: Prentice Hall. WTO (2009). International Trade Statistics 2009. WTO. Available from: http://www.wto.org/english/res_e/statis_e/its2009_e/its2009_e.pdf [Accessed 19 January 2010]. WTO (2010). Understanding the WTO. WTO. Available from: http://www.wto.org [Accessed 10 February 2010]. Short Course in International Marketing Blunders : Marketing Mistakes Made by Companies that Should Have Known Better (3rd Edition)

Conrad’s Congo Journey :: Biography Biographies Essays

Conrad’s Congo Journey Joseph Conrad’s own experiences during his trip through the Congo helped him provide a foundation for the writing of Heart of Darkness. In 1890, Conrad took a job as a captain on the river steamer Kinshasa. Before Conrad took this job, he had worked for the French merchant navy as a way to escape Russian military service and also to escape the emotional troubles that had plagued him. Conrad had been in a financial crisis that was resolved with help from his uncle. After this series of events, Conrad joined the British merchant navy at the beckoning of his uncle and took the job as the captain of a steamboat in the Congo River. An important fact to remember is that Conrad was a young and inexperienced man when he was exposed to the harsh and dangerous life of a sailor. His experiences in the West Indies and especially in the Belgium Congo were eye opening and facilitated his strong outlooks that are reflected in the book Heart of Darkness. Conrad’s journey th rough the Belgian Congo gave him the experiences and knowledge to write about a place that most Europeans would never see in their lives. The diaries Conrad kept during his journey through the Congo gives detailed descriptions of the monotonous African landscape. Conrad wrote that the landscape of the African coast looked the same every single day.[1] This is reflected in Marlow’s narration of the jungle where shapes and forms cannot be made out clearly. The monotonous landscape differed from what Conrad had expected of this exotic location. When he was still a young kid, he had once boasted that he would someday journey to the heart of Africa. However, the actual journey was not at all what he expected it to be. Conrad was shocked at the men in the African colony. He was repulsed by the European colonizers because of the horrible treatment of the natives as well as the unlawful aggressive pursuit of loot. Conrad witnessed atrocities committed by the European colonizers, which helped to form his opinions on the colonization of Africa. In the novel, Conrad uses sarcasm to display his displeasure towar ds the European colonizers’ treatment of the natives. The Europeans in the book are called pilgrims and the natives are called cannibals, however the pilgrims are the ones who are much more willing to use force to resolve their problems.