Impacts of Cultural Differences Free Essays

string(64) to go on an exchange, hence find out about the rival . Hunan Information Science Vocational College Graduation Thesis Subject: Impacts of Cultural Differences on International Business Negotiation Name: Chen Xiujuan Student No. : 0 8 5 1 0 3 4 0 Specialty and Class: Business English, Class 3 Department: Department of Humanities and Arts Supervisor: Liu Mifan Date: 2011-3-02 Contents Introduction1 1. Kinds of Cultural Differences2 1. We will compose a custom exposition test on Effects of Cultural Differences or then again any comparative point just for you Request Now 1Value View2 1. 2. Arranging Style2 1. 3. Thinking Model2 2. Effect Of Cultural Differences on International Business Negotiations4 . 1Impact of Value Views Differences on International Business Negotiations4 2. 1. 1Impact of Time View Difference on Negotiation. 4 2. 1. 2Impact of Equality View Difference on Negotiation. 5 2. 1. 3 Impact of Objectivity Difference on Negotiation. 6 2. 2 Impact of Negotiating Style Differences on International Business Negotiations. 7 2. 3 Impact of Thinking Model Differences on International Business Negotiation. 8 3. Adapting Strategy Of Negotiating Across Cultures. 9 3. 1 Making Preparations before Negotiation. 9 3. 2 Overcoming Cultural Prejudice. 10 3. Overcoming Communication Barriers. 10 Conclusion11 Bibliography12 Acknowledgements13 Abstract The business arrangements under various social conditions come to diverse dealings. With the monetary globalization and the continuous business contacts, social contrasts appear to be significant; else they could cause pointless misconception, even influence the consequence of the business arrangements. This implies it is critical to know the distinctive culture in various nations and the approaches to stay away from the way of life clashes in the universal business arrangements. The article starts from the kinds of culture contrasts, at that point it clarifies the effects of these culture contrasts on global business exchange lastly it breaks down how to manage the issue of the social contrasts effectively in arrangement process. Such an outlook is underscored: In the business dealings between various nations, moderators ought to acknowledge the different party’s culture, and attempt to cause him to be acknowledged; at that point make a right assessment with the assistance of legitimate correspondence and find their genuine advantages between them. Moreover, we should know plainly and attempt to acknowledge the way of life contrasts as conceivable as possible. It is significant for the accomplishment of culture exchanges. Catchphrases: Culture; Cultural contrasts; Business exchange; Impact Introduction Along with the progression globalization and China’s WTO passage, business ventures in China need to confront increasingly more business dealings with outside endeavors, particularly with American undertakings. In these dealings, Chinese moderators now and then feel awkward, astounded, lost, disturbed and the same, on account of new custom and practices exhibited by American mediators. In the mean time, American moderators stand up to a similar circumstance. Faction country contrasts among China and west nations could cause numerous issues. In this way, understanding social contrasts and beating them is essential in worldwide business arrangements. In spite of the fact that the meaning of culture is various and ambiguous, it is regularly Recognized that culture is a mutual arrangement of images, convictions, qualities, mentalities and desires. Culture is a significant determinant in business arrangement. So have an away from of culture contrasts if of extraordinary criticalness. . Kinds of Culture Differences The east nations and west nations have created various societies on the various landmasses. Among the various societies, esteem sees, arranging style and thinking model show up increasingly self-evident. 1. 1Value View Value see is the standard that individuals use to asses target things. It incorporates time see, correspondence view and objectivity. Individua ls may draw an alternate or even conflicting decision about something very similar. Worth view is one of the most significant contrasts among the numerous elements. It can impact the disposition, needs and conduct of individuals. The worth view fluctuates from country to country, individuals realize that the eastern individual spotlight on community, while the western individuals give more consideration to independence. 1. 2. Arranging Style Negotiating style alludes to the resilience and graces which the mediator appears in the arrangement. The arbitrators show their arranging style through conduct, habits and the strategy for controlling exchange process during the arrangement. The negotiator’s arranging style has a heading on their way of life foundation. As indicated by the way of life contrasts, arranging style falls into two sorts: the east arranging style design and the west arranging style design. 1. 3. Thinking Model Thinking model mirrors the way of life. In view of the impacts of history foundation, landmasses, words and living technique, various countries produce distinctive reasoning models. Unquestionably, there is more than one thinking model about a country, however one is progressively clear contrasted and others. All in all, east individuals, particularly Chinese have solid exhaustive reasoning, picture thinking and bended reasoning, while logical reasoning, unique reasoning and direct reasoning are controlled by the west individuals. 2. Effect of Cultural Differences on International Business Negotiations With the quick improvement of economy, we have to work with representatives under various culture foundation, so as to agree, it is essential for us to consider the effect of culture contrasts on universal arrangement in worldwide business exercises. The effect of culture contrasts on worldwide arrangement is broad and profoundly. Various societies partition the individuals into various gathering and they are additionally the deterrents of people’s correspondence. Likewise, it is necessitated that the mediator ought to acknowledge the way of life of one another. Besides, through culture contrasts, it is significant that the arbitrator uncover and comprehend the different party’s objective and conduct and cause oneself to be acknowledged by the adversary to arrive at understanding at long last 2. 1Impact of Value Views Differences on International Business Negotiations Worth Views Differences on International Business Negotiations fall into three sorts: time see, exchange style, thinking model. Each has large impacts on business exchange 2. 1. 1 Impact of Time View Difference on Negotiation. The time see which influences the negotiator’s conduct fluctuates from east nations to west nations. The oriental or the Chinese arbitrators are normally mindful and tolerant. They have to experience the expressions of concocting proposes, raising complaints and closure the exchange which takes a more drawn out time. What's more, they would like to mastermind rich chance to go on an arrangement, therefore find out about the adversary . You read Effects of Cultural Differences in classification Papers They are acceptable at long and nonstop fight. While west individuals or we could state American individuals, consider time is valuable. They will in general determination issues quickly. In this way, in business arrangement, American businesspeople frequently gripe about the deferral and the absence of productivity of arbitrators from different nations, while these nations additionally submit a question that the Americans need persistence. There is a well known saying among American moderators and specialists: It is denied to take time. That shows the time perspective on Americans. To them, time implies cash. The time perspective on Chinese is cyclic. They utilize long haul and methodical perspectives to esteem the significance of the theme. A celebrated people characterize the time see into two sorts: straight-line time viewand cyclic time see. The previous give more consideration to fixation and speed, and the later pressure doing numerous things one after another. That they demand diverse time see prompts distinctive arranging style and technique. The American individuals speak to the straight-line time view and they have a solid attention to present day rivalry. They search for speed and proficiency. So they esteem time gravely and consider time as an extraordinary product whose worth could be evaluated. They regularly utilize moment to compute time . They plan to decrease arrangement time at each expression and need to finish the exchange rapidly. Be that as it may, the Chinese time see is cyclic and they place accentuation on solidarity. Also, it is important to be reliable at exchanges. West individuals make some solid memories see, on the off chance that you don’t consent to the arrangement time, they may give you a discipline and they will view you as untrustworthy and flighty individual. Being late for exchange will give the west businesspeople chances to apply pressure onyou, and afterward you will lose the status of being activity. 2. 1. 2 Impact of Equality View Difference on Negotiation America experienced the bourgeoisie upset of taking a stab at the balance and opportunity, so they bring correspondence into their heart. Americans stick to correspondence and reasonableness in business, and expectation that both could pick up advantage. While presenting the theme or circumstance, the west individuals might want to utilize solid technique, especially information. Their arranging technique is that they will portray their perspective and propose toward the start so as to get activity. Under this rule, they would concoct a sensible goals which they believe is extremely reasonable. In business relationship, the merchants from America see the purchaser as a partner. Americans are more attractive than Japanese is sharing advantages. A ton of American directors think reasonable division of benefits is a higher priority than the amount they could get. Now, the east individuals are unique. As a result of the profoundly impact of class see, they don’t give a lot of consideration to correspondence. They generally receive single-win procedure

Short writing assignments Essay Example | Topics and Well Written Essays - 500 words

Short composing assignments - Essay Example This new innovation will offer an answer for the test most webcam clients face because of the inconceivability of having an eye to eye connection with the individual one is visiting with. What's more, clients won't have to confront the camera. This straightforward film uses a modest quantity of the light going through it, and centers it to the parts of the bargains. This has various sensors, whose job will be to frame the picture, which hits the sheet. Notwithstanding, this picture sensor, as different cameras today despite everything needs centering. By and by, the goals of this picture sensor is as yet being taken a shot at. Up until now, it is restricted, and just delivers pictures that are not up to norm. This is notwithstanding much commotion that it delivers all the while. In any case, as the researchers keep taking a shot at this, every one of these issues will be made plans to create a progressively dependable picture sensor, which is required to be embraced by more individuals, since it is another innovation. The logical procedure encompassing this new innovation is very entangled, as clarified in the article. Be that as it may, I locate this entire thought splendid and interesting. I love photographs and along these lines, I accept this new innovation will be greatly grasped by individuals, who likewise like photographs. Regardless, the advantages this innovation conveys will make much more individuals to like photographs, since this will be anything but difficult to utilize, and will create greater quality

TOEFL Essay Samples

TOEFL Essay SamplesDid you know that there are Toefl essay samples out there? Actually, I do. They are offered by the University of Michigan and other educational institutions all over the United States.If you want to score high on the TOEFL exam, you should take advantage of these samples. They offer a step-by-step guide that will show you how to prepare for your test. They have four sample essays for you to practice on. Each essay will give you suggestions on how to handle the material so that you will come out of the test with a good score.The TOEFL essay samples were created by a large group of students from various educational institutions in the United States. They had many different ideas about how they wanted the essays to be presented. They asked the students to come up with their own ways of presenting the topics. This is why the sample essays included so many different essays that you can choose from.The TOEFL essay samples were designed so that no matter where you are in the world, you can easily use them. Most of them also have sample tests that you can take. These test have been created by the TOEFL organization and are very comprehensive.The sample essays that were provided were designed by professional writers who work with the TOEFL organization. You can check the website of the TOEFL organization for more sample essays.In order to improve your TOEFL score, you will need to spend at least one or two hours a day taking practice tests. It does not matter if you cannot afford to take a full test because the TOEFL is an exam that will only test certain sections of your vocabulary. You will have no trouble passing the full test since it only test a few areas of your vocabulary.By doing this, you will be able to study for a full test more efficiently. Before the essay samples were available, it was quite difficult to write a TOEFL essay. You had to fill out a questionnaire for the essay that would then have to be analyzed by a professional. This took a lot of time and money out of your pockets.The TOEFL essay samples were created in order to make it easier for people to score higher on the TOEFL exam. You can also take advantage of them. They are available for free online. These essay samples will help you greatly when it comes to preparing for the TOEFL.

An Assignment on a Marketing Research Proposal - Free Essay Example

Sample details Pages: 4 Words: 1165 Downloads: 8 Date added: 2017/06/26 Category Marketing Essay Type Case study Did you like this example? ASSIGNMENT ON MARKETING RESEARCH PROPOSAL Table of Content CONTENT Pg No. Executive Summary 3 Background 3 Problem Definition 3 Approach to the Problem 4 Research Design 4 Field/Data Collection 5 Data Analysis 5 Cost and Time 5 Validity and Reliability of Market Research 6 Appendix 7 Reference 8 Executive Summary I have prepared this report proposal on an airline company called Oman Air. In this report you will find a compact profile on Oman Air. In this report I am considered as the market researcher of Sirius Marketing and Social Research Ltd. Here Oman Air has assigned me as their market researcher to find a solution of their problem which is nowadays the airline company is not getting that much response in their issuing of tickets. In this report you will find the data collection methods, broad components of my research problem, data analysis and the full planning of my research methods. Sirius Marketing and Social Research Ltd. is taking Tk 200,000 for doing this research from Oman Air and the company is willing to pay the money to the research company on the basis of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s goodwill. Background Oman Air can trace its root back to 1970, when Oman International Services (OIS) was established. The company became a civil aircraft ground h andling provider atBeit Al Falaj Airport.In 1972, OIS moved its operations to the new terminal atSeeb International Airport. The company took overGulf Airà ¢Ã¢â€š ¬Ã¢â€ž ¢s Light Aircraft Division in 1977, before establishingAircraft Engineering Divisionin the same year. Swiftly expanding civil aviation industry of Oman led OIS to the building of several facilities à ¢Ã¢â€š ¬Ã¢â‚¬Å" including workshops, hangers and in-flight catering à ¢Ã¢â€š ¬Ã¢â‚¬Å" to provide for the increase in their activity. Oman Air was completely established in 1981. But nowadays the airline company is not getting that much response in their issuing of tickets. For example, even in the last year 2013 they had 70 lakh tickets booked but in this year of 2014 till now they have got only 20 lakh tickets booked. Problem Definition Till now Oman Air has a good reputation but gradually losing their customers is not normal for the company. The possible reasons for losing their customers may be their air hostessà ¢Ã¢â€š ¬Ã¢â€ž ¢s behaviour towards the customers in the flight became bad or is not good as before and the airline company is using old aircrafts which was arising technical issues. Approach to the Problem Nowadays as the company Oman Air is losing customers and having a loss in their company they wanted Sirius Marketing and Social Research Ltd. to find a solution for it. The possible solutions to the problem can be they can re-train the air hostesses to make their behaviour good with the customers. They can use the stored money which Oman Air has for future use and buy new aircrafts or repair the technical problems. Research problems Questions: Don’t waste time! Our writers will create an original "An Assignment on a Marketing Research Proposal" essay for you Create order Is Oman Air using old aircrafts which is unsafe for the customers? H1: Yes they are using old aircrafts which is very unsafe for the customers. H2:No they are not using any old aircrafts which is unsafe for the customers. Are the air hostesses of Oman Air misbehaving with their customers? H1: Yes the air hostesses are misbehaving with the customers H2: No the air hostesses are not misbehaving with the customers. Research Design I am considered as the market researcher of Sirius Marketing and Social Research Ltd. Here Oman Air has assigned me as their market researcher to find a solution of their problem which is nowadays the airline company is not getting that much response in their issuing of tickets. In this report you will find that descriptive research is done to solve this problem. To solve this problem I did a questionnaire survey on the customers of Oman Air. The questionnaire survey was completely based on random sampling. The questionnaire is attached in the appendix. Basically the research is done to make an improvement in Oman Air so that their level of customers will reach to the previous level. Field/Data Collection I am considered as the market researcher of Sirius Marketing and Social Research Ltd. Here Oman Air has assigned me as their market researcher to find a solution of their problem which is nowadays the airline company is not getting that much response in their issuing of tickets. Sirius Marketing and Social Research Ltd. is taking Tk 200,000 for doing this research from Oman Air and the company is willing to pay the money to the research company on the basis of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s goodwill. To do the research I am using primary research method and doing qualitative questionnaire survey using random sampling. I am also using secondary information to study about the company. Data Analysis To bring a solution to Oman Airà ¢Ã¢â€š ¬Ã¢â€ž ¢s problem after gathering the information or data I used analysis methods like hypothesis, multivariate analysis and etc. After doing the analysis the research will be completed and will be able to present a solution to the company. Cost and Time When talking about cost Sirius Marketing and Social Research Ltd. is taking Tk 200,000 for doing this resea rch from Oman Air and the company is willing to pay the money to the research company on the basis of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s goodwill and another reason for which the company agreed to pay this amount is that it rather than other companies Sirius Marketing and Social Research Ltd. is wanting less money. The research company will do this research within 2 months and this is very convenient for Oman Air. The research company will keep Tk 120,0000 for their company and will use Tk 80,000 for the research. Validity and Reliability of Market Research Validity and Reliability is very important to maintain for research firms. Here I can show validity and reliability of the primary data which is the questionnaire survey for which I gathered photographs of the interviewer and the customers during the questionnaire and secondary source by showing them from where I collected the data. I chose to collect both primary and secondary data cause primary data is most of the time authen tic as it is always collected for known purpose and secondary data are always easy to collect as they are already collected before. Appendix QUESTIONNAIRE SURVEY FOR OMAN AIR TO THE CUSTOMERS Please give a tick mark on the blank space. Are you happy about Oman Airà ¢Ã¢â€š ¬Ã¢â€ž ¢s service? Yes_ No_ Are the airline giving you enough satisfaction while travelling? Yes_ No_ Is Oman Airà ¢Ã¢â€š ¬Ã¢â€ž ¢s staff behaving welcomingly with you? Yes_ No_ Do you find the price of the flightà ¢Ã¢â€š ¬Ã¢â€ž ¢s ticket efficient? Yes_ No_ While travelling do you find the flightà ¢Ã¢â€š ¬Ã¢â€ž ¢s environment comfortable? Yes_ No_ Do the cruises working in the plane fulfil your necessities while travelling? Yes_ No_ Reference oman air. 1981.oman air. [ONLINE] Available at:https://www.omanair.com/en/. [Accessed 15 May 2014]. oman air. 1981.oman air. [ONLINE] Available at:https://en.wikipedia.org/wiki/Oman_Air. [Accessed 15 May 2014] oman air. 1981.oman air. [ONLINE] Available at:https://en.wikipedia.org/wiki/Reed_Business_Information. [Accessed 15 May 2014]. Malhotra, Naresh K., 2011.Marketing Research. 6 th ed. India: Pearson. 1

Self Esteem Essay - 702 Words

Is too much Self-Esteem bad? Self-Esteem has existed since forever, however, over the years people have seen some inappropriate behaviors on adults than come since their childhood. In the article â€Å"Teaching kids Self-Esteem† by Love Our Children USA, they write â€Å"Good self-esteem is essential to a childs development. It’s the foundation of everything they do, everything they are--it’s the foundation of their future!† Of course helping children build their Self-Esteem is a great push for them to be confident in their acts. In my opinion confidence begins at home and over the years, hopefully, leads you to success. In the article â€Å"Teaching kids Self-Esteem† also shares â€Å"Who they are is a mirror of you!† As if it was telling parents that†¦show more content†¦It is so important to teach our kids that every person has the same value in this world. The author also says â€Å"In The Narcissism Epidemic, co-written with Keith Campbell, Twenge blames the growth of narcissistic attitudes on a range of trends - including parenting styles, celebrity culture, social media and access to easy credit, which allows people to appear more successful than they are.† This all resumes with what we started if we do not build our children self-esteem the correct way this with the years can become a problem, then he/her would suffer from other people not wanting to hang out with them. In the article â€Å"Does confidence really breed to success† the author claims â€Å"Whats really become prevalent over the last two decades is the idea that being highly self-confident - loving yourself, believing in yourself - is the key to success. Now the interesting thing about that belief is its widely held, its very deeply held, and its also untrue. It is important not to confuse high self-esteem and narcissistic comportation. In paragraph 18 of the article â€Å"Does confidence really breed to success† the author writes â€Å"You need to believe that you can go out and do something but thats not the same as thinking that youre great, says Twenge. She gives the example of a swimmer attempting to learn a turn - this person needs to believe that they canShow MoreRelated Self-Esteem Essay1122 Words   |  5 Pagesknown as: self-presentation. A great deal of human behaviour is, in part, determined or constrained by people’s concerns with others’ impressions and evaluations of them. Because all human beings are different from one another, the thought process used which results in the self-presentation of a person will also differ from person to person. In this case the potential factor effecting the self-presentation of an individual is that of the self-esteem of the individual. 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There is high self esteem which is when you feel good about yourself, and then there is low self esteem which is when you feel bad about yourself. Being constantly criticized by family, friends, and society tends to slowly strip us of our feelings of self worth. Our low self esteem strips us of our self confidenceRead MoreSelf Esteem Essay748 Words   |  3 Pages Low Self Esteem is a very typical thing nowadays with people criticizing each other due to social media. Self-esteem is an important and valuable building block in having a prosperous life. Having low self-esteem can lead up to depression and to not wanting to do anything, you want to give up on life. Putting other people down will hurt their feelings which in then will make them start to think that they are not valuable enough. 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Self-esteem has captivated the interest of psychological researchers and the whole of society. â€Å"This academic preoccupation is substantially matched by interest among the public at large, and not just among those people, doctors, teachers and social workers who might be expected to show a professional interest in the human psyche. In their everyday lives people routinely treat the notion of self-esteem

Essay on Behaviorism Modern Applications - 1240 Words

Behaviorism is the study of human behavior and is based on the belief that all human behavior is learned. Behaviorism evolved during the 19th century and took hold in the early years of the 20th century. Notable behaviorists include Albert Bandura, Ivan Pavlov, B.F. Skinner, Edward Lee Thorndike, Edward C. Tolman, and John B. Watson. These men opposed the study of consciousness believing that psychology should instead focus on only what could be seen, heard, or touched. The result was a science of behavior that viewed human beings as machines (Schultz Schultz, 2008). This paper offers a discussion of the evolution of behaviorism, the contributions of Albert Bandura, and the impact of behaviorism on modern psychology and life in the 21st†¦show more content†¦He received his bachelor’s degree in Psychology from the University of British Columbia in 1949. He then continued on to the University of Iowa, where he received his Ph. D. in 1952. In 1953 he accepted a teaching position at Stanford and continues on there still today. The concepts brought forth by Bandura that will be addressed are observational learning and self-efficacy, Observational Learning: A condition in which learning takes place by watching the actions of others (Schacter, Gilbert, Wegner, 2009). In this process, learning occurs when individuals observe and imitate others’ behavior. In 1961 Bandura joined up with Dorrie and Sheila Ross with their now famous experiment with the Bobo doll to see how learning was related to aggression. At the time, thoughts of aggression in children were subject by â€Å"the Freudian view that such behavior was the product of intrapsychic forces operating largely unconsciously. Students’ aggression on the playground or in school was seen as a recurring expression of underlying impulses requiring release in minimally detrimental ways† (Zimmerman Schunk, 2003, p. 440 as cited in Artino, A. r., 2007). Bandura’s findings sug gested that â€Å"observation of cues produced by the behavior of others is one effective means of eliciting certain forms of responses for which the original probability is very low or zero† (Bandura et al., 1961, p.580 as cited in Artino, A. r., 2007). In others words,Show MoreRelatedBehaviorism Was A Slow Revolution1604 Words   |  7 PagesBehaviorism was a slow revolution that proved to become a popular study within psychology that lasted through the second decade of the twentieth century and through the beginning of the cognitive science revolution (Behjamin, 2014). During this time, there had been a vast amount of academic individuals that contributed to the multifaceted studies within the context of behaviorism. 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Dualism, is possibly the oldest and the most intuitive of the philosophies of mind, however within the modern psychology, this philosophy is a minority view among psychologists. This theory states that the mental cannot exist outside of the body, and the body is unable to think. It refers to reality as two distinct kind of things - Mental and material thingsRead MoreSnapshot1702 Words   |  7 Pagesneuroscientist Mark Solms and other researchers in the emerging field of neuro-psychoanalysis have argued for Freuds theories, pointing out brain structures relating to Freudian concepts such as libido, drives, the unconscious, and repression. Behaviorism Behaviorism arose partly due to the popularity of laboratory-based animal experimentation and partly in reaction to Freudian psychodynamics, which was difficult to test empirically because, among other reasons, it tended to rely on case studies and clinicalRead MoreHistory of Cognitive Psychology1666 Words   |  7 Pageshappened in the late 1950s, something so dramatic that it is now referred to as the ‘cognitive revolution,’ and the view of mental processes that it spawned is called ‘cognitive psychology.’ What happened was that American psychologists rejected behaviorism and adopted a model of mind based on the computer† (McClelland, 2001). â€Å"Cognitive Psychology has at least three diï ¬â‚¬erent meanings. First, the term refers to ‘a simple collection of topic areas,’ that is, of behaviorally observable or theoretically

IKEA background info free essay sample

IKEA is a Swedish company which sells affordable furniture and is famous for their D. I. Y furniture. They are the largest furniture retailer in the world and currently operates in 38 countries with a total of 332 stores. IKEA’s concept is to make use of unwanted woods and transform them into useful furniture, resulting in an affordable yet stylish product. They are also well known for their delicious food served in their restaurant which is located in their store. Ingka Holding, which belongs to the founder of IKEA, Mr. Kamprad, consists of a 5 person executive committee and holds majority of the stores worldwide. The remaining stores were owned by franchise companies. Scope and Reasons for international operations IKEA’s aim is to globalize their company in order to gain popularity and earn more profit. The first store they opened was in Sweden. After which, they decided to expand their stores in neighboring countries like Norway and Denmark to monitor the situation before further expanding their company. We will write a custom essay sample on IKEA background info or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page With rising success and popularity in their products, they further expand their stores all around the world. Among all the countries, Germany brought them the highest profit. Furthermore, every company will go through the product life cycle process. The last stage of the cycle also known as the declining stage will cause a company’s revenue to decrease. Therefore, it is important for IKEA to introduce their products in other foreign markets in order to start the product life cycle all over again. Building the company’s image is also important for IKEA to earn revenue. By setting up stores all around the world will definitely help build the company’s image. It is not profitable at the initial stage. However, once the image is built, earning revenue will be a piece of cake. Making use of labor from different countries can also benefit the company. Labor varies from country to country and may be cheaper to hire in some countries. By setting up factories in such countries will cut down the production cost of IKEA. Strategic goals and choice of entry modes Strategic goals Entry modes -Franchising Companies interested in franchising with IKEA are required to pay 3% of their yearly sales to IKEA and are responsible to construct their own IKEA store. Rights will only be given if that particular country do not have any existing stores. Acting as a franchisor will allow IKEA to have more time to manage their own stores and at the same time globalize their company with least effort. Advantages of franchisor- Lower risk and low costs. Publicize company. Low commitment. Disadvantages of franchisor- Limited control over franchised stores, Lack of quality control. -FDI (Foreign Direct Investment) Direct ownership of a store in a particular country. Can occur by obtaining existing entity or setting up a new enterprise. -Obtaining existing entity, it is a fast way for IKEA to enter foreign market but requires costly negotiation. Legal requirements in certain country may prevent foreign ownership. -New enterprise. It is also a fast way for IKEA to enter foreign market but it is very costly, risky and complex. However, it provides greatest degree of control and highest profit. Company will usually choose this entry mode when it is too expensive to obtain existing entity. Advantages and disadvantages for FDI Ad- Good knowledge of local market and competitors, able to access problems immediately, greatest control over product quality and management. Disad- Costly and high risk, Legal rights issues, requires high commitment in order to manage the company. Problems and challenges in different locations.

Information Management Systems in the US medi

Executive Summary Organisations having much information to analyse as the basis of making decisions often employ large numbers of employees in case they do not deploy management information system (MIS) to ease the analysis process.Advertising We will write a custom assessment sample on Information Management Systems in the US medi-corp specifically for you for only $16.05 $11/page Learn More However, from the perspective of the US medi-corp, which is a hypothetical company, such an approach introduces ineffectiveness and inefficiencies in decision making especially where decisions from different departments are to be fed into a central platform to arrive at an overall decision to execute a given task. The current paper introduces ERP (Enterprise Resource Planning) as an MIS strategy for handling customer relationship challenges, supply chain management, and manufacturing function challenges of the US medi-corp. Background When an organisation grows in t erms of its size and production capacity, its customer and supply chain problems and complaints become difficult and time consuming to solve. This case is evident in the US medi-corp (a hypothetical company). The US medi-corp manufactures medical equipment, which it sales within the US after sourcing manufacturing materials from a myriad of suppliers located across the US. Apart from sales of products, the company also gets revenue from customer support services such as maintenance of the medical equipment. The company has a hierarchical management structure so that command flows from the top to bottom. Making the organisational decisions is informed by the information flowing from customers, suppliers, and other organisational stakeholders to and from the organisation. The strategic plan of the company is to exploit the global market. To achieve this goal, the US medi-corp values employees as the most important asset available to realise its strategic plans.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Operating in such a business environment, the company has been constantly looking for solutions to facilitate both urgent and quick decision-making processes especially in its effort to engage in the global trade. Setting the Stage The operation of the company has faced a number of problems in the continued effort of the US medi-corp to resolve supply chain and customer problems and complaints with urgency. Indeed, this major problem may hinder the success efforts of the company since, â€Å"in a fiercely competitive environment, business strategy not only determines success, but also governs business survival† (Fui-Hoon Lee-Shang 2001, p.285). Hence, it is important for the US medi-corp to anticipate putting in place mechanisms of response besides ensuring an ardent reaction to market place demands. Due to the increasing number of the customers that th e US medi-corp has to attend, problems such as quick location of the customer and determination of frequency of purchases for each customer have been encountered in the recent past. Consequently, making decisions on market targeting has proved problematic thus making the company suffer from being unable to precisely forecast its production. The above problem is even more significant by noting that making target marketing decision in good time results in challenges for â€Å"helping to determine, which of the business practices could be altered to increase customer numbers† (Grant, Hall, Wailes, Wright 2006, p.7).Advertising We will write a custom assessment sample on Information Management Systems in the US medi-corp specifically for you for only $16.05 $11/page Learn More Using the current information management systems, which are highly dependent on interaction of human decision makers (department heads and general managers) with segregated in formation systems running on different computers, location of past records involving customer communication is hard to access thus resulting to slowed resolution of customer disputes. In effecting the transactions between suppliers and organisation, the fact that information is held on different computers makes it difficult to urgently prepare all documents relating to a specific transaction (Kraemmerand 2003, p.229). This challenge forms a major hindrance to the attainment of the strategic plan of the company since â€Å"every minute that staff members spend on editing or otherwise generating paper work is an extra minute they are being less productive† (Head 2005, p.65). Therefore, a solution is necessary to enhance speedy preparing of documents ranging from invoices, shipping labels, purchase orders, receipts, and customer communication to preparation of manufacturing plans based on customers’ demands. Case Description People Perspective The challenges discussed abo ve among others have attracted various concerns from organisational stakeholders. The people of the US medi-corp are organisational stakeholders who are affected by the current state of information management systems. There is a challenge of efficient and effective management of the immense customer information base. Therefore, it has come to the attention of the US medi-corp that customers are conceiving the company as overlooking their orders. Consequently, the US medi-corp is concerned that it may lose dissatisfied customers to its competitors in the industry.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More In the attempt to build goods customer relations to retain them amid the looming challenges at least in the short-run before a solution is sought, the customer communication department sends individualised massages to explain the circumstances for order delivery delays coupled with other issues related with customer service. However, in this process, due to the large number of customer base, messages are sometimes sent to unintended customers. In some situations, messages are sent to the right customers though with the wrong preferred option. In the case of suppliers, staff members are incapable to make purchases of raw materials from the most outstanding suppliers. Organisational Perspective It is concerning the organisation that customer complaints and challenges in keeping track of the best suppliers will impair the success of the US medi-corp. With the increasing of customer base, the capacity of employees to handle the entire customer base both effectively and effectively with the current state of information management system is a major problem. In the realisation of this problem, the boards of directors coupled with the respective line managers meet to discuss the way forward. It was held that an intervention was necessary in the effort to ensure that the company will be able to handle even more quality and time cautious customers across the globe. In the organisation perspective, the most preferred strategy is the one that would result to low costs in the long run but ensure that customers are well satisfied with both by the products and services offered by the US medi-corp. Technology Perspective Current information management technology deployed at the company is customised for each department. For example, the manufacturing department makes decisions based on inventory levels of raw material, material in the process, and the finished products. Since the US medi-corp does not intend to hold large numbers of finished products, information from the sal es department is essential in determining manufacturing decisions. Unfortunately, since the information technology systems are customised as per the department, the manufacturing department depends on the analysed customer information from the sales department before consulting with the procurement so that raw materials can be sourced. This decision-making process takes time thus resulting to delayed order executions. In the effort to raise sale levels of the US medi-corp, the company has developed a web based sales strategy. However, this strategy faces a challenge since â€Å"web customers cannot choose a product related to the one they are looking for if they do not know that it exists† (Vilpola, 2008, p.63). From the technological perspective, a MIS technology that would integrate all the functions of the US medi-corp departments is required. Solution Design Options To help in the resolution of the problems faced by the US medi-corp, integration of the information managem ent systems is required to enhance rapid decision-making. Indeed, rapid decision-making is required for an organisation having large numbers of stakeholders whose contribution in the organisation affects the activities of the whole organisation (Dehning Stratopoulos 2003, p.211). For the case of the US medi-corp, this outcome could be attained in three main ways. The first option is to design a decision support system. The second option is to design and implement a transaction processing system. Finally, the third option is designing and implementation of a MIS that integrates these two systems. The choice of either system is based on SWOT analysis of each of the MIS systems. The decision support system has the strength of helping to make various decisions based on the analysis of data and statistical projections. Transaction processing system has the strength of â€Å"providing away of collecting processes, store, display, modify, or cancel transaction† (Mureell 2001, p.9). The decision support systems create an opportunity for improvement of the quality of the decisions made by organisation managers as opposed to replacement of the managers. Through a transaction processing system, an organisation gains an opportunity to permit multiple transactions to occur simultaneously (Davenport 2003, p. 128). In addition, through the transaction processing system, data collected by the system can be â€Å"stored in databases, which can then be used to produce reports such as billing, wages, inventory, summaries, manufacturing schedules, or check registers† (Fryling 2010, p.327). The two systems share common threats in that security of the systems is a big issue. A major weakness of the transaction processing system is that the appropriateness of the transactions is overly dependent on the accurateness of the information maintained in the databases. On the other hand, the decision support system is slower in helping to arrive at a decision because it inte racts with human decision makers. Upon consideration of the systems’ strengths and opportunities, the US medi-corp needs to take advantage of the strengths and opportunities of both designs. Hence, an integrated information system is selected for design and implementation. This system is the ERP (Enterprise Resource Planning). Solution and Implementation The selected solution is implemented so that the US medi-corp is able to integrate all its production and management function in a manner that decisions are quick to make and respond to all the US medi-corp stakeholders’ concerns in real time. Figure 1 below shows a schematic diagram of the modelling the ERP version to be used at the US medi-corp. Fig 1: Source (Turban et al. 2008, p.300) Implementation Methodology The implementation of the solution entangles the construction of the ERP system and introducing it in the US medi-corp. This step encompasses the construction of both software and hardware. Alternatively, t he hardware and the software can be sourced from manufactures who can customise it to suit the requirements of the US medi-corp. This option is preferred to save time that is required for the new MIS to be fully operational in the organisation. In the process of sourcing the software, bidding is the first step. The selected bidder will be based on the ‘low-price-bidder’ basis. However, the ERP software supplied must be able to support integration of external and internal management information throughout the US medi-corp. It should have modules for management of manufacturing functions, service and sales, modules for management of customer relationships, inventory control, production planning and forecasting, and procurement among other modules that would â€Å"facilitate the flow of information between all business functions inside the boundaries of the organisation to manage the connections to outside stakeholders† (Yusuf, Gunasekaran Abthorpe 2004). ERP is an expensive MIS in the short-run. Hence, the US medi-corp needs to cut the costs of hardware meaning that the ERP supplied needs to be compatible with the current US medi-corp’s hardware, which supports Windows NT, UNIX, and mainframe. Implementation of the ERP at the US medi-corp will require change management, which entails alteration of the processes that employees utilise to conduct the business of the organisation. Many operations that were executed by employees manually or with interventions of computers will now be integrated and automated throughout in the organisation’s processes. Therefore, employees will be retrained on how to use the new system to help them â€Å"share common data and practices across the entire enterprise to produce and access information in a real-time environment† (Fui-Hoon Lee-Shang 2001, p.285). Since the company does not have a technical team to facilitate the implementation of the MIS, a third vendor will be hired to evaluate the customisation needs of the organisation to suit its needs. Figure 2 below shows these customisation requirements. Fig 2: Customisation requirements The above areas of customisation evidences that ERP scope entangles significant alterations of staff work practices and working process (Monk Wagner 2009, p.56). Consequently, incomplete understanding of various processes before the implementation is initiated may lead to failure of the project (Somers et al. 2000, p.1001). The implementation methodology is based on the Markus and Tanis (2000) ERP life cycle. The phases are â€Å"chartering, project, and Shakedown† (Markus and Tanis 2000, p.173). The chartering phase comprises the evaluation of various decisions that lead to the funding of the ERP project. The main players in this phase are vendors, executives of the organisations, consultants, and the IT specialists of the company. The main activities encompass initiation of the ideas, making decisions to proceed with the project, and scheduling and planning of the project after selection of the ERP as the main software solution that will be implemented. In the project phase, rollout and system configuration is done. The main key players are the team members of the project, internal information technology specialists, vendors, and managers from the functional areas and business units to be integrated under ERP. The activities of the phases are software configuration, testing, integration, training, rollout, and conversion of processes. In the shakedown phase, bugs are fixed coupled with systems rework, retraining, tuning of the system performance, ands ensuring adequate staffing to ensure that temporary inefficiencies are mitigated. Monitoring of the ERP system is also conducted in this phase to ensure that no bug remains. References Davenport, T 2003, ‘Putting the enterprise into the enterprise system’, Harvard Business Review, vo.5 no.2, pp. 121-131. Dehning, B Stratopoulos, T 2003, à ¢â‚¬ËœDeterminants of a Sustainable Competitive Advantage Due to an IT-enabled Strategy’, Journal of Strategic Information Systems, vol. 12 no.3, pp. 202-241. Fryling, M 2010, ‘Estimating the impact of enterprise resource planning project management decisions on post-implementation maintenance costs: a case study using simulation modelling’, Enterprise Information Systems, vol. 4 no. 4, pp. 391–421. Fui-Hoon, F Lee-Shang, J 2001, ‘Critical factors for successful implementation of enterprise systems’, Business Process Management Journal, vol. 7 no. 3, pp. 285-296. Grant, D, Hall, R, Wailes, N, Wright, C 2006, ‘The false promise of technological determinism: the case of enterprise resource planning systems,’ New Technology, Work Employment, vol. 21 no. 1, pp. 2–15. Head, S 2005, The New Ruthless Economy: Work and Power in the Digital Age, Oxford UP, Oxford. Kraemmerand, P et al. 2003, ‘ERP implementation: an integrat ed process of radical change and continuous learning’, Production Planning Control, vol. 14 no.4, pp. 228–248. Markus, L Tanis, C 2000, The enterprise system experience from adoption to success: Framing the Domains of IT Management: Projecting the Future Through the Past, Pinnaflex Educational Resources, Inc., Cincinnatti, OH. Monk, E Wagner, B 2009, Concepts in Enterprise Resource Planning, Course Technology Cengage Learning, Massachusett, Boston. Mureell, S 2001, E–Business and ERP: Rapid Implementation and Project Planning, John Wiley and Sons, Inc, New York, NY. Somers, M, Nelson, K, Ragowsky, A 2000, ‘Enterprise resource planning (ERP) for the next millennium: development of an integrative framework and implications for research’, Proceedings of the Americas Conference on Information Systems (AMCIS), vol. 1 no. 1, pp. 998-1004. Turban, J et al. 2008, Information Technology for Management, Transforming Organisations in the Digital Economy, J ohn Wiley Sons, Inc, Massachusetts. Vilpola, I 2008, ‘A method for improving ERP implementation success by the principles and process of user-centred design’, Enterprise Information Systems, vol. 2 no.1, pp. 47–76. Yusuf, A, Gunasekaran, Y, Abthorpe, M 2004, ‘Enterprise Information Systems Project Implementation: A Case Study of ERP in Rolls-Royce’, International Journal of Production Economics, vol. 87 no. 3, pp. 75-81. Definition of Terms Shakedown: Removal of bugs in systems under implementation Project phase: a phase in the implementations of MIS that entails running of a system under implementation by the end users to determine its efficiently and effectiveness Chartering: A decision that entails the definition of business problems and constraints of the possible solutions. ERP: A software application, which enables an organisation to manage effective and also efficient utilisation of resources including human resource, financial resources, an d material resources among others Customisation: Configuration of MIS systems to meet the clients’ business needs Bugs: Errors that influence the functionality of a software application Change management: A group of techniques that are deployed by managers to effect changes in a firm Decision support systems: A type of MIS, which makes it possible for managers to make decisions based on statistical projections and data analysis. This assessment on Information Management Systems in the US medi-corp was written and submitted by user Giselle H. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

A New Forest To Conquer Essays - English-language Films, Bozeman

A New Forest To Conquer Essays - English-language Films, Bozeman A New Forest To Conquer The following is a story that I hope to someday tell my grandchildren. I want it to serve as a means of instilling in them the courage and dexterity that I have somehow found within myself to make it through this wonderful and sometimes very painful journey. Once upon a time, high, high up in a tree, there was a birds nest and in that nest there was a special, little egg . The mother bird worried and fussed and fussed and worried over her little egg, saying, Oh my, this little egg cannot possibly be big enough for my baby bird. Finally, the mother birds wait and worry over the little egg came to an end and her baby hatched. Unfortunately, the egg had indeed been far too small for her baby bird; the little bird was terribly sick from not having enough room to grow. Not sure how to care for the little one, which they named Polly, the mother bird and father bird took their new baby to the Great Owl . Thanks to the Great Owls wisdom and patience, the little bird lived, but, despite his tender care, Pollys wings would not grow. The mother bird refused to believe that her darling baby, that she had worried and waited for, for so long, would never fly. As Polly grew, her mother worked with her everyday, in hopes of teaching her daughter to fly. Eventually, their hard work paid off and, although she was a little slow and awkward, Polly finally learned to fly. As she grew bigger and surer of herself, Polly wished to play with the other birds her age. She tried to fly and play with them, but they did not want her in their games. They teased and mocked her and said she was too slow. Polly wished the other birds understood how hard she had had to work, just to be able to fly at all. But that did not matter to the other birds; they only wanted the strongest, fastest birds for their games . So, Polly went home, heartbroken, and made up her own games to play. When it came time for all the young birds to begin school, Polly had no choice but to join them. Afraid that her sensitive little daughter might be hurt by the other young birds, Pollys mother offered to let her go to a special school, but Polly refused. She was determined to keep up with the normal birds and find a way to fit in. In the beginning, the other birds made fun of Polly, but it turned out that the games she had made up to occupy her, made Polly much better than the others in school. Her experience with playing with twigs made her the best nest builder in her class and, even though she flew slower than the others, the hide and seek games she played with her mom made her the fastest at finding worms. Soon, the other birds were so busy trying to keep up with Polly; they forgot to make fun of her. As time passed, all of the young birds started to become aware of their unique appearances and some traits became more desirable than others. It turned out that small, delicate wings became quite the fashion and soon the little boy birds began to notice that Pollys wings were especially small and especially delicate. It didnt matter anymore that her wings made her slow; now, they made her pretty. At first, Polly was proud that her special wings were finally being appreciated and she made sure to show them off every chance she got. However, it didnt take long for Polly to get tired of all the attention she was getting. Many of the boy birds cared more about Pollys wings than they cared about Polly and, after awhile, they seemed to forget that she was attached to her wings at all. Some of the boy birds were mean and nasty to her when she refused to show off her wings. Before long, Polly didnt want to be around the boy birds . Then, one day, as Polly was flying around by herself, trying to stay away from all the

Sprint Communications Vision Term Paper Example | Topics and Well Written Essays - 2500 words - 1

Sprint Communications Vision - Term Paper Example The researcher states that the company’s red logo depicts the efforts and successes of its predecessors, including Centel, US Sprint and United Telecommunications. The company follows aggressive strategies as far as growth is concerned and offers a diverse range of products. In 1880’s the company became the leader in telecommunications sector and for the first time in U.S, provided a 100% fiber optic cable network; a service that was unimaginable previously. The merger of Sprint and Centel in 1993 gave the company an edge by providing wireless communication packages across long distances. The company was founded by Cleyson Brown in 1991. The company is centered on four main principles: integrity, honesty, creativity and commitment. The company’s mission is to create sustainable partnerships with customers on a long-term basis, based on trust and collaboration. There are four central tenets of its mission. Firstly, to provide high quality, out of the box solutions for customers to provide them with cutting-edge technology. Secondly, it provides strong communications platforms to enable customers to deal with day to day networking issues. Thirdly, it is responsible for accounting for managers who are loyal to the business and who truly understand the needs of the businesses and align their personal needs with those of the business. Fourth, providing highly responsive and interaction based service on a localized basis which is capable of being trusted and guaranteed to give ultimate peace of mind to the customer. The company has gone at lengths to ensure empowerment of not only its employees, but the community in general. It has a plan under the banner of â€Å"inclusion and diversity† which addresses the issue of corporate citizenship and allows minorities and ethnic groups an equal share in the operations of the company. The company proudly declares itself as a learning organization and offers merit-based advancement of its employees with extensive training programs to ensure their personal as well as professional growth. Under this strategy the company has created â€Å"employee resource groups† that comprise of self-directed work teams where constructive discussion and contribution is encouraged.

Polluters pays principle Essay Example | Topics and Well Written Essays - 2500 words

Polluters pays principle - Essay Example It is this relentless pursuit of growth around the world that is causing increasingly dangerous levels of environmental degradation and giving rise to the phenomenon of climate change with all its consequences. Environmental concerns of the earlier years that focused on adverse effects on human health have since long moved to the more universal concerns regarding the very survival of life on this planet. These concerns have led to concerted efforts at national and international levels to enact stringent laws to safeguard our environment. These laws embody the principle of ‘polluter pays’ and are intended not only to control and regulate emissions / discharges (including, due to unforeseen incidents) from any economic activity, but also to forewarn the businesses of the penal liabilities for failing to confirm to regulations. However there are arguments supporting and opposing the effectiveness of this principle. This article examines them in the light of specific incidents and proposes that the principle of ‘polluter pays’ is a sufficient and necessary deterrent for any The polluter pays principle came into vogue in 1973 and was incorporated into the European Communities Treaty in 1987 (Coffey and Newcombe, 2002, p.1-3). The European Communities Act, 1972 (UK) enabled the government of UK to implement European Community Law as a domestic law through regulations brought before the Parliament to make the necessary changes to the UK laws (UK Law online, 2009). The Environmental Damage (Prevention and Remediation) Regulations 2009 is one such instance concerning the UK environmental laws and it came into force on March 1, 2009 embodying the polluter pays principle. By using the terms remediation and liabilities, the concept of making good any damage to the environment / suffering penalties, is brought forth through these regulations. In other words, businesses that conduct specified activities in all the three

William Cowper Essay Example for Free

William Cowper Essay I am writing to tell you all about my misfortunes I had last month upon my wedding day. My wife decided that after 10years of marriage that it was time to go on holiday for the first time. As you know, she is very conscious about money and extremely proud, so she brought a carriage for herself, our 3children, her sister and her child, and so I had to ride upon horseback behind them but no-one was able to know. So once the morning arrived, I kissed her goodbye and we set off. The horse was misbehaving; I could not control him at all, all the time he was bucking, trotting and galloping when it wasnt necessary and especially on stony roads, so I fell off about twice. Then Betty came running back to me and said that we had left the alcohol behind and so I tied it to my belt, one on each side so I was balanced and so I could try to not fall off of the horse. Once on my way for the second time, I finally got to some smoother road which became easier for the horse to ride upon. But instead of the easiness I believed this road would be it was the complete opposite, the horse got faster, he began trotting. I tried to get him to slow down but he wouldnt and the trot soon turned into a gallop, even though I pulled the reins and demanded him to stop. It was terrifying, I was holding onto the reins for dear life. He continued to do this for miles, even through the towns. The towns people even believed I was racing and so cheered me on. I was confused and it scared the horse so it again galloped off leaving me holding on for dear life. I finally reached where I was meant to be and where my wife and the rest of my family were waiting for me. We went past them and they shouted after me to stop as they were all hungry and wanted to rest but the horse kept going and wouldnt stop. We kept going until we reached the horses owners horse, and finally the horse stopped! I got off the horse and spoke to its owner. He offered me dinner at his home, but I declined his request as it felt stupid to be having dinner in a different town to my wife, especially on our wedding evening. We were about to set off again, when suddenly a donkey made a noise and the horse set off yet again. We went racing on again, and once more we passed straight through the town I was meant to be staying. This time my wife saw me going past and told a messenger boy that if he caught up with me and brought me back safely then she would give him half-a-crown. So the boy set off after me and tried to stop my horse three times by pulling at the reins. Unfortunately that didnt work, and the horse got more scared and so galloped faster and faster. We then went past some other people who thought I was a highwayman as I was riding away and the boy was chasing after me. They kept shouting at me stop thief and as I didnt they all joined in, in the chase. When we arrived at the town I was meant to being staying at they thought I was still racing and so cheered me on even more, as they thought I had won. Was indeed a very bizarre way to spend my wedding day, and although I regret being away from my wife on that day I do not regret anything that happened that day!

Essay --

The Band and Its Placement in American Music The Band has come to be known as one of the top one hundred greatest group of performers in the twentieth century. At the height of their popularity in the late 1960s, America was drawing a harsh divide between generations, races, genders, and political ideologies. Rock and Roll at this point had become a defining feature of the counterculture (the younger generations were disillusioned with the then upheld principles of American society) and as such was seen as a menace which often voiced harsh criticisms against figures and institutions of authority really long sentence. Amidst the chaos between music and society, a humbly talented group of performers released what some have called the purest most honest music of the generation. The Band had its influences rooted in the country, rock’ n’ roll, and rhythm and blues music of the early 1950s. To more than a few members of the group, performers such as Little Richard, Elvis Presley, Conway Twitty, Johnny Cash, and Jerry Lee Lewis inspired them to pursue music with the passionate zeal that usually accompanies talented musicians. The members: Robbie Robertson, Levon Helm, Rick Danko, Garth Hudson, and Richard Manuel were all multi-instrumentalists and as such got their start as musicians from early ages, Levon Helm for example started playing guitar at the age of nine. In 1958, Helm began touring with an established band known as Ronnie Hawkins and the Hawks throughout Ontario, Canada. This pre-incarnation of the Band earned fame throughout Canada before finally deciding to settle in Toronto where their most profitable gigs occurred at. Homesickness, however prevented the Hawks from remaining together for very long. As members of ... ... seems to highlight all of the genres that the group was influenced by and in turn showcases their progressive sound. Not only does the song recant a folk-tale in the form of a ballad but also shows the complexities of characters as archetypes of mankind and alludes to the biblical wanderings of the disciples. The song was also featured in the 1978 documentary of The Band, The Last Waltz, directed by Martin Scorsese. As a final hoorah, the Band concluded their touring in 1976 with a cadre of other influential artists such as Paul McCartney, Neil Young, Eric Clapton, Van Morrison and others. The film the Last Waltz has also lived on as an inspiration to current artists and has been acclaimed as a must see for musicians. The film not only captures the performances of The Band but also presents them in the context of the culture, amidst famous aspects of rock and roll.

Granite Apparel- Source of Funding

Presented to: Mr. Kurt Sullivan Subject: Source of funding From: JMSB consultants; Despina Papadopoulos Angela Christopoulos Mathieu Apuzzo AJ Kenth Date: March 2007 Main Issues * Choosing the appropriate source of financing, between Initial public offering, long term debt or preferred shares, to raise funds for the expansion of Granite Apparel. Recommendations * Granite Apparel should use an Initial Public Offering as a source for raising funds. Analysis Quantitative Initial Public Offering The cost of issuing common shares for your company was found by adding the following expenses (APPENDIX ONE):Bridge Financing Rate (Annual)| 10. 25%| Amount of Bridge Financing| 50,000,000| Period| 6 months| Yearly Interest Cost| 2,562,500| Lump Sum Issuance Fee| 4,000,000| Total Issuance Costs| 6,562,500| To issue common shares is very expensive to underwrite and there are also other related costs for a company going public. These costs can be: * More experienced accountants for financial statem ents issuance and high internal compliance * Auditing fees * Dividends Much of the factors are above are very difficult to quantify, but using assumptions we could have an idea of the cost over a 5 year basis to compare with preferred shares.First, let’s find a dividend cost, hoping the company does well and we pay out a 20% dividend rate with a growth of 25% in sales from 2007 – 2012. We get a total dividend amount to be 18. 82 million (APPENDIX ONE). Since dividends are not an obligation but they are a benefit for shareholder satisfaction, we have a range over a 5 year period of costs between 11. 5 million and 30. 4 million. These values take into consideration many assumptions (g= 8%, b = 0. 80 and ROE= 10. 55%) Total 5 year dividend| 18. 82 million| Audit fee (1M per year assumption)| 5 million| Fees/ Bridge Financing| 6. 56 million| Total| 30. 80 million| Range| 11. 5 – 30. 4 million | Another factor to consider for an IPO is the decrease in control for Tay lor and the current shareholders. | Before IPO| After IPO| Total Shares| 20,000,000| 26,000,000| Taylor Ownership| 12,000,000| 12,000,000| Percentage Ownership| 60%| 46. 15%| If Mr. Taylor is comfortable losing total control of his company with 46. 15% ownership (where control is 50%), the IPO can be a very attractive solution. If Mr. Taylor decides to keep full control of his company, he can either purchase himself more shares or the company could issue two types of common shares; Non-voting and voting.Taylor Ownership| 12,000,000| Percentage Ownership| 50%| Total Voting Shares| 24,000,000| Total Non Voting Shares| 2,000,000| Preferred Shares As seen in APPENDIX THREE, the total cost of issuing preferred shares would be $30,200,000 over 5 years. Raised Capital| 50,000,000| Dividend Yield| 9%| Annual Dividend (9% * 50,000,000)| 4,500,000| Repurchase Premium| 10%| Face Value| 55,000,000| Issuance Fees| 2,700,000| 5 year Dividends (4. 5M x 5)| 22,500,000| Repurchase Premium| 5,000,000 | Total Cost| 30,200,000| Long-Term Debt Long-term debt is the second source of financing the company has the option of adopting.Metropolitan life approached Granite Apparel and was prepared to lend them 50 Million dollars at a fixed rate 2% higher than the long-term U. S treasury yield. The term of the loan was 10 years. Exhibit 6 illustrates the U. S treasury yields. Since the loan has a 10 year term, we decided to select the 10 year Risk Free rate, which is 4. 56%. In total the interest rate of the loan would amount to 6. 56%. In order to decide, which alternative is best suitable for the company, we must find the cost associated with borrowing. In addition, we must also add the upfront fee of 1,800,000.The upfront fee is calculated by multiplying 200,000 common shares and the stock price of 9$. We assumed that the value of the firm was equal to 180,000,000 in order to use the 9$ stock price. We also assumed that the loan payments would be done monthly, which gave us a monthly pa yment of 569,267. 46$. Appendix 2 is a loan amortization schedule and indicates the amount of interest and capital is included in each payment. The sum of all interest payments is equal to 18,312,099. If we take the total interest cost and the upfront fee the total cost of the loan would equal to: 20,112,099.However it is also important to note that interest is tax deductible. The loan amortization schedule enabled us to find the PV of the tax shield of 79,712. 24$. In conclusion, the total cost of the debt option is equal to: 20,032,386. 75$ We also wanted to note that paying 10% principal per year for 10 years on the loan is impossible. According to loan amortization schedule, the 10% yearly principal payment would start from year 6. For the first 5 years, most of the payment is attributed to interest, which decreases the principal portion of the payment.Performance and Ratios An important factor in deciding on which way to finance growth is how it affects your financial statement s. Since these tools will be the primary source for investors it is important have them appear strong (APPENDIX FOUR). If the company chooses an IPO, the following ratios would occur in the 2007 financial statements of Granite Apparel. Ratio| Industry| Granite Apparel | Debt/Capital| 15. 1%| 31. 0%| TIE| 41. 2| 57. 75| PE| 22| 12| ROE| 18. 4%| 14. 16%| With an IPO the company’s financial statements would look very strong.Its debt is already higher than the industry average and therefore issuing common shares would decrease the risk of the company. Both the Debt/Capital and TIE ratios express that strength. If the company chooses to issue debt, the following ratios would occur in the 2007 financial statements of Granite Apparel. Ratio| Industry| Granite| Debt/Capital| 15. 1| 61. 52| TIE| 41. 2| 6. 47| ROE| 18. 4| 21. 94| The risk of the company by issuing more debt would be extremely high and way above the industry averages. By demonstrating both Debt/Capital and TIE, we could see a large increase in the company’s risk which is not in the company's favor.They might be reevaluated as a riskier company and therefore would no longer be able to purchase at low interest. The ROE plays in favor, however, because the total Equity is divided among fewer shareholders. It looks good for investors but not for creditors. If the company chooses to issue preferred shares, the financial statements would look very similar to issuing an IPO. This occurs because the preferred shares would be booked in the Equity section of the financial statements due to their â€Å"ownership† qualities. QualitativeGranite Apparel is faced with three financing mediums; initial public offering, long term debt or preferred shares. In the decision process, it is important to weigh the benefits and shortcomings of each financing option. Initial Public Offering (IPO) Benefits * Increase in Shareholder Capital * Increased wealth without dividing authority amongst partners * No div idend obligation on common shares. * Inexpensive method of financing. * Able to maintain control of the company as long as shareholders have less than 20% ownership Drawbacks Granite would need to undergo a thorough assessment of its operations, financial records and legal situation by both Continental Securities and the securities commission. * Three to six month due diligence process. * Minimum requirements in accordance to US GAAP system is very expensive to implement * Decisions based on stock price The public trading of the shares establishes a value for the company and sets a benchmark. This works in favor of the company as it is helpful in case the company is looking for an acquisition or merger. It also provides the share holders of the company with the present value of the shares.Furthermore, once the shares are traded, they carry a market value that is different from the book value depending on demand (volume traded); this can provide Granite with the incentive of offering stock options to employees as an added compensation. Additionally, the investors that are in the company have liquidity on their share of the company, however, if an investor should decide to redeem his portion the company is not entirely affected because the sale is completed on the market. When a company issues common shares, there is no obligation to pay dividends.This can be an immense advantage for Granite as the company is in a growth phase and dividends can be limited in order to compete in an industry with larger players. In turn, this also allows Granite to keep the cost low for the future. In addition, the firm will not go bankrupt if is not able to pay out dividends. More than frequently, management’s decisions may be effected by the market price of the shares and the feeling that they must get market recognition for the company's stock. Often, this can lead to bad decisions and consequently a decline in stock price.As the share price of Granite falls, may lose ma rket confidence, decreased valuation of the company may affect lines of credits, secondary offering pricing, the company's ability to maintain employees, and the personal wealth of insiders and investors. Not to mention if Granite decides to issue most of its shares to the public it may be a target for a hostile takeover, evidently a loss of insider control. Long term Debt Using long term debt will allow granite apparel to immediately acquire the funds, however it will place both financial and operational standard covenants in effect. Operational Prohibited to surpass annual capital budget * Not allowed to acquire without authorization * Cannot change current executive compensation or dividends Financial * Limited to a borrowing to equity ratio of 1. 20 * No possibility to raise short or long term debt without authorization Using long term debt for Granite is very risky if the economy suffers and sales are down. Granite will still have to pay the interest on the principle loan witho ut having the flexibility of acquiring another loan. When the interest payments are not distributed to debt holders, the firm may go bankrupt.As stated, If earnings decrease it might be very risky to carry over 3. 57 million dollars in interest expense as an annual obligation. Moreover, in the event that Granite is presented with the opportunity to merge or outright acquire a competitor, the decision will have to pass through Metropolitan. This can lead to further complications and loss of decision making control for the management of Granite. Preferred Shares Although this method is cost effective, it can also confiscate the ability for management to take important decisions without approval from shareholders. Granite can redeem the shares at a ten percent premium only after five years * Shareholders have no voting right, but receive priority over dividends * Can be given voting rights if Granite does not pay for two consecutive years Similar to long term debt, preferred shares pre sent the drawback for potential loss of control. For instance if there is an economic downturn and Granite is unable to issue payments for two consecutive years to its preferred shareholders, they are granted full voting rights and can potentially control the entire company.Preferred shares can either be placed in the equity or liability section of the balance sheet. In this particular scenario, the preferred shares would be in the equity section because they show evidence of â€Å"ownership†. For instance, if dividends are not paid for two years consecutive, they can exercise their voting rights and consequently allow them to decide on major business developments. Given the three financing methods, Granite would receive the necessary capital in time to fulfill their marketing needs.Given the economic state preferred shares are risky when considering the potential loss of control to the shareholders. Similarly, long term debt caries the interest risk burden without possibilit y of acquiring a new loan. Conversely, initial public offering allows the flexibility to gain capital at any point with the exchange of ownership and still allows the decisions to be made by the board of directors. Although the net income on the expansion is not quantifiable, by the issuance of IPO, Granite remains protected from third party influence and control, interest burden and loss of decision control. Plan of Action Announce the plan to the board of directors and wait for quorum approval or issuing an IPO * If Mr. Taylor and other board members are expressing worries about dilution of ownership, consider issuing two classes of shares; non-voting and voting. * Contact the investment firm to find out potential differences for issuing two classes of shares * Hire and find experienced accountants to prepare the financial statements in accordance to US GAAP for public companies since the company will go public * Select an investment bank with a good reputation and expertise to ad vice and perform underwriting functions. Organize internally for high compliance in accordance to the securities commission Contact and find a reputable auditing firm (KPM, Deloitte, Price Waterhouse or Ernst ; Young) * File with the Securities and Exchange Commission. * Once the request has been processed Granite Apparel should request its IPO on the stock exchange with firm commitment. * Once capital is certain (under firm commitment) and as quickly as possible, search for store locations.These locations should be prime, and in an area where Granite * Apparel can compete strongly with the major players. Time is important, since competitors are catching up to Granite’s innovative products. The company must enter quickly and efficiently into the market. * Prepare for manufacturing increase to supply new stores. * The company should find new innovative products to keep it a step ahead from the competition and become first movers to gain customer loyalty.

The Regimes of Benito Mussolini and Adolf Hitler with...

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