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Executive Synopsis

The purpose of an efficient costing system is to determine the cost and profitability of each manufactured unit of product or service. In addition, the system enables managers to closely monitor the performance of divisions by comparing actual outcomes to budgeted costs numbers. This will enable the executives to take corrective action when necessary or to alter the company's policy if necessary. Thus, an efficient pricing system aids management in their duties of planning, organizing, and controlling the actions of employees and the firm's overall performance. This study provides an analysis of several components of Packwell Limited's costing system.

Introduction

The current business environment is so complex and competitive that an increased reliance on automated manufacturing processes and cutting-edge technology equipment is the norm. With each new technological advancement, the obsolescence of items and processes has increased, resulting in a reduction in the life span of the products. As is the case in the communication business, items are only used for a few years before being replaced by newer models based on revolutionary technological advancements. The firms' management must account for the rapid technical changes occurring in the market in order to remain competitive. In order to maximize the firm's profits, managers must have a comprehensive awareness and appreciation of the expenses associated with the various phases of a product's manufacturing cycle. In order for different manufacturing organizations to stay globally competitive, strong competition on worldwide markets, the adoption of innovative technical changes, and enhanced production processes have forced drastic modifications in their management accounting systems. The application of effective management accounting alongside standard financial accounting will improve the organization's overall performance. This paper examines the contribution of management accounting, as well as the various facets of an effective costing system in general, in relation to an effective costing system. In addition, this document also gives a report on the different components as they are applied to Packwell Limited.

Financial Accounting and Management Accounting Are Crucial

Financial accounting assists business organizations in making financially sound decisions on the operation of their company. Accounting encompasses the maintenance of books of accounts for recording a business's financial transactions and the creation of financial statements for a certain period based on these transactions. Thus, the primary goal of financial accounting is to generate financial statements based on the organization's books of accounts, which will contain comprehensive information about its financial performance. Investors, creditors, banks, and tax authorities frequently refer to a company's financial accounting statements when making choices for a variety of purposes. Management Accounting measures and reports financial and non-financial data that assists managers in making decisions to achieve an organization's objectives. Accounting for management focuses on internal reporting. Financial accounting measures and records business transactions and provides financial statements for investors, government regulators, and other external stakeholders (Horngren et al 2002). Management accounting has the unique advantage of including performance measurement. The measurement of performance includes the formulation of budgets that take into consideration the financial objectives of the organization. The primary responsibility of the management accountant is to ensure that the organizational goals and the individual goals of organization members are aligned.

Different Cost Categories

A cost is the resource that a company foregoes in order to attain a specific business or other aim. Cost is the monetary value associated with the acquisition of particular goods and services. A typical costing system identifies two distinct stages: cost buildup and cost allocation. Cost assignment is the act of tracing collected costs to a specific cost object and allocating accumulated costs to a specific cost object. Cost accumulation is the process of collecting cost data using an organized accounting system. In order to analyze the profitability of a product or a particular client cost may be ascribed to the respective product or customer. On the basis of the link between the cost and a particular cost object, direct and indirect costs can be distinguished.

The costs associated with a single cost object are "direct costs" that may be attributed to that object. For instance, the costs associated with the cans or bottles used to package soft drinks are direct costs. The fundamental aspect of direct costs is that it should be feasible to track such charges to a single cost object in a cost-effective method. Indirect costs, on the other hand, are costs that are associated to a certain cost object, but cannot be tracked back to that cost object in a cost-effective manner. For instance, the cost of quality control for every manufactured product will be indirect because it will be difficult to attribute the cost to a specific product (s).

On the basis of cost-behavior patterns, costs linked with the products or services can be divided into variable and fixed costs. Cost that varies proportionally to the overall level of activity or volume is referred to as variable cost. For instance, the cost of steering wheels acquired for the production of automobiles is a variable cost because the quantity of steering wheels to be purchased fluctuates directly with the number of automobiles produced. In contrast, a fixed cost is one that does not change throughout a specified time period, regardless of the degree of activity associated with it. Costs are categorized as fixed or variable based on their relationship to a certain cost object and a given period. For instance, the lease and insurance costs associated with a car manufacturer's manufacturing site are classed as fixed costs because they remain constant throughout time.

Average Cost (AVCO) Inventory Record Maintenance Method

Below is the inventory report for Packwell Limited for the month of June 2009.

Stock Account Statement for June 2009

Receipts Issues Balance

Date Quantity

Price per Kg

per kilogram £ Total Price £ Quantity

kg Cost

per kilogram £ Total

cost £ Quantity

kg Total £

Balance 1 June

6,000 12,000

10 June 12,000 2.60 31,200

18,000 43,200

16 June

8,000 2.40 19,200 10,000 24,000

20 June 1000 3.50 3,500

11,000 27,500

29 June

6,000 2.50 15,000 5,000 12,500

Under this approach of stock valuation, issues of raw materials for production are evaluated using a weighted average. In contrast to the 'First in First Out' (FIFO) and 'Last in First Out' (LIFO) methods, the average stock method values inventory at the end of the accounting period at its average cost for inclusion in the balance sheet. Under this system, the cost of sales attributable to the profit and loss account is the average cost of materials issued.

The average cost is computed by summing the various prices at which the materials are purchased during the time and dividing the sum by the quantity of materials purchased. Despite displaying the average value of the inventory at the end of the year, this technique of costing conceals the fact that the quantities purchased in each batch may not be same. To circumvent this issue, the company employs a weighted average cost. Even weighted average costing has the disadvantage that a new average must be determined whenever a new delivery is made. Another concern is that the weight-based average may not reflect the real price paid for the acquisition of commodities (Pizzey, 1989, p 47). For example, 6000 kilograms are provided on June 29 at a price of £2.50 per kilogram, whereas the previous transaction cost £3.50 per kilogram.

Costs of direct and indirect labor

At each level of the production process, the direct labor hours and costs should be separated by task or process. This difference must be made from the time labor is hired in the first department or process until the process is completed and the material is transferred to the second department. It is customary to account for indirect labor expenditures, such as those incurred for supervisors, clerical workers, and other administrative personnel, in terms of hours or days worked. The expense of maintenance labor is allocated proportionately to the manufacturing departments to which the supporting staff performs the service. The hours of indirect labor performed by factory employees who divide their time between direct and indirect labor are recorded on their daily time cards. (Blocker, 2007, p 166) The following table displays Packwell Limited's direct and indirect labor.

Costs of direct and indirect labor are computed.

Normal Hours

conventional

Hourly Rate £ Overtime

Hourly Rate £ Normal

Wages £ Overtime

Total wages in pounds

Wages £

Standard Hours 350 8:00

2,800.00

2,800.00

One-and-a-half-time overtime wages 60 8.00 4.00 480.00 240.00 720.00

Double-time overtime 40 8.00 8.00 320.00 320.00 640.00

Total 450

3,600.00 560.00 4,160.00

According to the company's policy, the entire labor cost for making 18,000 pharmaceutical bottles of type 'X' in June 2009 is £ 4,160, of which £ 3,600 is to be charged as direct labor and the total overtime earnings of £ 560 are to be charged as indirect labor.

Allocation of Operating Expenses

"In cost accounting, production overhead costs are allocated to products and services within a period using allocation bases or cost drivers." (2008) Kinney & Raiborn Overhead costs indicate those expenses, which cannot be neatly identified with any single product or activity. Unlike materials and labor, overheads are intangible expenditures associated with a final product. However, overhead expenses are an essential input in the production process, similar to material and labor costs. The management of overhead costs is a demanding work for managers, and an effective management of these costs demands managers' ongoing attention. It is also essential to comprehend the foundation for allocating overhead expenses when executing a manufacturing process change.

Distribution of Overhead Expenses

Fixed Aerial Allocation or distribution basis Total cost

Molding Plastics for £

Plastics Extrusion of £

$ Maintenance

£

Protection for machinery The net book value of fixed assets is $24,400, 14,640, 7,319, and 2,441.

Prices and rent Occupied Square Meters: 58,800 32,340 23,520 2,940

Number of Employees 191,600 89,413 76,640 25,547 Indirect Labor Cost

Total

136,393 107,479 30,928

Maintenance

15,557 12,371

274,800 154,950 119,850

The basis for allocation is established by the kind of overhead costs. The net book value of fixed assets is thought to be the appropriate basis for allocating insurance costs, given that insurance premiums are often calculated using the book value of assets. Regarding the rent and taxes, the square meter occupied by each department is used as the foundation for apportionment, since rent is often calculated per square meter. Even if the budgeted expenditures can be used as a foundation for allocating indirect labor costs, it would be more practical to allocate indirect labor based on the number of employees in each department.

Product Price Determined by Marginal Costing

Different companies utilize various costing systems, such as job costing, batch costing, process costing, contract costing, marginal costing, standard costing, and activity based costing (ABC), depending on the nature of the companies' activities. Each method of costing has its own advantages and disadvantages that affect the efficacy of the company's costing system.

Using the marginal costing method, the product cost per batch of Microwave containers is displayed in the following table.

Description Total Cost £ Per-Batch Cost £

Direct Materials Cost 160,256 250.40

Labor Cost Direct: 251,008 $392.20

Total Variable Cost 91,520 143.00

Cost of Margin 502,784 785.60

Total fixed costs amount to 136,960 214.00

Total Cost 639,744 999.60

The definition of marginal costing is the accounting method in which variable expenses are charged to cost units and the fixed costs of the period are fully written off against the total contribution (Tutor2u, n.d.). Contribution is the remainder of sales income after removing the marginal cost.

Advantages

Marginal costing is a more straightforward way of costing, because it precludes the inclusion of any portion of the current year's fixed expenses in stock valuation. To increase the profitability of a corporation, marginal costing substantially facilitates managerial judgments about varying sales and production planning scenarios. With the use of breakeven analysis and cost-volume-profit, marginal costing enables a relevant study of the company's short-term financial strategy. The method also facilitates a comparison of the firm's financial performance across various products or divisions. This assists management in improving deficient regions.

Limitations

Despite the aforementioned benefits, minimal Costing has limitations. The following are:

The process of separating costs into fixed and variable components is laborious. This problem may occasionally result in uneven outcomes. Under marginal costing, inventory and work in progress are generally undervalued. The separation of fixed costs and stock valuation tends to diminish the firm's profitability. This split also impacts the depiction of the firm's real and fair financial condition, as the status may not be clear. Due to the estimate nature of fixed overheads, instances of under- or over-absorption may emerge into the financial system.

Expenses Related to Employment

"Job costing is the process of comparing the expenses incurred on a project to the income generated by that project."

(Snyder, 2009) A job-costing system can be implemented when production is performed based on the individual requirements of a customer order and the jobs can be identified independently. In this procedure, individual work costs are added to determine the total cost and resulting profitability. Task costing enables the comparison of actual job costs to estimates, which indicates the efficiency of individual jobs, and enables the precise calculation of profit or loss on each job. Identifying and allocating indirect costs for each project will be a time-consuming procedure under job costing.

Process Cost Accounting

The process costing system is beneficial for products that are manufactured through a series of processes in which the end-products of one process become the raw material for the next process. "By adding a component or performing an operation, each procedure will contribute to the final product. Each of these operations or procedures constitutes a natural cost centre for the accountant." (Pizzey, 1989)

The primary benefit of process costing is that it enables the company to identify inefficient individual processes. The downside of this pricing system is that process transfer costs are based on an excessive number of assumptions.

Standard Costing Methodology

"A standard cost is the budgeted production cost for one unit of output. Standard costs are computed using engineering estimates of standard input quantities and budgeted input prices." (Caplan, 2007) While the standard costing approach is acknowledged as a practical method for comparing budgeted to actual overhead expenses, it is nevertheless deficient in several areas. Standard pricing identifies too many aggregated deviations, and establishing standards is frequently a complicated task. This causes the standards to come at a very late stage, and as a result, they may not be used to limit time variances. Standard costing presupposes a highly steady production environment. Consequently, the usual costing system may not be compatible with the altered industrial environment. The standard costing system focuses heavily on the cost of goods and labor with the sole purpose of minimizing expenses. The system places little emphasis on the quality of the product, the enhancement of customer service, and other key contemporary challenges that are mostly technological in nature. This renders the typical costing system obsolete for today's production environment.

Conclusion

For the studied manufacturing company, the task costing system can be identified as the most suitable costing method. The cost object for job-based costing is a particular unit, batch, or lot of a distinct product or service known as a job. Typically, the product or service is manufactured to order. Because the products and services are separate, job-costing systems can gather expenses by each individual product, service, or job. In a job costing system, the organization aggregates costs incurred on a task along the whole value chain, including R&D, design, production, marketing, distribution, and customer service.

Bibliography

Blocker, J.G. (2007). Cost Accounting Fundamentals. New York: Books to Read.

Management Accounting Concepts and Techniques. [Online] Caplan, D., 2007. Web.

Horngren, C.T., Foster, G. & Datar, S.M., 2002. Cost Accounting with an Emphasis on Management Prentice Hall of India Private Limited, New Delhi.

Kinney, M.R., and C.A. Raiborn (2008) published Cost Accounting: Foundations and Evolutions. The New York location of Cengage Learning.

Pizzey, A., 1989. Introduction to Cost and Management Accounting for Students. Sage Publications, London.

Snyder, S., 2009. A Summary of Job Costing. [Online] Web.

Marginal Costing. [Online] Web. Tutor2u.

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Table of Contents
Introduction Importance Coherence Reference

Introduction

The various techniques to manage stress within a company can be divided into two categories: strategies to address the reasons responsible for inducing stress in employees and strategies to eliminate stress and improve the health and well-being of employees. The first category has ten strategies, while the second contains three programs (Treven, 2006).

Essence

The first strategy is to establish a favorable organizational climate. Many commercial organizations are hampered by a climate that is stiff, unwelcoming, chilly, and alienating. This is mostly because formal ranks and connections between employees are strictly preserved. Such a setting increases employee anxiety and decreases their productivity. This is more apparent in larger organizations than in smaller ones. Developing a more restructured and employee-friendly system involves the transfer of power from a central site to a less central location and the participation of all work levels in making company choices might remedy the unfavorable environment (Treven, 2006).

Job enhancement is the second tactic. Frequently, work duties are designed without consideration for employee motivation and job satisfaction, which can lead to stress. These two factors must be taken into account when designing assignments involving the enhancement of job content and job features. Job content includes accountability, independence from control, gratitude, the possibility of achievement, career promotion, and development. Job characteristics include skill accumulation, task recognition, task significance, autonomous existence, and feedback (Treven, 2006).

Reducing conflict and defining responsibilities precisely is the third technique. The personal responsibilities of an employee and disagreements or conflicts regarding duties generate tension in the workplace. The level of stress caused is mostly based on the managers' innate capacity to accurately delimit the roles of their subordinates. Prior to assigning a task, a choice must be made regarding its potential outcomes and the specific skills and other resources that employees will need to complete it successfully (Treven, 2006).

Career planning and development are the fourth strategy. Managers are typically uninterested and unconcerned about the careers of individuals serving under them, leaving subordinates to select their careers on their own. This circumstance is comparable to that of students at a large college who have access to only one computer for obtaining specific information about their programs of study or training, causing them to feel uncertain and stressed. As a result, business managers should cultivate an interest and concern for the careers of their junior employees, as each person is of tremendous value and significance to the corporation (Treven, 2006).

Leadership that is focused on results is the fifth strategy. The effectiveness of an organization is mostly dependent on the managers' innate ability to assemble subordinates into an organized group and steer them effectively. Employees are no longer satisfied with being viewed and treated as mechanical gadgets. Their total level of education has increased. Consequently, their emotions, desires, opinions, and perceptiveness must be considered. This results in modifications inside the workplace. The particular collection of attitudes that define an organization is growing more compassionate and emphasizing respect for the perspectives of others. Modern firms require a leadership and management style that is capable of encouraging human resources, providing them with incentives, and maximizing their output (Treven, 2006).

Developing effective communication skills is the sixth strategy. Effective communication increases work performance, fosters a sense of belonging, and demonstrates to employees that their superiors hold their thoughts and opinions in high regard. To do their jobs competently, employees need precise and precise knowledge. The ability of employees to work together to achieve a single objective is heavily reliant on their possession of superior and precise information. Employees who are not informed of the latest advancements in their field will face feelings of isolation, insecurity, and inferiority. As a result, they are incapable of adequately reviewing or evaluating the work technique or their own work. Feedback on the work performed may also prove to be an effective motivator (Treven, 2006).

The seventh technique involves providing incentives for staff. Work motivation is the ability to influence employee behavior patterns inside a business. The strongest motivation to encourage employees is morally discerning work, thus it is up to the organization to inspire positive employee engagement in their work. Managers must convey to their subordinates that they are admired, that their work is highly valued, and that they are an asset to the organization. They must also emphasize that it is in the employees' best interests to recognize and strengthen their inherent tendencies (Treven, 2006).

Job satisfaction creation is the ninth strategy. While job satisfaction is typically correlated with above-average earnings and opportunities for promotion, it can also be affected by both internal and external factors. Work success, positive opinions of completed work, accountability, and favorable working environment are examples of internal effects. External effects include an appropriate plan of action and management, effective leadership, and the maintenance of cordial relationships. Intellectual stimulation, achievement, positive opinion, benefits received, an appropriate level of accountability, exercising control over one's work, working with good-natured and enjoyable people, feelings of loyalty and attachment to the organization, and the presence of clearly defined roles and objectives can increase employee job satisfaction and decrease stress (Treven, 2006).

The eighth technique is to foster amicable interactions among staff. Interpersonal relationships between coworkers and work units are indicators of employee involvement in the organization. Work relationships that are cordial and praiseworthy decrease the impact of stress and anxiety or emotional strain. The support that employees receive from coworkers, trusted counselors, customers, and junior staff also mitigates the negative effects of stress (Treven, 2006).

Maintaining physical standards represents the final tactic. There are numerous methods for successfully overcoming the physical job environment pressures. Strategies include the use of tinted glasses or earplugs, modifying methods of operation (such as taking shorter or more frequent breaks), and adapting the surroundings to cope with the stressor, such as a reduction in noise levels (Treven, 2006).

The first program in the second category includes stress management programs. These programs are designed to educate employees on various stress-reduction strategies, including meditation, the yoga system of exercises, relaxation exercises, and effective lifestyle management, with the goal of dramatically reducing their stress levels. Programs for stress management are comprised of numerous seminars that provide broad knowledge regarding the causes of stress, the effects of stress, and stress management techniques, or they may be designed to teach an employee a specific strategy. Participants in stress management programs experience three different benefits. They are first taught the characteristics of stress and how individuals react physiologically and psychologically to a specific set of stressful conditions. Second, students learn the specific pressures and warning indicators that cause the most issues in their lives and workplaces. Finally, students are advised of the probable effects of stress. In recent years, such programs have been effectively implemented in the United States, where it has also been discovered that they are cost-effective. While large organizations are financially able to develop their own programs, smaller organizations find it too costly and prefer to enlist the assistance of external consultants who offer such programs in which they can enroll their employees; alternatively, they may choose to purchase audiovisual programs and/or videotapes (Treven, 2006).

The second program in the second category is wellness programs. They are designed to help employees maintain physical and mental wellness. A person in good health is more suited to deal with stress than one who is afflicted with heart disease, irrationally intense worries, unpleasant dreams, traumatic experiences, anorexia, or other health conditions. A conventional wellness program include of workshops that instruct employees on stress-reducing practices, such as losing weight, exercising, and quitting smoking, among others. The individuals involved are responsible for gaining control over their life, despite the fact that the programs provide the necessary technology. The firms that offer wellness programs to their employees view them as prudent investments with positive financial outcomes. Employees who are able to effectively manage stress reap the benefits of improved health, which translates to fewer absences from work and an increase in output. While major firms have the financial resources to provide wellness programs, smaller organizations can do the same by entering into formal agreements with local community organizations to provide health-improving services, such as hospitals, gyms, and so on (Treven, 2006).

Cocnlusion

The final program in the second category is employee assistance programs (EAP). They assist employees in resolving issues like as career planning, balancing the demands of family and work, obtaining financial and legal counsel, and so on. EAP's primary objective is to mitigate the impact of individual employee concerns on their productivity. Initially, EAP focused on alcohol and drug misuse problems, particularly among office workers, but more recently, the programs have expanded their focus on concerns and the workforce groups they assist. Organizations in the United States and Western Europe have utilized such programs extensively for decades (Treven, 2006).

Reference

Strategies for Stress Management in Small Business Companies. 2007. Web. Treven, S. (2006).

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Introduction

A marketing plan is vital for any organization or business that want to enter or flourish in any market (Kotler &Keller, 2012). This essay describes the Blue Sky Clothing Company's marketing strategy.

Executive Synopsis

Lucy Neuman and Nick Russell established the Blue Sky Clothing Company. The company competes with other well-established garment manufacturers. The purpose of this five-year market plan is to help the company produce additional capital for expansion and to inform management about the company's existing standing. The plan also includes potential instructions for the firm to implement in order to achieve a competitive advantage over its rivals.

It was launched three years ago, but its high-quality items have already attracted a large consumer base. The company's objective is to become the market leader in the production and distribution of outdoor casual clothes. The company sells both men's and women's outdoor clothing. Distribution is conducted through retailers that specialize in outdoor apparel and equipment. Distribution outlets are primarily located in Northern England, California, the Pacific Northwest, and certain western states.

Blue Sky's Financial Goals

Increase its annual revenue by 50 percent Annually contribute $25,000 to conservation programs Generate sufficient funds for the expansion of operations, distribution, and the introduction of new product lines.

Nonfinancial Goals

Introduce customized logo apparel and lightweight baggage bags to the market. Enter the Southwest and Mid-Atlantic states' new markets. To boost its market share, the company will engage in internet marketing while keeping strong links with retail locations.

Situational Analysis

The Blue Sky Clothing Company competes in a market with numerous prospects. The organization recognizes that marketing efforts are crucial to its growth and profitability. It offers an extensive selection of outdoor clothes in a variety of colors and trademarks in order to attract customers. However, the company believes it can overcome the market's constraints and challenges with a planned and targeted marketing plan.

Market Summary

Blue Sky Clothing Company acquired data on the fundamental qualities of its target market. This data will play a significant part in identifying the demands of clients and the optimal strategy to address targeted market segments.

Target Markets

Twenty-five to forty-five-year-old consumers represent the company's target market. These demographics include those who like numerous outdoor activities, including hiking, rock climbing, surfing, figure skating, and horseback riding. This set of target consumers consists of persons with a yearly income between $60,000 and $120,000. Customers currently reside in Northern New England, Southern California, and the Pacific Northwest. However, the corporation has future expansion ambitions in the Mid-Atlantic and Southwestern areas.

SWOT Analysis

The position of Blue Sky on the market over the past three years is outlined in the SWOT analysis that follows.

Strengths

Blue Sky delivers products of superior quality. The company is debt-free. Therefore, it has substantial growth potential. Blue Sky utilizes a singular manufacturer. This ensures the manufacturing of consistently high-quality products.

Weakness

The firm has a limited cash flow. The company relies on a single supplier. This restricts its expansion potential.

Opportunities

Blue Sky has a base of devoted customers who are inclined to purchase additional products. Through online marketing on its website, it is able to reach a large number of clients worldwide.

Threats

Strong competitors in the industry, like as Timberland and REI, may produce identical products and so absorb customers or market share.

Competition

The company's yearly outdoor retail sales are over $5 billion. However, there are other established competitors in the business, including Timberland, Bass Pro Shops, Cabello's, Patagonia, and REI. In the target market, smaller enterprises such as Title IX and Ragged Mountain also compete.

Merchandise Offering

The company promises to offer contemporary clothing items with personalised logos and slogans. This deal is not given by any of the rival businesses.

Essential Success Factors

Excellent customer service, the delivery of high-quality cotton products, and effective and efficient market operations are the cornerstones to the company's success.

Critical Issues

The Blue Sky Company is new to the apparel business. However, it intends to supplement local retail stores with internet-based retail sales. It is crucial to consistently and gradually extend its distribution channels.

Marketing Strategy

Over the next five years, The Blue Sky Company will participate in web-based marketing to raise awareness of the company and its products. In addition, the company will participate in outdoor advertising to inform the general public about its website and offerings.

Marketing Mix

Product Planning

The company intends to provide personalized cotton clothes of superior quality. In addition, the company intends to expand its product line to include lightweight bags displaying its trademark.

Distribution Methodology

The corporation intends to expand its distribution strategy in the United States through online sales, the creation of online kiosks, and retail specialty shops.

Marketing Strategy

Promotions are conducted via the Internet, direct mail, and in-person interactions. To enhance the company's image, the organization plans to conduct trips, events, and competitions.

Pricing Methodology

The company offers competitive prices. This encourages customers to appreciate the worth of their purchases and purchase further items. In fact, reasonable pricing makes the company's products affordable.

Market Analysis

Before establishing this marketing campaign, the blue sky marketing team conducted extensive market research employing focus groups to acquire relevant market data. Through the research, the company is expected to achieve greater market success.

Financials

Over the past three years, Blue Sky Company's revenues have steadily increased. This plan predicts that the company's current trajectory will continue for the next three years. The table below depicts the organization's annual sales projections.

Annual Sales

Year1 $75000

Year2 $130,000

Year 3 $390,000

Year 4 $780000

Year 5 $1.6m

Year 6 3.2M

Expenses Forecast

In the first quarter of the third year, Blue Sky's monthly expenses are anticipated to increase due to the introduction of new product lines and new internet promotion efforts. Following that, they will decrease due to established markets.

Schedule of Expansion

The expansion of product outlets and the introduction of two new product lines are summarized in the table below.

Years Quantity of new stores Personalized things Luggage items

Year 1 20 5slogans/logos 0

Year2 50 10 slogans/logos 2

Year3 100 5slogan/5logos 1 (backpack)

Controls

Blue Sky's marketing plan serves as the company's road map. Therefore, customer acquisition expenses, customer retention, and customer satisfaction will be tracked to determine the company's future performance.

Implementation and Milestones

The following table details the deployment and major milestones of marketing programs.

Activity Duration Budget Responsibility

Conclusion of marketing plan January-March Zero Manager

Internet marketing effort Jan-May $3,300 Marketing manager

Jan-May Outdoor Advertising Campaign: $3,400

Internet advertising campaign, August-December, cost $4,600.

Outdoor advertising from August to December costs $3,400.

Profitability Jan-Oct $0 For All

Total cost

$14,700

Summary

Blue Sky hopes to remain in the fashion sector in the foreseeable future. It has no immediate plans to abandon the market. The corporation intends to extend its product portfolio to capture a larger market share. Lastly, the company aspires to function autonomously, without merging or combining with other significant companies in the industry.

Reference

Kotler, P., &Keller, K. (2012). Marketing Management (14th Ed.). Prentice Hall is headquartered in Upper Saddle River, New Jersey.

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Introduction

Among other responsibilities, the duty of human resources manager is to ensure good working conditions inside a firm. In doing so, he must ensure that there are minimum or no disputes between employees and management in the firm, a goal that can be attained by the implementation of effective conflict resolution procedures. However, disputes are unavoidable because disagreements in viewpoint are always prevalent. In addition, not all executives will agree with the established procedure, but once they are tactically convinced, they will likely to accept the system and procedure and ensure that it works for the organization. There will always be conflicts in the workplace, and their frequency can be worrying at times, but the actions adopted make all the difference. Dealing with a disagreement procedurally will allow the organization to allocate the time and effort spent on conflict resolution to other productive and successful matters. Managers should recognize that any confrontation, especially if not handled professionally, is a recipe for disaster.

It is the responsibility of all executives in the office to ensure that the environment is habitable and that any differences are addressed, as they may escalate into interpersonal confrontations. In order to retain the company's value and healthy culture, it is necessary for the executives to be involved with the differences. Indeed, the CEOs must possess effective mediation and intervention skills. Ignoring the issue and expecting or hoping that it will go away should never be the strategy for effective conflict management; rather, the dedication and participation of every member will go a long way toward resolving the conflict. Collective accountability is expected of all staff and workers; hence, all viewpoints should be incorporated in a constructive manner to generate an efficient solution.

This paper discusses how managers and executives, particularly human resource managers, should attempt to manage workplace conflicts, focusing on a new technique that will be beneficial in this regard. In addition, it provides a justification for the procedure to persuade other managers that the new method will be useful and practical, as well as an implementation strategy for the policy across the firm.

Overview

Regardless of the technique that management intends to employ (either an open-door mentality or a chain of command), employees must be actively engaged in order to own the process. This will make them more effective, as decisions will not be imposed upon them; rather, workers will be included in such decisions. Personal interests and agendas of the organization's executives should be set aside in an effort to persuade conflicting members of the management's commitment to a more harmonious workplace. Due to the large number of employees, conflicts must be resolved expeditiously and cordially to prevent spreading to the entire population or introducing new issues (Donohue & Kolt, 1994, p.34).

Experience in conflict resolution is also a key in achieving effective resolutions. In addition to making the process more efficient, resolving a number of conflicts according to the correct protocol also makes it less complicated. The manager must always be impartial and refrain from being biased or forcing judgments or opinions. Furthermore, they should avoid assigning contradictory tasks to other employees, as this can exacerbate the problems.

Values

Conflicts are beneficial; despite their impact on anxiety, stress, fights, and the severing of relationships, they can be utilized to determine the personalities of the individuals involved. In addition to defining the varied thinking styles, approaches, experience, and knowledge, they are useful for determining the many possibilities that can be presented in any given circumstance. This provides a work climate that is conducive to connecting, maximizing the potential of the workforce, and fostering creativity through their diverse perspectives.

Disputes enrich and deepen the talks during negotiations. Everyone explains, elaborates, and defends his opinions, ensuring that everyone is informed and up-to-date on all matters. Effective conflict resolution depends on the study of perspectives and ideas critically. This ensures that future problems can be avoided by incorporating the ideas into the solutions.

Especially when working with a large number of employees as in this company, issues such as groupthink should be examined. Groupthink will discourage other members from participating in discussions or the current members from contributing unpleasant thoughts. This will prevent members from expressing their own thoughts, as just a few important individuals will be able to do so. Indeed, each person's perspective must be taken into account for conflict resolution to be effective (Donohue & Kolt, 1994, p.57).

Norms for resolving conflicts

Hocker and Wilmot (2001, p.51) outline six broad criteria for resolving a conflict that managers must always keep in mind and use. First, they should not give up too readily; regardless of the level of intimidation, they should not yield to the pressures of their adversary. They should never submit, but always defend the company's deserved goal. This includes avoiding the use of emotions, fear, and wrath. They must always be consistent and committed to the cause in order to prevent and resolve the dispute.

Second, they should avoid win-lose situations, particularly when the stakes are high. When essential aims and important relationships are in conflict, the objective should be to find a peaceful resolution. To maintain both the aims and the connection, the optimal neutral solution must be provided. Additionally, it must be mutual and must not compromise any of the competing concepts (Hocker & Wilmot, 2001, p.47).

Thirdly, they should strive to preserve crucial commercial relationships. This option is used when the duration of the commercial connection between the companies is more essential than the purpose. The management must assess both long-term and short-term objectives pertinent to the situation and choose which should be given precedence. Every relationship is vital to the success of a business, but there are those that the company stands to lose the most if allowed to be influenced by conflict.

Fold or concede when there are time constraints. This regulation allows for double standards. The administration must compare the time, effort, and resources used to resolve the disagreement with the resources it is losing. If they outweigh, it might be prudent to concede defeat in order to conserve resources. Therefore, a common ground must be established for future connections. Instead of devoting time on establishing the correct sides, time should be rededicated to redeeming the relationship's image.

Rule number five is to negotiate with skill. Everyone will be allowed to engage in debates and provide input that will aid in the resolution of the conflict as a result of the negotiations. Good negotiators make good judgments because all parties have an opinion on the issue at hand. Managers should be pragmatists and not partisans when leading talks, as they will be forced to remain vocal during a negotiation and mediate a resolution between the disputing parties.

The sixth rule is applicable to all issues. The management should always strive to keep things simple and light. This involves having an open mind and a welcoming attitude. Simplifying matters is a more effective technique for settling problems since it psychologically relieves tension. Additionally, the concerns should be handled with discretion and compassion, particularly when dealing with matters of integrity and beliefs. The guidelines should facilitate the formation of beneficial partnerships while achieving the company's aims and ambitions.

The strategy for resolving conflicts

The successful methods for resolving a disagreement are to detach people from the problem, pay attention to the interests of the people and not their views, discover or design new possibilities that provide mutual benefit, and insist on an objective criterion (Fisher, Ury, & Patton, 1991, p.17).

Separating individuals from the issue symbolizes how to maintain relationships without misunderstanding, rage, or taking things personally. Everyone should never forget that even negotiators are human and capable of making mistakes; they are susceptible to emotions, values, and diverse origins and perspectives. This should provide room for respect, friendship, and understanding within the partnership, so ensuring its success. However, in order to address the issue at hand, negotiators must be able to distinguish between these competing interests.

Since they present foolish arguments, Fisher, Ury, and Patton (1991, p.18) warn of the perils of debating this position. This is because a person must defend his or her position after stating it. This exposes one's ego and prevents him from modifying his position or admitting responsibility for the position. Additionally, arguing over position is ineffective and jeopardizes other current relationships. This grows worse when more parties are involved. In the process of resolving disagreements, managers should avoid being in any way pleasant.

Insisting on the use of objective criteria tries to place less emphasis on the desired outcomes and more on the problem itself. Many negotiators focus on a win-win scenario without first analyzing the circumstance, indicating that they lack objectivity. Since the contending parties' willingness to compromise may vary, decisions based on this criterion tend to be costly. In reality, the objective should be to win situations and develop a strategy for addressing employees' differences (Fisher, Ury & Patton, 1991, p.67).

Common obstacles to resolving issues in conflict resolution conversations include floundering, overbearing, dominant, or unwilling players, unquestionable opinions, a haste to complete agendas, attribution, discounts and plops, wanderlust (digression and tangents), and feuding participants. If these habits are eliminated from the negotiation table, the atmosphere will be conducive to a permanent resolution.

Questions people ask about achieving affirmative

These questions might be categorized as issues pertaining to fairness and principled negotiations, individuals, strategies, and power. In negotiations based on fairness and principles, it is important to consider if positional bargaining makes sense and what each party believes about fairness criteria. When dealing with people, one may inquire about the actions to be performed when the people themselves are the problem, the procedures used to negotiate with radical groups of people, and the modifications necessary when interacting with individuals with varying personality types (Fisher, Ury & Patton, 1991, p.67).

When dealing with tactics, one may inquire about the judgments to be made, as well as when, when, and how to convene for the decision-making process, how to generate options and make commitments, and how to experiment with ideas while minimizing risks. Questions may also be asked regarding the efficacy of the skills utilized during negotiations and how to increase bargaining strength.

The cycle of conflict

There are seven phases in a conflict's life cycle: anticipation, waiting and observing, growth, in the open, application, resolution, and reflection. Anticipation describes an individual's expectation that conflicts will arise. People recognize that conflicts are a natural part of life, which is why they fear that they may arise at any time. This ushers in the next phase, which is the wait-and-see phase, during which the individual observes the circumstance and evaluates its occurrence and severity.

Once the individual evaluates the dispute, he must decide whether to resolve it or allow it to continue into the following phase. When a conflict bursts into a real problem that cannot be ignored, it is in the open and its repercussions may be observed. This allows management time to address the conflict or continue ignoring it. The application step will allow the administration to test alternative alternatives. In addition, settlement may require trial-and-error approaches of many resolutions to determine the optimal answer.

The phase of introspection enables the management to come together and determine the source of the disagreement. After resolving a quarrel, reflection will aid in healing the wounds and forging a sense of coherence (Hocker & Wilmot, 2001, p.119). It aims to explain the origin, the actions of all parties, and the resolution procedure. Moreover, participation in shared activities might assist improve the bonds between the individuals. In reality, following reflection there will always be the emergence of a new conflict, which is why it is a cycle.

The technique

Managers treat the same conflict differently. It is for this reason that firm executives have differing opinions regarding the appropriate technique to utilize, whether open door philosophy or chain of command. The strategy depends on a variety of variables, including the type of conflict, the context, the level of experience, the behaviors to be adopted, and the desired objectives. The ultimate decision will be based on the significance of the proposed solution to the institutions' aims and objectives. The alternatives provided are avoidance, smoothing, forcing, compromise, and problem solving (Hocker & Wilmot, 2001, p.144).

By avoiding, the issues at hand will be disregarded and left unaddressed. Also disregarded are the causes of the conflict and the parties involved. Those executives who chose avoidance believe that ignoring and avoiding the disagreement is more successful than resolving it. The executives will choose it after they determine that the success probability of the applied efforts cannot be determined. This means they are unable to associate problem resolution with any value. It will also be used when conflicts have little effect on the team's or individuals' productivity.

Other CEOs may choose to utilize smoothing. This is conflict suppression or minimization. It seeks to maintain harmonious relationships among the individuals. Executives employ smoothing when tensions threaten to destroy workplace relationships (Donohue & Kolt, 1994, p.89). In order to continue working in harmony, the individuals must actively participate in reconciling the disagreements. They are required to put aside their personal differences and ideas and continue with their work. Smoothing is a possibility when agendas are unimportant or when the success of the proposed solutions is uncertain. Individuals who are in conflict must comprehend every facet so that all disagreements can be reconciled to form a stable partnership.

Avoidance and smoothing are common methods and tactics for resolving disagreements. In essence, the problems continue to linger and loom. These processes presuppose and disregard the existence of disputes; hence, they minimize the differences, change the agenda and topic away from the disputed issue, disregard the emotions, and focus on the areas of agreement. These tactics are temporary, and failure to address them will result in future outbreaks of similar or more complex conflicts.

Another method for resolving dispute is the imposition of one's own ideals. The CEOs will push their ideas on the employees and force them to adopt their views. They are more concerned with their own opinions than with what other employees feel or desire. They will ultimately prevail and cause the worker to lose his position, despite the worker's best efforts.

Table of Contents
Introduction Leaders are both born and made Concluding Remarks

Introduction

Leadership is the art of motivating a group of individuals to work toward a common objective. One school of thought defines leadership as the skill of influencing and guiding others in a manner that earns their obedience, confidence, respect, and cooperation in the pursuit of common goals. It is evident from both definitions and many others that the terms art, influence, and accomplishments are there, and if they are not, their counterparts are. One might conclude from this that a leader, or one who exhibits leadership, is a person who has the ability or talent to influence human behavior in order to complete a certain task.

Many individuals feel that leadership is a taught talent, however others, particularly psychologists, believe that leadership qualities are inherent or inborn, meaning that leaders are born. Psychologists have utilized genetics research to bolster their notion that leaders are born and therefore cannot be taught. On the other hand, research on the subject reveals that leaders are created and that there are particular attributes that all leaders share that can be learned by anyone.

Leaders are innate

Many organizations have and continue to teach their employees to become leaders through a variety of programs, yet such programs have consistently failed, according to those who endorse this assertion. Many proponents of this view assert that despite receiving training, many supervisors and managers who have been assigned or placed in leadership positions have been unable to achieve their organizational goals due to a lack of basic leadership abilities. A supervisor or manager of a large corporation may do a great job supervising his or her employees and/or ensuring that all processes are going as planned to ensure the company's productivity. When everything is flowing smoothly, a parent may be highly effective at supervising activities and ensuring that all family members are content with their life. In both cases, the manager and the parent are capable of effectively managing and supervising duties that they are accustomed to executing in their daily lives. In other words, they excel at performing functional duties.

When dealing with functional activities, everyone is capable of performing effectively. This indicates that everyone can manage or supervise their own or others' affairs. Suppose that the regular settings and circumstances change in this scenario. Changes may affect the everyday operations of a business or the routines of a family. In such situations, inventiveness is required, and the ability to chart the road forward is crucial. The managers may lack the self-assurance or the fortitude to make decisions that will positively impact normal operations. They may lack the imagination to solve difficulties.

The decisions made in times of change, dangers, and unanticipated events that disrupt the daily functioning of businesses or even simple system settings will require the intervention of leaders. Leaders will always be confident in their decisions, even if they are incorrect, and if things don't work out, they will always recognize their mistakes, seek alternative solutions, and change course. True leaders will always appear to find a solution despite making mistakes, and they will always have the confidence of their followers. When there are challenges or a need to map the way forward, leaders always appear to act impulsively, and this trait compels followers to seek them out.

This is a noteworthy characteristic, which is the activity that leaders take spontaneously and unprompted. Managers may be prompted to take action in response to circumstances requiring adjustment. For leaders, behaving instinctively necessitates an intangible yet innately recognizable feature or characteristic. It is easy to assume from this that a leader has innate qualities that make them recognizable. The inherent qualities that allow leaders to be recognized rather than chosen prove that leaders are born, not made.

Vision is a characteristic shared by all great leaders, and it is what compels people to follow them without question. Nearly all of history's great leaders were able to persuade others of their beliefs, while others led their people into huge conflicts, and their following always obeyed and followed them without question, even when death was certain. Alexander the Huge, one of the most successful military leaders in history, and Julius Caesar are just two examples of leaders who were able to conquer great empires and conflicts during respective time periods. They led vast armies into battle and were able to defeat their adversaries. In his work titled "Are leaders born or made? In "Alexander the Great," Manfred F.R. Kets De Vries characterizes Alexander as a man with a dream that captivated humanity. It is accurate to say that these leaders were moved to action by compelling visions. They relied on their intuition and had faith in what was invisible to their peers.

Such greatness, which motivates one to pursue ambitious and difficult goals, cannot be taught; it must be an innate trait that cannot be described. If leaders were created, we would know a great deal about those who taught and created leaders like Alexander. The reason why so many great leaders persisted in following their dreams despite all obstacles was because they had absolute faith in themselves. This indicates that they did not rely on the teachings presented in class; if they did, they would give up when the going got rough and view the lessons as false and unreliable.

Nigel Nicholson, a lecturer at the London Business School, says in an interview that the desire to lead is an essential quality for a leader. He continues by stating that there are three categories of people: first, those who have the will to lead others regardless of their circumstances. Second, there are individuals who have no desire to lead even when opportunities arise, and third, there are those who are prepared to lead under particular circumstances. While the first group is in the minority, the second group comprises the vast majority of individuals, and if given the chance, they could successfully lead others. The majority of people are in the final group.

Nicholson argues that the desire to lead is a genetic trait. In light of his theory, we may be curious as to why some individuals crave leadership and others do not, even when the opportunity presents itself. One may claim that people can become effective leaders if they acquire the majority of the leadership competencies. The question then is what would motivate someone to acquire the leadership skills necessary to become a leader? It would require a great deal of drive to learn the skills necessary to become a leader. Where else may this ambition and desire to lead originate if not from within an individual? This leads us to the conclusion that leaders are born, not made.

History reveals that the majority of prior leaders who failed to achieve their objectives did so as a result of erroneous interpretations of situations and poor assessments of surrounding conditions. It would depend solely on the leaders' perceptions of the situation and how they interpret and act on incoming information for them to reach the incorrect conclusion. This information synthesis process would reveal a great deal about the personality, values, and abilities of such leaders. Failure to attain goals demonstrates a lack of the qualities and skills required to be a leader. Even with extensive leadership training, the majority of leaders who have failed in the past and lost the trust of their followers indicate that leadership is a trait that must be innate.

Today's motivational speakers believe that certain talents, when continuously acquired, can make one a "better leader." It is important to note that the term "better leader" implies that one must be a leader from the start, and that learning extra abilities will only enhance the leadership traits that an individual already possesses. In order to be a better leader, it appears that one must possess these attributes first, before obtaining the essential talents. In other words, a person must be born a leader in order to become a greater leader as an adult. Otherwise, teaching someone who lacks the attributes the abilities would not make him a leader.

Management is a job including the style or practice of managing, handling, and supervising operations in an organizational context based on specific rules, whereas leadership is a calling requiring established values and the fortitude to see those convictions come to fruition. To be a leader, one must understand his or her duty, and his or her most strongly held beliefs will serve as a compass for guidance. This characteristic, which defines leaders, is rare, acquired at birth, and defined by an individual's genetic composition.

Leaders are made

The traits that are the raw elements of leadership may be acquired, and when combined with a strong desire to lead, they will produce a leader. Leadership requires the desire or compulsion to influence others. Although the ability to influence people is an important trait, it does not always imply that a person is a leader. The ability to drive people towards reaching a common objective will always demand, among other things, the leader to exert extraordinary effort. In addition to hard labor, a leader must exhibit certain traits in order to effectively lead his or her team to achieve success.

Initially, the leader must have a vision. This is the ability to see the shared vision and direction of others, and it is what compels followers to a leader. A vision may inspire its adherents, but it may not provide guidance. The leader must communicate a vision to his followers and provide guidance for his people to follow. One cannot share a vision for something he has no knowledge about, thus it will be necessary to learn what the people wish to do and how to achieve it. The leader must understand the dynamics of the processes involved in achieving results.

Therefore, we may conclude that a leader must learn to share a vision with the people and devise a strategy for resolving whatever problem the people wish to be resolved. This is a skill that can only be acquired through practice, and even those born with natural leadership abilities may not be able to comprehend or predict how their decisions will affect outcomes until they are familiar with the various forces, technicalities, and dynamics at play in the problem at hand. If the leader fails to comprehend the issue, the people will lose faith in him and he will be unable to lead them.

According to specialists in performance management, athletes are the only ones born with a physical edge that allows them to compete in their chosen sports due to their body size and type. All other achievers, notably leaders in business, management, and other disciplines, will always be successful due of their diligence. Without the key abilities that allow people to make the proper judgments, their labor will be in vain. The requisite abilities may include the capacity to perceive difficulties, situational awareness, goal-setting ability, decision-making, motivating others, and lifelong learning, among others.

Clearly, to be a leader, one must be dedicated to gaining these qualities through progressive training. Possessing these abilities increases one's chances of leadership success. Neglecting all of these talents implies that a person who is regarded to be a natural leader may lack situational awareness and the capacity to lead those who understand the leader lacks all of these attributes. Even if their leader has a vision, such individuals may not trust him.

Understanding and exercising leadership are two distinct activities. The nature or character of a person determines not only his or her comprehension of leadership but also his or her ability to lead in real-world settings. The characteristics that make up a person's character will always impact his or her capacity to lead others. An individual's personality is shaped through his or her response to a variety of challenges and situations, available options, and subsequent actions and choices. It is therefore accurate to argue that problem-solving-based learning enables individuals to not only comprehend leadership but also to lead others. Therefore, we can conclude that leaders are created since they must acquire leadership skills. In this instance, what makes people leaders is their ability to discover answers to difficulties and challenges they face in life.

Parents who respect and practice self-development and leadership provide their children with the tools necessary to become leaders. Self-development coaches concur that parents who focus on building their leadership become better parents and, in the process, transmit the talents they acquire at work to their homes, which are then passed on to their children. As a requirement for leadership, parents must acquire the ability to motivate others, which they impart to their children through creating goals. Children that grow up in an environment where their parents foster their development, growth, and learning will develop self-confidence, which will motivate them to strive for excellence. They will attempt to mimic their parents, who serve as their role models.

According to interviews conducted with various organization and military leaders, all of them had parents who were devoted and actively participated in setting goals for them. The parents were adept at providing a good example and upholding a high moral standard. When compared to children who grew up with uninvolved parents, children from such households are more confident and more likely to demonstrate leadership traits. This gives the former group an advantage in their adulthood as they learn to become better leaders. Disciplined children are prepared for leadership roles in the future by their parents, who are interested in their upbringing.

Conclusion

In the modern world and in any organizational environment, one cannot expect subordinates to follow them obediently and to uphold greater standards than the leader if the leader does not do the same. If the people's expectations exceed what the leader exhibits, then the leader will not have the people's trust. People expect a leader to have initiative, moral bravery or the willingness to stand up for what is right, accountability, vision, and, among other qualities, a comprehensive understanding of the business or organization one leads. To possess all of these leadership-enhancing skills and many others, one must continually endeavor to better himself through education. The leader's ideas will never be realized if he or she does not receive mentoring from other leaders and attend numerous leadership classes. In other words, all of these behaviors designed to gather experience produce leaders.

Reference:

Web. Are Leaders Born or Created?

Bruce Avolio, Are leaders created or born? www.psychologytoday.com

Patricia Stephenson (2004) Are Leaders Born or Made?, Psychology Today, www.psychologytoday.com

The Secret: What Great Leaders Know and Do by Kenneth H. Blanchard and Mark Miller, Berrett-Koehler Publisher, San Francisco, 2004.

Lance Secretan (2004) What Effective Leaders Do, United States-based John Wiley & Sons Publishers.

Where Have All the Leaders Gone?, Lee A. Iacocca and Catherine Whitney, Scriber Publishers, United Kingdom, 2007.

Leaders are Made, Not Born, PsychologyToday.com, Lenore Mewton

Kets de Vrries, Manfred F.R., and Engellau, Elizabeth (2004). Are Leaders Born or Made? : The Case of Alexander the Great. United Kingdom's Karnac Publishers

Mark A. Abramson, Kevin M.Bacon (2002) Leaders, Rowman & Littlefield publishers, United Kingdom.

Warren G. Bennis, Burt Nanus (1996) Leaders: Strategies for Taking Charge, Harper Publishers, New York.

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Introduction

Operations management involves the design, planning, and supervision of an organization's production, manufacturing, or service delivery. Specifically, operations management focuses on the integration of methodologies that promote the effective transformation of inputs to outputs with the goal of promoting an organization's performance (Heizer 76). Human resources, materials, and technology are just a few of the inputs that an organization can concentrate on transforming into desirable outputs.

Among the outputs that operations management seeks to deliver effectively and efficiently are the products and services offered to the target market. Notably, operations management primarily promotes the functionality of a company's supply chain management, as well as other logistical concerns (Slack et al. 21). In this view, the field of operations management seeks to ensure that an organization's actions are guided by a delivery-focused strategy (Slack et al. 78).

For instance, ensuring the efficient use of resources to improve an organization's performance is a part of operations management. As demonstrated in this paper, the concept of operations management offers a variety of advantages to a business because it focuses on the efficacy and efficiency of service and product delivery. Importantly, it promotes the enhancement of productivity in addition to boosting a company's capacity to meet consumers' competitive goals.

Why Operations Management is Crucial for Businesses

Operations management is one of the three core functions of a company, alongside finance and marketing management. Consequently, the notion is crucial to a company's performance in light of the rising competitiveness across numerous industries. Therefore, for a firm to gain a competitive advantage, it must improve the efficiency and effectiveness of its operations to supply goods and services to customers (Heizer 17). Consequently, operations management is a critical part of a firm, as it has a substantial impact on economic success. Relevant to this study is the necessity to identify the numerous ways in which operations management enhances a company's competitiveness and success.

Operations Management's Impact on Products and Services Management

Product or service management is a vital component of business operations, as it promotes the creation of goods or technology for internal use by consumers. The product manager is tasked with ensuring that the organization generates the appropriate items to match consumers' competitive priorities (Gmelin and Seuring 3). In this regard, product management encompasses actions ranging from the conception of a product concept through the provision of customer service to those seeking to acquire a company's products or services. Operations management has a significant impact on product management because it facilitates the efficiency and effectiveness of changing inputs into outputs.

The development of a product concept is an input that aims to materialize the concept by providing the consumer with the actual product. Operations management enables the product manager to design commodities that increase the company's competitiveness in its industry by implementing the essential procedures (Gmelin and Seuring 5). To ensure the efficient and successful creation of goods, the product manager must conduct an in-depth analysis of the market, including an assessment of the prevailing competitive conditions in the industry. As a result, the product manager applies the principles of operations management to facilitate the transformation of inputs into outputs that increase a company's competitiveness.

Notably, the type of an organization affects the product management strategy it adopts. In this regard, organizations in the manufacturing and service industries, such as General Motors, must implement specialized product or service management strategies that enhance their production, branding, and marketing efforts. Significantly, operations management simplifies the processes required in the creation of a product and the supply of support structures so that clients may simply obtain the product or service (Heizer 112). Consequently, operations management plays a significant role in encouraging the efficiency and effectiveness of product management within an organization, thereby boosting the business's competitiveness.

Impact of Operation Management on Quality Assurance

The factor of quality control in a corporation is influenced by operations management. Particularly, total quality management (TQM) in an enterprise comprises the integration of a continuous process of reducing or eliminating production defects, improving supply chain management, increasing customer happiness, and fostering human resource development (Dale 26). As quality control is a critical component of company operations, an organization must therefore implement methods that streamline its functionality. As it offers the framework for the ongoing improvement of processes that ease the production and delivery of products and services to customers, operations management is essential for enhancing the effectiveness of quality control.

Operations management guarantees that a business adheres to the TQM tenets of ethics, integrity, and trust (Heizer 134). For instance, operations management supports the essence of conducting business activities within the needed ethical standards and legal rules in order to gain consumers' trust, hence strengthening a company's competitive advantage. As a critical strategy for increasing its success in the industry in which it competes, a company must engage in actions that enhance its brand image (Mitra 33).

In this regard, operations management helps the TQM function of a business by simplifying the transition of inputs into outputs in accordance with the necessary ethical and legal standards. As a result, a firm that places a premium on the essence of ethics and integrity goes a long way toward gaining the trust and loyalty of customers, thereby enhancing its competitiveness.

In addition, operations management emphasizes the significance of effective leadership and teamwork within a company. Notably, leadership and cooperation are essential TQM components since they permit the ongoing enhancement of company processes (Dale 47). It is essential for leaders in an organization to consistently influence teams in a manner that fosters the collective and collaborative achievement of business objectives and goals.

For example, a team leader who instills the value of commitment in his or her team members exhibits one aspect of quality control aimed at improving the efficiency and effectiveness of the organization's human resources. Notably, operations management emphasizes the importance of adopting the necessary human resource management tactics to increase the productivity of employee inputs. In this regard, operations management motivates a business to build measures that enhance the productivity of its people resources, hence facilitating the implementation of TQM projects as desired.

TQM communication is also influenced positively by operations management (Mitra 102). TQM necessitates that a corporation use communication techniques that promote the effective and efficient interchange of information required for decision-making. Notably, operations management facilitates the integration of technological systems that enhance corporate processes and the products and services offered to customers (Dale 143).

For instance, a multinational corporation such as General Electric can create and install a technological system, such as communication software, to streamline the flow of company-related information among its global branches. As a result, the operations manager supporting the design and integration of the technology system in this organization influences the aspect of management quality by encouraging the continuous improvement of upstream and downward communication.

Operations Management's Impact on Logistics and Supply Chain Management

Operations management is strongly related to logistics and supply chain management (SCM) operations, which have a substantial impact on a company's performance. The logistics component of business processes focuses on optimizing the movement of items from the point of origin to the point of consumption. Operations management influences the logistics of a company by fostering an atmosphere that places a premium on meeting customer needs (Jacobs and Chase 57). Logistics operations management influences the degree to which a company meets the needs of its clients.

The inventory and transportation management of a corporation are strengthened by logistics operations management. In addition to selecting whether to re-order, inventory management ensures that the organization has sufficient inputs (Heizer 99). Operations management has had a significant impact on the inventory management of perishable commodities, among other sectors. A logistics manager must ensure timely acquisition, transportation, and storage of perishable items in order to manage the inventory of perishable goods.

Operations management enhances the inventory management of perishable items by guaranteeing their timely transportation from the source to the consumer (Slack et al. 120). A corporation that has to expedite the delivery of a perishable product to a consumer located in a remote place, for instance, may employ the courier services of a company like DHL. Consequently, operations management is essential in the logistics field since it improves the performance of inventory and transportation administration.

The SCM function guarantees that an organization obtains a comprehensive understanding of its supplier ecosystem. Significantly, SCM ensures that a company obtains the necessary raw materials and other inputs for the manufacturing of customer-satisfying products. Aspects of timeliness and quality have a substantial impact on the effectiveness of a company's SCM (Jacobs and Chase 82). Given that operations management improves a company's speed and quality, it has a significant impact on the effectiveness of SCM.

Notably, operations management views time as an input that allows the development and delivery of products that satisfy consumers' competitive demands. Therefore, the proper transformation of inputs into goods and services is essential for enhancing customer experience (Khanna 201). In light of this, the operations manager expects supply chain department employees to engage in actions that expedite the procurement of inputs such as raw materials and equipment from vendors.

For instance, a construction business that recently won a bid to construct a building must engage in procurement activities that adhere to the principle of timeliness in order to satisfy project deadlines. Thus, integrating the factor of speed in SCM through operations management increases a company's competitiveness by meeting consumer expectations on time.

In addition, operations management enhances the functionality of SCM by improving internal supply management. Operations management aids in identifying the inputs a business requires at a particular time of the year. As a result, operations management assists a company in determining the quantity of goods it needs at a given moment based on demand trends. During peak seasons, for instance, the operations manager can support the procurement of adequate supplies to match the market's strong demand for the linked products (Heizer 39). Therefore, operations management is essential for enhancing supply chain management in a manner that promotes the success of a company in changing inputs into outputs.

Additionally, quality is an integral component of operations management. The provision of high-quality goods and services to clients is a crucial method for satisfying their wants. In this regard, the SCM department must ensure it acquires high-quality raw materials or equipment to support the manufacture of superior products or services (Jacobs and Chase 129).

For instance, a company that specializes in the production of attractive handbags for ladies, such as GFG Bags, must verify that materials such as leather fulfill quality standards. Consequently, as operations management emphasizes the significance of quality, it enhances the efficacy and efficiency of SCM, resulting in the production and distribution of customer-worthy goods. By doing so, the business organization increases its market advantage.

Operation Management's Impact on Accounting and Finance

Accounting and financial responsibilities of a business are facilitated by competent operations management. In the accounting division, operations management ensures rapid payment by emphasizing the importance of preparation (Fullerton et al. 416). For example, an operations manager collaborates with the accountant to ensure that bills for materials and supplies are paid on schedule. The promptness of a company's payments is one illustration of the impact of operations management on accounting.

In addition to facilitating the forecasting of all associated expenditures, operations management also facilitates the management of payroll. As a result, there is a requirement for efficiency and effectiveness in the management of information on an organization's employees' salaries and tax obligations. Failure to handle payroll flawlessly can expose employees and a business to serious hazards (Fullerton et al. 419). In order to mitigate such accounting risks, operations management must be incorporated. The predictability of payroll costs has a significant impact on the accountants' decision-making processes.

The flawless operation of a company's finance department is also vital for promoting the efficient management of capital. Importantly, multiple tactics for procuring money, such as credit and equity financing, gain from enhanced efficiency and effectiveness when operations management is incorporated (Fullerton et al. 423). Consequently, by streamlining the operations of the financial departments, a business improves its performance by increasing productivity, reducing expenses, and improving scheduling to meet demand. In contrast, the absence of operations management can expose a company to severe challenges in raising capital, due to the underlying inventory imbalances and uneven production.

Operations Management's Impact on Facility Planning and Management

The notion of facility planning and management plays a vital part in the alignment of an organization's people resources, work procedures, and job locations with its production system. Priority is placed on streamlining facility planning and administration since it facilitates the achievement of high productivity and customer-focused manufacturing. For instance, a manufacturing facility must ensure the strategic placement of equipment utilized in the production process in order to reduce resource waste caused by the overlap of processes.

In addition, efficient facility management improves a company's access to customers, assets, and utilities (Heizer 179). Importantly, while designing accessible facilities, operations management takes into account the nature of the business, the production system, and the processes used in the creation of products or services.

The necessity of enhancing the experience of consumers who visit the company's premises is a significant factor in facility planning and management. According to this viewpoint, the company must ensure that the layout of its facilities is customer-focused. Thus, operations management enters the picture, as it is delivery-focused (Khanna 201). For instance, companies such as supermarkets ensure that customers have a pleasant shopping experience by providing easy access to the things they wish to purchase. By incorporating operations management into facility planning and management, it is possible to concentrate on delivering positive client experiences.

Moreover, the incorporation of operations management into facility planning and administration plays a significant role in enhancing the interaction of the organization's diverse resources. Given that operations management focuses on enhancing the link between diverse resources such as people and information technology to promote the creation of high-quality outputs, it has a significant impact on facility management. A company that incorporates technical equipment, for instance, must train its personnel on how to operate it in order to maximize its production. Consequently, operations management is essential for encouraging the effective and efficient interaction of a company's human resources and facilities.

Moreover, operations management allows a corporation to employ its facilities to meet market product demand (Slack et al. 165). For instance, the requirement to engage in mass production during the peak season may encourage a corporation to consider building additional manufacturing equipment to boost the quantity of commodities produced. In this view, a company that integrates effective and efficient facility design and management is well positioned to increase its profitability by responding to the market's demand for its products.

Conclusion

Operations management focuses on optimizing the processes involved in the transformation of inputs into outputs. Notably, operations management promotes the management of products and services by expediting the creation of competitive, customer-focused products. Moreover, the quality control part of operations management ensures that a corporation engages in quality processes in order to provide consumers with superior products or services.

In addition, the smooth operation of logistics and supply chain management helps a corporation to manage the movement of commodities from source to destination effectively and efficiently. In addition, the accounting and finance divisions of a corporation achieve increased efficiency and effectiveness in managing payments, projecting costs, and sourcing capital by implementing operations management principles. Moreover, the strategic structure of the organization's facilities enhances the experiences of both employees and customers.

Sources Cited

Dale, Barrie. Integrated Quality Management 2015, John Wiley & Sons

Lean Manufacturing and Firm Performance: The Incremental Contribution of Lean Management Accounting Practices. Journal of Operations Management, vol. 32, no. 7, 2014, pp. 414-428. Fullerton, Rosemary, et al.

Gmelin, Harald, and Stefan Seuring.

Journal of Cleaner Production, volume 69, issue 9, pages 1-9, 2014, "Determinants of a Sustainable New Product Development."

Operations Management, 11th edition, Pearson Education India, 2016. Heizer, Jay.

Robert Jacobs and Richard Chase. Operations and Supply Chain Management was published in 2013 by McGraw-Hill Higher Education.

The name Raymond Khanna. Production and Operations Management was published by PHI Learning Private Limited in 2015.

Mitra, Amitava. Fundamentals of Quality Assurance and Enhancement 2016 John Wiley & Sons

Slack, Nigel, et al. Operations Management. Pearson, 2013.

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Table of Contents
Introduction Bruce Tuckman recognized five stages of team growth. Perspectives on the five-stage model of team development Conclusion References

Introduction

Team development refers to the procedures that are implemented in order to increase the efficiency of work groups by acquainting group members with the organization's objectives and their job description. It also aids in fostering positive interpersonal ties among team members. Team development has an indirect effect on the performance of the company since it facilitates communication among the organization's members and so fosters a positive working environment (Bussinessballs, 2009). It also encourages cooperation among employees by clearly articulating the organization's goals. Moreover, team growth fosters interdependence among the organization's many divisions and individuals (Bussinessballs, 2009).

The purpose of team development is to provide members with the opportunity to exercise personality assessment and become aware of the variables that contribute to the team's strength and those that are likely to lead to its demise (Lee, 2008). Team development enables members of a group to make decisions and engage in activities that advance the organization's competence. To establish an effective team, the team leader must keep in mind that the process is slow and can only be successful if the course is well defined. Nonetheless, the team development process unfolds in stages, and the rate of progression is dependent on the alteration of the team's objectives, the number of team members, and external influences (Lee, 2008). This study will examine the five-stage team development model from many angles.

Bruce Tuckman recognized five stages of team growth.

In 1965, Bruce Tuckman characterized the stages of team growth as "forming, storming, norming, performing, and adjourning" (12 Manage. 2010). This concept argues that as the team stabilizes and its capability grows, the relationship between its members improves and the organization's leader adopts new management tactics. In addition, this model provides for a constant shift in the behavior of workers and the control exercised by management over team members, primarily because it allows for the delegation of additional authority to team members. The rate at which the team develops will be governed by the personal characteristics of its members, the nature of its responsibilities, and the rapport between its members and its leaders (12 Manage. 2010).

During the first phase of the team development process, the group is formed and its members meet to discuss the potential benefits and drawbacks of the team (12 Manage. 2010). The members will formulate the goals and objectives that will govern the group's activities; they will also assign duties to the group members, though each will be expected to carry out his or her responsibilities independently. This step will also involve establishing rules and regulations that will regulate the conduct of group members (12 Manage. 2010). Therefore, the team leader will be responsible for managing the team building process, which will require him or her to establish a comprehensive understanding of the team's responsibilities in order to facilitate the group's effective progression through the various stages.

The second stage, storming, is characterized by the open expression of opinions by each group member, which can lead to disagreements between group members fighting for influence (12 Manage. 2010). At this stage, team members are likely to develop mistrust for one another; therefore, it will be crucial that they outline the team's decision-making process in detail. In order to avoid potential conflicts, it may be necessary for group members to choose the management style to be implemented inside the group (12 Manage. 2010). The objective of the group leaders will be to eliminate disagreements between members by encouraging them to cultivate tolerance and resolve. In order to avoid conflicts resulting from role duplication, the team leader should clearly explain the organization's objectives and each member's position. The team leader should also be able to establish the appropriate behavior required of team members and a feedback mechanism to improve communication within the group (Bussinessballs, 2009). Consequently, the objective of this phase is to find solutions for the discrepancies between group members.

The third stage, norming, is developing work ethics that will aid in enforcing the team's standards and the school's acceptable behavior. Therefore, the group will determine the methods for implementing the intended code of behavior inside the group (Bussinessballs, 2009). In addition, they will devise techniques that will ensure the development and maintenance of trust among group members. During this phase, the team also tries to increase the members' interest in the group by developing initiatives that will increase the members' participation in the team's activities. This phase also includes the creation and enhancement of an open communication strategy. The team members will also strive to promote healthy competition among its members and assist them in remaining focused on accomplishing the organization's goals (Bussinessballs, 2009). In this situation, the responsibility of the team leader is to increase member participation in the group's operations.

In the fourth stage, performing, the group has typically acquired a level of stability and is characterized by a strong level of loyalty among its members (Lee, 2008), especially because the members feel bonded by their investments in the group's activities. These become the factors that unite the group's members, and as a result, group loyalty is noticed. This stage is also distinguished by the increased participation and interest of group members in group activities. At this level, members tend to make decisions as a team rather than as individuals (Lee, 2008), mostly because they believe they have made a mutual commitment to the group and are therefore obligated to share both its mistakes and accomplishments; this fosters collaboration among members. At this point, the team is typically able to establish a course of action for attaining its goals by determining how it will achieve its objectives and conduct its operations. Members are inclined to share and rely on one another for knowledge and decision-making (Lee, 2008). The responsibility of the team leader in this situation is to foster communication among team members, facilitate knowledge sharing, and encourage the personal growth of each team member. In this circumstance, the leader may also have to perform the function of an assistant. For instance, if the group members retreat to an earlier stage, he will redefine the team's direction (Lee, 2008).

The fifth and final stage, adjournment, typically comprises a celebration of the group's accomplishments (Cameron and Green, 2004). This stage may involve the dissolution of the team, particularly if the team's objectives have been met and its members are now free to focus on other matters. According to Tuckman, it is essential to acknowledge the individual contributions of each group member to the organization (Cameron and Green, 2004). It will also be crucial for the team leaders to convey to the team members how appreciative the organization is for the contributions of each team member. It may also be crucial for team leaders to consider the vulnerability of group members who are likely to experience anxiety following the breakup of the organization; this is typically apparent if the individual had built a strong attachment to the other team members (Cameron and Green, 2004). Individuals with a high degree of stability or a strong propensity for habitual behavior frequently experience emotions of insecurity. In the case of an ongoing activity, team members may be promoted to higher duty ranks, thereby allowing them to join a new group. For a continuing activity, when new members are joined, the groups may revert to their prior identities (Cameron and Green, 2004).

Every team passes through the five stages outlined above, although the pace varies based on the level of knowledge of the team members, the nature of the work the team aims to complete, and the leadership style adopted by the team. Cooperation and tolerance among team members are essential for the team's performance and the accomplishment of its goals and objectives. The team leader will consequently be responsible for defining the team's objectives, assigning each member's responsibilities, and coordinating the team's operations (Hellriegel and Slocum, 2007).

Perspectives on the five-stage model of team development

This model has been praised for its capacity to offer team leaders with rules for managing and directing teams and team activities. Through this paradigm, team leaders are able to effectively manage disagreements between team members by informing them about the team's objectives and their respective duties. Additionally, it assists leadership in encouraging team engagement and enthusiasm in team activities. (Hellriegel and Slocum, 2007)

Another viewpoint of the model does not accurately portray it. Opponents of this model say that the activities groups engage in do not always follow Tuckman's proposed linear development (Hellriegel and Slocum, 2007). This model assumes that despite the group's exposure to a large number of external effects, the group's activities are unaffected by these influences and that the team's progress will follow a clearly defined sequence. The approach has been proven to be quite useless when used to larger groups, as it was primarily created for smaller groups. This methodology does not provide clear guidance for the time required to transition between stages. This renders it unsuccessful in situations where a small amount of time is spent on a certain stage and, as a result, some of the stage's objectives are not met. This approach may also be inefficient in terms of time if, for example, too much time is spent on a certain stage, hence reducing the time available for the other phases. This approach emphasizes communal decision making and participation in the group's activities; as a result, individual efforts frequently go unappreciated, resulting in members losing interest in the team's activities. The characteristics of each stage are never specified in detail, which may result in overlap between stages and cause confusion for a team leader attempting to follow the model to build his team (Hellriegel and Slocum, 2007).

Conclusion

The five-stage team development model is a crucial organizational component that will not only ensure worker cohesion, but also that the organization's objectives and goals are pursued efficiently. The purpose of team development is to enable team members to practice personality assessment and become aware of the aspects that contribute to the team's strengths and weaknesses. Team development enables members of a group to make decisions and engage in activities that advance the organization's competence. Initially defined by Bruce Tuckman, the stages of team growth describe that as the team stabilizes and gains capability, the interaction between its members improves and the organization's leader adopts new management tactics. This approach allows for a constant shift in the method in which workers conduct themselves, and the management's influence over team members is diminished. This is because team members are typically given more authority when this paradigm is utilized.

References

Bussinessballs (2009). The team-development paradigm developed by Bruce Tuckman in 1965, titled Forming Storming Norming and Performing. Web.

Cameron and Green, E. and M. (2004). Making sense of change management: a comprehensive guide on organizational change models, tools, and approaches. Kogan Page Publishers in London

Hellriegel, D. and Slocum, J. (2007). Organizational behavior, Cengage Learning, London.

Lee, S. (2008). There are five stages of team development.

12 Manage (2010). Phases of team advancement (Tuckman). Web.

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Introduction

The marketing mix, commonly known as the 4Ps, refers to the marketing of a product, its location, its promotion, and its price. The four components form the backbone of marketing, as they are at the core of any marketer's strategy. Even if the marketing mixes do not follow a specific order or chronology, they are all interconnected and cannot be ignored. Marketing focuses on the customer. A marketer's primary objective is to acquire a new consumer and persuade him or her to purchase or utilize the company's goods or services.

However, these should pave the way for a permanent and long-term relationship between the consumer and the marketers. The marketer is responsible for serving the ever-changing consumer base. This has demanded the formation of trained marketing personnel at Emirate group who conduct client surveys to determine their demands.

The first p denotes the product. Since Emirate Airline is involved in air travel, this becomes our product. It precisely describes the product or service the organization offers (Jones, 2008, p.17). The second p refers to the location. These are the means by which the company distributes its products and/or services to the public. This may include a website, as online marketing is a problem.

The other p' stands for a price, which refers to the monetary rewards the corporation receives for delivering the product (Kania, 2001, p.37.)

The final letter alludes to promotions. The definition of promotion may differ from company to company, but its primary purpose is to make customers aware of a product's existence. It also offers free demonstrations, after-sale services, and subsidized pricing for some consumers. For a corporation that provides services, such as Emirate Airline, the 4Ps are sufficient to meet client demands (Lamb, 2008, p. 1). A company's primary aims include both continuity and profitability, and as a result, customer satisfaction is given higher weight. As satisfied consumers disseminate positive word about the company, customer contentment has become a marketing technique in and of itself.

When tangible things are involved, the classic four marketing mix is most effective, but when intangible products are required, it is insufficient (Nixon, 2000, p.65). The addition of three additional p's, meaning people, physical evidence, and the process, guarantees that Emirate Airline will survive even the most severe economic crisis. People refers to the personnel of the company who are directly or indirectly involved in service delivery. Their personalities are essential since they reflect the company's image (Jones, 2008, p. 109).

The second component is the tangible proof. This is mostly concerned with the physical aspects of the service's execution. The process entails the sequence of actions that the organization executes to provide the service. The internet is a crucial tool for air ticketing since clients can obtain real-time information about aircraft tickets and flight schedules without having to travel to the airport. Due to its success and cost-effectiveness, Internet marketing is expanding in popularity (Chaffey, Ellis-Chadwick, Johnston, & Mayer, 2009, p.98).

As a result of technical progress, people may access the internet through mobile phones, laptops, and desktop computers. Furthermore, silent billboards and magazine advertisements are less effective at reaching the intended audience. Companies can place advertisements on blogs for less money because they are not required to own websites (Huckins, 1968, p. 71). Some social networking services, including Twitter and Facebook, enable free commercial advertisement posting. Similar to other businesses, Emirate Airline occasionally places greater focus on one element of the marketing mix. For example, they can promote their airlines based on the services they offer without necessarily lowering their pricing (Nixon, 2000, p.91). The most important thing is to sustain a consumer base while also generating a return on investment.

Marketing mix strategies

Assessment of Internet marketing mix techniques

There is a strong connection between the marketing mix and brand creation (Kania, 2001, p.43). The marketing factor relates to both quality and brand recognition. The Internet raises consumers' awareness and sensitizes them to the availability of a product or service and the specific locations where it can be found (Peters & Donnelly, 2004, p.87). Emirate Airlines markets their aircraft on the Internet, particularly during the holiday season.

Additionally, they advertise their business by sponsoring the tournament and other events. This establishes an image of corporate accountability and inspires client confidence that Emirate Airline is actually the best (Nixon, 2000, p.57). Emirate Airline has been able to endure the recent economic downturn because to its adoption of the internet, while its biggest competitor has declared near-insolvency.

Branding technique

A brand is the distinctive identity of a particular product or service that distinguishes it from those of other organizations offering the same commodity or service (Silverstein, 2002, p.87). Branding has enabled Emirates Airline to continue to enjoy significant profits and a growing customer base. Due to their experience in air travel, the Emirate group can create a traditional brand of services that demands a substantial investment but yields a high rate of return.

This has led to the collapse of a number of its rivals, as some of them cannot even cover the cost of branding, let alone generate a profit. Emirates’ reputation has also been essential in giving them a competitive edge over other airlines, as it has a comparatively low number of air conflicts and has never been implicated in any unethical action (Huckins, 1968, p. 84).

Although clients are occasionally affected by the price of a product or service in addition to its quality, branded services have an advantage despite their higher prices since they appear authentic. Like most service-providing businesses, Emirate organizations target clients, particularly young people, businesspeople, and tourists, from whom they derive the majority of their revenue. Their services are personalized to their consumers' interests and preferences (Jones, 2008, p119). Allowing instance, offering as a subsidiary convenient e-banking for customers to make deposits or withdrawals from any location (Nixon, 2000 p57). Additionally, the majority of their aircraft are outfitted with radios and other entertainment devices for the convenience of their passengers.

Since the majority of information placed on the Internet is intended to promote or inform clients about the presence of such services, it should be posted explicitly to avoid misunderstanding or misrepresentation (Chaffey et al, 2009, p.45). Some individuals may be singled out by the use of controversial terminology, which may appear discriminatory. Also, some people, particularly the visually challenged, may find it difficult to read blog content.

Emirate group has defined flairs for the visually handicapped and created a uniform technique for internet data representation (Huckins, 1968, p. 49). In extreme circumstances, the data or information transmitted via the Internet must be represented in accordance with ISO standards, carrying Booleans, single and long numbers, date and time, and strings. Internet marketing is the true engine that propels the company's possibilities. It has enabled the Emirate group to make significant progress in its pursuit of a larger share of the aviation industry. Companies such as the Emirate group continue to enjoy an enhanced profit margin, accreditation, and customer base as a result of the anticipated growth of technology (Jones, 2008, p.52).

Conclusions and suggestions

The Emirate group's implementation of the marketing mix concepts has been so successful that it has risen to the top of the list of most profitable businesses (Jones, 2008, p 73). Recognizing and appreciating each of the seven segments is crucial due to their interdependence. As indicated by the research, Emirate Airline has acknowledged the importance of their customers as business partners, as opposed to the traditional perspective of customers as profit-making tools.

Due to shifting business trends and client preferences, organizations should be able to reduce expenses and instead focus on investing in customers by placing their interests at the forefront (Sis man, 1998, p98). Branding of both products and services is viewed as an effective method for increasing companies' profit margins, albeit one that needs major expenditure.

This is a clear sign of the intense competition and the necessity of enhancing quality to survive in an ever-changing world (Jones, 2008, p 45). Despite the benefits of online marketing and e-commerce in general, caution should be exercised as these are the most common fraud vectors. Some websites may appear to be secure, but they are not. People are known to have lost a substantial amount of money through dubious transactions involving unscrupulous individuals who demand credit card numbers and other personal information from naïve online surfers. There have been false assumptions that every online business will flourish. However, this is not the case as some online transactions have proven to be fraudulent (Jones, 2008, p 22).

Due to the fear of financial loss, the ethical difficulties surrounding Internet fraud make it difficult for buyers and sellers to conduct business. Despite this, a significant number of people have abandoned the internet due to insufficient stock or the inability of a single company to deliver all the products requested by the consumer. The majority of consumers who are first lured by the low pricing wind up paying even higher prices due to transit and customs fees, posing legal issues for online marketers (Schefren, 2009, p.35). Although the traditional marketing mix is on the verge of extinction, particularly in the service industry, the emirate group warns that a complete disregard for basic marketing concepts might be fatal.

Internet marketing, which involves placing adverts, is the most popular and cost-effective kind of advertising, accounting for 80% of Emirate Airlines' earnings. Moreover, with the world's transformation into a global village on the verge of becoming a reality, Emirate Airline is anticipated to profit substantially.

Bibliography

2009: Chaffey, D., F. Ellis-Chadwick, K. Johnston, and R. Mayer. The strategy, implementation, and practice of Internet marketing. Financial Times Press is headquartered in New York.

Book, B., 2005. Entrepreneurship and identity in Massive multiplayer online role-playing games. (On-line). Web.

Donnelly, J., and P. Peters, 2004.

Marketing management: knowledge and capabilities. Web.

Huckins, W.,1968. Legal and ethical considerations in guidance: malpractices and unethical conduct. Web. Houghton Mifflin.

Business-to-Business Internet Marketing: Seven Proven Strategies for Increasing Profits through Internet Direct Marketing, by S. Jones, 2008. Web.

Kania, D. (2001). Branding for successful marketing (E-book).

American Marketing Association website, Washington.

Essentials of Marketing: Marketing/management, (e-book) Cengage Learning, 2008. Web.

B. Nixon, 2000. Learn E-Banking Today: Financial institutions and data processing. Sams. Web.

2009, R. Schefren. Internet Business Manifesto: Business economics and entrepreneurship. Web site: Strategic Profits.

Business to business Internet marketing: seven proven tactics for maximizing profits through Internet direct marketing. (E-book). Web site: Maximum Press, Sydney.

Trends and possibilities in the travel and tourist industry: the changing face of the industry (Sisman, D., 1998). Thorogood's Web site.

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Taxis (cabs/ Taxicabs) began operating in New York City as early as 1907. Since then, their operations have been contested in public forums to determine the most effective means of regulating them. This thriving company has become one of the most efficiently run public service enterprises as a result of city rules and mayoral commissions. Due to the significant role cabs play in the day-to-day lives of New Yorkers, the argument on the appropriate approach to manage these operations has predominated. Statistics from Devra L.D. (p. 24) indicate that a New York resident uses this service an average of one hundred times each year. Multiple hundreds of times per year, residents of Manhattan utilize the service. These indicate that this means of transportation is an integral element of the life of New Yorkers.

In New York, the municipal government regulates the taxicab sector through the Commission responsible for taxi/cab industry regulation. The commission is responsible for enacting laws to support the regulations it has established for this business. In addition, the regulation is documented in a set of guidelines for enterprises seeking to enter the market and for industry operators. In certain instances, violating these penalties can result in fines of up to $1,000, suspension of operating licenses, and revocation of licenses.

This industry's fleet consists of more than 14,000 vehicles; this generates employment for over 40,000 people, the majority of whom are Americans and immigrants who are licensed drivers. This type of profession attracts immigrants since there are constantly openings and it is an honest method to make a living. The presence of the immigrants has prompted taxi passengers to lodge various complaints. There have been cases in which a taxi driver was unable to take a customer to their desired destination, resulting in delays, complaints, and customer discontent.

In general, regulation is the supply of rules and frameworks for business and other activities by authorities. Some features of the majority of enterprises are self-regulatory. In many nations, the media are regulated by a group nominated by the media community. In the majority of cases, however, it is of the utmost importance to establish regulations backed by legal punishments, such as imprisonment and fines.

Similar to other severely regulated taxi markets, the New York cab industry is governed by price regulations and entry-requirement restrictions. Several justifications for this law have been provided, including great customer service and road safety. As argued in numerous economic theories, corporate restrictions can have a negative impact on existing enterprises by restricting competition, resulting in higher prices and more profits. The number of taxi licences is projected to decrease by 1,400 by 2008 as a result of regulation, which is the opposite of what regulation should accomplish. On the other side, deregulation may only be effective in the short term, resulting in monopolization, price fixing with negative consequences on customers, and a decline in service quality.

The most obvious characteristic of New York cabs is their ethnic diversity. Taxi drivers are so diverse that they are frequently compared to a virtual United Nations of nations and languages. The 1991 survey revealed that nine out of ten new drivers were immigrants from a total of 84 nations. More than four out of ten were born in Southern Asia, notably Pakistan, Bangladesh, and India. Africa, the Caribbean, the Middle East, and the former Soviet countries were also common birthplaces (Elson D, pp. 1350).

In New York, as in other American cities, taxis are progressively gaining recognition as the backbone of the city's transportation system. This is likely due to the taxis' capacity to attract consumers from various professions and social classes. Visitors and locals utilize taxis to travel to and from airports, hotels, retail malls, offices, residential neighborhoods, and even pleasure cruises. Despite this excellent service, tourists frequently experience unpleasant rides from time to time. Therefore, local government workers have difficulty determining the most effective means of dealing with this massive transportation sector.

Despite the diversity of taxi drivers and the complexities of the operation and ownership of New York City's 11,787 taxicabs, the work of driving a yellow cab is fundamentally the same for each driver: to cruise the streets and pick up passengers. The majority of passengers are picked up by taxis on the cruise; the remainder are served at waiting stations created in heavily traveled areas. Since these gadgets were removed from taxis in the 1980s, Medallion taxis have not had telephone-assisted services for a long time. These services are mostly utilized by Manhattan residents commuting to work, the airport, entertainment venues, residential districts, and shopping malls. A significant proportion of these cab services' clients are tourists (Elson D, pp 1351).

Similar to the majority of U.S. cities, taxis are distributed unevenly in the city. There appears to be a problem with too many serving the downtown districts and airport while there are very few in suburban regions. Although the placement of cabs within the city is planned, it is not ideal. There are taxi stands in critical places of the city, and taxis can also be summoned from the streets and airports, which account for the majority of taxi travels. They are extremely important to the city's image, particularly from an economic development standpoint. The issue with stand, hail, and airport trips is that it is difficult to balance supply and demand, hence making it difficult to hold drivers accountable. Specifically, this issue pertains to drivers who are not affiliated with taxicab firms, which in the majority of cases oversee service quality.

It is advantageous to have a single business manage the operations of an industry so that economies of scale can be realized. In contrast, it is advantageous to have a consortium of enterprises manage an industry in order to foster competition. In the event that one operator is sluggish and underperforming, competitors have room to improve on these flaws in order to gain customers, particularly from rivals. Given the two types of benefits, the New York City taxi regulation has struck a compromise by allowing private operators to compete with medallion taxis. Even while private operators are likewise regulated by the commission, their services are superior and more specialized.

In contrast to the majority of regulators who prefer to fight change, the New York taxi regulation commission is generally cognizant of the industry's dynamic. This is evidenced by the areas of the official compilation of the Taxi rules of New York City that are reserved for future adjustments and system expansion. This appears beneficial for regulators in the long run, as it is preferable to adopt changes when they are necessary rather than wait to be compelled to do so. Adopting the improvements enables regulators and operators to exercise a high level of oversight and remediate any potential faults.

Another part of a successful taxi system is the people who run it; New York City taxis are driven by their respective drivers. The New York taxi drivers' rules provide the highest quality, safest, and most customer-friendly services. Hence, regulating taxi admission is a significant challenge in taxi regulation. Officials tasked with regulating taxi entrance face a significant challenge in reconciling the divergent needs of dispatch and cab stand and street hail markets, especially in areas with considerable trip numbers in both sectors.

This market is not open to all taxicabs; there are rules and regulations in place to limit and regulate the industry's operators. Without regulation, cab stands and hail markets may see an oversupply of cabs, resulting in a decline in the service quality of the sector. The purpose of these rules and regulations is to:

In cities where both cab stands and street hails make a substantial number of trips, restrictions should be imposed. These cities are represented by airport taxi stands and densely inhabited areas of New York City's downtown. Without these numerical restrictions, this city would have an excess of taxis/cabs, resulting to a decline in driving standards and vehicle quality. In downtown New York areas where telephone-ordered rides predominate, there are practically no taxis that can accept trips. Consequently, cab businesses must be authorized to operate a specific number of vehicles. Typically, this number is defined by regulation, in which case it must be frequently updated if taxi service demand increases. Regulatory approval may not be required for taxi companies to add or remove taxis from their fleets. Taxi companies may also be permitted to change the number of taxis they run. In cities with a mixed taxi model, taxi stands or street hail trips typically restrict admission to prevent an oversupply of taxis as described in (1). (Dolan GE, pp 80).

Even while there are variances in the origins of the drivers and the owners of the over 12,000 medallion cabs that cruise the streets of New York, the driving job is essentially the same for all the drivers, i.e. cruising the streets and collecting fares. The majority of these taxicabs' passengers are picked up by cruising cabs. The remaining clients are served through taxi stands. This reason has prompted city taxi authorities to devise methods for regulating the distribution of taxis throughout the city. To ensure regional balance in service levels, New York has imposed geographical restrictions on taxis, such as prohibiting pick-ups in franchised zones designated for private enterprises. Other service needs, such as assigning companies and drivers trips to underserved areas, have been met. Due to this allocation, the effectiveness of this service has enhanced marginally.

It was deemed important to regulate the New York taxi industry in order to maintain minimal standards. These criteria cover customer protection and safety. The 2-21 portion of the New York regulations governs safe driving and vehicular accidents. This section describes the method and speed at which taxis are to be driven, the observance of New York's traffic laws while driving, and the steps to be taken in the event of a large or minor traffic accident.

Another rationale for regulating the New York taxi industry is to guarantee a level playing field for all industry participants. Larger corporations frequently collaborate to fix prices and acquire portions of businesses that appear to be more marketable and have superior businesses. In the regulations governing the taxi industry in New York, taximeters are necessary to prevent passengers from being overcharged (section 2-33 an section 2-34). In the same sections of the regulations, there are also penalties for overcharging passengers and incidents of taximeter tampering.

Regulations assist businesses in maintaining a particular quality and code of conduct. Similarly, New York taxi authorities utilize the standards to permit the maintenance of service quality and, if necessary, future expansion. In addition, New York's regulations have been left open to revision and the insertion of additional sections to allow for the maintenance of taxi operation standards and create potential for development.

According to a 2004 study by Schaller Consulting, New York City taxis are less likely to be involved in road accidents than drivers in other cities; as a result, passengers using this mode of transportation have a lower chance of being involved in an accident or sustaining fatal injuries as a passenger in a taxicab or livery car than as occupants of other vehicles (Elsen D, pp 1355).

Other examinations of New York's accident data have demonstrated that the rate of collisions is decreasing over time as a result of constant regulation. In 2004, the taxicab and livery accident rate has decreased by one-third compared to other forms of road transportation. Specifically, 4.6 taxicabs were engaged in accidents for every million miles driven, while 3.7 liveries were involved in accidents for every million miles driven; this compares to a rate of 6.7% for every million miles driven for other vehicles reported in New York City.

Despite this success, there is a considerable change in the taxi industry in New York towards the taxi/limo industry. In 2000, 2.5% of taxi and limo drivers in New York City were women; this percentage had not changed during the 1990s. In New York City, automotive services consist of yellow cab and black car drivers. 84% of the city's drivers were immigrants, up from 64% in the year 1990 and 38% in the year 1980, while 23% of the City's taxi/limo drivers were from the West Indies (the Dominican Republic and Haiti) and 20% were from South Asia (Pakistan, India, and Bangladesh).

Bangladesh has supplanted Pakistan as the leading country of origin for medallion cab drivers in New York City, according to data gathered by the New York City Taxi-Limousine Commission and used in licensing medallion taxi drivers. In the previous two years, 18 percent of new cab drivers in New York City were from Bangladesh, up from 10 percent in 1991 and 1 percent in 1984. This migration was mostly caused by the steady increase of Bangladeshi immigrants. Pakistan accounts for fifteen percent of the new drivers, a decrease from twenty-one percent in the year 1991 but a substantial increase from the year 1984's record of three percent. 9% of drivers were born in the United States, which is around the same as in 1991 when 10.5% of drivers were U.S.-born, but down from 26% in 1984. (Elsen D, pp1360).

Regulation has allowed for the standardization of New York City taxi services. Even while critics have fought for deregulation, regulation benefits the entire economy, not just the powerful few. Improving the quality of taxi drivers is crucial to the growth of the taxi industry because it improves the number and caliber of skilled career drivers who are compensated better and have safer working conditions for themselves and their passengers.

Sources Cited

Macroeconomics, 2nd Edition, FT Prentice Hall, 2006. Gartner, M.

New York Taxicab regulation, New York: Basic Books, 2004. Devra, L. D.

Dolan, G. E., and D. E. Lindsey, Economics, 6th edition, University of California Publishers, California, 1991.

Elson, D., and N. Cagatay. "The Social Dimension of Macroeconomic Policies." World Development Journal 28.7 (2000): 1347-1363.

2002. Hoffman, K. D., L. W. Turley, and S. W. Kelley, "Pricing retail services," Journal of Business Research, vol. 55, pages 1015–23.

Sowell, T., Third Edition of Basic Economics, New York: Basic Books, 2007.

New York Taxis and Drivers’ Regulations: Official compilation of the rules of the City of New York, New York: 2008.

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Abstract

Diverse thinkers have identified employee motivation and work satisfaction as significant organizational performance variables. Among the numerous theories developed to address these two characteristics, need-based theories and process theories play a key role in advising firms on how to promote employee motivation and work satisfaction. The purpose of this article is to provide Emirates Airline with essential ideas on how to build a culture of high performance in order to acquire a competitive edge in its industry by examining these theories. In addition, the relevance of human resource management and leadership in assisting the implementation of the motivation and work satisfaction recommendations is discussed.

Introduction

The relevance of personnel to an organization's success is an undeniable fact in the contemporary corporate environment. Managers have realized that people are the most valuable asset in achieving the objectives of all firms (Lanzeby, 2008). As a result, managers and companies have demonstrated a greater interest in cultivating highly efficient and productive staff. Although numerous factors influence productivity, work performance is regarded as the most impactful. However, the concept of job performance involves the interaction of four variables: skill, a clear grasp of the duties, the surrounding environment, and motivation.

To achieve excellent performance, it is crucial that personnel possess the required qualifications, a comprehension of their jobs, and, most importantly, the "will" to carry out their duties (Bentley, 2013). The concept of motivation is disputed, despite the fact that other aspects are widely recognized. It has drawn a considerable deal of attention from industrial and organizational psychologists, who consider it to be of the utmost importance in achieving excellent work performance and the overall success of an organization.

Numerous models, theories, and approaches have been proposed by various researchers to assist firms in their pursuit of a high-performing, motivated, and pleased workforce. Utilizing these models, theories, and methods, various firms have achieved varying degrees of success in their pursuit of a productive workforce, which is vital in today's fiercely competitive corporate environment. This article explores several theories, models, and methodologies of motivation and job happiness in order to make recommendations that Emirates Airline might apply to its staff in order to increase performance and job satisfaction, and therefore achieve success and industry competitiveness.

Literature Review

There is a wealth of literature devoted to the investigation of job happiness and motivation. Literature examines a variety of broad techniques and theories about job happiness and motivation, as well as their successful application within an organization. According to Landy and Conte (2010),'motivation' is complex and hard to categorize. Due to the fact that the notion encompasses individual and environmental traits as well as individual interpretations of a particular circumstance, its precise definition is likewise elusive (Landy & Conte, 2010; Bentley, 2013).

Although employee abilities play a significant influence in determining their level of performance, motivation drives the vitality of an organization (Stringer & Didham, 2011). Kreitner and Kinick (2004) define motivation as the degree to which an organization's personnel are prepared to strive toward the attainment of predetermined goals. It refers to the nature of the forces that provoke the level of preparation. Motivation, according to Rainey (2009), is the mix of influences that maintain or alter the direction, quality, and intensity of an individual's behavior, and by extension, the behavior of the entire organization.

According to Hiriayappa (2009), motivation is a collection of complicated pressures, demands, drives, tension states, and other elements that sustain individual voluntary activity aimed at achieving some predetermined goals. Motivation is defined by Tracy (2013) as the level of an individual's desire to engage in an activity. According to the preceding definitions, motivation is a mix of issues, circumstances, or forces that initiate and perpetuate human behavior. It describes how such pressures are directed and maintained to produce predetermined results (performance).

To explain job satisfaction and motivation, various theories, including need-based theories, process theories, and methodologies such as human resource management and leadership, have been proposed. These ideas and methodologies indicate that motivation and job satisfaction are strongly related. Robbins and Judge (2008) assert that job satisfaction and motivation are frequently conflated. Nevertheless, according to Rainey (2009), the two ideas are related but not synonymous because job satisfaction is a component of motivation. Job satisfaction is the contentment received from engaging in a variety of activities and receiving rewards in the workplace, whereas motivation focuses on goal-directed activity.

Need-Based Strategy against Content Theory

According to need-based theories, humans have wants that must be satisfied in order to have the necessary motivation to perform well in an organization (Tracy, 2013). In this instance, the degree to which an organization serves the requirements of its employees is a crucial factor of the employees' level of performance and, consequently, the organization's ability to achieve its goals. Various hypotheses have been proposed to explain the relationship between the concept of needs and motivation and job satisfaction. Organizational and industrial psychologists most commonly acknowledge Maslow's hierarchy of needs and Herzberg's two-factor theories.

The Abraham Maslow Needs Hierarchy

Maslow's hierarchy of needs is the most widely accepted of all motivation theories. According to the theory, persons have five fundamental wants that are activated hierarchically from lowest to highest, such that the lowest needs must be met before the next higher needs are activated (Akehurst, Comeche, & Galindo, 2009).

Physiological, protection, attachment, appreciation, and self-actualization are the five essential wants. Physiological demands are the most fundamental of an individual's wants. These include food, water, shelter, heat, and rest (Hiriayappa, 2009). For instance, a company should provide wages and benefits that enable workers to afford decent living conditions. In this instance, it is asserted that an employee who is hungry or homeless cannot make a valuable contribution to the organization.

The activation of security requirements occurs only after physiological demands have been addressed. They refer to the needs associated with the desire for a safe, threat-free workplace (Kreitner & Kinicki, 2004). These requirements include, among others, the desire for fair and equal treatment, job security, health insurance, and well-being. It is essential for a company to take extensive steps to ensure that its employees feel safe and secure (Robbins & Judge, 2008). In this instance, a company that excels in these areas, such as Emirates Airline, is likely to have a motivated and high-performing workforce, and so a greater capacity to achieve its objectives.

Maslow's hierarchy of requirements ranks affiliation needs, often known as social needs, at the third in importance. They relate to the necessity of affiliation or group membership. It is the yearning to be loved and accepted in a particular environment (Robbins, 2013). For example, Emirates Airline can promote teamwork and social events like picnics and bowling tournaments. These efforts contribute to the creation of an environment in which every member feels wanted and appreciated (Stringer & Didham, 2011). An organization must aim to address the social requirements of its employees by fostering an environment in which everyone is treated equally and accepted without discrimination.

Self-esteem needs are the need to be treasured, acknowledged, and accepted by others. These demands stem from the desire to feel that the organization values the contributions of each individual (Bentley, 2013). For instance, an organization that aims to provide autonomy, acknowledgment, achievement, and independence can foster self-esteem among its employees.

Lastly, self-actualization wants are ranked highest on Maslow's hierarchy of needs. They symbolize the desire to reach one's fullest potential. Also included is the desire for personal improvement. According to Gibson, Ivancevich, Donnelly, and Konopaske (2006), self-actualized individuals are extremely valued and crucial to an organization. To attain this objective, Emirates Airline must provide a platform for training, self-development through difficult work, and professional advancement chances.

The hierarchy of Maslow's needs is depicted in the diagram below.

Figure 1 demonstrates Maslow's Hierarchy of Needs (Robbins & Judge, 2008)

Two-Factor Model of Herzberg

According to the two-factor theory proposed by Herzberg, Mausner, and Snyderman, certain workplace characteristics contribute to job satisfaction while others contribute to job discontent (Gibson et al., 2006). The notion is strongly tied to Maslow's hierarchy of needs since the degree to which employee needs are met influences whether they are satisfied or dissatisfied with their jobs (Kreitner & Kinicki, 2004). The factors that contribute to job satisfaction and discontent are listed in the following table.

Factors contributing to Sources of discontent

Accomplishment Acknowledgment Accountability Progress Advancement The effort exerted

Safety guiding business principles Connection with district administrators and peers Work environment Wages Rank

It is crucial to emphasize, however, that job satisfaction and unhappiness are not opposites. The inverse of approval, according to Herzberg, is no approval, whereas the opposite of dislike is no displeasure. Thus, the attainment of the factors of satisfaction has no effect on or effect on the causes of discontent (Rainey, 2009). The eradication of dissatisfaction reasons, however, does not result in satisfaction.

According to the notion, it is essential that the various factors be treated separately. Job happiness variables are also known as motivational factors, and job dissatisfaction elements are known as hygiene factors (Tracy, 2013). Eliminating job dissatisfaction by addressing its causes will not result in job contentment. Instead, it is vital to address and focus on job satisfaction characteristics such as progress, achievement, and responsibility in order to generate motivation.

In an organizational context, it is essential to address the dissatisfaction causes in order to eliminate unsatisfied individuals, and then to enhance the job satisfaction aspects in order to increase employee motivation and, consequently, performance (Paarlberg, Perry, & Hondeghem, 2008). Putting in place measures to create a safe work environment with good policies, for instance, will help Emirates Airline decrease dissatisfaction in the business, whereas putting in place measures to allow recognition and progress will assist it in developing a motivated staff. Evidently, a firm might fail to handle one issue while yet achieving success in another. In other words, a workforce might be both driven and unsatisfied. It is also possible to decrease discontent sources while maintaining an unmotivated workforce.

To implement Herzberg's thesis, a business must first eliminate the reasons of employee unhappiness and then assist each individual in achieving fulfillment. Emirates Airline should fix poor and obstructive policies, provide effective, non-intrusive, and supportive supervision, create and support an organization culture that fosters respect for all, ensure competitive salaries, create a secure work environment, and ensure job status by providing meaningful work for each position in order to eliminate job dissatisfaction (Kreitner & Kinicki, 2004).

The second stage of implementing Herzberg's theory is for the company to concentrate on fostering job satisfaction once it has eliminated dissatisfaction-related concerns. During this phase, the emphasis should be on providing opportunities for recognition and achievement, creating a work environment that matches the skills and abilities of employees, creating opportunities for growth in the company through promotions and trainings, and delegating as much responsibility as possible to all individuals (Lanzeby, 2008).

Other need-based explanations for motivation and job satisfaction have been proposed. The concepts underlying the ERG hypothesis are derived from Maslow's hierarchy of needs. It consists of three elements: existence, relatedness, and development. In this view, existence integrates Maslow's hierarchy of requirements' physiological and safety demands (Bentley, 2013).

In addition, Maslow's theory addresses relatedness as the belonging need, whereas growth refers to the last two Maslow's wants, namely esteem and self-actualization (Rainey, 2009). The Acquired Needs theory of McClelland posits that needs are acquired throughout life. In this instance, wants are not innate, but rather emerge as a result of life experiences. The theory defines three categories of demands, including the needs for success, affiliation, and power (Robbins, 2013).

Approach Theories

Process theories are concerned with the processes through which behavior is fueled, directed, maintained, and terminated. In contrast to need-based theories, which focus on how firms meet the needs of their employees, process theories explain how organizations can sustain employee motivation. By understanding the processes of keeping a highly motivated and pleased staff, a business can achieve high performance and accomplish its objectives (Stringer & Didham, 2011). Included in this area are the equity, expectation, and goal-setting theories.

According to equity theory, employees constantly compare their degree of effort to that of others and the rewards they obtain for such efforts. According to Kreitner and Kinicki (2004), this social comparison demonstrates people's desire for justice and fairness. The hypothesis claims that if employees see a big disparity between their efforts and rewards and those of others, they will strive to either increase or decrease their efforts to match those of others.

This objective is accomplished by either modifying their performance level or attempting to adjust the performance levels of others to match their own. Consequently, it is essential for businesses to be perceived as compensating their employees equitably and fairly, while addressing any disparities swiftly. The diagram below illustrates how employees respond to an organization's equity or lack thereof.

The theory of anticipation is one of the most extensive and significant process theories. It has been extensively utilized to comprehend employee motivation. According to Bentley (2013), motivation is in part a decision-making process that assesses and evaluates outcomes-related efforts. The idea attempts to explain or predict task-related effort. According to Robbins (2013), a person makes well-considered yet free decisions regarding whether:

A specified task can be completed. Because of performance, a result will be reached. The result will be favorable. The hypothesis is essential for explaining the connection between anticipated rewards and current behavior. In this instance,'relationship' is synonymous with motivation.

Edwin Locke and Gary Latham proposed goal-setting theory as a motivational philosophy. It is the most validated and predominate employee motivation theory (Paarlberg, Perry, & Hondeghem, 2008). According to this hypothesis, people are motivated when they are aware of what is expected of them (goals). It promotes for firms to guarantee that employees have well-defined goals and feedback in order to perform optimally.

The organization must ensure that its goals are SMART (specific, measurable, attainable, realistic, and time-bound) during the goal-setting process (Bentley, 2013). The theory is founded on the following five principles: clarity, challenge, commitment, feedback, and task complexity. An organization must present measurable and defined objectives for transparency (Landy & Conte, 2010). When goals are clear, measurable, and time-bound, there is also clarity on the behaviors that will be rewarded and hence more motivation.

The level

Table of Contents Bibliography Appendix 1: Calculations for Task 1 Appendix 2: Calculations for Task 3 Appendix 3: Calculations for Task 4

The first task contained two calculation-based questions (all the calculations are presented in Appendix 1). Using the information provided in the case study, the first question of the assignment was to complete the demand and total revenue table. Consequently, the price of 20AED was added to the demand curve calculations for coffee and sandwiches. The outcomes are displayed in Table 1 below.

Table 1 Demand and sales at 20 AED

Price Quantity Revenue Total

Café AED20 160 12.8 000

Sandwiches AED20 160 12,800

The second question required definitions of economic profit and accounting profit. To get the accounting profit, production (explicit) expenses must be subtracted from total revenue (Hargrave). The economic cost was determined by deducting production and opportunity (implied) costs from total revenue (Hargrave). The outcomes are shown in Table 2 below.

Current accounting and economic profit are shown in Table 2.

Concept Value

Profit Accounting 6,400

Profit Economic -1,600

The economic profit is always less than the accounting profit since implicit costs are included (Hargrave). Teena is unable to earn AED8,000 as a teacher due to the time she invests in the venture. As the implicit expenses are not included in the accounting cost, the economic cost is 8,000 AED less than the accounting cost.

The second question involved Teena's business venture and the concept of normal profit. To address the issues posed by the assignment, Investopedia was used as the major source of knowledge. According to Tuovila, a company generates a typical profit when its explicit and hidden costs equal its overall income. In other words, a company's profit is considered normal when the economic profit is equal to zero. In Teena's situation, her business would be generating a regular profit if it generated AED27,200 in monthly revenue.

The company's normal earnings serves as a measure of whether or not it should remain on the market. If the company's economic profit falls below the typical profit line, it should consider leaving the market. However, if a business generates a typical profit, there is no cause for it to leave the market, as it will have covered all of its required expenses and paid all of its employees' wages and bills.

The final objective was to determine the demand elasticity if Teena decides to raise the price of both sandwiches and coffee to AED25. Percentage changes in price and demand have to be computed using the demand curve equations in order to accomplish the objective. The percentage change in demand was then divided by the percentage change in price (Kenton). The calculations are provided in Appendix 2 of this report. The values for demand price elasticity are listed in Table 3 below.

Table 3: Demand price elasticity

Price Variation Demand Price Elasticity

Price of coffee increased from AED20 to AED25 0.25.

Changing the price of sandwiches from AED20 to AED25.50

Teena was to be instructed on the notion of price elasticity of demand in order to assist her in making pricing decisions. Using Investopedia, the assignment was accomplished by completing brief study.

Price elasticity of demand is a monetary statistic that illustrates how demand fluctuates in relation to price change (Kenton). It is calculated by dividing the percentage change in demand by the percentage change in a product's price (Kenton). The statistic facilitates profit-maximizing pricing decisions. Some products may be elastic, meaning that a change in price results in a substantial shift in demand (Kenton). The price elasticity of demand for these goods is more than 1, and the greater the number, the more elastic the commodity. If the price elasticity of demand is less than 1, products are considered inelastic, as price changes have a negligible impact on demand. Fuel is an example of an inelastic product since consumers are likely to purchase the same amount of gasoline regardless of its price (Kenton). However, it is essential to recognize that price elasticity might vary based on the particular price change.

The obtained values for demand elasticity can be used to determine whether or not to raise the pricing of coffee and sandwiches. Teena's present economic profit is below the normal profit line, so it is imperative that she alter her pricing strategy immediately. This suggests that she can earn a greater profit as a teacher for AED8,000. Calculations indicate that Teena should raise the price of coffee to at least AED25, as the commodity has been determined to be inelastic. If Teena raises the price of coffee, overall coffee sales will rise from AED12,800 to AED15,000 (see Appendix 3). Teena should also avoid increasing the price of sandwiches due to their high elasticity. A sandwich price rise to AED25 will reduce the product's income from AED12,800 to AED10,000 (see Appendix 3). If Teena follows the recommendation, her economic profit will rise from -1,600 AED to 600 AED (see Appendix 3).

The final assignment was to describe the type of market in which Teena works. Teena is involved in the coffee shop industry, which has undergone remarkable expansion over the previous two decades. Due to intense competition, UAE is recognized as having the most vibrant coffee shop market in the Middle East ("UAE – Coffee Culture"). International companies such as Dunkin Donuts, Costa Coffee, and Starbucks dominate the market ("UAE – Coffee Culture"). However, there is a growing interest in independent coffee shops that maintain a strong coffee preparation tradition ("UAE – Coffee Culture"). Teena should not fear competition from "big players" because 88% of local authorities are involved in the coffee shop industry ("UAE – Coffee Culture"). Instead, she should continue to expand her business. To attract clients, she must build an authentic style and employ only real coffee preparation techniques, as this is the most effective strategy among industry competitors.

Sources Cited

Marshal Hargrave. Accounting versus Economic Profit: What's the Difference? Web. Investopedia, 2020.

Will Kenton. "Price Sensitivity of Demand." Web. Investopedia, 2020.

Tuovila, Alicia. "Normal Profit." Web. Investopedia, 2020.

UAE: Coffee Culture, Trends, and Market Dynamics World Coffee Portal, website, 2020.

Appendix 1: Calculations for Task 1

Appendix 2: Calculations for Task 3

Appendix 3: Calculations for Task 4

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Table of Contents
A Summary of the Organization Customer-Focused Approach to Global Supply Chain Management Global Supply Chain Management: A Robust Approach Promoting Partnerships Through Global Supply Chain Management The global supply chain management obstacle of rising costs A Challenge for Global Supply Chain Management: Declining Demand References

A Summary of the Organization

Aegis Living is a corporation that tries to aid senior citizens and provide housing, care, and nutritious food to partially or completely disabled individuals. A number of new boarding houses have established on the west coast throughout the organization's more than two decades of operation. Aegis Living's target market consists of the elderly with dementia and memory issues, as their care necessitates specialized training. As a result, the company has been able to grow its network of boarding homes and establish itself as a credible, long-term organization with crucial objectives. During the current COVID-19 pandemic, the organization faces a number of obstacles, including increasing prices and lower demand. Moreover, its strategies for promoting global supply chain management concepts are sustainable and contribute to the globalization of the firm.

Customer-Focused Approach to Global Supply Chain Management

Aegis Living adheres to the GSCM strategy of customer orientation as a method for popularizing the company's services and attentively addressing the challenges and wants of the target audience. Specific services are provided by the organization, and continuous funding enables Aegis Living to remain a leader in its market niche. This strategy is characterized by a commitment to the interests of consumers, an emphasis on developing the closest possible relationship, and the promotion of the social value of the actions undertaken. In addition, to maintain its leadership position, the corporation relies on a robust mechanism as a means of enhancing its business capabilities.

Global Supply Chain Management: A Robust Approach

Aegis Living offers services focused on complete care for senior citizens. Consequently, sustaining a productive supply chain management involves demand management. A robust strategy, as one of the organization's practices, entails assessing demand indicators and enables the firm to coordinate its efforts so that changes in the number of consumers do not negatively impact the organization. This strategy allows Aegis Living to withstand any disruptions and function with both a high volume of elderly folks and minimal consumer activity. Nevertheless, as evidenced by the company's latest profit indications, sustained capital gains affirm the company's sustainability and its ongoing client expansion. However, working as a single entity may be difficult for Aegis Living, and to assist the business, the organization's managers have recently focused on the partnership-building strategy.

Promoting Partnerships Through Global Supply Chain Management

In recent years, Aegis Living has begun to prioritize partnerships as another GSCM concept. As an example, one can consider Blue Moon Capital Partners, an investment firm specializing in senior housing real estate. This connection is a significant strategy that enables Aegis Living to increase its business opportunities and customer base through increased marketing efforts. In addition, the partner organization's resources can assist Aegis Living in increasing its profit potential by introducing risk management methods that are crucial in the face of variable demand. Nevertheless, despite its efforts, the organization still faces some obstacles, and the COVID-19 epidemic has become a critical impediment to addressing them.

The global supply chain management obstacle of rising costs

Throughout the COVID-19 pandemic, Aegis Living, like the majority of other non-governmental groups, has encountered challenges. Particularly, growing prices are a GSCM issue due to the critical requirement to improve customer safety. As the target audience of the organization is older persons, the chance of coronavirus infection transmission increases. In order to maintain strong connections with suppliers and to be accountable to the government and health institutions, the corporation must incur substantial costs. To continue offering high-quality services to the populace, it will be necessary to surmount the obstacle posed by rising expenses and current corporate constraints. However, there is more to come: as a result of the quarantine policy and social isolation, demand for Aegis Living's services has fallen, creating a serious commercial restriction.

A Challenge for Global Supply Chain Management: Declining Demand

In addition to increased costs, the pandemic has resulted in lower demand for Aegis Living’s services. The company's target demographic is the aged, particularly those who require sufficient care. The coronavirus infection provides a greater risk to older persons due to their weakened resistance to infectious diseases. Consequently, the firm incurs losses due to an insufficient number of customers. To properly complete its purpose, Aegis Living's leaders must employ risk management methods through careful preparation. However, present quarantine procedures, social isolation, and other repercussions of the pandemic cannot be evaluated in terms of duration, which creates further challenges. In order to recoup demand and expand its business, the company's management can only rely on a reduction in the total number of diseases and the relaxation of quarantine measures. Consequently, the pandemic is currently one of the defining factors, and the associated issues are the result of an uncertain scenario not only in Aegis Living but also in the global market for population services.

References

Lessons learned from ground zero of Covid-19, said the CEO of Aegis (2020). Web-based Senior Housing News.

Histories (n.d.). Aegis Living. Web.

Ivanov, D., & Das, A. (2020). A research note on coronavirus (COVID-19/SARS-CoV-2) and supply chain resilience. Web.

Mangan, J., & Lalwani, C. C. (2016). Management of global logistics and supply chains (3rd ed.). The company John Wiley & Sons.

Our COVID-19 answer (n.d.). Aegis Living. Web.

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Table of Contents
Introduction History Sociological aspects Economical aspects Conclusion Bibliography

Introduction

South Africa is one of the leading gold producers in the world and in Africa. As a result of changes in ownership systems, gold mining has been identified as a potential enterprise for empowering indigenous Africans. The mining business of Harmony gold has been at the forefront of advocating empowerment efforts. It is the property of African Rainbow Minerals (De Kiewiet, 1978 p. 357). In 2003, the South African gold mines produced 373,074 kg of gold, a 6.5% decrease from the previous year. Gold accounted for 37% of South African export revenue in 2003. (De Kiewiet, 1978 p. 357). China's gold production has surpassed South Africa's production capacity. The majority of South African gold mines are located underground. Increased mining depths and a drop in the quantity of gold mined have led to an increase in the price of gold goods. This has resulted in a restructuring of operations and consequent layoffs (De Wet and McAllister, 1985 p.556). On multiple instances, the South African gold mining industry has been negatively impacted by low gold prices, a strong Rand, and high operating expenses. This research study will examine the industry's winners and losers in South Africa. It will address how producers and/or owners of gold mines profit from gold mining projects while workers continue to languish in pervasive, disease-ridden poverty rife with exploitation. In an effort to investigate the winners and losers in the South African gold mining sector, this research will consider three perspectives. These dimensions will be historical, sociological, and economic.

History

Northern Cape's diamond mining activity triggered the 1896 discovery of gold in South Africa. Then, laborers began pouring into locations with a possibility of gold discovery. Gold miners resided in complexes where ethnic groups were divided. It seemed quite unlikely that these contracts would be renewed after the initial 18-month period. Men from Mozambique's black homelands, males from former High Commission countries such as Botswana, Lesotho, and Swaziland, and men from territories regarded as foreign countries, such as Tanzania, comprised these miners' three political origin groups. The fact that all of the labor in the gold mines came from southern Africa meant that there were no opportunities for workers to advance up the skills ladder, resulting in retardation. This was further compounded by racial discrimination (South Africa Revenue Services, 2005 p. 23). Witwatersrand Labor Organization was granted the authority to recruit workers from Mozambique, the primary supplier of labor, in 1900. The 1899-1902 wars reduced demand for black labor, resulting in the loss of around 100,000 jobs (South Africa Revenue Services, 2005 p.23). Although the colored workforce was considered a source of labor, it was never utilized in the gold mine. This was in accordance with the WNLA's established arrangements. Mozambique provided two-thirds of the labor in the gold mine in 1899, followed by Transvaal and Cape. In 1903, the black work force was half of its 1899 level of 90,000. (De Kiewiet, 1978 p. 357). Native Recruiting Corporation was established in 1912 to aid with cooperative worker recruiting efforts. Mozambique remained the primary source of labor for South African gold mining during this period. In 1977, NRC and WNLA merged to become The Employment Bureau of Africa, which continues to recruit black mineworkers from southern Africa. Before being hired by mining companies, miners were subjected to extensive medical examinations. In 1907, 470 out of 100,000 gold miners perished in subterranean mines due to occupational dangers. The majority of these employees developed pneumonia, which is why northern Mozambican workers were not recruited (De Kiewiet, 1978 p. 357). Other significant causes of death besides pneumonia were tuberculosis and diarrheal illnesses (South Africa Revenue Services, 1999 p.9). Between 1904 and 1907, Chinese migrant workers were recruited in due to the decline in African labor. Due to political shock waves in Britain, Chinese migrant workers returned home by 1910, putting an end to this notion. The earlier mine strike of 1913, the Afrikaner revolt of 1914, Gandhi's protests, and the General strike of 1914 were all caused by the mineworkers' numerous concerns. The number of workers in the mining industry steadied between 1914 and 1918, despite fluctuations that occurred during this period. During the Great Depression, the number of black laborers continued to rise. On the eve of World War II, unhappy workers abandoned the industry. They complained about bad working conditions. In 1965, 435 miners perished in an accident at the Coalbrook North Colliery. In 1974, 74 Malawian mineworkers perished in a plane crash together with the crew. This resulted in a prohibition on Malawian nationals wishing to work in South African gold mining. This prohibition affected 129 000 Malawians in total (De Kiewiet, 1978 p. 357). Men and their families became almost impoverished due to unemployment. In an effort to make progress, Africans began creating labor unions such as the National Union of Mine Workers, which was founded in 1983. Most gold mines were less profitable in 1985, resulting in a decline in the black worker force. This resulted in an increase in unemployment rates, crime, import duties, taxation, and a decline in foreign investment.

Sociological aspects

By health advocates and the government department in charge of health, South African gold mines are informally known as ‘TB factories.’ Historically, mining magnets have been enthusiastic about devising peaceful strategies to combat HIV/AIDS and TB. Due to inadequate ventilation in gold mines and dormitories, the likelihood of mineworkers developing tuberculosis has been exceptionally high. Moreover, silica dust raises the likelihood of acquiring tuberculosis. It is quite difficult to diagnose tuberculosis in a miner who commutes between the gold mines and his home. These factors also make it extremely difficult for tuberculosis patients on medicine to take their medications regularly. Mineworkers do not have access to one of the best health care services because their employers do not consistently check them for tuberculosis. TB testing is invariably inconsistent and unreliable. The occurrence of tuberculosis in South African gold mines has had disastrous implications for South Africa's economically dependent neighbors, such as Lesotho. TB causes fifteen percent of deaths in Lesotho. 40% of Lesotho's tuberculosis patients admit to having worked in South African gold mines (Wilson, 1972 p.293). Unfortunately, the owners of these gold mines have failed to accept responsibility for the current numbers in Lesotho. Women have just entered the mining industry, and they are gradually outnumbering men. In spite of this, patriarchal organizational culture has persisted to support male domination. This has increased gender-based discrimination. Women face both physical and physiological obstacles due to the fact that the technologies utilized in gold mining were built for males. Women are not promoted to executive positions in the gold mine, and if they are, their white colleagues are favored. Sexual harassment of female workers is a thing of the past, despite the fact that many of them have decided to remain silent in order to remain employed by these gold mining corporations. Men who work in gold mines are compelled to reside in single-sex hostels. Frequently, female employees must rise as early as 3 a.m., putting their safety at risk, in order to catch commuting cars between their homes and offices. Women have been compelled to labor in underground mines since 1997. In addition, mechanization has resulted in significant job losses for mine workers.

Economical aspects

In South Africa, gold mining industries are taxed differently than other businesses. They are subject to a two-tier tax structure. The tax formula is intended to promote the mining of marginal gold ores. These gold mining firms are subject to tax tunnel, a sort of tax-exempt revenue component. This goes against the equitable taxation idea. This system of taxation exempts gold mining corporations from paying actual taxes. This enhances these businesses further. However, blacks, who make up 70% of the mine's workforce, continue to languish in poverty because to the low wages they receive (Statistics Canada, 2004 p.1). It is ludicrous that only 5% of blacks in the gold mining industry have managerial positions yet they make up the majority of the worker force. Even as gold prices on the global market continue to rise from US$ 35 in 1950 to US$ 409.33 in 2004, employees' wages have not risen significantly (Statistics Canada, 2004 p.1).

Conclusion

Black mineworkers in South African gold mines have encountered several obstacles. Inadequate working conditions cause these laborers to get diseases such as tuberculosis and pneumonia, among others. Sexual exploitation, which has contributed to an increase in the risk of HIV infection, has existed but has been minimized. There has been a shortage of adequate transportation and accommodation facilities for the workers. Black workers, particularly women, have been harmed by gender inequities in which patriarchal attitudes have impeded the advancement of the female labor force. Likewise, promotions to executive positions have been influenced by racial preferences.

Bibliography

De Kiewiet, C.W. (1978). (1978). A History of Social and Economic South Africa, The London-based HNP. De Wet, J.C. and McAllister, P.A. (1985). Improvement planning and its results. S.A.J.Sci, 81: 555–558. Services of South African Revenue (2005). Budget Tax Proposals 2005/6. South African Revenue Services, based in Pretoria. Services of South African Revenue (1999). Budget Tax Proposals 1999. South African Revenue Services, based in Pretoria. Canada's statistical agency, Statistics Canada (2004). Capital Assets Statistics Canada is headquartered in Toronto. F. Wilson (1972). South African gold mine labor from 1911 to 1969. African Studies Series No. 6, Cambridge University Press, London. Print.

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Table of Contents
Introduction General Overview Current Culture Assessment Recommendations and Dangers Metrics Conclusion Bibliography

Introduction

Corporate culture is generally regarded as the key basing aspect that creates the motivation strategy of the entire company. On the one hand, this may be a vital aspect of measuring the performance of the employees and management, on the other hand, this may be considered as the punishment and discouragement for the employees if it is not arranged appropriately. The purpose of this paper is to assess whether the corporate culture of Procter & Gamble Company is conducive to employee motivation and whether it is appealing to newcomers and applicants. Taking into account the potential drawbacks of the culture, detailed advice for altering the company's current cultural milieu will be provided.

General Overview

The historical significance of Procter & Gamble's corporate culture cannot be overstated, given that the corporation is founded on professional activity involving scientific, manufacturing, financial, managerial, marketing, and retail endeavors. Since the company's inception, the primary objective of team performance has been the unity and consolidation of all efforts aimed at enhancing the company's market activity.

In general, the company's corporate culture is predicated on the need to create and unite a single, professional team capable of resolving problems with diverse origins. Thus, the defining characteristic of the culture can be expressed in a single phrase: "We" is used when referring to work efforts and accomplishments, not "I." In fact, there is no place for subjectivity is encouraged, as all the decisions that are executed by the team are conformed to the others.

According to the official source P&G (2010), the key values of corporate culture are:

P&G's Purpose, Values, and Principles (PVP) have guided our business practices for 165 years. Since the company's inception, we have prioritized personal and professional ethics and principle-based management. The basis of our PVP is personal integrity, respect for the individual and doing what is right long term. The high caliber of individuals we hire assures that our PVP will continue to be the foundation for every action we take and every product we manufacture, now and in the future.

In the light of this statement, it should be underlined that the values of corporate culture are built on the traditions that are etched firmly in the managerial strategies and principles. Hence, if the modifications are required, vital efforts will be needed for supplying the changes required and accomplishing the results needed by these changes.

Current Conditions

Currently, the company maintains a high secrecy level, though the cultural aspects of the company may be traced by analyzing the disclosed information as well as news available online. In general, some components of corporate culture are seen as outmoded and too bureaucratic. Therefore, the principle that "diversity is less valued than conformity" is not applicable to the current market environment. The organization is aiming at improving the structure of the company’s culture by engaging youthful and dynamic specialists who will be able to maintain these improvements. The existing culture prevents the company from making quick and effective decisions that are associated with costs, retail principles, cooperation, supply chain management, etc, while the contemporary market presupposes more aggressive and decisive performance. One of the key points of change strategy is the deeper implementation of IT, as this is regarded as the central and the most effective catalyst for providing changes, especially within younger employees.

The next stage is to relax the principles of secrecy. According to Johnson and Phillips (2003), the P&G CEO is aware that the internet era cannot accommodate the company's intimacy, yet consumers wish to know as much as possible. As Johnson and Phillips (2003, page 291) emphasize:

The worldwide corporation is now a vital aspect of the business. For example, Gillette’s Himalaya team, a worldwide group based partially in Boston but focused on India, is already heated up. In India, almost half of men’s shaves are done in barbershops where barbers split double-sided blades in two and use them again. While not entirely proven, the team’s razor-and-blades invention, they write, involves simplification to the required characteristics to do the job, a reasonable cost through manufacturing advances, and a novel means to reach lower-income shavers. The rapid "to market" strategy may prove immensely profitable for the company.

Hence, the changes are required for maintaining the global nature of the company’s performance, as cultural differences of the employees from various departments may violate the proper communication within the company, while new culture would allow overcoming these cultural difficulties.

Culture Evaluation

The importance of team cohesion to the business has already been emphasized. Employees believe that rejecting the "I" perspective in favor of the "We" perspective causes individuals to lose their individuality, resulting in a lack of personal initiative. While no room is left for subjectivity, the power of individual decision and initiative is cut off. While for the older generation this may be suitable, ambitious youth is not interested in sacrificing their own ambitions for the sake of outdated traditions. Moreover, the instance of other companies clearly reveals the advantages of individual initiative in comparison with the “we” perspective. While “diversity development” is positioned as one of the key aims in corporate culture changes, the actual situation is closely linked with conformity.

Hence, the employees do not see the present culture as a proper motivator that may be employed as the key base for team development. Moreover, this distracts really talented and skilled workers. In reality, this is the sole thing that distracts people; nonetheless, it is also the most potent.

As great business performance traditions must be preserved, the company highly values the skills and abilities of its employees and encourages older workers to share their wisdom with the younger generation. Nevertheless, this sharing is conducted via the conventional lens of objectivity, conformity, and "we" perspective. On the one hand, this cuts the ambitions of the youth and makes them learn to cherish corporate traditions; on the other hand, it frightens them. Despite the fact that these are the foundations of a strong culture, the effect of these actions is comparable to that of a weak culture, as bureaucracy is inevitable at certain stages and some managers do not view them as a threat to the overall performance.

In addition, the current strategy does not let the organization to be adaptable and responsive to market conditions in the present day. This is explained by the statement that collective decisions require too much time for conforming, coordinating and implementing, while professional initiative may be helpful in crisis situations.

Recommendations and Risks

Most components of corporate culture should be left intact, as these are the important steps of a company’s success; nevertheless, the paradigm of the cultural approach should be changed. According to Johnson and Scholes (in Oden, 2006), the corporate culture paradigm consists of at least six components:

Stories Rituals Symbols Organizational Structure Control System Power Structure

While the aspects of structure and control do not require any changes, the company needs to pay sufficient attention to rituals, stories, and symbols. This means that if employees share common interests and conversational subjects, the team will be unified with friendly links, but they will retain their individuality. Actually, it is not a simple task to create an affinity between two different generations of employees, though, it will be required to create strong links between them. Rituals, in their turn, are based on the formal and informal communication process within the company. The key risks are associated with this component of the cultural paradigm, as informal relations are almost impossible between diverse age groups, and this may cause negligence of cultural traditions if achieved.

Considering leadership to be the most important aspect of corporate culture and the success of implemented changes, it should be stated that the organization should reform its control procedures. If the team is diverse, control should be carried out in accordance with the interests and suggestions of all the groups; therefore, teams must have the opportunity to express their opinion (including the individual suggestions of each member) and be able to disagree with management. This will encourage initiative and offer the necessary foundation for appropriate reforms.

Metrics

Various authors and scholars have described the characteristics of cultural change; nonetheless, Hofstede's system is recognized as the most applicable to the P & G scenario. The following are the dimensions:

Power distance. This establishes the authority and privileges of graduation. Young and elder age groups should be featured with comparatively equal rights associated with business decisions Uncertainty avoidance. The dangers should be accepted publicly and cooperatively. Individualism as opposed to collectivism. A proper balance should be defined and adjusted within the team, though, high individualism may not necessarily mean low collectivism. The CEO and departmental management teams must understand this principle. Masculinity versus Femaleness. There are no concerns with this element inside the P & G team.

The theoretical conundrum of measuring corporate culture is directly related to the notion of conquering risks and challenges when the correct cultural equilibrium is achieved. This is justified by the remark that regardless of the firm's cultural approaches, the hazards of creative market impact cannot be (easily) sustained by a corporation with conservative ideas, be they individualistic or collectivist. This means that firms need to strive for balance, shift the paradigm constantly, and refine cultural adaptations with other elements of culture and interactions.

Conclusion

Lastly, it should be emphasized that the corporate culture at P&G is characterized by effective principles but ineffective and obsolete structures. The company makes effective attempts for improving the existing strategy, though, managers need to pay attention to improving the communicational process within the teams.

Bibliography

Johnson, L., and B. Phillips. Absolute Integrity: Creating a Corporate Culture That Values Straightforward Communication and Rewarding Integrity. New York: AMACOM.

Oden, H. W. Managing Corporate Culture, Innovation, and Entrepreneurship. Westport, Connecticut: Quorum Books

P & G (2010) Company Culture. Diversity. Corporate Info. Web.

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Executive Synopsis

The purpose of this article is to investigate RadioShack's operations. The report begins with a brief introduction and summary of RadioShack's history. This section describes the evolution of the RadioShack company. The following section of this study examines the nature of competition and market share in the current industry. In this section, the names of the company's rivals and opinions regarding the Chief Financial Officer are provided. Next in the article is a discussion of the current state of the organization, in which the status of the organization is explained. It comprises everything about the company's infrastructure, such as the amount of space in use and the number of branches. This section also describes the numerous sorts of items offered at RadioShack and the manufacturers whose products they sell. RadioShack's internal strengths and weaknesses are assessed in the SWOT analysis section. This section also highlights a variety of current threats facing the firm. There are also financial assessments presented in this segment. The annual report of the corporation is included in this article. The company's annual report was obtained from the report given on the Reuters website. A brief overview and analysis of the company's website and its features are provided. Also explained is a comparison of RadioShack's website to those of its chief competitors Wal-Mart and Best Buy. Each website's positive and negative characteristics are highlighted. The final section of the paper consists of a conclusion and set of recommendations for enhancing RadioShack's performance.

Introduction and historical context

RadioShack "is one of the nation's most experienced and reputable specialty retailers of consumer electronics, offering innovative products and services from top brands." (RadioShack Corporation publishes third-quarter 2009 financial results, 2009, paragraph 19)

Theodore and Milton Deutschmann founded RadioShack in Boston in 1921 to sell radio equipment to the public. They started a little storefront. Initially, their store sold a variety of equipment for both amateur radio operators and ship radio officers. In 1947, RadioShack launched its first storefront. They provided amplifiers, speakers, and turntables, among other items. In 1954, RadioShack began selling its private label products under the moniker Realist. In 1960, RadioShack became the largest distributor of electrical components. After that, the company had numerous successes.

Recent recession had no effect on RadioShack; its CEO states that they have sufficient funds to survive. "As communication technology progresses, society has evolved from a thick client model to a thin client model. Until recently, RadioShack staff kept product knowledge in their heads and on paper that could be physically accessed. (Sherri, 2008, para.5).

Concentrate on the industry presently.

RadioShack has a multitude of competitors. RadioShack's competitors include Best Buy, Wal-Mart, Circuit City, Dell, Target, and Costco, among others. Best Buy and Wall Mart are two significant competitors of RadioShack.

"According to Chief Financial Officer Jim Gooch, the company's financial performance improved in the second half of the quarter due to the strength of its wireless business “combined with signals of probable economic stabilization.

”” (Lloyd, 2009, para.5). As a result, its share price increased on the New York Stock Exchange.

Promotion, pricing, and distribution are three prominent themes that a firm must consider in order to attract consumers in the market. Promotion is employing a variety of techniques to increase product awareness. When promoting a product, a superior distribution method must be utilized. RadioShack employs several promotional techniques, including advertising, publicity, and sales promotion. The advertising industry utilizes mass media. Publicity is achieved through publishing articles in newsletters, newspapers, and magazines. The promotion of sales through coupons and discounts. Distribution involves selling or shipping the product. The product determines the optimal distribution strategy. Included in the price of a product are the costs associated with its manufacture. It includes manufacturing costs, labeling and packing charges, labor expenses, and distribution and advertising expenses.

Concentrate on the company at present

RadioShack's sales staff are extremely knowledgeable, helpful, and committed to assisting clients and enhancing their shopping experience by locating the most suitable product to meet their needs. There are roughly 200 stores in Mexico. (RadioShack unites with Lance Armstrong on October 2, 2009 to promote awareness for Livestrong day, paragraph 6)

Each of their storefronts has roughly 2,500 square feet of space. The majority of their stores are situated in suburban markets with over 500,000 inhabitants. RadioShack was awarded one of the nation's best retailers for customer service in the fourth annual National Retail Federation Foundation/American Express Customer Service Survey. (RadioShack connects consumers to technology, 2009, paragraph 4)

RadioShack carries a variety of products and accessories that consumers seek. Their organization offers a vast selection of products to satisfy the needs of their clients. RadioShack has maintained great relationships with the world's biggest technological companies, such as AT&T, Duracell, and Hewlett, in order to remain competitive in the market.

The wireless division of RadioShack accounts for 33% of annual revenues. Personal electronics and contemporary home platforms account for 28 percent of annual sales. The accessories platform accounts for 24% of annual revenue, while the power, technical, and service platforms create the remaining 15%.

RadioShack's board of directors declared an annual cash dividend of $0.25 per ordinary share on November 9. The dividend is due to shareholders of record on November 27, 2009, on December 16, 2009." (RadioShack corporate dividend declared by board of directors, 2009, paragraph 1)

SWOT analysis for RadioShack

SWOT analysis helps evaluate an organization's strengths, weaknesses, opportunities, and threats. The primary purpose of a SWOT analysis in an organization is to assist in identifying the internal and external elements necessary to achieve the firm's goals. The SWOT analysis is divided into two categories. There are internal and external elements. Internal factors include the organization's strengths and shortcomings, while external ones include opportunities and dangers. The strengths and weaknesses of an organization are determined by the internal elements that have an impact on it. The external elements include of macroeconomic issues, technological advancements, market and competitive shifts, etc. SWOT analysis is merely one approach for examining a company's strengths, weaknesses, opportunities, and threats, therefore it has its own drawbacks. The report compiled on RadioShack based on a SWOT analysis assists in evaluating the organization's structure and processes, as well as their products, and provides an overview of the business's strategy.

RadioShack is a retail chain of stores that sells electronics and related items. It originated in the United States and has expanded globally. The organization's operations are divided into two groups, namely RadioShack's running stores and the kiosks. Their primary preference lies in consumer electronics. RadioShack obtains information from global marketplaces for its different strategic, operational, and financial assessments. RadioShack's ability to recognize the needs of its target market provides it with a competitive advantage.

The financial and strategic study assists RadioShack in enhancing their operations. Its scope consists of the following:

The firm's strengths and shortcomings, as well as areas of growth or decline, are assessed. Consideration is given to financial, strategic, and operational factors. The available opportunities and the company's growth potential are analyzed. Competitive or technical threats are underlined. The report provides essential corporate information, including business structure and operations, company history, major products and services, notable competitors, key personnel and executive biographies, various locations, and significant subsidiaries. It includes detailed financial ratios for the previous five years and interim ratios for the previous four quarters. Profitability, margins and returns, liquidity and leverage, financial position and efficiency ratios are examples of financial ratios. (RadioShack Corporation financial and strategic analysis assessment, 2009, section three)

Comparing former income and sales with current income and sales reveals the current financial analysis. Performing a review of the stock's performance and factoring the analyst's viewpoint aid in evaluating the company's performance. RadioShack is an electronics retailer that also offers wireless phones. Customers are their true strengths, as when more customers are drawn to the business, revenues increase and the company's financial condition improves. Most consumers prefer to purchase things directly from the showroom rather than from shops. Customers are drawn to the store based on the conduct of the sales staff. The internal variables, i.e., the organization's strengths and weaknesses, may be a combination of numerous factors. "The factors may include all of the 4Ps, in addition to personnel, finances, manufacturing capabilities, etc." (RadioShack – SWOT analysis, 2009, paragraph 4)

Due to its competitive advantage, RadioShack is able to reach its target market. Some of RadioShack's products face competition on the market, as the market is considerably more competitive. RadioShack has dropped sales of one of their goods, wireless, in order to concentrate on consumer products such as televisions and ipods that are more competitive in the retail market. Numerous retail businesses compete with RadioShack to regain their advantage in the communication industry. RadioShack's primary competitors, Best Buy and Circuit City, are opening more stores to enhance sales and profits, whereas RadioShack is lowering expenses and closing stores, which has increased its profit margins but decreased its sales. Therefore, it appears that RadioShack's growth is less sustainable than that of Best Buy or Circuit City." RadioShack (2009), Competition and Metrics, paragraph 3.

Analyze every component of the retailing mix.

The merchandise assortment strength in retailing mix is the dealers. As the organization's pillar of strength, a strong promotion strategy helps increase sales. The store must be located where more customers are drawn. Price must be set enough so that all types of clients can purchase the product. In order to lower the price of the product, the supply chain must be as short as possible. Otherwise, when the goods reaches the clients, they will be required to pay a substantial amount of money for it. Distribution must be limited to retailers and wholesalers exclusively. One should avoid agents. RadioShack provides services to its customers by understanding the strengths and weaknesses of its competitors.

Power of RadioShack

RadioShack's strengths include product assortment, pricing strategy, promotional strategy, location, supply chain management, reputation, political strength, financial and organizational structure, etc. Merchandise assortment enables the purchase of the goods in the number specified by RadioShack, as they are the product's world-wide distributor. Due to this supply network, RadioShack receives its products on time. It aids in proper planning. The advantageous location of the stores is a firm strength. RadioShack's pricing strategy for their goods is average price. People shop at RadioShack because it offers quality goods at an average price. In addition, they offer refunds and incentives. The company's promotional strategy is its greatest asset, because by employing various promotional tactics, such as television advertising, the company's products are seen and purchased. Thus, it enhances the company's sales. RadioShack has an excellent reputation. Reputation is established through their brand name, services, etc. The rapid global expansion of RadioShack's popularity is aided by their supply chain. It strengthens the organization. Strong financial status of the company. The organizational structure of RadioShack is among the best.

Deficiencies of RadioShack

RadioShack's internal restrictions are the company's disadvantages. They are battling to survive in the industry due to the presence of numerous competitors like RadioShack. They are attempting to concentrate on Circuit City and Best Buy. When RadioShack focuses on its clients, it discovers that tiny retail stores cannot compete with major commercial stores due to the introduction of new brand names. The credibility of customers towards the company is another of the company's shortcomings. RadioShack's lack of the most recent marketing plan is another of its weaknesses. They eliminate distributor costs by limiting the supply of products with private tags. In order to decrease the turnover rate inside the firm, it is necessary to pay employees a salary and bonus. The turnover of staff is one of the company's primary issues. By applying the marketing plan, the organization must eliminate its vulnerabilities. Price, product, location, and promotion are required to create a successful marketing strategy. High levels of competition, unmotivated personnel, and other external issues may prevent the organization from achieving its goals. When purchasing a product, customers should consider their own interests, not those of the seller. The retailer's perspective must be vastly different from that of the consumer, as they evaluate matters from a business perspective.

Opportunities presented by RadioShack

By partnering with new companies and selling their products, RadioShack has a golden potential to increase its company profits. Increasing the number of branches and introducing new products created using cutting-edge technology increases profits. The company's international operations are another noteworthy trait. RadioShack's marketing management team is efficient. These marketing teams are adept at adapting their marketing strategies to the various market conditions. Additionally, the corporation has the power to take various acts that distinguish its product from those of its competitors. This enables RadioShack to exploit a market that its competitors are unable to. This also offers RadioShack products with a distinct market position.

Perils posed by RadioShack

Increase in the number of rivals, or market competition, represents the greatest threat. Walmart and Best Buy are the two companies that pose the greatest threat to RadioShack. Uncertainties in the market are another key threat RadioShack must contend with. Consequently, they must alter their technique constantly. RadioShack will suffer a significant setback if any two competitors merge, as a result of the market's uncertainty. If such a circumstance develops, it will require a great deal of work and critical thought to overcome it. Also, RadioShack must conduct extensive research to be a formidable opponent. The next issue is a shortage of products, which will result in a loss of customers as they seek for alternatives. This is a major concern for the Company. In addition to their competition, economic uncertainty, population movement, and natural disasters such as earthquakes, floods, and storms can pose significant dangers to the company. Lack of educated labor is also a significant danger to the company.

RadioShack's ratio of short-term solvency is as follows:

"Account payable/Sales-4.89 Gross margin-45.8 Present ratio -2.8 Quick ratio-1.7 Inventory

Plan to Assess Levels of Motivation

The topic of employee motivation is prevalent in the workplace. It is defined as the employee's willingness to contribute energy, excitement, devotion, and innovation to the organization (Badubi, 2017). Therefore, the firm must provide effective employee involvement to boost motivation levels. Intrinsic and extrinsic motivation are the two types of motivation. Motivated personnel constitute an organization asset that is directly proportionate to the organization's performance. Intrinsic motivation refers to employees who are motivated from within, whereas extrinsic motivation entails the influence of external influences on an individual's level of motivation.

Developing a plan to analyze the levels of motivation in the corporate workplace requires consideration of multiple elements. The initiative comprises using online software platforms to survey employee motivation. Therefore, staff will be required to provide honest and transparent feedback on their thoughts, experiences, and ideas. The survey is required to identify areas requiring attention (De Vito et al., 2018). After completing surveys on employee motivation, it is necessary to conduct a survey on employee satisfaction. The organizational management will benefit from recognizing the dissatisfaction aspects that influence motivation.

The alternative method for performing the evaluation is to solicit thoughts and suggestions. Following the surveys, the employee input and suggestions must be addressed expeditiously. This will produce an excellent work environment that will foster the atmosphere necessary for employee motivation. The other focus is the career path plan that describes employee roles and responsibilities (Van der Kolk et al., 2019). It contributes to the organization's ability to concentrate on attainable goals. Therefore, a comprehensive career plan that is clearly defined is required.

Theories of motivation in the workplace

A solid strategy can apply Maslow's needs hierarchy, McClelland's learned needs theory, the four-drive theory, and the expectation theory to boost workplace motivation. A inspiring workplace contributes to the accomplishment of the organization's objectives. There are numerous plans and strategies derived from the theories that will aid in achieving consistency and momentum. Improved motivation is likely to result in increased momentum, increased productivity, high levels of concentration, increased job satisfaction, increased organization profits, and increased employee loyalty.

Maslow's Hierarchy of Needs is recognized as the optimal location to conduct workplace theory application study. It is also the most well-known method. The theory will be implemented in the organization through the priority of employee requirements. Before introducing recognition, the thesis will focus on the physiological, belonging, and safety demands of the team (De Vito et al., 2018). Priority will be given to providing a living salary and health benefits before meeting desires for love and belongingness. Once the intrinsic demands are met, the extrinsic incentive can be handled through events of recognition, sales competitions, coaching, and mentorship.

The motivation-hygiene theory of Herzberg will involve the use of hygiene categories and motivation to raise the motivation levels of an organization. Implementing the approach's strategies requires addressing hygiene and reducing instances of job unhappiness. McClelland’s Human Motivation theory will assist in identifying a certain employee's driving need and working with that need. The expectation theory will assist the organization in concurrently meeting its internal and external requirements.

The Impact of the Implementation Plan on Organizational Performance and Behavior

The theory will help employees achieve the company's culture, values, and objectives. Monitoring the progress of personnel and recognising merit will also be vital. The four-drive type will also be handy in the workplace of the firm. The theory will contribute to a thorough comprehension of human motivation. The four drives are distinguished by characteristics such as workplace communication.

The satisfying of a variety of motivations will increase working motivation. These include goal evaluation, incentives, goals that are attainable, and a safe and positive working environment. Training and development opportunities have a crucial influence in employee motivation. The purpose of training is to reinforce an employee's sense of importance to the firm and assist them gain a better understanding of the needs for specific occupations (Kuvaas et al., 2017). The prospects will also incentivize the workforce and increase their industry expertise. They will be promoted to various positions within the firm as a result of the training, which will be delivered via online classes. This results in an organizational behavior characterized by a straightforward and effective method of investing in the future.

It is also necessary to establish goals that serve to motivate staff. When many objectives are available, employees are able to plan for the future and strive for something. Due to the different motivators involved with the programs, they also assist in maintaining the employees' interests. The non-monetary benefits contribute to the development of factors that enhance job satisfaction (Hitka et al., 2018). They include a flexible schedule, job security, and numerous prospects. They contribute to the improvement of employee morale and confidence. Individuals can be motivated to attain company success by means of the development of personal management evaluations.

References

De Vito, L., A. Brown, B. Bannister, M. Cianci, and B. G. Mujtaba (2018). Higher education employees' motivation is founded on the hierarchy of requirements, expectations, and the two-factor theories.

Hitka, M., Kozubíková, Ľ., & Potkány, M. (2018). Differences in employee motivation by education and gender. 19(1), 80-95, Journal of Business Economics and Management.

Kuvaas, B., Buch, R., Weibel, A., Dysvik, A., & Nerstad, C. G. (2017). Does intrinsic and extrinsic motivation influence employee outcomes differently? 61, 244-258 Journal of Economic Psychology.

Ryan, J. C. (2017). The design and implementation of a set-theoretic approach to employee motivation and performance research are discussed. 45-47. Journal of Innovation and Knowledge, 2(1).

Van der Kolk, B., van Veen-Dirks, P. M., & ter Bogt, H. J. (2019). The influence of management control on the motivation and performance of public sector employees. European Accounting Review, 28(5), 901-928.

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Table of Contents
Introduction Significance of the research Object(s) of the study The study's main body Advantages and disadvantages Conclusion Sources Cited

Introduction

As stated in the thesis statement, the Income Statement is a record of the company's financial transactions throughout a certain fiscal year. Having money is a nice feeling, but it is prudent to maintain track of it. According to Max Beerbohm, "Everyone, including the wealthiest and most generous of men, pays by check more cheerfully than he pays in cash." (Beerbohm). In the past, individuals recorded their financial activities in ledgers and passbooks. Then, a consciousness of banks emerged. People become used to the banking system. Accounting eventually became essential for all financial institutions and businesses. Separate government agencies were established to oversee the transactions of all types of enterprises. Due to the extensive transaction information, it was impossible to monitor each and every one. However, the "Income statement" is a document that displays every aspect of a business. The "Income statement" contains all of a company's financial information, thus anyone interested in the inner workings of a business can obtain this information by examining it. Historically, it was also known as a "profit and loss statement." Here is an illustration of a typical income statement.

Profit and loss statement for 2010-2011

Net sales 43,556,879.00

Sales Costs of $2,578,900.00

Gross profit 17 768 969 dollars

Expenses 5,987,143.00

Interest 59,564.00

Gross profit before taxes of $1,672,262

Taxes 5,967,561.00

Net profit 10,754,701.00

A "Revenue statement" illustrates the results of a company's operations or activities over a period of time. It is also known as "profit and loss account," "earnings report," and "financial statement," among others. It indicates the level of a company's performance. It is akin to a report card that reveals the management's proficiency. Certain terms in a "Income statement" have a predetermined vocabulary. In a typical "Income statement," terms such as revenue or sales, expenses, gross profit, general expenses, interest, taxes, income before taxes, and net profit are included. Generally, revenue or sales are recorded once a product or service has been supplied. The payment receipt is not mentioned. Similarly, expenses for which provision has been made but which have not yet been incurred are likewise included in the "Income statement." There is a simple idea that can tell us whether or not the company is profitable. If the expenses exceed the revenue or sales, the business incurs a loss, and if the expenses are less than the revenue or sales, the business generates a profit. In certain instances, the depreciation of both movable and immovable property is considered. The "income statements" of solo proprietors, partnership businesses, and large corporations contain comparable information. However, there is one little distinction. Companies are required to include earnings per share in their financial statements. Earnings per share represent the amount earned per share.

Significance of the research

The significance of the study is that we get to comprehend the entire procedure, the ins and outs, and the pros and cons of a "outcome statement." There are, in my opinion, two distinct groups of individuals who can profit from the Income statement.

If there are multiple sources of income, the management will indicate which one generates the most revenue. It is possible to increase the sales of the other product. If the "Cost of sales" and "Expenses" are on the high side, several methods can be taken to minimize them. Consequently, the "Net profit" may be raised. It also helps managers meet their obligation to report the growth of their organization. The financiers: Before applying for shares of a certain company, investors can review the "Income statement" to determine whether investing in that company is prudent. They are not required to reference the balance sheet or the cash flow statement. Sincere investors who have a thorough understanding of accounting can comprehend much more than a company's earnings alone. They learn about the management's efficacy in maximizing the company's income and expenditure resources. They can also compare the profitability of two or more organizations using the income statement.

Object(s) of the study

The primary objective of the study is to determine how a "Income statement" is made, what criteria must be included, how it might be advantageous, and what the drawbacks are if a company does not have a "Income statement." According to Harry Eisenberg, a company should be avoided if it has not filed a financial statement. You cannot do an appraisal without considering the firm's assets and income. (Eisenberg).

The study's main body

Considering the sample table shown in the preceding section, the following definitions apply:

Always included first on a Profit and Loss Statement is "Net sales" (or total sales or total revenue). This is the money received by the business from the sale of its products or services. This, however, is not the profit. This is the only money that has been received. However, this amount is crucial. This is due to the fact that some overhead costs are fixed. Therefore, in order to increase profits, incoming funds must increase. In the example presented, "Net sales" equals 43,556,879.00 dollars.

Cost of sales refers to the expenses incurred in the production of the final product. This mostly includes the cost of raw materials. In the case given, the "Cost of sales" is valued at $25,787,910.00.

Gross profit is the amount obtained by subtracting the cost of sales from net sales. In the example given, this number is $17,768,969.00.

The majority of expenses, including transportation, salaries, commissions, consumer bills, etc., are shown in the "Expenses" column. These expenses are important to the company's ability to generate a profit. Benjamin Franklin was correct when he stated, "Beware of small expenses; a small leak can sink a large ship." (Franklin). In the example presented, the amount is $5,987,143.00. This head has a significant impact on the generating of profits. Among the expenses that fall under this heading are the following:

General and administrative expenses pertain to the operation of the business. These costs are not directly tied to the price of producing or acquiring the goods. The management should work to keep these costs as low as feasible. This expense is also unrelated to the production or acquisition of the goods. However, management must be cautious enough to prevent cost increases. Comparing these costs to those of comparable businesses might assist management in keeping track. Research and development is a crucial department for any organization seeking to expand. People today want betterment in all aspects of life. Even within the items they employ. Therefore, a firm cannot flourish unless it is constantly striving to enhance its products or produce something new. Therefore, this section is essential. The costs involved are essential, but they must be kept in check. In the past, many individuals have assisted any company's research and development department. But I appreciated the perspective of Donald Evans, who stated, "We are the leading economy in the world, and we should continue to pursue policies that ensure we maintain that position, such as innovation, technology, education, and research and discovery." (Evans)

The amount the corporation has paid in interest on loans from banks or other financial organizations. "Interest" is an essential entry because subtracting it reduces the amount of tax owed. The authors of Graham and Dodd's security analysis shared similar sentiments: "The absence of interest expense results in higher reported income and taxable income immediately." (Graham et al 219). In the example given, this sum is 59,564.00.

"Income before taxes" is the amount remaining after subtracting "Expenses" and "Interest" from "Gross profit." In the example presented, the amount is $16,722,262.00.

The government also requires corporations to pay various types of "Taxes," such as income tax, sales tax, and value-added tax, among others. The amount in the given case is $5,967,561.00. The tax regimes of different nations vary.

Finally, "Net profit" is calculated by subtracting "Taxes" from "Revenue before taxes." In the case presented, the total amount is 10,754,701.00.

Advantages and disadvantages

The "income statement" is an important document for any organization. Possessing one has only advantages and no disadvantages (except than a tiny one that will be described later in the text). But if a corporation lacks a "Income statement," there are no advantages and just negatives.

One of the most important advantages of having a "Income statement" is that it displays a company's profitability. The corporation might focus on strengthening the weaker or losing departments. It also details the costs incurred to generate such a profit. The ratio is extremely significant for management. Investors and shareholders also benefit from the ability to calculate dividends on their shares. Additionally, there is another benefit. If a business contacts a bank or financial institution for a loan, the "Income Statement" is the first requirement. Better the "Income statement," the better the bank or financial institution's offer.

As such, there are no disadvantages to having a "Income statement" other than a tiny one. If a corporation is experiencing losses, this must be shown on the "Income statement." This may prevent the company from obtaining a loan. This is due to the fact that banks and financial organizations will never invest in a losing company. The banks or financial institutions must determine if the company can generate the requisite income (for loan repayment) and maintain itself. On the other hand, if a business does not have a "Income statement," there are undoubtedly downsides. First, the management will be unaware of the company's future direction. Are they experiencing profits or losses? The entire scenario will be unclear. There will be neither direction nor purpose. The employees will work aimlessly since they must work to earn a living. Such businesses are going to fail one day. Another disadvantage or negative of not having a "Income statement" is that the company will have to approach a bank or other financial institution when it needs funding. The "Income statement" will be the first document requested. Without this, no bank or financial institution will work with that business. Another disadvantage is that investors will never purchase debentures and shares of the company. Considering all of these factors, it is clear that the company's future is doomed.

Conclusion

As this paper comes to a close, it is clear that "Income statement" is a requirement for any organization that wishes to advance. It is useful for both internal and external applications. Internal resources for administration and external resources for investors and financial organizations. The "Income Statement" should be required even for individuals, in my opinion. Black marketing will be prohibited to some extent.

Sources Cited

Max Beerbohm. "Quotes about Money." Web. 2011.

Eisenberg Henry. “Henry Eisenberg quotes.” 2011. Web.

Evans Donald. "Donald Evans quotes." 2011. Web.

Franklin Benjamin. "Benjamin Franklin quotes."

2011. Web.

Graham, Dodd, Cottle, Murray, and Block are the members of the committee. Graham and Dodd's analysis of security. 01 January 1988: McGraw-Hill Professional, United States. Print.

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Table of Contents
Introduction Current financial Condition of Krispy Kreme Bedeutung of financial ratios The financial health of Krispy Kreme at the end of 2004 Fall in stock prices Intrinsic value

Introduction

This work is an examination of Krispy Kreme Company. Incorporated in the United States, the company primarily manufactured doughnuts. Time was the only thing standing between Krispy Kreme and success, as was the case for any other company. According to the company's expansion strategy, new outlets were to be opened in various countries around the United States. In order to be exact, the case study indicates that 500 additional stores will open within five years. The company successfully opened a number of locations as originally anticipated. This was most easily managed through franchising. Accounting irregularities began to cast a shadow over the future of the company. The accounting department of the company recorded unrealized earnings, therefore neglecting the matching idea. The aggressive acquisition of the franchise compromised the company's successful relationship with its franchises. Due to the events surrounding the acquisitions, the company's profitability levels decreased. In order to acquire more capital, the corporation attempted to sell and liquidate some of its stores. The move compromised the company's financial stability. The following assessments of the company's financial statements graphically illustrate the situation.

Financial Health of Krispy Kreme Currently

The components of an organization's financial statements show its financial health. In other words, the components of the balance sheet, income statement, and statement of changes in equity. Firstly, the company's current earnings per share (EPS) of ($0.63) is greater than the previous year's figure of ($0.59). Based on this information alone, it is apparent that the company's current financial health is strong. Therefore, companies that pay cash dividends must be financially healthy. To eliminate the cash dividend option, many companies resort to providing dividends in the form of stock instead. Regarding the dividend problem, the corporation decided to enhance the payout amount. This is another indicator of the company's financial health. This is because it has sufficient funds to pay cash dividends and preserve a portion for operating expenses. Using net income is another technique to measure a company's financial performance. The current net income of Krispy Kreme has increased from $8.2 to $9.6 million. The increase in net income from $102.1 million to $112.7 million was attributed to an increase in revenue from $102.1 million to $112.7 million, showing an increase in selling activities and hence liquidity. Currently, the company's leverage ratio is lower. This is seen by the debt-to-equity ratio of (27597/263039) = 0.10. Based on this ratio, the corporation has more than sufficient funds to repay its debt, as only $0.01 of every dollar of equity is supplied by leverage. Therefore, the Company is not in risk of dissolution. During difficult economic times, companies with a high debt-to-equity ratio may default on their debt obligations and, as a result, face liquidation.

Bedeutung of financial ratios

Calculating a mathematical relationship between the items of the financial statements yields financial ratios. This relationship allows people to better comprehend the financial health of a company as shown by its financial statements. For instance, the government is primarily interested in utility companies, such as electricity suppliers and public service providers. In this instance, the government will be concerned with a company's ability to survive and pay taxes. The government may be interested in the employment levels of corporations and will therefore utilize ratios to analyze and comprehend the financial health of distinct businesses. A ratio time series raises the question of what the corporation could do in the future to avoid negative statistics. For example, the ratio of assets to equity declined from 1.5 to 1.46. Why the inventory turnover ratio declined is a further question. Peer firm ratios enable an analyst to compare a company's performance to that of other companies in the same industry. Example of a question raised by peer ratio: Is the performance of the competitor superior? How, for example, Starbucks Corporation grew to own 8,500 coffee shops.

The financial health of Krispy Kreme at the end of 2004

During this year, Krispy Kreme was experiencing a decline. By acquiring franchisees without depreciation, the corporation has committed major accounting violations. During the same time frame, the company inflated profit figures in order to recruit investors. On May 7 of the same year, the business projected lower earnings than originally planned. Throughout the same year, Krispy Kreme sold and closed a number of its locations. These moves decreased the company's revenue. Lastly, shares of the corporation were sold at their lowest price during this year. Since the company's earnings have decreased and its share price has decreased, it is in financial distress.

Fall in stock prices

The decline in share price was due to the company's poor financial performance. Investors are interested in a company's viability, thus a prosperous company is attractive to them. Additionally, they want to know whether a company is capable of paying dividends. The market demand for shares of a company with bad financial performance is minimal, resulting in low share prices.

Intrinsic value

The intrinsic value of a company is its true worth. The true value of Krispy Kreme is derived from both market considerations and the financial statement. Consistent quality delivery has resulted in a global consumer base that is extremely loyal to the business. Another source of the company's intrinsic worth is the total value of its assets.

In conclusion, the company's 2004 financial statements demonstrate its dismal financial health. However, its current financial health is robust.

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Table of Contents
Introduction Case-specific ethical questions The public's impression of this case and its conclusion The substitute line of action Conclusion References

Introduction

Without a question, business ethics are crucial for the success of the firm and the well-being of its employees and customers. Corporate ethics is typically characterized as a collection of principles that correlate to deeply ingrained cultural norms, and it should be an integral component of business management (Bishop, 2013). Ethics ought to assist company members in regulating their conduct; yet, not every business has a clear code of ethics, causing leaders to influence organizational ideals. Ford debuted the Pinto to the American market in the 1960s. The inexpensive price and compact size of the Pinto were two of its greatest advantages. The Pinto did not meet the safety standards established by the National Highway Traffic Safety Administration (NHTSA), resulting in a substantially higher price tag for its owners (Friedman, 2020). Ford’s Pinto automobile is an illustration of poor management that provoked ethical issues over the priority of human life over money. The Ford Pinto posed a number of ethical concerns, which resulted in public outrage and may have been avoided if those involved had done differently.

Case-specific ethical questions

Before Ford presented the Pinto to American consumers, all necessary safety tests were performed. However, the findings of the crash tests revealed that small design modifications would have considerably enhanced the Pinto's safety. In the Ford Pinto Memo, the researchers recommended two potential solutions: making minor modifications to the car to improve its reliability, or selling the Pinto as-is (Friedman, 2020). The evaluation completed by Ford researchers is known as a Cost-benefit analysis, which suggests that a corporation must choose a profit-maximizing business plan from a variety of alternatives. Thus, the Cost-benefit analysis includes challenges related to human health that compelled decision-makers to assign a monetary value to human safety, well-being, and even life. This iconic memo subsequently raised an ethical problem regarding whether the expenses of injuries and deaths should have been more important to the firm than the money that would be spent to improve the car's condition.

In addition to calculating the expenses associated with human deaths, the corporation evaluates the impact of an accident on its brand, potential fines, and future automobile sales. Although the primary objective of a business is to generate a profit, this does not imply that all businesses are merciless in their approach. In the instance of the Pinto, however, the cost of human lives was less than the expense of Ford correcting hazardous automobiles. Consequently, when the legal system as a whole deems lives to be less significant, they will be less vital to a firm that lacks ethical behaviour. The lower the price of a single life, the less probable it is that the industry will endeavor to rescue it, and the greater the likelihood that the corporation will pursue profits from selling a defective product. Moreover, the ethics of those who manage the business are crucial. Since executives of major corporations are rarely prosecuted for unethical behavior, the decision-makers often feel invincible and stay immoral (Friedman, 2020). Thus, the other component of Ford's dishonest behavior is attributable to institutions inside society that did not place importance on the well-being of individuals and a legal system that rarely prosecutes the CEO.

The public's impression of this case and its conclusion

The Center for Auto Safety requested the NHTSA to remove the Pinta from the market a few years after the vehicle's introduction; however, this did not occur immediately. In 1997, Mother Jones published a lengthy piece about the automobile based on information provided by an anonymous Ford employee (Scharding, 2018). The study generated a great deal of publicity and drew the attention of American citizens to Ford's unethical decisions. This case was particularly notable since it was the first time many American customers understood that many firms saw human lives as a cost (Friedman, 2020). Inevitably, the public was concerned with how Ford's leadership handled the matter, which led to additional in-depth studies on the topic. NHTSA did not respond to the matter in a timely manner; however, Ford voluntarily recalled the vehicle in 1978.

Within seven years of the Pinto's commercial availability, its design defects were linked to several deaths. Based on the NHTSA data of $200,000 per fatality, the resulting trial damages were substantially more severe than Ford's analysts had anticipated (Friedman, 2020). Consequently, during Grimshaw's action against Ford, the California Court of Appeal upheld compensatory damages of $2.5 million and punitive damages of $3.5 million, tripling the anticipated charge (Friedman, 2020, p. 77). Ford was forced to pay hefty legal damages as a result of the article; the issue became a popular topic of conversation regarding business ethics, and the company's brand suffered severely. Last but not least, Ford’s president McNamara was terminated, a rare occurrence for a huge firm.

The substitute line of action

The NHTSA, Ford's management, and the CEO all played a significant influence in determining the course of events in this case. First, the unsafe car was able to enter the market due in part to the NHTSA's ineffective contribution to the automobile industry's quality assurance. Ford and other big U.S. automakers pushed the NHTSA, which resulted in such indifference (Friedman, 2020). As a result, the automobile manufacturers that put profit over safety supported the institution that was tasked with overseeing their potential wrongdoing. This lapse is especially immoral due to the fact that the proper rules that were supposed to enforce crash standards were not established until six years after the Pinto was withdrawn from the market (Friedman, 2020). Therefore, it would have been preferable for NHTSA to act more independently and without favoritism toward automakers, which would have resulted in the deception of the safety requirements occurring much sooner.

Moreover, Ford's leadership should have acted less cynically, given that real lives were at stake. The administration should have ensured that ethical principles "play a role alongside financial and legal constraints" (Friedman, 2020, p.83). President McNamara made the final decision to sell the defective automobiles, despite the fact that this issue touched on other societal issues (Scharding, 2018). Because he was aware of the results of the cost-benefit study, the company's CEO should have utilized his executive authority to restrict the sale of automobiles. Even while other groups in society facilitated Ford's decision, the firm's president can always determine which decisions are best for the company and the welfare of its consumers.

Conclusion

Consequently, the Ford Pinto case is an excellent illustration of how an immoral organization places a price on a human life in order to maximize profits. The legal system's extraordinarily low estimation of human life, which pushes for-profit organizations to questionable decisions, also contributed to the existence of the ethical issue. The same judicial system rarely holds CEOs accountable for poor decisions, which encourages their behavior. Furthermore, the news item was able to attract public attention to the situation, resulting in the eventual recall of the Pinto from the American market by Ford. Finally, the NHTSA, management, and executive decisions may have been altered to make Pinto drivers safer on the road and to save Ford's reputation.

References

Bishop, William H. (2013). The role of ethics in organizations in the 21st century. 118(3) Journal of Business Ethics, pages 635–635.

Friedman, H. S. (2020). Ultimate cost: the value we assign to life. University of California Press, Oakland, CA.

Scharding, T. (2018). This is a guide to business ethics. Wiley Blackwell, Hoboken, NJ

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Table of Contents
Introduction The Organization's Personal Consultative Selling Process Managing the Sales Force Works Cited

Introduction

Every business's ultimate objective is to achieve maximum sales. This entails a multitude of additional operational activities, ranging from production through sales. This paper describes the sales strategy of a new company that will provide designer and pet robes. Given the type of marketing strategy in place, it is anticipated that this new strategy will generate substantial sales.

The Corporation

In addition to offering stylish robes for outdoor activities, the company will also market robes for pets. The company's unique cotton robes for pets to "play in" are superior and practical for games, hiking, and other recreational activities. The robes are to be labeled as Defre robes. The products must have distinctive slogans, well-coordinated color schemes, and a higher level of refinement. This marketing plan will define Defre's strategy for introducing new products, expanding distribution, entering new markets, and giving back to the community. Individuals who appreciate their dogs and enjoy participating in outdoor activities will be targeted for sales.

Sporting goods shops will also constitute the second largest clientele. This is due to the fact that individuals are dedicating more time to caring for their pets and accompanying them on outside activities such as hiking, routine walks, and visiting recreation facilities. It has been discovered that well-dressed pets are more desirable to transport to respectable locations or even go on a long walk away from home. With a new line of robes, the marketing approach will seek to create imbalance in the market equilibrium and exploit the unmet or underserved market (Spiro et al. 78).

Personalised Selling Methodology

Prospective customers or the target market for the robes are energetic individuals between the ages of 18 and 45 who enjoy outdoor activities and value their pets. This means that they take their pets for walks and to play areas. The majority of the time, they are poor at what they do, but they enjoy it anyhow. Due to their age, these clients are very active, making the outdoors an ideal environment for their pets.

In the future, in addition to a physical store, a website will be used to advertise the products. This strategy is anticipated to be a resounding success due to the fact that the target audience is young and, in this technological era, I am convinced that the vast majority of them will access the intent and receive the advertisements. The sales strategy will be based on a pricing method that aims to boost annual revenue by more than 50 percent and acquire the necessary funds to expand manufacturing capacity, improve distribution, and introduce new products and services. Establishing excellent online marketing while retaining a good relationship with clients will be a huge accomplishment (Spiro et al 79).

The marketing strategy will not include wasting a great deal of time or misunderstanding the concept being marketed. This is the competitive approach that expedites client progress when the agenda is stated in detail. Prospects will be made aware of what is being offered and the advantages of purchasing the products (robes). This strategy will ensure that the seller is forthright (Spiro et al 86). This feature will foster honesty, mutual respect, and a fruitful dialogue that leads to a seamless conclusion. Integrated into the process are affordable and delayed closes, during which clients are given time to consider the offer while also being made aware that they can afford the product being sold (Spiro et al 88).

Creating and Supervising the Sales Force

In order to establish a successful sales force, this organization will critically premeditate on a variety of topics. Setting objectives for the sales force, defining a strategy, constructing the appropriate organization, and determining the sales force's expenditures are issues of concern (Spiro et al 89). The specific objectives will be to raise revenues by 50 percent annually, gain market share and establish a highly profitable new niche, and expand online in addition to personal selling. The goals will be specified in terms of quotas. This will aid targeting, prospecting, communication, and allocation (Spiro et al 93).

Quantitative analysis based on sales volume, customer count, and disposable income will be used to produce sales projections (Spiro et al 93). In general, I hope that the product's demand would be stable and predictable. If that can be accomplished, the forecast will be derived directly from the formula;

Forecast of Sales = Previous Sales Figure Plus Inflation Factor Percentage

If there are differences over shorter periods, such as days and months, a different formula is utilized; for instance, if the short-term projection being assessed is for January. In the past, January sales have accounted for an average of 13% of annual sales. During the same period, September sales accounted for an average of 12 percent of annual sales. September sales were $15,000 times 0.12 = 125,000 (annual sales estimates). This yields a January estimate of 13% of 125,000, or $16,250.

Establishing sales areas by giving distinctive style to a certain "class of people" in the suburbs (Spiro et al 103). This method makes the 'class' the selling product. Those who consider themselves to be beneath this category will then become customers. Our style will convince customers that they belong to an exclusive club of stylish individuals. Due to the fact that many individuals are mindful of class or status quo, this "trap" will facilitate the business's acquisition of market share (Spiro et al 103).

Sales budget ands Developing quotas is a difficult process, but the technique followed by this company is effective. The sales budget is dependent on the sales prediction and will translate the forecasts into a plan by concentrating resources and establishing a monitoring system (Spiro et al 105). As a result, the selling budget will be able to provide the appropriate monthly indices in the desired units and dollars as the sales force's set objective. The establishing of quotas (sales force targets) will be determined by the company's revenue objectives. Essentially, the quota must be attainable in order to be deemed effective (Spiro et al 103).

Typically, the hiring and recruitment of sales forces is a laborious process, and the organization can anticipate facing a number of obstacles as it seeks to assemble an effective sales team. Due to the effect of this team on the company's bottom line, gertti9nhgb the right individuals is essential and requires significant focus. Beginning the hiring and recruiting procedure will be the establishment of sales predictions and objectives for the future sales period (Spiro et al 104). This will assist define the attributes thought necessary to accomplish these objectives. Not everyone who is interested in sales can be a salesperson. The following step will involve advertising via employees and other channels, such as media. Eventually, we will schedule interviews. Here, individuals with the appropriate attitude, demeanor, and aptitude will be carefully selected.

Their performance will be measured by their returns. In the current market environment, it is crucial that we maximize employee performance (Spiro et al 123). When the job is going well, goals are being accomplished, and revenue is coming in, there may be no need for an evaluation. However, when a problem arises, the following performance percentages will be applied to the business or an employee.

Cost of Direct Sales (percent) = Total Sales Reimbursement / Gross Sales Hourly Sales Dollars = Gross Sales / Total Hours Sales Force Worked Number of Sales Per Person = Number of Sales/Number of Full-Time-Equal Sales Force Eq. 4: Individual's Sales Dollars = Gross Sales/# Of Full-time- Equal Sales Force Average Sales Dollars Per Transaction = Gross Sales / Number of Sales Transactions # = Number

We recognize that expecting hard work without incentive can be difficult or even harmful (Spiro et al 144). As with the majority of corporate employees, salespeople must be motivated, and money is a very effective tool for doing so. Compensation and motivation serve as a catalyst for increased accomplishments. Keeping in mind that the sales force is intended to be aggressive and competitive, the compensation will be designed to incentivize hard work by rewarding aggressive salespeople with greater commissions (Spiro et al 144). Since sale individuals are expected to be entrepreneurial. The cooperation arrangement will be accompanied with shared effort. There will be fixed incomes, incentives that are consistent and growing, and monthly commissions.

Controlling expenses is a crucial factor because it contributes to increased profitability. There are two categories of expenses: variable and fixed (Spiro et al 167). In high-traffic locations, it is possible to lower fixed expenses such as rent. On the other hand, leases are negotiable, and we can negotiate for better prices. Insurance premiums can be decreased if we continue to adhere to safety guidelines and use safer procedures (Spiro et al 167). Monthly variable costs vary. To keep costs to a minimum, we will keep track of the lowest price we've ever paid and strive to pay as little as possible.

Leadership is frequently situational, and we struggle to provide relationship leadership. This indicates that leadership models typically rely on the underlying organizational environment (Spiro et al 178). It is also balanced because it depends on the leader's and sales force's mutual relationship. After analyzing these notions, however, my leadership model will support a transformative leadership style. This will allow future employees to become more accountable and effective leaders through mentorship, as the junior workers will be included in the decision-making process and have leadership responsibilities given to them (Spiro et al 185).

Sources Cited

Spiro, Rosalynn, Rich Gregory, and Stanton William. Management of a Sales Force, 12th edition, Irwin/McGraw-Hill, Boston, MA, 2008. Print.

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