Strategy For Human Resource Management In Mountain Bank Essay Help Services

Table of Contents
Introduction Discussion Concluded Bibliography

Introduction

Strategic human resource management consists of two fundamental concepts: human resource management and strategic management. According to (Purcell, 2001), strategic management is a collection of managerial decisions and actions that determine the long-term performance of a business. Human resource management refers to the process of managing individuals in a structured and methodical manner. Therefore, strategic human resource management entails the processes of aligning the human resource functions with the strategic goals of any given company, firm, or organization in order to maximize performance. Literature in strategic management and organization theory has always asserted that the connection between corporate strategies and organizational features is a crucial predictor of organizational performance (Chandler.1962. pp. 28). Researchers have demonstrated that organizations view human resources as a sustainable competitive advantage (Barney. 1991. Pp. 100).

Discussion

As Mountain Bank is primarily a retail bank and primarily active in the financial market, the following suggestions will assist the Bank in attaining competitive advantages over its business rivals. The bank should embrace a variety of consumer payment options, including telegraphic transfers, electronic money transfer, and internet banking (Dyer, Lee & Gerald,1988. Pp. 13). Since they already offer mortgage loans, the bank should issue checks and drafts and permit money lending technique plans that include convenient loaning possibilities such as secured and unsecured loans. Mountain Bank should provide its prized clients with excellent customer care services, such as offers, incentives, gifts, promotions, and efficient marketing techniques, and periodically restructure their operations to promote more efficient and cost-effective operations. In addition, this bank must recommend new, custom-tailored deposits and superior products for the advantage of individual clients. The Bank's strategic human resource management should undertake periodic surveys in the form of questionnaires and interviews with the locals and their customers to determine their market standing.

Since the primary objective of human resource strategies is to maximize the staff's potentials and performance, the following are some suggestions for achieving a perfect relationship between the Bank's tellers and its management: the first strategy should be based on attracting and recruiting tellers with high academic qualities in order to maximize their performance. To meet its strategic objectives, the Bank should also hire abroad based on client diversity. The managerial logic of focusing on staffing skills and intellectual assets gives a significant competitive advantage, but care must be used because it is susceptible to erosion (Barney, 1991. pp. 115). Mountain Bank should also introduce banking concepts involving the provision of investment funds with competitive costs, straightforward products, and user-friendly overseas markets.

Mountain Bank should identify and promote exceptional teller performance to ensure pay competitiveness within a limited budget; award recognition procedures should be implemented internally to ensure justice, equality, and transparency in order to increase teller work satisfaction. Due to the fact that the Bank's primary strategic purpose relates to income growth, the teller's wage policies must be encouraged and lucrative. Both informal and formal work-related education constitute significant objectives for assisting bank managers in achieving substantial human resource management goals regarding the dedication, quality, and adaptability of tellers (Beer et al, 1984. Pp.25).

Another strategy that should be considered is the job security of the tellers. Since the majority of employees seek jobs with the highest levels of security and frequently avoid behaviors that threaten their job security, a strategic human resource manager at Mountain Bank should accord this strategy the highest priority. The human resource management should implement performance evaluation in which tellers are awarded promotions, transfers, salary increases, and training grants based on their dedication to the bank's expansion (Gray & Marshall, 1998). The Bank should also be concerned with balancing the male-to-female ratio in order to achieve strong working relationships among its tellers and to balance job stress between male and female tellers, as this would improve their interpersonal interactions.

Human capital is an organization's most valuable asset; therefore, tellers should be trained on newly emerging ICT-related challenges. It should be the most effective sector for increasing the Bank's per-teller productivity. Tellers are customer-facing employees and should participate willingly in certification programs earned through experiential training. In a similar vein, the Bank should offer overtime pay for the monthly overtime hours worked by tellers in order to boost their retention rates at any given post. It is also crucial to highlight that cultural diversity poses a significant challenge to domestic and international marketing, and as a result, globalization generates a multinational state with various workforces, interests, nationalities, and training that strengthens its competitiveness (De la Torre.1990. pp. 63).

Externally, Mountain Bank should offer third parties administrative services, such as cost reduction, revenue growth, and participation in domestic mergers, acquisitions, and alliances. Since Mountain Bank has completed a number of acquisitions in the past, it should have the fundamental goal of being the best financial institution. This will increase the number of stock transactions of all subsidiaries, and the consolidation of all processing activities into a single unit will generate very significant economies of scale and organic growth for the Bank.

Conclusion

According to the preceding debates, it is crucial for Mountain Bank, as a financial institution, to use efficient marketing strategies to attract new clients and keep their present customers in order to compete fairly with other retail banks. In addition to the aforementioned, the Bank should incorporate additional technological and social issues, such as the usage of e-newsletters, social media banking methods, and mobile media banking. Mountain Bank should also innovate customer reclamation techniques by sending them distinctive and appealing communications calling them back, and generate revenues by promoting the Bank's other revenue-generating services, such as long-term planning and financial counseling.

References

"Firm Resources and Sustained Competitive Advantage," Journal of Management, vol. 17, no. 1 (1991), pp. 99-120.

Beer et al (1984). Managing human assets. The state of California's Free Press.

The author, A. D. Chandler (1962). Strategy and Organization Chandler, Cambridge, Massachusetts: MIT Press.

De la Torre, J. (1990). Managing in a Changing Global Economy. Presentation given during the Advanced Executive Program

Dyer, L., and Holder, G. (1988). Human Resource Management from a Strategic Perspective In L. Dyer and G. Holder (Ed. ), Human Resource Management: Changing Roles and Responsibilities., edited by L. Dyer and G. Holder (pp. 1-46). Bureau of National Affairs in Washington, D.C.

Gray, K.R., and K.P. Marshall. "Kenyan and Korean Management Orientations on Hofstede's Cultural Values." Multinational Business Review, vol. 6 no. 2, p. 79, 10.

Purcell, J. (2001). The meaning of strategy in human resource management. J. Storey (Ed.), Human resource management: A critical text. Thompson Learning, London.

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Walmart Company’s Transportation And Supply Chain Management Essay Help Services

Table of Contents
Abstract Presentation Transportation Economics and Decision Making Supply Chain Management and Customer Service Technology and Inventory Control at Walmart The Contribution of Transportation Economics to the Value of Shareholders' Investments Benchmarking Recommendations References

Abstract

Transportation economics is as essential to business as production itself. Profit cannot result from production alone if commodities do not reach their intended consumers. Transportation economics is a crucial link between goods and customers. Large corporations that have taken a substantial stride in promoting globalization play a crucial role in advancing the global economy. They operate their company by implementing an effective method for managing the supply chain. The efficacy of supply chain management is completely decided by the economics of transportation in the business environment.

Introduction

The largest retail chain in the United States is Wal-Mart. The company's headquarters are located in Bentonville, Arkansas, and it operates stores in twenty-eight countries worldwide. The company's success is largely attributable to its effective supply chain management system and its constant innovation and embrace of new technology (Roberts & Berg, 2012). The technology facilitates centralized managing tasks despite the global distribution of various stores.

Walmart's transportation management plays an important role. Despite its enormous development over the years, the retail chain shop has remained focused on the retail industry, making it distinctive. The retail industry requires that a business purchase goods from wholesalers or straight from the manufacturer and transfer them to a warehouse. However, Walmart has utilized its size and reputation to persuade manufacturers to deliver the goods to its warehouse (Roberts & Berg, 2012). The method has significantly contributed to reducing the price of products for customers. The transportation infrastructure of Wal-Mart facilitates the shipment of items from warehouses to stores. The system plays a vital role in guaranteeing that the requested products are available in stores for shipping and other kinds of delivery as the volume of online commerce has increased over time.

Economics of Transportation and Decision Making

Transportation economics plays an important role in Wal-decision-making Mart's processes. Frequently, the movement of goods from the warehouse to the stores requires time to plan and execute. Various elements are considered during the planning phase, which impacts the pace of execution and the sort of commodities to be transported. The inventory management system is used to determine the flow of certain commodities throughout the shop and to forecast their demand in order to assure their availability on the shelves (Roberts & Berg, 2012). The transportation department controls the economics of transportation. The traffic manager is responsible for fleet management and ensuring that commodities are efficiently transported. In some instances, the corporation ships things to customers using delivery vehicles.

Individual stores operate independently since stocking is determined by consumer demand. In the United States, where stores are close together, products are stored in warehouses located in a central location. Thus, transportation economics determine how products are transported to various retail locations. To reduce operational expenses, the business may use a single van to deliver items to multiple outlets. The advent of online buying has given rise to a new form of transportation econometrics. Wal-Mart assures that only in-stock items are offered on its e-commerce platform and delivered to customers via courier and logistics service partners (Roberts & Berg, 2012). The consumer is responsible for shipping charges, and the company ensures that many purchases are combined to facilitate transportation logistics and save shipping expenses.

Management of the supply chain and customer service

As previously said, Wal-Mart is the largest retail chain in the United States. Massive expansion is attributable to efficient supply chain management within a consolidated structure. The main advantage of centralized administration is the uniformity of customer service across all business stores. In addition, a centralized management system ensures that all retail locations provide consistent quality service. In the modern day, technology has simplified corporate administration and made it possible for companies to operate in diverse countries while adhering to the same code of ethics and maintaining consistent consumer services (Dietrich, 2014).

Supply chain management has enabled Wal-Mart to reach a large number of customers worldwide. The organization guarantees that products are supplied to various retail locations on schedule to prevent stock-outs. The organization has a supply chain management system that analyzes product demand across all outlets. Thus, management ensures that things are transported not only on schedule but also accurately. The insufficient supply management system may result in the shipment of items to the incorrect location. This may cause certain retailers to run out of merchandise, making it difficult for customers to get their orders on time.

Walmart ensures exceptional customer service by ensuring that customers have access to all the things they require. According to Burns (2015), Wal-Mart monitors the delivery of all its merchandise to ensure that it reaches its locations in a secure manner. Thus, the organization can respond quickly in the event of a product shipment delay. Jacobs and Chase (2013) claim that Wal-supply Mart's chain management system is structured in a way that facilitates optimal inventory levels. Inadequate inventory management causes a business to run out of supplies during peak client demand. Walmart guarantees that its inventory is adequately stocked. Consequently, the company's stores cannot experience stock-outs.

Wal-Mart keeps continual touch with customers in order to ascertain their needs and provide a suitable response. The organization's system monitors customer preferences and promotes their incorporation into the supply chain. According to Jacobs and Chase (2013), a company's supply chain is meant to help distribute and ship goods to the appropriate stores and clients on time. In addition, the organization ensures that sales returns and damaged products are immediately collected from customers and sent to the right warehouse. In the event of damaged products, the company promptly replaces them so as not to inconvenience the customers.

Walmart's Technology and Inventory Management

Walmart is devoted to cost reduction in order to reduce consumer pricing. Technological development enables the company to refill its shelves and guarantee the availability of goods whenever they anticipate a rise in demand. Inventory control ensures that buyers can always find things on the shelves (Roberts & Berg, 2012). The organization has an inventory management system that monitors the quantity of goods in the store. The system updates the inventory record whenever a product is sold or when an order is delivered to a retail location. In addition, the system is customized to control inventory in all locations and is accessible from the corporate office. It facilitates administrative decision-making on the inventory and demand of specific items.

The effectiveness of supply chain management in major corporations demands cutting-edge technology and network infrastructure (Prentice & Prokop, 2015). The system permits the forecasting of inventory levels, the development of transportation routes, and the management of client relationships. When customers order products online, the system determines the logistics and shipment path. The efficiency of Wal-website-integrated Mart's inventory management system enables the online business to develop exponentially over time.

Transportation economics' contribution to shareholder value

A prosperous transportation economy enables the efficient flow of commodities across the business system. Typically, Wal-Mart stores are the busiest in the United States, and the high customer volume can be ascribed to the high quality of customer service, low pricing, and wide availability of merchandise. According to Li (2014), supply chain management flourishes when transportation economics are efficient, leading to increased revenues (Li, 2014).

Business expansion is directly attributable to the quality of service offering. Customers are the most effective marketing instruments for a firm. Customers that are satisfied return to the store and refer others more frequently. Transport economics contributes to the constant availability of items on store shelves. As a result, Wal-sales Mart's volume increases, leading to an increase in profit. Additionally, it helps to reduce the store's operating expenses. According to Coyle, Langley, Novack, and Gibson (2012), transportation economics enables Walmart to offer competitively priced goods. Consequently, the corporation competes efficiently with its rivals. The company has expanded fast as a result of transportation economics. The share price of the company continues to perform well on the stock exchange, sustaining shareholder value.

Comparative Recommendations

Other firms that engage in the retail sector must use Wal-proven-effective Mart's techniques. The economics of transportation must be linked with the inventory management system. Merchandise go from the manufacturer to the consumer via retail outlets (Arli, Dylke, Burgess, Campus, & Soldo, 2013). To increase profit, retail retailers must lower the cost of getting goods from the manufacturer. Walmart has been able to reduce expenses by convincing manufacturers to ship their products to its warehouses. The initiative would encourage firms to cut their costs, drawing more customers as a result.

The supply chain management systems of chain shops should be designed so that they can identify the goods that need to be sent from the warehouse to the store at any given time. This technology has been used by Walmart to facilitate inventory management and transportation of goods to the correct locations. Companies functioning in the chain store market should evaluate their success based on their operational costs, inventory management, and product prices. Companies with high operational expenses and inability to manage inventories and provide competitive pricing have a long way to go.

To flourish in the chain store market, a company must adopt a supply management system and take advantage of transportation economics. It will be able to monitor and enhance customer service with this technology. On the other hand, transportation economics will enable the company to make solid logistical decisions, ensuring that products are delivered on time to customers. Wal-Mart is currently the most successful retail chain in the world. Other retailers should compare their sales to those of Wal-Mart and take the required steps to achieve expansion.

References

Arli, V., Dylke, S., Burgess, R., Campus, R., & Soldo, E. (2013). Woolworths Australia and Walmart USA: Supply chain collaboration best practices. Economics, Business, and Accounting Journal, 16(1), 17-39.

Burns, M. (2015). Logistics and transportation security: A tactical, strategic, and operational resilience guide. London, United Kingdom: Taylor & Francis.

J. Coyle, C. Langley, R. Novack, and B. Gibson (2012). The supply chain management from a logistical standpoint. Cengage Learning, New York, New York

Dietrich, A. (2014). An study of Wal-success. Mart's Berlin, Germany: GRIN Verlag.

Jacobs, R., & Chase, R. (2013). (2013). Management of operations and supply chain. McGraw-Hill Education was located in New York, New York.

Li, L. (2014). (2014). Supply chain and logistics management as a competitive strategy for a sustainable future. World Scientific Publishing Co., New Jersey, New Jersey

Prentice, B., & Prokop, D. (2015). Transportation economics concepts. World Scientific Publishing Co., New Jersey, New Jersey

Roberts, B., & Berg, N. (2012). Principal insights and applicable lessons from the world's largest retailer. London, United Kingdom: Kogan Page Publishers.

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Startup Company’s Marketing Principles Essay Help Services

Table of Contents
Introduction Target Market External Environment Marketing Mix Summary Bibliography

Introduction

The success of a new product on the market is contingent on the creation of a high-quality commodity and the use of the proper distribution channels. A corporation must determine the target market, the environmental elements affecting the product's success, and the requisite marketing mix in order to successfully sell a product. Prior to introducing a new product to the market, a corporation must determine the preferences of the target market. This is particularly significant in the current world due to globalization, which has necessitated the standardization of products.

This article examines the marketing methods employed by a new company seeking to launch a new bulb to the premium market. The light bulb has been created utilizing Light-Emitting Diode (LED) technology. Unlike the majority of bulbs on the market, the new Toshi bulb does not contain mercury and is connected with a reduced rate of heat output. It consumes half as much energy as standard bulbs on the market, and numerous testing bodies have determined that it has a longer lifespan than most bulbs on the market.

Target Market

The premium market is the target market for the new product. Eight months have been devoted to the creation of a research program for the design and production of the new brand. A high price must be justified by the bulb's superior quality and customer value. Additionally, the bulb's association with a brighter light will attract more consumers to the market.

In addition, it has a stylish design, which will provide the intended consumers with a distinctive light bulb that enhances the aesthetic appeal of their homes. Targeting the premium section of the market is primarily motivated by the fact that middle class and lower class consumers are more likely to select inferior and standard products that are more economical. The company's market segmentation process incorporates a behavioral perspective. It is evident that the premium segment of the market is comprised of individuals who are only concerned with the quality of the items and not their pricing.

The Toshi brand is linked with a better value than the majority of products on the market; therefore, it has a high likelihood of capturing a substantial market share. Since identifying the target market is the first step of a marketing plan, it is essential for the business to undertake research on the most effective methods for attracting a lucrative market share. Sharing information on the benefits of the new product will be useful. This includes the fact that the bulbs will produce brighter light while consuming less energy and providing long-lasting service. Additionally, the attractiveness of the design will increase the product's value. It is also highly advantageous that the bulbs do not include any dangerous substances, such as the mercury found in the majority of market-available bulbs.

External Environment

The LED lighting technology is being steadily adopted by people worldwide. The method is preferable to conventional light bulbs, which release more heat, implying that they waste too much energy. Current trends in the consumption of LED bulbs indicate that the greatest number of consumers are those with the highest purchasing power; therefore, the corporation must target the premium market.

Toshi will compete with Philips, Panasonic, Osram, Toshiba, and Sharp, among other major LED bulb manufacturers around the world, if current trends continue (Rae, 2013). In addition to generating several products for the premium market, companies have also created products for other areas of the global market. Since Toshi intends to compete in the luxury market, it will have to differentiate itself on the basis of product quality and price. This necessitates the development of a brand associated with high quality and dependability.

As a result of the rapid adoption of LED lighting technology across the globe, there will be more new entrants into the market. This will result in an increase in the number of enterprises targeting the premium market with their superior lights. Many consumers in developed economies are interested in the LED lighting technology because it has the ability to lower the carbon footprint of the community by increasing energy efficiency (LED lighting global market trends, 2014). As additional firms enter the market, it is anticipated that rivalry will shift from the bulbs' quality to their pricing. To target other areas of the market, the majority of producers, including Toshi, will need to improve the quality of their bulbs by adopting a superior technology or drastically reduce their pricing.

Marketing Mix

The product is an LED-based light bulb with an appealing structural design to appeal to the intended market. The global demand for LED lighting is increasing; therefore, the product is suitable for the current market. The organization created the ideal product by considering the requirements of premium market buyers. High-income citizens, like those in the middle and lower income levels, enjoy earning long-term savings by decreasing their use of particular products.

The customers will use it to save money and to add to the beauty of their houses. To attract clients in the premium market, the light bulb must be linked with superior materials and functionality. The product will be sold under the quite catchy Toshi brand. The box will be colored differently based on the hue of the light emitted by the bulb, allowing consumers to select their preferred bulbs.

The price of a commodity impacts a company's profitability and its capacity to establish a loyal customer base (The marketing mix, 2016). Toshi's price will target the premium market; hence, the firm will price it substantially higher than the vast majority of light bulbs on the market. This will distinguish Toshi from substandard and ordinary products in the market.

Since the product will be offered globally, the corporation will seek to standardize the price for all international markets. The organization must implement a value-based pricing strategy, which facilitates a pricing structure that takes into account the product's quality (Liozu, Hinterhuber, Boland, & Perelli, 2012). This will allow Toshi to capture a loyal market because buyers will be pleased with the product's value and price.

The corporation must create a global distribution network by forming agreements with retailing companies in every region (Rahmani, Emamisaleh, & Yadegari, 2015). Partners should be mostly located in urban areas of developed economies, as these markets have a greater proportion of consumers eager to purchase premium products. The corporation could utilize a push strategy to sell the bulbs by ensuring that they are stocked in all premium electronic outlets. Additionally, the business may consider opening Toshi storefronts in emerging-market megamalls. In addition, the company must build an online store and a distribution strategy that supports the delivery of orders placed through the e-commerce platform.

Brand promotion is one of the most essential components of a marketing mix (Paul & Bihani, 2014). Utilizing numerous marketing tactics to raise awareness of the product's presence is necessary for its promotion. Toshi is targeting the premium market with television commercials, print advertisements in periodicals aimed at high-end consumers, word-of-mouth promotions in retail locations, and the distribution of free product samples.

Summary

The company's efforts to provide consumers with a product of excellent quality and enhanced value will increase its prospects of success on the worldwide market. Not only is the market targeting strategy applicable to the demand patterns for premium light bulbs, but the marketing mix is also suitable for capturing a substantial market share, particularly in developed regions. Toshi is certain to transform the global lighting business with an energy-efficient solution that meets societal demands.

References

LED lighting global market trends (2014). Web.

Liozu, S. M., Hinterhuber, A., Boland, R., & Perelli, S. (2012). Industrial businesses' understanding of value-based pricing. 11(1), 12-34, Journal of Revenue and Pricing Management.

Paul, T., & Bihani, P. (2014). A conceptual framework for anticipatory customer-focused marketing mix. International Journal of Research and Development: A Management Review, volume 3, number 1, pages 53 to 60.

Rae, R. (2013). PIDA releases a list of the top ten LED lighting manufacturers. Web.

Rahmani, K., Emamisaleh, K., & Yadegari, R. (2015). Quality function deployment and new product development with an emphasis on the 4P model of marketing mix. Asian Journal of Marketing Research, 4(2), 98-108.

The promotional mix (2016). Web.

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Capitalistic Economy And Market Failures In Austria Essay Help Services

Arguments in favor of a system of resource allocation based on the free market

The system of free market is also known as the capitalistic economy. In this type of market economy, the private sector controls the resources (Zhang & Zhao 2011, p.106). This further means that the government has minimal control over the distribution of resources (Webster 2003, p.13) and the operation of economic activity. In a free market economy, demand and supply decide market pricing (Adams & Periton 2008, p.62), while business owners do not control prices. In a free market economy, an increase in the supply of goods and services results in a fall in the pricing of those goods and services, and vice versa. When demand for goods and services rises, prices rise and privately owned businesses are compelled to boost production by allocating more of their resources (Riley 2006). The distribution of resources in a capitalist market economy is therefore decided by the pricing mechanism.

Figure 1 illustrates the price system and its operation.

Since the prices of products and services are decided by market forces, when demand for goods and services increases, sellers can make substantial profits. Due to the fact that the free market economy permits entrepreneurs to control production resources, they are able to raise commodity prices when demand increases but supply remains unchanged. This allows for the maximization of profits in the economy, as entrepreneurs are free to increase prices to maximize earnings (Lameiro 2011). However, as a result of their knowledge of the market and the competition, consumers will choose which producers to purchase from. The flexibility to determine pricing (Lameiro, 2011) will result in varying prices in the economy, with low-priced producers attracting more clients. On the other side, producers with high pricing will reduce their prices to satisfy customer demand and maintain profits.

In a free market economy, companies can make products that are better, faster, and cheaper than those now available (Lameiro 2011). This enables for the development of high-quality, variable goods and services, as well as competitiveness. For instance, it is possible to construct ideal alternatives, which would increase market rivalry and necessitate the production of high-quality items. In a free market economy, both entrepreneurs are free to make their own decisions. It permits the selection of industries to operate in and the formation of capital (Lameiro 2011). For instance, entrepreneurs with perfect market information can make sector-specific investment decisions based on demand and supply dynamics. In a free market economy, this is required in order to generate a profit.

A member of the European Union, Austria works under a social market economy (U.S Department of State 2011). Since then, however, the ownership of state-owned companies has been shifted to the private sector. The government's action has transformed the economy into a free market economy. It is considered that the privatization of the companies (U.S. Department of State, 2011) has left the reallocation of resources to the discretion of those who manage their allocation. It has also subjected them to the effect of supply and demand, which is played by both consumers and producers.

Even though the government has privatized corporate ownership, it still retains limited authority over many aspects of resource allocation. The government, for instance, provides external defense and legal frameworks that regulate market operations, such as the establishment of labor unions and the issue of property rights. This feature of a free market economy does not, however, make the government the resource allocation controller. Instead, economic price control is delegated to the market. Lipsey and Chrisystal (2007), page 12 Given that the private sector controls the majority of enterprises, it follows that a number of firms enjoy monopolies. Even after market liberalization, postal service companies in Austria enjoy a minor monopoly, for instance (Flecker & Herman 2009, p.2). In Austria, as in the rest of the globe, cartels govern and operate the oil sector.

How'market failure' occurs and how the Austrian government has attempted to 'fix' market failings

Market failure occurs when the market is unable to distribute scarce resources efficiently. Externalities, asymmetric knowledge (Izquierdo & Izquierdo, 2007, p.858; Chiappori & Salanié, 2000, p.57), a common pool of public goods, and market power may all contribute to this phenomenon. Externalities exist in free market economies because they are not regulated by the price mechanism (Dwivedi 2008, p.570). Private enterprises are profit-driven at the expense of the general populace. This negative effect is detrimental to society since companies may not pay the costs connected with this externality. The disposal of industrial waste into rivers is an example of a negative externality.

Private ownership of resources, with some owners possessing market power, characterizes free markets. For instance, because oil is a rare commodity with an ever-increasing demand, its owners may lead to monopoly and control the resource and prices, so gaining market power. In this instance, the firm's prices exceed its production costs. Another instance of market dominance in Austria is the Austrian postal services' partial monopoly (Flecker &Hermann 2009, p.2).

When one party has more information about a product or service than the other, asymmetric information exists (Lofgren, Persson & Weibull 2002, p.196). In the health insurance industry, for instance, individuals always have better knowledge about their health state and health-related risks than healthcare insurance providers (Lofgren, Persson & Weibull 2002, p.196). Due to the enormous demand for the scarce resource, the healthcare insurance firms raise their expenses and prices, resulting in market failure. This results in market failure because resources are not allocated efficiently (Schinasi 2004, p.22).

Public commodities and common pool goods frequently result in market failure since they cannot be excluded. This indicates that the consumption of a public good does not render it unavailable to others. Internet, public parks, and the national defense are a few examples of these public goods. Common pool resources, on the other hand, may become overused or exhausted, resulting in market failure. Gambling involves asymmetric knowledge, which leads to market failure due to perceived demand (Ronosto n.d, p.11). This can be produced by the reliability of unregulated sites where staff can adjust the odds of winning a game, so creating a house advantage (Ronosto n.d, p.10).

Figure 2: Effects of Internet gambling as a public good, resulting in asymmetries in informational knowledge.

The source: (Ronasto n.d, p.12).

The graph depicts the effects of Austria's legalization of internet gambling as a public good. Sites can be modified to secure the victory rather than the people, so enhancing the perception of demand. When perceived demand exceeds actual demand, output becomes greater than social output, resulting in market failure (Renosto n.d, p.11). To ensure that internet gambling does not lead to market failure, the Austrian government has enacted gambling rules and regulations that oversee internet gaming.

Industrial deregulation is one of the ways employed to increase competitiveness. Austria passed a deregulation law in 1992 to decrease limitations and regulations in an effort to make the market more competitive (p.10). This was one of the prerequisites for Austria's entry into the European Union. One of the deregulation initiatives is the elimination of price regulation, which was intended to encourage entrepreneurs to set competitive pricing (Clemenz 1999, p.11). To improve competition, the Austrian government has also promoted market liberalization and privatization of state-owned firms (Clemenz 1999, p.7). Liberalization has been supported in the Austrian electrical and telecommunications sectors (Flecker &Hermann 2009, p.2). This has ensured that neither monopolies nor market dominance exist in the Austrian economy. In contrast, Austria has enacted carbon tax and emissions trading legislation (Europa 2007). This is in accordance with the European Union's expectation that its member states will control carbon emissions. These measures are then communicated to Austrian industries, which are anticipated to lower their carbon emissions by 2.1 million tonnes (Europa 2007).

Bibliography

Adams, S., and Periton, P. (2008). Business economics fundamentals. Amsterdam: CIMA/Elsevier.

Chiappori, P. & Salanié, B., 2000. Examination of information asymmetries in insurance markets. Journal of Political Economy, volume 108, issue 1, pages 56-78.

1999, Privatization, liberalization, and deregulation – The Austrian experience, by G. Clemenz. Web.

2008 edition of Microeconomics: Theory and Applications by D. N. Dwivedi. New Dehli: Dorling Kindersley Pvt Ltd.

2007 in Europe: The Commission adopts a decision on Austria's national allocation plan for 2008-2012. Web.

Flecker, J. & Hermann, C. 2009, How businesses respond to the privatization and liberalization of public services. Web.

Izquierdo, S. S., & Izquierdo, R. L., 2007. The effect of quality uncertainty on market efficiency in the absence of asymmetric information. Journal of Business Research, volume sixty, pages 858 to 867.

Characteristics of a Free Market. Web. Lameiro, G. F., 2011.

Economics by R. G. Lipsey and K. A. Chrystal, Oxford: Oxford University Press, 2007.

Lofgren, K., Persson, T., &. Weibull, J. W., 2002. Markets with Asymmetric Information: George Akerlof, Michael Spence, and Joseph Stiglitz's Contributions 195-211

Correcting market failure in the online gambling industry: An economic examination of legalization and licensing regulation in the United States, by A. Renosto, 2010. Web.

Scarcity and selection in resource allocation.

Schinasi, G. J. (2004). Private money and public policy.

Background Note: Austria. Web: US Department of State, 2011.

Zhang, J., and Zhao, N., 2011. Market economy model research. IPEDR, vol.7, pp. 106-109.

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Dell Company’s Business Management Essay Help Services

Introduction

Dell is one of the most respected and well-known computer industry companies. Although it was founded by a University of Texas undergraduate as a tiny business, it is now a multinational corporation with thousands of workers. Currently, the company offers a variety of products and services to suit customer demands.

This paper contains research about the Dell Corporation. The issues discussed include the type of market to which the company belongs, the price elasticity of demand for the company's goods and services, the type of income elasticity the company faces, the company's closest competitors, close substitutes or complements, whether the demand for the company's products is growing, the ability of the company's labor force to be trained to increase productivity and reduce production costs, the company's profitability, and how profits can be increased.

Dell's Market Type

Every company enterprise aspires to expand and become the best in its sector. According to a study by Pride, Hughes, and Kapoor (2009), a corporation can operate in four distinct markets. Evidently, the various markets have distinct characteristics and exist to ensure that businesses seek to provide clients with high-quality goods and services. There are four distinct types of markets: perfect competition, monopolistic competition, oligopoly, and monopoly. A perfect market, unlike other markets, is characterized by extremely high levels of competition. The various sorts of markets are outlined here.

In perfect competition, competing businesses operate under market conditions that oblige them to provide high-quality goods and services at market pricing. In a totally competitive market, numerous companies offer consumers identical products. Consequently, there are numerous alternatives. In addition, entrance barriers are minimal in perfectly competitive marketplaces. Monopolies are characterized by the existence of a single producer of goods or services. Due to extremely high entry costs, it is typically challenging for new businesses to enter the market. The prevailing social and political factors may also impede entry. In contrast to perfect competition, the number of enterprises in an oligopoly market is relatively small. Consequently, corporations can control commodity prices with relative ease. Similar to a monopoly, there are numerous hurdles to entry in an oligopoly, which results in only a few enterprises controlling the market.

Under monopolistic competition, numerous businesses offer consumers dissimilar items. In addition, enterprises are free to enter and exit the market at will, particularly when market conditions are unfavorable. The initial characteristic is comparable to that of perfect competition. Each company operating under monopolistic competition must therefore make its own autonomous decisions.

The second trait is that enterprises differentiate their products from one another. Despite the fact that items or services may share enough characteristics to be classified as a single commodity, they are sufficiently distinct from one another for consumers to view them as imperfect substitutes. Apparently, it does not matter whether the products are physically identical as long as buyers perceive them to be distinct. Given that the products of the firms in this market are imperfect substitutes for one another, the typical firm that engages in monopolistic competition is not a price taker. Arguably, it is simple to raise commodity prices without hurting sales volume. A company might also reduce the price of its product to increase sales. The demand curve for monopolistic competition typically slopes downward.

In monopolistic competition, the demand curve is not entirely elastic, unlike in perfect competition. The last attribute of monopolistic competition resembles perfect competition rather than monopoly. If existing enterprises are earning abnormally high profits, new firms will enter the industry. Similarly, corporations will abandon the industry if abnormal profits are generated. Figure 1 depicts a firm's demand curve under monopolistic competition. As shown by the curve, the company will be in short-run equilibrium, selling quantity qo at price po and reaping post-supernormal profits that encourage other enterprises to enter the industry. As new companies enter a market, the demand curve shifts lower until only normal profits are obtained.

Figure 1: A Firm Competing in Monopolistic Markets.

The ideal market structure for the Dell Corporation is monopolistic competition. The Dell Company operates in the computer business, which is dominated by a small number of companies. As is the case with the Dell Company, entry barriers exist, such as a large number of patents possessed. Despite the fact that Dell's goods are comparable to those of its competitors, they are not identical. In general, Dell has been able to distinguish itself from other companies through its goods, customer service, and technical assistance. Dell cannot be classified as a monopoly due to the fact that comparable products are sold by rival companies. In addition, numerous companies within the computer industry have patented their products.

Demand Price Elasticity for Goods Sold by Dell

According to Hatten (2010), the price elasticity of demand is a significant indicator of how much changes in price affect the quantity required by consumers. The quantity desired tends to be more elastic if close substitutes are accessible and if the product is a luxury and not a need, according to research by Hatten (2010). Demand is also determined by how narrowly the market is defined and whether or not purchasers have sufficient time to react to price fluctuations.

As previously stated, firms in monopolistically competitive markets offer consumers products that are similar but distinct. Because the products are comparable, consumers may be able to obtain a cheaper option from a competitive company. Consequently, demand is relatively elastic, and the quantity demanded is highly price-sensitive. A reduction in price will increase demand, and vice versa. Furthermore, many buyers view computer equipment as a luxury item. Figure 2 clearly demonstrates this, as it depicts an elastic demand curve. When a product's demand is elastic, as is the case with computer products, a fall in price will result in a rise in demand and vice versa (Hatten, 2010).

Figure 2: Demand Elasticity

Type of Earnings Flexibility Facing Dell

Income elasticity of demand refers to the percentage change in quantity demanded as a result of a percentage change in income, with other demand variables being held constant. The income elasticity of demand can be either positive or negative and falls into one of three categories. When the income elasticity of demand is greater than 1, price changes have little effect on the demand for a product. Positive but less than one income elasticity of demand suggests that the product is income inelastic, while negative income elasticity of demand indicates that the product is inferior. Dell is in the computer product industry, and computer product demand is income elastic. Due to this, the number of products required may not increase as a result of a rise in consumer income.

The closest competitors to Dell

International Business Machines Corporation (IBM), Hewlett-Packard (HP), Gateway, and Lenovo Group Limited are Dell's primary competitors. As stated previously, these businesses operate in a monopolistically competitive market. Their products are comparable, but not identical. Competitors of Dell are also engaged in supplying the market with computer products and services.

Dell must do all necessary to differentiate itself from its rivals if it is to thrive, given that all of its competitors deal with identical items. This has occurred to some extent, and the company has been able to distinguish itself in multiple sectors.

Remove Alternatives or Compliments for Dell

Numerous companies in the computer business are concerned with alternatives and complements. This is mostly due to the fact that many of the industry's important competitors have remained loyal to Microsoft software and frequently utilize similar products that can be easily changed. Sadly, this is a significant source of competitiveness among sector leaders. Dell, HP, and Gateway are examples of companies that utilize comparable goods. Therefore, it is quite simple for consumers to choose an alternative to or complement to Dell.

In view of the above difficulty, Dell must adopt a strategy that clearly differentiates its products from those of its competitors in order to remain competitive. This is a challenging endeavor, but it is the only way for the company to survive in the market and defeat its competitors. Dell must exert tremendous effort to ensure that it implements processes that will enable it to outperform its competitors.

Demand for Products by Dell

In general, demand for Dell's products has increased. This has enabled the corporation to record increasing sales and substantial profits. The apparent increase in profitability and ad revenues can be attributed to the company's increased focus on the business sector as opposed to the personal computer industry. Demand for Dell goods has also been driven by businesses' desire to upgrade their outdated equipment in order to reap the benefits of new technology. The increased demand for Dell's products is also being driven by the gradual adoption of computer products and services in developing nations. The rising demand for Dell's products is also attributable to the company's ability to create consumer-exciting new products.

There are further reasons contributing to the rising demand for Dell's products. The effectiveness of the company's distribution and supply chain management is one such element. Instead of relying on third parties to distribute its products, the company has chosen to communicate directly with consumers, therefore eliminating the need for an intermediary. The organization is also exerting significant effort to increase the value of the services provided to clients. Dell has also been able to retain existing clients and acquire new ones as a result of its process innovation. In addition, the company is constantly eager to collect consumer feedback, which is then utilized to evaluate the present status of operations inside the organization with the aim of enhancing the quality of customer services.

Even though the company's management is certain that demand for its products will continue to rise, efforts must be taken to ensure that the quality of products and services exceeds that of competitors through research and innovation. It is crucial for the company to be aware that its competitors are also working hard to provide clients with high-quality products and services. Therefore, Dell should not be complacent and assume that customers would be satisfied.

Dell's Capability to Train its Workforce

Dell is equipped to train its workforce for enhanced performance and cost savings, and it can do it through a variety of current opportunities. As previously indicated, the company's operations have been highly inventive. It has opted to eliminate the middleman and deal directly with clients in order to cut costs. Undoubtedly, this results in a substantial decrease in distribution costs. In addition, it serves as an incentive for customers because the corporation is able to offer discounted products and services. Therefore, Dell should take the effort to train and equip its staff with the skills necessary to operate an effective distribution and supply chain system built to operate without a middleman. The organization has made the decision to utilize client feedback in an effort to satisfy them.

However, for this to occur, it is necessary to guarantee that all staff are equipped to handle any problems that may arise. Employees should be made aware of the need to treat consumers with care, and the organization should guarantee that they receive the appropriate training.

Profitability of Dell Corporation

Dell’s profitability has increased throughout the years, and this trend is likely to continue as the firm continues to develop inventive methods to provide customers with better goods and services. The elimination of the middleman in the company's distribution chain is a crucial approach that has played a significant influence in boosting the company's profitability. By communicating directly with clients, Dell has significantly reduced its operating expenses. Additionally, interacting with clients has made it feasible to understand precisely what the customer need. In addition to other advantages, understanding the needs of customers has enabled Dell to create customized products that satisfy customer specifications.

Through its innovations, Dell has been able to create distinctive goods that have both drawn new customers and allowed it to keep its existing ones. While it is nearly certain that the company's profitability will continue to increase, Dell must develop new tactics that will allow it to continue providing its clients with high-quality services.

Suggestion to Enhance Profits

Dell possesses a number of assets that enable it to operate well in a highly competitive marketplace. As previously said, the organization has reduced operational expenses by eliminating the middleman in its distribution and supply chain system. Dell has a great opportunity to understand its clients and provide them with products and services that are tailored to their individual needs as a result of its new strategy, which enables it to interact directly with its customers.

To guarantee that the company can reap the benefits of its new marketing approach, it is imperative to collect as much client feedback as possible. The obtained information from clients can subsequently be utilized to examine their needs and establish the company's priorities. By doing so, the business will be able to satisfy existing consumers and potentially attract new ones. Certainly, the strategy is intended to ensure that the company is able to provide its clients with high-quality products and services while growing its profitability.

It is essential that Dell does not take its competitors for granted despite its market dominance. The organization should devote sufficient effort to comprehending the activities of competitors and determining how to profit from their successful techniques. This must be accomplished, however, without compromising the quality of the services Dell already provides to its consumers.

As was previously said, Dell must also devote time to training its workforce. For a business to excel in its operations, it must place a priority on staff development. A conscious effort by Dell to provide all of its staff with the necessary abilities is therefore a significant factor. A well-trained workforce will enable the organization to provide clients with superior products and services. Consumers who are satisfied will become the company's ambassadors, resulting in the acquisition of new customers and an increase in income.

Conclusion

Dell is without question one of the largest corporations in the computer industry. It is one of the oldest and most innovative businesses that has continued to provide its clients with superior goods and services. While this is true, there is a price to be paid for being at the top, and the corporation has a tremendous responsibility to ensure that its customers are not dissatisfied. Any unhappiness will result in the loss of clients, making it harder for the business to survive in a competitive market environment.

As described in this article, Dell has numerous options to increase efficiency and ensure that its manner of delivery makes it a widely admired firm. The corporation should make every effort to educate and increase the productivity of its workforce. While it is desirable for Dell to keep the methods that have allowed it to differentiate itself from competitors over the years, the firm should continue to develop new ways to provide services to its clients.

References

Hatten, T. (2010). Small Business Management. Web. Cengage Learning, Boston, MA.

Pride, W., R. Hughes, and J. Kapoor (2009). Cengage Learning. Web. Mason, OH: Cengage Learning.

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Strategic Management And Its Processes Essay Help Services

Table of Contents
Introduction Core competencies Capabilities and methods Conclusion Bibliography

Introduction

Logistics dominates the demand side of most businesses (i.e. after the goods or services have been produced). With the emphasis placed on responsiveness, the benefits of keeping up with demand could be eroded by delays in the logistical systems for finished items. According to reports, numerous merchants are placing a far larger focus on strategic logistics solutions. Given that there are a variety of different operations strategy types and that some businesses may employ more than one, we must now evaluate the composition of such strategies.

The operations plan cannot be formulated in isolation. It demands the input of client wants and requirements as well as considerations of resources and capabilities. In making judgments on the target market, product groupings, and core enterprise and operational competencies, the ensuing strategic vision must be aligned with the larger corporate plan. However, we must also keep in mind that these decisions are strategic and frequently involve drastic changes.

To develop a unique or core competency Skinner (1996) argues that "tinkering with the existing system" and merely incorporating new technologies is insufficient. In a complicated and dynamic commercial context, new processes must be replaced with "an entirely new system for product realization that is superior to the competition" (Skinner, 1996). A manufacturing operations plan is directly concerned with the transformation of raw materials and components into finished products. Frequently, these physical transformations occur as part of a function (operations or manufacturing), and in this situation, the operations strategy is at the functional level.

The precise building blocks we are about to describe will be shared by a number of industries that deal with this product type. Others, though, will be necessary to a different industry and unique to that location. The list is therefore not exhaustive. Aside from these components, there are additional factors that affect the final form of an operations plan.

Core competencies

There are three approaches to attain market leadership: product leadership, customer intimacy, or operational excellence. The following duties must be considered:

Provide a means for connecting essential organizational partners in a mutual supply or broader network; Include the actions of all significant line functions of the organization; Extend to employee activities, so that individuals can see how their efforts contribute to larger goals; Specify the required performance to meet strategic objectives; Promote a culture of ongoing development and improvement of both activities and strategic objectives.

Capabilities and methods

To attain the needed objective, the following processes and competencies must exist:

process-oriented (derived from transformation activities). coordination-based system (across the entire operation system). institution-based (across the entire organization). network-centric (covering the whole supply network).

Individual firm resources (capital equipment, skills, brands, etc.) and the manner in which they collaborate to produce a competitive advantage can be considered on two levels, depending on the industry and the firm. Due to the uniqueness of a resource-based approach, we will need to consider resources as (a) tangible (physical, technologies, and finances, etc.); (b) intangible (communication and information systems, reputation, culture, and brands, etc.); and (c) human (specialized skills and knowledge, communication and interaction, motivation and so on).

In addition to being a resource employed in a generic sense (equipment, etc.), technology will play an increasingly significant role as it encompasses core technological expertise in product and process innovation across the entire business and its supply chain. Critical tasks that are required to support a specific strategy or posture. Sustaining a certain operations strategy or business positioning will need the maintenance of essential tactical activities.

These many components may be comparable in a variety of operational contexts. At this level, we merely have a collection of components, but their strategic essence and intrinsic competitive advantage derive from how they are uniquely configured.

This very rational view of strategy tries to keep the company, its consumers, and its competitors in sharp focus, while also incorporating the necessity for constantly changing resources, such as supplier partners. Each of these parts is a component of the strategy and is subject to current and future performance goals.

The elements are not arranged according to importance. Unique to the organization in order to give a lasting competitive advantage is the emphasis placed on distinct components. In a number of industries, supply pipeline layouts are now considered to be the primary competitors. This entails constant collaboration over the partnership's long-term future. The thorough planning will naturally include operational difficulties, but can also accommodate business issues including joint investment and even shared ownership in an organic partnership where each partner has a vested interest in the other's success.

Retailers, customers, and suppliers collaborate in the parallel processes of product creation and modification and merchandise planning. This enables for the speedy fabrication of samples or prototypes for in-store testing prior to the sales season, as well as the sharing of more comprehensive plans about the timing of product releases, new lines, etc.

Bar coding permits the identification and tracking of all components and final goods/services in a supply network. Many businesses assert that their operations plans are only possible with the usage of bar codes, electronic data interchange, and point-of-sale data sharing, thereby tying all supply system activities to the pull of real-time client demand.

As a result, many businesses are reducing the batch sizes of their products in response to the need for more customized services and mass customisation. Large inventories of identical commodities are becoming increasingly uncommon and expensive to maintain.

This involves more than just inventory holding information. New product/service creation, promotions and other marketing initiatives, new advances in operational procedures, commodities availability, pricing strategies, costing, and logistics programs, etc. are conducted in a culture of transparency and trust between businesses.

A crucial technology component that facilitates connections between businesses in a mutual operational network. Beyond the initial connection between retailer and supplier, EDI encompasses the complete network. EDI is the media used to promote electronic commerce to facilitate worldwide sourcing and serves as a low-cost communication solution.

In conjunction with bar code, the ability to comprehend particular product and service flows is essential. If we are heading progressively toward micro-marketing and individual segmentation, we must understand how individual solutions function.

Despite the rising uniqueness of product and service combinations, there will continue to be a market for more generic products like milk, socks, cans of beans, and green Wellington boots (although the reader may well start to notice that even the purveyors of these items are seeking differentiation). These stable product items ('basics' or value goods with low volatility and seasonality) can be restocked at the exact rate of sale by a vendor or supplier. The operational schedules can be determined by demand information, and replenishment is derived directly from production output as opposed to stockpiling.

In many operational networks, information systems are frequently shared and accessible to all participants. All network partners will have access to inventory information (including raw material, work-in-progress, and finished goods, as well as service provision) existing at all supply points (customer service, retailer, manufacturer, etc.).

Intelligent production and modular or cellular manufacturing provide a much better degree of responsiveness, speed, and agility for the manufacture of physical commodities. Many supplier manufacturers are growing their use of this type of production organization, despite its high initial cost and lengthy implementation period.

For highly volatile, short-season, or trendy goods and services, many circumstances necessitate rapid re-estimation and reordering depending on real-time demand. Even fast-selling items are refilled in this manner to meet consumer preferences. This decreases the risk of stockouts and unscheduled markdowns of undesired merchandise.

In the same way that each SKU has a unique identifier, so too does each container or batch of commodities. These indicate the contents and destination and allow for the logistical tracking of product deliveries, hence enhancing the timeliness of response and delivery of consumable goods.

The collecting of point-of-sale data is crucial, but it serves little purpose if kept within a single business. Without these data, huge portions of a supply network will only be able to meet demand via forward inventory buildup and forecasting, as opposed to operating in accordance with real-time demand trends. Unfortunately, the exchange of raw Point-of-Sale data with other components of the supply system is still challenging in a number of instances.

Consumer data "mining" is become a lucrative industry. According to research, many companies operating in mutual networks are willing to share their demographic data and information about consumers so that everyone may benefit from the targeting of micro-markets (micro segmentation and segment customization) and overall category management.

Despite the bluster and hoopla, the Internet is an enabling technology – a strong collection of tools that offers a new method of conducting business: nothing more, nothing less (Porter, 2001).

Increasingly, retailers are reluctant to place orders for products far in advance of a discount season (when demand is unknown). Research recommends that if such actions are necessary, they should be postponed until as close to the sales season as possible and supported by a comprehensive analysis of the probable patterns.

Similar to the preceding, several companies have begun to criticize the practice of extremely early, pre-season product distribution (for those goods with distinct sales seasons). In the past, it was usual practice to supply the majority, if not all, of items prior to the beginning of the season. This involves a substantial amount of dangers. Little pre-season shipments (enough for exhibition and small inventory) followed by quick, flexible, and responsive deliveries during the season, when demand preferences are established, is currently the objective of many.

Utilizing virtual teams from multiple networked enterprises and virtual technology, new and modified products are generated rapidly. It is currently acknowledged that the need for new and modified products and services is greater than ever. However, quality standards and customisation difficulties are also crucial. To meet all of these, demand generation activities are being conducted concurrently with input from a number of diverse, virtual supply network groupings. Such groups are accountable for the product and service combination during its entire lifecycle, and they can also disband and reform with relative ease.

Organizations are progressively delaying numerous supply system actions (often the final form) until demand can be better defined. As an operational approach, strategic postponement has several benefits. However, it is complicated and requires meticulous planning. Its main components consist of a precise understanding of demand preferences and how they take shape, which is communicated along various supply streams; good coordination between all participants in the supply of goods; the flexibility in all operations to adjust activities in accordance with this changing demand profile; and a highly trained and skilled workforce.

Tracking every component, finished product, and service offering by SKU throughout the whole supply network. Modern operations rely largely on the capacity to track all of these aspects across their entire life cycle and supplier network. This demands trust, openness, and collaboration from all phases of the system, as well as the capacity to manage the network's multiple interfaces for quick response and to avoid duplicate stock/inventory.

The objectives of strategic positioning should be complementary, ranked, and meaningfully measurable (since they are interrelated) (for example, quality measurement at a hospital is very different from that of KFC). However, there will invariably be trade-offs, as advances in some areas may come at the expense of others. For instance, a reduction in delivery speed may increase reliability, but it will negatively impact customer service and stock-holding (this reinforces the need for quantification). Finally, these objectives are ever-changing and dynamic. In a continuously changing environment, it is crucial that the operations plan may be examined for continuous improvement.

Conclusion

Finally, the organization has built a consumer group and/or product and service combination-specific composition matrix for its operations plan matrix. This allows us to build the operational management actions required to support this particular strategy focus.

As seen by the filtration diagram, the fundamental architecture of an operations strategy will differ from industry to industry and even from company to company. Due to the intricacy and volatility of the products being supplied, retail operations place an undeniable focus on communication.

Technology alone was inadequate, Equally important is the implementation of effective information system procedures to guarantee that the data utilized is accurate, current, and relevant (the technology was only a facilitator). This required a thorough review of data and information systems, as well as extensive personnel training. These were the areas that were difficult for competitors to duplicate, and the following scanning, product procurement, and inventory management systems gave a major competitive edge through a unique and tailored operations strategy.

Large multiple merchants will typically develop operational strategies that set them apart from the competition. These may involve complex information and communication systems for managing the flow of items from manufacturing suppliers, through distribution centres and warehouses, to retail outlets.

The short-term, tactical activities required to support the rapid and efficient purchase of goods, shipping, warehousing, and logistics, etc., in order to assure the precise replenishment of items to meet real-time demand levels. In other words, the capacity to coordinate supply system activity so that it is driven, or more precisely pulled, by customer demand.

Bibliography

Anderson, M.G., and Katz, P.B., "Strategic Sourcing," The International Journal of Logistics Management, Volume 9, Number 1, Pages 1-13, 1998.

Baden-Fuller, C., D. Targett, and B. Hunt, "Outsourcing to Outmanoeuvre: Outsourcing Redefining Competitive Strategy and Structure," European Management Journal, vol. 18, no. 3, pp. 285-95, 2000.

Barclay I., Z. Dann, and P. Holroyd. New Product Development. Oxford: Butterworth-Heinemann, 2000.

Bowersox D.J. and Closs D.J. (1996, New York: Macmillan) published Logistical Management, the Integrated Supply Chain Process.

Brown, R. Lamming, J. Bessant, and P. Jones, "Strategic Operations Management," Butterworth-Heinemann, Oxford, 2000.

The Impact of Corporate Outsourcing on Company Value, European Management Journal 16.6 (1998): 635-43.

Chaffey, D. (2002). E-Business and E-Commerce Management. Harlow, Essex: FT Prentice Hall.

Operations Management for Competitive Advantage, McGraw-Hill Irwin, Boston, 2001, by Chase R.B., N.J. Aquilano, and F.R. Jacobs.

Supply Chain Management: Strategy, Planning, and Operations, Prentice Hall, Englewood Cliffs, New Jersey, 2001.

Christopher M. (1992). Logistics and Supply Chain Management. Financial Times.

Logistics and Supply Chain Management: Strategies for Reducing Cost and Enhancing Service, 2nd edition, London: Pitman Publishing, 1998.

"Virtual Logistics: An Introduction and Overview of the Concepts," International Journal of Physical Distribution and Logistics Management 28, no. 7 (1998), pp. 56-74.

Cohen M.A. and Agrawal V. (2001) "All Change in the Second Supply Chain Revolution" in Mastering Management 2.0, edited by J. Pickford and published by Financial Times Prentice Hall in London.

De Meyer, A. (1998). Manufacturing Operations in Europe: Next Steps. European Management Journal, volume 16, number 3, pages 262-71.

From Mass Production to Flexible/Agile Production, International Journal of Operations and Production Management 17, 12 (December 1997): 1183-96.

1997, Feitzinger E. and Lee H.L., "Mass Customization at Hewlett-Packard: The Power of Delay," Harvard Business Review, pp. 16-22.

Implementing Supply Chain Management. Production and Inventory Management Journal 41, 64–7, B.R. Ferguson, 2000.

Service Management, Service Development, and Process Design, Third Edition, McGraw-Hill, New York, 2001, by Fitzsimmons, J.A. and M.J.

Fast, Global, and Entrepreneurial, Hong Kong-Style Supply Chain Management, Harvard Business Review, 102, 1998.

Gadde L.E. and Hakansson H. (2001). Supply Network Strategies. Chichester: John Wiley & Sons.

Strategy and the Business Landscape: Text and Cases, New York: Addison-Wesley, 1999.

Gilmore, J.H., and Pine, B.J., II, "Four Faces of Mass Customization," Harvard Business Review, January/February 1997, pp. 91-101.

Quick Response in the Supply Chain, edited by E. Hadjiconstantinou, Springer-Verlag, Berlin, 1999.

Haksever, C., Render, B., Russell, R.S., and Murdick, R.G. (2000). Service Management and Operations.

Hamel, G., and Prahalad, C.K., "Strategic Intent," Harvard Business Review, pages 79-92, 1990.

Harrison, A. (1999). Meeting Customer Demand: The Role of Agility.

Hayes R.H., G.P. Pisano, and D.M. Upton. (1996). Competing through Capabilities. New York: The Free Press.

Operations Management, 6th edition. Prentice Hall, Englewood Cliffs, New Jersey, 2001.

Value Stream Management: The Next Frontier in the Supply Chain?, Hines P. (1999). Logistics and Transport Focus (UK), 1(3), 36-40

Hines P., Holweg M., and Sullivan J. (2000) published "Waves, Beaches, Breakwaters, and Rip Currents: A Three-dimensional View of Supply Chain Dynamics" in the International Journal of Physical Distribution and Logistics Management, volume 10, pages 827-46.

"Three Yards and a Cloud of Dust: Industrial Management at the Turn of the Century," Production and Operations Management 1, 11-12, 1996, by W. Skinner.

[supanova question]

Strategic Management And Its Processes Essay Help Services

Table of Contents
Introduction Core competencies Capabilities and methods Conclusion Bibliography

Introduction

Logistics dominates the demand side of most businesses (i.e. after the goods or services have been produced). With the emphasis placed on responsiveness, the benefits of keeping up with demand could be eroded by delays in the logistical systems for finished items. According to reports, numerous merchants are placing a far larger focus on strategic logistics solutions. Given that there are a variety of different operations strategy types and that some businesses may employ more than one, we must now evaluate the composition of such strategies.

The operations plan cannot be formulated in isolation. It demands the input of client wants and requirements as well as considerations of resources and capabilities. In making judgments on the target market, product groupings, and core enterprise and operational competencies, the ensuing strategic vision must be aligned with the larger corporate plan. However, we must also keep in mind that these decisions are strategic and frequently involve drastic changes.

To develop a unique or core competency Skinner (1996) argues that "tinkering with the existing system" and merely incorporating new technologies is insufficient. In a complicated and dynamic commercial context, new processes must be replaced with "an entirely new system for product realization that is superior to the competition" (Skinner, 1996). A manufacturing operations plan is directly concerned with the transformation of raw materials and components into finished products. Frequently, these physical transformations occur as part of a function (operations or manufacturing), and in this situation, the operations strategy is at the functional level.

The precise building blocks we are about to describe will be shared by a number of industries that deal with this product type. Others, though, will be necessary to a different industry and unique to that location. The list is therefore not exhaustive. Aside from these components, there are additional factors that affect the final form of an operations plan.

Core competencies

There are three approaches to attain market leadership: product leadership, customer intimacy, or operational excellence. The following duties must be considered:

Provide a means for connecting essential organizational partners in a mutual supply or broader network; Include the actions of all significant line functions of the organization; Extend to employee activities, so that individuals can see how their efforts contribute to larger goals; Specify the required performance to meet strategic objectives; Promote a culture of ongoing development and improvement of both activities and strategic objectives.

Capabilities and methods

To attain the needed objective, the following processes and competencies must exist:

process-oriented (derived from transformation activities). coordination-based system (across the entire operation system). institution-based (across the entire organization). network-centric (covering the whole supply network).

Individual firm resources (capital equipment, skills, brands, etc.) and the manner in which they collaborate to produce a competitive advantage can be considered on two levels, depending on the industry and the firm. Due to the uniqueness of a resource-based approach, we will need to consider resources as (a) tangible (physical, technologies, and finances, etc.); (b) intangible (communication and information systems, reputation, culture, and brands, etc.); and (c) human (specialized skills and knowledge, communication and interaction, motivation and so on).

In addition to being a resource employed in a generic sense (equipment, etc.), technology will play an increasingly significant role as it encompasses core technological expertise in product and process innovation across the entire business and its supply chain. Critical tasks that are required to support a specific strategy or posture. Sustaining a certain operations strategy or business positioning will need the maintenance of essential tactical activities.

These many components may be comparable in a variety of operational contexts. At this level, we merely have a collection of components, but their strategic essence and intrinsic competitive advantage derive from how they are uniquely configured.

This very rational view of strategy tries to keep the company, its consumers, and its competitors in sharp focus, while also incorporating the necessity for constantly changing resources, such as supplier partners. Each of these parts is a component of the strategy and is subject to current and future performance goals.

The elements are not arranged according to importance. Unique to the organization in order to give a lasting competitive advantage is the emphasis placed on distinct components. In a number of industries, supply pipeline layouts are now considered to be the primary competitors. This entails constant collaboration over the partnership's long-term future. The thorough planning will naturally include operational difficulties, but can also accommodate business issues including joint investment and even shared ownership in an organic partnership where each partner has a vested interest in the other's success.

Retailers, customers, and suppliers collaborate in the parallel processes of product creation and modification and merchandise planning. This enables for the speedy fabrication of samples or prototypes for in-store testing prior to the sales season, as well as the sharing of more comprehensive plans about the timing of product releases, new lines, etc.

Bar coding permits the identification and tracking of all components and final goods/services in a supply network. Many businesses assert that their operations plans are only possible with the usage of bar codes, electronic data interchange, and point-of-sale data sharing, thereby tying all supply system activities to the pull of real-time client demand.

As a result, many businesses are reducing the batch sizes of their products in response to the need for more customized services and mass customisation. Large inventories of identical commodities are becoming increasingly uncommon and expensive to maintain.

This involves more than just inventory holding information. New product/service creation, promotions and other marketing initiatives, new advances in operational procedures, commodities availability, pricing strategies, costing, and logistics programs, etc. are conducted in a culture of transparency and trust between businesses.

A crucial technology component that facilitates connections between businesses in a mutual operational network. Beyond the initial connection between retailer and supplier, EDI encompasses the complete network. EDI is the media used to promote electronic commerce to facilitate worldwide sourcing and serves as a low-cost communication solution.

In conjunction with bar code, the ability to comprehend particular product and service flows is essential. If we are heading progressively toward micro-marketing and individual segmentation, we must understand how individual solutions function.

Despite the rising uniqueness of product and service combinations, there will continue to be a market for more generic products like milk, socks, cans of beans, and green Wellington boots (although the reader may well start to notice that even the purveyors of these items are seeking differentiation). These stable product items ('basics' or value goods with low volatility and seasonality) can be restocked at the exact rate of sale by a vendor or supplier. The operational schedules can be determined by demand information, and replenishment is derived directly from production output as opposed to stockpiling.

In many operational networks, information systems are frequently shared and accessible to all participants. All network partners will have access to inventory information (including raw material, work-in-progress, and finished goods, as well as service provision) existing at all supply points (customer service, retailer, manufacturer, etc.).

Intelligent production and modular or cellular manufacturing provide a much better degree of responsiveness, speed, and agility for the manufacture of physical commodities. Many supplier manufacturers are growing their use of this type of production organization, despite its high initial cost and lengthy implementation period.

For highly volatile, short-season, or trendy goods and services, many circumstances necessitate rapid re-estimation and reordering depending on real-time demand. Even fast-selling items are refilled in this manner to meet consumer preferences. This decreases the risk of stockouts and unscheduled markdowns of undesired merchandise.

In the same way that each SKU has a unique identifier, so too does each container or batch of commodities. These indicate the contents and destination and allow for the logistical tracking of product deliveries, hence enhancing the timeliness of response and delivery of consumable goods.

The collecting of point-of-sale data is crucial, but it serves little purpose if kept within a single business. Without these data, huge portions of a supply network will only be able to meet demand via forward inventory buildup and forecasting, as opposed to operating in accordance with real-time demand trends. Unfortunately, the exchange of raw Point-of-Sale data with other components of the supply system is still challenging in a number of instances.

Consumer data "mining" is become a lucrative industry. According to research, many companies operating in mutual networks are willing to share their demographic data and information about consumers so that everyone may benefit from the targeting of micro-markets (micro segmentation and segment customization) and overall category management.

Despite the bluster and hoopla, the Internet is an enabling technology – a strong collection of tools that offers a new method of conducting business: nothing more, nothing less (Porter, 2001).

Increasingly, retailers are reluctant to place orders for products far in advance of a discount season (when demand is unknown). Research recommends that if such actions are necessary, they should be postponed until as close to the sales season as possible and supported by a comprehensive analysis of the probable patterns.

Similar to the preceding, several companies have begun to criticize the practice of extremely early, pre-season product distribution (for those goods with distinct sales seasons). In the past, it was usual practice to supply the majority, if not all, of items prior to the beginning of the season. This involves a substantial amount of dangers. Little pre-season shipments (enough for exhibition and small inventory) followed by quick, flexible, and responsive deliveries during the season, when demand preferences are established, is currently the objective of many.

Utilizing virtual teams from multiple networked enterprises and virtual technology, new and modified products are generated rapidly. It is currently acknowledged that the need for new and modified products and services is greater than ever. However, quality standards and customisation difficulties are also crucial. To meet all of these, demand generation activities are being conducted concurrently with input from a number of diverse, virtual supply network groupings. Such groups are accountable for the product and service combination during its entire lifecycle, and they can also disband and reform with relative ease.

Organizations are progressively delaying numerous supply system actions (often the final form) until demand can be better defined. As an operational approach, strategic postponement has several benefits. However, it is complicated and requires meticulous planning. Its main components consist of a precise understanding of demand preferences and how they take shape, which is communicated along various supply streams; good coordination between all participants in the supply of goods; the flexibility in all operations to adjust activities in accordance with this changing demand profile; and a highly trained and skilled workforce.

Tracking every component, finished product, and service offering by SKU throughout the whole supply network. Modern operations rely largely on the capacity to track all of these aspects across their entire life cycle and supplier network. This demands trust, openness, and collaboration from all phases of the system, as well as the capacity to manage the network's multiple interfaces for quick response and to avoid duplicate stock/inventory.

The objectives of strategic positioning should be complementary, ranked, and meaningfully measurable (since they are interrelated) (for example, quality measurement at a hospital is very different from that of KFC). However, there will invariably be trade-offs, as advances in some areas may come at the expense of others. For instance, a reduction in delivery speed may increase reliability, but it will negatively impact customer service and stock-holding (this reinforces the need for quantification). Finally, these objectives are ever-changing and dynamic. In a continuously changing environment, it is crucial that the operations plan may be examined for continuous improvement.

Conclusion

Finally, the organization has built a consumer group and/or product and service combination-specific composition matrix for its operations plan matrix. This allows us to build the operational management actions required to support this particular strategy focus.

As seen by the filtration diagram, the fundamental architecture of an operations strategy will differ from industry to industry and even from company to company. Due to the intricacy and volatility of the products being supplied, retail operations place an undeniable focus on communication.

Technology alone was inadequate, Equally important is the implementation of effective information system procedures to guarantee that the data utilized is accurate, current, and relevant (the technology was only a facilitator). This required a thorough review of data and information systems, as well as extensive personnel training. These were the areas that were difficult for competitors to duplicate, and the following scanning, product procurement, and inventory management systems gave a major competitive edge through a unique and tailored operations strategy.

Large multiple merchants will typically develop operational strategies that set them apart from the competition. These may involve complex information and communication systems for managing the flow of items from manufacturing suppliers, through distribution centres and warehouses, to retail outlets.

The short-term, tactical activities required to support the rapid and efficient purchase of goods, shipping, warehousing, and logistics, etc., in order to assure the precise replenishment of items to meet real-time demand levels. In other words, the capacity to coordinate supply system activity so that it is driven, or more precisely pulled, by customer demand.

Bibliography

Anderson, M.G., and Katz, P.B., "Strategic Sourcing," The International Journal of Logistics Management, Volume 9, Number 1, Pages 1-13, 1998.

Baden-Fuller, C., D. Targett, and B. Hunt, "Outsourcing to Outmanoeuvre: Outsourcing Redefining Competitive Strategy and Structure," European Management Journal, vol. 18, no. 3, pp. 285-95, 2000.

Barclay I., Z. Dann, and P. Holroyd. New Product Development. Oxford: Butterworth-Heinemann, 2000.

Bowersox D.J. and Closs D.J. (1996, New York: Macmillan) published Logistical Management, the Integrated Supply Chain Process.

Brown, R. Lamming, J. Bessant, and P. Jones, "Strategic Operations Management," Butterworth-Heinemann, Oxford, 2000.

The Impact of Corporate Outsourcing on Company Value, European Management Journal 16.6 (1998): 635-43.

Chaffey, D. (2002). E-Business and E-Commerce Management. Harlow, Essex: FT Prentice Hall.

Operations Management for Competitive Advantage, McGraw-Hill Irwin, Boston, 2001, by Chase R.B., N.J. Aquilano, and F.R. Jacobs.

Supply Chain Management: Strategy, Planning, and Operations, Prentice Hall, Englewood Cliffs, New Jersey, 2001.

Christopher M. (1992). Logistics and Supply Chain Management. Financial Times.

Logistics and Supply Chain Management: Strategies for Reducing Cost and Enhancing Service, 2nd edition, London: Pitman Publishing, 1998.

"Virtual Logistics: An Introduction and Overview of the Concepts," International Journal of Physical Distribution and Logistics Management 28, no. 7 (1998), pp. 56-74.

Cohen M.A. and Agrawal V. (2001) "All Change in the Second Supply Chain Revolution" in Mastering Management 2.0, edited by J. Pickford and published by Financial Times Prentice Hall in London.

De Meyer, A. (1998). Manufacturing Operations in Europe: Next Steps. European Management Journal, volume 16, number 3, pages 262-71.

From Mass Production to Flexible/Agile Production, International Journal of Operations and Production Management 17, 12 (December 1997): 1183-96.

1997, Feitzinger E. and Lee H.L., "Mass Customization at Hewlett-Packard: The Power of Delay," Harvard Business Review, pp. 16-22.

Implementing Supply Chain Management. Production and Inventory Management Journal 41, 64–7, B.R. Ferguson, 2000.

Service Management, Service Development, and Process Design, Third Edition, McGraw-Hill, New York, 2001, by Fitzsimmons, J.A. and M.J.

Fast, Global, and Entrepreneurial, Hong Kong-Style Supply Chain Management, Harvard Business Review, 102, 1998.

Gadde L.E. and Hakansson H. (2001). Supply Network Strategies. Chichester: John Wiley & Sons.

Strategy and the Business Landscape: Text and Cases, New York: Addison-Wesley, 1999.

Gilmore, J.H., and Pine, B.J., II, "Four Faces of Mass Customization," Harvard Business Review, January/February 1997, pp. 91-101.

Quick Response in the Supply Chain, edited by E. Hadjiconstantinou, Springer-Verlag, Berlin, 1999.

Haksever, C., Render, B., Russell, R.S., and Murdick, R.G. (2000). Service Management and Operations.

Hamel, G., and Prahalad, C.K., "Strategic Intent," Harvard Business Review, pages 79-92, 1990.

Harrison, A. (1999). Meeting Customer Demand: The Role of Agility.

Hayes R.H., G.P. Pisano, and D.M. Upton. (1996). Competing through Capabilities. New York: The Free Press.

Operations Management, 6th edition. Prentice Hall, Englewood Cliffs, New Jersey, 2001.

Value Stream Management: The Next Frontier in the Supply Chain?, Hines P. (1999). Logistics and Transport Focus (UK), 1(3), 36-40

Hines P., Holweg M., and Sullivan J. (2000) published "Waves, Beaches, Breakwaters, and Rip Currents: A Three-dimensional View of Supply Chain Dynamics" in the International Journal of Physical Distribution and Logistics Management, volume 10, pages 827-46.

"Three Yards and a Cloud of Dust: Industrial Management at the Turn of the Century," Production and Operations Management 1, 11-12, 1996, by W. Skinner.

[supanova question]

Strategic Management And Its Processes Essay Help Services

Table of Contents
Introduction Core competencies Capabilities and methods Conclusion Bibliography

Introduction

Logistics dominates the demand side of most businesses (i.e. after the goods or services have been produced). With the emphasis placed on responsiveness, the benefits of keeping up with demand could be eroded by delays in the logistical systems for finished items. According to reports, numerous merchants are placing a far larger focus on strategic logistics solutions. Given that there are a variety of different operations strategy types and that some businesses may employ more than one, we must now evaluate the composition of such strategies.

The operations plan cannot be formulated in isolation. It demands the input of client wants and requirements as well as considerations of resources and capabilities. In making judgments on the target market, product groupings, and core enterprise and operational competencies, the ensuing strategic vision must be aligned with the larger corporate plan. However, we must also keep in mind that these decisions are strategic and frequently involve drastic changes.

To develop a unique or core competency Skinner (1996) argues that "tinkering with the existing system" and merely incorporating new technologies is insufficient. In a complicated and dynamic commercial context, new processes must be replaced with "an entirely new system for product realization that is superior to the competition" (Skinner, 1996). A manufacturing operations plan is directly concerned with the transformation of raw materials and components into finished products. Frequently, these physical transformations occur as part of a function (operations or manufacturing), and in this situation, the operations strategy is at the functional level.

The precise building blocks we are about to describe will be shared by a number of industries that deal with this product type. Others, though, will be necessary to a different industry and unique to that location. The list is therefore not exhaustive. Aside from these components, there are additional factors that affect the final form of an operations plan.

Core competencies

There are three approaches to attain market leadership: product leadership, customer intimacy, or operational excellence. The following duties must be considered:

Provide a means for connecting essential organizational partners in a mutual supply or broader network; Include the actions of all significant line functions of the organization; Extend to employee activities, so that individuals can see how their efforts contribute to larger goals; Specify the required performance to meet strategic objectives; Promote a culture of ongoing development and improvement of both activities and strategic objectives.

Capabilities and methods

To attain the needed objective, the following processes and competencies must exist:

process-oriented (derived from transformation activities). coordination-based system (across the entire operation system). institution-based (across the entire organization). network-centric (covering the whole supply network).

Individual firm resources (capital equipment, skills, brands, etc.) and the manner in which they collaborate to produce a competitive advantage can be considered on two levels, depending on the industry and the firm. Due to the uniqueness of a resource-based approach, we will need to consider resources as (a) tangible (physical, technologies, and finances, etc.); (b) intangible (communication and information systems, reputation, culture, and brands, etc.); and (c) human (specialized skills and knowledge, communication and interaction, motivation and so on).

In addition to being a resource employed in a generic sense (equipment, etc.), technology will play an increasingly significant role as it encompasses core technological expertise in product and process innovation across the entire business and its supply chain. Critical tasks that are required to support a specific strategy or posture. Sustaining a certain operations strategy or business positioning will need the maintenance of essential tactical activities.

These many components may be comparable in a variety of operational contexts. At this level, we merely have a collection of components, but their strategic essence and intrinsic competitive advantage derive from how they are uniquely configured.

This very rational view of strategy tries to keep the company, its consumers, and its competitors in sharp focus, while also incorporating the necessity for constantly changing resources, such as supplier partners. Each of these parts is a component of the strategy and is subject to current and future performance goals.

The elements are not arranged according to importance. Unique to the organization in order to give a lasting competitive advantage is the emphasis placed on distinct components. In a number of industries, supply pipeline layouts are now considered to be the primary competitors. This entails constant collaboration over the partnership's long-term future. The thorough planning will naturally include operational difficulties, but can also accommodate business issues including joint investment and even shared ownership in an organic partnership where each partner has a vested interest in the other's success.

Retailers, customers, and suppliers collaborate in the parallel processes of product creation and modification and merchandise planning. This enables for the speedy fabrication of samples or prototypes for in-store testing prior to the sales season, as well as the sharing of more comprehensive plans about the timing of product releases, new lines, etc.

Bar coding permits the identification and tracking of all components and final goods/services in a supply network. Many businesses assert that their operations plans are only possible with the usage of bar codes, electronic data interchange, and point-of-sale data sharing, thereby tying all supply system activities to the pull of real-time client demand.

As a result, many businesses are reducing the batch sizes of their products in response to the need for more customized services and mass customisation. Large inventories of identical commodities are becoming increasingly uncommon and expensive to maintain.

This involves more than just inventory holding information. New product/service creation, promotions and other marketing initiatives, new advances in operational procedures, commodities availability, pricing strategies, costing, and logistics programs, etc. are conducted in a culture of transparency and trust between businesses.

A crucial technology component that facilitates connections between businesses in a mutual operational network. Beyond the initial connection between retailer and supplier, EDI encompasses the complete network. EDI is the media used to promote electronic commerce to facilitate worldwide sourcing and serves as a low-cost communication solution.

In conjunction with bar code, the ability to comprehend particular product and service flows is essential. If we are heading progressively toward micro-marketing and individual segmentation, we must understand how individual solutions function.

Despite the rising uniqueness of product and service combinations, there will continue to be a market for more generic products like milk, socks, cans of beans, and green Wellington boots (although the reader may well start to notice that even the purveyors of these items are seeking differentiation). These stable product items ('basics' or value goods with low volatility and seasonality) can be restocked at the exact rate of sale by a vendor or supplier. The operational schedules can be determined by demand information, and replenishment is derived directly from production output as opposed to stockpiling.

In many operational networks, information systems are frequently shared and accessible to all participants. All network partners will have access to inventory information (including raw material, work-in-progress, and finished goods, as well as service provision) existing at all supply points (customer service, retailer, manufacturer, etc.).

Intelligent production and modular or cellular manufacturing provide a much better degree of responsiveness, speed, and agility for the manufacture of physical commodities. Many supplier manufacturers are growing their use of this type of production organization, despite its high initial cost and lengthy implementation period.

For highly volatile, short-season, or trendy goods and services, many circumstances necessitate rapid re-estimation and reordering depending on real-time demand. Even fast-selling items are refilled in this manner to meet consumer preferences. This decreases the risk of stockouts and unscheduled markdowns of undesired merchandise.

In the same way that each SKU has a unique identifier, so too does each container or batch of commodities. These indicate the contents and destination and allow for the logistical tracking of product deliveries, hence enhancing the timeliness of response and delivery of consumable goods.

The collecting of point-of-sale data is crucial, but it serves little purpose if kept within a single business. Without these data, huge portions of a supply network will only be able to meet demand via forward inventory buildup and forecasting, as opposed to operating in accordance with real-time demand trends. Unfortunately, the exchange of raw Point-of-Sale data with other components of the supply system is still challenging in a number of instances.

Consumer data "mining" is become a lucrative industry. According to research, many companies operating in mutual networks are willing to share their demographic data and information about consumers so that everyone may benefit from the targeting of micro-markets (micro segmentation and segment customization) and overall category management.

Despite the bluster and hoopla, the Internet is an enabling technology – a strong collection of tools that offers a new method of conducting business: nothing more, nothing less (Porter, 2001).

Increasingly, retailers are reluctant to place orders for products far in advance of a discount season (when demand is unknown). Research recommends that if such actions are necessary, they should be postponed until as close to the sales season as possible and supported by a comprehensive analysis of the probable patterns.

Similar to the preceding, several companies have begun to criticize the practice of extremely early, pre-season product distribution (for those goods with distinct sales seasons). In the past, it was usual practice to supply the majority, if not all, of items prior to the beginning of the season. This involves a substantial amount of dangers. Little pre-season shipments (enough for exhibition and small inventory) followed by quick, flexible, and responsive deliveries during the season, when demand preferences are established, is currently the objective of many.

Utilizing virtual teams from multiple networked enterprises and virtual technology, new and modified products are generated rapidly. It is currently acknowledged that the need for new and modified products and services is greater than ever. However, quality standards and customisation difficulties are also crucial. To meet all of these, demand generation activities are being conducted concurrently with input from a number of diverse, virtual supply network groupings. Such groups are accountable for the product and service combination during its entire lifecycle, and they can also disband and reform with relative ease.

Organizations are progressively delaying numerous supply system actions (often the final form) until demand can be better defined. As an operational approach, strategic postponement has several benefits. However, it is complicated and requires meticulous planning. Its main components consist of a precise understanding of demand preferences and how they take shape, which is communicated along various supply streams; good coordination between all participants in the supply of goods; the flexibility in all operations to adjust activities in accordance with this changing demand profile; and a highly trained and skilled workforce.

Tracking every component, finished product, and service offering by SKU throughout the whole supply network. Modern operations rely largely on the capacity to track all of these aspects across their entire life cycle and supplier network. This demands trust, openness, and collaboration from all phases of the system, as well as the capacity to manage the network's multiple interfaces for quick response and to avoid duplicate stock/inventory.

The objectives of strategic positioning should be complementary, ranked, and meaningfully measurable (since they are interrelated) (for example, quality measurement at a hospital is very different from that of KFC). However, there will invariably be trade-offs, as advances in some areas may come at the expense of others. For instance, a reduction in delivery speed may increase reliability, but it will negatively impact customer service and stock-holding (this reinforces the need for quantification). Finally, these objectives are ever-changing and dynamic. In a continuously changing environment, it is crucial that the operations plan may be examined for continuous improvement.

Conclusion

Finally, the organization has built a consumer group and/or product and service combination-specific composition matrix for its operations plan matrix. This allows us to build the operational management actions required to support this particular strategy focus.

As seen by the filtration diagram, the fundamental architecture of an operations strategy will differ from industry to industry and even from company to company. Due to the intricacy and volatility of the products being supplied, retail operations place an undeniable focus on communication.

Technology alone was inadequate, Equally important is the implementation of effective information system procedures to guarantee that the data utilized is accurate, current, and relevant (the technology was only a facilitator). This required a thorough review of data and information systems, as well as extensive personnel training. These were the areas that were difficult for competitors to duplicate, and the following scanning, product procurement, and inventory management systems gave a major competitive edge through a unique and tailored operations strategy.

Large multiple merchants will typically develop operational strategies that set them apart from the competition. These may involve complex information and communication systems for managing the flow of items from manufacturing suppliers, through distribution centres and warehouses, to retail outlets.

The short-term, tactical activities required to support the rapid and efficient purchase of goods, shipping, warehousing, and logistics, etc., in order to assure the precise replenishment of items to meet real-time demand levels. In other words, the capacity to coordinate supply system activity so that it is driven, or more precisely pulled, by customer demand.

Bibliography

Anderson, M.G., and Katz, P.B., "Strategic Sourcing," The International Journal of Logistics Management, Volume 9, Number 1, Pages 1-13, 1998.

Baden-Fuller, C., D. Targett, and B. Hunt, "Outsourcing to Outmanoeuvre: Outsourcing Redefining Competitive Strategy and Structure," European Management Journal, vol. 18, no. 3, pp. 285-95, 2000.

Barclay I., Z. Dann, and P. Holroyd. New Product Development. Oxford: Butterworth-Heinemann, 2000.

Bowersox D.J. and Closs D.J. (1996, New York: Macmillan) published Logistical Management, the Integrated Supply Chain Process.

Brown, R. Lamming, J. Bessant, and P. Jones, "Strategic Operations Management," Butterworth-Heinemann, Oxford, 2000.

The Impact of Corporate Outsourcing on Company Value, European Management Journal 16.6 (1998): 635-43.

Chaffey, D. (2002). E-Business and E-Commerce Management. Harlow, Essex: FT Prentice Hall.

Operations Management for Competitive Advantage, McGraw-Hill Irwin, Boston, 2001, by Chase R.B., N.J. Aquilano, and F.R. Jacobs.

Supply Chain Management: Strategy, Planning, and Operations, Prentice Hall, Englewood Cliffs, New Jersey, 2001.

Christopher M. (1992). Logistics and Supply Chain Management. Financial Times.

Logistics and Supply Chain Management: Strategies for Reducing Cost and Enhancing Service, 2nd edition, London: Pitman Publishing, 1998.

"Virtual Logistics: An Introduction and Overview of the Concepts," International Journal of Physical Distribution and Logistics Management 28, no. 7 (1998), pp. 56-74.

Cohen M.A. and Agrawal V. (2001) "All Change in the Second Supply Chain Revolution" in Mastering Management 2.0, edited by J. Pickford and published by Financial Times Prentice Hall in London.

De Meyer, A. (1998). Manufacturing Operations in Europe: Next Steps. European Management Journal, volume 16, number 3, pages 262-71.

From Mass Production to Flexible/Agile Production, International Journal of Operations and Production Management 17, 12 (December 1997): 1183-96.

1997, Feitzinger E. and Lee H.L., "Mass Customization at Hewlett-Packard: The Power of Delay," Harvard Business Review, pp. 16-22.

Implementing Supply Chain Management. Production and Inventory Management Journal 41, 64–7, B.R. Ferguson, 2000.

Service Management, Service Development, and Process Design, Third Edition, McGraw-Hill, New York, 2001, by Fitzsimmons, J.A. and M.J.

Fast, Global, and Entrepreneurial, Hong Kong-Style Supply Chain Management, Harvard Business Review, 102, 1998.

Gadde L.E. and Hakansson H. (2001). Supply Network Strategies. Chichester: John Wiley & Sons.

Strategy and the Business Landscape: Text and Cases, New York: Addison-Wesley, 1999.

Gilmore, J.H., and Pine, B.J., II, "Four Faces of Mass Customization," Harvard Business Review, January/February 1997, pp. 91-101.

Quick Response in the Supply Chain, edited by E. Hadjiconstantinou, Springer-Verlag, Berlin, 1999.

Haksever, C., Render, B., Russell, R.S., and Murdick, R.G. (2000). Service Management and Operations.

Hamel, G., and Prahalad, C.K., "Strategic Intent," Harvard Business Review, pages 79-92, 1990.

Harrison, A. (1999). Meeting Customer Demand: The Role of Agility.

Hayes R.H., G.P. Pisano, and D.M. Upton. (1996). Competing through Capabilities. New York: The Free Press.

Operations Management, 6th edition. Prentice Hall, Englewood Cliffs, New Jersey, 2001.

Value Stream Management: The Next Frontier in the Supply Chain?, Hines P. (1999). Logistics and Transport Focus (UK), 1(3), 36-40

Hines P., Holweg M., and Sullivan J. (2000) published "Waves, Beaches, Breakwaters, and Rip Currents: A Three-dimensional View of Supply Chain Dynamics" in the International Journal of Physical Distribution and Logistics Management, volume 10, pages 827-46.

"Three Yards and a Cloud of Dust: Industrial Management at the Turn of the Century," Production and Operations Management 1, 11-12, 1996, by W. Skinner.

[supanova question]

Critical Analysis On Nissan With Rio Tinto And Vestas Essay Help Services

Introduction

A remarkable occurrence is one that leaves a lasting impact, whether it occurs once or often within a small time span. This event could involve celebrations or performances, as well as presentations and rites. The majority of events are planned to honor cultural, political, or business purposes.

The event packaging sector has experienced substantial expansion in recent years. Due to the industry's relevance to the economies of various countries, the government's attention has been called to its expansion. There have been established units for the creation of state-sponsored events. The purpose of which is to connect the results of these events to the success of tourism. According to the opinions of a number of academics, the success of events has a beneficial link, firstly with the visiting tourist and secondly as a method of business management. Providing quality beverage and food offerings, as well as the perception of authenticity, are agreed-upon factors influencing the happiness of event attendees.

In today's service-driven economy, corporations bundle their offerings with an experience in order to sell them more effectively. Businesses must adopt a fee-commanding, experience-engaging design in order to realize the full potential of experience staging. Transitioning from providing a service to marketing or selling an experience has not been simple for established businesses.

The progression of economic history can be retraced by the various transformations that birthday cakes have undergone. As proof of the rural economy, women baked the first birthday cakes. Mixing farm-obtained goods, such as sugar, butter, eggs, and flour. Combined, these items are inexpensive or free. At Betty Croker, women spent a dollar or more for pre-mixed components as the economy of the industrial period advanced. At the beginning of this service-based economy, busy parents ordered cakes from bakery shops that, if purchased for $15 or $20, would have cost significantly more than the packaged ingredient. Parents did not celebrate birthdays with cakes or celebrations during the 1990s. Instead, significant quantities of money were used to completely outsource an event. Other event promoting companies, such as discovery zone and Chuck E. Cheese, were memorable for children. Recently, the majority of the time, cakes at gatherings are provided gratis. Consequently, this is an entry point into an economy of experience. Despite the fact that economists have grouped services and experience together, experience can be viewed as a distinct economic gift, distinct from services. Experience is undoubtedly what customers want, and more businesses are planning and implementing accordingly. From now on, leading businesses will learn that experience staging is the new competitive frontier.

Literature Review

Designing and delivering services

In order to comprehend the differences between experience and service, recollect an episode of the old television show Taxi. In it, Iggy, a poor and hilarious driver, decides to become the best taxi driver in the history of this planet. While doing city excursions, he provided his passengers with beverages and sandwiches. He sung Frank Sinatra songs frequently. He transformed an ordinary taxi ride into a memorable experience for his passengers. Iggy presented a very unique economic gift. The experience of riding in Iggy's taxi was significantly more valuable to his passengers than the service of being driven around the city. Customers responded by paying him increased amounts of money. One of his customers was forced to pay far more than the standard rate due to subpar service that prolonged his stay. Iggy supplied services — taxi driving – but this was basically a ruse to sell an experience, which was what he was doing. If businesses utilize their services as a stage and their products as props to engage with clients on an individual level, thereby producing a memorable event, then they will create an experience-based occurrence. Thus, commodities are fungible, whereas things are physical, services are intangible, and experiences are regarded as being unforgettable. Following Walt Disney, the forefather of the experience economy, we will refer to experience purchasers as guests. This visitor favors firms that reveal information over time. While first economic contributions, such as services and presents, are of secondary importance to the guest. Experiences are individual, dwelling in the mind of a person and involving emotional, intellectual, and bodily levels. Thus, two individuals' experiences will always differ. This is due to the fact that an experience consists of the fundamental interactions between a person's mental state and the stage performance. Walt Disney and his businesses have cleverly utilized the idea that experience is the foundation of the entertainment industry. Today, marketing experience has a position in the workplace that is far from parks and theaters. The evolution of new technology has altered the nature of human experience. Internet chat rooms and interactive video games are examples of the emergence of new types of entertainment. New schools of thinking assert that business is more than the manufacture and sale of new things; it also involves the distribution of information and the construction of interactive life link experiences.

At Planet Hollywood and the Hard Rock Cafe, food serves as a prop for the primary focus, which is entertainment. Cabalas', Nike town, attracts customers with amusing activities and captivating displays. Often commonly termed entertailing. However, it cannot be stated that experiences are solely entertainment. Businesses create experiences when they wish to engage customers in a way that will be remembered forever. In the field of business travel, the former chairman of British Airways, Sir Collin Marshal, remarked that the commodity mentality is the belief that a business is only fulfilling a function — in our instance, carrying people from point A to point B on time and at the cheapest price feasible. The airways compete with others on the level of experience provision, surpassing the level of function. Experiences are not limited to consumer-goods manufacturers.

The properties of experiences

Before collecting an admission fee, a corporation must plan and implement an experience that, in the opinion of the customers, is worth the price. As it is for products or services, a flawless plan from design to marketing and delivery would be required for experiences. Always preceding a revenue growth will be inventiveness and creativity. Identical to commodities and services, experiences possess unique characteristics and bring unique design problems. Considering experiences from a two-dimensional perspective is one method of approaching them.

The visitor's participation

At one end of the spectrum, inactive involvement occurs when customers have no impact on performance. This type of participants is exemplified by symphony attendees. During an event, they observe and listen in order to gain experience. Active players comprise the opposite end. Here, the customers contribute to the experience's creation. Skiers are an excellent illustration of this type of participation. Even spectators of a ski race cannot be deemed as passive players. By participating in the ski race, they contribute to the event's visual appeal.

The guest's relationship

This is often referred to as the capacity of a consumer or attendee at an event to properly interact with the surrounding environment. The connection between the client or guest and the event's performance. At one angle of connection range, there is absorption, and at the other, there is immersion. Guests seated in the grandstand and seeing the Kentucky Derby have a tendency to focus on the action occurring below and in front of them. While those right infield are engrossed in the sounds, images, and smells surrounding them. Reading a book can be significantly less engaging than frantically scribbling notes on a notepad during physics class. However, seeing a film in a theater with others, stereophonic sound, and a large screen is more immersive than watching the same film on a video player at home.

Classification of encounters

The involvement or participation of consumers or guests is more passive than active during entertainment-related activities, such as attending a live concert or watching television. In this instance, the relationship during the event is more akin to absorption than immersion. Participation is encouraged at educational events, such as taking a ski lesson or attending a class. However, students are less likely to be immersed in the event than to be on the outside. Escapist experiences can educate in the same way that educational ones do and can be entertaining in the same manner that entertainment experiences may, but with a larger client immersion. Active and immersive experiential participation is required while performing in an orchestra or participating in a play. When active guest participation is limited, an escapist experience transforms into an ecstatic one, the fourth type of experience. Here, guests are immersed in the atmosphere, yet they have no effect, such as a visitor to a photograph exhibit. All rich experiences, such as visiting Disney World, incorporate all components of experience. How distinctive and specific is the experience my company provides? should be the most crucial question for individuals in positions of responsibility to ask themselves. The extent to which the company's business is defined by the quality of the given experience is substantial. As with goods or services, the customer's experience must match his or her requirements or expectations. Experiences are the product of a process of examination, scripting, and execution, whereas services are the result of an examination, blueprint development, and enhancement process.

Creating a remarkable encounter

As with product and process design, it is anticipated that designing an experience will become a business in the future. Incontestably, design principles are evident in the activities and outcomes of organizations already in the industry. The following are the fundamentals of experience design:

The event should have a theme

When one hears the names of restaurants that cater to entertainment, a mental image of what to expect from such a place is formed. Notable examples are the rain forest café and the Hard Rock café. In an effort to stage an event, the first and most crucial step for the proprietors is to create an arresting motif. A badly sculpted topic leaves a prospective client unable to imagine what to anticipate. Moreover, the memories made in such places are frequently fleeting. Gertrude Stein's Oakland is one example of this. Retailers frequently violate ethical standards. They trumpet the shopping experience, but the theme generated does not correspond to the shopping experience that will be produced. When it comes to theme creation, retailers of home appliances demonstrate the least originality. Regarding a Las Vegas mall with the subject of an antique Roman marketplace, this motif has been realized in every way through architectural design. These contain pristine white pillars, marble floors, an outdoor café, running fountains, living trees, and are finished during a thunderstorm.

Adding hopeful hints to the impression

While the theme forms the basis of the experience, leaving an indelible mark on the audience should be viewed as the most important aspect. The impression is what a guest takes away from an encounter, signifying that the theme has been satisfied. Companies must introduce cues that confirm to the client or guest the nature of the encounter in order to make the desired impression. Each cue must correspond with the subject. Harob George, the founder of a Washington, D.C.-based coffee franchise, conceived of the company's identity as a "coffee club" (the marriage of Old world Italian espresso bars with fast paced American living). Customers are able to establish queues without the need for signage, which would have deviated from the theme's intended appearance. This establishment has a reputation for providing prompt service in a pleasant atmosphere. Additionally, the franchise owner encourages his employees to recall the faces of frequent customers in order to serve them without prompting. No matter how minor, the cue adds to the creation of an unforgettable experience. When a host in a restaurant informs you that your table is ready, he or she has not provided you with a cue. In the Rainforest Café, however, a host's warning to her guests to be on the lookout for a soon-to-begin adventure creates the sense of a unique encounter. Cues build impressions, and impressions generate experiences that endure in the customers' memories. A negative experience could be the result of an architectural aspect that has been undervalued, neglected, or mismatched. Due to an unintended visual signal, a consumer may be left bewildered. After being given directions, it may be difficult to locate one's hotel room. The client would have a better and more satisfying experience if there were clearer and more distinct signs on the walkway.

Eliminate discouraged cues.

Positive indicators alone are insufficient to preserve the guest or client experience. Whatever contradicts the topic must be eliminated. Experienced stagers must steadfastly adhere to this. In offices, malls, and airplanes, trivial massages can be observed. Inappropriate massage forms are frequently used by service providers, despite the fact that customers occasionally require guidance. For example, trash cans at fast food restaurants may bear a sign reading "thank you." Alternately, stagers of experience may transform the trash can into a talking, garbage-eating persona that expresses gratitude when the lid is lifted. Without a negative cue, an excellent massage is communicated to the customer. Providing poor services is the quickest method to transform a service into an experience. Thus, an interaction is produced that is memorable, but of a negative nature. Overservice can ruin a customer's experience.

Engage each of the five senses.

It is essential that the sensory stimuli accompanying an event advance its topic. The greater the number of senses involved in an experience, the more memorable it is. Smart operators of shoe-cleaning establishments enhance the aroma of polish using material fragments that are brittle and easily broken. Aroma and sound that contribute nothing to the shoe but enhance the experience. During the mixing of produce, some grocery stores and bakeries scent the passageway, while others employ music and light to simulate a storm. The rain forest.

Quality Control As A Relatively New Approach To Quality Management Essay Help Services

Table of Contents
Introduction Discussion Part Conclusion Bibliography

Introduction

The fundamental objective of the organizational assessment, the enhancement of work quality, is addressed beginning in the middle of the 1990s with the establishment of quality circles. However, the project detour highlights the importance of employee participation and the enhancement of the quality of working life as a prerequisite for accomplishing other organizational objectives. Unless their concerns and interests are viewed as important to organizational transformation, employee commitment to new organizational objectives is unlikely (Beckford 34). Contrary to the expectations of upper management, the organizational evaluation revealed a multitude of issues. Although not an easy procedure, employee feedback was viewed as a challenge for reorientation and a resource for organizational growth. As both management and employees shared their opinions and objectives, the task forces were crucial in establishing a new appreciation between the two groups.

Discussion Chapter

The researchers describe quality control as a relatively recent quality management strategy. The primary purpose of this procedure is to enhance the quality and performance of the organization (Chase and Aquilano 12). Traditionally, the objective of the process is to meet and exceed client expectations. By combining all quality-related functions and procedures that have occurred throughout the business, the ultimate goal can be achieved. Typically, the organization employs a holistic strategy for managing quality design and development. The same can be said regarding quality control and maintenance of the basic procedures that are anticipated to enhance the company's overall performance.

In contemporary firms, the conventional management style of “command and control” is frequently linked to the decision to be compatible with total quality control systems. Many of the issues generated by the process are related to the application of contemporary management techniques. Traditionally, these are used to define the relative distinctions across styles. This is especially true in the era of customer-centric overall quality management. The issue appears to be the primary catalyst for change. “Command and control” is the technique that is usually utilized to enhance quality control processes. The primary characteristic of quality control is the presence of a structured system that has traditionally been utilized to satisfy the internal and external requirements of customers and suppliers. The ultimate objective is attained through the integration of the corporate environment and continual improvement. The ultimate target can be attained through development, improvement, and maintenance cycles. All of these processes have a place in the company's organizational culture. Use of quality control might be viewed as the most significant implication of change (Chase and Aquilano 23).

A combination of principles, methodologies, procedures, and best practices comprise quality control. These are implemented over the duration of the company's life. In general, the entire process relies on a number of efficient technologies. Historically, the technologies have relied on quality control features (Beckford 32). The incorporation of these aspects is anticipated to enhance the company's quality management technique model. The major purpose of the presented model is to characterize the company's existing primary quality management practices. The combination of these methodologies is used to evaluate the present strengths and weaknesses of an organization. Traditionally, the analysis is conducted with quality management techniques in mind (Manno and Kehoe 44).

In contemporary businesses, quality control is measured using statistical techniques. A technique based on the aforementioned strategy has been divided into two parts: one for the enhancement of current processes and the other for the creation of new ones. Each comprises of a number of processes. The effectiveness of this process flowchart in quality control is demonstrated by its contribution to the fulfillment of client product or service requirements. Lean Six Sigma employs more than thirty distinct techniques for the examination of production and engineering with the objective of achieving perfection. In order to measure products and processes, quality control is implemented in the form of process evaluation to identify flaws and discrepancies (Beckford 87).

A significant emphasis is placed on teaching people about tools and processes. Therefore, workers' understanding of safety standards at their workstations would prevent workplace accidents, making the process more efficient and productive. With the use of a quality control process flowchart, a safety officer can assess his actions pertaining to training individuals on safety concerns. The adoption and use of various safety signals in the plant can be evaluated for their efficacy and practical utility. With the use of a fishbone diagram, safety hazards in a facility can be evaluated. For instance, there is a reason why workers do not know the safety requirements (Feigenbaum 54). The result is frequent occurrences within the facility. The source of the steam may be people, processes, or equipment. If equipment is not functioning properly, mishaps at the work station may also occur. The plan is divided into cause and effect sections, with causes including people, procedures, equipment, materials, the environment, measurements, etc. Typically, the diagram would depict a relationship between causes and effects (Beckford 22). Reputation and moral beliefs of an organization influence quality and client happiness. Customers' satisfaction is a primary focus for the firm. Long-term, the quality-maximizing organization will emerge victorious regardless of market, financial, technological, human, or other considerations; but, organizations cannot and do not survive on visions and long-term positions alone (Feigenbaum 33). Employees are compensated at the organization, so clients expect high-quality services, administration standards must be followed, and local communities have claims on the resources that may not tolerate disagreement or even delay. Comparable to other businesses, Modern businesses view quality as their value mission The mundane demands of daily life necessitate a combination of the long and short term, of detail and strategy, so to speak. In addition to profitability, other factors that could be included as performance principles include market share, degree of compliance with rules, rate of innovation, and degree of social involvement. In addition to a comprehensive evaluation of consumer value, the input process of value production must be monitored and modified as necessary. Minor errors in the issue of value could generate problems and need the type of extreme change that a plan for continuously enhancing value attempts to prevent. The other concerns themselves provide an appropriate framework of indicators for the leadership process. Leadership, Integration, Involvement, and Ingraining are trustworthy indicators of how effectively an organization is pursuing its declared ultimate objective (Beckford 76).

In all firms, leadership is a vital objective that helps motivate and inspire personnel. Improving manufacturing and service quality is a logical consequence of achieving the time reductions and balance outlined above. Certainly, total quality is not just a matter of putting things together correctly or providing consumers with prompt, accurate, and courteous service. Leadership in design, service, atmosphere, rides, and assistance are crucial to the quality of the product's real construction (Manno and Kehoe 87). The organization that lacks the terrible attractions of its close rivals and the quality control procedures that must be performed before a plan can be recorded are all suffering against formidable odds. Their services as designed may be so severely faulty that even the best efforts to create consumer happiness (via quality consciousness, exhaustive testing, and instant service) may fall far short of consumers' expectations. Seventy percent of quality is established during the design phase, according to a common assertion (which is rarely disputed because it is difficult to verify or reject) (Beckford 24).

The process of quality control is concerned with the ISO 9000 Series implementation of the technical aspects of TQM. The International Organization for Standardization (ISO) 9000 is one of the most prevalent quality improvement systems. The organization utilizes a collection of international documents. These publications are sometimes referred to as standards. The traditional specifications are drafted by a global organization (Chase and Aquilano 65). The organization operates in accordance with the existing norms. Traditionally, these criteria are employed to ensure the quality of a company's performance. The measure's general purpose is to improve the issue's specific quality. The enhancement of the procedure can raise the market's overall competitiveness. The primary characteristic of quality improvement policy is an emphasis on enhancing the market's overall competitiveness. Competitiveness is a factor that makes ISO 9000 particularly popular among businesses (Beckford 66).

The requirement for customer-centric quality explains the necessity to attract and keep potential customers. The shifting sands of customer wants do not invalidate a technique of quality control; rather, they make it all the more applicable, provided the need for change and adaptability is recognized and incorporated into its execution. In addition to aiding in the definition and translation of value and quality, quality control can also aid in reacting to altering value perceptions. It is essential to remember that quality should never take precedence above user delight (Manno and Kehoe 87). Using quality standards and customer surveys, it is simple to resolve issues resulting from a tight focus on quality and flexibility. Ask the consumer to determine whether quality control or any customer-to-organization communications are functioning successfully. Consumers have diverse, shifting, and contradictory quality needs and expectations. Through redesign, faster response time, and user data, feedback aids managers in closing performance gaps (Chase and Aquilano 41). Conversely, sales growth that does not align with consumer perceptions of value indicates that the market success may be short-lived and may be related to anomalies in the sector, such as mistakes made by competitors. The opposite circumstance (poor sales growth and greater value received) indicates an inadequacy or lack of effort to communicate the product's inherent value and supply the highest quality (Manno and Kehoe 71).

Conclusion

Total control is a concept that is difficult to describe in a concise manner. The concept of quality management can be recovered by a thorough examination of quality award models. These models are meant to produce a variety of quality management outcomes for individuals. Numerous of these outcomes are related to the accurate representation of quality control. These components contribute to the development of an effective quality control methodology. The arguments against thinking are evident. Customer satisfaction is dependent not just on what is accomplished at each organization and product development step, but also on how the phases are interconnected. Certainly, a lack of client requirements and needs comprehension restricts the possibilities of later phases. A poorly-designed service severely limits the amount of quality that can be incorporated into it, just as one can only promote a poorly-designed service to a certain extent (Chase and Aquilano 11). Quality is vital for developing a quality culture and focusing on customer satisfaction as a fundamental company objective. The intention underpinning all quality initiatives, as well as customer satisfaction enhancement activities in general, is, on one level, to build working methods and philosophies that lead to enhanced outputs (quality and value) as well as ways for tracking progress toward these output goals. At a later, more significant and permanent level, quality assurance gets internalized and is no longer an option that can be offered. In three businesses, the ultimate goals of a successful quality program are employee accountability for quality and the recognition that breaches in quality effectively sever the links that bind one activity to the next. Although customer satisfaction is not a concept, as it is based on specific requirements, resources, and actions, there is an underlying feeling of order and a sense of responsibility in its achievement that alters physical evaluation.

Sources Cited

John Beckford, Quality, Routledge, 2002

Chase, Richard B., and Nicholas J. Aquilano. A Life Cycle Approach to Production and Operations Management. 2003 Irwin, 5th edition, Homewood, Illinois, USA

Manno, Bern G., and John J. Kehoe. Managing Quality Philip Allan, New York, USA, 2005

Feigenbaum, Armand. V. Total Quality Control. McGraw-Hill, 3rd edition, New York, USA, 2004.

[supanova question]

Changes In The Auditing And Accounting Profession Essay Help Services

Introduction

The following essay examines such accounting areas as the promulgation of the International Auditing Standards (ISAs), the convergence of GAAP and GAAS, the position of the United States with regard to the convergence, the difficulties encountered in the convergence process, and the attitude of the current U.S auditing setting bodies, i.e. the ASB and PCAOB.

There have been significant changes to the auditing profession as a result of increasing public accountability expectations, technical advancements, and economic difficulties in numerous company companies. In the past, the auditing profession has faced numerous obstacles, causing the public to lose faith in the auditing profession. Therefore, it is necessary to reconsider the most fundamental auditing procedures and principles in order to increase efficiency and restore public confidence.

Publication of International Accounting Standards (ISAs)

The International Accounting Standards are accounting standards issued and governed by the International Accounting Standards Board. Depending on the location where they are published, International Accounting Standards may also be referred to as International Financial Reporting Standards. For instance, IFRS are utilized in Russia, Hong Kong, and other European nations. In the United States, however, the applicable accounting standards are known as US Generally Accepted Accounting Principles (Schroeder & Cathey, 1).

International Standards on Auditing, on the other hand, refers to the professional standards that govern the financial audit performance. International Federation of Accountants, or IFAC, issues the standards through International Auditing and Assurance Standards Board, also known as IAASB. In terms of report issuing and non-public auditing, the Statements on Auditing Standards in the United States offer external auditors with guidelines on generally accepted auditing standards. The rules also offer auditors consistency, precision, and verifiability in their reports and actions.

They are promulgated by the Auditing Standards Board, and the American Institute of Certified Public Accountants, also known as AICPA, oversees their implementation. The Auditing Standards Board develops, explains, and revises the Generally Accepted Auditing Standards Board. They therefore produce authorized auditing pronouncements called as Statements on Auditing Standards. (Nikolai, 1).

Plan for the convergence of GAAP and GAAS

As far as changes in the auditing and accounting profession are concerned, the convergence of GAAP and GAAS is the primary objective, and in order to continue enhancing comparability, consistency, and efficiency with respect to the global market, both the FASB and IASB, which are the financial bodies of GAAP and GAAS, have made commitments to converge the international accounting standards and U.S. GAAP. Consequently, the FASB has undertaken a number of initiatives to enhance t

The first step involves the standard-setters performing concurrent joint projects by sharing available resources, such as people, to ensure that both oversight Boards' joint projects are completed at the same time. Both the FASB and the IASB are actively working on collaborative initiatives concerning business combinations, financial statements, conceptual frameworks, and revenue recognition (Kirk 6).

The other initiative towards convergence is the concurrent short-term project with the International Auditing Standards Board, whose primary objective is to develop standards targeted at fostering convergence. Thus, the focus is on picking a solution from the existing IFRS and U.S. GAAP in order to ensure that the solution is of good quality and that all sides have equal representation (Pounder 1).

In addition, IASB members are always present at FASB offices in order to foster an alliance, which in turn facilitates the flow of information, opinions, and ideas and enhances collaboration between the two organizations.

The other program involves the FASB to IASB projects in order to maintain track of what is occurring and to fix errors as they occur. Then, a research project involving the convergence of both FASB employees and the project is done to ensure that high-quality auditing standards are produced globally so that stakeholders can have confidence in the standards.

Obstacles to effective convergence

The path towards the successful convergence of U.S. GAAP and IFRS has been fraught with obstacles. Education of the staff participating in the convergence process, i.e., the board of directors, the senior management, and the accounting staff, is difficult due to the time and money required for training. There has also been a mismatch between the convergent requirements and the corresponding capacity to perform, i.e., the mere convergent of U.S. GAAP and IFRS requires certain minimum capacity levels, so well-qualified individuals are capable of completing the convergent process in a shorter amount of time than a team that is not adequately trained (Pounder 1).

There have been several misunderstandings regarding the nature of international standards. The convergence of U.S. GAAP and IFRS has been impeded by the fact that many individuals are unaware of what the international standards comprise and why convergence is necessary in many countries throughout the world. Thus, the route to convergence has never been a simple one, as certain parties have only adopted some standards, while others have rejected the convergence of certain standards because they think them irrelevant; hence the difficulty.

In addition, there has been a mismatch between market expectations and accounting and auditing requirements, providing a dilemma due to the fact that both U.S. GAAP and IFRS are designed to conform with regulatory regimes. Some nations function in an environment devoid of cooperation between the government and other regulatory authorities, hence impeding effective convergence. The political context plays a significant impact in the successful convergence of U.S. GAAP and IFRS, suggesting that nations with unstable political environments represent a significant obstacle to the convergence process.

The existence of distinct cultures is also a hurdle to the effective convergence of U.S. GAAP and IFRS, as some nations are typically content with the status quo and are resistant to change. Some countries believe that convergence will result in standards that will only be applicable in countries with higher Gross Domestic Products (GDPs), i.e. the citizens of poor countries have a negative attitude towards convergent because they view it as irrelevant in comparison to the citizens of developed nations. Due to language difficulties, it is also more difficult to obtain ideas for the convergent process from people from around the world.

Current U.S. auditing standard-setting bodies' stance on convergence

The present auditing bodies in the United States, i.e. ASB and PCAOB, applaud the convergence initiatives since they view it as the mechanism by which auditing features such as consistency and comparability will be standardized. The convergence is considered as a plan that will demand auditors to spend more time with their customers, which will increase the auditor's workload and lead to higher audit costs (Epstein & Jermakowicz 1).

Conclusion

Globally, and especially in the United States of America, the adoption of international auditing standards is increasing daily. Therefore, convergence is required to restore public confidence. Convergence should be implemented in all industries, including insurance, healthcare, banking, etc. The convergence should seek to produce quality standards that are applicable into the foreseeable future; hence, extensive consultations and exhaustive research are required before the standards can be judged to be of high quality and universally accepted. Convergence will improve resource allocation and reduce the administrative load of financial reporting by streamlining the process of creating group and individual financial statements.

Bibliography

Epstein, Barry & Jermakowicz, Eva Wiley. International accounting and financial standards interpretation and application. 2008, John Wiley and Sons website, New Jersey.

In-depth analysis of international financial reporting standards by Robert Kirk. Oxford: Elsevier, 2005.

Intermediate Accounting by Nikolai, John. Stanford: Cengage Learning, 2009. Web.

Pounder, Bruce. Guide to Convergence for Corporate Financial Reporting. 2009, John Wiley and Sons, New Jersey Web.

Jack Schroeder and Richard Schroeder. Texts and Cases on Financial Accounting Theory and Analysis. 2010: John Wiley & Sons, New Jersey Web.

[supanova question]

Introduction

The following essay examines such accounting areas as the promulgation of the International Auditing Standards (ISAs), the convergence of GAAP and GAAS, the position of the United States with regard to the convergence, the difficulties encountered in the convergence process, and the attitude of the current U.S auditing setting bodies, i.e. the ASB and PCAOB.

There have been significant changes to the auditing profession as a result of increasing public accountability expectations, technical advancements, and economic difficulties in numerous company companies. In the past, the auditing profession has faced numerous obstacles, causing the public to lose faith in the auditing profession. Therefore, it is necessary to reconsider the most fundamental auditing procedures and principles in order to increase efficiency and restore public confidence.

Publication of International Accounting Standards (ISAs)

The International Accounting Standards are accounting standards issued and governed by the International Accounting Standards Board. Depending on the location where they are published, International Accounting Standards may also be referred to as International Financial Reporting Standards. For instance, IFRS are utilized in Russia, Hong Kong, and other European nations. In the United States, however, the applicable accounting standards are known as US Generally Accepted Accounting Principles (Schroeder & Cathey, 1).

International Standards on Auditing, on the other hand, refers to the professional standards that govern the financial audit performance. International Federation of Accountants, or IFAC, issues the standards through International Auditing and Assurance Standards Board, also known as IAASB. In terms of report issuing and non-public auditing, the Statements on Auditing Standards in the United States offer external auditors with guidelines on generally accepted auditing standards. The rules also offer auditors consistency, precision, and verifiability in their reports and actions.

They are promulgated by the Auditing Standards Board, and the American Institute of Certified Public Accountants, also known as AICPA, oversees their implementation. The Auditing Standards Board develops, explains, and revises the Generally Accepted Auditing Standards Board. They therefore produce authorized auditing pronouncements called as Statements on Auditing Standards. (Nikolai, 1).

Plan for the convergence of GAAP and GAAS

As far as changes in the auditing and accounting profession are concerned, the convergence of GAAP and GAAS is the primary objective, and in order to continue enhancing comparability, consistency, and efficiency with respect to the global market, both the FASB and IASB, which are the financial bodies of GAAP and GAAS, have made commitments to converge the international accounting standards and U.S. GAAP. Consequently, the FASB has undertaken a number of initiatives to enhance t

The first step involves the standard-setters performing concurrent joint projects by sharing available resources, such as people, to ensure that both oversight Boards' joint projects are completed at the same time. Both the FASB and the IASB are actively working on collaborative initiatives concerning business combinations, financial statements, conceptual frameworks, and revenue recognition (Kirk 6).

The other initiative towards convergence is the concurrent short-term project with the International Auditing Standards Board, whose primary objective is to develop standards targeted at fostering convergence. Thus, the focus is on picking a solution from the existing IFRS and U.S. GAAP in order to ensure that the solution is of good quality and that all sides have equal representation (Pounder 1).

In addition, IASB members are always present at FASB offices in order to foster an alliance, which in turn facilitates the flow of information, opinions, and ideas and enhances collaboration between the two organizations.

The other program involves the FASB to IASB projects in order to maintain track of what is occurring and to fix errors as they occur. Then, a research project involving the convergence of both FASB employees and the project is done to ensure that high-quality auditing standards are produced globally so that stakeholders can have confidence in the standards.

Obstacles to effective convergence

The path towards the successful convergence of U.S. GAAP and IFRS has been fraught with obstacles. Education of the staff participating in the convergence process, i.e., the board of directors, the senior management, and the accounting staff, is difficult due to the time and money required for training. There has also been a mismatch between the convergent requirements and the corresponding capacity to perform, i.e., the mere convergent of U.S. GAAP and IFRS requires certain minimum capacity levels, so well-qualified individuals are capable of completing the convergent process in a shorter amount of time than a team that is not adequately trained (Pounder 1).

There have been several misunderstandings regarding the nature of international standards. The convergence of U.S. GAAP and IFRS has been impeded by the fact that many individuals are unaware of what the international standards comprise and why convergence is necessary in many countries throughout the world. Thus, the route to convergence has never been a simple one, as certain parties have only adopted some standards, while others have rejected the convergence of certain standards because they think them irrelevant; hence the difficulty.

In addition, there has been a mismatch between market expectations and accounting and auditing requirements, providing a dilemma due to the fact that both U.S. GAAP and IFRS are designed to conform with regulatory regimes. Some nations function in an environment devoid of cooperation between the government and other regulatory authorities, hence impeding effective convergence. The political context plays a significant impact in the successful convergence of U.S. GAAP and IFRS, suggesting that nations with unstable political environments represent a significant obstacle to the convergence process.

The existence of distinct cultures is also a hurdle to the effective convergence of U.S. GAAP and IFRS, as some nations are typically content with the status quo and are resistant to change. Some countries believe that convergence will result in standards that will only be applicable in countries with higher Gross Domestic Products (GDPs), i.e. the citizens of poor countries have a negative attitude towards convergent because they view it as irrelevant in comparison to the citizens of developed nations. Due to language difficulties, it is also more difficult to obtain ideas for the convergent process from people from around the world.

Current U.S. auditing standard-setting bodies' stance on convergence

The present auditing bodies in the United States, i.e. ASB and PCAOB, applaud the convergence initiatives since they view it as the mechanism by which auditing features such as consistency and comparability will be standardized. The convergence is considered as a plan that will demand auditors to spend more time with their customers, which will increase the auditor's workload and lead to higher audit costs (Epstein & Jermakowicz 1).

Conclusion

Globally, and especially in the United States of America, the adoption of international auditing standards is increasing daily. Therefore, convergence is required to restore public confidence. Convergence should be implemented in all industries, including insurance, healthcare, banking, etc. The convergence should seek to produce quality standards that are applicable into the foreseeable future; hence, extensive consultations and exhaustive research are required before the standards can be judged to be of high quality and universally accepted. Convergence will improve resource allocation and reduce the administrative load of financial reporting by streamlining the process of creating group and individual financial statements.

Bibliography

Epstein, Barry & Jermakowicz, Eva Wiley. International accounting and financial standards interpretation and application. 2008, John Wiley and Sons website, New Jersey.

In-depth analysis of international financial reporting standards by Robert Kirk. Oxford: Elsevier, 2005.

Intermediate Accounting by Nikolai, John. Stanford: Cengage Learning, 2009. Web.

Pounder, Bruce. Guide to Convergence for Corporate Financial Reporting. 2009, John Wiley and Sons, New Jersey Web.

Jack Schroeder and Richard Schroeder. Texts and Cases on Financial Accounting Theory and Analysis. 2010: John Wiley & Sons, New Jersey Web.

[supanova_question]

Changes In The Auditing And Accounting Profession Essay Help Services

Table of Contents
Introduction Accounting's Characteristics How accounting theories vary An alternative explanation for a phenomenon. Conclusion Bibliography

Introduction

Throughout the history of accounting, various theories have been created to explain the always evolving accounting methods. However, there has never been a universally agreed accounting theory, mostly due to differences in accounting information assumptions, methodologies, and users. In general, accounting entails the measurement, recording, and distribution of financial information for use in decision-making by its users. In order to attain this objective, numerous theories involving concepts, rules, guidelines, and hypotheses have been developed to provide explanations and forecasts for accounting application and practice. According to Riahi-Belkaoui (2004, p. 80), a theory is a corpus consisting of interconnected concepts, hypotheses, and propositions that permit explanation and prediction of the subject matter (in this case accounting).

Regardless of whatever accounting theory is employed to explain certain accounting phenomena, each theory must be empirically testable and verifiable, or it must be easily validated. In addition, accounting theories have varied based on the methodology used to develop them, including traditional approaches (inductive, deductive, ethical, sociological, and economic approaches) and new approaches (e.g., events, decision model, behavioral, predictive, and information-economic approaches) (Porwal, 2001, p.27). Various types of information are necessary for various applications, and as a result, different theories tend to provide varying explanations and predictions based on the type of information required and the intended application. In other words, different types of individuals from diverse cultures and decision paradigms will use accounting information, and because accounting information is susceptible to change based on circumstances, there is essentially no universal rule/law followed in accounting practice. Despite this, the fundamental purpose of all interested parties is to have a better understanding of accounting theory and accounting practice (Solomons and Zeff, 1996, p. 18). However, efforts have been undertaken to achieve harmonization of accounting standards for the creation of market-relevant financial accounting accounts (Glautier and Underdown, 1994, p381).

Accounting theories may also be categorized as normative (or prescriptive) or positive (or descriptive) based on the age of its creation and application basis. Moreover, it is possible for multiple accounting theories to provide alternative interpretations and forecasts for the same accounting phenomena. This paper will examine why there are so many accounting theories, how these theories differ from one another, and the circumstances in which two theories may provide alternative interpretations for the same accounting phenomenon.

Aspects of Accounting

Due to the complexity of accounting, no single accounting theory can be applied exhaustively. This is because accounting is comprised of many concepts and principles employed in the identification, measurement, and communication of economic information to users of such information for the purpose of making informed decisions. These users may include shareholders, creditors, the government, investors, and the management of the organization (Mattesich, 2007, p.3). In recent years, the conflict in accounting standards between different accounting bodies such as the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) has accelerated the importance of establishing a body of accounting theory to serve as the basis for establishing accounting standards and providing guidance to authoritative accepted principles (Delaney and Whittington, 2008, p. 41).

The dynamic nature of accounting practice provides a foundation for the creation of theories that are tailored to certain accounting procedures. According to Watts and Zimmerman (1990, p.140), the choice of accounting theory to apply to a particular accounting occurrence depends on the level of explanation provided by the theory. Thus, ideas are always evolving in response to the rising need for knowledge, and the theory with the best explanation and prediction is favored above others. Due to differences in the underlying assumptions of competing theories, such as legitimacy theory and stakeholders' theory, the rationality of choice will be applied. For instance, legitimacy theory and stakeholders' theory may be viewed as two competing theories, but both may have different underlying assumptions regarding the phenomenon (Deegan, 2007, p. 276).

Comparing accounting theories

Accounting theory often explains accounting phenomena in terms of accounting ideas and principles, accounting bases and procedures, accounting policies and standards. Accounting principles include the matching concept, business entity, going concern, historical cost recognition, accrual basis accounting, revenue recognition, and materiality, substance over form, caution, monetary concept, and consistency. Accounting bases are the methods applied to an accounting phenomena in order to explain a particular idea; for instance, many depreciation methods may be employed to express the application of the corresponding concept. Policies entail the selection of a certain technique or accounting base in the application, such as the use of the decreasing balance approach for depreciation calculations. Accounting standards are the exact norms that govern the practice of accounting and the treatment of particular accounting items. Due to the diverse accounting applications of these items, various theories have been developed to provide explanations that are applicable to the accounting practice (Norris, 1980, p. 70).

The absence of a single accounting theory has been made possible by the application of many theoretical and non-theoretical techniques to the development of accounting theories. For example, the non-theoretical methods (such as pragmatic and authoritarian) propose practical solutions to real-world accounting practice based on the value of accounting information to its users (Riahi-Belkaoui, 2004, p. 110). A pragmatic approach to the development of the theory of accounts, for instance, tends to rationalize the use of double-entry accounting/bookkeeping based on the selection of the accounting system that explains the balancing effects in the financial statements. The deductive approach tends to generate theories that deduce the veracity of assertions and accounting processes with absolute confidence, such as observing an occurrence and deducing the optimal method to utilize. The inductive method, on the other hand, provides a theoretical framework based on a generalization of accounting techniques utilized in specific accounting practices (Devine, Hendrickson and Williams, 2004, p. 27). For instance, the theory may attempt to justify the application of the historical cost principle by generalizing the objectives inherent in the application of accounting techniques in a given accounting practice (Ijiri, 1975, p. 70).

An alternative explanation for a phenomenon.

History of accounting theory has led to the creation of normative and positive accounting theories that differ on the basis of observation level and application. Normative theories tend to explain what should be done in a particular phenomenon without including observations or future trends, i.e. they are founded on the truth of measurement and specific application of a given technique (Kabir, 2005, p. 2). For instance, judgments are made based on user requirements and do not extend to making predictions; they are primarily related to the deductive and inductive methods of theoretical building. Positive theories, on the other hand, are science-based and tend to be predictive in character. They are predominantly employed in capital market and behavioral accounting applications, where they tend to dismiss normative theories based on information limitation and the use of accounting numbers (Kabir, 2007, p. 4). In addition, positive theories suggest that extra economic information, such as management analysis reports, political and social factors influencing accounting decision, and the accounting changes and contracting costs hypothesis, is valuable to information users. Accounting is an applied social science from a logical stance, and the theory created should be susceptible to philosophical evaluation (Nobes, 1996, p. 127).

Due to the prevalence of competing ideas in accounting practice, same accounting phenomena tend to be treated differently. The going value theory, for instance, recognizes assets based on their previous costs, but the equity/fair value theory bases the cost of the same item on its current market worth. The explanation for this difference is that the going value theory assumes that the asset's value at the time of purchase is constant, and since the asset's physical condition will not change, its cost will also remain constant, whereas the fair value theory indicates that market changes always occur and prices are never constant, so it is appropriate to account for the changes in the asset's economic value. Consider another scenario in which an auditor gives a report to prospective investors without doing a physical stock count to validate the values. In the event of litigation, many theories may provide diverse explanations for the circumstance. For example, the normative theory will utilize the accurate and fair view method articulated in international accounting standards to demonstrate that the auditor should have undertaken the stock count since he knew the information would be used by investors (Carpenter, 1994). The positive theory, on the other hand, will explain unequivocally that it is not the auditors' obligation to perform physical stock counts and that the truthful and fair view will not be dependent on the provisions of the laws or accounting standards.

Conclusion

In conclusion, it is evident that there is no single or universal theory that can explain all the requirements of accounting practice; rather, there must be a variety of theories that satisfy the needs of various stakeholders at various decision-making stages. Regardless of the accounting theory employed, the information presented to users should be accurate, relevant, and acceptable, as well as pertinent to decision making, and should be able to satisfy both accounting and non-accounting users. The hypothesis must also be testable and capable of empirical validation.

Bibliography

Carpenter, D., 1994. Several Strategies for a "True and Fair View" The Irish Accounting Review, Number 1 of Volume 1

Financial; Accounting Theory. New South Wales: McGraw-Hill Irwin, 2007.

2008. Delaney, P. R., and O. R. Whittington. Financial Accounting and Reporting, Wiley CPA Exam Review 2009: John Wiley & Sons, Inc. Web.

2004 publication by Devine, C. T., Hendrickson, H. S., and Williams, P. F. Essays on accounting theory by Carl Thomas Devine. Oxford and Routledge are publishers.

Ijiri, Y., 1975. Accounting measurement theory Virginia's University of Virginia

Glautier, M., and B. Underdown, "Accounting Theory & Practice," London: Pitman, 1994.

2005. Normative Accounting Theories by M. H. Kabir. Internet resource for the Faculty of Business at Auckland University of Technology.

Positive Accounting Theory and Science, by M. H. Kabir. Internet resource for the Faculty of Business at Auckland University of Technology.

Two Hundred Years of Accounting Research. Mattessich, R. Oxford and Routledge are publishers.

Nobes, C. (1996). International accounting harmonization. Web site of Edward Elgar Publishing.

Accounting theory: a sketch of its structure, by H. Norris, 1980. The publisher Ayer.

Accounting Theory, Third Edition, Mumbai: Tata McGraw-Hill, 2001.

Accounting Theory by A. Riahi-Belkaoui, Andover, Cengage Learning EMEA, 2004.

Accounting Research, 1948-1958: Selected Articles on Accounting Theory. Solomons, D., and S. A. Zeff. Web. Oxford, Taylor & Francis.

Watts, R. L., and J. L. Zimmerman, 1990. A 10-Year Perspective on Positive Accounting Theory. 131-156 in The Accounting Review, Volume 65.

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Table of Contents

Introduction Aspects of Accounting Comparing accounting theories An alternative explanation for a phenomenon. Conclusion Bibliography

Introduction

Throughout the history of accounting, various theories have been created to explain the always evolving accounting methods. However, there has never been a universally agreed accounting theory, mostly due to differences in accounting information assumptions, methodologies, and users. In general, accounting entails the measurement, recording, and distribution of financial information for use in decision-making by its users. In order to attain this objective, numerous theories involving concepts, rules, guidelines, and hypotheses have been developed to provide explanations and forecasts for accounting application and practice. According to Riahi-Belkaoui (2004, p. 80), a theory is a corpus consisting of interconnected concepts, hypotheses, and propositions that permit explanation and prediction of the subject matter (in this case accounting).

Regardless of whatever accounting theory is employed to explain certain accounting phenomena, each theory must be empirically testable and verifiable, or it must be easily validated. In addition, accounting theories have varied based on the methodology used to develop them, including traditional approaches (inductive, deductive, ethical, sociological, and economic approaches) and new approaches (e.g., events, decision model, behavioral, predictive, and information-economic approaches) (Porwal, 2001, p.27). Various types of information are necessary for various applications, and as a result, different theories tend to provide varying explanations and predictions based on the type of information required and the intended application. In other words, different types of individuals from diverse cultures and decision paradigms will use accounting information, and because accounting information is susceptible to change based on circumstances, there is essentially no universal rule/law followed in accounting practice. Despite this, the fundamental purpose of all interested parties is to have a better understanding of accounting theory and accounting practice (Solomons and Zeff, 1996, p. 18). However, efforts have been undertaken to achieve harmonization of accounting standards for the creation of market-relevant financial accounting accounts (Glautier and Underdown, 1994, p381).

Accounting theories may also be categorized as normative (or prescriptive) or positive (or descriptive) based on the age of its creation and application basis. Moreover, it is possible for multiple accounting theories to provide alternative interpretations and forecasts for the same accounting phenomena. This paper will examine why there are so many accounting theories, how these theories differ from one another, and the circumstances in which two theories may provide alternative interpretations for the same accounting phenomenon.

Aspects of Accounting

Due to the complexity of accounting, no single accounting theory can be applied exhaustively. This is because accounting is comprised of many concepts and principles employed in the identification, measurement, and communication of economic information to users of such information for the purpose of making informed decisions. These users may include shareholders, creditors, the government, investors, and the management of the organization (Mattesich, 2007, p.3). In recent years, the conflict in accounting standards between different accounting bodies such as the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) has accelerated the importance of establishing a body of accounting theory to serve as the basis for establishing accounting standards and providing guidance to authoritative accepted principles (Delaney and Whittington, 2008, p. 41).

The dynamic nature of accounting practice provides a foundation for the creation of theories that are tailored to certain accounting procedures. According to Watts and Zimmerman (1990, p.140), the choice of accounting theory to apply to a particular accounting occurrence depends on the level of explanation provided by the theory. Thus, ideas are always evolving in response to the rising need for knowledge, and the theory with the best explanation and prediction is favored above others. Due to differences in the underlying assumptions of competing theories, such as legitimacy theory and stakeholders' theory, the rationality of choice will be applied. For instance, legitimacy theory and stakeholders' theory may be viewed as two competing theories, but both may have different underlying assumptions regarding the phenomenon (Deegan, 2007, p. 276).

Comparing accounting theories

Accounting theory often explains accounting phenomena in terms of accounting ideas and principles, accounting bases and procedures, accounting policies and standards. Accounting principles include the matching concept, business entity, going concern, historical cost recognition, accrual basis accounting, revenue recognition, and materiality, substance over form, caution, monetary concept, and consistency. Accounting bases are the methods applied to an accounting phenomena in order to explain a particular idea; for instance, many depreciation methods may be employed to express the application of the corresponding concept. Policies entail the selection of a certain technique or accounting base in the application, such as the use of the decreasing balance approach for depreciation calculations. Accounting standards are the exact norms that govern the practice of accounting and the treatment of particular accounting items. Due to the diverse accounting applications of these items, various theories have been developed to provide explanations that are applicable to the accounting practice (Norris, 1980, p. 70).

The absence of a single accounting theory has been made possible by the application of many theoretical and non-theoretical techniques to the development of accounting theories. For example, the non-theoretical methods (such as pragmatic and authoritarian) propose practical solutions to real-world accounting practice based on the value of accounting information to its users (Riahi-Belkaoui, 2004, p. 110). A pragmatic approach to the development of the theory of accounts, for instance, tends to rationalize the use of double-entry accounting/bookkeeping based on the selection of the accounting system that explains the balancing effects in the financial statements. The deductive approach tends to generate theories that deduce the veracity of assertions and accounting processes with absolute confidence, such as observing an occurrence and deducing the optimal method to utilize. The inductive method, on the other hand, provides a theoretical framework based on a generalization of accounting techniques utilized in specific accounting practices (Devine, Hendrickson and Williams, 2004, p. 27). For instance, the theory may attempt to justify the application of the historical cost principle by generalizing the objectives inherent in the application of accounting techniques in a given accounting practice (Ijiri, 1975, p. 70).

An alternative explanation for a phenomenon.

History of accounting theory has led to the creation of normative and positive accounting theories that differ on the basis of observation level and application. Normative theories tend to explain what should be done in a particular phenomenon without including observations or future trends, i.e. they are founded on the truth of measurement and specific application of a given technique (Kabir, 2005, p. 2). For instance, judgments are made based on user requirements and do not extend to making predictions; they are primarily related to the deductive and inductive methods of theoretical building. Positive theories, on the other hand, are science-based and tend to be predictive in character. They are predominantly employed in capital market and behavioral accounting applications, where they tend to dismiss normative theories based on information limitation and the use of accounting numbers (Kabir, 2007, p. 4). In addition, positive theories suggest that extra economic information, such as management analysis reports, political and social factors influencing accounting decision, and the accounting changes and contracting costs hypothesis, is valuable to information users. Accounting is an applied social science from a logical stance, and the theory created should be susceptible to philosophical evaluation (Nobes, 1996, p. 127).

Due to the prevalence of competing ideas in accounting practice, same accounting phenomena tend to be treated differently. The going value theory, for instance, recognizes assets based on their previous costs, but the equity/fair value theory bases the cost of the same item on its current market worth. The explanation for this difference is that the going value theory assumes that the asset's value at the time of purchase is constant, and since the asset's physical condition will not change, its cost will also remain constant, whereas the fair value theory indicates that market changes always occur and prices are never constant, so it is appropriate to account for the changes in the asset's economic value. Consider another scenario in which an auditor gives a report to prospective investors without doing a physical stock count to validate the values. In the event of litigation, many theories may provide diverse explanations for the circumstance. For example, the normative theory will utilize the accurate and fair view method articulated in international accounting standards to demonstrate that the auditor should have undertaken the stock count since he knew the information would be used by investors (Carpenter, 1994). The positive theory, on the other hand, will explain unequivocally that it is not the auditors' obligation to perform physical stock counts and that the truthful and fair view will not be dependent on the provisions of the laws or accounting standards.

Conclusion

In conclusion, it is evident that there is no single or universal theory that can explain all the requirements of accounting practice; rather, there must be a variety of theories that satisfy the needs of various stakeholders at various decision-making stages. Regardless of the accounting theory employed, the information presented to users should be accurate, relevant, and acceptable, as well as pertinent to decision making, and should be able to satisfy both accounting and non-accounting users. The hypothesis must also be testable and capable of empirical validation.

Bibliography

Carpenter, D., 1994. Several Strategies for a "True and Fair View" The Irish Accounting Review, Number 1 of Volume 1

Financial; Accounting Theory. New South Wales: McGraw-Hill Irwin, 2007.

2008. Delaney, P. R., and O. R. Whittington. Financial Accounting and Reporting, Wiley CPA Exam Review 2009: John Wiley & Sons, Inc. Web.

2004 publication by Devine, C. T., Hendrickson, H. S., and Williams, P. F. Essays on accounting theory by Carl Thomas Devine. Oxford and Routledge are publishers.

Ijiri, Y., 1975. Accounting measurement theory Virginia's University of Virginia

Glautier, M., and B. Underdown, "Accounting Theory & Practice," London: Pitman, 1994.

2005. Normative Accounting Theories by M. H. Kabir. Internet resource for the Faculty of Business at Auckland University of Technology.

Positive Accounting Theory and Science, by M. H. Kabir. Internet resource for the Faculty of Business at Auckland University of Technology.

Two Hundred Years of Accounting Research. Mattessich, R. Oxford and Routledge are publishers.

Nobes, C. (1996). International accounting harmonization. Web site of Edward Elgar Publishing.

Accounting theory: a sketch of its structure, by H. Norris, 1980. The publisher Ayer.

Accounting Theory, Third Edition, Mumbai: Tata McGraw-Hill, 2001.

Accounting Theory by A. Riahi-Belkaoui, Andover, Cengage Learning EMEA, 2004.

Accounting Research, 1948-1958: Selected Articles on Accounting Theory. Solomons, D., and S. A. Zeff. Web. Oxford, Taylor & Francis.

Watts, R. L., and J. L. Zimmerman, 1990. A 10-Year Perspective on Positive Accounting Theory. 131-156 in The Accounting Review, Volume 65.

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Accounting Machine. History Of Modern Computing Essay Help Services

Introduction

In the last 50 years, corporate organizations' economic development has taken a new direction, with rapid expansion attributable to the impact of advancements in transportation infrastructure, particularly in the technology utilized in transportation facilities (Cortada, 1993). In addition, technological developments in production machinery, production procedures, and communication facilities have had a significant impact on the rapid expansion of economic development in many commercial organizations. In this regard, considering the rate of growth and increase in organisational size as well as the need for accuracy, legibility, legitimacy economy, and accelerated rate of record manipulation in the accounting department, it was necessary for the accounting office to develop tools and machinery with enhanced features able to provide efficiency within the production methods, which also necessitated a redesign (Cortada, 1993). These innovative designs of accounting office machines and manufacturing procedures were necessary for the accounting office of such a business organization to keep pace with the industry's rapid development. This article examines the accounting machine, also known as the bookkeeping machine, and discusses the machine's operation and significance in the accounting office of a modern company organization. In addition, the tool's pros and weaknesses, as well as usage advice, will be discussed.

Motives for the Development of the Accounting Machine

In order to provide accurate accounting advice, especially during an audit, practicing certified public accountants have been advising business organizations on the importance of integrating accounting machines into their accounting efforts, as well as the use of associated methods for controlling and manipulating their office operations. Considering the independence of a certified public accountant as an accounting advisor to a business organization, the management of these expanding business organizations have found themselves considering the advice that CPAs have provided regarding the most effective office machine to carry out their assigned tasks (Akera & Nebeker, 2002). Several facets of the machine's functionality were studied during its creation. For instance, it was designed with printing and calculating capabilities, as well as tools to support the billing and payroll operations of a business. The extensive usage of these accounting machines in the nineteenth century has been replaced by the invention of readily available, low-cost, and simple-to-use computers much later in the same century.

On the basis of the caliber of the accounting profession, numerous commercial organizations have established unique guiding principles for the selection, installation, and utilization of accounting machinery. In this regard, the capability and application of the machine must correspond to the vast accounting area within the business organization. In the modern business environment, the selection of accounting machines is based on a thorough comprehension of the variety of accounting machine classes in terms of their benefits and drawbacks, as well as their conformity with the organizational transactions being recorded. Different personnel have varying tastes, which may be influenced by the firms' experiences and/or financial resources. In addition, it depends on the personnel's understanding of the machine's operation and its application to the creation of quality records. Exists a variety of accounting equipment, the bulk of which is rated as outstanding in performance. On the other hand, it is a truth that certain accounting machines are more powerful than others, with some accounting machines performing better in specific accounting applications due to a fundamental advantage accumulated by one machine over others.

According to research, the two basic components of an organization's accounting system should allow addition and typing. However, enhancements have been made to support more functions. Some of the enhancements accommodate electronic tabulation and classification of playing cards. Considering the fundamental design of a calculator, the principle utilized by adding machines must be modified. In addition, ongoing development has assured that the machine may be used for both typewriting and telegraphic billing. Due to technological advancements, equipment with enhanced functionality, such as addressing machines, were created to accommodate advanced accounting procedures.

Design of Accounting Machine

Considering that the fundamental premise of accounting machines is a combination of the typewriter and/or adding machine, their design is similar to that of either of the two with added capabilities. Today's bookkeeping machines possessed specific features, such as a keyboard with a fully visible 81 keys, a zero-to-ten key, a typewriter, a combination of a fully visible 81 keys and a typewriter, or a combination of a zero-to-ten key and a calculator synchronized with a typewriter system. In addition to a keyboard, a bookkeeping machine has a manual, key, or automated carriage tabulation application and accumulation functionality that can register with or without automatic printing of totals. In addition, the machine has a writing surface and feed facet that is either cylindrical for back feed or front feed, or flat in design; visibility functionality, with some machines having none, partial, or complete functionality of this feature; proof of pick-up application; and an automated repetition of postings or totals feature (Cortada, 1993). Accounting machines designed to accept all or the majority of these aspects describe the mechanical factors involved and the accompanying relative benefits and drawbacks.

Keyboards

These components are intended to facilitate data entry for computers. The design of the keyboard is such that the numerous figures and letters are plainly discernible and readily seen. Different colors are used to denote distinct classes of integers, such as pennies, hundreds, thousands, etc., which represent monetary figures. Additionally, various keys commanded a distinct value, allowing the printing of ciphers without keystrokes. During operation, registration of figures occurs only after depressing a motor bar, allowing for changes to be made prior to depressing the motor bar by pressing another needed key. The "error" key allowed for the complete cleaning of the keyboard. The keyboard is designed such that a person working with the machine can achieve speed with four fingers by seeing the keys from top to bottom. The global standardization of the design makes it possible for personnel from different countries to operate the accounting machine in any country.

In another arrangement, a zero-to-ten-key keyboard consists of number keys labeled one through nine, followed by a zero key (Akera & Nebeker, 2002).

Different digits or characters are displayed with each keystroke. Corrections can only be made by subtracting the error from the shown value and inputting the corrected values after either removing the incorrect values and inputting the corrections or dispersing the entire correction on the display. Input can be activated in two different ways. First, the machine might be programmed to accept input when a key is pressed. The appliance could also be designed to accept input via electrical signals. In the latter instance, adjustments are made prior to entering the final amount using the "error" key in order to clear the inputted number and reinstate the right transactions. In the recent past, advancements have been made to these typewriter keyboard machines such that they are now automated, making it easier and faster to key in records and facilitating the rapid manipulation of their information with less human fatigue. Designs that combine a fully visible 81-key keyboard with a typewriter keyboard provide superior functionality, particularly in accounting operations requiring the description of transactions and in situations where the description of the fully visible adding machine keyboard is deemed advantageous when inputting transactions.

Similarly, a keyboard created using a combination of the zero-to-ten-key keyboard and the typewriter employs the aforementioned approach. The calculator component is crucial since it facilitates numerous mathematical operations. The manipulations are essential for determining discounts and other crucial accounting features in organizations. In addition, the characteristic is significant since it enables the machine to perform multiple tasks simultaneously. This significantly decreases the possibility of accounting errors. There are a variety of keyboard types for machines in accounting divisions of businesses. The selection of keyboards is determined by the required input and output. Thus, personnel select keyboards based on anticipated advantages and disadvantages. Accounting computers with keyboard combinations are more advantageous when working with descriptive data that cannot be symbolically encoded into little numbers, according to the fundamental principle.

Proof of Collection

Some accounting machines have been outfitted with software that ensures the accuracy of previously gathered balances and the precision of freshly specified balances (Fierheller, 2006). This capability is especially important when comparing trial balances to controls and daily postings based on independent totals to check for pickups.

Other types of bookkeeping accounting devices include the punched card machine, the calculating machine, and the addressing machine. The punched card machine is particularly beneficial in business organizations with numerous transactions requiring categorisation and the recording of card information (Mecham, 1961; Fierheller, 2006). A calculating machine, on the other hand, enables the entry of computed records, with features that vary according to the complexity of the operation. Lastly, accounting is increasingly incorporating addressing machines.

Accumulation

Registers are a component of the design of accounting machines with typewriter keyboards. The registers are designed with characteristics that enable them to independently accumulate transactions entered in relevant columns. In addition, a cross-footing function on the register permits the buildup of net balances on transactions recorded for certain accounts. This design of accounting machines does not provide the automated clearing of totals from the machine's crossfooting register or vertical totalisers (Mecham, 1961). On the other hand, it would be essential to identify problem areas. Personnel should then make the necessary modifications to the registers in order to get accurate accounting results. Nevertheless, several machines have automated error repair capabilities.

Transport Tabulation

The component is crucial for accommodating keystroke movements so that data may be conveniently entered and retrieved from the machine. In fact, the rate at which records are created or retrieved significantly impacts the accounting system's effectiveness.

Visibility

In order to increase the effectiveness of accounting machines, it is always necessary to enhance visibility. Such visibility may be entire or nonexistent, but complete visibility is generally preferable, especially when accompanied with a fully visible keyboard machine.

Surface of Writing and Feed

Back feed, a characteristic allowing typical typewriter feeding of ledger sheets on cylindrical plates on which records and posts are made, or front feed, an attribute allowing the input of data from the front of a plate, are incorporated into the design of certain accounting machines (Mecham, 1961). Such qualities are necessary for the collation of transaction forms, especially in cases where big proof sheets are stored in the accounting system with supplementary forms.

Repetition Automated of Postings or Totals

Some machines automate the repetition of recordings and/or totals, which enables the posting of a statement and ledger as an original duplicate of each in a single action.

Choice of Accounting Equipment

The selection of an expertly efficient accounting machine is based on rational and logical considerations. It is essential to recognize that there is no single machine that performs ideally in all situations. It is essential to comprehend the operability and functionality of machines, as well as their unique characteristics (Akera & Nebeker, 2002). The sort of analysis and procedures utilized by the engaged organization must also be taken into account. Lastly, the coordination and movement of materials within the corporate organization are essential due to the standardisation of machine-commanded processes.

Conclusion

Accounts-receivable ledgers in historical accounting have been compiled with the use of machines. Accounts-receivable-statements and ledgers, pass books and savings-organizational ledgers, analysis of charges, inventory controls, sales analysis, and remittance statements from accounts payables are just a few of the areas in which accounting software has evolved to be employed. The design of the keyboard is the major component of a bookkeeping machine, with the installation of extra features that are superior to a typewriter allowing an accounting office to maximize its costs.

References

Akera, A., & Nebeker, F. (2002). From 0 to 1: A Reliable History of Contemporary Computing. Oxford University Press is based in Oxford, United Kingdom.

Cortada, J. (1993). Before the Computer; IBM, NCR, Burroughs, and Remmington Rand, and the Industry They Created from 1865 to 1956. Princeton University Press is based in New York, New York

Fierheller, G. (2006). Do Not Fold, Spindle, or Deface: The "Hole" History of Punched Cards. Stewart, New York, New York.

A. Mecham (ed) (1961). The Encyclopedia of Data Processing Equipment, Volume 1: Electromechanical Devices Gille is located in Washington, DC

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Job Satisfaction Theories And Evaluation Essay Help Services

Introduction

Job satisfaction is typically defined as the degree to which employees are content with their jobs. Despite the fact that different people value different parts of their work lives, there are a number of factors that define the concept of job satisfaction. Given that the job might be the focal point of some people's lives, job satisfaction affects numerous areas of an organization's operation. Consequently, there are several methods for gauging the level of job satisfaction in various circumstances.

Obviously, each employee has a unique view of what constitutes a satisfying workplace and working conditions. Nonetheless, there are certain generalized variances that are typically attributed to personal, demographic, and cultural variables. In light of the various attitudes towards job satisfaction, one of the goals of this research is to identify the common antecedents of the majority of people's conception of job satisfaction.

However, the relationship between job happiness and the function of the professional life in the perspectives of many individuals is bidirectional. Not only is the level of job satisfaction significant in the lives of many individuals, but it can also affect the work process and outcomes.

Moreover, there are various connections between the level of organizational and individual performance and employee work satisfaction. On the one hand, the corporate culture and work dedication are in some ways dependent on job satisfaction, as it is one of the most important motivators. Nevertheless, there is a considerable association between staff turnover and job satisfaction.

Overall, the many implications of job satisfaction levels can have either beneficial or bad effects on the company's performance as well as the psychological outlook and work-life balance of employees. For these reasons, work satisfaction has become one of the most accounted for notions in organizational behavior studies and industrial organizational psychology, and it may be researched both from a theoretical and practical perspective in order to improve the performance of the organization. Thus, the primary purpose of this study is to analyze the causes and effects of job satisfaction, as well as its relationship to other phenomena in the fields of behavioral management and organizational psychology.

The definition of job contentment

Due to the fact that the nature of job satisfaction can be of interest from both the organizational management and the theoretical research perspectives, it is one of the most often analyzed subjects within the field of organizational behavior.

Different firms pay varying amounts of attention to the degree to which their employees are satisfied with their jobs. Despite the fact that the value of employees' physical and mental health is sometimes underestimated, these aspects have significant effects on the work process. Regularly assessing the job happiness of an organization's personnel is therefore a technique that is growing in significance among managers. However, prior to studying the causes and potential impacts of the various levels of job satisfaction, it is necessary to investigate the many ways of defining the idea of job satisfaction (Williams & Anderson, 1991).

The simplest and most fundamental explanation of what is known as job satisfaction is that it primarily pertains to how employees feel about their employment. It is logical that employers and organizational managers are primarily concerned with the consequences of job satisfaction on the operation of the company. In other words, as a result of this fact, their motivations and efforts to make people feel good about their work have more to do with pragmatic goals than the desire to make a humanitarian effort.

Theories regarding job satisfaction

Given the challenges surrounding the definition of job satisfaction, it is logical to suppose that numerous theories attempt to explain the term. Since the emergence of the concept of job satisfaction in the 1970s, the most well recognized theories include the equity theory, the affect theory, the discrepancy theory, and the disproportion analysis approach (Spector, 1997).

Given that job satisfaction may be evaluated from the perspective of applied behavioral analysis as a concept with particular causes and effects, the model of the affect theory of job satisfaction is one of the most discussed theories. This idea posits that the employee's perception of the worth of their job and their attitude toward it are heavily influenced by the expectations associated with their career.

Therefore, the degree to which expectations are met impacts the employee's sense of satisfaction or dissatisfaction at work. Furthermore, it is crucial to note that, from the perspective of this theory, the various components of the working life have varied values for different individuals.

As a result, the most important factor in guaranteeing job satisfaction in the workplace is the ability to match each person with a position that matches his or her priorities, thereby assuring that the employee will be more content with their work. Another fundamental tenet of this theory is that the less expectations are met in the areas that are more important to the employee, the lower the individual's job satisfaction will be, regardless of how well other expectations are met (Spector, 1997).

The equity theory should also be mentioned as a theory of job satisfaction. The primary tenet of the equity theory is that fair connections between the employer and employee are the foundation of job happiness. In this way, the extent to which an employee is content or unsatisfied with his or her employment will largely depend on the degree to which the conditions of the job and the various aspects of the workplace match those that the employee anticipated. From this perspective, job unhappiness arises when an employee believes he or she has been unfairly compensated, whereas a just compensation increases job satisfaction.

The discrepancy hypothesis should also be mentioned in relation to the interpretations of job satisfaction. Due to the fact that the key tenet of the discrepancy theory is the involvement of emotions in the degree of job satisfaction, negative emotions, such as anxiety and depression, are viewed as the primary cause of disparity in the workplace. This, in turn, contributes to job happiness. The relationship between the fulfillment of obligations and the level of job satisfaction is one of the basic notions underlying this theory. As a result, when an employee fails to fulfill his or her tasks and cannot work to the desired standard, it generates frustration and worry, which are the primary causes of job discontent (Spector, 1997).

The disproportional approach understands the primary drivers of job satisfaction as the employees' unique predispositions, given that each individual has a varying likelihood of being satisfied with particular aspects of the job and working conditions. Considering that, for the majority of individuals, there is little association between their degree of job satisfaction and the jobs they pick, we can conclude that there is little correlation between career choice and job contentment. Consequently, the key tenet of this theory is that human predetermination and personal criteria are the primary causes of job satisfaction.

The two-factor method to defining the level of job satisfaction is an additional notion worth discussing. This idea identifies motivation and cleanliness as two of the primary determinants of job satisfaction in varied work environments. On the one hand, motivators are the elements that have a favorable impact on job satisfaction. They vary from person to person, and people's perceptions of the significance of certain aspects change. On the other hand, hygiene factors are those that identify employee satisfaction with conditions that are intermediately dependent on the company, such as pay rates, organizational policies, various benefits, rewards, and compensations, as well as such aspects of the work environment as supervision and communication.

Methods for measuring job satisfaction

A cross-sectional survey is the most fundamental method for determining how people feel about their jobs. To do this, organizational behavior researchers will need to apply a set of criteria identifying the components of job satisfaction. Overall, the attitude-related viewpoint on comprehending the concept of job satisfaction now predominates since it is simpler to assess people's intermediate attitudes.

Despite the fact that different people value different parts of their work lives, there are a number of factors that define the concept of job satisfaction. It is also vital to emphasize that the successful evaluation requires a representative sample of the research participants. The reason for this is that their attitude cannot be reflective of the company's worldwide attitude if their preference for one aspect of job satisfaction is decided by circumstances beyond the normal range of employee preferences.

Regarding organizational structure, the most influential factors on job satisfaction include acknowledgment and approbation, communication, connections with coworkers, various types of benefits, the nature of the work itself, the organization itself, and other variables. In addition, they include organizational policies and procedures, advancement prospects, remuneration, personal development, recognition, safety, and the quality of supervision (Babin & Boles, 1996). Since the variables are so generic, the most important aspect of this criterion scale is that it may be replicated for nearly any organizational environment.

In addition, a crucial aspect of this form of global attitude research is the incorporation of the elements that cause the unsatisfactory aspects of the job. Such a model with a substantial degree of job satisfaction evaluation will be the most widely accepted alternative. The global evaluation scale is applicable, however, under a variety of criteria. One of the most obvious situations in which it cannot be implemented is when the number of employees to be polled is too large. In such a circumstance, it would be an inefficient and time-consuming approach; alternative ways of evaluation may be utilized instead.

Evaluation is influenced by the ways of job satisfaction

There are a variety of methods available for measuring the level of work satisfaction among an organization's employees. The specialized scales identify the reasons of job satisfaction as well as the factors of discontent with the work process based on different criteria created for the specific circumstances, as the expectations of employees from different firms differ in some ways.

Job Satisfaction Survey (JSS), Job Descriptive Index (JDI), Job Diagnostic Scale (JDS), Job in General Scale (JGS), and Michigan Organizational Assessment Questionnaire Subscale are the five most well-known and frequently utilized scales of the job satisfaction assessment (Spector, 1997).

In the context of the Job Satisfaction Survey (JSS), there is a series of interrelated subscales that reflect the majority of the most common factors of job satisfaction. However, if the firm fails to provide the desired degree at which these aspects are realized, the same criterion will be used to describe the employees' job unhappiness.

The Job Happiness Survey (JSS) identifies income, promotion, perks, supervision, contingent rewards, coworkers, operational procedures (a collection of activities), type of work, and work communication as factors for measuring job satisfaction (Spector, 1997). From the perspective of this method of surveying, these are the fundamental aspects under the notion of job satisfaction.

However, they can be grouped into the bigger categories because they pertain to several work fields. For instance, the dimension of receiving rewards from a job will include compensation, benefits, and consistent rewards, whereas advancement and supervision are parts of satisfaction with organizational policies and the work environment. The communicative aspect of job pleasure is typically exemplified by coworkers and workplace dialogue. However, there is also a broader scope of pleasure with the nature of work, which encompasses the nature of working in a particular organization and the set of responsibilities allotted to the employee, also known as the operational procedures.

However, it is also essential to emphasize that each feature should be referenced in at least four questions and should include both favorably and negatively phrased questions or items in order to reduce the possibility of question misunderstanding (Spector, 1997).

The Job Descriptive Index (JDI) and the Job in General Scale (JGS) are the other variations of the surveying methodologies that are based on the same criteria for establishing the causes of job satisfaction. Instead than examining the characteristics of a specific employment, these surveys measure the general experience of the work at a current position. Another distinction between the two methodologies is that the Job Descriptive Index (JDI) places a greater emphasis on future opportunities as a measure of job satisfaction.

Therefore, prospects for future promotion are designated as a separate subcategory of the evaluation of job satisfaction. The remaining aspects of the evaluation correspond to those utilized in the Job Satisfaction Survey (JSS), namely the quality of supervision and connections with coworkers (Spector, 1997).

Variations in the factors influencing job satisfaction

The causes of the inequalities in the degree to which the workforce is content with their jobs are one of the intricacies of job satisfaction that must also be taken into account as the importance of the positive index of job satisfaction among employees grows over time. Moreover, this feature is frequently disregarded. Variations in the level of job satisfaction among employees with comparable working conditions can be related to dispositional factors, cultural differences, and work environment factors.

The most significant part of dispositional impacts is the individual's own dispositions. Given that the level of job satisfaction for most people does not change considerably in connection to the vocations they pick and the work positions they hold, it is realistic to anticipate that individuals will have varying levels of happiness with the job they hold.

Activity-Based Costing At The New Millennium Manufacturing Company Essay Help Services

Outline

This subject covers the implementation of activity-based costing. The New Millennium Manufacturing Company, which makes two types of items, was chosen for the study. One is a millennium surf kit. The second item is a professional surfboard (short board). Activity-based costing methodologies are utilized to determine the true profitability of the two items manufactured by the company.

Introduction

The New Millennium Manufacturing Company manufactures two distinct product categories. One is a millennium surf kit. The company's second product is professional surfboards with export quality that are used in world-class surfing events. The majority of the company's profit is derived from the sales of millennium surf products, however there has been a recent increase in demand for professional boards. Using activity-based costing approaches, it is preferable to determine the true profitability of each of these two items in this case. "Activity-based costing (ABC) is an accounting technique that enables an organization to determine the actual costs associated with each product and service it produces, regardless of the organization's structure." (Pandya, 2005).

Activity-based costing is superior for determining the true profitability of the company's products and services. It is also useful for detecting non-value-added operations in the production process, allowing for the elimination of unneeded cost aspects and the enhancement of productive efficiency to lower costs.

Determine the production overhead rate using worker hours and machine hours (two separate computations).

The direct labor hourly rate equals the overhead cost of the department divided by the total labor hours of the department.

Millennium Surf Kit:

The department's overhead expense equals $70 x 1500, or $105,000.

Total departmental labor hours = 6 * 1500 = 9000

Consequently, LHR = 105,000 / 9,000 = $11.7

Professional Committee:

Cost of overhead for the department = $90 * $500 = $45 000

Total departmental labor hours = 9 * 500 = 4500

LHR = 450,000 / 4500 = $10

Hourly machine rate:

Machine hourly rate = Machine overheads divided by the number of productive machine hours.

Millennium Surf Kit:

Indirect cost of the machine equals $90,000

7500 hours of productive machine use

MHR = 90000 / 7500 = 12 dollars

Professional Committee:

Indirect cost of the machine equals $90,000

4000 hours of productive machine use

Consequently, MHR = 90000 / 4000 = $22.5

Determine the cost to produce one unit of each model using two distinct traditional approaches: direct labor hours and machine hours.

Surf kit:

LHR = $11.7

Therefore, labor cost per unit equals 6 times 11.7, or $70.2

MHR = $12

Therefore, machine cost per unit equals $5 * 12 = $60

Faculty Board:

LHR = $10

Therefore, labor cost per unit = 9.10 = $90.00

MHR = $22.5

Therefore, machine cost per unit equals eight times 22.5, or $180

Using the data supplied for activity-based costing, calculate the cost to manufacture one unit of each model.

Cost breakdown for the Millennium Surf Kit

Elements of expense Amount $ Value $

Direct Resources

direct work 11.7 6

Prime Cost

Add: Factory expenses

Machine hour twelve times five

Works price

Variable overhead expenses

Cost of manufacture

Profit

Sales price 212

70.2

60

70 282.2

342.2

412.2

567.8

980

Table 2: Price breakdown for Professional Board

Elements of expense Amount $ Value $

Direct Resources

direct work 10 * 9

Prime Cost

Add: Factory expenses

Hours per machine 22.5 * 8

Works price

Variable overhead expenses

Cost of manufacture

Profit

Sales price 265

90

180

90 355

535

625

25

650

Based on the company's present system, is the Millennium Surf Kit as profitable as it may appear?

The New Millennium Manufacturing Company's Millennium surf set is a highly profitable product. The activity-based cost sheet for the Millennium Surf Kit displays a unit cost of $ 412.2. The unit sales price of the product is $980. Therefore, the unit product's net profit is $567.8. The Millennium Surf product is therefore a highly profitable product for the corporation.

"The introduction of ABC can help employees comprehend the many associated costs. This will then allow them to examine the cost and distinguish between activities that bring value and those that do not. (Analyzing the profitability of products and customers. 2009 explanation of activity-based pricing

What steps should be taken by Millennium Manufacturing Company to increase its profitability?

The initial product of the company, the millennium surf kit, is extremely successful, whereas the second product, the professional board, is barely profitable. To raise the profitability of Millennium Manufacturing Company, it is required to cut the production cost of the company's second product, the professional board, by the deployment of innovative technologies, while simultaneously increasing the unit sales price. During the period of increasing sales of the second product, the corporation should implement a sales price increase policy.

ABC is a costing model that identifies the cost pools or activity centers in an organization and allocates costs to products and services (Cost drivers) according to the number of events or transactions involved in the process of supplying a product or service. (Activity-based costing technique ABC technique, 2009)

Conclusion

The examination of the profitability of the two items produced by the New Millennium Manufacturing Company based on activity cost analysis reveals that the first product, the millennium surf kit, is the more profitable, generating a profit of $567.8 per unit. The corporation obtained this level of profit by charging a greater price per unit for the product. In the case of the second product, professional board, the profitability is modest, as the product's selling price barely covers its production costs. Therefore, the corporation must increase the product's selling price and decrease its production costs.

References

Product and customer profitability analysis Continuous improvement is the explanation behind activity-based costing. (2009). The Executive Fast Track to 12Manage. Activity-based pricing technique ABC methodology: ABC: Activity-based costing Product and customer profitability analysis: Activity-based (time-based) costing (2009). The website for value-based management. Web. Pandya, Bhargav. (2005). Understanding activity-based costing: Introduction. Indianmba.com.

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Business Issues And The Contexts Of Human Resources Essay Help Services

Introduction

People, their intelligence, creativity, and ability to produce know-how constitute the most valuable asset of any IT organization in the current competitive landscape. Consequently, ensuring a high-quality human resources management system is a precondition for the enterprise's effective operation and growth. Finding, selecting, and employing an IT business is a time-consuming and expensive endeavor.

Each corporation aims to attract only those human resources who totally align with its objectives and core values. In addition to the expansion of the IT industry, the complexity of the jobs that experts must handle is increasing. In addition to selecting personnel and setting optimal conditions for their development, it is crucial for managers to develop their leadership skills.

Today, HRM encompasses not only HR and accounting (personnel accounting and payroll), but also the administration of staff training and development, staff selection, motivation, remuneration, career, etc. Effective application of HRM approaches permits a new level of employee motivation, which increases not only the company's profit but also its image, allowing it to effectively enter new markets and achieve a durable competitive edge.

Internal HR forces

The organization's base for competition is web development and the integration of business applications into the corporate information management system (CIMS). The organization employs 250 people, some of whom work remotely. The project's organizational structure is a matrix. As the organization applies Agile approach to all of its projects, the HR service is tailored to the Agile environment, which includes the following practices:

"Interaction systems," as opposed to merely "recording systems," i.e., cooperation, information exchange, project management, etc.; At all levels, focusing on lifelong learning and a culture of learning Development of compensation and recognition initiatives for professionals of equal standing; Development of programs to encourage team diversity; A corporate culture that prioritizes employee participation, teamwork, and trust.

Thus, the HR department performs the duty of coordinating Agile processes across the firm, as well as preserving motivation and culture.

To be effective, the HR department and other business divisions must undertake a variety of tasks, ranging from fundamental operations to strategic planning. However, many HR professionals make the common error of focusing primarily on strategic management or tactical components, despite the importance of combining the two. There are numerous "models" that explain the most essential aspects of the typical HR service.

Undoubtedly, the "four sectors" or "business partnership" model suggested by Dave Ulrich of the University of Michigan is the most well-known. Regardless of the effectiveness of this approach, it does not define the function of strategic planning. Alternately, the IT organization under examination uses the Five Levels of HR Contribution Model (see Figure below), which better describes all levels of HR service operating. The "work" of human resource managers can be split into five distinct levels, from operational to strategic.

Model of the Five Levels of Human Resources Contribution.

Managers in strategic business positions identify as clients only the primary end users of the company's products and services. Priority should be given to boosting the value of these products and services to the end user, and any action taken inside the organization should be viewed from this perspective. However, while delivering services within an organization, it is also essential to identify internal clients (Storey, Ulrich and Wright, 2019). To exert strategic influence, HR managers who have already gained leadership position and those who are on the verge of doing so must identify the company's senior executives as their "internal clients." There are numerous causes for this, some of which are listed below:

By definition, top executives occupy a strategic position: they control resources and direct units. Almost no mid-level manager can exert influence at the strategic level; therefore, designating them as clients eliminates any opportunity to influence the outcomes. Top executives supervise line managers, which allows them to exert influence, urge them to accept the HR manager's advice, and implement HR programs. Prior to becoming senior executives in other business sectors, HR directors must demonstrate their department's performance in promoting productivity, increasing profits, and attaining common company objectives.

Therefore, the company's top executives are the primary internal customers of HR divisions. The HR manager must comprehend the business responsibilities of other senior executives, as well as their needs and expectations surrounding human resources, before proposing suitable HR systems. All HR planning, services, assessments, and performance measurements must be adapted to these internal clients' aims and objectives.

The Harvard model of HRM is also used to ensure the fulfillment of HR service functions, with an analytical framework consisting of six fundamental components: situation factors; stakeholder interests; HRM policy choices; HR outcomes; long-term consequences; and a feedback loop between the organization and its stakeholders (Storey, Ulrich and Wright, 2019). This model has two distinguishing characteristics:

Middle managers are responsible for a substantial portion of the competitive strategy and personnel policies; employees must develop rules that guide the development of staff activities and are applied so as to mutually reinforce the middle and lower levels of management, in accordance with the Agile vision.

Fig. 2 depicts the Harvard scheme in the manner in which Beer et al. modeled it.

Fig. 2. Harvard HRM model.

As knowledge employees eagerly do complex jobs, both models contribute to the overall Agile environment of the firm under discussion. This is their natural employment; however, the following must be taken into account: it is essential for them to comprehend the significance and goal of their labor, and they require recognition and esteem. These employees must assume responsibility and participate actively in company activities.

In order for them to develop inventions, they must be granted expansive authority and creative freedom. This is the cornerstone for a new method of employee interaction. Management must comprehend not only the motivations of such individuals, but also the necessity for necessary management changes. This is closely tied to the transition from directive- and control-based task management to leadership development. This strategy is articulated through two Agile HR principles: internal employee motivation and decentralized decision-making.

This naturally impacts the HR service's interactions with managers and employees. This applies not only to career advancement but to the entire personnel value chain.

HR function: external factors' impact

HR professionals who are tasked with improving performance and fostering a "culture of productivity" within the organization frequently complain that it is "unfair" to expect them to manage productivity, as the final results are influenced by many factors other than the actions of individual employees (Purcell and Boxall, 2016). To achieve a strategic result, one must obtain a loan of trust and, most importantly, assume responsibility and, in a sense, become the "master" of some key region. In our situation, the HR department must feel invested in the objective of increasing employee productivity and assume responsibility for its execution, taking into consideration the impact of external factors. The impact of the macro environment on human resource management is dynamically apparent. Specifically, this pertains to the following factors:

Market situation

HR services are impacted by market conditions: when market conditions change, organizations must also monitor these shifts, determine how they effect resources, and analyze these functions. In a very dynamic IT market context, this is of utmost significance.

Competition for IT professionals

In addition, when firms within the same industry fight for the most qualified resources, it is vital to analyze the competition and provide the greatest resource packages according to industry standards. The IT industry is in a state of perpetual evolution and requires highly qualified professionals. It is challenging to locate qualified people in this industry. The extensive usage of headhunting is a result of the fact that companies expand their capacities quicker than specialists appear. Therefore, the HR service must sustain its 'competitive advantages' in the minds of its employees.

Sustainability efforts and integrated reporting

Today, CSR has become one of the most important determinants of a company's goodwill and total value. Integrated reporting also influences the appeal of a company to both customers and investors. Consequently, the HR service of the firm under consideration should participate continuously in the development of CSR initiatives, drafting elements of integrated reporting, and working with staff to ensure their adoption and adherence to CSR values and politics.

SWOT and PESTLE analytical tools comparison

Rarely is it mentioned in the business literature that SWOT analysis can also be used in the HR profession, despite its prevalence as a tool for evaluating different strategies. When conducting a SWOT analysis, we are primarily concerned with the following areas: recruitment, personnel development, project management, and organizational analysis. The objective and capability of SWOT analysis in regard to HR services is to map out next steps based on objective data. Remember that the human management service's strengths and weaknesses are dependent on the service itself, while opportunities and dangers must be identified externally.

It makes sense to analyze external influences initially. Opportunities frequently decide the course of HRM's evolution. To evaluate the actuality of a given opportunity's use, the head of the HR department must respond to a series of questions.

How can the benefits of a particular opportunity be communicated at the executive level? Does the HR department has the means and resources to realize a certain benefit? Will the HR service capitalize on the opportunity more effectively than a third-party vendor? What is the economic efficiency of pursuing each distinct opportunity?

The finest opportunities are those unrelated to external dangers, for which the company's capabilities are applicable, and which align with the company's overall development strategy. External risks are potential undesirable scenarios that, in the absence of safeguarding systems, can cause issues with the HRM's operation. However, the minor threats can be disregarded. Other hazards necessitate continuous monitoring and the creation of a response plan in the case of a specific threat.

After assessing the external influences, it is possible to evaluate the interior environment. It should be kept in mind that periodic study of internal variables is desirable so as not to miss the opportunity to adopt external positive elements and to ensure that the HR service is continually developed. One of the outcomes of the analysis may be a plan to address the observed service shortcomings. In this situation, the plan can be both evolutionary and provide for a gradual change in the service's work, as well as revolutionary, resulting in a dramatic change in the personnel service's work up to the movement of some business operations to an outsourcing service.

In completing a SWOT analysis, there is a lack of coordination between the company's departments, as evidenced by the organization's experience examined in this study. Therefore, it is crucial to consider the working relationships between departments and employees as a very important aspect of the internal environment. Preparing an annual analysis in which each unit participates is a best practice. Each unit is both a provider and a consumer of services provided by other units. After examining and analyzing internal and external elements, a table (Table 1) can be created to ask further questions:

Table 1: Elements of SWOT HR analysis data interpretation.

SO

How can your strengths be utilized to maximize opportunities?

What possibilities can make strengths even more robust? ST

How can you utilize your strengths to repel threats? What dangers can strip a thing of its advantages?

WO

What characteristics can be utilized to enhance performance (remove flaws)?

How might weaknesses impede one from seizing opportunities? WT

What vulnerabilities impede you from confronting dangers effectively?

What risks can increase vulnerabilities?

By gathering the responses to the preceding questions, one might generate actionable options. After doing a SWOT analysis, an HR department task list is prepared. Consideration should also be given to the fact that, initially, it is not a detailed work plan that is created, but rather strategic work milestones whose adoption will elevate the HR department's work to a new level.

In the same vein, it should be highlighted that, regrettably, the majority of T&D managers (training and development managers) today arrange training based on requests from different departments. They either reply to department-specific requests or provide their own training plan based on prior experience or preferences. However, in both instances, staff training is reactive, and T&D serve as organizers to a higher extent. In certain circumstances, such a strategy may be justifiable, and the organizational role is a vital element of T&D, but a proactive approach to training allows for qualitatively distinct outcomes. PESTLE analysis is the first step towards a proactive HR approach. One of the milestones toward HR business partnership is when the personnel department becomes not only a service-providing department, but also a strategic business partner that has a direct impact on the organization's success. Below, we examine each factor in greater depth.

P (Political) – Political variables (stability of the government, tax policy, regulation of international trade, social policy). This section contains the subsequent questions: What impact do political changes have on business? Perhaps it will be important to prepare personnel for upcoming changes. How do you cook them? What actions must be taken today to ensure that these developments result in new opportunities in the near future? E (Economic) – Economic factors (GNP trends, sanctions, inflation, unemployment, global economic crisis). Which talents will be most in demand given the current economic climate? How can they be developed on a budget? S (Social) – Social factors (population demography, social mobility, income distribution, work and leisure traditions, level of education of the population). How do you train employees of varying ages? Which sort of training is best suited for those of generation X, and which for those of generation Y? T (Technological) — Technological elements (innovative developments, the speed of diffusion of new technologies, the proportion of obsolete technologies, government support for the development of new technologies). Which emerging technologies can be used for employee training? Describe e-learning. What types of training are interactive? The speed of data processing directly affects the company’s business performance. How to train employees to work with databases and software as quickly and efficiently

Furniture Company: Marketing Research And Enhancement Essay Help Services

Introduction

The business climate of the modern world is so competitive and complex that it is nearly impossible for entrepreneurs and businesspeople to survive in the market and earn expected profits. Increasing client bargaining power and the customer-centric nature of business make the business environment more unstable. This is the most crucial reality in the marketing sector of business. For these reasons, the company strives to anticipate the customer's perceptions and expectations and create its offers accordingly. But the reality is that client expectations are always evolving, making it difficult to predict what they are now thinking. The primary reason is that communicating with them and persuading them to purchase a particular product is not only difficult, but sometimes impossible. This paper will focus on the current furniture market and determine whether the aforementioned factors apply to the furniture sector. To facilitate this study, a firm will be chosen, and its performance will be evaluated alongside that of the entire industry. The report is separated into two major sections. The first section is a form of descriptive research, and the second section is the research's enhancement.

Business profile

The chosen furniture manufacturer is Furniture Realm Ltd. It is a contract provider of furniture to cafés, restaurants, taverns, bistros, clubs, hotels, and a variety of other shops. FRL1's headquarters are located in Weston super mare, Somerset. Customers always expect furniture suppliers to provide procurement services in addition to supplying furniture. It attempts to design its products and services in accordance with customer demand. Since the majority of FRL's customers are businesses, the company operates in a business-to-business environment. Their company is extremely customer-focused, and the design of the furniture is entirely dictated by the clients. FRL strives to become customer-centric; hence, it does not use a catalog upon receiving an order. This strategy satisfies consumers, which is why FRL is among the greatest B2B furniture suppliers.

According to the corporate profile, the quality, service, and cost of the company's products are important to achieving customer satisfaction. In addition, the furniture must be built from biodegradable and replaceable materials in order to comply with British fire and safety laws and environmental regulations. The wood is gathered with the promise of reforestation, and all timbers are gathered from the forest's mature trees. It ensures its own quality standards for every product and so sets the product specification. The service provided by the organization with the highest regard for client satisfaction. It is resolved to pay sufficient attention to service quality and to plan delivery and installation with the goal of achieving maximum customer satisfaction. The pricing strategy is similarly geared toward the customer, and the company viewed the price as a fair exchange for their service.

It is evident from the company's overview that the company is completely customer-driven. As a result of the drastic change in the business environment brought on by the global crisis, furniture demand has decreased, putting the company under pressure to maintain a healthy profit margin in order to survive.

Marketing studies

In a dynamic business climate, marketers of all types of products must develop market-specific strategies and adapt their market expertise. Market research is a method for the company's methodical design, collection, analysis, and presentation of data and results pertinent to a particular market scenario. A straightforward marketing study was conducted to examine the effects of the demand shift in the furniture business.

Context of the Research

As the demand for its products has shifted, the FRL has encountered severe difficulties in its commercial environment. The company's mission is to maintain existing customers and acquire new ones. Potential clients are prevented from expanding their businesses and are merely awaiting favorable economic conditions. The global economy is currently facing a severe downturn, and the furniture business is experiencing the same effects as other industries. It is nearly hard to conduct business under these economic conditions, and consequently, the majority of business transactions have ceased. This condition is known as a recession, and analysts anticipate a speedy recovery. However, the business will face a variety of client demands. Customers who previously ordered large quantities of furniture are now unwilling to pay enough and just order the essentials. As the company seeks to regain client satisfaction, it will need to develop its quality, service, and pricing strategies differently in light of the current scenario. The company is attempting to anticipate the current position of its clients, predict their demand, establish new strategies for its operations, and design its future furnishings in response to this change.

Objective

The primary purpose of this research is to determine the consequences of the drastic change in the trading environment on the company's operations and to demonstrate the shift in customer demand for furniture. The secondary aims are extra anticipated study outcomes. These are the following:

To predict client requirements: What do your current customers want? To determine whether or not customer perceptions have been altered. Determine the characteristics of the furnishings that will attract clients. To develop tactics for dealing with the present altered circumstances.

Methodology

There are a number of excellent research procedures for accumulating pertinent and vital information. There are numerous research methodologies. Examples include observational, focus group, survey, experimental, and descriptive research. The survey employed here is descriptive research. Descriptive research is a method of doing fact-based research to describe the characteristics of customers or any other phenomenon. This form of study is intended to address the who, what, when, where, and how questions. In order to answer the question of what should be done to match the production of furniture to the fluctuating client demand, descriptive study is required. Data sources: Data sources are the means by which information is collected. The data must be pertinent, accurate, and useful. Various types of data sources are utilized in research. Essentially, there are two types of sources: main sources and secondary sources. Primary sources are those that have never been used before for the purpose of the relevant research, whereas secondary sources are published sources that have been utilized earlier for another research. Existing clients and those who indicate a propensity to purchase large quantities of furniture are the primary data sources. In addition to purchasing a big quantity of furniture, the primary reason for these choices is that customers may accurately express what they want and what makes them live. This research makes use of original data sources. Data sample: Sample refers to the cluster of targeted customers who will be surveyed regarding the topic of interest. There are numerous ways to sample for research purposes. As this is a descriptive study, the sample strategy is straightforward, and the greater the consumer communication, the more accurate the research will be. Here, approximately thirty customers were contacted. Data gathering: The data was gathered through telephone interviews. The majority of customers are listed in the company's directory alongside their address and phone number. There, the telephone numbers were collected. Each customer was questioned about their fluctuating demand. The questions were aimed to elicit information regarding the primary factors that prevent customers from ordering in bulk, the variables that will entice customers to order again, and what the customers want from the company. Customers were supplied with an environment that ensures accurate, actual, and impartial data collecting. Evaluation of data: This is the process of deriving conclusions from collected data. After data gathering, data analysis must be performed. Due to the simplicity of the questions and the small sample sizes, the acquired data from each client was analyzed separately, and then the results were pooled based on the nature of the data. The questions were answered differently for each consumer, and all responses were considered. These responses served as the foundation for the study and modification of the service, furniture production, and pricing strategies. These studied results form the basis for the following conclusions.

Findings

From the study of data, several facts have been uncovered. Relevant results based on these findings are:

The current economic recession is the main cause of the downturn in the furniture industry. Customers today view business as arduous activities, and they must struggle to exist in the industry. The majority of customers are businesses, and due to the losses they are facing as a result of the economic slump, they are unable to order large quantities of furniture. As a result of the price growth of furniture's raw materials, the price of furniture is increasing daily. Given the customer's financial predicament, they are unable to afford the price hike. The majority of clients are awaiting a furniture price reduction. Customers are also concerned with quality. As the economic downturn has also affected the furniture business, the quality of the items has diminished, and clients are unwilling to pay a premium for low-quality goods. The corporation was forced to reduce the wages of its employees, causing a mass exodus. The decline in service quality was one of the consequent effects. Many consumers complain that the products were not delivered on time, and as a result, many customers are dissatisfied enough to leave the company.

Enhancements

Current state of the furniture business

As a result of the report's findings that the furniture sector is now a victim of the global economic crisis, this industry is now in a dire state. The majority of furniture companies are confronted with rising costs of raw materials and labor, as well as difficulty obtaining bank loans. The implications of these consequences are poor product quality, deteriorating service quality, such as late deliveries, and the loss of devoted customers. There is essentially no assistance from the government, and furniture industry associations are as powerless. Due to these factors, the gravity of these consequences increases daily.

Existing and probable alterations

The effects of the recession are not projected to be temporary; they are expected to last for several more years. Although it is anticipated that the economy will grow this year, the repercussions will be seen for several more years.

Several of the earlier sections discuss the alterations that have occurred in this context. Several further adjustments also occurred. The furniture market becomes unstable, and the profit margin nearly becomes negative. Customer-centric orientation is no longer relevant, hence survival is the primary objective. Consequently, the character of operation is altered.

There may be some modifications that are not currently occurring but are predicted to occur in the future. First, customers may develop devoted to substituted products such as steel and wrought iron furniture. Second, the suppliers of raw materials are able to store the raw resources, which has increased the demand for raw materials. Eventually, the workers who are not compensated adequately will leave the company and join other industries that provide higher pay. These are some of the developments that are likely to have negative consequences.

Examine the operational environment external to the

This corporation is extremely well-known in the business-to-business market. Therefore, it is essential to analyze the market's external environment. In a variety of ways, the external environment influences the business operation and maintenance of profit generating. If a firm can correctly maintain the external environment, it will be able to operate efficiently. For the Furniture Realm, it is essential to analyze marketing research using a variety of accessible approaches and technologies. PEST Analysis, the Porter's Five Forces Model, the BCG matrix, and the Product Life Cycle are some of the tools chosen for this study (PLC).

Analysis of PEST (Political, Economic, Social, and Technological)

In every firm, production-related political, economic, social, and technological aspects determine the functioning of the business. Furniture Realm is comparable to others. Without this insight, the organization cannot proceed with its marketing research. Because of this, it must study PEST in order to generate external information about its firm. The following factors pertain to Furniture Realm's PEST analysis:

Figure 1: PEST Analysis of Political Factors in the Furniture Industry

In terms of political business factors, Furniture Realm must abide by the regional governing authorities' environmental regulations. In industrial operations, they are utilizing sustainable materials to reduce the negative impact on the environment through simplification and the use of recyclable materials. In addition, they utilize eco-friendly steel and wood sources who prioritize future effect. Their primary focus is on recycling the wood and metal of discarded furniture in order to restore, resell, or recover old frames. Most of their new furniture is made from reused or recycled materials. To preserve the terms of political elements, the corporation must also adhere to government regulations regarding taxation policy, trade policy, employment policy, share holders policy, and furniture recycling policy.

Economic Aspects

According to the Business and Institutional Furniture Manufacturers Association, the business-to-business or office furniture industry experienced an 11.6% decline in production in 2009. The worldwide economic system of the furniture sector is extremely unreliable for forecasting and determining client demand. Every day, the economic situation worsens, and Furniture Realm's raw material exports decrease by 12 percent. According to BIFMA's projections, the office furniture market will decline 0.6% in 2008, compared to 6.8% at the end of 2008, making it extremely difficult for businesses to predict economic conditions. To prevent loss of business, the Organization must concentrate on the near future and output demand.

Social Aspects

As social factors of Furniture Realm, it has to ensure that, the users of furniture are being joy, amused, reflected moment of the office environment. The cultural

Google Inc.’s Corporate Strategy, Threats, And Need To Refocus Essay Help Services

Table of Contents
The Corporate Strategy of Google Porter's Essentials Test Dangers Google Faces Google Should Refocus on References

The Corporate Strategy of Google

To define Google's corporate strategy properly, it is necessary to separate it into firm and company levels. The firm-level comprises all established acquisition, strategic partnership, and new venture initiatives. The business level contains the company's strategy of vastly differentiating complementary items, which is vital for improving brand recognition and the use of several other products. Google has improved its brand image over the years by incorporating its name in its goods (Wirtz, 2019). The strategy resembled advertising in that it enabled the company to achieve considerable growth and competitive advantage as an extraordinary search engine company. Therefore, the more the corporation sold its items, the more its brand's reputation and name spread throughout the world. Currently, many individuals and businesses rely on Google to acquire the information and resources they demand.

Regarding marketing methods, it is evident that the corporation has never employed advertising to acquire its current level of success. Google, however, focuses on utilizing social media networks to reach millions of people worldwide. This method allowed Google to gain a competitive advantage and ascend to the top spot because it was viral marketing in and of itself. In addition, Google's production and purchasing methods are creating a new advanced advertising program with a cost-per-click model for which site owners are charged. In addition, the corporation continues to invest in new and enhanced technology to fulfill rising consumer demands. Google has an advantage over its competitors due to the fact that it develops high-performance, cost-effective systems that reduce huge workloads. Google enjoys considerable cost benefits over other companies such as Amazon, eBay, Yahoo, and Microsoft due to its superior and more efficient information technology (IT).

Google possesses a variety of strategic options, including product change, current market share, and market alteration. When Google implements such techniques, it will be able to maintain operations and withstand fierce competition from other multinational corporations. In addition, the corporation can employ the tactics to handle its present product issues and ensure that it satisfies market demand. Among the above-mentioned tactics, market alteration is the greatest alternative for the organization to apply. The strategy will help Google increase its reputation by increasing the search frequency of current users and attracting new clients. Currently, the company continues to face tough competition from other businesses, and it strives to establish new market survival tactics.

Porter's Essentials Test

Google's competitive edge is enhanced by its investments in new and improved technology, as the corporation maintains current with consumer expectations. Using these technologies, the corporation will develop products that best suit consumer demand and expectations, hence increasing annual sales. Porter's Essentials Test consists of three distinct tests that can assist in determining whether Google's cooperative strategy will allow the company to achieve a competitive advantage or not (Grant, 2016). Based on the first attractiveness test, Google's diversification strategy is attractive and will enable the company to build shareholder value and gain a market edge. Google's approach focuses on the production of market-responsive products that pass the advertising test.

Investing in new technology is cost-effective based on the cost-of-entry criterion since it reduces major workloads and improves the production process. In this manner, the corporation quickly develops a competitive advantage over all of its other rivals. By following the strategy, Google will be better positioned because it will assure the corporation enters a lucrative business that can create large annual profits (Grant, 2016). The Porter's Essentials Test provides a clear indicator that the company will gain a competitive edge in the current market and continue to expand as a result of its continuing investment in the production process to satisfy consumer demands at a much lower price.

Dangers Google Must Face

The principal challenge Google currently faces is intense competition from other businesses. With technological developments and a greater reliance on the internet, other companies, such as Yahoo and Baidu, began developing search engines to compete with Google. Facebook is currently Google's most formidable competition, as it has eclipsed Google in terms of website traffic. Since 2010, the two corporations have remained in fierce competition for the top spot. Facebook clearly poses a threat to Google. The company's annual revenue began to decline when advertisers began selecting Facebook, which collects vital information about its customers. In an effort to reclaim its market lead against Facebook, the corporation began to seek out novel, more effective strategies.

With the huge decline in its core revenue source, Google shifted its development efforts to other sectors. A few years later, the company produced Google Chrome to assist in its recovery from the considerable revenue loss. The company's aggressive strategy for battling with Microsoft, which also posed a threat to its whole operations, was to develop Google Chrome. They designed the website browser with a minimalist style and powerful technologies to make the online faster, safer, and more accessible to all users (Mazzei & Noble, 2017). The company's website noticed an increase in the number of visitors. Soon after, Google Chrome became the most used web browser worldwide, giving the corporation a competitive advantage over all of its rivals. Google Chrome is the preferred web browser of others, including Mozilla Firefox and Opera Mini, due to its user-friendly interface. The search engine increased the organization's annual revenue.

With the advent of smartphones on the market, the business chose to acquire Android in order to begin developing the Android software platform as the operating system for smartphone devices. The new acquisition improved the company's market competitiveness by raising its annual revenue. Many smartphone manufacturers continue to rely on Android OS to produce mobile devices (Mazzei & Noble, 2017). Samsung, Oppo, Nokia, and Oppo are examples of such firms, with the exception of Apple Inc. and Huawei, which already have their software. The company continues to expand and ranks among the world's largest corporations with the highest annual revenue. Google is currently able to adapt numerous market categories to its demands, allowing it to gain a competitive advantage in both new and existing markets. Despite the existing threat of intense competition, Google demonstrates considerable growth and success potential.

Google's acquisition of Android was a major accomplishment since it prevented Apple Inc. from controlling the smartphone market. Google believed, however, that the acquisition was insufficient due to the mounting competition from new competitors. Therefore, the corporation opted to acquire Motorola, a manufacturer of mobile phones with a substantial number of patent portfolios. The acquisition of Motorola gave Google a competitive advantage in the marketplace. The company then merged its search engine and other previously created products into smartphones to expand its global influence (Mazzei & Noble, 2017). Google planned to expand its activities into further technology domains by entering these markets. Prior to the company's revenues beginning to drop as a result of poor product sales, the newly acquired Motorola company yielded substantial profits for the company.

Google Must Shift Its Focus

There is a need for Google to refocus, as the evidence indicates that the company needs to reevaluate and reconsider all it does and accomplishes. Change is inevitable in all businesses, therefore Google will need to evaluate its new information to choose the best course of action. Currently, the company focuses on software, search, hardware, cloud computing, and technology. Consequently, the option to refocus will enable the company to establish new, more effective ways to access new markets, increase annual sales, and target more customers to expand market penetration.

However, Google must prioritize and invest more in smartphones and other internet-accessible electronic devices so that people can enjoy and utilize their other products and services. There is no reason for the business to discontinue any of its current offerings. Instead, they should enhance the efficiency and efficacy of such items to maintain their competitive advantage and raise their annual profits. Since the company has already invested a substantial amount in its current products, it should focus on enhancing their marketability rather than abandoning or selling them.

References

Grant, R. M. (2016). Contemporary strategy analysis: Cases and text. The company John Wiley & Sons.

Mazzei, M. J., & Noble, D. (2017). Big data aspirations: A corporate strategy framework Business Horizons, 60(3), 405-414. Web.

Wirtz, B. W. (2019). Case study of Google and Alphabet in digital business models. Springer Link, 207-236. Web.

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The Management Of IKEA Investments: Case Study Essay Help Services

Table of Contents
Introduction Company History Analysis and Evaluation Recommendations Concluding Remarks Works Cited

Introduction

Numerous multinational corporations began as garage workshops and sidewalk displays. However, with time, passion, and commitment, they have expanded their activities beyond the borders of their country and are now recognized among the world's top businesses (Stevenson 18). This article is an analysis of a case study that investigates key challenges in the management of IKEA's investments.

Histories of the Firm

This company is owned by Ingvar Kamprad, who founded it in 1943 to provide affordable household goods to middle- and low-income earners. After introducing home furnishings in 1947, Kamprad later developed a furniture showroom. This resulted in the corporation beginning to generate designs that represented consumer wants and market trends (Haight 12). This big turning point prompted the company to expand its activities and construct the largest furniture showroom in Scandinavia in Almhult. The company was subsequently able to open additional furniture stores throughout Europe, North America, and Asia. Today, this corporation has a working capital of over $12 billion and manufactures the world's most valued products.

Identification

This company specializes in manufacturing furniture that is indispensable for daily usage in homes, offices, and various government institutions and organizations. This indicates that the organization has researched the prerequisites for producing great household furniture in order to produce quality items (Travers 34). Initially, this company sold a variety of household goods and encountered marketing difficulties due to product diversity. Currently, the company's revenues are enormous, as seen by the table below.

Dollars and Euros

1999 8.3 7.7

2000 10.3 9.5

2001 11.2 10.4

2002 11.9 11.0

2003 12.2 11.3

Consequently, there were other well-established major competitors who could not match this company's speed. When this company began concentrating in furniture, though, customers began flocking to their showroom (Robertson 68). The majority of buyers believe that companies that specialize in a single production line provide cheaper and higher-quality goods than those that sell a variety of products.

Second, these household products (furniture) are necessities for all homes, which implies they are in high demand year-round. People are constantly looking for new homes and flats, and each time they relocate, they must replace or acquire certain belongings. In addition, the majority of wooden objects are not durable and must be mended over time. Some individuals prefer to obtain new products as opposed to mending old ones due to the fact that repairs can be costly and alter the appearance of moist items; consequently, prestige and pride motivate them to acquire new items.

Thirdly, advertising and marketing are essential strategies for product promotion that create a gap between production and sales. This company has succeeded in providing its consumers with great services, making them eager to continue buying even when there is no pressing need to do so (Travers 43). The company advertises and informs clients about its products using clever slogans (specifications, quality and availability). This company uses a variety of channels, including its website and periodicals, to provide consumers with information.

In addition, the organization hires competent employees and trains them so they can provide quality services to its customers (Solnik 71). The attendants have sufficient experience and knowledge of product specs, materials, and shipping needs to make shopping convenient for customers. This assures that customers receive quality services commensurate with their compensations, sacrifices, and faith in the organization.

IKEA's product marketing approach is one-of-a-kind and allows the company to capitalize on current market trends. One diagram illustrates how this corporation intends to capitalize on emerging consumer trends. This product matrix table enables the organization to set commodities prices, detect product gaps, and track product trends, hence facilitating the formulation of future strategies.

Style

Cost range Modern

(barebones) Young Swede

(essential) Scandinavian

(sleek wood) Country

(neo-traditional)

High

Medium

Low

Finally, the organization recognizes the importance of time and space while providing services to customers. The primary retail showrooms feature childcare facilities so that parents can shop without the disruptions of curious children. In addition, there are cafes that offer traditional dishes that are wonderful and attract the attention of shoppers. This company manufactures disassembled products so customers may transport their purchases without worrying about vehicle space constraints (Daniels 43).

Customers can park their automobiles without worrying about additional parking costs or uncontrolled traffic in public parks because there are sufficient, secure parking spaces. In addition, the showrooms are unusually spacious to facilitate the mobility of employees, customers, and merchandise within and outside the stores. The table below displays the sizes of various American showrooms.

City Size of Display Area (M2)

Philadelphia 14,900

Washington-Woodbridge 28,000

Baltimore 18,700

Pittsburg 15,700

32,700 New Jersey-Elizabeth

Los Angeles-Burbank 22,500

Long Island-New York 20,500

13,300 Los Angeles-City of Industry

Los Angeles-Tustin 13,500

14,000 Houston

Los Angeles-Carson 19,900

40,000 Chicago-Schaumburg

25,500 in San Francisco-East Bay

San Diego 17,700

In the thirty years after its founding, this corporation has taken the world by storm and astounded the majority of its rivals by climbing to the top spots. It has been able to capitalize on market gaps to recruit customers from a variety of economic backgrounds (Lawton 56). Initially, the company manufactured items that were typically intended for Swedes; hence, these items would have never been marketed outside of Scandinavia. After broadening its production lines and producing goods that suited contemporary tastes, the firm eventually captured the world's largest markets. Europe is the company's major customer, purchasing 82% of its products, followed by North America (15%) and Asia (3%). The table below illustrates how the corporation has successfully marketed and sold its products in various international markets.

Country Revenue (%

Sweden 8

France 9

11 United States

Twelve United Kingdom

Europe 20

In addition, individuals are continuously trying to save money for other activities, which compels them to purchase inexpensive, yet lasting and high-quality things. This corporation has assured that it capitalizes on its endeavors to develop inexpensive goods by issuing competitive bids to many producers (Swensen 34). Contracts are often awarded to the lowest bidder after assessing the expected quality of work. In truth, the majority of product specifications are determined by the company, and when a supplier offers a design, there is a significant likelihood that it will be adjusted to reflect characteristics such as tradition and aesthetic values. Specialization has enabled this corporation to minimize production costs, making its products inexpensive and accessible to the majority of consumers.

In addition, one of the company's slogans underlines the necessity of involving customers in product assembly while simultaneously reducing pricing. Customers must evaluate this offer in order to save money, space, and time that are typically lost when they acquire assembled products. When dismantled, an item that would ordinarily require a truck for delivery to a customer's home can be easily transported in the back of a van. People are cognizant of the importance of space and time while making purchases, and they would choose non-bulky goods.

Moreover, the majority of products are spoiled during shipment from the store to the client's home, resulting in additional unanticipated costs. In addition, persons who reside in rental properties always relocate at least twice or three times in their lifetime. This implies they must move with their belongings, which must be treated with care to prevent damage (Lawton 32). However, this company has addressed this issue by assuring that its products can be built when customers reach their final location. In addition, the company has support professionals available to assist consumers who lack the time to assemble products.

In addition, the majority of individuals assume that purchasing new furniture is synonymous with home makeovers that change traditional house settings into modern-looking homes. Therefore, they purchase not only furniture but also other decorative things and a selection of kitchen, bedroom, and dining room appliances. This ensures that the home undergoes a complete transformation that enables visitors to recognize substantial improvements (Daniels 48). Customers are supposed to know the dimensions of their rooms prior to placing an order, and they can contact the company to have a representative visit their houses to determine the exact dimensions, designs, and materials for their items. As indicated in the table below, this has enabled the corporation to continue opening additional stores in other nations.

nation Quantity of Retailers

Australia 4

Austria 5

Belgium 4

Canada 9

China 1

Czech Republic 3

Denmark 4

Finland 1

France 13

Europe 30

Hungary 2

Italy 7

Netherlands 9

Norway five

Poland seven

Russia 2

Slovakia 1

Spain 3

Sweden 13

Switzerland 6

11, United Kingdom

United States fourteen

Evaluation and Analysis

One of the largest production flaws is assigning customers additional tasks. Some individuals would rather pay for assembly services than move around the room with bolts and nuts while attempting to assemble things themselves. In addition, some persons have hectic schedules, and assembling these things wastes a considerable amount of their time.

Second, humans are not identical, and some customers may be unable to assemble these products. They may spend hours attempting to determine how the final product should seem, which deters them from acquiring comparable things in the future. There is a chance that finished/assembled products will attract customers more than dismantled products owing to their appearance; therefore, this is a huge setback for the company (Maginn 34).

In addition, the majority of these goods are pulled and pushed during cleaning, which weakens their joints. Therefore, despite the fact that carrying these products is less expensive and more convenient than moving those that are already constructed, there are also hidden expenses associated with their acquisition (Russell 23). Eventually, the total cost of acquiring and constructing these things approaches that of purchasing and transporting a product that is already assembled.

In comparison to other things such as food and technology, demand for furniture is relatively low. When a person purchases a bed, it may take their entire lifetime, and they may never purchase another bed, or they may just change beds twice in their lives. This means that if everyone opted to get a new bed today, they may never purchase another bed again, and the company will not generate any revenue for the next 15 to 50 years. To optimize sales, the corporation should therefore concentrate on high-demand products (Stevenson 25). Moreover, people are less likely to replace their furniture than their clothing, footwear, or food.

IKEA is without a doubt one of the world's most rapidly expanding firms in terms of market penetration. Nonetheless, this corporation faces huge hurdles in the future for a number of reasons. First, the majority of its goods are made of wood, meaning the company relies on natural resources for its basic materials (Stevenson 7). There is an increasing need to enact rules that would conserve the available forest coverings (Swensen 56). As nations battle to protect the environment, it is possible that this corporation could soon run out of raw materials.

People prefer metallic or plastic products to wooden ones, hence wooden products are becoming less frequent in the majority of homes. Even while IKEA appears to be infiltrating and expanding its market in the majority of countries, there are fears that this is a short-term strategy that is doomed to fail (Feibe 76). Therefore, this company's future is grim due to the fact that plastic objects are recyclable, lightweight, and durable.

Thirdly, the majority of traditionalists like wooden objects over plastic or metal ones. However, this represents less than one-fourth of the global population. In addition, Americans, Asians, and Europeans are the pioneers of modernization and change, and they are gradually adopting new lifestyles (Olson 11). The younger generation is less likely than the elder generation to favor traditional home décor and is more inclined to utilize plastic and metal goods.

According to data conducted in 2003, IKEA ranked fourteenth in the production and sale of home goods. This indicates that there is intense competition among businesses of a similar nature (Davidson 52). Therefore, in order to keep its position, this business must compete against giants such as Wal-Mart and Office Depot, among others. Companies positioned below IKEA, such as Art Van and Kmart, similarly struggle to ascend the ladder. Additionally, individuals are launching similar businesses and attempting to get global recognition for them (Olson 17). Therefore, IKEA must design effective sales techniques to assure continued success despite the fierce competition.

Recommendations

IKEA should diversify its raw resources and minimize over-reliance on trees and other non-recyclable natural sources rather than employing clay, marble, and plastic materials that are abundant in nature. They are also environmentally friendly and will not interfere with other human activities.

Second, the company creates low- and middle-income earners' affordable durable items. However, this ignores the fact that there are wealthy individuals who enjoy wooden goods but will not purchase them from stalls designated for the poor. In order to take advantage of the existing market, this corporation should create products that appeal to all income levels.

Finally, this company should establish long-term initiatives such as product recycling. This will allow them to exchange their new items for their old ones, thereby retaining their customers. The corporation should establish a renewal department that will contact customers who are interested in exchanging their old products for new ones at a reasonable cost.

Conclusion

How directors and managers take advantage of available market trends determines the distinction between a winning and successful organization. Due to repeated failures and inability to generate a market for their products or services, the majority of people fail to fulfill their goals and abandon their investments.

Sources Cited

International Business by John Daniels. New Jersey: Prentice Hall, 2010. Print.

Davidson, Pierre. International Logistics: International Trade Operations Management 2010 edition published in New York by Atomic Dog.

Feibe, Bruce. Conforming to Global Investment Performance Standards. Wiley, New York, 2011, in print.

The name Timothy Haight. How to Select and Evaluate the Performance of Investment Managers. New York: Wiley, 2007, with print publication

Investment Performance Measurement: Evaluating and Presenting Results, by Philip Lawton. 2008 Wiley printing in New York

Maginn, John. Managing Investment Portfolios: A Dynamic Process (Investment Series of the CFA Institute). Wiley, New York, 2011, in print.

Olson, Russell. How to Make Prudent Investments: A Handbook for Investment Committee Members 2009 printing by Prentice Hall in New Jersey.

Global Investment Performance Standards Handbook, David Robertson. 2006, Wiley, New York. Print.

Russell, Robert. Value Creation along the Supply Chain through Operations Management. 2010 Wiley printing in New York

Solnik, Bruno. Global Investments. 2008 printing by Prentice Hall in New Jersey.

Stevenson, William. Management of Operations: Operations and Decision Sciences. 2011 Edition printed in New York by McGraw Hill.

Swensen, David. An Unconventional Approach to Institutional Investment Portfolio Management. 2009, New York: Harper Business. Print.

Travers, Frank. A Comprehensive Guide to Portfolio Selection, Monitoring, and Optimization Using Investment Manager Analysis. 2004 Wiley printing in New York

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Royal Mail Group’s Anti-Money Laundering Analysis Essay Help Services

In an effort to undertake the money laundering and terrorism financing (ML/TF) risk assessment, the British multinational postal service firm Royal Mail Group plc (further Royal Mail) has been selected. The company was founded more than 500 years ago and is today the largest mail collecting and delivery service provider in the United Kingdom. Its multinational activities are divided into Royal Mail Limited's letter deliveries, Parcelforce Worldwide's parcel delivery coordination, and the General Logistics Systems (GLS) subsidiary's supply chain support.

In terms of jurisdiction, Royal Mail works as a public corporation and is traded on the London Stock Exchange; this makes it a state jurisdiction1 after almost 500 years of state ownership. Given its foundation in government services and its vast customer base, the company was compelled to implement new strategies for its operational risk assessments in accordance with ML/TF procedures as a result of the shift in public trade reality.

To illustrate how the company should apply the risk-based approach to anti-money laundering (AML), it is reasonable to begin with an examination of the mail service industry's most significant risks and indicators. Typically, in the context of ML/TF, the organization conducts a risk assessment of business activities and client interactions based on the elements of products, services, and delivery channels, the geographic location of business operations, the current status of the business relationship, and business-specific attributes2. In addition, the organization investigates how the identified risks could be minimized by the deployment of the relevant controls and measures. Thirdly, it is crucial to retain client identification and beneficial ownership in a manner that safeguards business relationships and meets the risk threshold that has been determined. Lastly, the continuing risk monitoring procedure should be conducted to guarantee that transactions and relationships are altered and customized to the determined risk level by developing new audit and fraud control risk management responsibilities.

While Royal Mail's reputation on the UK market is well-established, the ML risk assessment suggests that the National Crimes Agency (NCA) should deploy unwarranted financial investigators to the operations audit. Consequently, it is assumed that prior to the execution of the risk assessment, it is essential to ensure that all investigators are affiliated with the Proceeds of Crime Centre (POCC) to ensure that audit efforts will ultimately result in the requisite asset recovery. Specifically, such efforts are required due to the broad breadth of Royal Mail's activities, which includes universal and special delivery, business services, and transportation restrictions to convey forbidden commodities that would otherwise be hazardous to workers and vehicles3.

Overall, it is anticipated that the risk assessment would result in a dynamic risk assessment business model in which it will be essential to identify hazards, evaluate associated risks, and determine which operations can be conducted safely to prevent ML risks.

4. Compliance with Safety Standards of Work is also required in order to foresee risks on the national standard.

In the case of TF risk evaluations, it is crucial to further leverage auditing of second-tier suppliers, which should be conducted in compliance with the Royal Mail's procurement code. One of the ways now employed by the organization is the Sedex Members Ethical Trade Audit (SMETA) framework, where operational control is carried out through the evaluation of freely selected employment, working hours and salary consistency, and compliance with safety requirements5. In the meanwhile, there is a need for additional disclosure of overseas commercial operations where criminal confiscation, civil recovery, and financial forfeiture are dangers, and taxation control is necessary to guarantee that the corporation respects the asset control principles6.

In practice, this might be accomplished by adopting new counter-terrorism regulations in which the cybersecurity division systematically monitors various financing options including clean money in charities or strange parcel delivery services that may be connected to drug trafficking. It might be successfully incorporated into newly established roles for continuous monitoring.

Inherent or residual dangers are also associated with postal service activities. For instance, the ML/TF initiatives may target citizens who unknowingly receive a package that was not validated by the company's quality department or delivered to the incorrect recipient. In this situation, it is crucial to instruct staff in the packaging department to report any unusual deliveries, which could otherwise be the cause of a severe accident, and to maintain logs of such occurrences to be reported to a central fraud control system. Moreover, such cases should be reported to the national authorities to quantify the risks on the national and global level to ensure that the source of such deliveries is blocked, tracked and further analyzed using forensic investigation principles using technology7. Lastly, the crucial risk mitigation plan entails suspending Royal Mail's postal and parcel delivery operations in suspicious areas and initiating an audit of activities with the assistance of the International Compliance Association to identify probable breach sites.

Footnotes

Royal Mail's final stake sale generates $591 million, according to BBC News in 2015. Centre for Analysis of Financial Transactions and Reports of Canada (2017) The risk-based strategy to countering money laundering and terrorist financing. Royal Mail Group Risk Management Website (2017) System of work safety Web. International Compliance Association (2018) ICA international diploma in anti money laundering. Royal Mail plc (2019) 2018-19 Modern Slavery Act Statement. HM Treasury (2015). UK national risk assessment for money laundering and terrorism funding. Web. Web. Page, et al (2019) What can the area of digital forensics learn from an assessment of quality procedures in the forensic sciences in the UK? 59(1) Science & Justice, pages 83-92. Web.

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