Toyota Production System and Kanban System

This article was downloaded by: [210. 212. 186. 193] On: 17 July 2012, At: 23:18 Publisher: Taylor & Francis Informa Ltd Registered in England and Wales Registered Number: 1072954 Registered office: Mortimer House, 37-41 Mortimer Street, London W1T 3JH, UK International Journal of Production Research Publication details, including instructions for authors and subscription information: http://www. tandfonline. com/loi/tprs20 Toyota production system and Kanban system Materialization of just-in-time and respect-for-human system Y.SUGIMORI , K. KUSUNOKI , F. CHO & S. UCHIKAWA a a a a a Production Control Department, Toyota Motor Co. , Ltd, 1 Toyota-cho, Toyota-shi, 471, Japan. Version of record first published: 28 Mar 2007 To cite this article: Y. SUGIMORI, K. KUSUNOKI, F. CHO & S. UCHIKAWA (1977): Toyota production system and Kanban system Materialization of just-in-time and respect-for-human system, International Journal of Production Research, 15:6, 553-564 To link to this article: h ttp://dx. doi. org/10. 1080/00207547708943149PLEASE SCROLL DOWN FOR ARTICLE Full terms and conditions of use: http://www. tandfonline. com/page/terms-and-conditions This article may be used for research, teaching, and private study purposes. Any substantial or systematic reproduction, redistribution, reselling, loan, sub-licensing, systematic supply, or distribution in any form to anyone is expressly forbidden. The publisher does not give any warranty express or implied or make any representation that the contents will be complete or accurate or up to date.The accuracy of any instructions, formulae, and drug doses should be independently verified with primary sources. The publisher shall not be liable for any loss, actions, claims, proceedings, demand, or costs or damages whatsoever or howsoever caused arising directly or indirectly in connection with or arising out of the use of this material. INT. J. PROD. RES. , 1977, VOL. 15, No. 6, 553-564 Toyota production system and Kanban sy stem Materialization of just-in-time and respect-for-human system Y. SUGIMORIt, K. KUSUNOKIt, F.OHOt and 8. UOHIKAWAt The Toyota Production System and Kanban System introduced in this paper was developed by the Vice-President of Toyota Motor Company. Mr. Taiichi Ohno, and it was under his guidance that these unique production systems have become deeply rooted in Toyota Moter Company in the past 20 years. There are two major distinctive features in these systems. One of these is the' just-in-time production I, a specially important factor in an assembly industry such as automotive manufacturing. In. this type of production,

Dominant Price Leadership

ICFAI UNIVERSITY, DEHRADUN NAME: KEDAR SINGH TOMAR IUD No: 0901201057 IBS  No: 09BS0001057 Course Name: MANAGERIAL ECONOMICS Course Code: SLEC501 Faculty Name: DR. ANIRVINNA C. Date of Submission: 08TH SEPTEMBER 2009 Topic of the Assignment: DOMINANT PRICE LEADERSHIP Student Signature  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Faculty Signature DOMINANT PRICE LEADERSHIP Dominant price leadership exists when a. one firm drives the others out of the market. b. the dominant firm decides how much each of its competitors can sell. c. he dominant firm establishes the price at the quantity where its MR = MC, and permits all other firms to sell all they want to sell at that price. d. the dominant firm charges the lowest price in the industry. PRICE LEADER Marketing: Powerful firm whose prices are likely to be imitated by other firms in the same market. Price leaders usually are also the market leaders. DOMINANT LEADERSHIP Leadership characterized by a clear line of authority that gives the leader the power of delegation, and the power to control the subordinates' level of participation in decision making process.It is the most common form of leadership. PRICE LEADERSHIP Situation in which a market leader sets the price of a product or service, and competitors feel compelled to match that price. Oligopoly Models â€Å"Price Leadership† The firms in the Oligopolistic industry without any formal agreement accept the price set by the leading firm in the industry and move their prices in line with the prices of the leader firm. Price Leadership can be in any of the forms; Price Leadership by a Dominant firm Barometric Price Leadership Aggressive or Exploitative Price Leadership The structure of the DTH industry in India can be categorized as an â€Å"Olig opoly†.An oligopoly is a market form in which a market or industry is dominated by a small number of sellers (oligopolists). An oligopoly is a market dominated by a few large suppliers. The degree of market concentration is very high. Firms within an oligopoly produce branded products and there are also barriers to entry. Key characteristics of â€Å"Oligopoly† are following : †¢ Few larger supplier dominates the market †¢ Interdependence between firms †¢ Each firm produces branded products †¢ Significant entry barriers into the market in the long run which allows firms to make supernormal profits †¢ Each oligopolist is aware of he actions of the others. What is DTH? DTH stands for Direct-To-Home television. DTH is defined as the reception of satellite programmes with a personal dish in an individual home. DTH does away with the need for the local cable operator and puts the broadcaster directly in touch with the consumer. Only cable operators c an receive satellite programmes and they then distribute them to individual homes. Dishtv, subsidary of the biggest media conglomerate – Zee group, reached a significant milestone of crossing 4. Million subscriber mark and thus consolidating its leadership position as the largest and most innovative DTH Company in India. Dishtv is the leader in DTH sector with a market share of more than 53 per cent of the total subscriber base of 8 million. Dishtv’s footprint covers 5400 towns across India bringing smiles to 23 million Indians. Reliance communications subsidiary, Big TV, crossed one million subscriber mark within 90 days of launch. Big DTH is growing exponentially and is now next to Dish TV and Tata Sky with its 15 per cent market share.Launched in August this year, BIG TV is available at over one lakh retail outlets across 6,500 towns along with over 2,000 exclusive Reliance branded stores. Dishtv has consistently set the benchmarks for the Indian DTH industry and re defined the business through marketing innovations, introduction of new generation valueadded services and the highest standard of customer delivery. Today, Dishtv offers its subscribers choice and superior value for money with a range of innovative value-added services backed by excellent customer service.The Four Million milestone is not just a significant one for Dishtv but also symbolizes the successful growth of the Indian DTH industry. Dishtv has always been a forerunner in bringing new marketing innovations and going forward the company will initiate certain steps to rationalize the package offerings which may include charging of service tax etc. directly from the subscriber. Adding to its array of interactive value added service, dishtv launched the innovative Interactive Banking Service â€Å"ICICI ACTIVE† in association with ICICI Bank.This service enables Dish TV viewers to access information on ICICI Bank products and services, from the convenience of their homes. To celebrate the festive spirit of Diwali, Dishtv launched â€Å"BHAKTI ACTIVE†. Dishtv subscribers can now get Live Gurbani from Bangla Sahib and Nanded Sahib, Aarti of Sai Baba from Shirdi & Ganesh Aarti from Siddhi Vinayak, Mumbai, Aarti from Tirupati Balaji, Live Ganga Aarti from Haridwar and Bhasm Aarti of Mahakaal from Ujjain. Dishtv customers can now get blessed at the press of a button in the comfort of their home 24X7.Dishtv added 3 new channels on its platform. This addition will further enhance Dishtv’s strong bouquet of general entertainment, news, sports and regional channel offering to its discerning subscribers. The company had added a record 5. 29 Lakh subscribers during the Second Quarter of fiscal 2009 (July – September), breaking all its previous achievements. Dishtv’s footprint covers 6500 towns across India and it reaches into far flung markets which enable building of a diverse subscriber base across consumer segments. STRENGHTS Pio neer and leader of DTH services in India ? First mover advantage One year lead over nearest competitor ? ~ 3-year lead over others ? Largest subscriber base ~ 5. 0 mn (Mar-09) ? Backed by Zee Group India’s strongest Media group Full-service business model ? Basic subscription packs ? Value added services ? Bandwidth ? Teleport services Leveraging on first mover advantage backed by strong industry understanding ? Diversified content offering ? 240 channels + Services ? Content tie-ups at fixed rates ? State-of-the-art infrastructure ? Large distribution network ? Aggressive subscriber acquisition strategy to ensure continued market leadership DTH INDUSTRY MARKET SHARE 2008 | | | |Brand |Promoter |Market Share | | | | | |Dish TV |Zee group |53% | | | | | |TataSky |Tata Sons & Star TV |30% | | | | | |Big TV |Anil Dhirubhai Abani Group |15% | | | | | |Others (Sun Direct, AirTel Digital |Sun by SUN TV |2% | |TV ) |AirTel by Bharati telemedia | | | | | | Another way of confirmi ng it is by using the index Herfindahl.The Herfindahl index, also known as HERFINDAHL-HIRSCHMAN INDEX or HHI, is a measure of the size of firms in relationship to the industry and an indicator of the amount of competition among them. HHI s defined as the sum of the squares of the market shares of 50 largest firms (or summed over all the firms if there are fewer than 50) within the industry, when the market shares are expressed as percentages; the result is proportional to the average market share, weighted by market share. The higher the HHI Index the more oligopolistic is the industry In mathematical term it is defined as following : n H = ? si2 i=1 Where si is the market share of firm i in the market, and n is the number of firms.In the case of Indian DTH Industry the HHI index can be computed by squaring the market share of each player and adding them i. e. H = 532 + 302 + 152 + 22 H = 85399 Since this value of H is petty high it indicates that the market is oligopolistic. SUN TV NETWORK It is No 1 media company in South Asia and Asia Pacific Region based in Chennai, Tamil Nadu, India. Established in 1993, it offers a plethora of television channels in 4 languages covering the whole of southern India. It was the first fully privately owned Tamil channel in India when it emerged in 1993. Its serials and soaps have generated the maximum TRP for viewership all over India, making it the most popular network of channels in India.All its channels occupy the top spots in their respective languages. Sun TV, in Tamil is the Network's flagship and most popular channel. Being the premier channel, Sun TV is often used to refer cable tv in general or to the Sun TV Network in general. Sun TV and its sister channels have a dominating share of viewership in Tamil Nadu. Its cable arm, SCV is cable distribution and Sun Direct is the dominating DTH (direct-to-home) player in the state. Its radio network Suryan has a lion’s share of listenership; its magazine Kungumum a nd newspaper Dinakaran are leaders Although its main presence is in Tamil, it has channels in other languages also. Channel |Type | |Sun TV |Tamil Entertainment Channel | |Sun Music |Tamil Music Channel | |Sun News |Tamil News Channel | |KANNADA | |CHANNEL |TYPE | |Udaya TV |Kannada Entertainment Channel | |Udaya Movies |Kannada Movie Channel | |U 2 |Kannada Music Channel | |TELUGU | |CHANNEL |TYPE | |Gemini TV |Telugu Entertainment Channel | |Gemini Music |Telugu Music Channel | |Gemini News |Telugu News Channel | MALAYALAM | |CHANNEL |TYPE | |Surya TV |Malayalam Entertainment Channel | |Kiran TV |Malayalam Music Channel | |Kochu TV |Malayalam Kids Channel | |Chiri Thirai |Malayalam Comedy Channel(DTH) | FM RADIO STATIONS Sun TV Network has many FM radio stations based in India |Tamil FM Stations | |Radio Station |Area |Frequency | | |Suryan FM |Chennai |93.   MHz | | |Malayalam FM Stations | |Radio Station |Area |Frequency | | |S FM |Thiruvananthapuram |93. 5  MHz | | |Telugu FM Station | |Radio Station |Area |Frequency | | |S FM |Vishakapatnam |93. 5  MHz | | |Kannada FM Station | |Radio Station |Area |Frequency | | |S FM |Bangalore |93.   MHz | | |Hindi / Other Language FM Station | |Radio Station |Area |Frequency | | |Red FM |New Delhi |93. 5  MHz | | |Red FM |Mumbai |93. 5  MHz | | |Red FM |Kolkatta |93. 5  MHz | | PRINT MEDIA TAMIL NEWSPAPERS Dinakaran – (Daily Morning Newspaper) Tamil Murasu – (Daily Evening Newspaper) WEEKLY TAMIL MAGAZINE Kungumum Mutharam Because of the strong presence of SUN TV in every field whether its print media, TV, Radio and other close competitior in South India it is a clear market leader over there.

Velocity and Acceleration (Video Analysis) Lab Report

Velocity and Acceleration (Video Analysis) NAME Abstract: With using the new software this lab was different than the rest. We determined many solutions using video analysis. We used a frictionless track with a â€Å"car† and recorded using loggerpro software. We used this software to determine average velocity and instantaneous velocity. With this information we than discovered the average acceleration, mine was . 2115. After that we were able to find ? a, then finally the free-fall acceleration, I got 1. 693.Overall this was a fun and difficult experiment, but I learned a ton about acceleration and velocity. Introduction: The average person might hear the word physics and have no idea what it really means. The formal definition is; a science that deals with matter and energy and their interactions. Now that definition is nice and short, and doesn’t explain into too much detail, but that is the gist of it. And hopefully can help you understand this lab a little bit mor e. The next question an average person is going to ask is when is this even used in real life?But there are many examples, for one; 2-d vectors and projectile are used when using a cannonball, or any other ball flying through the air, every motion on a flat surface. Another example is hitting a golf ball, which can be in kinematics or in dynamics. If only motion of a golf ball is discussed, with terms like velocity, acceleration, displacement etc. then it's in kinematics. If mass, force, and impulse are also mentioned, than its dynamics. Those are just two of many different examples. The example that ties into this lab is hitting the golf ball, well the part about acceleration and velocity.So, if this lab is completed correctly and not only will you be able to determine the acceleration and velocity of the car on the tract but of your golf ball as well, which could be fun to see who’s is the highest with your friends. So before you know it you will be using physics in your ev eryday life and have fun doing it. But in this lab we will be finding a little bit more than just velocity and acceleration of low friction systems, we will also obtain a value for instantaneous velocity, which is used if we reduce the time interval between ti and tf to a very small value.Also the value for the free-fall acceleration g, this will be found using analytical and graphical methods, where the slope will also be determined. And I believe having fun while doing it. So, don’t think of physics as this hard useless subject because it is not! In fact, if understood it can be a useful and fun subject to learn. Theory: To describe object's motion we have a parameter called velocity which gives both the direction and speed of the object's motion. Average velocity can be found with net displacementtotal time taken or Xf-XiTf-Ti.In the first part of the experiment we will observe the motion at constant and even velocity. Constant means a quantity where the value does not cha nge with time. Even is a quantity where the value does not change with space coordinates. If a system could be found in which a mass moves with no friction, then that motion would be both even and constant. While it is impossible to take away friction completely, it is somewhat easy to minimize friction to almost none. The device available for studying nearly frictionless motion and the one we will be using is called a linear air track.Next is to find the value for instantaneous velocity which can be found with the equation; V3= X4-X2T4-T2, V4 X7-X5T7-T5, and so on, this must be done eight to ten times. So, if we determine the net displacement and take that and divide it by the total time taken, then we can establish the average velocity and the instantaneous velocity. Next we have to obtain the acceleration and the free-fall acceleration. These are found separately though and take two different methods, although they are very similar. First we must place a 1. 7 cm block under the l inear air track to rise it up which is essential to find the free-fall acceleration and the average acceleration. To find the acceleration we will be using an equation, which is; a=Vf-ViTf-Ti. And for the free-fall acceleration it is simply used with analytical and graphing with an equation, which is; Mg sin? = Ma. So, if we determine the velocity, then the acceleration can be calculated, and take that data and we can determine the free-fall acceleration. Experiment: First, before beginning this experiment you need to make sure you have the correct materials.You will need; an air track, an air car, a computer, a web cam, loggerPro ® software, a USB thumb drive, a meter stick, and a calculator. Once you have the proper equipment you are now ready to start the lab. First you turn on the vacuum cleaner, next set the car on the track. After that give the car a small push, if it runs good then you are good to go. Start up the LoggerPro ® software, select â€Å"insert†, then â €Å"Video Capture†. A pop up will appear and click on â€Å"Logitech HD Webcam C310† and click â€Å"OK†. A live image will appear.Put the web cam in a place in which you can see the whole track. On the computer click â€Å"Start Capture† button (which will start the recording), once it starts a lab partner will take the car (should be already placed at the begging of the track) and give it a slight push and wait till the car hits the end of the track and comes back to the beginning to stop the recording. Then close the window. Now that the video is taken, you will need to extract the data. First click the scale button and trace the meter stick, set it as one meter.Then click â€Å"add points† and track the car from the beginning till the end (only when moving). Press Ctrl-R to rearrange the windows, this will give a better view. Next click on the â€Å"Examine† tool, this will move the data to a data table, then turn the tool off. Once this is finished select the â€Å"Linear Fit† tool then select the â€Å"VideoAnalysisX†, this will draw a best fit line and then save. Next take the 1. 27 cm block and place it under one end of the track, this will be the end of the track where the test is run.Then in LoggerPro ® open a new page and record a video doing the same steps you previously did. Once this is complete calculate the instantaneous velocity at various points. This is done by selecting â€Å"Data†, â€Å"New Manual Column.. †, name this column â€Å"Vinst† and set the unit to â€Å"m/s†; then click â€Å"Done†. This is when the equation comes in, once each point is determined you will have to manually plug in the value into the â€Å"Vinst† column. Once this is complete you will need to complete a graph with the data from the â€Å"Vinst† column.Now the last step is just to do the calculations. Data ; Results: Acceleration= . 65-. 105-2. 4 = . 552. 6 or . 2115 ?a=12amax-amin=12. 684. 5-. 564. 8= . 0172 Free-fall acceleration = Mg sin? = Ma = g=asin? = sin? =hl= 1. 27cm125cm= . 0102 g=alh= (. 0172)(125)1. 27=1. 693 Discussion: With using the new software this lab was different than the rest. We determined many solutions using video analysis. We used a frictionless track with a â€Å"car† and recorded using loggerpro software.We used this software to determine average velocity and instantaneous velocity. With this information we than discovered the average acceleration, mine was . 2115. After that we were able to find ? a, then finally the free-fall acceleration, I got 1. 693. Overall this was a fun and difficult experiment, but I learned a ton about acceleration and velocity. References: Mellinger, Axel, Matson, William, and Qadir, Didarul. PHYSICS 175 Laboratory Manual. Department of Physics. Central Michigan University. August 2012. January 2013

Internal Control Case Study Example | Topics and Well Written Essays - 500 words

Internal Control - Case Study Example The $500 check would have had to be mailed to someone other than the cashier. In addition to the cashier being unable to write a check to himself, the checks should have been kept under lock and key. This would require another person to authorize the writing of a check. The ability of the cashier to deposit a check into petty cash would have been avoided by the use of an imprest account. That would have required the petty cash fund to be replenished through a voucher system. The cashier would not have been able to make a deposit without the cooperation of another individual. All petty cash payments and deposits are then accounted for. The situation also could have been avoided by segregating the duties of the payment from the petty cash fund and the deposit into the fund. This again would limit the ability of the cashier to make the fund appear reconciled by the diversion of other funding. In addition, the bank reconciliation should be accomplished by someone other than the person writing the checks. The cashier was able to falsify the reconciliation to cover the movement of the funds. If an independent individual had done the reconciliation, his crime would have been prevented. The cashier should also not have been allowed to alter the invoice that was sent to Customer A that reflected the $500 payment.

Review of Coca-Cola Company Essay Example | Topics and Well Written Essays - 1000 words

Review of Coca-Cola Company - Essay Example This paper looks at these aspects and how they have helped the company in its overall growth strategy. Growth and Performance over the last decade. According to most of its financial reports, the company has continued to post admirable growth percentages in an increasing scale. In January 2000 the company underwent a major organizational realignment aimed at reducing the workforce around the world. This move was aimed at reducing or transferring responsibilities from various headquarters to smaller and ostensibly more revenue-generating operating units. This move was also expected to streamline corporate resources. As a result, about 6000 thousand employees worldwide would be eliminated where 3,300 of these were in the United States. This process was to take place in the calendar year of 2000. In 2001 financial report, the company reported. that the net profit had been transformed from loss of 122 million in 1999 to record a profit of 1.6 million in 2001. This turnaround was attribut ed to management actions that were seen to bring about profitable volume growth and improving of economic conditions in emerging markets. One conspicuous development of the company is the introduction of 450 products in 2007 alone. These products gave the company an enlarge its portfolio hence giving the consumers a wide range to choose from .The Coca-Cola  Zero brand is one of the additional that is making a great difference for the company. Key Factors Enhancing Development Innovation is one of the most important aspects that have seen the company improve in its growth exponentially. The company has greatly utilized the social media to its advantage especially for marketing purposes. This has been specifically demonstrated through aggressive market presence through advertising. In 2010 the company was actively involved in the sponsorship of the world cup. This saw the company collaborate with renowned artistes such as the Somalian hip hop artiste K’NAAN who recorded an up lifting African-inspire track. This track was greatly used in commercials ran during the matches and was largely viewed online. The company further collaborated with You –Tube in what is was seen as one of the greatest collaborations of the social media in a partnership that saw the Long Celebration, a campaign in which fans could view videos submitted by users from over 100 countries. Organizations continue to take advantage of globalization to influence the way they undertake their business. This has greatly favoured the Coca Cola company which has been able to expand into all various regions through various partnership programs. In 2004 Coca-Cola had a 25% world wide case volume in Latin America, 29% in North America, 22% in Europe, Eurasia and Middle East,6% in Africa and 18% in Asia. The company’s has been strengthened by the strategy to operate in local environments by catering for its requirements as they occur in individual countries. This company does this by working with merchandisers from the specific countries. For instance, the company sources bottlers in specific nations to work with. Report on Opportunities for Market Entry In recent times, Coca-Cola has seen great potential in the Indian market. This has been aggravated by an analysis which indicated that on average the Indian people consume only 12 eight-ounce bottles of Coke

Argument Supporting Work-Life Balance Initiatives Essay

Argument Supporting Work-Life Balance Initiatives - Essay Example Furthermore, many companies now make a block leave mandatory, along with implementing work cut off hours. In addition to that, companies offer volunteer-work leaves in a calendar year which an employee can use to perform his or her philanthropic work. All of these are very attractive to a very wide range of people. So companies that offer these initiatives are able to target more potential employees than companies that don’t. Â  Work life balance is not just about the employee and his benefit. Hall reports that businesses lose an estimated staggering value of $300 billion in a year as a result of over-stressed and unhappy employees (2006). Companies do not want burned out, unhappy employees with little creativity and imagination. In fact, the richer and deeper an employee’s overall life, the more productive and creative he is going to be at work. The personal life and experiences of a person give him this depth and perception. A work life imbalance has a full-circle do minoes effect which starts with the employee and affects his work, his family, the company, the community and the government. These losses are emotional as well as monetary. Â  When drafting the work-life balance plan, managers need to understand that this is not just about giving employees a so-called break, but also utilizing resources in such a way that the goodwill and creativity of the entire team is included in the mix. Clutterback (2003) argues that work life balance is a useful by product of effectively managed teams.... This is manifested through a range of work life balance initiatives that come in many forms and offer something to every age group and gender including work that is part time, telecom-enabled or adjusted working days. Furthermore, many companies now make a block leave mandatory, along with implementing work cut off hours. In addition to that, companies offer volunteer-work leaves in a calendar year which an employee can use to perform his or her philanthropic work. All of these are very attractive to a very wide range of people. So companies that offer these initiatives are able to target more potential employees than companies that don’t. Work life balance is not just about the employee and his benefit. Hall reports that businesses lose an estimated staggering value of $300 billion in a year as a result of over-stressed and unhappy employees (2006). Companies do not want burned out, unhappy employees with little creativity and imagination. In fact, the richer and deeper an em ployee’s overall life, the more productive and creative he is going to be at work. The personal life and experiences of a person give him this depth and perception. A work life imbalance has a full-circle dominoes effect which starts with the employee and affects his work, his family, the company, the community and the government. These losses are emotional as well as monetary. When drafting the work-life balance plan, managers need to understand that this is not just about giving employees a so-called break, but also utilizing resources in such a way that the goodwill and creativity of the entire team is included in the mix. Clutterback (2003) argues that work life balance is a useful by product of effectively

Econometric Project for final year undergraduate student Essay

Econometric Project for final year undergraduate student - Essay Example exports – imports as the within subject factors. Further, simple regression models of the nature; GDP = ÃŽ ²0 + ÃŽ ²1Xi (where Xis where the within subject factors). From the analyzed results, the variables real consumption expenditures, real gross private domestic investment, real government expenditures, real net taxes, and real net exports i.e. exports – imports were found to be statistically significant at 5% level of significance while the variable real personal disposable income was found not to be significant. The success of this paper was immensely contributed to by many people. In particular, I would like to thank my lecturer Mr.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦., for his/her guidance and un-questionable advice without which it would have been difficulty to realize the objective of the paper†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Finally, I would like to thank my family for their understanding and support in the entire period. According to Amadeo, K. (2009), GDP stands for the total amount of goods and services a country produces while growth rate is the rate with which the GDP changes over years. A countries GDP growth is determined by the many factors which include political factors, environmental factors, level of investments and level of consumptions among many other factors. To Amadeo, a country’s GDP growth rate is often driven by the level of retail expenditures, level of government spending, what the country exports and imports. To him, more imports mean a negative GDP growth. Wynne, M. A. (1992) supports the assertion made by Amadeo arguing that the most crucial indicator of economic growth is the GDP growth. According to him, GDP growth signifies business well-being, more jobs for the un-employed and more gains in personal income growth. On the other hand, negative GDP growth affects consumer and business confidence resulting to businesses holding both

Management And Personal Management Competencies Essay

Management And Personal Management Competencies - Essay Example This deed will make sure the sufficient and suitable corresponding among the organisational and the personal/managerial competences. No doubt, Khandwalla (2004) research results sketch management competencies which have been highly oriented in consecutive managers in dissimilar organisations around the planet. No doubt, the core competencies seem to be helpfulness enhancing" (p.12). Reliability has a huge impact on the aptitude to earn respect which eventually helps to mobilize scarce resources in hard situations. Planning aptitude and time management ability have exposed appositive effect for taking personal responsibilities. Team building skills are a basic source for helpful, effectual and relaxed environment. Before introducing the manger require for team job competencies. The author powerfully proclaims that personal traits, values, consider and attitudes are the core personal competencies which may improve or weaken one aptitude to manage others. So, self awareness, personal orientation, motivation, expressive aptitude etc' are to be firstly address and training focused in order to augment personal aptitude to perform, to learn and to take pleasure in his communication with the surrounding. (fields supportive concepts from :Bandura, A.(2000);Covey, S. (1988);Gardner, W.L. and Schermerhorn. (2004);Luthans, F. (2002). Myers, L and Tucker, M. (2005);Pajares, F. (2002) Robbins, S.P. (2001) and Updegraff, S. ( 2004). Skills And Values Required Of Professionals IF we analyzed then we come to know that dynamic and quick developed operational environment demands for expert and high possible personal traits and skills. No doubt, under these circumstances, performance fineness becomes personal and organisational proportional advantage. Khandwalla (2001) suggest, "Performance of the manager depends considerably on how well his/her multiple roles are played. In turn, how well these roles are played by the managers of an organization influences the performance of the organization" (p.11). Updegraff (2004), broaden the theory of the decision-making competence throughout join learning and the interface in the middle of people in the organisation. "If employees can assist employees make the mainly of their personal competence and achievement, it than follows that companies would stand to gain as well" (p.43). McLean, J and Davis, P (2000) emphasis the learning process from side to side relations when they wrote, "It is from side to side our relations (intrapersonal; inter-personal; intra-organisational and inter-organisational) that we attain all of our important personal, organisational and shared goals (p.1). Updgraff (2004) suggest, "The ability to build and uphold expert association is a vital part for personal efficiency" (p.46) Covey (1988) supports an extra point of view to the management capability when he writes, "When more than two persons are concerned in the win-win agreements the psychosomatic contact turn out to be a communal contract" (p.9). From the higher than information it is clear that decision-making effectiveness is a combination of personal skills and ecological pressure. The need

An Argumentive Paper About Using Animals for Testing Cosmitics Research

An Argumentive About Using Animals for Testing Cosmitics - Research Paper Example This essay stresses that one of the negative impacts that comes to mind when reading this article is that the act of animal testing, along with the justifications for animal testing place wrong ideas in the minds of society and therefore in time, creates a society that, like animal testing, is willing to sacrifice one person, or thing, in order to gain another. This should not be the case since all life has value. One other negative effect that we can observe from this article is that the cost that animal testing has racked up is too large to ignore. As previously mentioned, there are more practical, economical and accurate tests and methods available. There are many alternatives to animal testing that can be more economical, accurate and less cruel. This portion of the paper is aimed to discuss and list some of the alternatives one can make use of instead of animal testing. The animals get hurt from these tests do not have a voice of their own. Some people may not know this, and som e might even deny this but animals have feelings and sensations as well as we do and although they are unable to vocalize it, they also feel pain and suffering. This is the reason why there are animal rights movements, because animals cannot fight for themselves, and that they do need someone to defend them as they cannot do it themselves. This paper firmly believes that the practice of animal testing is both cruel and unnecessary. Based on the information and evidences provided about, we can definitely see that animal testing causes harm, no just to animals, but to society, and even humans as well and also see that there are safe, humane and practical alternatives to animal testing that are also potentially more accurate. ... The statement being made is that animal testing in cosmetics is a fact and that it has a negative effect. The first article we can look at is one by idausa.org. It states certain details and information regarding animal testing in cosmetics. It states certain details such as death of animals involved in animal testing with cosmetics, cruel and inhumane testing as well as the inaccurate nature of these tests. This gives us a good jump-off point for our argument regarding the negativity and cruelty behind animal testing. The article also provides us information on some affordable and more effective methods of testing, which will be discussed later in the paper. Another paper we can look at is one by mercyforanimals.org. It provides us with a graphic account of certain tests that are done by some companies and what effects they have on animals such as rabbits, rats, and others. These tests result in discomfort, suffering and even death for the animals involved. The article states that a lthough there are no laws that specifically require animal testing for cosmetic products, some companies still opt to do them despite the pain, suffering and death on th part of the animal. Lastly, one article by humanesociety.org discusses the kind of tests that are done to animals, provides us some reasons as to why it is done, but at the same time recognizes that these tests are wrong, and that there are alternatives that are not cruel, and are to an extent, more effective than animal testing. Negative effects of animal testing As this paper's main goal is to argue that animal testing is negative practice, it must first discuss its negative

Investing in Enterprise Project Management Essay

Investing in Enterprise Project Management - Essay Example Investing in Enterprise project management helps business organizations integrate different computer interconnected applications connected to a computer-based environment in a workplace setting. This website is a renowned provider of cloud-based and on-premise project portfolio management solutions aimed at enhancing operational excellence, financial performance, and strategy execution across the enterprise. Oracle operates from a single vendor to supply quality in-class solutions that enhance the environments in all major project portfolio management. This website explores a program in its portfolio project management solutions known as the Primavera. It states that Primavera is a proven provider of portfolio project management solutions that is critical in the management of capital projects in industries that are assent-intensive in nature. The Website indicates that Primavera accomplishes the PPM by addressing both the EPC contractor and the owner of the capital projects environment. The website indicates that Oracle Primavera helps in the scheduling, planning controlling and executing individual projects and large-scale capital projects. Oracle Primavera also tracks progress and allocates best resources, as well as balancing the capacity of the resources. The website also indicates that Oracle Primavera helps in fostering collaboration among the project teams, visualizes and monitors the performance of the project versus plan. The Oracle Primavera also helps in implementing governance for the management of change process in the Enterprise. It is also noted in the website that Oracle Primavera integrates with human capital management and financial management systems. The website also indicates that it the program called Instantis Enterprise Track helps in the optimization of resource investments and optimization of IT projects across the enterprise. The Instantis Enterprise

Industry Analysis on Food Lion Research Paper Example | Topics and Well Written Essays - 5000 words

Industry Analysis on Food Lion - Research Paper Example 13 Publix Super Markets, Inc. 13 Publix Super Markets, Inc. 13 Publix Super Markets, Inc. 13 Publix Super Markets, Inc. 14 Publix Super Markets, Inc. 14 Publix Super Markets, Inc. 14 24398/(193406-117645) 14 Publix Super Markets, Inc. 14 2302/ (12278-2149) =22.7% 14 23538/(180782-109535) 14 Publix Super Markets, Inc. 14 22118/() 14 Publix Super Markets, Inc. 14 †¢ Stock Analysis 15 In 2012 Food lion fetched $46.69 per share as the highest stock price in that year while in 2013 with just a few months into the New Year, the company has managed to trade as a high of $56.51 this evident growth in share price has been made possible by the good quarter one results and the potential in the retail industry in America. After suffering years of image smear following the undercover report by ABC News year ago, investors and customers alike have totally regained confidence in the ability of Food Lion as a retailer. The company’s stock is expected to rise by double digit percentages b y the end of 2013. 15 External Analysis 16 Internal Analysis 20 Recommendations 23 It is axiomatic to squabble that Food Lion LLC is one of the largest supermarkets chains in the United States. The company is currently operating more than 1200 stores across the country (Anderson, Sweeney& Williams, 2009). The company is operating in an environment that is intended to serve its clients. The company’s grocery chains have been changing its strategy to see an upsurge in their profits. Through the cutting out of its overhead the company has been in a position to offer affordable and low prices to its consumers and still manage to remain profitable and compete well with other big firms. Food Lion has faced increased competition in the past forcing it to reduce the number of workforce and closing of some of the stores spread across 11 states in the country. It has also revitalized the grocery shopping experience through the introduction of the Bloom concept which is intended to prov ide a peculiar convectional layout and also competitive prices. Despite serious competition the company has been facing, it has managed to exponentially increase its sales. The firms sales are backed by a MVP Card which is issued to any client who intends to have it. It has currently added butcher departments, pharmacies; bakery departments, deli departments and also fresh seafood departments so as to favorably compete with other major firms. The discussion in this paper will analyze the operations in the company taking into consideration the firm’s competitors, internal and external operations, financial performance and analysis and the firm’s future projections. This will finally lead us into drawing a conclusion and recommendations to ensure the better performance of Food Lion. Current Situation During the first half of the 21st century, Food Lion was continuously involved in various food experiments with different formats, creating its own brand of ice cream which is low fat, remodeling of a number of stores, and opening of in- store pharmacies. Despite a number of challenges that the firm has been facing, it has overall managed to prosper. The firm has considered satisfying clients as the major source of their strength. It has managed to give its customers on real one stop shopping experience. A microscopic look and analysis of the firm indicates that their main strength is their low price tags. This gives them a competitive edge against their

A Clean, Well-Lighted Place by Ernest Hemingway Essay Example for Free

A Clean, Well-Lighted Place by Ernest Hemingway Essay 1. A Clean Well-Lighted Place 2. In the short story A Clean Well-Lighted Place written by Ernest Hemingway in 1933, there are three characters that are defined by light.   First there is the elderly gentleman who is a customer in the bar.   He regularly comes to the bar to get drunk while he sits in the shadows of the leaves of a tree.   This man has lived a long life and has known much pain.   In fact he has known enough pain that he has tried to commit suicide. The two waiters inside the cafe knew that the old man was a little drunk, and while he was a good client they knew that if he became too drunk he would leave without paying, so they kept watch on him. Last week he tried to commit suicide, one waiter said. (Hemingway)   He drinks to dull his pain of loss and pain.   The shadows are symbolic of all of his bead memories clumped together and the leaves that through tiny shadows to hide him are specific memories.   Even though he wraps himself in the darkness, he must be close to the light in order to survive.   The light, or goodness, gives him hope to carry on in a life that he cannot even successfully leave. The next character is the young waiter who must have the light.   He has not lived long, has a wife, and children.   Because his life seems to be exactly where it should be things are good and that is represented by the clean light of the bar.   Because of his youth, there has not been time for messes or losses.   He fears the shadows that shroud the elderly man because he sees them as foreshadows of his own life that he does not want to face. Hell stay all night, he said to his colleague. Im sleepy now. I never get into bed before three oclock. He should have killed himself last week. (Hemingway) The last is the older waiter.   This man has experienced enough life that he, like the elderly gentleman, prefers the dark.   He sees the light as only something to illuminate the defects in life.   The light is very bright and pleasant but the bar is unpolished, the waiter. said. (Hemingway)   This way feels that understands that he has more in common with the elderly man in the shadows, but he longs to be back in the light. I am of those who like to stay late at the cafe, the older waiter said. With all those who do not want to go to bed. With all those who need a light for the night. (Hemingway) 3. Hemingway uses A Clean Well-Lighted Place to ponder the meaning of life.   Life is lived and through the journey, individuals know the joy which leave them with a lack of understanding of others like the young waiter and the elderly man.   You should have killed yourself last week, he said to the deaf man. The old man motioned with his finger. (Hemingway) Only those who are satisfied with life should be around him.   Money is not what makes people happy. The elderly man has money, but still he tries unsuccessfully to committee suicide.   Hemingway was well into his career at this time and had plenty of money yet he was not happy.   He adds the quick glimpse of the girl and the soldier who brave the fear of getting caught for the sake of love or the physical part of love to show that there are things that are meaningful in life that are worth the risk.   Yet in the end people are left with their shadows of memories that are so painful that they either desire for nothing but to turn back to the light part of their lives or to desire to leave life.

Michael Kors vs Guccio Gucci

Michael Kors vs Guccio Gucci American vs. Foreign Designer Michael Korsvs. Guccio Gucci Showroom Headquarters: Showroom Headquarters: 11 W 42nd St. New York, NY 10018 Via Mecenate, 79, 20138 Milano, Italy Written by: Irene Vastardis Table of Contents: Their Importance 4 Michael Kors Importance . 4 Guccis Importance 4 Background of Designers .. 5 Michael Kors Early Life 5 Launching His Career 5 His Accomplishments .6 Guccio Guccis Early Life ..6 Launching His Career . 7 The Aftermath .. 8 Market Segments .8 Michael Kors Target Market .8 Guccis Target Market .8 Their Unique Designs. 10 Michael Kors Designs ..10 Guccis Designs .11 Promoting Their Products ..13 Michael Kors Licensing Products ..13 Michael Kors Advertising Methods 14 Guccis Advertising Methods ..14 Similarities and Differences 15 Michael Kors and Guccis Similarities .. 15 Michael Kors and Guccis Differences .. 16 Appendix 17 References .19 Their Importance: Michael Kors Importance: Michael Kors is one of the last American Designers that has not looked overseas for style inspiration. He often asks himself first, Where is she wearing that? before designing a garment (Michael Kors Strategic Marketing Plan, 2014). His main focus is on wearable pieces that is still considered luxury yet affordable. He maintains a huge public relation being on Project Runway for so many years and his ad campaigns are as slick as those of high-end brands such as Prada. I believe he is an important designer because of how unique he is. He makes women feel as though they can be beautiful, elegant, and sexy without spending thousands of dollars. He allows women to afford luxury items without the need of going all out. Most importantly, what he designs, can either be worn casually or professionally. I love that because it can be worn absolutely anywhere. A consumer who would buy Michael Kors products could never be too overdressed or underdressed going out somewhere, whether it be a date, a business meeting, or a night out with the girls. Michael Kors is also a huge philanthropist and truly cares about everyone. He believes in the right for every woman and man to feel high-class, important, beautiful, and sexy despite anyones personal income. Guccis Importance: Guccio Gucci is important because his brand lives on for almost a century and is more popular than ever. Gucci has always said the difference between style and fashion is quality (Global Branding Gucci, 2013). His compassion for the business allowed it to grow into a success. He started his company at the age of 40 after he was inspired with luggage bags working as an elevator attendant. He has created unique designs that have been featured in the New Yorks Museum of Modern Art. He is a legend in the eyes of so many amazing designers. His children were able to take over the business and keep it alive. His children had a huge responsibility to take over his fathers business they were able to make it grow into the empire it is today. I can understand how his children felt and how difficult it was because me and my siblings look after my fathers business. It could easily be destroyed in minutes if you dont have the proper guidance. Thats what makes Gucci so special. It was never lost, b ecause his children kept the business alive and more booming than ever. Guccis slogan is quality is remembered long after the price is forgotten (Global Branding Gucci, 2013). Guccio Guccis legacy will always be remembered and live on because he will never be forgotten as one of the greatest luxury Italian designers of all time. Background of Designers: Michael Kors Early life: Michael Kors started off early in the fashion world. Being only a toddler in Long Island, New York, he started to model appearing on Lucky Charms cereal and toilet paper ads. He was born August 9, 1959, being the same day as my grandmothers birthday, he was also a baby boomer (Michael Kors, 2016). He was lucky to be born in an era filled with more privileges after the end of World War II. He was in love with shopping and collected all of the monthly Vogue magazines to keep up with the latest trends. He went to the Fashion Institute of Technology, but dropped out after only two semesters. After he dropped out, he started designing clothes for small Manhattan boutiques at the age of 19 (Michael Kors, 2016). Something in which I can relate to because it is exactly what I am doing now as a job, only, Im still in school. Launching His Career: When his mother remarried businessman Bill Kors, she allowed Michael to design her wedding dress. In 1978, Kors worked for Lothars, a French boutique, where he discovered his first idea to design his own fashion collection (Studenetske, n.d.). Michael Kors Womans Collection was first launched in 1981 (Michael Kors, 2016). He convinced Anna Wintour, editor of New York magazine at the time, to take a look at his collection. He later picked up designers such as Barbara Walters and earned awards for his designs. Michael Kors business was not always successful though because his company ended up going bankrupt in 1990 (Know Your Fashion Designers: 10 Facts About Michael Kors, 2011). He then launched KORS Michael Kors for a lower price line for a younger audience. In 1997, he maintained a job as the creative director of Celine, a French fashion house, and remained in that position for six years (Know Your Fashion Designers: 10 Facts About Michael Kors, 2011). He continued being the creativ e director and expanding his brand, coming out with menswear, accessories and perfumes. His Accomplishments: He then became a judge on Project Runway in 2004 and retired from it in 2012. He won multiple awards including CFDA Womens Fashion Designer of the Year (1999), the CFDA Mens Fashion Designer of the Year (2003), the ACE Accessory Designer of the Year (2006), and the CFDA Lifetime Achievement Award (2010) (Studenetske, n.d.). In August of 2011, after gay marriage became legal in New York, he married his partner, Lance LaPere, at 57 years old, who is now the vice president of Michael Kors Womens Design. Guccio Guccis Early Life: Guccio Gucci founded Gucci in 1921 in Florence, Italy, when he was 40 years old (Global Branding Gucci, 2013). He had four sons that had joined the firm. He was an Italian businessman and fashion designer as well as the founder of the fashion house of Gucci. His wifes name is Aida Calvelli and had six children. As a teenager, Guccio Gucci was a lift boy at the Savoy Hotel in London (Family Fued: The Guccis, 2015). He was inspired by the elegant upper class guests and inspires luggage companies such as HJ Cave Sons, he returned to Florence making travel bags and accessories. In the 1920s, he started out selling leather bags to horsemen. He progressed to making luxury luggage. In 1921, he founded the House of Gucci in Florence as a small family-owned leather saddlery shop (Family Fued: The Guccis, 2015). The business picked up because of the immense profit and new luxuries coming out in the roaring 20s. Launching His Career: In 1938, Gucci opened his first shop on the Via Condotti in Rome, specializing in leather goods (History and Background of Gucci, n.d.). He luckily built a reputation for quality, hireling skilled craftsmen to work in his shop. This was the basis and the foundation of how the house of Gucci was founded. In the 1930s, Gucci became inspired by horseracing. This was a favorite pastime during the 30s (History and Background of Gucci, n.d.). Therefore, he started designing the hardware for his leather goods to resemble horse bits and stirrups. In 1932, he created the GUCCI Loafer Shoe with a gilded horse bit. They are only footwear on display in the New Yorks museum of modern art. In 1947, Gucci introduced The Bamboo Bag, the first iconic bag. It was a saddle bag that featured bamboo handles and the ultimate classic. During the 1950s, the trademark red striped webbing was introduced (Gucci Guide Information, n.d.). It was taken from the original form place on a saddle girth. This became a n emblem much like the leather moccasin with the leather bit (Gucci Guide Information, n.d.). This is famously known worldwide. Its unique creation made it possible for everyone to fall in love, including myself, with his new collection. His creation included products such as luggage, ties, shoes, and the famous handbags sporting the bamboo handle. In 1951, Gucci opened his store in Milan and two years, the company expanded overseas with the Manhattan store. The Aftermath: After Guccis death in 1953, his son Aldo, along with his brothers, took over and helped promote the company internationally (Family Fued: The Guccis, 2015). They were opening open boutiques in the most favored fashion markets such as London, Paris, and New York. The 1960s brought increased fame to the Gucci empire and this was when Gucci was booming. Every Hollywood star was wardrobe in Gucci. Grace Kelly, Peter Sellers, and Audrey Hepburn made the name Gucci synonymous with chic (History and Background of Gucci, n.d.) Although there was success in the business, the family took some downfalls. Brother Maritssio Gucci, took the business over from his founding brother who in turn sold it to an Arab concern in the 1980s. In the early 90s, Guccis image was tarnished when knockoffs appeared everywhere. In order to restore the companys luxury image, the company appointed American Designer Tom Ford as the artistic director in 1994 and kept the position until 2005. As of 2016, Alessandro Mic hele took over the reigns as creative director from Frida Gianninis position. He incorporates a lot of Greek mythology in his designs. Since then, it has become a popular name we all know and love today. Market Segments: Michael Korss Target Market: Michael Kors target market is for womens leather goods and accessories while it showcases fewer items in clothing. They have obtained 521 stores globally (Michael Kors Strategic Marketing Plan, 2014). They first started off selling in high-end department stores such a as Bergdorf Goodman and Saks Fifth Avenue. However, 82% of their demographic are females and 36% of the demographic are aged between 26-35 (Michael Kors Strategic Marketing Plan, 2014). Their social status is for the middle class and a lifestyle that is already established. Those who have an adequately paying job and money to spend. Because it is more attainable prices, the result of their audience is younger because it is affordable, although older women shop his collection as well. Personally, I love the fact that its affordable and own many different pieces from his bags, to wallets, shoes, and phone cases. The lifestyle is young, fashionable, and to be in-style. Guccis Target Market: Gucci focuses on middle and high class income. Their market is more of a higher social status, whether its a marries couple sharing joint income or a bachelor/bachelorette with a well-paying occupation. Their target age group is 26-40 years old although some do manage to purchase the Gucci brand in their early 20s (Gucci Guilty Advertising Marketing Campaign, 2015). Their lifestyle is most typically for the wealthy, independent New York business woman/man. Personally owning some of Guccis products such as their bags, shoes, belts, and even luggage, gives me a sense of importance. It gives me a sense of feeling like I am with those who are fashion forward and I have what they have in the introductory stages. Their target markets personality is for those who have a personality of excitement. Competence and sophistication and embrace it through this Italian brand. Those who want to reach the status quo, are fashion conscious, and are socialites (Gucci Guilty Advertising Marketing Camp aign, 2015). Their look goes for the woman to look bold, sexy, glamourous, trendy, classy and confident. Knowing I can afford and appreciate the brand as much as I do, gives me the feeling of being that so-called fashionista and having good taste for what I buy. Their Unique Designs: Michael Kors Designs: All of the Michael Kors handbags are made in China and manufactures by Sitoy Group Holdings LTD (Michael Kors Strategic Marketing Plan, 2014). Michael Kors has discovered his niche in the industry with creating a combination of casual, street wear, athletics wear, and evening wear. He has made it so that it can appeal to almost everyone. Instead of other designers who focus solely on evening and business wear, Michael Kors took his collection in a different direction. He mostly uses leather as his best fabric to create these wonderful handbags in his Michael Kors Studio and Michael Michael Kors collections. Michael Kors is best known for his repeated logo on all of his accessories. He designs his bags with honeycomb MK logo print (See Figure 1-1). The known leather handbag with the pebbled leather satchel has been a staple in his designs (See Figure 1-2). Even Michele Obama popularized Michael Kors even more wearing his black shift dress in his Spring 2009 collected as her first portrait as first lady (See Figure 1-3). Even his other collection, Michael Micha el Kors has a similar saffiano leather design as his original collection, Michael Kors (See Figure 1-4). Figure 1-1 Figure 1-2 Figure 1-3 Figure 1-4 Guccis Designs: All the merchandise for Gucci is made in Italy. Gucci is best known of course for their leather goods. Now however, they have a line of perfumes, cosmetics, shoes, and eyeglasses, belts, luggage, jewelry, watches, and bags. They now have over 380 directly operated stores worldwide (Global Branding Gucci, 2013). Ready to wear the flora was a scarf which was called a Flouard created for Grace Kelly in 1966, was created for the Monaco princess (See Figure 2-1). The pattern was completely made out of silk and is still being used today in a variety of colors. Jackie Kennedy helped by being photographed with the Gucci shoulder strap which became known as the Jackie O Bag (Global Branding Gucci, 2013). Audrey Hepburn was the woman who helped brand Gucci to become successful (See Figure 2-2). They crafted durable woven canvas and a leather trim to make the luxurious symbol of the original GG pattern. The horse bit/icon design, which is one of my favorites, was seen on handbags, leather goods , and clothing, but was first introduced in 1953 on a pair of loafers (See Figure 2-3). I love the loafer look because I believe it is a staple for every man. The sophistication and class that shoe brings as they walk into work speaks volumes. The fashion conscious man can see that it is simply a must have in their closet. The Bamboo top handle was released in 1947 (See Figure 2-4). It was re-released in 2000, making it more modern and refined. The bag is now composed of 140 separate pieces made in Gucci Florentine workshops. Figure 2-1 Figure 2-2 Figure 2-3 Figure 2-4 Promoting Their Products: Michael Kors Licensing Products: Michael Kors has a lot of licensed products that he advertises through different companies. He has licensed watches and jewelry that has been licensed exclusively to Fossil. His watches came out in 2004 and his jewelry came out in 2010 (Michael Kors Strategic Marketing Plan, 2014). They are both sold in Michael Kors retail stores, wholesale customers, and select watch retailers. The watches sell from anywhere to $150 to $500. The jewelry includes bracelets, necklaces, rings, and earrings and sells between $45 and $375 (Michael Kors Strategic Marketing Plan, 2014). I personally love his jewelry, especially the watches. His watches are timeless and gives a sense of pure luxury as you put it on. The encrusted crystals and gold face and band truly gives it its endless look. He also has licensed eye wear that is exclusive to Marchon ever since January in 2004. The collection is focused on status eye wear (Michael Kors Strategic Marketing Plan, 2014). He sells them in Michael Kors retail s tores, wholesale customers, select sunglass retailers, and prescription eye wear providers. The retail price is from anywhere in between $85 to $285. He works with Estee Lauder with his fragrance and beauty ever since May of 2003. In 2013, his tag line was Sporty Sexy Glam, which is still continuing to be their standard of set style (Michael Kors Strategic Marketing Plan, 2014). They are sold in retail stores, wholesale customers, and select fragrance retailers. The price range is typically around $20 to $115. His handbags and small leather goods range from $500 to $6,000, while his footwear is anywhere from $500 to $1,300. His womens apparel, which is his smallest category, ranges from $400 to $4,000 (Michael Kors Strategic Marketing Plan, 2014). Michael Kors Advertising Methods: The way Kors advertises is through his ads always about boarding a private jet or hanging around on a yacht in the French Riviera. His ads are usually in magazines such as Vogue, Harpers Bazaar, and Vanity Fair(Michael Kors Strategic Marketing Plan, 2014). They promote in these magazines for the fashion-conscious women out there to create their own personal style. He advertises in these magazines because of the similar interest medium to attract the magazine and the customer target market. The luxury at an attainable price is the strength of the brand. He also sells his products at department stores such as Bloomingdales, Nordstrom, Macys, Lord Taylors, Neiman Marcus, Saks Fifth Avenue, and many others. North America is the largest Michael Kors geographical market but is also expanding in Europe and Asia (Segmenting and Targeting Market, 1970). For those who may not be able to reach the store, a consumer may always purchase them on his website. Guccis Advertising Methods: The attitude towards Guccis advertisements is the sense of defiance of a young and social demographic. Women see it as a sense of elegance and beauty and men see it as a cool brand. Gucci advertises in magazines such as GQ, Vogue, Mens Health, Cosmopolitan, Esquire, Glamour, and many others (Gucci Guilty Advertising Marketing Campaign, 2015). They advertise big on Facebook and Twitter as well as other social media sites. They even have their own geo-filters on Snapchat that can be activated while stepping into any Gucci boutique. Their retailer engineers are Amazon, Selfridges, and Harrods. They have public transportation billboard advertisements and digital advertisements too. There is also TV commercial advertising for the brand. I typically always see commercials based around their perfumes, especially the most popular Gucci Guilty. They always having an aesthetically pleasing actor and actress using sensory marketing to attract their customers. Consumers can buy Gucci products a cross the globe including the United States, Europe, Asia, Australia, Hong Kong, Japan, Singapore, and Switzerland (Gucci Guilty Advertising Marketing Campaign, 2015). Gucci products are sold at any Gucci retail stores and other department stores such as Macys, Nordstrom, Neiman Marcus, Saks Fifth Avenue, Bloomingdales, and many others. If consumers are unable to reach the store, they are always able to order off the Gucci website and get the merchandise delivered to their home with more convenience. Similarities and Differences: Michael Kors and Guccis Similarities: Some similarities these two designers have is their niche in luxury leather handbags. They both started off selling leather goods and expanded their realm into making apparel, cosmetics, eyewear, shows, and fragrances. Their logo is both the first and last initial of their names. They both create an elegant and chic look to their brand and are intended for the business working man/woman. Neither of them had a college degree but both started on their own because of their true love for luxury goods. Their way of marketing is through retail stores, department stores, and online. They advertise through social media and magazines as well. Michael Kors and Guccis Differences: One main difference about Gucci and Michael Kors is the price range of their products. Gucci sells handbags anywhere from $395 to $29,000, while Michael Kors sells them anywhere from $98 to $3,000. All of Guccis products are made in Italy while Michael Kors is typically made in China or Vietnam. Michael Kors gets his inspiration from American designs while Gucci was inspired through his daily pastime in Italy. Gucci then created more designs through watching the trends of fashion around the world. Guccio Gucci was inspired through fashion by being an elevator assistant. He started designing by the age of 40 with his niche being leather because he loved watching horseracing. Michael Kors knew he wanted to be a designer from a young age. He started modeling by the age of 9 and worked his way to design his own womens collection by the age of 21. Michael Kors is a younger demographic and aims more towards a comfortable lifestyle Guccis demographic is a little bit more sophisticated and h as more of a lavished lifestyle. Either way, I am in love with both of these brands. They are the majority of my wardrobe and my accessories that are very well known designers. I love how they can be so different and similar at the same time. Michael Kors is known for bringing in a younger demographic, while also bringing and older demographic as well, but for Gucci to also lure in those who are younger with his timeless designs shows just how brilliant they truly are. Appendix Alas, M. and Piggott, M. (1966). Flora Pattern [Picture]. Retrieved by http://www.dailymail.co.uk/femail/article-2267265/Charlotte-Casiraghi-poses-new-Gucci-campaign-wearing-iconic-Flora-scarf-grandmother-Grace-Kelly-Sixties.html Daly, D. (2010). Jackie O [Picture]. Retrieved by https://www.youtube.com/watch?v=6v4YNGDlRNM. Elizabeth, L. (2015). The Honeycomb Print [Picture]. Retrieved by https://workinglook.com/2015/09/23/how-to-find-the-real-markdowns-at-michael-kors-outlets/ Hill, M. (n.d.) Gucci Logo [Picture]. Retrieved by https://clipartfest.com/download/8d406f591e87e0e8b1209d2a12c990e5e8ba246f.html Gucci. (2016). Bamboo Classic Leather Top Handle [Picture]. Retrieved by https://www.gucci.com/int/en/pr/women/handbags/womens-top-handles/bamboo-classic-leather-top-handle-p-409398ARU0N1000 Gucci. (2016). Floras Scarf [Picture]. Retreived by https://www.gucci.com/us/en/pr/women/womens-accessories/womens-silks-scarves/womens-scarves/flora-silk-printed-scarf-p-0227963G0019000 Gucci. (2016). Leather Horsebit Loafers [Picture]. Retrieved by https://www.gucci.com/us/en/pr/women/womens-shoes/womens-moccasins-loafers/leather-horsebit-loafers-p-460118C9D001000 Kors, M. (2017). Jet Set Travel Saffiano Leather Small Tote [Picture]. Retrieved by https://www.michaelkors.com/product/jet-set-travel-saffiano-leather-small-tote/_/R-US_30H1GTVT1L?ecid=MKC_Google_USgclid=Cj0KEQjwk-jGBRCbxoPLld_bp-IBEiQAgJaftSIh-BKxs9noCY5-55lUAxyheRXGOyvVi9Y1tiDVVCoaArHL8P8HAQ Kors, M. (2017). Mercer Large Leather Satchel [Picture]. Retrieved by https://www.michaelkors.com/product/mercer-large-leather-satchel/_/R-US_30H6GM9S3L?ecid=MKC_Google_USgclid=Cj0KEQjwk-jGBRCbxoPLld_bp-IBEiQAgJaftdtKvzSB8yl8y5KQRn60S96H_Qei7qhgtxy0fLik6mMaAuSU8P8HAQ Kors, M. (2009). Michele Obama in MK Dress [Picture]. Retrieved by https://www.emaze.com/@AIRRCOWW/MICHAEL-KORS N. A. (2015) Michael Kors [Picture]. Retrieved by http://icecreamconvos.com/rumor-control-michael-kors-doesnt-like-black-people/ N. A. (2015) Guccio Gucci [Picture]. Retrieved by http://www.todayifoundout.com/index.php/2015/06/family-feud-the-guccis/ Naziera, S. (n.d.) MK Logo In Gold [Picture]. Retrieved by https://www.pinterest.com/pin/447123069226714946/ References Family Fued: The Guccis. (2015, June 15). Retrieved March 28, 2017, from Today I Found Out: http://www.todayifoundout.com/index.php/2015/06/family-feud-the-guccis/ Global Branding Gucci. (2013, August 01). Retrieved March 27, 2017, from LinkedIn Slideshare: http://www.slideshare.net/sujasrait/global-branding-gucci Gucci Guide Information. (n.d.). Retrieved March 27, 2017, from Gucci Guide Information: https://www.yoogiscloset.com/gucci/guide Gucci Guilty Advertising Marketing Campaign. (2015, April 29). Retrieved March 27, 2017, from LinkedIn Slideshare: https://www.slideshare.net/TomPheby/gucci-guilty-advertising-marketing-campaign History and Background of Gucci. (n.d.). Retrieved March 27, 2016, from Discount Perfume: http://www.fragrancex.com/products/_bid_gucci-am-cid_perfume-am-lid_g__brand_history.html Know Your Fashion Designers: 10 Facts About Michael Kors. (2011, April 21). Retrieved March 27, 2017, from College Fashion: http://www.collegefashion.net/news/know-your-fashion-designers-10-facts-about-michael-kors/ Marketing Plan of Gucci. (2016, March 18). Retrieved March 27, 2017, from Marketing Dawn: http://marketingdawn.com/marketing-plan-of-gucci/ Michael Kors. (2016, February 04). Retrieved March 27, 2017, from Biography.com: http://www.biography.com/people/michael-kors-594228#early-life Michael Kors Strategic Marketing Plan. (2014, March 06). Retrieved March 27, 2017, from LinkedIn Slideshare: https://www.slideshare.net/jplopan/michael-kors-strategic-marketing-plan Segmenting and Targeting Market. (1970, January 01). Retrieved March 27, 2017, from Michael Kors: http://desireeimichaelkors.blogspot.com/2013/05/ch-8-segmenting-and-targeting-markets.html Studenetske. (n.d.). Retrieved March 27, 2016, from http://www.studentske.sk/anglictina/History%20of%20Guccio%20Gucci.htm

Strategic analysis and marketing strategy for Samsung

Strategic analysis and marketing strategy for Samsung 1. Introduction and Company overview The consumer electronics industry is a versatile and competitive business environment (Porter, Consumer behavior, retailer power and market performance in consumer goods industries, 1974). Rival companies in this industry regularly attempt to surpass their contenders through innovative promotional methods, developing and reassessing their strategies regularly in light of external and internal factors affecting the business (Teece, 2010). Marketing departments of companies focus their efforts on identifying and anticipating the needs and desires of customers and designing products and/or services that meet all expectations of their client base (Gummesson, 2002). Industry leaders are usually companies that have excelled in research and development (RD) and marketing functions alongside their operational capabilities, utilising the information available to them to develop products that appeal to their target audience and communicate to their clients in a timely and relevant manner. Founded in 1938, Samsung is one of the industry leaders in a multitude of industries from power generation through to smart phones (Kovach, 2013). Each of their business units adhere to the same vision of becoming the preferred supplier of products and/or services to their clients, but the methods used to achieve this vision are tailored to suit the specific market focus, therefore demonstrating the adaptability of the company. This paper will analyse the marketing strategy and business environment of Samsung Electronics, focusing particularly on their TV production and sales functions. Therefore, this report intends to explore the various internal and external factors which shape the business strategy and tactics of the retailer, through the use of analytical business tools, namely PESTLE, SWOT, Value Chain and 5 forces analyses. 2. PESTLE analysis A PESTLE analysis is a tool used to examine the macro environment external to a business and highlight the aspects that impact on the chosen organisation (Teece, 2010). The letters in the acronym stand for the main structures (political, economical, social, technological, legal and environmental) which affect the business, as presented below for the Samsung case study. 2.1. Political One political aspect which influences corporations’ income is the level of corporate tax and customer taxation (HM Revenue Customs, 2013). Any fluctuations in the corporate tax percentage can impact on the operations of a business and many companies chose to move their business headquarters in countries where the corporate tax is beneficial to their profit purposes. However, many corporations do not understand that this could potentially impact on the overall reputation of the corporation. Samsung Electronics operates as a South Korean based and owned business and in one year from 2010 to 2011 the company has seen an increase in taxes and dues of 11.7% (Samsung Electronics, 2012). In spite of this, the company chose to remain loyal to its country of origin and, in turn, this has a positive impact on the ethical reputation of Samsung. In addition to this, the headquarters location of Samsung in South Korea is also a political factor that has to be factored into its strategic development, as the tensions with its neighbouring country North Korea and the threat of a military conflict in the Korean Peninsula is a pressing reality (Sang-Hun, 2013). Another political aspect is imposing tariffs and trade barriers, which aim to protect the local employment and producers through increasing the price of imported products into the country (Lee Swagel, 1997). This protects a country’s overall economy and Samsung has integrated local sourcing tactics into their Corporate Social Responsibilities activities, with locally focused RD departments and a focus on using and developing the skills of local labourers. 2.2. Economical The economic stability and growth of a region has a direct and significant impact on the profits of a business. Economic stability of a region provides high standards of living and high employment rates leading to an increase in consumers’ disposable income and a close analysis of growth trends determine the market focus of Samsung (Meyer, 2009). The consumer electronics market has experienced an increase in sales due to the growth of individuals’ spending power, which is expected to rise over the next decade, due to a steady recovery from the economic downturn of the past few years (Savitz, 2012). At the same time, the economic strength of a region (or the disposable income of the region’s inhabitants) is an indicator for the saturation of the market in regards to electronic products. As such, Western economies are areas where Samsung has a well-established brand name, but is experiencing potential resistance from the customers who are overly exposed to marketing messages from all consumer electronics sellers (Long, 2014). At the opposite end of the spectrum, growing economies are a great market for Samsung’s expansion, as the demand for upmarket consumer electronics is on the rise and the reputation of the company can be utilised to position it in a good competitive position (Lev-Ram, 2013). 2.3. Social Demographic variables influence a business’ focus, their product or service offerings and ultimately impact on the sales and the survival of a business in its market. Studies reveal that an aging population is less likely to purchase furniture items and the latest technological devices, which is relevant in determining the areas of focus (Jaimovich Siu, 2008). Comprehensive analysis of the demographics and cultural trends are needed in order to ensure that a company maximises its profits (Curtis Cobham, 2008). Samsung has local centres for RD in the different geographical areas, such as Samsungs Electronics China, Samsung Poland RD Centre or Samsung RD Institute India (Maniwa, 2010). This ensures that the company has a clear view of the customer demand and expectations and, although Samsung operates on a global basis, they can benefit from the local knowledge developed by these RD centres. Labelled as glocalisation, the strategy of mixing the global focus of a company with the local demands of the market is the way forward in establishing a company like Samsung as the industry leader in all the geographical areas where it operates (Svensson, 2001). Defeating the local competitors is only possible if a global retailer understands the strategies required to position itself as a market leader in a particular area. Samsung invests at least 9% of their sales revenue in the RD function, proving that the company has a clear understanding of the importance of the culture and demographics of its markets (Samsung, 2014). 2.4. Technological Another technological factor which increases awareness and reach amongst the target market of retailers is social media. The interactive online platforms allow companies to engage in meaningful communication with their customers and helps build a company’s reputation through customer reviews and feedback (Kaplan Haenlein, 2010). Whilst technology can be leveraged by companies to become more relevant to their targeted consumer market, mobile devices that allow access to the Internet on the go have empowered customers, who can compare and contrast the offerings of competitors with minimal effort (Simmons, 2008). Individuals can use webpages that are specifically designed to compare the technological specs and the prices of similar products from distinct brands in order to obtain the best value for money for the product they are looking to purchase. As such, Samsung’s influence in regards to marketing has been increased by the presence of smart technology but the marketing messages relevance has been negatively influenced by customers’ access to multichannel shopping environments. Due to technology, companies are also able to cut down production and promotion costs and improve the quality of their products. Samsung’s digital TV’s have evolved from black and white back in 1970 to the LED 3D TV sets currently available (Warman, 2013). In addition to this, the sale channels used by Samsung have diversified to cater to every need of the customer, with online shopping as well as in store options available. 2.5. Legal Electronics companies, particularly those who have diversified their product offerings to include smartphones and tablets are in fierce competition in the retail market (Brien, 2014). From a legal standpoint, companies have started to file lawsuits for patent rights in order to increase their competitive edge. After three years of corporate hostilities between the two market leaders in smartphone sales. Apple and Samsung, the companies have reached an agreement to drop all litigations between the two companies outside of the US (Swanson, 2014). Although less publicly spoken of, Samsung is currently facing another patent lawsuit from the chipmakers Nvidia, over the use of graphics which are patented to Nvidia and have been used in mobile and TV devices by Samsung over the last years (Rubin Tibken, 2014). The risk that a company is usually faced with when it comes to the legal macro environmental element is the precedent created by a lawsuit, as other competitors will attempt to find ways to affect a company’s cash flow and their reputation through claims. In addition to the patent lawsuits, Samsung is facing a controversial legal battle regarding compensation for factory workers who suffered from cancer and the company has officially accepted to compensate those affected (Simpson, 2014). Although the official statement of the vice-chairman of Samsung, Kwon Oh-hyun is an official apology to the affected families and individuals, Samsung clearly states that the payment and official apology do not concede a link between the chemicals used in the company’s semiconductor assembly plants and the cancer cases (Associated Press, 2014). However, the public might be inclined to believe that the payment is indeed an admittance of the company’s fault, affecting its reputation in regards to the ethical employment promoted by the Korean company. 2.6. Environmental Over the last decades, the importance of environmental sustainability has gradually increased, and successful companies are regularly scrutinised with regards to their carbon emission, recycling and supplier behaviour. Businesses are compelled by national and international standards to conduct their operations in a manner which limits their negative impact on the environment (McWilliams Siegel, 2001). Samsung’s design team matches the demand for new products with environmental standards and tries to make use of recyclable and eco-friendly materials. To exemplify, the LED TVs are made without the use of mercury or spray paint which are considered hazardous to the environment. In terms of manufacturing, the company has reduced greenhouse emissions by 47% through innovative production processes (Brownlee, 2009). In addition to this, Samsung has wind-powered facilities across the US, therefore utilising renewable energies, further reducing the negative impact on the environment at large (Samsung, 2007). 3. Porter’s 5 Forces Analysis Porter’s 5 forces is an analytical tool used for determining the profit potential of a company in its industry, in relation to all parties involved, from competitors to customers (Porter, 1986). 3.1. Industry rivalry The majority of industry rivalry in the retail business revolves around price competition. The consumer electronics industry is currently oversaturated and consumers are spoiled for choice in any given product category (McGoldrick, 2002). Therefore this is a very high threat, particularly for Samsung, as the competitors Sony, Panasonic and LG are able to match the product offerings of Samsung. 3.2. Threat of new entrants The threat of new entrants in the industry that Samsung Electronics operates in is generally low, because of the oversaturation of the business and because the existing competitors have established some barriers to entry, particularly the well established reputation of the existing brands. 3.3. Bargaining power of suppliers Another low threat is the bargaining power of suppliers, due to the same reason as above, as suppliers are not able to negotiate prices, as they are competing amongst themselves to become the preferred suppliers for the industry leaders, as a guarantee of constant profits. 3.4. Bargaining Power of buyers The bargaining power of consumers is one of the highest threats to Samsung, as the competition is fierce in the industry, and customers are overwhelmed with the promotional messages directed at them. Therefore, it is important in the retail industry to gain the loyalty of a customer (Macintosh Lockshin, 1997). Also, apart from the fact that consumers are price-sensitive, they are also becoming oversaturated with generalised promotional messages so, in order to gain potential customers, Samsung needs to invest time and budget into researching their target audience and developing relevant and appealing messages, which in turn increases the chances to boost the profits of the firm. 3.5. Threat of substitutes The threat of substitutes is a relatively high one, as an increasing number of individuals are using their laptop, PCs, tablets or smartphones to watch programmes that they would traditionally watch on TV. However, Samsung Electronics has diversified its product offerings to include any of the products that could potentially replace TVs, whilst also evolving towards more sophisticated and interactive models of TV, which offer seamless integrations with web applications and external devices. 4. SWOT analysis The SWOT analysis is a framework used to categorise internal and external factors that influence the operations of an organisation. Unlike the PESTLE analysis, this tool clearly requires a delimitation of negative and positive factors that influence a company and whether these factors are internal or external to the organisation. External Internal Positive Negative Strengths Weaknesses Product range Ownership of market share Brand reputation Awards and industry recognition Low cost productions Local teams in all locations Investment in RD Pricing tactics – lower price is usually interpreted as low quality Not niche focused Relies on external software for products Distribution channels costs for products Patent litigations with Apple Opportunities Threats Increased market demand in growing economies (particularly India) Increase in disposable income after economic downturn recovery Demand for innovative products Reputation of competitors Decline in demand for TVs Political instability in South Korea Aging population 5. The marketing mix (4Ps) 5.1. Product The variety of TV sets offered by Samsung ensures it keeps abreast of the competition in the consumer electronics market. Their product offerings are suitable to a wide array of customers, from those requiring basic TV sets through to large display 3D TVs with interactive features for those potential clients who are interested in the latest gadgets (Katzmaier, 2011). The consistency in high performance and stylish designs for their products ensures the brand recognition of Samsung TVs. 5.2. Price Pricing strategies are dependent on a variety of influencing factors. Despite popular belief, the lowest prices are not the most attractive to all customers, as the demands of the market in general has become more sophisticated and consumers have become aware of the concept of value for money (Ba Pavlou, 2002). As such, clients are prepared to pay premium prices if they are comfortable in the belief that they will obtain a high quality product. As such, Samsung uses the competitive pricing strategy for their TVs, devoting time to comparing their prices with the ones of their main competitors like LG or Sony in every geographical market (Woollaston, 2013). The Samsung TV prices reflect the quality that the customers can expect from the product. 5.3. Placement Through a thorough market research Samsung places their products in the best retail seller locations in each of the countries where they operate. For example, Samsung TVs can be found in John Lewis, Tesco or Argos stores across the UK, which are some of the best known British retailers. At the same time, Samsung operates independent showrooms and have partnered with numerous other companies from all industries that display Samsung TVs in their headquarters in order to increase the market presence of the brand (Kershaw, 2012). Overall, the placement of products in all the retail locations ensures that the brand maintains its leading market position, as the catalogues of stores where Samsung TVs are sold feature the newest TV models released by the company, promoting the brand even further. 5.4. Promotion Samsung often uses promotional pricing tactics in order to maintain its competitive edge over the other industry leaders. Specifically designed to attract customers, price reductions, such as the ones available in John Lewis online stores, with free delivery and 5 year guarantee and added care for all Samsung TV sets, these promotions are particularly available around the Christmas holidays in order to attract customers at a time when their disposable income is used to make more generous purchases, including new TVs for the house (Moore, 2011). In 2011, when Samsung launched their new generation of 3D TVs, they were offering two free pairs of 3D glasses with the purchase of selected TVs, an attractive offer for the potential customers, particularly as none of the other Panasonic or LG 3D TVs were benefiting from this offer (Katzmaier, 2011). 6. Conclusion Although the quality, design and technological specifications of consumer electronics remain important characteristics in the decision making process of a consumers’ purchase, marketing strategies and tactics have a crucial impact on the perception of existing and potential customers. The reputation of a company, including their ethical behaviour, from human resources to their impact on the environment at large and the perception of industry innovators in their specific market can influence the profits of a company in a significant manner. This paper has presented how the external environment can influence the marketing strategy of a company and how Samsung Electronics’ current practices are in line with the demands and realities of the consumer electronics market across the globe. Although the competition is fierce and Samsung’s rivals in the TV market share are other well-known global brands such as LG, Sony or Panasonic, the ethical behaviour of Samsung has helped the company increase their revenue each year, through launching products that attract the technological savvy customers, as well as launching promotional offers for the customers who are more price sensitive. Samsung’s ambition to become a global leader in the consumer electronics industry is complemented by their investment in research and development and marketing functions of the organisation, as well as adapting a strategy of glocalisation, using their recognisable brand name but becoming aware of the needs and desires of customers in each local market. All in all, this paper proves that time and resources invested in developing a strategy that focuses on the needs and desires of customers across the distinct markets that a global leader operates in translates into increased profits and reputation building. Bibliography Associated Press. (2014, May 14). Samsung promises to compensate factory workers who suffered cancer. Retrieved October 27, 2014, from The Guardian: http://www.theguardian.com/technology/2014/may/14/samsung-compensate-factory-workers-cancer Ba, S., Pavlou, P. A. (2002). Evidence of the effect of trust building technology in electronic markets: Price premiums and buyer behavior. MIS Quarterly, 26(3), 243-268. Brien, M. (2014, March 1). Samsung versus Apple: Dueling business models. Retrieved October 28, 2014, from Domicity: http://www.domicity.com/2013/04/samsung-versus-apple/ Brownlee, J. (2009, January 7). CES: Samsung announces Luxia LEDs, Palm Theater P3, 64GB SSD Digicam and more. 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How Samsung Executed its Premiun Notebook Strategy. Retrieved October 28, 2014, from Gap Intelligence: http://gapintelligence.com/blog/2012/04/13/how-samsung-executed-its-premium-notebook-strategy/ Kovach, S. (2013, February 9). How Samsung Went From A Dried Fish Exporter To One Of The Top Names In Tech. Retrieved October 26, 2014, from Business Insider: http://www.businessinsider.com/history-of-samsung-2013-2?op=1 Lee, J.-W., Swagel, P. (1997). Trade barriers and trade flows across countries and industries. Review of Economics and Statistics, 79(3), 371-382. Lev-Ram, M. (2013, January 22). Samsungs road to global domination. Retrieved October 27, 2014, from Fortune: http://fortune.com/2013/01/22/samsungs-road-to-global-domination/ Long, J. (2014, October 25). Stop Marketing Without An Integrated Marketing Communication Plan. Retrieved October 27, 2014, from Steam Feed: http://www.steamfeed.com/stop-marketing-without-integrated-marketing-communication-plan/ Macintosh, G., Lockshin, L. 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Business Ethics Essay -- essays research papers

Running Head: Business Ethics Business Ethics name school The modern theory of the firm, which is central to finance and corporate law, views the corporation as a of contracts among the various corporate constituencies. Upon this foundation, finance theory and corporate law postulate shareholder wealth as the objective of the firm. Research in business ethics has largely ignored this contracts theory of the firm except to reject the financial-legal model as normatively inadequate. Philosophers generally bring philosophical theories of ethics to bear on problems of business, and they regard the contractual theory of the firm primarily as a subject for criticism using the resources of philosophical ethics. In particular, stakeholder theory, which stresses the importance of all groups that affect or are affected by a firm, has been proposed as a more adequate theory of the firm for studying business ethics. An important benefit of business ethics research conducted within such a framework would be a narrowing of the gulf between business ethics and the fields of financial economics and corporate law. Business ethics is widely dismissed as irrelevant by researchers in these fields because of its failure to recognize the existing financial and legal structures of the corporation, which are built largely on a contractual foundation. Hence, a common framework could increase the relevance of business ethics research and create a mutually beneficial dialogue. As a framework for identifying and analyzing many common business ethics problems, the contractual theory focuses our attention on the need to provide adequate safeguards for each constituency's interests. Corporate governance is concerned primarily with protecting shareholder interests, in part because the special contracting problems of shareholders are best met by the residual claims that the law of corporate governance creates. The comparative neglect of other constituencies in corporate law is not a matter of concern as long as their interests are adequately protected in some way. How the interests of each constituency are protected--whether by means of corporate governance structures or other means--is a matter of what works best in practice. Before we can devise means for protecting the interests of each ... ...act but on the efficacy of the actual claims of the group in question. Business ethics problems can be identified mainly as wrongful harms, misallocations, and misappropriations. These categories are commonly employed in economics, finance, and corporate law in the analysis of various kinds of problems, which are usually attributed to market failures, imperfect contracting, and other causes. However, many of these other kinds of problems arise from larger economic and political forces that would affect any theory of the firm. References Kenneth E. Goodpaster, "Business Ethics and Stakeholder Analysis," Business Ethics Quarterly, 1 (2001), 53-73; Allen Kaufman, Lawrence Zacharias, and Marvin Karson, Managers vs. Owners: The Struggle for Corporate Control in American Democracy (New York: Oxford University Press, 1995. Alderson, A. and Kakabadse, A., (1994), 'Business Ethics and Irish Management: A Cross-Cultural Study', European Management Journal, Volume 12, Number 4, December, pp. 432-441. Abelson, R. and Nielson, K., (2003), 'The History of Ethics', in Edwards, P. (Ed.), Encyclopaedia of Ethics, Macmillan, New York, pp. 81-116. Business Ethics Essay -- essays research papers Running Head: Business Ethics Business Ethics name school The modern theory of the firm, which is central to finance and corporate law, views the corporation as a of contracts among the various corporate constituencies. Upon this foundation, finance theory and corporate law postulate shareholder wealth as the objective of the firm. Research in business ethics has largely ignored this contracts theory of the firm except to reject the financial-legal model as normatively inadequate. Philosophers generally bring philosophical theories of ethics to bear on problems of business, and they regard the contractual theory of the firm primarily as a subject for criticism using the resources of philosophical ethics. In particular, stakeholder theory, which stresses the importance of all groups that affect or are affected by a firm, has been proposed as a more adequate theory of the firm for studying business ethics. An important benefit of business ethics research conducted within such a framework would be a narrowing of the gulf between business ethics and the fields of financial economics and corporate law. Business ethics is widely dismissed as irrelevant by researchers in these fields because of its failure to recognize the existing financial and legal structures of the corporation, which are built largely on a contractual foundation. Hence, a common framework could increase the relevance of business ethics research and create a mutually beneficial dialogue. As a framework for identifying and analyzing many common business ethics problems, the contractual theory focuses our attention on the need to provide adequate safeguards for each constituency's interests. Corporate governance is concerned primarily with protecting shareholder interests, in part because the special contracting problems of shareholders are best met by the residual claims that the law of corporate governance creates. The comparative neglect of other constituencies in corporate law is not a matter of concern as long as their interests are adequately protected in some way. How the interests of each constituency are protected--whether by means of corporate governance structures or other means--is a matter of what works best in practice. Before we can devise means for protecting the interests of each ... ...act but on the efficacy of the actual claims of the group in question. Business ethics problems can be identified mainly as wrongful harms, misallocations, and misappropriations. These categories are commonly employed in economics, finance, and corporate law in the analysis of various kinds of problems, which are usually attributed to market failures, imperfect contracting, and other causes. However, many of these other kinds of problems arise from larger economic and political forces that would affect any theory of the firm. References Kenneth E. Goodpaster, "Business Ethics and Stakeholder Analysis," Business Ethics Quarterly, 1 (2001), 53-73; Allen Kaufman, Lawrence Zacharias, and Marvin Karson, Managers vs. Owners: The Struggle for Corporate Control in American Democracy (New York: Oxford University Press, 1995. Alderson, A. and Kakabadse, A., (1994), 'Business Ethics and Irish Management: A Cross-Cultural Study', European Management Journal, Volume 12, Number 4, December, pp. 432-441. Abelson, R. and Nielson, K., (2003), 'The History of Ethics', in Edwards, P. (Ed.), Encyclopaedia of Ethics, Macmillan, New York, pp. 81-116.