UK House Prices And Monetary Policy Homework Essay Help

Table of Contents
Introduction Literature Review Factors Influencing Property Prices in the UK Effect of Monetary Policy on Property Prices Movement of House Prices Conclusion and Future Movement of House Prices Works Cited Introduction Literature Review Factors Influencing Property Prices in the UK Effect of Monetary Policy on Property Prices Movement of House Prices

Introduction

The goal of this study is to investigate the movement of property prices in the United Kingdom during the past few years. The study makes an attempt to bring to light all the factors that are largely responsible for the fluctuation in housing values over the last several years. The study also illuminates the criteria examined for monetary policy, which has a direct relationship with UK real estate values. Consequently, the goal of the study is to examine the Bank of England's monetary policy and the instruments used to regulate interest rates, restrict inflation, and regulate property values, as well as the many causes that cause a change in property prices.

Literature Review

Any government has the authority to oversee a country's economy, and not only does it regulate the economy, but it also plays a crucial role in ensuring economic stability. It is the government's obligation to ensure that all areas of the economy remain stable so that the nation can thrive and prosper. The government regulates several aspects of an economy, including inflation, exports and imports, prices of numerous essential goods, and, to a significant extent, real estate prices.

The Bank of England is responsible for formulating the monetary policy on behalf of the English government. The Bank of England investigates numerous other major issues. One of the most essential challenges is ensuring monetary stability in the economy, which can be accomplished by a mix of steady prices for goods and services across the economy, low inflation, and investor trust in the country's currency.

The Bank formulates monetary policy in order to achieve certain essential objectives, such as delivering price stability with a low inflation rate and supporting the economic growth and employment goals of the government. The government’s standard inflation objective of 2% ensures price stability. There is a need to consider the essential and crucial role that price stability plays in achieving the aforementioned economic stability and in creating the ideal conditions for a sustained and long-lasting increase in output and employment. (How Monetary Policy Works)

Inflation is a very sensitive issue that is one of the primary economic elements and is often influenced by the prevailing prices of various goods. For example, any increases in oil prices are expected to feed through into inflation over the next few years, and the gap between the value of imports and exports is growing to record levels, prompting expectations of a decline in the value of sterling, which is good news for exporters but bad news for importers, who will have to pay more to import their raw materials, resulting in a further rise in inflation.

Any decision is made after considering the condition of the entire economy and all segments of society as a whole, and while there are a number of other ways to combat property prices, it will always be preferable to increase the rates at a slower but steady pace, as opposed to delivering a monetary shock. If growing inflation is not addressed appropriately and at the appropriate time, it may create a cycle in which inflation continues to rise due to no adjustment in interest rates.

Factors Influencing British Property Prices

Assessing the price of a property is not an easy task; there are three main methods besides economic factors that determine value, namely the “Comparable Sales Method,” the “Income Approach,” and the “Cost Approach” (Property Valuation for Home Buyers); however, these methods are only a tool for a prospective seller to determine the price of the

Let us now study how the concept of value influences price determination and what elements impact value. As stated in the article, value is subjective and varies from individual to individual. The value of a lovely apartment in a ritzy neighborhood can vary from person to person. Someone who wants to lead a solitary existence will not cherish such property as much as they treasure a deserted area down the countryside. The price of a beautiful apartment in a prime location may be exaggerated due to factors such as institutions in the region, the economic zone, pay levels, building zones, and environmental regulations.

These primary variables cause a mismatch between demand and supply, which ultimately leads to price inflation. Notable here is that prices deducted by demand and supply forces will always differ from those deducted based on value. The aforementioned methods evaluate prices based on their worth; therefore, it was essential to understand the concept of value. When discussing the demand and supply idea and how it influences prices, we may divide the demand and supply conditions into two distinct categories: a seller's market and a buyer's market. (Housing Market Demand and Supply)

In a seller's market, there is greater demand and a limited supply, which is advantageous for sellers since they can wait for prices to rise. In a buyer's market, however, demand is lower and there are more properties available in the area. This phenomenon creates a buyer’s market because in such a scenario, buyers can wait for prices that are, needless to say, much lower than the actual prices. Now comes the question of what occurs when the demand curve in a given market shifts. Assume that there is a sudden increase in demand as a result of an increase in population or a change in the income of the residents of a certain area.

The increase in demand will cause the price to rise, which will then settle for a new demand curve; in other words, the demand curve will shift. However, as soon as the inelastic supply equals the new demand, the price will fall again. Using the diagram below, the phenomenon is illustrated. (Housing Supply and Demand)

In the preceding diagram, a price increase occurs when the price changes from P1 to P2. This is because the demand curve has shifted from D1 to D2, where D1 stands for Demand 1. As indicated previously, a sudden increase in population may be one of the elements causing this change. In response to a new demand curve, the price has increased from P1 to P2. Important to note is that, despite the fact that the price has increased alongside demand, the quantity supplied has not altered significantly. This is owing to the fact that the property's supply is always inelastic, as a result of the time lag between price changes and increases in supply.

Mortgages may also contribute to a change in house prices. A mortgage is the money borrowed to purchase a property, as it is difficult for most people to do so on their own. The mortgage market has grown substantially over the years, and the current situation is completely different from what it was in the beginning. The sole lenders of mortgages were building societies.

Building societies were not-for-profit organizations that granted loans only to members; hence, those who were members and had made substantial contributions over an extended period of time received loans readily, and accounts with building societies became the only way to obtain mortgages. Soon, these organizations were forced to compete with banks and other financial entities that specialized in providing mortgages. This price war led to an increase in the demand for owner-occupied homes, which in turn led to a significant price increase. (The UK Housing Market; Housing Market Influencing Factors: Mortgages)

In addition to the previously mentioned aspect of mortgages, other factors like as stamp duty and planning influence the housing market. The Mortgage Interest Relief at Source (MIRAS) was a tax break for homeowners. It decreased the homeowner's income tax burden because the money spent on mortgage interest was regarded to be tax-free. As a result, there was a substantial increase in demand for houses, and prices skyrocketed. With the advent of MIRAS in 1990, many persons were spared from stamp duty. (The UK Housing Market – Housing Market Influencing Factors: Stamp Duty and Planning)

Impact of Monetary Policy on Home Values

The Bank of England has a monetary policy and uses it to govern the economic mechanism and deal with such irregular price fluctuations in real estate. Similar to when it changes the interest rate, the government attempts to control the economy's total expenditure. The primary purpose of a change in interest rates is to contain inflation, which is caused by a country's extravagant spending. The bank lends money to financial institutions at a preset interest rate, and based on this rate, individual banks and other financial institutions set their own interest rates, which apply to the entire economy.

Notably, this interest rate established by the Bank of England is so effective and potent that it contributes significantly to regulating the entire economy. It influences the stock and bond markets as well as the asset prices across the nation.

This interest rate also governed an economy's savings, which ultimately led to capital development and reinvestment. It is important to remember that when interest rates are high, individuals choose to invest their money in government deposits, which are less dangerous than the stock market, and similarly, high interest rates increase saves. Lower interest rates cause asset and real estate prices to rise, as individuals disregard conventional saving instruments and invest in high-growth initiatives such as stocks and real estate, hence increasing their prices. Changes in interest rates also have an effect on exchange rates, as an increase in the interest rate in the UK will provide investors with higher returns than their foreign investments.

This phenomena typically makes sterling assets desirable, which drives up the value of the currency relative to other currencies, and a stronger pound sterling would mean less money would be spent on imports and fewer exports would take place due to a decrease in demand for British-made goods. It is intriguing to examine the method by which the bank determines interest rates.

Changes in House Price

The trend of UK house prices over the past few years is depicted in the graph below, which was published by Rightmove House pricing. The average house price has increased from £175,000 to £229,816. According to the most recent August house price index, which was released on the 18th of August 2008, house prices have decreased by 2.3%.

Conclusion and Future Price Developments

The evolution of home values has been influenced by a variety of variables. The UK housing market has had significant growth over the past decade, partly due to the fact that interest rates have been relatively stable over the past six years, as they were 4 percent in 2002 and are today 5 percent. (House Price Statistics) Also, the easy availability of mortgages and credit has fueled the housing market for many years. However, going forward, the correction in the housing market is expected to last a little longer due to the stiff rates maintained by the Bank of England, as the bank is unable to cut rates due to high inflation, and secondly because the global economy as a whole is experiencing a severe liquidity crunch due to the US sub-prime mortgage crisis.

Almost all of the world's major economies are moreover plagued by a high inflation rate. In addition, as a result of the liquidity crisis, there are virtually no mortgage purchasers, and those who desire credit cannot obtain it. After a few of years, when the larger global challenges have been resolved, housing prices may begin to rise once more.

Sources Cited

"Housing Demand and Supply" tutor2u.com. 2008.Web.

Bank of England, "How Monetary Policy Works." 2008. The Bank of England Web.

The URL for "House Price Facts" is housepricefacts. 2008. Web.

"The UK Housing Market: Housing Market Influencing Factors: Mortgages." 2008. Web.

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Jumeirah Group’s Current Strategies Homework Essay Help

Table of Contents
Introduction Distribution Price Structure, market conditions, and organization objectives Promotional endeavors and marketing aims Summary Analysis

Introduction

The fact that clients are not limited to visiting a certain region is one of the inherent difficulties of operating a hotel business, regardless of how nice or elegant a hotel may be. Even though Dubai is considered to be one of the most well-planned cities in the world with considerable infrastructure development, it is merely one among hundreds of metropolitan centers in nations such as the United States, Germany, and China. Businesses are not confined to a single region; rather, they are dispersed over the globe, with several consumers using hotels as a home away from home.

This statement is based on a PEST analysis of economic factors that contribute to/hinder hotel occupancy. It specifies that, according to the PEST analysis's economic variables, one of the current economic causes affecting the Jumeirah group's guest rates is the present global economic turbulence, which has discouraged consumers from using the Jumeirah group's services.

This extended recession has resulted in a direct slowdown of infrastructure development in Dubai and has placed doubt on the region's ability to continue to retain its current level of distinction, which is the key reason for international visitors to forego country stays.

Due to the nature of the hotel industry, the hotel cannot go to the consumer; therefore, the business must wait for the consumer to come to it. Based on an Ansoff research of product diversification and market expansion, it has been determined that the Jumeirah group employs internet ads and international commercials in an effort to expand its customer base.

As a result of the region's current economic difficulties, such measures have been less effective and have had only limited success. Due to this, the Jumeirah group has countered this issue in terms of Ansoff product diversity by expanding beyond its current consumer base in the Middle East into nations like as Germany, China, and the United States.

With hotels located in such places, the Jumeirah group is able to maintain a degree of competitive advantage by gaining access to consumer groups it was previously unable to reach, and as a result is able to raise brand awareness to a degree. Based on a SWOT analysis of potential chances that the Jumeirah group can follow, its subsequent development into overseas markets in this manner is indicative of a constructive exploitation of existing opportunities, which should assist the company in surviving the current recession.

Organization of Distribution

Currently, the Jumeirah offers its services across a vast selection of hotels, resorts, and pricing structures. Each hotel and resort, despite being magnificent, offers a choice of predetermined price plans and packages to accommodate a range of budgets. This makes it easy for consumers to choose bundles based on what they perceive to be more economical.

Pricing, market conditions, and company objectives

As a result of the 2008 global financial recession, hotel occupancy rates have been abysmally low during the previous three years, as fewer people have been willing to travel or stay in hotels. Taking this into account, the Jumeirah group has developed special deals on their websites whereby customers may receive up to 20% off while staying at specific hotels and resorts.

In spite of the fact that hotel rates still range from 1,000 to 5,000 dirham and higher, the discounted hotel rates have prompted an influx of consumers seeking to take advantage of the price reductions.

Based on an Ansoff analysis of the level of product development within the hotel division of the Jumeirah group, it was determined that while the hotel chain has established a wonderful lineup of luxury hotels, it lacks cheap hotels on the Dubai and international markets. The Jumeirah Group's current preference for high-end hotels is a liability rather than an asset in this moment of economic uncertainty, as evidenced by many economic data indicating that consumers have become unwilling to spend on luxury and have began to focus on practicalities.

The fact that, despite the fact that costs at the various Jumeirah hotels have decreased marginally, they are still considered to be quite expensive when compared to hotels of inferior class is an additional fascinating fact. This is due to the fact that the Jumeirah group's primary purpose is to deliver luxury services to its customers, and as such, it is necessary to charge corresponding costs in order to provide such services.

Despite the fact that such a strategy was successful in the past, the current amount of economic upheaval on worldwide markets has rendered it ineffective. As a result, the Jumeirah group endeavored to continue providing luxury services while enticing customers to visit by modestly cutting costs. Based on the Ansoff analysis of the hotel's current product development strategy, it can be seen that the Jumeirah group's emphasis on luxury has backfired in an era where people are seeking practicality. This demonstrates the need for the hotel chain to change its current strategy for acquiring customers.

Promotional endeavors and marketing aims

First and foremost, it must be understood that marketing objectives are regarded met if the appropriate customer category has been targeted and more product awareness has been created, both of which result in a bigger number of consumers purchasing a certain product or service. Taking this into account, promotional activity, whether in the form of commercials, discounts, or special offers, can be viewed as a means through which the average consumer is "excited." By advertising or offering a discount, a certain amount of "hype" is generated for a certain product, resulting in increased consumer interest and more sales or patronage.

In the instance of the Jumeirah group, their own promotional initiatives (e.g., television ads, discounts, etc.) increase customer interest in their hotels, resulting in a greater occupancy rate. Furthermore, it must be remembered that since the primary objective of marketing is to sell a product or service, the hotel chain is able to achieve its marketing objectives, resulting in increased guest turnouts, by utilizing promotional activities.

When utilizing an ANSOff analysis to assess the level of market penetration.

Summary Analysis

Process, physical proof, and people are three more elements of the marketing mix that are significant to the organization for the following reasons: In particular, in the hospitality business, client happiness is one of the most crucial parts of any marketing-driven organization. Not only does adopting customer-satisfying practices result in a stronger brand image, but it also generates consumer patronage, which is essential for any organization. In the case of physical evidence, consumers need to know what they are getting out of staying at a hotel. Whether it's a list of services, meal options, or room pricing, consumers have a tendency to want to be educated prior to using a service.

In light of this, it is clear that physical proof, such as distributed brochures or pamphlets, is an essential component of any marketing plan, since it builds a physical connection between the business and its clients, encouraging them to utilize the organization's services. The final and most crucial element of the extended marketing mix is the people who interact with consumers.

It must be acknowledged that the personnel of any firm serves as the initial line of defense when interacting with customers. Any positive or negative behavior demonstrated by employees, as well as the overall quality of services provided, reflects on the firm itself. Based on this, it is clear that for a hotel to exist, its employees must be professional, efficient, and above all friendly in order to build a positive image that will serve as its own kind of marketing.

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Coca-Cola Company’s Strategic Choice And Analysis Homework Essay Help

Outline

Companies such as Coca-Cola encounter an increasing number of obstacles as a result of changing business conditions that have increased rivalry among businesses. This article will focus on the following concerns in relation to the Coca-Cola company:

In order for businesses such as Coca Cola to deal with the competition brought about by market rivalry, the respective management must devise strategies that will boost their enterprises' existence and continuity. This article will explore the present business methods employed by the corporation to achieve its goals.

Introduction

For a company to be successful in its operations, adherence to industry standards is crucial, i.e., it must abide by the rules of competition for market share within a certain industry; this always prevents unfair rivalry between companies in the same industry. Nevertheless, a company may occasionally violate industry competition norms in order to enhance its market share and ensure its survival and growth in the sector by employing strategic approaches. (1998, Anthony).

Discussion

This study focuses on the analysis of internal and external factors in contemporary business, with a focus on the Coca-Cola Company, which is situated in the United States, because every company aspires to be the market leader in its industry. (The Coca-Cola Company in 2009)

Business Description

According to research conducted by the Coca-Cola Company (2009), the company is a large multinational corporation that was founded in 1919 and operated under the laws and regulations of the State of Delaware. This company is globally recognized as the leading producer and seller of non-alcoholic soft drinks and syrups that are sold as finished products. According to Grant (2005, pp. 28-40), the company sells its syrup products to bottling and canning enterprises that are reported to be independently owned and operated, wholesalers, retailers, and wholesalers, while the finished products are distributed to the majority of its distributors. Coca-Cola is thought to have obtained licenses for over 400 brands of its goods, including diet and light beverages, water and enhanced waters, energy and sports drinks. In terms of gaining a larger market share, it is evident that The Coca-Cola Company has outpaced its competitors by a wide margin. (The Coca-Cola Company in 2009)

Analyse de l'environnement interne

It includes both strengths and faults. According to his research, a company's strength is defined as a unique talent or distinctive proficiency that enables it to outperform its rivals and achieve its strategic objectives efficiently and without much effort. (Grant, 2005) The Coca-Cola Company has a competitive edge against Pepsi inc., Nestle, Kraft Foods, and Unilever due to the power of the brand names of its goods, which is one of the company's strengths. According to reports, this corporation has numerous locations almost everywhere in the world. The Coca-Cola Company employs more than two hundred thousand employees worldwide across all of its investments. The company's employment of the most effective marketing methods has led to significant diversification. According to the Coca-Cola Company's (2009) study, the company has approximately one hundred thousand employees in the sales department who have contributed to the company's global success. These employees are said to be competent enough to carry out their marketing responsibilities; for instance, the sales staff are constantly trained to adapt to the changes brought about by globalization. (The Coca-Cola Company in 2009)

Lovelock (2006, pp. 20-43) defines a company's weakness as any aspect that may prevent it from accomplishing its aims or ambitions. Coca Cola Company’s set of laws, measures, and policies are said to be unworkable in some markets, a factor that has caused the company’s performance to deteriorate in some of its markets, such as in African countries, where Coca Cola products have performed poorly in the market due to a lack of aggressive advertising by responsible departments. (Porter, 1985)

Coca-Cola Company has also been attributed with the weakness of its employees' lack of devotion. According to employee study, there is a pattern of reluctance on the part of employees to carry out their responsibilities, and they are reportedly satisfied with their most recent accomplishments and hence lack future ambition.

Analyse de l'environnement externe

External environment study, according to Anthony (1998, pp. 15-32), discloses the organization's existing and projected possibilities and risks. He states that external forces can be economic, technological, competitive, political/legal, and social-cultural. However, the external environment of a corporation can be articulated explicitly when the firm's possibilities and risks are taken into account. (2006) According to Lovelock

There are numerous potential for The Coca-Cola Company in emerging beverage markets throughout the world. Due to the company's successful investigation of new markets in countries such as Africa, Australia, and the United States, among others, it may easily diversify into these areas. This company has taken advantage of the fact that its products, particularly its beverages, are in high demand and well-known by boosting output. Due to its significant market share, The Coca-Cola Firm has a more stable financial foundation than its competitors. As a result, the company has invested its surplus funds in the development of new markets, creating a chance for greater profit returns. Coca-Cola Company has taken full advantage of this opportunity, as the company has realistically extended its market dominance by creating subsidiaries in various nations' respective host countries. (Grant, 2005)

This is because the company has fully complied with licensing activities and its products have been approved by the respective bureau of standards in those countries. This opportunity has afforded the company the chance to diversify within those markets, resulting in a significant increase in company revenues.

Lovelock (2006, pp. 20-43) defines a danger as a pre-existing environmental trait that is likely to impede the achievement of managerial objectives. Threats might emerge as, among other things, intense rivalry, growing interest rates, business-related government regulations, and declining real income. Coca Cola Business today faces intense rivalry from its principal rivals, such as Pepsi Inc., Unilever, Kraft foods, and Nestle. As a result, the company has abandoned some markets in order to concentrate on others where it does not face stiff competition. (2006) According to Lovelock

Coca Cola Strategic Intent

The Coca-Cola Company (2009) analysis suggests that this organization has a well articulated strategic goal based on Michael Porter's Porter's Generic Strategies. Michael Porter is a well-known American academician who focuses on issues of management in economics, notably the need for corporations such as Coca-Cola to develop a competitive strategy and competitive edge. It is attributed to him that he outlined the five forces of strategic analysis: strategic groupings, the value chain, generic strategies, marketing positioning, and product differentiation. He condensed these influences into three generic strategic orientations that Coca-Cola Company wants to employ to achieve success. The first is the growth strategy, which encompasses integrative growth, expansive expansion, and intensive growth, all of which strive to penetrate a potentially competitive market. (Grant, 2005)

The second is the product market strategy that enable the company to create items that meet client needs. It also involves the growth of both markets and products. In fact, Porter says that a firm's capacity must be expanded through product-market development strategy. The third approach is the integrating and diversification strategy, which combines the preceding two strategies to create a competitive strategy for the company.

Porter (1985, pp. 12-56) asserts that despite the fact that these strategies share a distinctive characteristic that combines the need to answer the question of why, how, and when there is an opportunity for the organization, there are some distinctions between them. The product market development strategy focuses mostly on the risks that Coca-Cola can assume in order to develop the market and the product as a whole. (2006) According to Lovelock The diversification strategy comprises the expansion of prospects outside the company's present area of expertise. Vertical integration strategy permits the attainment of operational efficiencies, such as low-cost production and supply-and-demand management, in order to integrate all aspects of a business, including management, innovation, and productivity. (Porter, 1985) The Coca-Cola Company's market penetration strategies aim to dominate the market at any costs and by whatever means necessary, provided the optimal production mixture. However, it should be emphasized that Porter's three strategic orientations are extremely broad and diverse, despite the fact that they should all attempt to increase the Coca-Cola Company's productivity, efficiency, and growth.

Conclusion

According to Porter (1985, pp. 12-56), the primary purpose of any corporation is to maximize profits in order to provide the best possible return to shareholders for the capital they have invested in the company. Therefore, commercial organizations, including Coca-Cola Company, rely on its internal and external elements or components for optimal functioning. (Porter, 1985) According to Anthony (1998), an organization's external and internal core features include physical facilities and equipment, financial stability, human capital, production and operations, and market capabilities. According to research, a corporation may engage in a variety of activities, but it should always prioritize producing its strongest products. (2006) According to Lovelock

References

An explanation of the S.W.O.T. Analysis technique; New York: Macmillan Press, pp. 15-32.

Contemporary Strategy Analysis: Oxford, Blackwell Publishing Ltd, 2005, pp. 28-40. Grant, R.

20-43 in Lovelock, J. (2006). Services Marketing, People, Technology, and Strategy.

Competitive Advantage:-Techniques for Analyzing Industries and Competitors., New York: Free Press, 1985, pp. 12–56.

Coca-Cola Company, Website, 2009.

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HR Policy In Blue Gum In Australia Homework Essay Help

Introduction

Australia-based Blue Gum is a manufacturing company. The company specializes in the creation of custom-made apparel and promotional items, which it supplies to residents of Australia and distant nations. In addition, The Company is headquartered or established in the most of Australian states (Sydney, North Queensland) and in Ningbo, People's Republic of China.

In each of the company's branches or outlets, it is believed that there are 10 people, including a manager, due to its huge and widespread branch network in the country and overseas. As a result, the business is adopting the process of establishing systems and processes with consistent Human Resource policies across all verticals in order to effectively manage the organization, increase the company's revenues, and maintain cost control (Wright. and McMahan 1992).

In accordance with this, Blue Gum's support of HR policies has improved the company's social standing, resulting in the awarding of exclusive licenses for Targa Tasmania, F1 Australian Grand Prix, Mark Webber Racing, Stewart Merrett Australia, and Animal Jungle.

Policy

The Blue Gum HR policy is mandated to provide first-rate activities and services to a specific local population. To ensure the success of this concept, the organization is familiar with the relevance of hiring the most qualified applicant or applicant for all open positions.

Blue Gum employment policy justification

The employee recruiting policy has been established or accepted by the Blue Gum firm in order to ensure that the North Queensland branch of the company has the opportunity to attract the most brilliant and qualified employees. The HR policy set by the firm has a logical or causal relationship with the hiring of employees other than the manager or administrator.

Evaluation of Blue Gum Policy

For all progressive and fixed-term positions within the business, this strategy applies the practice of placing people in non-elective positions.

Principles

The primary goal of the HR recruitment policy is to place the most talented and qualified person in the appropriate position within the firm. Recruitment will confirm and authenticate the appraisal of the position's necessity relative to certain areas of the planned management and business plans.

Implementation of Recruitment Policy for Blue Gum

Through the implementation of personnel planning, Blue Gum Company will initiate its recruitment policy.

The personnel requirement should be communicated or transmitted to the organization's HR department with the following information attached: –

preparation for prospective employee's requirements a thorough examination of Job Requirements Establishing the nature of the task by description Identifying employee requirements Developing the strategies of the employment requirement Understanding of the Organizational and Legal Prerequisites.

When the human resource department of a business is well-informed and prepared, the action of utilizing the organization's labor force for promotion or staffing within the organization will be optimal for the employees. However, if the position is more sensitive, the firm would be obliged to hire or recruit external personnel. This move or advancement will be effective for the firm if they engage the services of external recruiting agencies who hire staff on their behalf. The following are some of the strategies that the organization must implement:

Sites for social networking Job portals Referrals from current workers Head hunters or placement agencies Ads can be placed in local newspapers if all other options fail (Wright and McMahan 1992).

The objective of selection policy

The Selection policy is the procedure for picking the most qualified and competent candidate for an organization's empty job. This procedure involves the screening of job applicants, the formulation of interview questions, the interviewing of applicants, and the selection of candidates based on merit. Nonetheless, the specified rules or concepts are included in the Employee selection procedure.

List of applicants selected Implementation of interview techniques the formulation of interview questions Completion of the selection procedure based on interviews Motivation of rejected candidates Motivating and applauding the successful candidates.

Personnel Selection Procedure

From the list of prospective applicants, applications are verified before being categorized according to their qualifications, skills, and experience. After this, there will be a free and fair elimination. The selection of an employee must be based on an admirable trait or attribute evaluated in comparison to the appointment criteria and report.

When both internal and external applicants have the same level of merit, the internal applicant will be given preference. HR must conduct selection based on the provided job description.

Due to the extensive nature of Blue Gem Company's offices, it is imperative that the business adheres to a consistent recruitment and staff appointment policy. The force of workers available for the empty post can be determined by the plan required by the selection policy to comprehend an individual's ability and talents.

To differentiate the skills of job applicants, it is necessary to adopt a general standing policy with permanent remuneration packages.

The objective of induction policy

The Blue Gum Company should place significant focus on the position or office of new employees and current employees who are selected for a promotion.

Scope

The Policy applies to newly hired employees, seasonal or temporary employees, and current employees who are promoted based on merit or skills within the firm. Nevertheless, the selection procedure comprises the following specified criteria:

Provide the new employee with a training checklist of items (names or tasks) to be reviewed or consulted. Express the induction program in words in a clear or official manner. Evaluation of the effectiveness of the induction program. Expiration of the experimental period. Enhancements to the presentation evaluation procedure.

Organizational policy for introduction

The organization's introduction policy would involve two major aspects: informing current employees of the organization's culture and the duties expected of them. Consequently, an orientation program should be created with the assistance of the HR department, followed by the implementation of all relevant perks.

Descriptions of businesses Form for Job Application

The job application form is a printed document containing blanks that applicants will likely fill out if they are selected or hired prior to the orientation process. However, if the application is submitted online, the application form can also be used to apply for the vacant post. In regard to this, the job application form must include the applicant's Personal Information, Education information (from previous educational background to the most recent), Work Experiences (from most recent to all others), and at least two references (internal or external) (Stuffy and Maurer 1988).

Sample employment application for the Blue Gum Company.

(Print clearly in black and explain all pertinent details)

Personal Particulars

Name:

The address is:

Phone Number:

Electronic mail address:

Are you authorized to work in Australia's North Queensland?

Yes ______ No_______

Within the past ten years, have you been convicted of a felony?

Yes_______ No_______

Please elaborate if yes:

Post/Position Applied for:…………………………

Expected Wage………..

Available Days / Hours

Monday ……………………….. Tuesday ……………………….. Wednesday ……………………….. Thursday…………………………………. Friday ……………………….. Saturday ……………………….

Hours of Operation: ______ to .

Which date are you available to begin work?

Education

Name and address of the institution where the degree or diploma was acquired, and the date

Additional credentials, skills, prizes, licenses, etc.

Employment background

Current position

Employer: Location: Officer making the report: Phone: Email: Identifier: From: to: Function and Responsibility: Salary: Reason for departure:

Previous Employment

Employer: Location: Officer making the report: Phone: Email: Identifier: From: to: Function and Responsibility: __________________________________________________________________________________________ Salary: Reason for departure:

Are we able to contact your prior Employer?

Yes ____ No

Referees

Title/Address Telephone

I attest that all of the information on this application is accurate and full.

Signature______________________________

Date__________________________________

Case Report

As the new store prepares to begin operating or functioning, the operations team desires to hold a meeting in order to make a decision and select the most qualified individual to oversee operations at the new location. Then, we must establish formal arrangements for the upcoming fiscal year's financial plan.

As we determine this, we must also consider the recruitment of more staff across departments. In light of our prior experience, we believe that a single store manager with subordinate employees is preferable. The Human Resources department will sort out the recruitment's specifics. As it is a new store, it is preferable that the number of employees does not exceed a certain threshold, as we must attentively examine the outcome before recruiting a large number of employees. (1996 per Huffman)

To plan the exact amount of employees to be recruited and to have well-defined job positions for them, it is necessary to have a well-organized description of each department and what is anticipated of each employee to be recruited. To ensure that the firm does not lose money on recruitment and training of the wrong staff, HR and the senior management team must work closely to ensure that the right individual is recruited for the right post. To do this, it is vital to describe all open vacancies and elaborate on the credentials, skills, and experience of each candidate in order to protect the organization from potential catastrophe. (1992, Jones and Wright). Store Supervisor – Retail

Job Description: Managing and supervising the daily operations of the organization's store, including maintaining a complete inventory list, displaying merchandise, recording sales, and supervising sales personnel.

Administration of human resources and manpower for the store's employees – Inform the organization's HR department of all required skill and performance training for the employees.

Perform a variety of tasks requiring knowledge of the resource storage strategy, distribution methods, personal computer usage, and safe operation of store equipment.

Key Responsibilities

verify the receipt and distribution of all goods and items to and from the store. Remove cloth and other items from the warehouse and arrange for transportation. Checking the products reveals variations in markings and accounting as well as visible damage. Confirm the accuracy of the daily receiving details and shipping log Preparing for storage and/or transport by storing things. Receive and inspect all organization-owned products. Monitor and resolve any organization-wide store concerns. Keeping a record of every official procedure for each documented process and its associated paperwork. Perform additional duties as assigned

Knowledge & Skills

Considered necessary: familiarity with the management and administration of government assets Operation of hand or power vehicles for storework Computer Knowledge and proficiency with Microsoft Office applications on a personal computer are a plus. Knowledge of logistics and supply chain Ability to operate under pressure Capability to consistently accomplish objectives

Experience

Typically, ten (10) years of retail shop management experience is required. Experience utilizing managerial, communication, and HR POLICY to complete transactions in an organization's retail setting is preferred.

Education

Bachelor's or master's degree in a logistic-related subject is preferred.

Advertisement for Full Time Store Manger

Graduates or postgraduates who are capable of leading and functioning as the Store Manager (full time) for a newly opened retail store. The ideal applicant should have superior or phenomenal communication abilities and be an effective group leader. Knowledge and expertise of the retail industry is an extra advantage. Send your resume to David, P.O. Box 150, Sydney, Australia, or to [email protected] if you believe you are a suitable candidate.

Utilizing the company's website to post job openings is the most effective method for recruiting senior-level employees. This has a number of advantages: – interested internal employees will have access to this and will be able to apply, thereby increasing their chances of promotion; this will also benefit the company, as the internal candidate may not have to undergo the unnecessary and costly training and orientation process. The second advantage is that the majority of interested candidates who seek employment through the website are always serious prospects actively seeking employment. For a candidate to obtain and submit an application via the internet, they must be passionate about the organization, having taken the time to understand and comprehend the company's processes. This type of advertising is free, and hence very useful to the business. (Becker & Gerhart, 1996).

5) David can receive assistance from his coworkers who have managed employees in other firm departments. These are the Human Resources and retail managers. The HR department has information and a clear policy regarding the company's entire staffing method, and his coworkers are well-versed in the duties of retail employees. If external specialists are brought in, they may bring with them different perspectives since they examine the entire system based on their own understanding, and the organization may be required to incur additional costs in order to hire external qualified people to complete this process. (Ulrich, 1991).

Bibliography

Becker, B., & Gerhart, B. (1996). Academy of Management Journal, 39(4):777-986, Special Research Forum: Human Resource Management and Organizational Performance.

Processing whey protein for use as a food additive, Food Technology, vol. 50, no. 2, pp. 49-52, 1996, L.M. Huffman.

G. Jones and P. Wright (1992). An economic approach to conceptualizing the usefulness of human resource management methods, Research in Personnel and Human Resource Management, vol. 10, no. 3, pp. 271–299, 2003.

Steffy, B., & Maurer, S. (1988). Academy of Management Review, 13(2), pages 271-286, "Conceptualizing and Measuring the Economic Effectiveness of Human Resource Activities"

Ulrich, D., Halbrook, R., Meder, D., Stuchlik, M., & Thorpe, S. (1991). Human Resources Planning, 14(3), pp. 89-103, "Employee and Customer Attachment: Synergies for Competitive Advantage."

Wright, P.M., and G.C. McMahan (1992). Alternative theoretical perspectives for strategic human resource management, 18(3), pp.295-320, Journal of Management.

[supanova question]

JIT: Strategic Plan And Implementation Homework Essay Help

Globally, the demand for cell phones is expanding. Analysts predict that more than 282 million hand sets were shipped in the first quarter of 2008, a 14% increase over the same period the year prior. The majority of these expanding markets are in Asia and Africa. The demand for accessories is increasing at the same rate, if not at a faster rate, than this increase. Nokia holds approximately 40 percent of the global market share, followed by Samsung with 16.4 percent, Motorola with 9.7 percent, and LG Electronics with 8.6 percent. Others include Sony Ericsson with 7.9% and various smaller enterprises with 16.4%. Nokia's supremacy is a result of its ability to build a diverse array of phones with a variety of features to cater to a wide variety of global tastes. Notably, the mobile phone industry may be separated into two segments: high-value and low-value segments. High-value users are motivated by the additional features provided to phones in addition to the standard services. The low-priced market is primarily driven by price competition.

Creating a new handset manufacturing will necessitate essential expertise in the creation of inexpensive and high-quality phones. As a former engineer at Nokia, Max Fischer has extensive knowledge of the production procedures required to manufacture high-quality handsets with multiple features. Additionally, he has a broad technical network and manufacturing history. The expectation is that he will use these skills to produce handsets and phone accessories for the global market.

As previously said, the market for mobile phones is extremely competitive. To penetrate the market, the company has chosen a strategy centered on reducing expenses to the lowest possible levels. This will be accomplished through the implementation of multiple initiatives at the corporate, business, and functional levels. The most realistic strategy at the business level is the global strategy. The corporation will strive to produce for the global market as opposed to the local market under this strategy. Extensive agreements will be formed with existing distribution channels prior to the extension of those channels, which will occur as the company continues to grow (QuickMBA.com, 2007, Par 6).

With a larger market, the company will be able to leverage economies of scale and thereby cut unit costs. The company will promote itself as the lowest-cost producer of high-quality goods. Pricing competitively and differentiating the firm's products will be the two primary routes to worldwide acceptance.

In order to ensure competitive pricing, the company will utilize the benefits afforded by the founder's expertise in building mass production's most efficient working processes. The selection of machinery and other necessary equipment will be predicated primarily on their cost-effectiveness and efficiency.

The terms and conditions of business partnerships will be as straightforward and well-crafted as possible in order to promote smooth transactions needing minimal personnel and expense repercussions. In lieu of creating its own stores, the company will pay huge margins to existing retailers to entice them to sell the handsets. Constant monitoring of the market trend will be carried out in order to strengthen areas of weakness.

In addition to taking advantage of economies of scale when adopting a global strategy, we will attempt to capitalize on the availability of inexpensive labor in some of the expanding countries. Establishing factories in nations like China and India, where labor is numerous and inexpensive, would be prudent. This will help bolster the company's cost-cutting efforts. Similarly, there are nations that are abundant in certain of the raw materials required for the manufacture of mobile devices. Silicon and other metals, as well as polymers, are more affordable in India and China than in the United States.

In addition, expanding into international markets will lengthen the product life cycles. This is due to the fact that when new products are introduced, the immediate markets will be in the West. As is typical with electronic devices, the new products will be superseded by the creation of more exciting products over time. The rate at which technology evolves is so rapid that a handset that was once considered the most exciting gadget may be deemed obsolete within a year. However, the dynamics are more obvious in wealthy nations, where consumers' high earnings support frequent handset purchases. Expansion of markets in developing economies in Africa and Asia will guarantee that products considered outmoded in the West will find new consumers and continue to generate revenues for the company. The result of these extended product life cycles is that Research & Development expenditures will not only be reduced, but also optimized. Due to the extended product lifespan, R&D will concentrate on developing new products, but the interval between the debuts of these new items will be greater. This will allow sufficient time for quality products to enter the market at the lowest possible prices, resulting in greater market acceptance (QuickMBA.com, 2007, Par3).

As a result of implementing the global strategy, we will take advantage of variances in currency rates and tax regimes to reduce costs and increase sales. Producing in nations with historically poor exchange rates against the world's major currencies will result in exports that are less expensive on international markets than those produced in economies with robust exchange rates. The long-term savings will be substantial and will facilitate the attainment of cheap prices while maintaining profitability.

Also employed will be the advantages of cross-subsidization of nation businesses. This is the practice of charging relatively higher prices in some high-income nations and using the additional cash to subsidize lower prices in low-income nations. This viewpoint acknowledges that in many high-income economies, clients may have a negative perception of products that are excessively inexpensive relative to those given by the competitors, regardless of the positioning chosen. It would be prudent to price the products similarly to the competition.

In addition, we will be in a good position to gain lessons from other nations in areas such as sales and marketing. As a proactive step, the lessons learned can be transferred to other operational areas, thereby contributing to cost reduction.

As stated previously, the company will market itself as a provider of low-cost, high-quality goods. Producing superior products is not always inexpensive. Consequently, margins may be compressed. Nonetheless, the company will attempt to secure broad markets for the products in order to guarantee substantial sales. The enormous volumes will ensure that the modest margins per unit aggregate to provide the company with fair profitability. The objective is to cut prices and attract customers, hence eliminating entry obstacles (Wal-Cost Mart's Leadership Strategy, 2004, Par. 5).

Diversity in the macroeconomic environment also reduces the associated risks. When regional or national circumstances cause certain markets to contract, others are at their height. Because economic cycles cannot be precisely connected between nations. The outcome is that the firm will never experience a drastic decline in market share due to changes in the macroeconomic environment, such as the advent of a recession that affects customer incomes (Grant, 2008).

Product differentiation will be the cornerstone of our business. To establish the dynamics of tastes and preferences, sufficient R&D will be undertaken. As opposed to a single product, this assortment of handsets with varied features will appeal to a big number of buyers. Thus, the turnover rates will grow dramatically, resulting in greater revenues. Additionally, the company will create phone accessories such as batteries, earbuds, Bluetooth sets, and others that are compatible with a wide variety of phones, including those supplied by competitors.

The company will have a centralized management structure. The majority of significant decisions will be made at the headquarters and disseminated to the worldwide subsidiaries and branches. This will ensure rigorous adherence to the product and pricing strategies adopted for global markets. The positioning of the company as a legitimate low-cost, high-quality producer will be substantially aided by consistent execution of the techniques. It will be challenging for distinct operational sectors to implement significantly diverse pricing strategies for their own profit. Despite the centralization of management, allowances must be made for national managers to evaluate local conditions and recommend or make certain decisions, particularly in cases of exceptional circumstances widespread in certain nations (Grant, 2008, Par 4).

At the enterprise level, the company will implement efficient procedures in all profit and expense centers. From the very first steps to the last one, the production process will transfer smoothly. The production facilities will be designed to facilitate this. The majority of production personnel will be former Nokia employees. The enormous networks that have previously been developed will be utilized to create the most efficient production facilities (Wal-Cost Mart's Leadership Strategy, 2004, Par.

Human resource rules will ensure that only the most qualified candidates are hired. The emphasis will be on soft talents rather than academic qualifications. The department will make all possible efforts to ensure good interdepartmental interactions. The compensation approach will be competitive once more. It will be adapted to the many economies in which the company works. Employees in economies with high living standards and high tax rates may require larger compensation packages than those in emerging nations with lower living costs.

To increase the integration and acceptability of products within the local community, the sales and marketing teams in the various regions must be well trained and, more crucially, constituted of locals. However, the majority of management-level positions will be filled by personnel from the company's headquarters, as they are most familiar with the company's cultures and communication protocols (Kotler, & Keller, 2009, p14).

The financing mechanisms will be selected primarily based on the level of risk, expenses, and timeliness. Private share ownership will be the primary source of funding. The two board members will fund the entire equity part of the deal. This implies that the top management team will be small, resulting in a quicker decision-making process. The second source of funding is anticipated to come from venture investors. Despite the greater expenses associated with this type of funding, additional services such as business consulting may be provided. Moreover, this financial choice provides greater freedom. Financiers of the highest caliber will be recruited to provide continuous guidance on the appropriate short-term financing choices for the company's activities.

The Just In Time (JIT) distribution strategy will be implemented to reduce the expense of holding inventory. The production processes and transport logistics will be organized in the most efficient manner feasible. The contractual arrangements with suppliers will aim to improve efficiency by ensuring that materials arrive on time so as to adhere to production plans formulated in consideration of output requirements at any given time. This will result in lower expenses associated with keeping inventories.

Incorporating all of these techniques to support the worldwide strategy will surely result in the birth of a new strong player in the prepaid mobile phone market. The objective is to capture at least 10% of the worldwide phone market within the first five years of operation and increase this share to 30% by the tenth year of business. Adopting a culture that strictly conforms to these tenets would propel the firm to unprecedented heights.

Bibliography

Grant, R. M. (2008). Contemporary strategy analysis (Sixth ed). (Sixth ed.). Oxford, United Kingdom: Blackwell Publishing Limited.

Kotler, P., & Keller, K. L. (2009). Marketing management (Thirteenth Edition), Pearson Prentice Hall, Upper Saddle River, New Jersey.

QuickMBA.com (2007). Global strategic management.

The Cost Leadership Strategy of Wal-Mart (2004).

[supanova question]

Profit And Non-profit Organizations Homework Essay Help

Emotional labor can be described as the regulation of one's conduct in order to exhibit more socially acceptable feelings (Chu, 2002). In this situation, a person exerts great effort to repress emotions that may not be well-received by those with whom he interacts, and these emotions must correspond to well defined societal norms. Arlie Hochschild created the term emotional labor in her work titled "The managed Heart." According to Hochschild, people are known to manage their emotions in both their professional and private lives (Hochschild, 1983). Emotional labor is a vital component of human conduct because it has been demonstrated that at some time in life, humans must alter their behavior. This could be in terms of their body language, emotions, or vocal clues in order for them to comply to the predetermined, socially accepted norms.

Numerous firms want their workers to comport themselves in a certain manner while at work, whether in terms of their attire, interactions with clients, or responses to specific situations. This is done with the intention of acquiring and retaining clients by these businesses. The majority of firms that require employees to adopt specific habits are in the service sector (KTEC, 2005). In this industry, staff are typically in regular and direct touch with clients; therefore, they must do everything is necessary to assure continued business. All successful firms in the service industry have at some point relied on emotional labor in their daily operations.

Hochschild has eloquently outlined two distinct types of emotional labor. These include emotional labor manifested on the surface and acting from the depths. The majority of employees who are required to behave in a certain manner resort to surface acting, faking the feelings they exhibit to clients. They exhibit emotions that they do not genuinely experience, which is guaranteed to have extremely negative side effects. Negative emotions such as grief, frustration, impatience, rage, and pity, to name a few, are typically concealed. These are typically substituted by fabricated feelings of patience, contentment, concern, and excitement. This requires a great deal of emotional stamina from the personnel, which could lead to emotional exhaustion. Deep acting, on the other hand, is a person releasing feeling from the past in order to experience the true emotion expected of him at a specific moment (Hochschild, 1983). For instance, a doctor caring for a patient with gangrene should avoid showing revulsion by imagining himself in the patient's shoes or even imagining that the patient is his child. This would then induce feelings of concern in place of revulsion.

Most firms have established social norms that employees must adhere to. Therefore, in order to adapt to these social norms, employees must learn about them and understand how to control their emotions. This may be in the form of written rules and regulations or guidelines that could be used as a standard against which to evaluate the apparently correct response. However, the majority of feeling norms include politeness and are frequently unwritten. In her book 'The Managed Heart,' Hochschild provides a detailed description of a set of 'feeling rules,' often referred to as 'display rules,' which define the appropriate emotional response for a given situation (Hochschild, 1983) in an effort to better comprehend emotional labor.

For instance, McDonald's encourages its staff to exhibit excitement, authenticity, self-assurance, and a sense of humor (Mann, 2004). Feeling guidelines have also been formed to have a connection to the culture of the civilization. For example, when people of different cultures interact, they are guided by the norms of their respective societies, but there is still a chance that they will offend one another due to the variance in their behavior. Despite this, the concept of emotion remains unchanged. For instance, employees in the hospitality industry are typically nice and polite regardless of how clients treat them. In the majority of service encounters, personnel are expected to be polite and respectful towards irrationally angry customers. In such a situation, an employee is likely to become agitated and frustrated, but for the purpose of retaining the customer, he chooses to remain cool and exhibit compassion and patience. The feeling guidelines serve as direction for employees and are intended to ensure that employees understand the necessity of always being kind to customers. These guidelines assist in suppressing negative emotions and replacing them with positive ones. While a consumer is always seeking satisfactory service, an employee must also adhere to a set of emotional guidelines. Some of the emotional standards that employees are expected to adhere to are courtesy, understanding, approachability, and appearing trustworthy (Ashforth & Humphrey, 1993).

Depending on the consumers' dispositions, these emotion rules' expectations will inevitably fluctuate over time. In a circumstance in which a consumer expects average service, there is a strong likelihood that this expectation will not be realized, leaving him dissatisfied, even if an employee follows the proper feeling standards. One of the good services that people expect from a doctor is candor. There are situations when this might not sit well with a patient, particularly when a life-threatening diagnosis has been made.

Doctors are supposed to have "bedside manners" that include, among others, friendliness, sympathy, courtesy, candor, and politeness. By possessing these, a physician is deemed capable of providing quality care. Psychiatrists and counselors are held to a high standard of service. This group is expected to behave differently depending on the age of the patient (Ashkanasy, 2001). For instance, a doctor is supposed to be more relaxed and even make jokes with a minor patient to put them at ease, however this would not be the case when dealing with patients in their sixties.

Airline attendants are supposed to be cordial and pleasant to their passengers regardless of whether the passengers reciprocate. Typically, an employee might become upset when dealing with a customer who is impatient. The profession, however, demands them to conceal this emotion and act sympathetic and even empathetic towards clients. Likewise, call centre agents are required to be especially polite and patient with consumers. It is intended that any negative feelings will be repressed and replaced with more positive ones.

Using emotional labor carries with it its own repercussions and dilemmas. Continually attempting to repress one's emotional feelings may have extremely unpleasant side consequences, including emotional exhaustion. However, when used effectively, emotional labor, such as intense acting, may be extremely gratifying and lead to job satisfaction. Employees are always required to be polite to clients, regardless of the treatment they receive, and some of the treatment they are compelled to endure could have catastrophic consequences. According to Sandi Mann, if employees regulated their emotions in this manner, they may easily get stressed (Mann, 2004). As a result of stress, significant health conditions such as heart disease, coronary thrombosis, hypertension, and cancer may develop or worsen.

Due to the difficulty of always being pleasant at work, the majority of employees are forced to put on a facade (Persaud, 2004). Employees' detachment from their own feelings leads to emotional fatigue. This could be detrimental to the employees' work effectiveness. For instance, doctors who have experienced emotional burnout are likely to cease providing excellent care for their patients, which is the most crucial aspect of their employment (Persaud, 2004). A flight attendant suffering from emotional exhaustion might potentially compromise the passengers' comfort on board. This is because emotional labor is an essential component of their job. This is a recipe for emotional fatigue because an airline attendant has the most contact with passengers and must endeavor to be pleasant regardless of their reactions (Hochschild, 1983). In most instances, emotional burnout reduces a person's duty performance effectiveness, resulting in dissatisfaction with the quality of a completed duty. Greater emotional exhaustion could cause an employee to quit or get fired if they are unable to conceal their genuine negative emotions (Ashforth &Humphrey, 1983). Employers should make their workers aware of the significance of emotional labor's long-term rewards, which can be quite lucrative (Persaud, 2004).

Organizations are typically required to utilize their Human resource management to avoid employees from experiencing the negative impacts of emotional labor. Depending on the circumstances, various strategies are typically recommended for breaking the emotional cycle of impacted personnel. One strategy for addressing this issue is to promote employee-beneficial deep acting and discourage surface acting in the workplace. It has been established that an employee who has been in the same job for a long time is more likely to act than one who has been in the same job for a short time (Ashforth &Humphrey, 1993). For instance, an employee could feign interest in what a customer is saying, and if a customer detects this, the relationship between the consumer and the employee could be irreparably damaged, hence causing harm to the firm. Employees could be trained to recognize the symptoms of emotional burnout and attempt to prevent it before it occurs.

Different workplaces deal with emotional labor in various ways. McDonald's, for instance, has produced a guidebook that instructs its staff on the attributes and behaviors they must always exhibit when performing a service transaction (Mann, 2004). However, this is uncommon among other small-business enterprises. The majority of small businesses rely on the feeling rules an employee is likely to have acquired prior to joining the organization, as well as the feeling rules he will acquire on the job. Therefore, it is crucial for companies to hire individuals with desired characteristics in an effort to avoid surface acting, which could lead to emotional exhaustion.

Additionally, feeling rules vary from profession to profession (Mann, 2004). For instance, a person working in a fire department or as a counselor requires more emotional norms than a store assistant. This is due to the fact that firefighters are frequently exposed to traumatic events and so require assistance to recover fully from negative emotional experiences. Most businesses utilize de-briefing as a way for addressing the adverse effects of emotional labor. De-briefing can be defined as the process by which an individual completely discloses to another individual the details of an emotionally taxing interaction (Bolton, 2001). This is typically handled by a skilled specialist, and the employee receives advise on how to manage stressful circumstances at work more efficiently without endangering oneself. Some organizations have gone so far as to provide hotlines for employees to contact professional counselors when they require counseling services (Smith, et.al. 2001).

In conclusion, emotional labor can be both advantageous and detrimental to an employee, depending on how the individual chooses to utilize it. It is also essential to remember that feeling norms regulate the response exhibited by a person, in this case an employee, at specific moments. Deep acting is advantageous and equivalent to an enriching experience, but surface acting is detrimental to an employee's health and is therefore undesirable. Personality has a role in eliciting the proper emotional response; consequently, it is the responsibility of employers to hire candidates with the necessary characteristics for a certain position (James, 1992). For instance, employing a shy individual as a salesperson would be inappropriate. This is because it would require a great deal of strength for this individual to convince clients to purchase a company's items. This tension could lead to emotional burnout for the employee. Service industries must exert significant effort to comprehend emotional labor and its ramifications in order to fully exploit its benefits.

References

Ashforth, B.E., and R. H. Humphrey, 1993. The effect of identity on emotional labor in service roles. The Academy of Management Review, Volume 18, Issue 18 (1). San Francisco: Jossey-Bass Publishers, pages 88-115.

Emotion in the Workplace: The New Challenge for Managers, Ashkanasy, N.M., 2001. Academy of Management Executive, volume sixteen, number one. Pages 76-86, Addison-Wesley Publishing, MA.

Changing faces: nurses as emotional jugglers, Bolton, S.C., 2001. Sociology of Health and Illness, volume 23, issue 1, pages 85-100, Institute of Medicine, United States.

Chu, K. H., 2002. Employee Work Outcomes as Influenced by Emotional Labor Virginia Polytechnic Institute and State University, Blacksburg, Virginia, dissertation, published.

Hochschild, A.R., 1983. The controlled Heart: Commercialization of Human Feeling., University of California Press, United States of America. Los Angeles, California.

N. James, 1992. Care equals organization plus physical and emotional labor. Sociology of Health and Illness, volume fourteen, number four, Comstock Publication, Ithaca, New York, pages 488-509.

People-Work: emotional management, stress, and coping, by S. Mann, 2004. British Journal of Guidance & Counseling, Volume 32, Issue 32 (2),. US, University of Texas Press, pages 205-221.

R. Persaud, "Faking It: The Emotional Labor of Medicine," 2004. Earth Policy Institute, New York, website.

Smith, P., and B. Gray, 2001.

Reevaluating the concept of emotional labor in nursing student education: function. New York Macmillan Press.

[supanova question]

Profit And Non-profit Organizations Homework Essay Help

Emotional labor can be described as the regulation of one's conduct in order to exhibit more socially acceptable feelings (Chu, 2002). In this situation, a person exerts great effort to repress emotions that may not be well-received by those with whom he interacts, and these emotions must correspond to well defined societal norms. Arlie Hochschild created the term emotional labor in her work titled "The managed Heart." According to Hochschild, people are known to manage their emotions in both their professional and private lives (Hochschild, 1983). Emotional labor is a vital component of human conduct because it has been demonstrated that at some time in life, humans must alter their behavior. This could be in terms of their body language, emotions, or vocal clues in order for them to comply to the predetermined, socially accepted norms.

Numerous firms want their workers to comport themselves in a certain manner while at work, whether in terms of their attire, interactions with clients, or responses to specific situations. This is done with the intention of acquiring and retaining clients by these businesses. The majority of firms that require employees to adopt specific habits are in the service sector (KTEC, 2005). In this industry, staff are typically in regular and direct touch with clients; therefore, they must do everything is necessary to assure continued business. All successful firms in the service industry have at some point relied on emotional labor in their daily operations.

Hochschild has eloquently outlined two distinct types of emotional labor. These include emotional labor manifested on the surface and acting from the depths. The majority of employees who are required to behave in a certain manner resort to surface acting, faking the feelings they exhibit to clients. They exhibit emotions that they do not genuinely experience, which is guaranteed to have extremely negative side effects. Negative emotions such as grief, frustration, impatience, rage, and pity, to name a few, are typically concealed. These are typically substituted by fabricated feelings of patience, contentment, concern, and excitement. This requires a great deal of emotional stamina from the personnel, which could lead to emotional exhaustion. Deep acting, on the other hand, is a person releasing feeling from the past in order to experience the true emotion expected of him at a specific moment (Hochschild, 1983). For instance, a doctor caring for a patient with gangrene should avoid showing revulsion by imagining himself in the patient's shoes or even imagining that the patient is his child. This would then induce feelings of concern in place of revulsion.

Most firms have established social norms that employees must adhere to. Therefore, in order to adapt to these social norms, employees must learn about them and understand how to control their emotions. This may be in the form of written rules and regulations or guidelines that could be used as a standard against which to evaluate the apparently correct response. However, the majority of feeling norms include politeness and are frequently unwritten. In her book 'The Managed Heart,' Hochschild provides a detailed description of a set of 'feeling rules,' often referred to as 'display rules,' which define the appropriate emotional response for a given situation (Hochschild, 1983) in an effort to better comprehend emotional labor.

For instance, McDonald's encourages its staff to exhibit excitement, authenticity, self-assurance, and a sense of humor (Mann, 2004). Feeling guidelines have also been formed to have a connection to the culture of the civilization. For example, when people of different cultures interact, they are guided by the norms of their respective societies, but there is still a chance that they will offend one another due to the variance in their behavior. Despite this, the concept of emotion remains unchanged. For instance, employees in the hospitality industry are typically nice and polite regardless of how clients treat them. In the majority of service encounters, personnel are expected to be polite and respectful towards irrationally angry customers. In such a situation, an employee is likely to become agitated and frustrated, but for the purpose of retaining the customer, he chooses to remain cool and exhibit compassion and patience. The feeling guidelines serve as direction for employees and are intended to ensure that employees understand the necessity of always being kind to customers. These guidelines assist in suppressing negative emotions and replacing them with positive ones. While a consumer is always seeking satisfactory service, an employee must also adhere to a set of emotional guidelines. Some of the emotional standards that employees are expected to adhere to are courtesy, understanding, approachability, and appearing trustworthy (Ashforth & Humphrey, 1993).

Depending on the consumers' dispositions, these emotion rules' expectations will inevitably fluctuate over time. In a circumstance in which a consumer expects average service, there is a strong likelihood that this expectation will not be realized, leaving him dissatisfied, even if an employee follows the proper feeling standards. One of the good services that people expect from a doctor is candor. There are situations when this might not sit well with a patient, particularly when a life-threatening diagnosis has been made.

Doctors are supposed to have "bedside manners" that include, among others, friendliness, sympathy, courtesy, candor, and politeness. By possessing these, a physician is deemed capable of providing quality care. Psychiatrists and counselors are held to a high standard of service. This group is expected to behave differently depending on the age of the patient (Ashkanasy, 2001). For instance, a doctor is supposed to be more relaxed and even make jokes with a minor patient to put them at ease, however this would not be the case when dealing with patients in their sixties.

Airline attendants are supposed to be cordial and pleasant to their passengers regardless of whether the passengers reciprocate. Typically, an employee might become upset when dealing with a customer who is impatient. The profession, however, demands them to conceal this emotion and act sympathetic and even empathetic towards clients. Likewise, call centre agents are required to be especially polite and patient with consumers. It is intended that any negative feelings will be repressed and replaced with more positive ones.

Using emotional labor carries with it its own repercussions and dilemmas. Continually attempting to repress one's emotional feelings may have extremely unpleasant side consequences, including emotional exhaustion. However, when used effectively, emotional labor, such as intense acting, may be extremely gratifying and lead to job satisfaction. Employees are always required to be polite to clients, regardless of the treatment they receive, and some of the treatment they are compelled to endure could have catastrophic consequences. According to Sandi Mann, if employees regulated their emotions in this manner, they may easily get stressed (Mann, 2004). As a result of stress, significant health conditions such as heart disease, coronary thrombosis, hypertension, and cancer may develop or worsen.

Due to the difficulty of always being pleasant at work, the majority of employees are forced to put on a facade (Persaud, 2004). Employees' detachment from their own feelings leads to emotional fatigue. This could be detrimental to the employees' work effectiveness. For instance, doctors who have experienced emotional burnout are likely to cease providing excellent care for their patients, which is the most crucial aspect of their employment (Persaud, 2004). A flight attendant suffering from emotional exhaustion might potentially compromise the passengers' comfort on board. This is because emotional labor is an essential component of their job. This is a recipe for emotional fatigue because an airline attendant has the most contact with passengers and must endeavor to be pleasant regardless of their reactions (Hochschild, 1983). In most instances, emotional burnout reduces a person's duty performance effectiveness, resulting in dissatisfaction with the quality of a completed duty. Greater emotional exhaustion could cause an employee to quit or get fired if they are unable to conceal their genuine negative emotions (Ashforth &Humphrey, 1983). Employers should make their workers aware of the significance of emotional labor's long-term rewards, which can be quite lucrative (Persaud, 2004).

Organizations are typically required to utilize their Human resource management to avoid employees from experiencing the negative impacts of emotional labor. Depending on the circumstances, various strategies are typically recommended for breaking the emotional cycle of impacted personnel. One strategy for addressing this issue is to promote employee-beneficial deep acting and discourage surface acting in the workplace. It has been established that an employee who has been in the same job for a long time is more likely to act than one who has been in the same job for a short time (Ashforth &Humphrey, 1993). For instance, an employee could feign interest in what a customer is saying, and if a customer detects this, the relationship between the consumer and the employee could be irreparably damaged, hence causing harm to the firm. Employees could be trained to recognize the symptoms of emotional burnout and attempt to prevent it before it occurs.

Different workplaces deal with emotional labor in various ways. McDonald's, for instance, has produced a guidebook that instructs its staff on the attributes and behaviors they must always exhibit when performing a service transaction (Mann, 2004). However, this is uncommon among other small-business enterprises. The majority of small businesses rely on the feeling rules an employee is likely to have acquired prior to joining the organization, as well as the feeling rules he will acquire on the job. Therefore, it is crucial for companies to hire individuals with desired characteristics in an effort to avoid surface acting, which could lead to emotional exhaustion.

Additionally, feeling rules vary from profession to profession (Mann, 2004). For instance, a person working in a fire department or as a counselor requires more emotional norms than a store assistant. This is due to the fact that firefighters are frequently exposed to traumatic events and so require assistance to recover fully from negative emotional experiences. Most businesses utilize de-briefing as a way for addressing the adverse effects of emotional labor. De-briefing can be defined as the process by which an individual completely discloses to another individual the details of an emotionally taxing interaction (Bolton, 2001). This is typically handled by a skilled specialist, and the employee receives advise on how to manage stressful circumstances at work more efficiently without endangering oneself. Some organizations have gone so far as to provide hotlines for employees to contact professional counselors when they require counseling services (Smith, et.al. 2001).

In conclusion, emotional labor can be both advantageous and detrimental to an employee, depending on how the individual chooses to utilize it. It is also essential to remember that feeling norms regulate the response exhibited by a person, in this case an employee, at specific moments. Deep acting is advantageous and equivalent to an enriching experience, but surface acting is detrimental to an employee's health and is therefore undesirable. Personality has a role in eliciting the proper emotional response; consequently, it is the responsibility of employers to hire candidates with the necessary characteristics for a certain position (James, 1992). For instance, employing a shy individual as a salesperson would be inappropriate. This is because it would require a great deal of strength for this individual to convince clients to purchase a company's items. This tension could lead to emotional burnout for the employee. Service industries must exert significant effort to comprehend emotional labor and its ramifications in order to fully exploit its benefits.

References

Ashforth, B.E., and R. H. Humphrey, 1993. The effect of identity on emotional labor in service roles. The Academy of Management Review, Volume 18, Issue 18 (1). San Francisco: Jossey-Bass Publishers, pages 88-115.

Emotion in the Workplace: The New Challenge for Managers, Ashkanasy, N.M., 2001. Academy of Management Executive, volume sixteen, number one. Pages 76-86, Addison-Wesley Publishing, MA.

Changing faces: nurses as emotional jugglers, Bolton, S.C., 2001. Sociology of Health and Illness, volume 23, issue 1, pages 85-100, Institute of Medicine, United States.

Chu, K. H., 2002. Employee Work Outcomes as Influenced by Emotional Labor Virginia Polytechnic Institute and State University, Blacksburg, Virginia, dissertation, published.

Hochschild, A.R., 1983. The controlled Heart: Commercialization of Human Feeling., University of California Press, United States of America. Los Angeles, California.

N. James, 1992. Care equals organization plus physical and emotional labor. Sociology of Health and Illness, volume fourteen, number four, Comstock Publication, Ithaca, New York, pages 488-509.

People-Work: emotional management, stress, and coping, by S. Mann, 2004. British Journal of Guidance & Counseling, Volume 32, Issue 32 (2),. US, University of Texas Press, pages 205-221.

R. Persaud, "Faking It: The Emotional Labor of Medicine," 2004. Earth Policy Institute, New York, website.

Smith, P., and B. Gray, 2001.

Reevaluating the concept of emotional labor in nursing student education: function. New York Macmillan Press.

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Stewart Information Services Corp’s Perceived Risk Homework Essay Help

The business of Stewart Information Services Corp is based on title insurance and real estate services in the United States and worldwide. They always maintain the privacy of customer information. Title insurance always provides consumers with security, efficiency, and cost savings. They maintain a record of all sold properties and are always willing to resolve any ownership-related issues that may arise. They lessen the risk associated with the property transaction. The foundation for this company's forward-looking statements is the Private Securities Litigation Reform Act of 1995.

Perceived Stewart Information Services Corp. risks

Stewart Information Services Corp.'s forward-looking statement focuses on the company's future business and financial condition. There are risks associated with Stewart Information Services Corporation's forward-looking statement. The company's forward-looking statement anticipates some form of future outcome. Occasionally, however, the actual results of the company differ from those anticipated in the forward-looking statement. This is the company's primary risk factor. Changes in the real estate industry, current economic conditions, a lack of knowledge about how to exploit new technologies and enterprise systems and how to execute them, frequent changes in government legislation, reliance on cash flow sources, etc., are among the primary causes of hazards. The primary reason of risk is that the outcome is significantly inferior to the expected value and likelihood of expected output. Risk usually decreases productivity. Price risk, credit risk, and pure risk are the primary categories of perceived risk for Stewart Information Services Corp.

Price risk

It is the change in the value of an asset, such as money, due to fluctuations in input and output prices. Price risk may also arise as a result of interest rate volatility, commodity price variations, etc. Two sorts of price hazards exist. Output price risk and input price risk are examples.

Changes in economic conditions are the primary cause of Stewart Information Services Corp.'s output price risk. Competition between organizations of the same type on the market will have a negative impact on the company's profits and diminish its predicted future cash flows. Changes in the prices of production inputs are typically referred to as input price risk. Stewart Information Services Corporation is susceptible to input pricing issues. Among the causes of input risks are rising material and labor costs, rising building costs, etc. This will have a negative impact on future cash flows. The investment's value will fluctuate based on the overall level of interest rates. Changes in interest rates impact the cost of borrowing for a corporation. Stewart Information Services Corporation is susceptible to interest rate risks. The following is a primary reason for interest rate risk: Increases in market interest rates may prompt holders of common stock to demand a greater yield, and larger dividend payments may lower the company's future cash flows. The other cause of interest rate risk is the possibility that a fall in the interest rate may have a negative impact on the company. The impact of an increase in interest rate is always good.

Credit risk

It results from the loss of principle or loss of financial support as a result of borrower failure. This means that occasionally they are unable to repay the debt they have obtained, which creates a great deal of business risk. The primary cause of credit risk is the borrower's utilization of future cash flows for present purposes. Investors are compensated by the borrower in the form of interest payments for accepting credit risk. The relationship between credit risk and the potential profit on an investment is exclusive. It is calculated by taking into account the borrower's overall repayment capacity. Stewart Information Services Corporation is susceptible to credit hazards. Insufficiency in cash flow and volatility in the debt market are two reasons why Stewart Information Services Corp. faces credit concerns.

Pure risk

This is a risk that all organizations are susceptible to. Due to legal liability, property damage, and employee harm, Stewart Information Services Corp. confronts some form of inherent risk. Damage to the asset caused by natural disasters such as hurricanes, floods, and earthquakes is the primary cause of pure risks.

Loss management techniques, include loss prevention, loss financing, and internal risk reduction

Stewart Information Services Corporation provides title insurance for residential and commercial properties, as well as real estate services. In order to limit risk, such a large organization requires competent management. The approach of risk management is an extremely significant and effective tool for enhancing the performance and success of a corporation. A superior strategy of risk management emphasizes emergency and disaster management. These are some of this organization's risk management strategies.

Loss of Command

Loss of control is the process of preventing corporate losses. This company should decrease its participation in risky operations and take preventative steps against future risk in order to control its loss. Every firm should have a specific objective, and achieving this objective should be prioritized. Danger is inherent in every profession; therefore, one must anticipate risk in every operation and employ the proper strategy to eliminate it. Try to avoid engaging in risky business operations because a firm without risk can only operate smoothly; otherwise, there will always be issues. Enhance the safeguards against danger and accidents. As Stewart Information Services Corp has branches in various regions of the world, it is not possible to instruct each branch to select additional personnel to manage the branch. The management overseeing the general activities of an organization must be qualified and knowledgeable; furthermore, they must possess specialized knowledge to enable a corporation to conduct its activities freely and competently. Today, there are numerous such organizations engaged in intense competition; hence, an enterprise's continued existence on the market requires efficient management and a more accurate risk assessment for effective risk management. Following the evaluation of risk, there must be at least two or three possibilities for appropriate decision making. Additionally, immediate action must be done to address the issue. When implementing a risk management plan, it should align with the organization's growth strategy.

Loss of capital

An enterprise may fail owing to several reasons. Every firm or business enterprise must be insured in order to prevent financial loss. However, if the firm fails, the invested funds can be reimbursed if the business is insured. Some risks cannot be avoided in a corporate operation, regardless of its size; in such circumstances, risk retention helps the enterprise recover from the loss because it "involves accepting the loss when it occurs." True self-insurance falls under this classification. Risk retention is a suitable technique for small risks where the cost of insurance would be larger than the total losses incurred over time. (Risk Management para.1). Self-insurance allows a business to manage its tiny risks and prepare for potential future losses. Hedging is another form of risk management. Every product's price will fluctuate on the market; sometimes it will be high and other times it will be low, resulting in a loss or profit for the firm. This strategy safeguards the company's assets from unfavorable changes in market rates should the business fail owing to sudden price fluctuations. Risk transfer is similar to insurance in that it protects against the loss of an asset. The business insures their asset by paying a premium. In this strategy, the risk-taker transfers the risk to another party in order to avoid the risk. Occasionally, unexpectedly catastrophic events will occur throughout the risk management process; therefore, the emergency management should be well-prepared to ensure the smooth continuation of the organization.

Internal risk management

Internal risk refers to problems that arise from within the organization, such as frauds committed by employees. A single employee's dishonesty or misbehavior can kill a firm. Therefore, in order to minimize such a danger, it should identify and prevent such fraud within the organization, as well as take appropriate steps against it. Internal control should be prioritized to prevent this occurrence. When building a risk management plan for an organization, it is necessary to identify the risks and research them thoroughly in order to select the most appropriate countermeasures. Then, put the risk management tactics or plan into action.

Loss categories for pure risks and for property damage

Pure risk is the category of risk with no positive outcomes. There may or may not be a loss associated with this type of risk. This form of risk, however, cannot yield any reward. Pure risk is concerned with potential losses relative to predicted losses. The insurance covers pure risks and may result in a societal loss of wealth. They are frequently encountered in life and business. Pure risks can result in enormous losses for the business. The various sorts of pure hazards include property risks, individual risks, and liability risks. The personal dangers directly impact an individual. They can include a loss of income, an increase in expenses, a decrease in financial assets, etc. Among the personal dangers are the risk of unemployment, the risk of an inadequate income after retirement, the risk of an untimely death, and the risk of bad health. Problems with unemployment lead to a lack of financial security. Business competition encourages enterprises to lay off workers, resulting in unemployment. Reducing the workforce assists businesses in overcoming financial difficulties. However, the labor force must confront the financial issue. It is possible for retired folks to experience financial difficulties. If they do not have sufficient financial assets or pensions, these individuals will lack financial security. Premature death is an additional risk. It is the death of the family patriarch. It will result in financial instability for children. Poor health is an additional form of personal risk. A person with poor health will be required to pay for his care. This will result in a loss of income. Property comprises all inanimate objects owned by individuals. The natural occurrences are capable of causing harm to real estate and other properties. Therefore, these natural disasters can cause damage to the resources. Natural disasters such as earthquakes, storms, and floods can impair the value of a company's assets. Problems such as environmental contamination might result in significant expenditures. The corporation invests a significant amount of money to maintain staff such as executive officers for the company's smooth operation. As a result of bodily harm or property loss, legal responsibility risk emerges.

The company's inherent risks can result in results that differ from expectations. These hazards include economic and financial situations as well as other alterations to the real estate operations. It can also effect the company's cash flow. The pure risks can impact the company's performance. It reduces the company's earnings. It can also have an effect on people's life. The prosperity of the populace can be harmed. Pure risk cannot be managed by humans. It results from an unforeseen occurrence. It is impossible to forecast the recurrence of this event. This incidence will result in financial losses for the company. The company's assets will suffer damage. All of the company's investments are susceptible to loss. Typically, the insurance firm insures only pure risks, as this form of risk entails solely loss. Thus, pure hazards can result in numerous losses and property damage.

Evaluate the probability and severity of probable losses

Risks within an organization result in numerous losses. The frequency and severity of prospective losses may be high or low. The frequency is the number of times a loss will occur, and the severity is the amount of harm that will be incurred if the loss occurs. This is estimated because it is used to evaluate the loss caused by a risk within an organization. This is calculated based on the financial loss, loss of resources, etc. The losses impact the company's financial stability. The evaluation of potential frequency is simpler for losses that occur frequently compared to those that occur infrequently. There may be an increase or a decrease in hazards for losses that occur frequently. This should also be factored into the judgment. Several criteria, such as the estimated value of the loss, the amount of damage the company can absorb, the risk tolerance of the authorities, etc., are evaluated in the appraisal of severity. The frequency and severity of anticipated losses can vary. On this, only approximate calculations are possible. Future losses attributable to a risk may differ from prior losses attributable to the same risk.

Risk transfer, retention, and insurance

By utilizing either external or internal capital, or even both, the corporation can mitigate retention risks. Such hazards are known as retention risks. The output price risk and property damage fall under this category.

Output price risks: When price changes occur, the corporation might request that its products and services be kept. The corporation has no control over these pricing and is consequently exposed to the risk that cash flows from rental revenue or sales would decline.

There are a number of losses that insurance cannot cover in terms of property damage. At such time, the Company is liable for the damages. This category of losses includes those caused by inflation. Therefore, the corporation would be required to retain a portion of the losses.

Risks to be transferred or insured

This risk is caused by the recurrent fluctuation of the interest rate. These modifications may alter the company's borrowing and lending rates. This risk should be transferred to a third party by entering into hedging arrangements, which are designed to mitigate losses caused by interest rate fluctuations. The corporation may utilize fixed income instruments or interest rate swaps to transfer predicted losses to the other party in the hedging agreement.

Damage to property: In order to overcome certain losses, such as damage to property, they insure their property by paying premiums to decrease the companies' exposure to risk. In order to determine the types of risks they face, Stewart Information Services Corporation has established a number of risk management strategies and conducted an accurate risk assessment.

Monitor the effectiveness of risk management techniques

They established a plan of action in order to mitigate the dangers that the organization faces. The plan of action is developed by analyzing the types of hazards. The implementation of the action plan is a continual process, and the executive director of the company is accountable for its implementation. It may be necessary to postpone the implementation of solutions that require additional money until the funds can be incorporated into the budgeting process. The executive director of the company assesses the nature of the company's loss and takes appropriate action. The most significant sort of loss is a drop in orders. The fall in orders will result in a decline in home sales, home prices, etc., as well as an increase in policy claims payments. Consequently, the company's revenue decreases. In order to overcome these obstacles, the company as a whole implements cost reductions. Additionally, they increase their shared services and contracts with other agencies. In order to better serve their clients, they also integrate a number of company divisions. They also attempt to increase the administrative efficiency of the company and reduce its fixed costs in order to mitigate risk. The corporation attempts to mitigate risks by evaluating and canceling higher-risk title agencies and by evaluating potential title agencies before adding them to its agency workforce. They also strive to respond regularly to all market conditions. In addition, they have simplified their rate structure to make it easier for customers to comprehend. The new multistate trustee firm offers default services. It aids in mitigating dangers. To carry out the company's functions in a more efficient manner, they employ web-based production systems and provide all services via the internet, with no loss of service or data. By implementing the action plan effectively, the organization may overcome the risks it faces.

Sources Cited

Management of Risk: Risk Retention, Economic Expert.com, 2009. Web.

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Unethical Behavior In The Workplace Homework Essay Help

Abstract

Employee conduct, attitudes, and practices have a substantial impact on the company environment. Notably, unethical conduct jeopardizes the development of quality relationships within an organization, hence reducing productivity. For this reason, unethical conduct in the workplace, such as the squandering of time and resources, abusive behavior, employee theft, and lying, is the most prevalent form of unethical conduct.

Notably, the inability of supervisors and senior management to model ethical behavior contributes to the elements that lead employees to participate in unethical behavior. In addition, an employee's lack of commitment to respecting the firm's Code of Ethics affects their integrity inside the organization, consequently diminishing their productivity. In order to comprehend the causes of unethical behavior in the workplace, it is essential to evaluate the leadership styles, the organization's standards, and the employees' commitment to integrity.

Introduction

The manner in which employees perform their duties has been impacted by the process of corporate transformations prompted by new global market trends (Miao, Newman, Yu, & Xu, 2013). Thus, these changes have impacted the operations of numerous organizations. In order to promote equality, employees nowadays accept organizational cultures that attempt to accommodate the views, attitudes, and practices of other persons.

However, the growth of unethical behavior among employees in contemporary business settings has highlighted problems about how firms address ethical behaviour (Zuber & Kaptein, 2014). Therefore, it is vital to analyze the organizational elements that trigger or affect unethical behavior among employees.

Motivation

The inquiry was sparked by personal experiences demonstrating a lack of adherence to ethical standards in the workplace, which occurred in the workplace. Notably, some managers and leaders engage in unethical conduct, such as abusing staff and, in some situations, lying to clients as well. A significant proportion of employees believe that their supervisors and other senior staff members persuade them to participate in unethical conduct (Trevio, den Nieuwbaer, & Kish-Geppoli, 2014). The following chart illustrates employee concerns regarding the ethical conduct of their managers.

Employee view of the supervisor's ethical behavior is depicted in Figure 1.

As shown in the preceding graph, many employees view their bosses to be unethical to the extent that they negatively influence their ethical conduct. Therefore, this trend necessitates research to promote the implementation of integrity in the organizational environment.

Research Issue

In the business environment, the issue of unethical activities that are impacted by bad leadership has an effect on the prevalence of practicing unsatisfactory moral standards. Instances of theft and misuse of resources, corruption, dishonesty, and mistreatment of employees on the basis of their background disparities threaten the viability of many firms in the global marketplaces (Miao et al., 2013).

The productivity of employees in a corporation is significantly hampered by unethical conduct in the workplace. Consequently, measuring the influence of leaders, company culture and norms, and staff attitudes toward ethical behavior is essential for a player's productivity and enhanced competitiveness.

Objectives

The objectives of this investigation include evaluating the impact of supervisors, managers, and other senior staff on the ethical behavior of employees. In addition, determining the impact of employees' unethical conduct on the organization's performance is crucial. In addition, presenting the substance of an organization's ethical policies will improve comprehension of how to maintain a moral demeanor in the workplace.

Contributions

This research is anticipated to:

Develop an appreciation for the significance of ethical leadership in fostering ethical behavior in the workplace. Influence employees to assume responsibility for sustaining ethical standards when doing their duties, as this affects productivity and the organization's overall effectiveness. Accentuate the significance of implementing a transparent code of ethics in the organizational setting.

Paper Structure

The framework of the paper will consist of a comprehensive investigation of the numerous factors that influence unethical workplace behavior. Before establishing a viable research design that would assist the collecting and analysis of pertinent data, the investigation will therefore involve a review of relevant literature. Thus, the structure of the paper will strictly adhere to the subject of the research.

Literature Review

Due to the crises of unethical practices, many firms suffer the difficulty of gaining a competitive edge in the present day. At the organizational level, the crisis has altered the experiences of businesspeople, consumers, and employees. Worrisomely, supervisors, managers, and other senior officials in the numerous and various organizational environments engage in unethical conduct that undermines the achievement of positive outcomes for the majority, in this example, the employees and customers and other critical stakeholders (Miao et al., 2013).

Recent investigations have revealed, for instance, that some supervisors engage in theft and misuse of business resources and products. In the aftermath of an increase in immoral workplace behavior, it is vital to emphasize the fundamentals of excellent leadership in order to favorably influence followers.

In addition, the absence of a comprehensive code of ethics in a given firm allows personnel to participate in unpleasant conduct and activities. Importantly, firms must uphold the significance of conducting corporate activities in accordance with the ethical norms that shape the favorable image of any organization (Trevio et al., 2014). For example, it is common for employees to use business computers for personal reasons, as seen by the increasing number of incidents of employees perusing social networks rather than completing their jobs. In addition, a substantial number of employees utilize their workplace telephones for extended personal calls, rather than for achieving the organization's goals and objectives.

In this sense, the theft of workplace resources fosters an irresponsible culture in the company. Thus, leaders and employees avoid taking responsibility for their errors. The failure to adopt accountability as a virtue when engaged in organizational procedures is the source of a lying culture. As a result, managers who lie to their subordinates lose the trust of their subordinates to an extent that undermines the development of good relationships through collaborative office effort.

20% of workers indicate that their superiors, including managers, have lied to them at least once every year (Zuber & Kaptein, 2014). Due to the fact that present organizational standards permit managers and employees to lie and become irresponsible professionals, such unethical conduct inhibits the practice of kindness in an individual's pursuits.

Therefore, unethical behavior undermines the efficiency of an organization since it contributes to the waste of time and resources and negatively impacts workplace relationships (Bolino & Klotz, 2015). Notably, some employees waste time by using company vehicles for personal errands or by lying that they are engaged in organization-related activities. Therefore, time wastage leads to the low productivity of the employee, as workers diminish their output for the organization while using company property for personal gain.

Notably, the increasing instances of abuse and discrimination in the workplace have a major negative impact on employee productivity. Some leaders, especially managers, discriminate against team members on the basis of color, ethnicity, gender, age, and religion, among other considerations (Miao et al., 2013). As a result, such discriminatory behaviors impede the attainment of fair treatment and equality among employees and diminish their dedication to carrying out their official obligations. Additionally, many cases of abusive behavior in the workplace go undetected. Consequently, this condition, which causes employees to suffer in silence, causes psychological imbalances that reduce their productivity.

Maintaining a professional code of ethics in the organization's culture is essential since it establishes the criteria that all members must fulfill when doing their assigned duties. Importantly, these standards advise clients what to expect from professionals such as doctors, lawyers, educators, and business professionals, among others. Professionals' adherence to ethical standards enhances their relationships with customers and other stakeholders, thereby favorably affecting the organization's success (Bolino & Klotz, 2015).

Methodology

The investigation employed a mixed methodology that combines qualitative and quantitative research methodologies. The primary reason for using a mixed research approach was to gain a deeper and more thorough understanding of the challenges surrounding unethical workplace behavior. In addition, the approach proved suitable for the ethics-related issue due to its scope.

The qualitative component of the technique included semi-structured interviews in addition to a literature review. On a qualitative level, the study analyzed a sample of at least 100 respondents collected using simple probability sampling procedures from various organizational departments and teams. The quantitative component of the research procedure involved administering closed-ended questions. In order to get a knowledge of the factors that influence ethical behavior in an organizational setting, the delivery of the questionnaires also employed a basic sample technique. Importantly, the questionnaire included a combination of close-ended qualitative and quantitative questions that were evenly dispersed and arranged in a leading fashion.

Inasmuch as independent data is meaningless unless it is interpreted rationally and systematically, the research instruments and procedure were conceived with the goal of achieving an expressive analysis of the data in mind. The element of data interpretation involved comparing the replies to applicable moral laws and notions, such as utilitarianism and other theoretical frameworks. In addition, the statistical data analysis incorporated financial records and dispute files that illustrated the impact of ethics on the organization's productivity and performance. For this reason, the investigation utilized the SPSS program to evaluate the existing relationship between multiple variables.

In addition, the data gathering portion of the study was based on the principle of voluntary participation. Before administering questionnaires and/or accessing records, respondents were provided with a cover letter requesting their permission. In doing so, the study team assured it engaged in an ethical endeavor that also investigated the same issue in the workplace.

Data Analysis

The data analysis was based on the information gathered via surveys and a literature study as part of the mixed methodology tools. Therefore, the analysis utilized both qualitative and quantitative techniques to data evaluation in order to facilitate comprehension of the challenges connected with unethical workplace behavior.

Interestingly, sixty percent of respondents grasped the concept of ethics in the workplace. Therefore, a substantial majority of employees are aware that professional ethics is a crucial aspect of their work.

Nonetheless, the questionnaires found that at least 40 percent of respondents engaged in unethical workplace conduct. About 17.5% of respondents indicated that they do not fully comprehend the subject of ethics and its application in the workplace, as 21.5% of them failed to articulate their perceptions of the topic explicitly. Consequently, the various levels of comprehension indicate the extent to which firms fail to establish effective codes of ethics that can affect the morality of the workforce.

The trend also indicates that the influence of leadership on the prevalence of unethical behavior in the workplace is increasing. Notably, 37% of respondents indicated that their managers lacked ethical behavior when directing employees to complete specific tasks. As a result, 32% of respondents engaged in unethical acts as a direct result of the supervisors' and other senior employees' lack of ethical standards. As a result, 52% of the sampled persons admitted to engaging in immoral actions such as lying, resource misappropriation, and time wasting.

In addition, statistical evidence indicates that a single unethical act in the job reduces the professional's productivity by 20%. Thus, such a behavior negatively impacts the organization's performance and competitiveness (Bolino & Klotz, 2015). In this regard, organizations defined by unethical behaviors perpetuated by employees incur losses of up to 80% due to issues such as fines after victims of unethical behavior seek legal intervention, as well as other adverse ethical concerns that result in the failure of the organization.

Conclusion

Influencing unethical behavior in an organizational context include leadership, the organizational culture about ethics, and the individuals' commitment to preserving ethical conduct. Notably, supervisors and other senior employees have a significant impact on the conduct of the employees under their supervision, since those individuals mirror the attitude and behavior of their leaders when doing their assigned tasks. Supervisors who engage in unethical behavior, such as deceiving their staff, thereby encourage their subordinates to engage in actions that risk the achievement of intended goals.

Furthermore, unethical activities that are affected by causes such as employee competitiveness lead employees to contemplate the use of shortcuts, which are typically unethical. Surprisingly, the exploitation of shortcuts, such as fabricating documents and asking favors from supervisors, to achieve competitiveness significantly compromises the organization's performance. For instance, a culture of deceit might delay the performance of particular duties and functions to the point that deadlines cannot be met.

In addition, a lack of commitment to upholding and observing the terms of the organization's code of ethics encourages unethical conduct in the workplace. As stated, a significant 60 percent of employees in a given organization comprehend the notion of ethics but fail to implement it because the organization fails to enforce ethical norms. In addition to reinforcing a successful code of ethics that directs the behavior of employees, businesses' administrators should also demonstrate their commitment to building a culture of workplace integrity.

Bibliography

Bolino, M. C., & Klotz, A. C. (2015). The link between organizational citizenship and unethical behavior at work is the conundrum of the unethical organizational citizen. Current Psychology Opinion, 6(1), 45-49.

Miao, Q., Newman, A., Yu, J., & Xu, L. (2013). The link between ethical leadership and immoral pro-organizational behavior: Are the effects linear or curvilinear? 116(3) Journal of Business Ethics, 641-653.

Treviño, L. K., den Nieuwenboer, N. A., & Kish-Gephart, J. J. (2014). (Un)ethical conduct within corporations. Annual Review of Psychology, volume 65, number 1, pages 635-660.

Zuber, F., & Kaptein, M. (2014). Using the same paintbrush? Surveying unethical behavior in the workplace using self-reports and observer-reports. Journal of Business Ethics, 125(3), 401-432.

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Project Resource Management For Agile Environments Homework Essay Help

Table of Contents
Introduction PMBOK Knowledge Categories The Process Groups of the PMBOK Aspects to Consider for Agile Adaptive Methodologies Incorporation of the Bible References

Introduction

When starting a new company, executing a new strategy, or sustaining the current level of success, resource management must be taken into account. This business element is responsible for achieving a balance between the supply and demand of organizational assets in terms of staffing and equipment. This study will investigate the Project Management Body of Knowledge-described topics pertinent to the discipline, resource management process, strategies for agile environments, and biblical implications (PMBOK).

PMBOK Knowledge Categories

To evaluate the planning dynamics of the topic of resource management, it is necessary to discuss the important concepts. Resource management is the commercial activity of managing an organization's human, physical, and intangible assets to achieve a strategic objective and sustain the company's effectiveness (Macke & Genari, 2019). Knowledge regarding resource management can be categorized into the following Knowledge Areas: planning, estimation, acquisition, execution, management, and control. According to the first element, planning is the comprehensive process of achieving a certain organizational objective by evaluating the need for resources, acquiring, administering, and using them (Project Management Institute [PMI], 2017). To commence this process, it is necessary to build a quality management strategy and a scope baseline that identifies the required resources (Macke & Genari, 2019). In addition to internal elements such as geographic location, organizational culture, and current workforce, planning should also take into account external aspects such as market circumstances, laws, and government regulations.

The second Knowledge Area is the estimation of the necessary project resources. This step includes detailed instructions regarding the quantity of equipment, assets, and supplies required for a certain strategy. It is vital to remember that estimating is not completed only once, but is repeated as necessary during the implementation phase, because the plan's objectives can change (PMI, 2017). Using the resource management strategy and project papers created in the preceding stage as a guide, the project managers create a resource breakdown, basic estimates, and updated assumptions log.

The third component of the Knowledge Area is acquiring estimated resources. Developing resources ensures that an organization has the necessary personnel, equipment, supplies, and materials to carry out its goal (PMI, 2017). The fact that the following activity is responsible for transferring responsibility highlights its significance (Macke & Genari, 2019). The consequence of this function is the assignment of specific tasks to business units, the development of a plan for renewing resources, and the formation of project teams.

The fourth Knowledge Area addresses team development and focuses mostly on human resource management. This procedure ensured the effectiveness of interpersonal contact between functional teams, which benefited both the corporation and its employees (PMI, 2017). Managers can increase the performance of their employees by performing interpersonal skills training, installing and enhancing communication technology, analyzing individual performance, and designing a reward and incentive plan (Macke & Genari, 2019). This strategy will ensure that each employee collaborates with others and contributes to the growth of the organization.

The fifth component of the process is team management, which enables the change to be implemented effectively. The managers in charge of this component supervise the operation, intervene when necessary, provide input, and implement adjustments (Macke & Genari, 2019). This stage is vital because it enables businesses to identify and resolve neglected concerns. The controlling method is the final step in the resource management Knowledge Area. The regulating measures ensure that the resources are available when required, the asset balance is maintained, and the planned change is continuously optimized (Macke & Genari, 2019). Controlling requires studying a large quantity of data and making growth-promoting judgments.

The Process Groups of the PMBOK

In general, project management processes consist of five steps: initiation, planning, execution, monitoring, and control. The three process components pertain to the Knowledge Area of resource management. The planning Project Process Group is responsible for the planning and estimation phases of the resource management domain (PMI, 2017). Both processes contribute to the establishment of a resource management project plan that will serve as the blueprint for future improvements (Eyibio & Daniel, 2020). This document is anticipated to be changed to emerging developments and problems; however, it must be drafted at the outset of planning.

Second, the execution Project Process Group's responsibilities for procuring resources, building a team, and managing them. In this phase, managers ensure that the strategy is implemented and performs as intended, which demands a high degree of stakeholder participation (Eyibio & Daniel, 2020). The group is also responsible for monitoring ongoing project activities and intervening when necessary.

The third connection is between the regulating resources phase of the Knowledge Area and the monitoring Project Process Group. This stage is responsible for sharing and managing knowledge to improve performance (Eyibio & Daniel, 2020). For instance, during the implementation, acquisition of resources, and composition of well-functioning teams, one can identify an underlying set of issues and a need for optimization that the enterprise must enable (PMI, 217). At this time, the project plan is also being revised and updated in response to observed challenges and growing requirements.

Aspects to Consider for Agile Adaptive Methodologies

Resource management must also develop a methodology for situations that are flexible and rapidly changing. As a result of the increasing rate of innovation and the emergence of new trends, business fields such as IT change swiftly, in contrast to markets that remain stable for extended periods. Heilmann et al. (2020) assert that firms must focus on fostering employee collaboration and self-organization for agile environments to be successful. Therefore, resource strategy must adapt to this dynamic environment by boosting employee communication and autonomy.

Understanding the interpersonal idea of emotional intelligence will facilitate conversation. It is defined as the ability to recognize and respond appropriately to people's emotions, which enables workers to self-manage and build meaningful relationships with others (PMI, 2017). In light of the COVID-19 epidemic, virtual management is another component of resource management that has been on the rise (Heilmann et al., 2020). It focuses on strategizing and managing human resources through technology as opposed to face-to-face communication (Heilmann et al., 2020). Lastly, the concept of self-organizing teams comprises a process in which workers acknowledge themselves as accountable members of a group and govern the team dynamics autonomously.

The organization will gain from the investment in employee development since, in agile scenarios, teams must alter and adapt to fresh factors successfully, and collaboration is the key to this. According to Heilmann et al. (2020), it is crucial to “adapt and respond swiftly to changes and develop measures to control market uncertainty and risk (p. 16). To enhance employee performance in agile contexts and ensure that dispersed departments can respond to change autonomously, it is necessary to provide training on flexibility, knowledge sharing, and communication.

Biblical Integration

Controlling human assets, specifically encouraging and strengthening their collaboration, is one of the most important components of resource management. The Bible is a great source of inspiration for teamwork, leadership, and direction. Through the teachings provided in the Old and New Testaments, God endeavors to control his creations, humanity (Roberts, 2016). Therefore, it is not surprising that the Bible addresses collaborative concerns. God supports self-reflection and emotional intelligence, for instance. The first chapter of 1 Corinthians states, "Let all of you speak the same thing, and let there be no divisions among you; but let you be perfectly united in the same mind and the same judgment" (Roberts, 2016, p. 265). In this verse, the Lord challenges individuals to be united in their thoughts and values in order to achieve their common goal of worshipping God.

Similar to how the Bible instructs individuals to be connected by similar beliefs, the business world requires employees to have a full and in-depth understanding of their purpose in order to function effectively as a team. According to Roberts (2016), for employees to apply their best efforts, they must view an organizational plan as mutually advantageous to themselves and the organization. Consequently, it is vital to resolve the differences in group judgment and reach a consensus on how to attain the goal. This can be accomplished by developing a solid organizational structure, instituting a rewarding incentive system, or establishing trustworthy relationships with management.

Conclusion

In conclusion, it can be stated that resource management is a multifaceted topic of study with numerous business applications. There is a wealth of applicable ideas that may be adopted in a firm to increase profitability and efficiency. The process of resource management involves planning, estimation, acquisition, team building, management, and control. Methods for adapting to agile environments necessitate the formation of self-governing teams by resource managers. In conclusion, the analysis of 1 Corinthians 1 revealed that the necessity for collaborative groups might be translated into business practices through fostering the oneness of workers.

References

Eyibio, O., & Daniel, C. (2020). Effective resource budgeting as a management tool for projects. Asian Journal of Business and Management, 8(2), p. Web.

Heilmann, P., Forsten-Astikainen, R., & Kultalahti, S. (2020). SME HRM practices that are agile. Journal of Small Business Management, 58(5), 1-16 on the Internet.

Macke, J., & Genari, D. (2019). A systematic survey of the literature on sustainable human resource management. 208(1) Journal of Cleaner Production, pages 806-815. Web.

Project Management Institute (2017). A guide to the body of knowledge for project management: PMBOK guide. Author.

Roberts, G. (2016). The Bible and human resource management, a Palgrave Macmillan publication.

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The Coca-Cola Company’s Supply Chain Management Homework Essay Help

Table of Contents
Introduction Evaluation Performance Analytical Tools for Business References

Introduction

The inability to rely on conventional supply chain execution has resulted from a rise in customer expectations and price competition. Business analytics are used to optimize each and every management procedure within a firm. Supply chain management is an example of a management procedure that assures the uninterrupted flow of raw materials and finished products. Due to growing gasoline prices, competition from low-cost suppliers, and a decline in the availability of raw materials, supply chain analytics have also become a part of corporate operations. These obstacles are the major contributors to waste in a supply chain. As a result, supply chain management has integrated data analytics to assure efficiency. This research examines the significance of business analytics in Coca-supply Cola's chain management.

Analysis

In some industries, analytics in supply chain management is a new trend due to the installation of modern supply chain software and cloud data management technologies. The major cause for the creation of supply chain analytics is the efficient flow of raw materials, intermediate goods, and completed goods at real-time speed (Act & Arc, 2020). The adoption of data analytics also aims to improve forecasting, sales, and operations management for businesses. Companies such as Coca-Cola guarantee that their supply chains contribute value to the company. The objective is to increase efficiency and reduce the additional costs incurred by using a conventional supply chain system. Coca-Cola can efficiently distribute their syrup concentrate to their global distribution sites as a result of data analytics (Bowers et al., 2017).

For effective delivery of preforms and syrup concentrate in Africa, Coca-Cola established a central distribution facility in South Africa. This has made the transfer of these raw materials to the rest of the continent more systematic and cost-effective, adding value to the supply chain. In markets such as China and other Asian countries, Coca-Cola imports finished goods since it is less expensive than making the goods locally (Bowers et al., 2017). These judgments can only be made by analyzing historical supply chain data such as distribution costs, distance traveled, manufacturing expenses, and the price of raw materials in various markets. This information is useful for supply chain management analysis.

Coca-Cola has implemented the use of blockchain through analytics. This has streamlined and reduced the cost of communication procedures by eliminating intermediaries. Such modifications are only achievable if an analysis of available data identifies the cost associated with the use of communication intermediaries (Bowers et al., 2017). Coca-technology Cola's has also been enhanced through the use of analytics. They have formed a relationship with SAP in an effort to enhance cooperation between Coca-Cola and all of its Partners, who place 160,000 orders daily (Bowers et al., 2017). The introduction of blockchain technology as a result of supply chain analytics has increased the transparency of the organization's communication process and decreased its distribution expenses.

Competitive pricing has compelled enterprises to always consider reducing their production costs to suit market demands. This necessitates that firms utilize analytics to determine the most efficient supply chain that does not exponentially increase the final product's price (Act & Arc, 2020). Coca-supply Cola's channels ensure that the finished product is always within the locals' price range. As distinct raw material supply chains are utilized, pricing is determined based on market conditions. The availability of raw materials is also essential to Coca-success. Cola's (Bowers et al., 2017). Due to the fact that the syrup is only produced at their headquarters, it is crucial that the supply chains utilized to transport the raw materials to other markets stay cost-effective and efficient so that there are no delays and the finished product is reasonable.

Analytics of Business Performance

Business analytics (BA) use a combination of approaches to determine the supply chain's performance (SC). BA includes information management processes including as identification, measurement, planning, communication, and feedback provision (Power et al., 2018). Every firm utilizes data analysis prior to making any judgments. Every choice must consider the impact it will have on the supply chain. Coca-decision Cola's to establish a single distribution center in Africa was inspired by the expense and efficiency of transporting raw materials across the African continent (Power et al., 2018). The cost of transporting completed goods to the African market was significantly higher than the cost of producing beverages locally. Consequently, all other raw supplies, including water and production plants, are sourced locally. South Africa distributes syrup, sugar, and preform to the rest of the continent.

Continuously enhancing supply chains necessitates the use of an analytical performance system. This leads to effective decision-making that minimizes supply chain costs and gives precise market forecasts. Supply chain analytics involves planning, sourcing, manufacturing, and transporting items from one location to another. All of these operations are analyzed by business analytics to determine the most cost-effective supply chain that delivers value to the enterprise (Laursen & Thorlund, 2016). Analyses performed on a supply chain utilize the changes in data necessary to evaluate the value added by the supply chain in comparison to a potential new SC. Coca-Cola is continually searching for improved Supply chains that will increase communication efficiency and minimize its operational expenses in light of the present economic climate.

Conclusion

The application of business analytics throughout a complete firm, which includes supply chain management. Each step, from the transfer of raw materials to the delivery of finished items, generates data on expenses, transportation distance, cargo quantity, and, depending on the type of business, additional information. This information is used to develop or implement the most efficient and beneficial supply chain for an organization. Coca-Cola has implemented business analytics in several international markets. The corporation determined whether to import or produce locally based on the costs associated with each option. Coca-Cola has utilized blockchain technology to eliminate intermediaries in its interactions with its partners in order to save waste.

References

Act, A., & Arc, G. I. S. (2020). benefits of Big Data and Business Analytics application, 132, 133 Web.

Bowers, M. R., A. Petrie, and M. C. Holcomb (2017). Leveraging the capabilities of supply chain analytics. MIT Sloan Management Review, 59(1), 14.

Laursen, G. H., & Thorlund, J. (2016). Business analytics for managers: going beyond reporting with business intelligence. The company John Wiley & Sons.

D. J. Power, C. Heavin, J. McDermott, and M. Daly (2018). An empirical method for defining business analytics Business Analytics Journal, 1(1), 40-53.

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Teams’ Productivity And How To Increase It Homework Essay Help

Table of Contents
Clarity of Purpose and Roles Openness in Communication Confidence in Oneself Relevant Members Commitment Citations

Today, numerous administrations consist of groups or teams of persons working toward a same objective. Effective teamwork is essential for the success of a business. When brilliant minds collaborate, their efforts produce fruitful outcomes. To effectively manage a team, you must understand the essential elements of effective teamwork. A team is a collection of persons who collaborate to achieve a common objective. There are, nevertheless, certain qualities that make the team more productive than others. This essay examines these traits and offers solutions for enhancing team efficiency.

Clear Objective

A firm is either permeated by its missions, its underlying principles, or its distinctive practices. According to (Salas et al., 2018), an organization must have a vision that reflects its guiding principles. Some businesses make hasty decisions regarding their projects without determining the targeted outcomes and objectives. The company's mission statements are well-defined and communicated to its team members, which keeps them interested and motivated, hence enhancing productivity. In addition, team members are involved in creating and prioritizing objectives, which improves their understanding of what is expected of them. In healthcare, for instance, the company’s objective agreement is accomplished by a common commitment to employee requirements.

Different Roles

In a team, it is crucial that the roles of all personalities are explained and understood by all members. Even if individual preferences and interpersonal circumstances can have an effect on role development, the organization can prevail. In addition, the functions of the teams within the company were adaptable enough to accommodate individual differences and changes. For instance, members of the organization can negotiate their positions in order to perform extraordinary and fruitful work. In addition, when the team needed to produce new goods for its customers, it appointed a task manager who was detail-oriented and able to keep the team on track. To ensure the success of a project, it is prudent to assemble a competent team.

Open Interaction

Communication is vital for the development of an intelligent team. It entails an open exchange of information, power, values, and attitudes (Gharaveis et al., 2018). For a team to be effective, it must have a dependable communication system that specifies responsibility and delegation with precision. To acquire mutual knowledge, individuals must frequently collaborate and listen to one another. The team demonstrated these attributes by communicating frequently and openly. The more freely they conversed with their coworkers, the more at ease they were with sharing their views. These actions are among the many reasons for the organization's success. In addition, the team has superb listening abilities; for them, listening is not only a means of gathering information, but also a sign of tremendous respect.

Trust

Self-awareness and skill are the foundations of trust. Team members who lack trust pose a threat to achievement. Trust must be developed among team members by fostering faith in the competency and dependability of each individual. Individuals with a strong learning capacity can frequently offer their skills without worry of being misled (Khan & Mashikhi, 2017). The organization frequently engages in team-building and problem-solving events to foster a culture of trust among its employees. These contributed to elevating every team member to positions of trust. The members of the team are permitted to voice their criticisms or thoughts without restriction.

Self-knowledge

Each team member brings a distinct personality and position to the group, which impacts the organization's operations. Before a person to become productive, content, and respectful of his peers, he must be self-reliant and self-aware (Salas et al., 2018). There are four images that each team member adds to the organization. These include professional and personal self-concept, perception of colleagues' ideas, comprehension of colleagues' abilities and duties, and professional expectations. The team manager highlighted the professional's self-perception as the most significant factor in his teammates' capacity to comprehend and relate to one another.

Relevant Members

For a team to be competitive, it must have people with the necessary expertise and interpersonal skills. Favorable stability between equality and diversity in terms of members' abilities, backgrounds, and interests is favored (Lacerenza et al., 2018). In a company, homogeneous teams consist of similar personnel that accomplish their responsibilities efficiently and without disagreement with team leaders. On the other hand, heterogeneous groups integrate the diversity of their members and consequently facilitate innovation and problem-solving.

Commitment

Self-awareness and the ability to trust other team members are the pillars of commitment. By subscribing to a standardized set of principles and objectives, members receive inspiration and direction. In addition, commitment increases when feelings of duty and involvement in the organization develop. According to (Wombacher & Felfe, 2017), devoted personnel were willing to make short-term sacrifices for the larger good. In addition, devotion allows individuals to rise above competition and difficult work demands. The company's team displayed dedication by working toward a common goal of inclusive worker care and a shared belief that it is the strongest team. Consequently, team members are more inclined to engage individuals within the organization and participate in decision-making over issues that directly affect their well-being.

Despite all of these outstanding qualities, the team still has room for improvement. Fill Functional Roles can be used to shape the unit's operation. This method describes the influence in performing essential duties rather than formal titles (Adler et al., 2018). When a team is not functioning efficiently, the organization will determine which positions are vacant. A team diagnostic that does not satisfy the organization's criteria, for instance, may indicate that social needs are not being satisfied. Productivity will be realized if these conflicts are recognized and resolved. Even the best staff will be unable to facilitate the team's proper operation if the standards are disregarded. Once the vacant positions have been identified, management can fill them. Frequently, filling these functional positions will change a hampered and dissatisfied group into a productive one.

In conclusion, good teamwork is the driving force behind every productive organization. When brilliant minds collaborate, their efforts produce successful outcomes. The team consists of a collection of individuals that are intent on reaching a common objective. For a team to be successful, certain traits must be adhered to. These characteristics include a defined group purpose, different duties, trust among team members, self-awareness in which each member contributes his abilities to the team, relevant team members with the appropriate job knowledge, dedication, and the fulfillment of functional roles.

References

R. Adler, J. M. Elmhorst, and K. Lucas (2018). Communication at work: Successful business and professional practices (12th ed.). The McGraw-Hill Education division.

A. Gharaveis, D. K. Hamilton, D. Pati, and M. Shepley (2018). An exploratory study on the influence of visibility on cooperation, collaborative communication, and safety in emergency departments. Journal of Health Environments Research and Design, 11(4), 37-49.

Khan, S., & Mashikhi, L. S. (2017). The effect of collaboration on employee performance. International Journal of Education and Social Science, 4, 11 (November), 14-22.

Lacerenza, C. N., Marlow, S. L., Tannenbaum, S. I., & Salas, E. (2018). Team development interventions: methods supported by evidence for enhancing teamwork. 73(4) American Psychologist, 517.

Salas, E., Reyes, D. L., & McDaniel, S. H. (2018). The science of teamwork: advancements, reflections, and the future. 593 in American Psychologist, 73(4).

Wombacher, J., & Felfe, J. (2017). Interaction between team and organizational commitment in inspiring personnel to handle inter-team conflict. 60(4) Academy of Management Journal: 1554-1581

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Impact Packaging Inc.’s Salesforce Organization Homework Essay Help

Introduction

Salesforce organization is a crucial yet frequently neglected aspect of businesses. Fundamentally, salesforces organization strives to manage and allocate sales resources in the most efficient manner to achieve sales and marketing goals. An efficient salesforce organization covers a broad range of markets/consumers, minimizes wasted resources, and strives to meet sales quotas as efficiently as possible. Depending on their available resources and overall sales and marketing strategy, businesses may adopt a number of organizations. This case study explores a prospective salesforce organization transformation by Impact Packaging Inc. (IPI) to satisfy its needs.

IPI Organization of Salesforce by Product Line

The organization of the salesforce should consider the company's specializations. Complex or technical items are frequently organized in Salesforce by product line. In these situations, sales personnel must have a high level of familiarity and technical knowledge of the product in order to sell or provide a high level of technical service to consumers (Ingram et al., 2015). IPI provides packaging services to numerous vendors, presumably for a variety of products. Although some product knowledge is required to meet consumer needs, there is insufficient technical specialization to support organization by product line. In fact, it offers a situation in which resources are squandered, since sales personnel are providing the same product to multiple consumers/vendors who, for instance, are likely interested in multiple forms of packaging. Due to the arrangement by product line, consumers must maintain touch with and place orders with various sales agents. In this circumstance, different organizational structures are more suited than IPI due to its inefficiency.

Consequently, IPI would benefit from reevaluating its salesforce organization. Due to the fact that IPI appears to have substantially more client kinds than specific items, and to ensure the appropriate distribution of its sales team, the emphasis should be placed on certain consumer groups (whether by region of origin, sector, or type of consumer). IPI can more effectively and efficiently address the needs of customers and distributors by reorganizing its salesforce according to customer specialization rather than product line. As previously indicated, assigning a sales representative to a consumer, allowing them to acquire many products, is significantly more productive and likely profitable than requiring consumers to seek out salespeople for each product they require. IPI can provide sales people with general training to ensure familiarity with all of their goods, and if more technical knowledge is required, a specialized representative can be called. This strategy is more seamless for consumers, decreasing time and enhancing products, while also reducing the complexity of various other organizational capacities, such as order fulfillment, distribution, and logistics, to the benefit of the company.

Comparing the Pros and Cons of Organizing IPI Salesforce by Product Line

The salesforce organization by product line is a structure in which staff develops substantial product expertise. The sales personnel receive extensive and technical product knowledge, which facilitates comprehension. Therefore, they are more likely to effectively sell the product and respond to consumer inquiries. There are instances in which this strategy is advantageous, such as when accessing a new market or dealing with highly technical or nuanced products, resulting in effective sales solutions (Salonen et al., 2020). In addition, management teams are able to exert tighter control over sales efforts within the aforementioned product lines. The management can direct the selling efforts and provide insight into the salesperson's metrics or performance. It enables vertical integration with jobs in the highest level of management. By adopting controls, the by product line strategy helps to avoid errors such as product overlap or indirect manufacturing concerns (Samaraweera & Gelb, 2014). However, there are several downsides, the most significant of which is that buyers must target certain salespeople for specific products. This is referred to as duplicating attempts, and it makes it more challenging for consumers to consolidate products under the same account or check (Ingram et al., 2015).

Comparative Analysis of the Pros and Cons of Organizing the IPI Western Region by Customer Type

IPI is better suited to a salesforce organization that is tailored to specific categories of clients since it allows for more effective customer service. The salesperson is able to offer a customized strategy in marketing and sales to satisfy the customer's exact order requirements at the most cost-effective price because they comprehend the customer's individual demands, purchasing habits, and financial capacities. This will not only boost client satisfaction and relationships, but also enhance service quality to assure return customers and a stronger brand (Fatima, 2017). However, the problem in this situation is that IPI has more customer kinds than items, resulting in a sales force scarcity. To properly maintain service and assure customer satisfaction, the corporation would need to hire extra workers or maintain the same team but raise pressure on individual salespeople, which is not sustainable in the long run (Ingram et al., 2015). Additionally, the shift in focus from product lines to customer types will necessitate training for sales staff in the needs of their particular consumer type as well as general knowledge about all the products, not just the expertise of the specific one they oversaw, as well as likely modifications to the company's operations, marketing, and management structures to fit the new model.

Food Market Chains and Cooperatives

Food goods are mostly sold by grocery chains and food co-ops in urban and suburban neighborhoods. Due to the diversity of their product sales, these industry leaders demand a variety of packaging goods, which IPI provides, including offerings from the food packaging, institutional, and agricultural product lines. Therefore, this consumer type will benefit greatly from the new organizational salesforce, as a sales person will be able to collaborate with and help them through the process of placing larger purchases throughout the gamut of IPI's product offers. It is more convenient than ever before to locate multiple representatives. In addition, it is likely that this type of client demands a continuous supply of packaging, with the sales person identifying these needs and building a regular relationship with the customer's warehouse department to ensure continuous order fulfillment.

Distributors

Distributors demand products from numerous product categories, including food packaging, institutional, and apparel. Typically, IPI sells its products in bulk through distributors, who subsequently redistribute them according to industry requirements. Distributors are crucial partners in the placement of large orders. Distributors are the basis of IPI's business model, and the company strives to sell to them whenever possible. As partners, distributors will reap the benefits of a customer-centric strategy, which, like grocery stores, will facilitate the placement of bulk orders. By establishing a salesperson with whom distributors can communicate directly, it is possible to efficiently answer their requests and concerns and ensure their long-term needs are addressed.

End Users

The organizational force's transition from product lines to customer kinds arguably benefits end users the least. The majority of IPI's end-user sales appear to be concentrated within the two product categories of agricultural and apparel. Consequently, they benefited from the product-specific expertise and recognizable sales reps based on the product line they required. However, end users appear to represent a relatively modest component of IPI's revenue, given that the corporation specifies specific sales volume requirements. End users can still benefit from the new system's efficiencies and customer-centric attitude.

Conclusion

Market salesforce organization has a substantial impact on a company's capacity to market its products to consumers in a more effective and efficient manner. Based on this case study, it is clear that IPI's product line strategy is ineffective, as there are more customer kinds than product lines, resulting in artificial obstacles for consumers and redundancies. By structuring the Western Region's principal salesforce by customer type, maximum product aggregation across product lines and, consequently, profitability can be achieved with minimal difficulty.

References

Fatima, Z. (2017). A overview of studies examining the effect of sales area design and salesforce performance on the efficiency of sales organizations. 12 Amity Global Business Review: 46-51 Online.

Ingram, T. R., LaForge, R. W., Avila, R. A., Schwepker Jr., C. H., & Williams, M.R. (2015).

Sales administration evaluation and decision making (9th ed.). Taylor & Francis is published in New York.

Salonen, A., Terho, H., Bohm, E., Virtanen, A., & Rajala, R. (2020). Engaging a product-focused sales force in solution selling: the interaction between human and organizational factors. 49(1), 139–163, Journal of the Academy of Marketing Science. Web.

Samaraweera, M., & Gelb, B. D. (2014). A meta-analysis of formal salesforce controls and revenue generation. Journal of Personal Selling & Sales Management, 35(1), 23–32. Web.

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Budget Deficit Issue Homework Essay Help

Alternative budgetary measures to lower the deficit

When government spending exceeds tax receipts in a given year, the government is considered to be operating with a budget deficit for that year. When the government does not plan its expenses after accounting for all of its savings, budget deficits typically result. Whether and how to cut government expenditure or raise taxes is always at the core of discussions concerning budget deficits and national debt. In terms of macroeconomics, we must choose between fiscal and monetary policies to be implemented. As a reminder, fiscal policy entails revenue collection, which is essentially tax increases, in order to reduce budget deficits. So using monetary policy is our alternative budgetary action.

Our primary concern is the application of monetary policy in closed economies. A closed economy is one that forbids imports and exports and has no interaction with the economies of any other nations. It also forbids participation in its stock market by any other nation. However, the primary goals of monetary policy are to regulate the rate of expansion of the money supply and/or the levels of interest rates in the economy. The three main instruments used to conduct monetary policy are as follows: 1) Open market transactions that modify the monetary base. 2) Modifications to the minimum levels of bank reserves; and 3) Modifications to the Federal Reserve's discount rate (to affect the size of banks' "working reserves"). The most popular and significant monetary policy tool, according to Baumol, William, and Blinder (p. 72), are open market operations. Whereby, it entails a central bank/Federal Reserve (Fed) buying and selling government bonds on the open market. This tool's goal is to regulate the short-term interest rate, the amount of base money available in an economy, and ultimately, although indirectly, the total amount of money available. In the near run, monetary policy that seeks to boost output and employment levels requires expanding the money supply.

monetary policy's effects on the new macroeconomic equilibrium

Given the "closed" character of the economy, some parts of the long-term equilibrium will be impacted by the government's efforts to lower the budget deficit using monetary policy. The long run, according to macroeconomic research, is a time when employment returns to its natural levels, wages and prices are flexible, and real GDP reaches its potential (Baumol, William & Blinder 56). When the actual revenue changes so that the amount of labor required and the amount of labor given are equal, the recognized level of employment results. When the economy reaches its normal level of employment, it produces at its maximum capacity. "Because all wages and prices are assumed to be flexible over the long run, the real GDP eventually moves to potential." (Page 102, Baumol, William & Blinder)

The closed economy model, like the Obstfeld-Rogoff model, assumes that the long-term impacts of monetary policy have an impact on nominal interest rates, inflation, and price levels. One result is that, in contrast to the growth rate of real output, the rate of inflation is a desirable "long-run" target for monetary policy. Regarding wages, the economy would always be on the price-setting curve if the price-setting curve is flat and if prices are immediately adjusted to any changes in costs. In this case, real wages would not fluctuate over the cycle. Real wages would therefore be acyclical.

Price changes affect how much actual money is available. In other words, the real money supply decreases as the price level increases. The higher the price level rises, the lower the equilibrium income levels are seen. The associated equilibrium income levels in an economy with perfect pricing flexibility can be utilized to produce an aggregate demand curve. The aggregate demand curve that results from plotting the price level-equilibrium income coordinates displays the amount of real output demanded at each individual price level. As the slope of this curve is simultaneously controlled by the slopes of the IS and LM curves (which display short-term inferences), they are combined to forecast long-term consequences. The following graphs illustrate how, given that prices are adaptable and, as was previously said, instantly react to cost changes, monetary policy influences the equilibrium levels of output (over the long run).

It can be seen in the graphic below that long-term equilibrium occurs at the intersection of the aggregate supply and demand curves.

A change brought about by the policy

Although most of these effects are more evident in the short term, they can also be seen over the long run when output returns to its full employment level. The monetary policy has a variety of effects on the key factors that influence the success of the economy. In the long run and during the transition, the following is seen.

Real Interest Rate: Overworked employees want (and receive) greater compensation, driving up production costs and, ultimately, driving up prices for consumers. A further increase in interest rates is a result of higher pricing.

The level of national saving decreases by the whole amount of the rise in government purchases in the new equilibrium, when private saving returns to initial levels (because income is unaltered).

Aggregate Investment: Due to the long-term increase in interest rate levels, aggregate investment is anticipated to decline.

Consumption as a whole: As output recovers to its full employment level, it is noticed that interest rates are higher, inflation is greater, investment is lower, but consumption is higher, however it has been impacted by the skyrocketing interest rate levels.

Effects of protectionist policies on the nation's trade balance

Any country that wants to have a solid and reputable currency must have robust economic contact. Because they have more dollar-dominated deposits, smaller nations like Iceland are more likely to benefit from interactions with larger nations like the United States of America. This is because these deposits are more likely to protect the nation against any unforeseen downturn. Economic policies known as "protectionism agendas" try to reduce the expected level of commerce between nations. Governments must implement measures to lessen the potential negative consequences of international commerce since free trade can occasionally be harmful to the local economies of participating nations (Baumol & Blinder 188). Economic gurus devise strategies like as tariff setting, import quota restrictions, total and complete bans, and other government policies to limit the volume of imports as well as exports and lessen the likelihood of foreign economic powers acquiring local markets and businesses.

Therefore, it is important for economists and financial experts to weigh the benefits and drawbacks of protectionism measures. Countries that view themselves as major trading partners frequently permit more frequent trade interactions between their nations than do those with low levels of commerce. Some nations may occasionally view protectionist policies as an act of hostility since in some situations they reduce the level of trade between nations. As a government counselor, I would advise the government to employ some protectionist tactics since doing so will help the nation implementing the policies carry them out more successfully. It is impossible to discover a circumstance when a country follows a 100% free trade policy because this may frequently end up harming the local economy and local residents, although protectionist policies differ greatly from free trade.

Businessmen who are bound by these protectionist laws are likely to be placed at a disadvantage when competing both domestically and globally, especially in the case where goods and services are concerned. Protectionists maintain that protectionist laws are implemented with the intention of introducing some sort of balance in trade within the country by preventing economic disadvantages that may arise on domestic industries (Baumol & Blinder 174). According to protectionists, for a country to prosper economically, the government must put in place the necessary legal framework that will effectively protect the interests of its own corporations, not to mention its citizens. In this way, a level playing field can be achieved so that other companies' competitive advantages do not actually outweigh those of local industries, decreasing demand for local products. Therefore, it is entirely valid to claim that maintaining a balance in commerce inside a nation would be impossible in the absence of protectionist regulations.

As the political counselor to the government, I would advise against my nation implementing a 100% free trade policy. Instead, I would advise that free trade only be implemented to the extent that it creates some form of economic balance in the nation. Every government has a responsibility to safeguard the sovereignty of its territory because free trade can be misused and other nations occasionally decide to dump their cheap commodities in another nation only to engage in free and fair commerce. Thus, it is crucial to implement protectionist laws to safeguard all participants in global commerce. Local/domestic producers frequently gain from reduced costs and sell larger quantities at cheaper prices when governments obstruct free trade. This is illustrated in the picture below, where subsidies help to increase demand for domestic items as the graph changes from SD to SD1.

It is also important to emphasize the expansion of the economy and the success of domestic and local businesses and industries. Additionally, the degree of free trade need to be able to help the nation acquire commodities and services that are required for various domestic manufacturing processes but are not readily available locally. To create a balance in trade and spur economic progress, the country should ensure a well-balanced blend of protectionist and free trade policies (Baumol & Blinder 150). If the nation implements the proper tariffs, import quotas, antidumping policies, subsidies, currency rates, and patent systems that are not repressive and antagonistic to international trade, a balanced free trade system will be attained. Friendly free trade policies benefit many nations and ensure that trade inside a nation is balanced by ensuring that each nation maintains its competitive advantage.

For creating a short-term aggregate supply function, use the "Sticky Price Model."

The sticky price model mandates that businesses do not instantly adjust their prices for the goods and services they offer in response to shifts or fluctuations in demand (Baumol & Blinder 718). Usually, business owners and entrepreneurs periodically set prices that are governed by long-term agreements between consumers and commercial enterprises.

The idea of sticky prices may be able to clarify and enlighten us regarding the aggregate supply curve's rising slope. In order to understand how the economy as a whole behaves, it is first important to take into account the pricing decisions made by individual enterprises within the industry. These decisions should then be collectively and consequently attributed. In this case, it will be reasonable to assume that firms no longer act as price takers, but rather as price setters. When putting pricing decisions made by firms into practice, it will be appropriate to be aware that a firm's preferred price (p) is influenced by macroeconomic variables, specifically:

The entire price level (P), and it is therefore safer to assume that the higher the prices, the higher the costs that the company incurs over the course of production. The level of aggregate income (Y), and consequently the likelihood that a firm's products will be in demand increases as aggregate income rises. Because marginal cost rises continuously, particularly at larger levels of output, this implies that increasing levels of demand result in higher desired prices for businesses. Therefore;

P equals Pe plus a (Ye or Ye). a= (1-s) a/s P = Pe plus [(1-s) a/s] (Y-Y)] P equals Pe plus [(1-s) a/s (Y-Y)] Y Equals Y + a (P-Pe)

The aforementioned equations can be used to build a short term aggregate supply function.

The press's judgment is warranted since modern economies benefit from a free flow of information. Investors are sometimes unable to engage in economic investing activities due to information asymmetry. It will be wiser for the bank to make sure that it discloses all required information if the Bank of England decides to pursue an expansionary monetary policy. Investors will be able to plan ahead thanks to information-fair policies operating under logical assumptions, which will ultimately lead to a more favorable economic outcome. Businesses in the U.K. will be able to establish their rates, make better budgets, and even plan how to hire people if they are equipped with all the necessary information (Baumol & Blinder 417). This is due to the fact that an expansionary monetary policy will boost the money supply in the economy, which in turn will raise aggregate demand and compel businesses to spend more resources to boost their output and production in the UK.

The goal of restrictive monetary policies is often to lower the level of currency in the economy. Such measures often control interest rates and stabilize the cost of goods and services throughout the economy. If the Bank of England accurately communicated its monetary policies to English-based businesses, it would allow them to make acceptable decisions even when the information was not suitable. Even though unemployment would most likely result, businesses might still function with the majority of their staff working as part-timers. As a result, when output and demand for goods and services decline during the implementation of restrictive monetary policies, businesses would function with a greater degree of certainty. Before implementing monetary policy, central banks often make sure to properly assess economic conditions, including retail and wholesale pricing, unemployment rates, and other economic variables (Baumol & Blinder 768). Restrictive monetary policies should only be used as a corrective tool when the country's economy is out of equilibrium since they could negatively affect investment and consumption of goods and services if the central bank does not implement them promptly.

Works Citation

William Baumol and Alan Blinder Macroeconomics: Principles and Policy. Nartorp Boulevard: South Western Cengage Learning, 2010. Print.

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Budget Deficit Issue Homework Essay Help

Table of Contents
Introduction The Economy Type of the UAE: Communist or Capitalist The UAE's Mixed Economy The UAE's Macroeconomic Capital UAEs Microeconomic Assets The expenditure trends of homeowners Conclusion Bibliography

Introduction

Due to its quick economic growth and other distinctive fiscal characteristics, the economy of the United Arab Emirates has garnered a great deal of international interest in recent years. According to Young (9), ever since the UAE began drawing global notice, analysts have wished to comprehend the classification of the UAE's economy within the global economic hierarchy. The majority of international business economists see the UAE economy to be highly dependent on oil reserves for fiscal stability. With increased bilateral trade interaction and value, the UAE's economy has been expanding swiftly, and academics predict that by 2020, it will be among the world economic superpowers (Young 3). This essay covers the economy of the UAE in terms of the type of economy it is, the key theories that describe the UAE, its micro and macro economic choices, and the household spending trends.

The Economy Type of the UAE: Communist or Capitalist

The UAE's booming economy continues to rely heavily on oil reserves, foreign trade, and real estate to generate national revenue (Young 12). Nonetheless, since the worldwide economic crises of 2007-2020, when oil prices collapsed and Arab economies experienced severe economic shortages, the UAE has been operating under both socialism and capitalism. The socialism economic theory, according to Young (7), is an economic theory that depicts a state with an economy in which the government heavily intervenes in matters of economic growth and stability. Socialism is a method of creating a state in which the national economic revenues or national means of production are held in social or public hands (Young 10). According to this hypothesis, the UAE government and public control the majority of the country's economic assets, including commerce and the key public industries.

Capitalism is another theory that can explain the UAE economy, given its current economic structure, which is changing from economic specialization to economic diversification. A capitalist state is a nation in which the private sector controls the economic factors of production, including trade, industry, and other production resources (Staveren 45). The majority of industries in capitalist economies pay employees via wage exchanges, and the marketplaces are highly competitive. The United Arab Emirates is usually a capitalist economy, with its current emphasis on developing a strong economic base that would stabilize its agendas of non-reliance on oil supplies (Staveren 17). Since the calamitous economic downturns of 2007-2010, which threatened the economic stability of Arab nations, including the UAE, the United Arab Emirates has pivoted towards a variety of economic options. The UAE's actively expanding private sector is one of the country's most significant economic potential.

The UAE's Mixed Economy

Taking into account the features of capitalism and socialism of state economies, the UAE is currently a mixed economy, given its current economic condition (Staveren 27). The theory of mixed economy posits that nations occasionally have the potential to maximize the economic opportunities available in the public and private sectors in order to stabilize their economic growth (Staveren 29). The United Arab Emirates stands out as a mixed socialist and capitalist state in the fullest sense, as evidenced by its present economic data. According to the UAE's current economic data, the public and private sectors contribute equally to the national economy (Staveren 18). According to Young (33), while the private sector today produces roughly 70% of the national Gross Domestic Product (GDP), state-owned companies, particularly the oil and gas sectors, contribute more over a quarter of the UAE's GDP.

Recent UAE economic figures indicate that the private sector's contribution to national growth has increased as a result of the UAE's economic diversification strategy, which has enabled the private sector to contribute to national economic growth (Staveren 29). The latest Abu Dhabi economic figures for 2015 suggest that the manufacturing industry contributes 12.6% to the UAE's GDP, hotels contribute 11.4%, real estate contributes 9.1%, construction contributes 8.2%, transportation contributes 7.3%, and finance and insurance contributes 6.4%. (Staveren 31). Given that the oil and gas industries provide the impression that the United Arab Emirates is a socialist state, it is essential to examine the non-oil sector, which accounts for 71% of the country's gross domestic product (Staveren 25). The United Arab Emirates has given a favorable environment for the private sector to contribute to the nation's economic progress while having a governmental structure more akin to communism.

The UAE's Macroeconomic Capital

There are macroeconomic and microeconomic components of the national economy from an economic standpoint. Typically, macro indicates major or principal. Therefore, macroeconomic assets of the UAE are the primary economic assets or aspects upon which the UAE's economic stability rests (Staveren 9). The United Arab Emirates is an oil-dependent economy and a global giant oil producer, with Dubai ranked as the eighth largest global oil producer by statistics. Almost a quarter of the UAE's gross domestic product is derived from oil and gas, which are the most important macroeconomic factors. Nearly one-third of national development plans continue to rely on oil and gas for economic growth. Staveren (26) reports that 94% of the world's proved oil reserves are located in the Abu Dhabi region, making the UAE the sixth-largest proven oil reserve and the seventh-largest proven natural gas resource.

As key macroeconomic assets that have bolstered the national economy for decades, the Emirati administrations are boosting their investments in the oil and gas industries. Young (23) asserts that the UAE government is a capitalist economy based on its control over macroeconomic production aspects such as the oil and gas industries. In terms of exportation value, the UAE's oil and natural gas exports account for around $103 billion of the country's yearly exports, contributing approximately 65 percent of the country's total income (Young 15). Dubai's investment portfolio reveals that the United Arab Emirates has an economic interest in the oil and gas deposits, which oil-producing giants estimate have around 97.8 billion barrels of oil. Large oil exports are the macroeconomic elements on which the United Arab Emirates relies heavily to provide national services, infrastructure development, and other government operations.

UAEs Microeconomic Assets

Due to its decreased reliance on oil and gas economic resources, the UAE has promoted Foreign Direct Investment (FDI), which has contributed to the growth of its microeconomic assets. Young (27) asserts that despite the fact that the non-oil sector is still economically immature, a significant portion of the microeconomic parts of UAE production are derived from this economic sector. Another key microeconomic asset of the UAE economy is the manufacturing sector, which accounts for around 12.4% of GDP (Staveren 24). Due to FDI regulations that have allowed European and Asian investors to participate in the free market, the manufacturing industry is expanding, and the private sector dominates the manufacturing sector. The United Arab Emirates' industrial sector is expanding at a rapid rate, with the United States-UAE bilateral trade in technology supporting this development (Staveren 36). The hotel business is another microeconomic sector that is slowly strengthening the UAE economy.

The hotel industry is another microeconomic sector that contributes significantly to the UAE's gross domestic product, generating an estimated 11.4% of national GDP. The UAE hospitality industry is a significant contributor to the Emirati economies' rapid tourism growth. The UAE's business and investment climate revolves around the hotel industry, which economists predict would experience a 67% increase in income in 2016. (Young 18). This percentage has a monetary worth of $7.5 billion. The real estate industry is a significant microeconomic production sector that accounts for around 9.1 percent of the UAE's gross domestic output. Together with hotels, the real estate industry has put the UAE on the international property market map. The municipal property tax paid by business and residential tenants frequently stimulates the UAE economy (Staveren 15). In 2014, the total cash value of real estate transactions exceeded Dh218 billion.

In its report for the first fiscal quarter of 2015, the UAE real estate business transactions totaled $17.4 billion. Such numbers indicate that real estate is an additional important microeconomic choice of the UAE economy. As a mixed free-trade economy, the UAE's free trade zones have also enabled the construction industry to stand out as a significant microeconomic sector that accounts for 8.6% of the UAE's gross domestic market (Staveren 19). According to economic estimates for 2014-2015, the construction industry's net worth currently stands at $315 billion as a microeconomic choice in the United Arab Emirates. These planned projects with this budget have a direct impact on the municipal tax, financial value, currency exchange rates, and other pertinent financial factors. The transportation sector of the UAE is another important microeconomic sector that the majority of Emirati governments have chosen to promote.

The aircraft transportation, pipeline transportation, and rail transportation systems are key microeconomic units of production that have a net worth of $27 billion under the economic influence of the UAE. The transport and logistics sector provides around 7.3% of the UAE's gross domestic product. Along with the concurrently expanding construction and real estate sectors, the transport and logistics industry has a significant economic impact. The final and most significant microeconomic unit of production in the UAE economy is the banking and finance economic sector, which contributes approximately 6.4% to the total GDP of the Emirati economies (Staveren 23). Continuously boosting public and private investment efforts, which in turn promote sustainable economic growth, is the finance and banking industry. The total assets of the UAE's banks and financial systems are now valued at approximately $49 billion.

The expenditure trends of homeowners

The UAE's expenditures are another key economic factor influencing the current state of the Emirati government's economy. The stagnant and occasionally fluctuating oil prices have put the Emirati governments under a strong focus on how to manage government expenditures (Young 30). The most current federal budget projection for the United Arab Emirates was 49.1 billion dirham, which is equivalent to $13.4 billion. However, volatility in the prices of global oil and gas exports are the key determinants of spending patterns in the UAE economy (Young 21). However, the UAE has shifted away from reliance on natural gas and crude oil, and the quickly rising non-oil economy appears to require a greater economic outlay than the oil and gas sector. The current government expenditure on the gross domestic product of the UAE is 27.3%, up from 23.2% in 2013 and 21.2% in 2012. (Young 19). This increase in expenditures is attributable to the increasing number of large-scale non-oil sector development projects.

As a result of the recent economic changes, the federal government's expenditures in 2014 increased by 4.5 percent relative to the national total. Emerging industries, such as the technology department, the food processing business, the electronic industry, and the retail market industry, have experienced a significant increase in expenditures due to the growing demand for technology, food, electronic products, and retail items (Young 25). According to the most recent data, spending on Information Technology in the commercial sector is $4.6 billion, but spending on consumer products and retail goods is 7.3 billion Dirham. Due to the non-oil sector receiving a great deal of attention, expenditures on oil production and consumption have decreased dramatically (Young 31). The UAE economy is now investing less in the extraction and production of oil and gas due to the anticipated decline in oil and gas prices this year.

Conclusion

Due to its involvement in numerous oil and non-oil sectors, the economy of the United Arab Emirates is growing increasingly complex. The UAE's economy is a mixed free-market economy as its dependence on the oil sector began to decline and the free trade markets began to receive the economic impact they deserved. When a nation employs both socialism and capitalism to manage its economy, it inherently develops a mixed economy due to the interaction between capitalist and socialist economic concepts. Since economic downturns began to frustrate the economy of the UAE, the Emirati governments have recognized the necessity to adopt a mixed free-market economy that would give investors the opportunity to establish an independent non-oil industry. Even while oil and gas remain the macroeconomic units of production, the UAE continues to rely on the stability of the non-oil economy, which provides a variety of microeconomic possibilities.

Sources Cited

Economics after the Crisis: An Introduction to Economics from a Pluralist and Global Perspective, by Irene Staveren. 2014 printing: United Kingdom, London: Rutledge Publishers.

Young, Karen. Between the Majilis and the Market: The Political Economy of Energy, Finance, and Security in the United Arab Emirates. London: Palgrave Macmillan, 2014. Print.

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The Globalization Of The CEMEX Company Homework Essay Help

The success of CEMEX Company can be ascribed to the waves of acquisitions the company initiated in the late 1980s, shortly after Lorenzo Zambrano reversed the company's long-term diversification strategies. This modification to the company's long-term strategy plan allowed CEMEX to become one of the world's largest corporations and a prominent participant in the cement sector. At the beginning of the year 2000, CEMEX has exceeded the $4.8 billion threshold in yearly sales to become the third-largest company in the world, surpassing numerous global competitors (Bartlett and Beamish, 2011). CEMEX appeared to have reached the pinnacle of its ascent at this time, with a global business presence on all the major continents and in nations with great market potential.

Between 1985 and 1999, CEMEX significantly expanded its global business operations through strategic acquisitions in Latin America, the United States, Eastern Europe, Africa, Asia, and the Mediterranean. Despite CEMEX's exponential growth over the past decade and a half, the company faced severe competition from two of the world's largest cement companies, Holderbank and Lafarge, who today surpass its global business activities (Bartlett and Beamish, 2011). Both of these companies have controlled the cement industry for decades and have business operations that outperform CEMEX in terms of sales revenues and capital expenditures, making them the most formidable hurdle to CEMEX's current quest for global domination. This is due to the fact that both Lafarge and Holderbank are capable of competing directly with CEMEX, particularly in terms of the purchase of strategic businesses. In the context of the increased rivalry that CEMEX must now expect and combat, a further issue arises from the industry's high saturation rate of cement companies, which will ultimately raise competition among all significant participants. These are the obstacles CEMEX must overcome as it considers growing its global business activities, particularly in Africa, Asia, and the Middle East.

Since the late 1980s, when he assumed control of the company, Lorenzo Zambrano's vision for CEMEX has been manifest in his efforts to shape the organization. There is no doubt that what CEMEX has accomplished thus far is the consequence of well-calculated, long-term strategic plans aimed at securing a sizable worldwide market niche in an industry that is becoming increasingly competitive. Since the time that Lorenzo Zambrano decided to change CEMEX's strategic business plan, the company's expansion and competitive advantage have taken on new shapes that resemble a centralized hub pattern that is also quite close to the coordinated federation pattern. The centralized hub is an organizational arrangement intended to provide a worldwide company with a competitive advantage over its rivals in a global context (Johnson and Scholes, 2005). This organizational Configurational strategy is obvious in the manner in which CEMEX has identified and targeted cement companies it wished to acquire, ensuring that they are scattered throughout important geographic locations with high-potential markets.

Initially, Cementos Anahuac and Cementos Tolteca and Cementos Anahuac were acquired by Zambrano in order to stabilize and secure a big market position in Mexico's cement industry. These early acquisitions are believed to have provided CEMEX with a secure operating platform as it sought to dominate the worldwide cement industry and the global market. For this reason, CEMEX’s organizational structure might be compared to a Coordinated Federation design, in which the management’s primary objective is to pursue and acquire a substantial portion of the global market. In both the Centralized hub and Coordinated federation organizational configurations, a company operates from a centralized location that serves as its headquarters, similar to how CEMEX now operates. In the next years, Zambrano is likely to pursue this type of expansion strategy as he prepares CEMEX to become a worldwide leader through more acquisition plans in key regions such as Asia, Africa, and the Middle East.

CEMEX's chances of success as it seeks to expand its business operations beyond its current geographic footprint are contingent on a number of critical factors, including the country's location, the cost of business operations, the level of competition in that region, and the suitability of the company it seeks to acquire. In fact, Zambrano's current geographical selections, which include Africa, Asia, and the Middle East, demonstrate that he has considered all of these issues. A key principle of profit maximization is that "a company should be incorporated when it is financially rather than operationally suitable" (Bartlett and Beamish, 2011). Given that this has always been the viewpoint of CEMEX management, it appears that future decisions will likewise be influenced by this issue. Another asset that CEMEX possesses in its push for expansion is its due diligence and standardized method for evaluating acquisition targets, which helps it to identify the most viable companies it wishes to acquire. The difficulty for CEMEX will be overcoming the characteristics that impede the formation of any significant corporation in foreign new markets, which Bartlett and Beamish have adequately defined as understanding new settings, coping with global uncertainties, and managing local-level risk (2011).

Under each of these three categories is a subset of specific elements that may effect a company seeking worldwide expansion; hence, CEMEX's success rate is contingent on its ability to overcome these obstacles. Perhaps the greatest risk that CEMEX will face as it strives to extend its market presence in these three regions is greater competition from Lafarge and Holderbank, two of its most formidable competitors, who must also be organizing their corporate activities along these routes. Overall, I would say that CEMEX’s chances of success are quite good due to the fact that it has a substantial financial base that it may invest in high-return commercial projects at a competitive pricing.

Throughout the 1990s, CEMEX faced some of its greatest obstacles, which threatened its very existence; in the early 1990s, the Company's business operations in the United States were hampered by trade sanctions, which prevented it from accessing the US market. During this time, Zambrano also changed the Company's long-term strategies from a varied commercial entity to one whose primary focus was cement production. The turnaround of CEMEX Company at a time when the firm was still relatively young necessitated a realignment of the Company's strategic plans and objectives with Zambrano's new vision for the company. An organization's management cannot afford to disregard the significance of strategic management. It refers to the strategies, decisions, and activities that an organization must implement during business operations in order to chart the organization towards the most desirable level that the management envisions in the mission statement (Pearce and Robinson, 2008). The single most significant component of strategic management in the operation of an organization is its capacity to give the management with contingencies for every level of difficulty that a corporation will confront (Pearce and Robinson, 2008).

Moreover, it enables the business's direction to be guided by best practices that leverage a variety of information sources, as compared to the prior situation where decisions were not based on any strategic management models. This strategic management strategy enables Zambrano to anticipate and "plan for the inherent volatility" of all company contexts. In early 1990, for instance, after adopting a new long-term strategic plan, CEMEX began by bolstering its Mexican commercial operations, which would eventually become the backbone of its global company divisions. In the years between 1992 and 1999, CEMEX completed the majority of its globally spread acquisition projects; these early accomplishments were crucial in allowing CEMEX to weather the Peso crisis of 1994/95 and the political upheaval that occurred in Mexico in the same year. This was made feasible by strategic management in business operations, which involves a variety of actions observed to occur at three organizational levels, namely the functional level, the business level, and the corporate level (Pearce and Robinson, 2008).

At each of these levels of company activities, strategic management must be included in a manner that adds to the organization's overall strategic planning. CEMEX investigated cost-effective methods of producing cement and associated products at the functional and business levels in order to obtain a competitive edge and boost its profitability. It should also be mentioned that the Company was an early adopter of information technology, which would eventually become a vital part of its global corporate operations. Corporate level strategic management is vital in determining the future of a company by determining both short-term and long-term goals to pursue in the murky environment of globalization, which Zambrano had accomplished by the beginning of the year 2000. This is vital because each of these levels provides a unique perspective on the business operations at that level, thereby informing executive-level management of the best options to make (Pearce and Robinson, 2008).

Consequently, a crucial function of strategic management in the management of a business is to provide the management with the tools and capabilities to effectively respond to the variety of challenges that may impede or destroy a business, which are typically referred to as internal and external threats (Pearce and Robinson, 2008). The external threats or environments relate to variables that have a negative impact on a business that are beyond its control, such as government compliance regulations that increase the cost of doing business or marketing rivalry that compels a company to spend more to keep up. The internal environment consists of any factors that impede the organization's performance from within and that can be effectively addressed with correct management abilities, such as staff motivation, etc.

In this instance, we will briefly examine the external factors that CEMEX faced in the late 1990s. During this time period, CEMEX was confronted with a rising level of rivalry from a number of its main rivals that had business activities in the same regions where the company was opening subsidiaries. In Colombia, for example, CEMEX confronted intense rivalry in 1996, which prompted a price war shortly after acquiring Cementos Diamante, which controlled around one-third of the market. As a result of this price battle, the operating margin of the CEMEX subsidiary in Colombia plummeted from "more than 20% at the beginning of 1998 to 3% by the end of the year" (Bartlett and Beamish, 2011). To meet the challenge of rising competition, CEMEX used two strategies: Triad giants and domestic defenders, as described by Bartlett et al. This strategy enabled the company to create a strong local presence while simultaneously expanding into crucial global positions.

Price uncertainty in the industry, which might be induced by a variety of circumstances such as political upheaval and economic contraction, as occurred in Spain and Indonesia, was another challenge for CEMEX during this time period. Due to the fact that these external influences were outside the company's control, it was unable to adequately shield itself against them. In the United States, the ITC slapped a 58% tariff on all Mexican cement imports, severely limiting CEMEX's capacity to operate in the country.

Ideally, the interest of a company's stakeholders extends beyond its immediate investors to include a variety of players that interact directly or indirectly with the business. According to Stone, a total of nine stakeholders may be identified for the majority of large-scale business enterprises. This structure depicts the government, employees, special interest groups, investors, customers, suppliers, the general public, management, and labor unions (Stone, 2008).

Figure 1 Stakeholders Interest

The employees of CEMEX are among the company's most essential stakeholders, as they are the firm's global success engine. Indeed, CEMEX CEO Lorenzo Zambrano, who, in this perspective, can be seen as an employee of the company, along with his senior management committee, has been instrumental in shaping the company's global business operations. In acquisition processes involving due diligence, opportunity identification, and post-merger integration, which are critical phases of an acquisition requiring maximal employee involvement, the crucial role that CEMEX workers play in the company's worldwide expansion bid is readily visible. CEMEX attributes its economic success to the manner in which it interacts with its company personnel, which is comparable to the notion of Strategic Human Resource Management (SHRM).

Strategic human resource management is a notion developed more recently by human resource specialists that consider personnel as a crucial success component for a firm (Pinnington and Edwards, 2000). SHRM differs from conventional people management in that it acknowledges the necessity to integrate and align employee work practices with the organization's long-term business operations strategic goals (Simmonds, 2007). SHRM extends beyond the usual tasks of human resources, such as recruitment, training, personnel development, and salary processing, in contrast to conventional personnel management tactics. The key concept of an SHRM is to achieve an efficient human resource that complements the organizational business goals and visions that also build on a framework that integrates the external factors of the organization as well (Pinnington and Edwards, 2000).

To achieve the kind of success that CEMEX has been able to achieve in a few short years, wherein it has risen to become a major global leader in the cement production industry, SHRM is the only option that can enable the company to achieve the kind of employee commitment that is aligned with the strategic plans of the organization. Stone's list of organizational stakeholders includes separately the issues of trade unions and management, which are also included in the employee stakeholder interest from a SHRM perspective.

A somewhat different

Arnott’s Family Company Marketing Strategy Homework Essay Help

Analysis of the Current Marketing Mix

Marketing is a vital component of an organization's management; it generates business for the firm and provides the insight necessary for establishing and innovating efficient business strategies. The hospitality industry is highly competitive, with new players entering and old ones developing new working strategies or approaches; to be competitive in the industry, particularly on an international market, it is necessary to make strategic decisions and to employ scientific decision-making processes. In Australia, the hospitality business is rapidly evolving and implementing new client acquisition strategies. Arnott's family asserted is an Australian food company that confronts rivalry from others in the same industry; to be competitive, the company's management must execute successful marketing tactics that target both domestic and foreign markets1. This paper focuses on marketing segmentation and marketing mix in discussing an effective marketing strategy for the organization.

E J McCarthy, a marketing guru, created the 4ps concept in 1960; the Ps stand for price, product/service, promotion, and place.

Existing Product

When Arnott's family assorted develops a product, the product is intended to satisfy a certain demand. The path that customers pursue at a particular point is a modification to the product that provides them with greater utility. When developing a product, the team should constantly provide something extra for the user. If the target consumers are aware of the expected elements, the marketing efforts should place a strong emphasis on the ingredients used. Alternatively, if buyers are not particularly interested in or are unaware of the product's contents, the focus should be on the product's intended effect. The marketing efforts should communicate to the buyer the advantages of using the products. Under product, the following factors must be considered:

Product development

At the stage where the marketer assists, Arnott's family should develop a product that is in demand on the market. The product should be the good or service that a market segment is not receiving from the market; the gap in the market is the opportunity that has been identified in the market, and the firm wants to fill it; the company should examine its capacity to meet the market's requirement.

Product specialization

After establishing the product and the market opportunity, the following phase for a product should be its development. Improving the product's quality continuously during its development is crucial so that a company is always ahead of its competition in terms of consumer satisfaction.

When Arnott’s family assorted has items that are well-differentiated, its brand will grow rapidly and gain consumer loyalty. Customer loyalty is a marketing advantage that simplifies and reduces the cost of marketing2.

Current Costs

Arnott's family asserted that the price is an element of the overall cost plus a profit margin; the price must be affordable (affordable does not necessarily mean that the company should sell its products cheaply). When a product's target market has been identified, it is necessary to decide a price that the target client can easily afford while yet providing a profit margin for the company. Diverse marketers in the family of Arnott should apply marketing research information to forecast consumer trends and their possibilities. The intended social class will affect the price of the products. The price parameter can be derived from the actual price of the product or from the prospect that the product might be subdivided into smaller portions, which need not be inexpensive, but will increase affordability3.

The market can be split into three sectors from a broader perspective: the upper class, the middle class, and the lower class. The focus of interest for the affluent is not the price of the product, but rather the utility it will provide. When they are shopping, they are seeking for anything that will make them feel unique and special. To appeal to this group, the product should demonstrate its uniqueness; the price can be set high, as there is a chance that the group will believe that the higher the price, the greater the utility.

There are five primary pricing strategies:

Premium Pricing

The strategy employed by premium pricing models is the sale of products at prices significantly higher than those offered by competitors. When Arnott's family assorted introduces new items, it might modify its manner for selling them4.

Pricing to Increase Market

The model advocates for a pricing method in which a company sets its prices lower than those of its competitors; the objective of this strategy is to attract a big number of customers to the products. For instance, when Arnott's family assortment enters new markets, it should sell its products at a lower price than their competitors.

Economical Costs

It is a pricing model that tries to keep commodity prices low by utilizing organizational benefits for the benefit of a bigger organization, such as Arnott's family assorted. Established firms with solid reputations are most likely to employ this strategy; they also use their competitive advantages to determine prices, such as economies of scale, to charge lower prices5.

Price Skimming

Corporations with a strong brand name employ the strategy; in the approach, the companies leverage their name to charge a premium price for their products, since consumers would assume they are receiving quality services. It is also a method to attract the wealthy individuals in the economy who believe that pricey equals quality.

Behavioral Pricing

The strategy seeks to create the impression in the consumer’s mind that a given product is sold at a low price, even though this is not always the truth. It places pricing such as $99, $999, and $999; it produces a little distinction that has a significant impact on a business.

Existing Distribution

The chosen market segment will determine the distribution routes; the location where the client is most likely to be located is where the items should be given. If the target consumers are people who value recognition, they are more likely to be located in shopping malls and upscale regions; Arnott’s family assorted should identify the primary locations where its clients are likely to be found and open stores there.

Arnott's family assorted should be cautious about where it positions its stores; it should work backwards to determine where its target customers are likely to be located. The primary function of selecting where to promote one’s items is to generate product availability; the medium to employ in advertising the goods is determined by the location where the target market is likely to be present.

Current Advertising

The purpose of promotions is to either launch a new product or expand a market segment. To conduct a promotion, it is essential to first determine the availability of the target clients. Marketers must determine the type of strategy to use in order to attract the attention of their target market. There are two methods of promotion: the PUSH and PULL methods.

Push strategy

Under this strategy, Arnott’s family assorted should utilize the available resources to raise product awareness and make the product accessible to the target market. It is a strategy that employs tempting discounts and low prices to attract customers. When this method is employed, clients are left feeling "guilty" for not possessing a cheap goods. For instance, products that guarantee quality may be sold so inexpensively that clients have little choice but to purchase them when compared to the prices of similar products. Example of a push strategy is the sale of commodities at half price.

Pull Strategy

Under this strategy, enormous advertising and persuasive tactics are utilized to create awareness of the presence of an organization's products. End-users and promoters have close ties and interact throughout the advertising process.

The subsequent graph depicts a 4P's chart that the corporation can employ to strengthen its market position.

Marketing mix.

The Segmentation Model

With the internal and external marketing analyses in mind, the next stage is to identify a suitable market to sell the items; Arnott's family assorted marketing team is responsible for identifying the proper market group and targeting. The products that Arnott's family assortment develops should fulfill the demands of a certain group in the community that is differentiated by age, economic level, geography, preferences, and social class.

Segmentation

A market segment is a homogeneous subset of the primary market whose members share similar features and demand/require similar products. Similar breakthroughs also encourage a certain market segment.

Benefit of market segmentation

When Arnott segments its market, it will be able to determine the optimal way for selling its products to a certain market. Distinct market categories necessitate a different strategy to marketing; therefore, segmentation enables the corporation to choose the best way to promote their family variety cookies.

In a competitive business climate, organizations must sell their products in the most effective manner; this necessitates the implementation of strategic management tools; market segmentation enables the company to develop the most effective marketing strategy. A marketing strategy is a well-considered plan that enables a corporation to place its items on the target market despite existing competitors. It involves the development of products, the allocation of resources, and the positioning of a company's products; strategic marketing is the process of discovering, predicting, and profitably addressing consumer needs. Strategic management involves establishing a close relationship between the company and the client, as opposed to simply selling things to the customer.

With the right market segment, Arnott will be able to expand its brand name and implement the brand extension strategy in the future; a strong brand name is favorable to a company since the marketing team will be able to sell their products with ease and marketing expenses will decrease. The brand extension will help the company diversify its business and join the market with more efficiency.

Identification of Target Markets

Following the development of a marketing segment, the following step is to create sales methods for the target market. The marketing mix is one method for penetrating a target market. An successful marketing mix guarantees that items are available and inexpensive to the target market when they are needed. With the marketing sector in mind, the corporation may determine the type of products to produce6.

The graphic below illustrates how a marketing plan can be formed.

The process of developing a marketing strategy.

In general, Arnott's family assortment market can be classified into the following five segments:

Geographical Division

In accordance with this segmentation, the market can be divided into three principal levels:

Classless segment

These individuals are considered to have a low income; their income varies by country of sales. To sell to this market niche, the corporation must price its items below those of its competitors. This category is more susceptible to price fluctuations. For things to sell cheaply, they should be packaged in the smallest quantity possible. They should also be accessible in low-income neighborhoods. Passing on the expense of packaging to the retailer is another another strategy for selling at a reduced price. In this case, the corporation will make goods in bulk and supply them to the retailer, who will then distribute them to customers in varying quantities.

Middle class

This group is knowledgeable about the prices of a competitor's goods. They are less likely to purchase items that they perceive to be expensive. Alternately, they will target commodities with prices far below the existing market price. The strategy for this class is to guarantee that the changed price is comparable to the prices paid by competitors7.

Superiority

This group is more concerned with product quality and differentiation. They believe that high-priced merchandise is of superior quality. To take advantage of this misconception, prices can be set a bit higher. However, the corporation should justify the premium price by providing superior quality. The distribution of items should occur in locations where these groups are likely to congregate, such as shopping malls and designer boutiques. This class is drawn by the initial impression8, therefore packaging should be attractive.

Demographic Classification

The company's goods permit gender-based market segmentation; some can be offered exclusively to women or men, while others are unisex. Keeping this in mind, the company is able to determine the most effective strategy for reaching each sector. Men's items cannot be sold in the same manner as women's products; therefore, the following step will be successfully identified after segmentation.

Psychographic Classification

Understanding the needs of a specific age group will aid a company in developing and tailoring marketing strategies to appeal to that demographic. For instance, if the target market is children, the packaging and advertising will either be designed to attract the attention of children or parents. Using this segmentation criterion, the level of education of the target market is crucial for product placement9.

Behavior-Based Division

To remain competitive on the extremely competitive global market, the organization must ensure ongoing product development. The company's internal processes will be enhanced to assure the production of high-quality goods. This increases the company's competitiveness, customer satisfaction, and customer loyalty as a result. The diagram below illustrates the procedure to be followed when formulating a successful marketing strategy; it depicts how the many stages are interconnected10.

The process of creating a successful marketing strategy.

Conclusion

A successful marketing plan will help Family-owned and operated Arnott's develops mechanisms to sell products to its target market and retain its competitiveness in the rapidly evolving global marketplace. The direction of a company's marketing strategy is determined by assessing the market and identifying gaps that must be filled when building a marketing plan. It selected the appropriate marketing mix and market entry approach. An effective marketing strategy affords the opportunity to continuously enhance current strategies, products, and processes for the mutual advantage of customers and the business.

Bibliography

David Campbell, Edgar David Campbell, and Stonehouse George. Business Strategy: An Introduction (2011). Web site of Palgrave Macmillan, London.

Strategic Management: Concepts and Cases, by David Fred. Web site of Pearson Education in New Jersey

Hooley, Graham, and John Saunders 2003. Marketing strategy hinges on competitive strategy. Web site: New York: Prentice Hall

Kim, Chan. "Blue Ocean Strategy" (2005). Harvard Business School Press Website.

Kotabe, Masaki, and Helsen Kristiaan. 2004. Global Marketing Management. John Wiley and Sons, New York Web.

Phillip Kotler, Denize Adam, and Gary Armstrong. 2008. Marketing Principles. Frenchs Forest, New South Wales, Australia: Pearson Education Australia. Web.

Jeremy Kourdi published Business Strategy: A Guide to Moving Your Business Forward in 2009. Web content from New York: Bloomberg Press

Kim Mauborgne's Blue Ocean Strategy Harvard Business School Press Website.

The Pricing Strategy Audit, by Kent Monroe in 2003 Cambridge Strategy Publications, web.

Management by Laurie Mullins. Washington: Financial Times Prentice Hall, 2004.

Footnotes

1 Fred, David. 2008. Concepts and Cases in Strategic Management. Pearson Education is based in New Jersey

2 Mullins, Laurie. "Management," Financial Times Prentice Hall, Washington, 2004.

3 Jeremy Kourdi published Business Strategy: A Guide to Moving Your Business Forward in 2009. Bloomberg Press is based in New York

4 The Pricing Strategy Audit, by Kent Monroe, was published by Cambridge Strategy Publications in 2003.

5 Kim, Chan. "Blue Ocean Strategy" (2005). Harvard Business School Press, Boston.

6 Kotabe, Masaki, and Helsen Kristiaan. 2004.Global Marketing Management. John Wiley and Sons, New York

7 Kotler, Phillip, Denize Adam, and Gary Armstrong. 2008. Marketing Principles. Frenchs Forest, New South Wales, Australia: Pearson Education Australia.

2003.8 Hooley, Graham, and John Saunders. Marketing strategy hinges on competitive strategy. New York: Prentice-Hall.

Campbell, David, David Edgar, and George Stonehouse. "Business Strategy: An Introduction." London: Palgrave Macmillan.

10 Mauborgne, Kim. Blue Ocean Strategy. Harvard: Harvard Business School Press.

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Organisational Learning In The Filed Of Human Resources Homework Essay Help

Table of Contents
Introduction History Significance of Organisational Learning Human Resources and Organizational Learning References

Introduction

Continuous development has a huge impact on the long-term success of a business. Consequently, organizational learning has emerged as a central topic in company management. Individual employees and the organization as a whole can both benefit from organizational learning. In the framework of this essay, the benefits of organizational learning for businesses and the role of HR will be emphasized.

The research is predicated on the premise that human resources is a vital aspect of any organization whose executives share responsibility for its development. The purpose of this paper is to clarify the topic's context and justify the significance of organizational learning. In addition, assertions pertaining to the relationship between HR and organizational learning will be investigated from the relevant literature. Finally, the conclusion will include HR practice recommendations about organizational learning.

Background

Organizational learning as a research and practice topic fits within the disciplines of management, leadership, and human resource development. According to Storberg-Walker (2009), organizational learning, together with knowledge sharing and generation, is a fundamental component of organizational development. Organizational learning evolved as a novel approach for businesses to generate value and maintain competitive advantage (Kearns, 2015; Lee et al., 2011). Despite the difficulty in adopting a clear definition of organizational learning, “the majority of academics would agree that organizational learning is a change in the organization's knowledge as a result of experience” (Argote, 2011, p. 439). In other words, organizational learning is the process of expanding the knowledge base of an organization.

As a result of the rising interest in organizational learning, numerous scholars have concentrated their efforts on describing its various facets. The consequence was the conception of a learning organization, which is regarded as one of the guiding principles of organizational learning practice. The most straightforward definition of a learning organization is “an entity, an ideal sort of organization, with the potential to learn effectively and, consequently, thrive” (Easterby-Smith and Lyles, 2011). Consequently, learning businesses are able to develop and enhance knowledge while also utilizing it to their benefit.

As a result, the term "New Learning Organisation" was established, which is presently employed by organizations focusing on HR and human development. The Chartered Institute of Personnel and Development defines the New Learning Organisation as a dynamic ecosystem that undergoes continual change, as opposed to a static entity (Daly and Overton, 2017). From this perspective, an organization must not only enable learning and utilize knowledge to its benefit, but also maintain sufficient agility and adaptability to apply knowledge for holistic organizational development (Daly and Overton, 2017).

This term is particularly applicable to the current world, where business and market environments undergo frequent and unanticipated changes, and where a company's ability to adapt is crucial to its success.

In addition, the research helped scholars comprehend the features that distinguish learning organizations from other entities. As such, purpose clarity is fundamental to the New Learning Organisation, as it supports learning and development at all levels of the company (Daly and Overton, 2017; Lamb et al., 2017). In addition, the New Learning Organisation features intelligent decision-making, a holistic employee experience, ongoing engagement, an adaptable digital infrastructure, and a dynamic ecosystem (Daly and Overton, 2017; Lamb et al., 2017). Together, these traits provide businesses with opportunity to increase their potential through learning and utilize acquired knowledge to achieve long-term success.

The significance of organizational learning

The concept that organizations can benefit from obtaining and accumulating knowledge underpins the importance of organizational learning for businesses. According to Leonard (2016), corporate success and the ability for innovation depend on the knowledge and skills of people. This notion is supported by research that demonstrates the connection between organizational learning and competitive advantage. Organisational learning, according to Easterby-Smith and Lyles (2016), provides a basis for generating novel products and services, as well as for refining existing products by leveraging the expertise and experience of employees.

Fernández-Mesa and Alegre's (2015) and Ning and Li's (2018) research demonstrates that the deployment of organizational learning strategies has a direct impact on innovation capacity and innovation efficiency. According to study findings, organizational learning is regarded as a crucial part of value generation, independent of an organization's operating environment or industry (Kang, Morris, and Snell, 2007; North and Kumta, 2018). Therefore, by fostering organizational learning, HR can assist their firms in establishing and maintaining a competitive advantage.

Efficiency is another relationship that is crucial to the implementation of organizational learning. Due to the fact that organizational learning compiles the knowledge and intellectual resources of a large number of individuals, it can assist organizations in enhancing the effectiveness of their operations and procedures. Saadat and Saadat (2016) illustrate the procedure by demonstrating that organizational learning 'may lead to enhancing public and team learning in an organization, improving organisational activities, changing individual and group behaviours, and lastly efficiency, effectiveness, and productivity' (p. 224).

Kasemsap (2017) further emphasizes that organizational learning can be effectively applied to a variety of company roles, hence boosting productivity and efficiency. This suggests that firms that engage in continuous learning are likely to be more cost-effective, which, when paired with the enhanced capacity for innovation and competitive advantage, results in improved performance.

Finally, it is important to recognize that organizational learning provides the framework for sustaining all of these benefits over time. The nature of organizational learning processes is continuous, which means that throughout time, companies can acquire ever-increasing levels of knowledge and expertise (Kearns, 2015). In addition, organizational learning adds to the resilience of businesses in the face of external environment changes.

Organisational resilience is the key to a company's long-term performance since it indicates the organization's capacity to generate appropriate answers to potentially hazardous situations, thereby converting and surviving advanced market and economic problems (Kayes, 2015). Organizational learning promotes resilience by providing organizations with a means to acquire new information and build on current knowledge to create inventive solutions to difficulties (Kayes, 2015).

Since employees are mostly accountable for providing ideas and solutions, organizational resilience is highly dependent on human capital. Due to the fact that organizational learning by definition encompasses all employees in the organization's ecosystem, it utilizes human capital and adds to resilience in this way (Kayes, 2015). Given this information, HR's contributions to organizational learning are crucial to the long-term survival and success of any firm.

Human Resources and Organizational Learning

To properly comprehend the application of organizational learning in human resources, it is necessary to study the purported relationship between the two domains. The majority of research in this field examines the impact of organizational learning on various success variables and the efficacy of various organizational learning methodologies. Nonetheless, certain research permit a deeper examination of the relationship between HR and organizational learning. Recent research on this topic focuses mostly on two claims.

First, research indicates that organizational learning mediates the relationship between HR practice and success. In other words, the effectiveness of HR interventions is contingent upon the organizational capacity for learning. In learning businesses, high-performance HR strategies such as training, performance management, and empowerment have a greater impact on company success, according to a study conducted by Chahal, Jyoti, and Rani (2016) on the Indian telecommunications industry. Although the sample size was somewhat big, it is uncertain whether the assertion is applicable to other organizational situations and industries.

Jeong and Shin (2019), who examined HR practices during organizational transition, conducted an additional study in this field. The results are likely accurate because they were derived from a large sample of 454 Korean enterprises working in 16 different industries. The results imply that organizational learning mediates the association between HR practices and organizational change (Jeong and Shin, 2019).

Learning organizations implementing high-performance HR practices throughout transformations benefited from enhanced organizational creativity, which supported the change process (Jeong and Shin, 2019). Therefore, the study supports the mediating relationship between organizational learning and HR practices' effectiveness.

The third study chosen for this topic's review was conducted in Greek. In their research, Dekoulou and Trivellas (2015) focused on the impact of organizational learning on the two most important outcomes of HR practice: job satisfaction and work performance. The study focused on 49 distinct advertising firms in Greece, allowing for a relatively high sample size. The study determined, based on quantitative data collected from employee questionnaires, that organizational learning has a significant impact on employee work satisfaction and individual job performance, regardless of the performance management measures implemented by HR (Dekoulou and Trivellas, 2015).

Consequently, the study contributes to the existing body of information about the mediating effect of organizational learning in HR practice. Despite the fact that two of the studies focused on enterprises operating in specific marketplaces, the consistency between research conclusions in various contexts and the overall quality of the studies imply that the claim is likely to be accurate in the majority of circumstances.

Secondly, research suggests that some HR practices might facilitate organizational learning. Thus, HR participation in organizational learning positively impacts outcomes. A study conducted by Jain and Moreno (2015) on a large company in India's public sector found that HR practices such as performance management, collaborative learning, teamwork, autonomy and freedom, and rewards for innovation enhanced organizational learning and contributed to both knowledge creation and financial performance.

According to the authors, these behaviors contributed to the organization's learning culture, hence promoting the collection and application of information (Jain and Moreno, 2015). However, since just one company was involved in the study, the results cannot be used as proof that the detected claim is accurate.

A separate study investigated the influence of recruitment on organizational learning. In their research, Jranli (2017) employed a qualitative methodology to collect data from twelve Norwegian software companies. The study's findings indicate the significance of recruitment to organizational learning. Specifically, the author demonstrates that the recruitment of new graduates adds to long-term organizational learning, whereas the selection of applicants with extensive experience increases organizational learning in the short term (Jranli, 2017). Despite its qualitative design, the author's methodology can be implemented in HR practice to facilitate organizational learning. However, the evidence presented is insufficient to support the claim that HR practices have a substantial impact on organizational learning.

Conclusion

Overall, the research investigated organizational learning within the context of human resources. This section gave the relevant definitions and explained the concept of the New Learning Organization. Additionally, the analysis underlined the significance of fostering organizational learning. According to research, organizational learning can help businesses build and maintain a competitive advantage by enhancing their innovative ability. In addition, organizational learning has a substantial effect on performance because it can aid in enhancing processes and boosting employee productivity.

In addition, research demonstrates that the benefits of organizational learning are long-lasting. In addition, organizational learning helps businesses develop resilience, allowing them to thrive despite external challenges and changes. These advantages make organizational learning essential for modern enterprises, whose success rely significantly on innovation, operational excellence, and adaptability.

Research on the interaction between HR and organizational learning has uncovered two broad claims: organizational learning mediates the effect of HR practices on performance, and HR practices can contribute to organizational learning. A number of high-quality research support the first assertion when recent evidence is included. However, the impact of HR practices on organizational learning remains uncertain.

The paper has significant applications for employees, supervisors, and HR professionals. First, it demonstrates that organizational learning is one of the most important determinants of long-term company performance. Secondly, research indicates that organizational learning is contingent on specific, adjustable organizational factors. In other words, addressing the individual parts of organizational learning can assist businesses in becoming New Learning Organisations, hence providing the aforementioned benefits.

Bibliography

Organizational learning research: the past, the present, and the future. Management Learning, 42(4), pp. 439-446.

Chahal, H., J. Jyoti, and A. Rani. (2016). The effect of perceived high-performance human resource practices on corporate performance: the role of organizational learning.

(2017). Driving the new learning organization: how to unlock the potential of L&D. London: CIPD.

Dekoulou, P., and Trivellas, P. (2015). "Measuring the impact of learning organization on job satisfaction and individual performance in the Greek advertising sector," Procedia-Social and Behavioral Sciences, vol. 175, no. 3, pp. 367-375.

M. Easterby-Smith and M. A. Lyles (editors) published the Handbook of organizational learning and knowledge management in 2011. 2nd edn. Wiley, based in Chichester

Fernández-Mesa, A., and Alegre, J. (2015). "Entrepreneurial orientation and export intensity: Examining the relationship between organizational learning and innovation." International Business Review, 24(1), pp. 148-156.

The Learning Organization, 22(1), pp. 14-39. Jain, A. K., and Moreno, A. (2015). "Organizational learning, knowledge management practices, and firm's performance: an empirical study of a heavy engineering firm in India."

High-performance work practices and organizational creativity during organizational change: a collective learning viewpoint. Journal of Management, 45(3), 909-925, 2019.

Journal of Knowledge Management, 22(1), pp. 183-200. Jranli, I. (2018). Managing organizational knowledge through recruitment: finding and selecting embodied competencies.

Kang, S. C., S. S. Morris, and S. A. Snell (2007) published "Relational archetypes, organizational learning, and value creation: extending the human resource architecture" in Academy of Management Review, 32(1), pages 236-256.

Kasemsap, K. (2017). Organizational learning: advanced issues and trends. 42-66). Hershey, PA: IGI Global.

Kayes, D. C. (2015). Organizational resilience: how learning supports organizations in times of crisis, calamity, and disintegration. Oxford University Press is based in New York, New York

Based on empirical evidence, Kearns, P. (2015). Organizational learning and development. Routledge, New York, NY

P. Lamb et al. (2017). Learning to learn: an examination of contemporary learning organizations. Web.

HRM practices and organizational learning: a critical analysis and research agenda.

Leonard, D. (2016). "Develop and retain deep organizational knowledge," Harvard Business Review. Web.

Joint problem solving and organizational learning capacity in new product creation. R&D Management 48(5):519-533, 2018.

Knowledge management: value creation through organizational learning. 2nd edition. North, K., and G. Kumta. 2018. Cham: Springer.

Saadat, V. and Saadat, Z. (2016) ‘Organizational learning as a key role of organizational success’, Procedia-Social and Behavioral Sciences, 230, pp. 219-225.

Storberg-Walker, J. (2009) ‘Heterodox economics, social capital, and HRD: moving beyond the limits of the neoclassical paradigm’, Human Resource Development Review, 8(1), pp. 97-119.

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Management Accounting Innovations In Organizations Homework Essay Help

Table of Contents
Introduction Accounting innovation in contemporary enterprises Management accountants' contribution to innovation Participation and viability of innovation incentives Management Accountants and Accelerating Innovation Conclusion References

Introduction

Management accounting can be defined as the process of preparing management accounts that provide accounting management agents within a company, such as department managers and the chief executive officer, with accurate and timely financial and statistical information required for important decision making. The financial reports detail the available cash, accounts receivable, outstanding debts, raw materials, and inventories in process. Management accounting may differ from company to company based on policy and organizational structure (Seal, Garrison & Noreen 2009, p. 675-680).

Chadwick (2000, p. 676) explains that management accounting combines accounting, finance, and management with cutting-edge strategies to propel successful firms. It is a useful tool for counseling managers on the financial ramifications of various initiatives; it may be used to illustrate the financial repercussions of corporate actions. Management accounting provides a platform for conducting internal audits and checks, in addition to being a metric used to explain the impact of the competitive environment on a commercial enterprise, as a key instrument for establishing corporate strategies targeted at boosting desirable performance.

Accounting innovation in contemporary enterprises

According to Emsley (2005, pp. 14–16), various management accounting innovations have been created for widespread application over the past fifteen years, with Activity-Based Costing (ABC) and the Balanced Scorecard at the top of the list (BSC). Researchers in this field attest that the combination of ABC and BSC with other advances has benefited the majority of businesses. In contrast, the absence of hard data supporting this fact has led detractors to label inventions as anecdotal and non-systematic. Internationally, organizations have implemented the innovations, are in the process of adopting the innovations, or are calculating the net benefits of adopting the innovations. In each of the three instances, the majority of the organizations are relatively larger.

Activity-based costing acknowledges that in a contemporary factory, preventing production-disrupting events is more important than merely reducing raw material prices. Although ABC does not consider direct cost to be a cost driver, it places a strong emphasis on activities that determine costs, particularly those affecting component manufacture or service delivery. According to the management control theory, management accounting is viewed as a surveillance mechanism for management control within an organization (Emsley, 2006, pp. 42–56).

Management accounting is fundamental to the management and control processes that establish the organization's objectives, monitor progress, and reward or punish performance. Chadwick (2000, p. 78) says that management accounting should respond to current or impending changes in the business industry because failing will have a negative impact on the performance of the organization in question. This is primarily because the discipline restricts the views, actions, and responses of management to organizational events. The change of management accounting information to incorporate both productive and unproductive parts of a system is capable of altering management activities in a way that could result in either a good or negative choice, depending on the statistics. Chadwick (2000, p. 123) adds that the emphasis has shifted significantly away from traditional management accounting procedures that were believed to affect management choices alone. Traditional management accounting measurements include the following characteristics and managerial implications:

Concentrated on worker productivity as the primary predictor of output and capacity utilization The metrics were related to the monthly financial cycle, which raises doubts about the relevancy and timeliness of normal cost-based data. The deviations from standard were used as a single data point, and were then added to inventory and cost of products returned to arrive at average real cost values. Inadequate treatment of indirect costs based on variation led to product or service variations. There was little connection to the other internal performance measurement methods. Inventory valuation was emphasized to the exclusion of management decision requirements. The emphasis on the organization's productive time and effort

These procedures were ineffectual because the organization's defining characteristics were disregarded; performance trends were not trended to offer a long-term monitoring system; instead, they were discarded, creating a misleading image of the organization based on a brief assessment period. Since the business world is focused on allocating all expenses of resources spent to actual, measurable output, it is logical for any firm to prioritize the productive potential of invested resources (Kaplan & Norton, 2001, pp. 87-104).

Management accountants' contribution to innovation

Innovations in management accounting are ideas, methods, or things that the organization implementing the innovations recognizes as novel. The impression of novelty implies that all inventions involve change, yet not all changes involve innovation. Therefore, management accounting is defined as the activity of measuring and reporting financial and non-financial information necessary for managers to make decisions that contribute to the attainment of an organization's objectives and goals. According to the findings of a number of studies in the subject, the role of management accountants in fostering innovation within firms has not been appropriate. A study conducted to investigate the function of the CFO in the adoption and deployment of new management accounting systems yielded contradictory results. Initially, the utilization of innovation in management accounting is determined by the unique characteristics of each CFO. Secondly, a study on the diffusion of management accounting techniques in the public sector examined the way and methods of diffusion as well as the downsides of the innovations' acceptance. The results of a survey of public sector managers reveal that the government has a higher influence on the adoption of management accounting advances by public sector businesses (Abrahamson, 1991, pp. 586-592).

Since the late 1980s, accounting experts have argued for a more dynamic and inventive approach to management accounting in an effort to replace obsolete accounting methods. The introduction of cost control tools illustrates the distinction between conventional and progressive management accounting approaches. In current management accounting, cost accounting is the central method, whereas variance analysis was the primary way for old management accountants. The latter was used to compare actual and budgeted costs of raw materials and labor employed during a certain production cycle. In certain companies, the concept is still in use, but it is blended with innovative techniques such as life cycle cost analysis and activity-based costing, which are tailored to specific aspects of the contemporary business environment. According to Durry (2008, p. 136), life cycle costing acknowledges the manager's power to alter the cost of manufacturing a product at the design phase. This is because, in most modern factories, production costs are largely influenced by the level of factory activities. Therefore, the key to ensuring efficiency is to maximize the efficacy of factory activities by avoiding machine breakdowns and quality control failures (Hopper, Northcott & Scapens, 2007).

Participation and viability of innovation incentives

Despite the fact that innovations can be classified as administrative or technical endeavors, management accounting innovations are completely revolutionary and administrative. Nevertheless, the majority of innovations contain new technical and administrative components, and the execution of certain innovations requires the adoption of additional technical and administrative innovations. Consequently, the evaluation of implementation impact is frequently considered as a comprehensive package consisting of a number of components (both administrative and technical innovations). Additionally, the deployment of management accounting innovation leads less frequently in direct benefits and more frequently in indirect benefits through behavioral change inside the firm. Clearly, the better management accounting information has a long-term effect following its implementation (Kaplan & Norton, 2001, pp. 97-99).

Because innovation is a critical component of an organization's business strategy, Banker, Chang, and Pizzini (2004) assert that a solid understanding of the innovation process is necessary for a successful innovation-centered organizational plan. Chenhall (2005, p. 395-403) describes the innovation process as consisting of concept development and mobilization, screening and advocacy, experimentation, commercialization, diffusion, and execution, despite the fact that many organizations have not explicitly defined the innovation process. Importantly, the success of the innovation process will depend on the participants' willingness to resolve the various outputs, tensions, and concerns related with each stage.

Although the innovation process is a vital component of the majority of company plans, its implementation and management have proven challenging for the vast majority of firms. As a result, the complex procedure requiring the participation of all members of an organization would be generally strenuous and time-consuming. Therefore, the success of a planned process will result in the adoption of enticing participation tactics by the management. Incentives in the form of prizes, goal attainment, and retraining courses could readily entice an employee to participate in the "otherwise challenging" transformation process. On the contrary, cooperation between participants at various stages of the process is essential for the efficient execution of the activity. In this context, retraining courses should be undertaken concurrently to promote skill homogeneity and transferability, hence fostering teamwork and success.

In order for managers to perform a comprehensive examination of the organization's internal structure, it is essential that they examine the information accessible in management accounting in more detail. This analysis of the firm's internal structure enables the organization's control functions to be managed. Management accounting is responsible for supplying the scorecard by which outsiders evaluate an organization's overall performance. The managers use the same data to generate a variety of reports, including those that assess the performance of managers or business units relative to actual plans and benchmarks and those that provide timely and frequent updates on key performance indicators such as orders received, order backlog, capacity utilization, and sales (Chadwick 2000, pp. 129-138).

Analytical reports are used to investigate prospective difficulties with profitability in order to maximize organizational efficiency. There are additional reports that managers utilize to examine an evolving business scenario or opportunity so that decisions can be made to improve the current position. Management accounting is a critical component of every company's management system, and a lack of understanding of it is likely to impact the company's operations and efficiency (Abrahamson, 1991, pp.526-545).

Management accounting information is the heart of any management system; if it is not properly managed and analyzed, it can lead to erroneous decisions that can have a negative impact on the functioning of the business. Before engaging in any management accounting planning or control, accountants must recognize that accounting information is influenced by modern business environments, which are typically dynamic, turbulent, and complex, and therefore accounting systems must be designed to withstand such environmental conditions (Coombs, Hobbs & Jenkins 2005, p 25).

Management Accountants and Accelerating Innovation

In the process of monitoring and reporting financial and non-financial data that managers need to make choices, management accountants play a far larger role in accelerating the innovation process. The effort of accountants should be tied to the ultimate action aimed at achieving the organization's goals and objectives. In this setting, the responsibilities associated with their jobs would ultimately expedite the attainment of the organization's objectives.

According to Emsley (2006), the duties and actions of management accountants in modern organizations are sensitive due to the many interactions they have with the organization. In the first place, they serve as strategic partners and providers of decision-based financial and operational data. Secondly, they are entrusted with managing the business team in addition to reporting relationships and obligations to the finance organization of the corporation. Thus, management accountants are responsible for forecasting and budgeting, variance analysis, and assessing and monitoring the costs inherent to the business. These responsibilities are shared between both the finance and business teams. In this situation, the business management team is more accountable than the corporate finance department, as it is responsible for the creation of new product costing, operations research, sales management score carding, and client profitability analysis (Durry, 2008, p. 124). Due to its responsibility for aggregating financial data across the firm, the finance department will benefit from the presentation of financial reports, regulatory reporting, data reconciliation with source systems, and risk management. As a result, it is widely considered that financial accounting is a stepping stone to management accounting, given that the majority of businesses are transitioning from compliance-focused financial accounting to management accounting, which focuses on value creation and business performance.

Management accountants use the available information to make decisions aimed at achieving positive results inside the organization, despite the fact that the application of the discipline varies from organization to organization. Abrahamson (1991, 600–612) argues that despite the practice's adaptability, there are universally applicable notions. Transfer pricing, for instance, is a commonly utilized idea in the manufacturing and banking industries. Here, a bank allocates the basis interest rate risk among its many loan products and funding sources. When extending lending products to their clients, the corporate treasury department will impose funding expenses (in the form of interest rates) on the business unit. At this point, management accounting elaborates clearly on the availability of comparable business applications.

The adaptability of management accounting enables management accountants to acquire knowledge and expertise in a variety of sectors and organizational tasks, including as information management, efficiency audits, marketing, valuation, pricing, and logistics. According to Seal, Garrison, and Noreen (2009, p. 780-788), management accounting encompasses three fundamental domains. It begins with strategic management, which involves extending the management accountant's function as a strategic partner inside the organization. The second is performance management, which aims to develop the practice of business decision making and manage the performance of the organization; the third is risk management, which contributes to frameworks and practices of identifying, measuring, managing, and reporting risks to the achievement of the organization's objectives; and the fourth is change management, which contributes to frameworks and practices of implementing organizational change (Hopper, Northcott & Scapens, 2007).

Conclusion

This paper investigates the definition of management accounting and discusses management accounting innovations in contemporary enterprises. Second, the study describes the organizational practices and contributions of diverse contributors to the innovation process. Thus, the duties of management accountants, the suitability of innovation, the acceptability of inventions, the function of incentives, and the acceleration of innovation by accountants are examined. Consequently, management accounting advances have significantly contributed to the development of contemporary firms.

References

Managerial fads and fashions: the spread and rejection of innovations. Academy of Management Review, vol. 16, no. 3, pp. 586-612.

The balanced scorecard: judgemental impacts of performance metrics related to strategy, The Accounting Review, vol. 79, no. 1, pp. 1-24, 2004.

Chadwick, L.

Integrative strategic performance measurement systems, strategic alignment of manufacturing, learning, and strategic outcomes: an exploratory research, Chenhall, R. H., 2005. Volume 30, number 5 of Accounting, Organizations and Society, pages 395-422.

Management accounting: Principles and applications. Coombs, H., D. Hobbs, & E. Jenkins. Pp 1-30.

Management and Cost Accounting, Thompson 1, pp. 102-143 (2008).

Restructuring the management accounting function: a comment on the influence of role involvement on inventiveness. Management Accounting Research 16:2 includes the pages 14-178.

Discipline of Accounting and Business Law, School of Business, University of Sydney, NSW, Australia, D. Emsley, 2006.

Hopper, T., Northcott, D & Scapens, R (2007), Issues In Management Accounting, 3rd Edition, Financial Times Prentice Hall.

Kaplan, R. S. and Norton, D. P. (2001) “Transforming the Balanced Scorecard from Performance Measurement to Strategic Management: Part I”, Accounting Horizons, 15 (1), pp. 87-104.

Management Accounting, McGraw-Hill, pp. 675-788, Seal, R. H. Garrison, and E. W. Noreen, 2009.

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The Waan Company: Marketing Plan Homework Essay Help

Executive Synopsis

The Waan makes home electronics and will introduce a new product to the market. This company's unique new product will be built upon the following marketing strategy (Jinnett, 1999, p27). The engineers and designers at Waan have created aesthetically pleasing devices that they believe will appeal to consumers. The corporation believes its present marketing techniques will not allow them to maximize the economic potential of these little products. Therefore, the president of the firm desires the development of a new marketing plan that will enable the company to realize the full profit potential that these small appliances are expected to generate. This will assist the organization in maintaining its position as the market leader for innovative and successful product launches. The marketing techniques will enable us to reach a market demographic of about five million people (targeted) over the next two years with a sales growth vision of 4.4%. Achievement will be attained by capturing a substantial portion of the market's market share. In the first two years, we anticipate consulting to contribute significantly to our revenue.

The company's stated objective is to create trustworthy, value-added tiny electronics.

Introduction

The primary aim of the Waan Company is to serve and meet customer requirements. We are the top manufacturer, marketer, and distributor of electronic appliances in all of Africa and parts of Eastern Europe, having been founded in 2007. Waan company is a corporation that originated from the idea of one Ann five years ago. Our company's headquarters are located in London, and we maintain local operations in fourteen locations throughout England.

The company's first objective in its niche market was to manufacture dependable, efficient, and user-friendly child tracking systems at outstanding pricing. According to the company's founder and president, the company's primary motivation was to find ways to reduce child abduction cases, and the best solution for this endeavor was the development of tracking systems that would be able to track children wherever they are at all times within the specified radius.

Situation Analysis

A glance at any of our local newspapers; a squint at any of our evening newscasts; or a click at any of our internet news providers will undoubtedly inform you of the security issues for our youngsters, who face a daily threat of kidnapping, desecration, assault, or even outright murder. The frequency of recurrent, seasoned, or sadistic murders and bandits who profit enormously from the kidnapping of children reverberates throughout society. Parents who are afraid to leave their children alone at the mall, church, or school have very little assistance in leaving their homes to go to the store, church, or school. Given that law enforcement agencies are already overburdened with myriad domestic and fictitious security challenges, the security assurance they provide is less reassuring. In this regard, Waan is developing a micro-tracking chip for children's clothing that can pinpoint your child's position at any time and place within a radius that may be adjusted according to client specifications.

The corporation has resorted to this development because no other technology provides the tracking services essential to reduce the risk of child abduction and abuse in schools, malls, and other social settings where children may be placed. Our marketing objective is to increase brand recognition of the Got Him Micro-Tracking chip as an innovative, effective, and casual brand whose quality, uniqueness, design innovation and comfort, perfection, and accuracy in tracking endeavors are unmatched. Given the growth of crimes against which security must be supplied, the security provision sector as a whole is very competitive, and consumer needs change virtually daily. The only way to ensure the safety of our children in the community is to detect the evolving trends in child security problems, to which a decisive and astute response is our only option (Kotler and Keller, 2008).

Consumer Research

Target consumers for the GH-Tracking chip will be parents from all walks of life and financial brackets who want to assure their children's safety. The devices are unisex, so both boys and females can utilize them. There is no age restriction for these children, but they must be at least five years old since they are expected to undergo training on how to respond when in danger, including what buttons to press and how to conceal the device so that the assailant cannot quickly determine where it is implanted. Observations indicate that some clients have reverted to utilizing our gadgets for personal purposes, such as tracking employees at work or at home, among other specialized requirements.

Our customers are guaranteed quality and pleasure with their purchases. We provide consumers with quality assurances in the form of money-back guarantees and replacement of faulty gadgets or unsatisfactory services. Additionally, there is a six month warranty for newly purchased systems (Kotler and Keller, 2008).

Therefore, Waan will manufacture this at the same feature-rich reliability at a much lower cost using inferior technology to target the lower-to-middle-income set of consumers in the country who desire to have these appliances at an affordable price in the early phases. The GH-T brand and logo are widely recognized by consumers.

Competitive Evaluation

Waan has relatively few rivals in this industry, as security companies of this grade are uncommon on the market. Government agencies are the only providers of tracking devices. Companies like as Track IT International, G4S Company, and Wells Fargo concentrate in other security services, such as alarm response services and round-the-clock monitoring services, rather than kid tracking devices. Due to the fact that GH-T has specialized on micro-tracking devices for children's clothing, it is the sole provider of such services in London to begin with, thus anticipating that its only competition will likely come from startups that are not yet present.

Market Objectives

Sales Objectives – In the four years that Waan has been in business, our growth rates and market share have been less than desirable. In the past five years, our market share has been 15 percent, which we believe we can increase. Our objective is to achieve a 25 percent market share in the second year as a result of the incorporation of this micro-tracking device into our product line. The distribution of these gadgets throughout the world via the company's convenience stores and retail outlets is anticipated to increase this ratio to 30 percent in the future.

Profit Objectives – Waan assumes that the economy will be stable and that there are no foreseen economic restraints, such as recessions or booms, for both the local market and the UK market. Based on this premise, the company's profit predictions assume a 30 percent gross margin (Laermer and Simmons, 2007).

Marketing strategy

Merchandise – The primary objective is to increase public knowledge of the product by 33 percent in one year. This can be accomplished through targeted advertising on the Internet via prominent portals and in television series with very high ratings, as well as through the distribution of pamphlets and brochures at electronic goods showrooms, etc., where people come to purchase electronic products. This new product under development for sale by Waan is a tracking system. The device features built-in response mechanisms that are integrated with the National Security authorities in order to notify them of any potential hazard to youngsters who are using them. The integration system consists of a miniature digital camera designed to capture video clips of the environment and anything else within its field of view and transmit them automatically to predetermined destinations (parents and security agencies) who receive the alerts on their phones and VDU screens, respectively. It also includes a response system in which, when a child feels in danger, he or she presses a button on a wristwatch to alert the appropriate security agencies and the parents (Nash, 2000). It is understandable that damage and injury may not be totally averted in the event of an assault, but at least the system provides the location of the incident by integrating with the national Global Positioning System (GPS) and records high-quality recordings of what is occurring around the user. If the perpetrator is unaware of the device, security services will catch up with them within minutes, depending on the agency's promptness. The equipment comes with a manual and instructions for use, however the business recommended that consumers receive training from company specialists (Vargas, 2008). The product logo and company name are easily identifiable and memorable. The logo features a curving "With You Everywhere, Your Safety Our Only Objective" inside a circle with a line across it, symbolizing that we permeate every level of society and that there is no place we do not reach. This distinctive logo defines our brands and serves as our trademark. Price – The primary objective is to grow the sales volume of the device manufactured by Waann by at least 25% in one year. This would facilitate Waann's rise to the top of the electronic market. GH-T aspires to prosper by appealing to a diverse clientele whose needs for child tracking services are addressed with exceptional consistency and satisfaction. To preserve this customer value, the pricing strategy will be geared on ensuring that all price techniques that are consumer-conscious while maximizing investment profitability are implemented (Boone & Kurtz, 1999). In order to ensure that the marketing of our product is constantly profitable, we endeavored to update the tracking system with the most latest and cutting-edge technology available on the market. The recommended pricing range for the Child Tracking System is between $80 and $100. Place Since Waan's logo is well-known among customers in the electronic goods business and the lower- and middle-income groups are dispersed globally, the product should be launched simultaneously on a national scale. This would make it easier for consumers in the country to associate the product with the brand and make purchases. Due to the popularity of Waann's logo among customers in the country, consumers would inquire about the company's new product upon learning of its release. Since the device is a quality product from Waann, launching it simultaneously across the nation would allow the company to maximize earnings before rivals introduce identical items (Schultz, Tannenbaum and Lauterborn, 2004). GH-T will employ a producer-retailer-consumer distribution channel in order to shorten the length of the distribution channel. Absence of intermediary distributions of the product will effectively cut the product's ultimate price to the consumer. There will be a warehouse for the products to be stored before distribution into the chain, and the corporation has the financial means and strength to efficiently control its channel by providing shops with credit to aid them in the distribution channel (Vargas, 2008). The decision to reduce the role of intermediaries in middlemen will also allow us to keep intimate contact with our clients, which is vital to the success of our product promotion (Boone & Kurtz, 1999). Through an effort to acquire a substantial market share, we will sell our items in convenience stores, retail shops, and outlets like K- Mart. In each of these locations, we will use the notion of place utility by vigorously distributing our products to the market, thereby increasing our market share and sales revenues (Clow, 2009). Promotion – The primary promotional purpose for this product should be to increase demand. Free product samples are provided to consumers in order to promote the product. Effective product promotion stimulates consumer demand. For the marketing of our goods to be successful, the promotion of our brand must be intensive and efficient. We have consequently engaged in rigorous training of our sales and marketing employees so that they are well-versed in the numerous promotional methods available on the market, with the goal of selecting the one that is most pertinent, applicable, and effective for our situation. At each stage of a product's life cycle, we will deploy a distinct promotional strategy in the marketplace (Smith, 2007). As the most certain approach to reach our target market and inform them about the new tracking system we were pushing, it will first be necessary to invest in marketing our product to the public via billboard, television, and radio commercials. In the advertisements, we will emphasize the device's simple installation and operation. When the product achieves market acceptability and success, spending so much money on advertisements in electronic and print media will become unsustainable, and we will revert to employing simple in-store displays. We will have to adapt the content of the few remaining media advertising from informative to persuading in order for them to be aired (Edwards and Day, 2007). People – people play a vital part in the product's introduction. Automation will be implemented in the manufacturing process. Physical evidence; the product will be a tangible object that can be observed.

SWOT Analysis

Waan Company possesses advantageous qualities that will contribute to its development. These qualities include well-informed and friendly staff, state-of-the-art electronic equipment, a clear view of the market need, the company's brand strength, the company's effective advancement into new markets, strong distribution channels inside the company, and good operational outcomes. In addition, it is essential to recognize the following weaknesses: the cost of maintaining this state-of-the-art tracking system, the company's reliance on certain electrical components, its reliance on external investors, and the saturation of the UK market.

The qualities of Waan will aid in capitalizing on emerging opportunities. These opportunities include, but are not limited to, a growing population that is concerned about the safety of their children, participation in a gradually expanding industry, the ability to reduce constant costs as a percentage of company sales as volume increases, the introduction of new products, and an appealing brand name to international partners. Additionally, the organization should be aware of the threats it faces. This includes: strong competition with other emerging companies, a drop in the economy which minimize unrestricted spending and