Managing Price Discounting

A leading website defines Discounts as â€Å"Percentage reduction in the gross price given by a seller to a buyer who pays within a set period of time. Cash discounts are given to shorten the length of time the seller must wait to collect the amount due. Cash discounts are offered to buyers in most industries, including media buyers.A common business phrase for a cash discount is â€Å"2/10, net/30,† meaning that a 2% discount is offered if the amount due is paid within 10 days; otherwise 100% of the amount due is payable in 30 days. For example, if the amount due is $100, the buyer may pay $98 within 10 days or $100 within 30 days.†Discounting is becoming a popular mean to attract the customers. Simon Hathaway, managing director of retail specialist Saatchi & Saatchi X, says discounting has become part of the business model for many retailers, especially those in the furnishing sector. He believes that much of this is driven by retailers taking advantage of consumers' ignorance of the price of many products. ‘If you asked 20 people the price of a pint of milk, you would get 20 different answers,' he says.Mike Watkins, senior manager of retail services at A.C. Nielsen, says the potential rewards of tempting shoppers with discounting are huge. ‘Consumers are hooked on promotions,' he says. ‘On average, about 80% of UK shoppers are looking for price promotions — that's the highest in Europe. Low prices are now expected.' Merchants often advertise various types of price discounts in attempts to affect favorably the price-related evaluations and shopping intentions of consumers.Why does price discounting occur – why is it so prevalent?Kevin Cancy, chairman of Copernicus, a major marketing research and consulting firm found that only 5 to 35 percent of the customers are price sensitive. People with higher income and higher product involvement are ready to pay the price for features, customer service, quality , added conv enience and the brand name. Most companies will adjust their list price and give discounts and allowance for early payment, volume purchases and off-season buying.It is well-accepted fact that short-term promotion leads to an increase in the sales. Although the size of the discount determines absolute or relative prices, an important additional type of consumer behavior relating to the processing of information concerning the size of the discount, per se, may have to be addressed before predictions concerning the impact of size of discount can be made. Besides this there are many other objectives that a firm seeks to achieve with discounts. Some of them are:Keeping up with competition: a sale or a discount offer is likely to be perceived and accepted as a good value when the advertiser is perceived as price competitive (Fry and McDougall, 1974; Biswas and Blair, 1991). Occupying more shelf space in the retail showrooms: Keeping good relations with the dealer often causes discounts. This is more evident in the cases when the dealer is strong. Either he has strong brand value in the region or is a bulk buyer of the product.To promote a new innovationTo clear the decks for new stocks ( change of season/fashion)Price promotions showing tangible increase in SalesAttracting new customers to the brand which may result in increased brand switching.Also, Research has indicated that a sale or a discount offer is likely to be perceived and accepted as a good value when the advertiser is perceived as price competitive. One reason for such effects relating to store price image may be the nature of attributions for the price discount made by the consumers. For example, for a low-price image store, consumers may be more likely to make merchant-related attributions that indicate â€Å"meeting competitors' prices† or â€Å"passing on savings from bulk purchases from manufacturers† than for a high-price image store.Differences may also be observed in product-relat ed attributions between the stores. Because many consumers believe there is a positive relationship between price and product quality (Rao and Monroe, 1989; Lichtenstein and Burton, 1989), a price discount on merchandise at a store that has a low-price image may sometimes be perceived as related to something negative about the products (such as out-of-date models or inferior quality).The key reason often sighted by marketers is that it is done to is done to invite new users to try the product. If these people appreciate the product they may switch to your brand.  Does it work well to achieve the objectives that are typically set for it?Though the prices discounts do spike up the demands temporarily it is very rare cases that it actually spikes the demand in the long run. But there is a negative side to it, like:Long run price promotions make consumers more sensitive in both loyal and non-loyal segments. They also train non-loyal segments to seek price discounts, thereby making the m more sensitive to price promotion (Mela, Gupta and Lehmann, 1997).Discounting can be a useful tool if the company can gain some concessions in return, like an extended contract of bulk order.Short run price discounts also cause the loyal customers towards bulk buying. This means increase in customer inventories and thus may result in the reduction of subsequent buying.Research suggests that the price promotion more often then not is unsuccessful in brand switching. The reasons for that are very evident, perhaps one of them can be the price perception of the customer is set to the discounted price of the product.For a brand positioned as an aspiration brand the discounts can be suicidal. This may lead more people to buy the brand but it may result in the loss of loyal customers who constitute the major chunk of buyers in the normal course.The price discounts works well in a few cases like:Discounts offered in the time of needDiscounts towards the end of season achieve their objecti ve of clearing the decks for the new stocksAre there some objectives it is well suited for and others it is not suited for?There is lots of confusion on the impact of price discounts, Mela, Gupta and Lehmann in their paper â€Å"The long term effects of Promotion and Advertising on consumer brand choice† state that companies like Colgate Palmolive Ralston, P&G have curtailed the price based promotions but there are some like Heinz who continue to adhere to it.In a research M. P. MARTI ´ NEZ-RUIZ, A. MOLLA ´ -DESCALS, M. A. GO ´ MEZ-BORJA & J. L. ROJO-A ´ LVAREZ (May 2006)   found that for The high-priced brands of the storable category that promotional discounts had a bigger impact during the first days of the promotional period, whereas no special pattern was detected in the low-priced brands of this category.There are some places where the discounts are very well suited for like:Discounts to people visiting in lean season at resorts. This brings extends the brand to people who otherwise may not use it.In an attempt to divert competition attention from the innovations. A price discount leads competition to fight the discount and in the mean time you can position your new innovation.Though there is no research evidence to justify these observationsHow can a product manager or a brand manager plan a discounting strategy that does not harm brand value? Some guidelines can be suggested for the retailer to set adequate promotional discounts periods.Objective of Discounts: The Product manager should very clearly announce the objective of the discounts. Generally discounts offered for pumping the sagging sales should be avoided. A clear motive and the time frame to achieve that motive should be clear.Timing of the Discount: Timing of the discounts is very important. A end of season sale may not have that bad an impact on the brand as a sale in the peak season. A grocery store offering a discount in the year of drought is bound to have more loyal cus tomer’s that any other store around the neighborhood.Limit the Duration: In the first place, promotional periods for the high-priced brands of the storable category should not exceed 10 days; otherwise the promotion profitability could be reduced. In addition to this, discount levels should not exceed a certain magnitude, which depends on the considered brand.Add Value Added Services: An even better strategy than discounting your price is to add value to your goods or services – such as free installation, maintenance training, and longer product warranties. For example, â€Å"I can't lower my price but I am going to give you consulting which will save you the same amount of money, had you received the lower price.† As Mr. Kotler explained, there are some companies that are extremely knowledgeable about their customer's business, and able to point out to their customer ways in which they can save money. Baxter, a hospital supplies company, provides a good example of adding value.â€Å"They give credit points to hospitals who buy their products – just like airlines do.† These points can be redeemed for a cash rebate or for consulting days. Baxter has 12 key consulting teams, each with a different focus. One team, for example, will help the hospital improve its information management system while another team will help it better manage its wastes, elaborated Mr. Kotler. As it turns out, the consulting is so useful that the points are better used for consulting days.Avoid Frequent Discounts: Frequent discounts might influence the consumers’ reference price points and so produce a wear out effect.Evaluate other options like bundling instead of price discounts: Bundling leads to repackaging the products along with other products. Even in this case the frequency and duration should be kept in mind.Cited ReferencesM. P. MARTI ´ NEZ-RUIZ, A. MOLLA ´ -DESCALS, M. A. GO ´ MEZ-BORJA & J. L. ROJO-A ´ LVAREZ (May 2006) †˜Assessing the Impact of Temporary Retail Price Discounts Intervals Using SVM Semi-parametric Regression’ Int. Rev. of Retail, Distribution and Consumer Research Vol. 16, No. 2, 181 – 197DONALD R. LICHTENSTEIN, ABHIJIT BISWAS, KATHERINE FRACCASTORO   (1994) ‘The Role of Attributions in Consumer Perceptions of Retail Advertisements Promoting Price Discounts’ Marketing Letters 5:2, (1994): 131-140, Kluwer Academic Publishers Carf Mela, Gupta Sunil, Lehmann Donald   (May 1997) ‘The long Term Impact of Promotion and Advertising on Consumer Brand Choice.’ Journal of Marketing Research 34 (May) p248-261 Quilter, James (March 2007) Marketing, p20-20, Kotler Philip (2003), Marketing Management Pearson Education p-489-490

Construction Management

Bonds LaShundra Hines Indiana Wesleyan University Personal Finance BUS 150 Keith Smith July 22, 2009 Construction Management The function of a construction manager is to advise and consult a client or owner concerning the programming and design of a project. This would include cost estimation, coordination of the work schedule , equipment and material deliveries. A concern in the managers advisement and consultation is trade jurisdiction of the various contractors and the activity coordination of the engineers and architect. One of the most important functions of a construction manager is to offer critical analysis as it relates to the design, economics, and constructibility being proposed by the architect while always keeping in mind the initial budget and the ultimate goal of providing the best possible facility. Demographics In the analysis of demographics and its impact on commercial spending, consideration should be given to the cause of Dayton residents who flee to neighboring communities,increasing crime rates. The lack of employment opportunities, and the infiltration of less desirable residents who fail to take proper care of their property, are some reasons for this flight,which robs Dayton City limits of responsible consumers whose spending would otherwise enhance retail development and progress. It is true, that those disadvantaged families who have been victimized by alcohol and substance abuse, economic down turns and criminal activity, need decent residents like anyone else. However; given the current economically depressing conditions, law enforcement, city inspectors and other institutional overseers are obliged to be more diligent in minimizing problems that arise under these circumstances. Urban Retail Strategy Proper use of land based resources dictates that urbanism advocates mixed-use development which combines residential, commercial, cultural, and recreational uses, rather than segregating these uses into separate zones or traditional single-use zoning. This strategy also facilitates the presence of a variety of demographic entities as per age, sex, income, etc. These varied consumers would be available in the area of retail development and would also cancel some concerns of isolated criminal activity. Environmental Concerns Asbestos legal firms advertising to represent victims of asbestos contamination , appear hourly on tv commercials. This fact emphasizes that asbestos is still a dangerous threat to the population at large. It is a carcinogenic with a prolong incubation period (30+) years, that incapacitates the lungs and breathing process by the infiltration of hook-like fibers for which there is no cure. The state of Ohio is reminded of the devastation caused by asbestos in the city of Mansfield. Exposure to construction materials that were manufactures there, consisting of asbestos caused the death of workers and their families. This occurred prior to governmental warnings and regulations of asbestos containing materials; and has resulted in a host of multi- billion dollar class-action law suits. Dayton is likewise, littered with older structures and vacant buildings that present a similar threat and must be dealt with in consideration of any urban renewal strategy. Environmental Considerations Type I and type II environmental research and analysis involves a careful walk-thru grid pattern of the land area to investigate the presence of illegal dumping, oil and chemical leakage, the presence of underground utilities and other buried materials. Various municipal departments and the fire department , should be consulted as to the historical use of a particular parcel. The type II process involves the abatement of such research which include taking bulk samples of hazardous materials for lab analysis and later air samples during and after abatement to determine atmospheric quality. For many decades throughout the country we have seen large segments of the general populace favor suburban residency. This same phenomenon has affected the downtown and inner-city areas of the city of Dayton for many of the same reasons: I- The increase of inner-city crime, home invasions, robbery,drug traffic, drive-by shootings. II- Unhealthy industrial environment : violation of EPA(Environmental Protection Agency). Federal standards pertaining to harmful emissions and chemical contamination, as well as accidents due to violation of OSHA(Occupational Safety and Health Administration) standards. III- Atmospheric pollution and traffic congestion. IV- Relocation of business parks and shopping centers to the outgoing suburbs. In the case of Dayton in particular, the demise of NCR, GM, DHL, HEWITT SON FACTORY, have all contributed to massive unemployment and relocation and displacement of the city's residents. Large National and international retailers and franchises such as Kroger, Wal-mart, McDonald's have traditionally, perceeded their decisions to locate in a metropolitan area, based upon a impact assessment of the location. Such assessment have been based upon most of the considerations that I have just itemized, and include others such as geographical flood and storm histories, traffic patterns, age, income, and educational demographics and statistical analysis. Judging from this itemized list it becomes obvious why Dayton lacks the presence of some of these franchises in certain areas. My target date for completion of the proposed report shall be 60 days maximum or less after contract award. My recommended fee for completing the requirements of the contract is $175,000( one hundred and seventy-five thousand dollars). A lesser amount can be considered by myself as an independent consultant, and in consideration of the city's budget limitations. A schedule for intermediate reports and presentations shall be available on a bi-weekly time-table. Construction Management Bonds LaShundra Hines Indiana Wesleyan University Personal Finance BUS 150 Keith Smith July 22, 2009 Construction Management The function of a construction manager is to advise and consult a client or owner concerning the programming and design of a project. This would include cost estimation, coordination of the work schedule , equipment and material deliveries. A concern in the managers advisement and consultation is trade jurisdiction of the various contractors and the activity coordination of the engineers and architect. One of the most important functions of a construction manager is to offer critical analysis as it relates to the design, economics, and constructibility being proposed by the architect while always keeping in mind the initial budget and the ultimate goal of providing the best possible facility. Demographics In the analysis of demographics and its impact on commercial spending, consideration should be given to the cause of Dayton residents who flee to neighboring communities,increasing crime rates. The lack of employment opportunities, and the infiltration of less desirable residents who fail to take proper care of their property, are some reasons for this flight,which robs Dayton City limits of responsible consumers whose spending would otherwise enhance retail development and progress. It is true, that those disadvantaged families who have been victimized by alcohol and substance abuse, economic down turns and criminal activity, need decent residents like anyone else. However; given the current economically depressing conditions, law enforcement, city inspectors and other institutional overseers are obliged to be more diligent in minimizing problems that arise under these circumstances. Urban Retail Strategy Proper use of land based resources dictates that urbanism advocates mixed-use development which combines residential, commercial, cultural, and recreational uses, rather than segregating these uses into separate zones or traditional single-use zoning. This strategy also facilitates the presence of a variety of demographic entities as per age, sex, income, etc. These varied consumers would be available in the area of retail development and would also cancel some concerns of isolated criminal activity. Environmental Concerns Asbestos legal firms advertising to represent victims of asbestos contamination , appear hourly on tv commercials. This fact emphasizes that asbestos is still a dangerous threat to the population at large. It is a carcinogenic with a prolong incubation period (30+) years, that incapacitates the lungs and breathing process by the infiltration of hook-like fibers for which there is no cure. The state of Ohio is reminded of the devastation caused by asbestos in the city of Mansfield. Exposure to construction materials that were manufactures there, consisting of asbestos caused the death of workers and their families. This occurred prior to governmental warnings and regulations of asbestos containing materials; and has resulted in a host of multi- billion dollar class-action law suits. Dayton is likewise, littered with older structures and vacant buildings that present a similar threat and must be dealt with in consideration of any urban renewal strategy. Environmental Considerations Type I and type II environmental research and analysis involves a careful walk-thru grid pattern of the land area to investigate the presence of illegal dumping, oil and chemical leakage, the presence of underground utilities and other buried materials. Various municipal departments and the fire department , should be consulted as to the historical use of a particular parcel. The type II process involves the abatement of such research which include taking bulk samples of hazardous materials for lab analysis and later air samples during and after abatement to determine atmospheric quality. For many decades throughout the country we have seen large segments of the general populace favor suburban residency. This same phenomenon has affected the downtown and inner-city areas of the city of Dayton for many of the same reasons: I- The increase of inner-city crime, home invasions, robbery,drug traffic, drive-by shootings. II- Unhealthy industrial environment : violation of EPA(Environmental Protection Agency). Federal standards pertaining to harmful emissions and chemical contamination, as well as accidents due to violation of OSHA(Occupational Safety and Health Administration) standards. III- Atmospheric pollution and traffic congestion. IV- Relocation of business parks and shopping centers to the outgoing suburbs. In the case of Dayton in particular, the demise of NCR, GM, DHL, HEWITT SON FACTORY, have all contributed to massive unemployment and relocation and displacement of the city's residents. Large National and international retailers and franchises such as Kroger, Wal-mart, McDonald's have traditionally, perceeded their decisions to locate in a metropolitan area, based upon a impact assessment of the location. Such assessment have been based upon most of the considerations that I have just itemized, and include others such as geographical flood and storm histories, traffic patterns, age, income, and educational demographics and statistical analysis. Judging from this itemized list it becomes obvious why Dayton lacks the presence of some of these franchises in certain areas. My target date for completion of the proposed report shall be 60 days maximum or less after contract award. My recommended fee for completing the requirements of the contract is $175,000( one hundred and seventy-five thousand dollars). A lesser amount can be considered by myself as an independent consultant, and in consideration of the city's budget limitations. A schedule for intermediate reports and presentations shall be available on a bi-weekly time-table.

Feminist Issues in The Handmaids Tale Essay - 1316 Words

Feminist Issues in The Handmaids Tale The Handmaids Tale, by Margaret Atwood, can be classified as a distopic novel. The Republic of Gilead in The Handmaids Tale is characteristic of a distopia in that it is not intended as a prediction of the future of our society, but rather as a commentary on current social trends. Atwood has created this nation by isolating what she might consider the disturbing aspects of two diametrically opposed factions of our society (namely the religious right and radical feminism) as a theory as to what would happen if these ideals were taken to an extreme. Because she points out similarities in the thoughts and actions of the extreme religious right and certain parts of the feminist movement,†¦show more content†¦This can be seen as an attempt to point out the neo-Victorian aspects of most anti-pornography ideologies. In past times, especially the Victorian era, the idea of protecting women from the varies dangers of society and exploitation has been used as an excuse to keep women f rom working outside of the home, voting, or participating in many other social and political activities. Even today many Islamic women will state that their veils and extremely modest dress are a form of protection from sexual exploitation. Atwood could be trying to show us that although pornography is degrading to women, this is an issue that is far outweighed by the greater issue of freedom of speech or expression, which goes against the many opinions from both the religious right and some extreme feminists. Another issue in which feminist and religious movements can be seen to converge in this novel is in the process of childbirth. To understand why this is significant a short history of childbirth is necessary. In early times all births were natural due to the fact that there were not any alternatives. Even after anesthetics had been regularly used for many medical procedures, however, childbirth was still not considered a situation that required pain relief techniques. This was partially due to the fact that until recently most births were attended by midwives or other women rather than by physicians and were not consideredShow MoreRelatedThe Characters of Women in The Handmaids Tale and The Bell Jar1504 Words   |  7 Pages Women in The Handmaids Tale and The Bell Jar nbsp; Sylvia Plaths renowned autobiographical legend The Bell Jar and Margaret Atwoods fictional masterpiece The handmaids tale are the two emotional feminist stories, which basically involve the womens struggle. Narrated with a touching tone and filled with an intense feminist voice, both novels explore the conflict of their respective protagonists in a male dominated society. In spite of several extraordinary similarities in termsRead MoreFeminism in Top Girls and The Handmaids Tale Essay1635 Words   |  7 PagesBoth Top Girls and The Handmaid’s Tale relate to contemporary political issues and feminism. Top Girls was written by Caryl Churchill, a political feminist playwright, as a response to Thatcher’s election as a first female British Prime Minister. Churchill was a British social feminist in opposition to Thatcherism. Top Girls was regarded as a unique play about the challenges working women face in the contemporary business world and society at large. Churchill once wrote: ‘Playwrights don’t give answersRead MoreSummary Of Feminism In The Handmaids Tale724 Words   |  3 Pagesreligious conservative politics. Writer, Fiona Tolan analyzes Atwood’s work more in depth in â€Å"Feminist Utopias and Questions of Liberty: Margaret Atwood’s The Handmaid’s Tale as Critique of â€Å"second wave feminism†. In this academic journal, Tolan argues that The Handmaid’s Tale is criticism to â€Å"second wave feminism†. She states the Aunts, Serena Joy, and Offred’s mom as examples of second wave feminist who believe transitioning into Gilead is right for women. She criticizes that this is the worldRead MoreFeminism Lost in Margaret Atwood’s A Handmaid’s Tale Essay1527 Words   |  7 PagesIn Margaret Atwood’s A Handmaid’s Tale, the human spirit has evolved to such a point that it cannot be subdued by complacency. Atwood shows Gilead as an extremist state with strong religious connotations. We see the outcome of the reversal of women’s rights and a totalitarian government which is based on reproduction. 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The Economic System Of A Mixed Economy System Essay

Most countries around the world, including Canada, rely on a mixed market economy system in which the allocation of most resources, goods and services is determined by supply and demand through markets and prices. This system has many flaws, including environmental damage, high income inequality both within and between countries, resource depletion and so on. When I think of alternative economic system, I have to go back to the basics of mixed economic system, what actually is and what it does. In every kind of society we have to consider two things; how it produces goods and services and how these goods and services are distributed.one of the flaws of is that it tends to learn more on the governmental control than the freedom of individuals. Sometimes, government regulations may cost company so much that it put it out of market hence paralyzing production features (Tsuruta, 1997). This encourages social democratic programs which retain capitalist’s mode of production. The program also retain fundamental issues of capitalism such as cynical fluctuations, exploitation and alienation. Another government negative is that it decides the amount of tax on products which may lead to hike of the prices of such products hence people unwillingness to buy. Lack of price control management can cause deficiencies in goods hence bringing market imbalance. Social democracy is mostly flawed for maintaining a property-owning capitalist class which actively reverse social democraticShow MoreRelatedFour Different Economic Systems and Which One I Think Best Suits South Africas Mixed Economy1448 Words   |  6 Pagesthe three key economic questions has lead to the evolvement of four different economics systems which i will critically analyse in this assignment. Furthermore, i will be critically discussing South Africa as a mixed economy as to why it is characterized as a mixed economy and the suitability of the economic system for the current economic conditions. â€Å"A government is not need to ensure the whole society’s welll-being† Adman Smith. 2.LITERARY REVIEW OF THE FOUR ECONOMIC SYSTEMS 2.1. TraditionalRead MoreMixed Economic Systems760 Words   |  4 PagesEconomic system of a country Identify and evaluate the economic system that Malaysia is adopting. Discuss the rationale of Malaysia’s economic system in terms of utility maximisation and pricing mechanism for distribution of goods and services. An economic system is the combination of the various agencies, and entities that provide the economic structure that defines the social community. Malaysia has adopting mixed economic systems. Mixed economic system is an economy where there is moreRead MoreIntroduction A system is a network of parts which interlock to form an overall pattern. 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How much of the scarce resource should be utilised and how will the goods and services will produced? For whom should the diverse goods and services be produced for and where will the production take place? Economic systems don’t always work accordingly but often so vast and complicated but on the contrast its working out justRead MoreEconomic Systems Essay1117 Words   |  5 PagesIntroduction Economic systems are organized way in which a state or nation allocates its resources and apportions goods and services in the national community. An economic system is slackly defined as country’s plan for its services, goods produced, and the exact way in which its economic plan is carried out. There are three types of economic systems exist, they are command economy, market economy, and mixed economy. Command economy is also sometimes called planned economy. The expectationsRead MoreEconomic Systems1122 Words   |  5 PagesIntroduction Economic systems are organized way in which a state or nation allocates its resources and apportions goods and services in the national community. An economic system is slackly defined as country’s plan for its services, goods produced, and the exact way in which its economic plan is carried out. There are three types of economic systems exist, they are command economy, market economy, and mixed economy. Command economy is also sometimes called planned economy. The expectationsRead MoreEconomic Systems And The Economic System808 Words   |  4 Pagesways to run economies, however, they all fall under four general categories: free market, centrally planned, traditional, and mixed. To better understand why societies must choose one of these systems, we must proceed deeper into detail on how these economies function. The oldest and simplest of the economic systems is the traditional economy. It relies on habit, custom, or ritual to answer the three key economic questions. Due to the unembellished nature of the traditional economy, there is littleRead MoreAdvantages And Disadvantages Of Traditional Economy1406 Words   |  6 PagesThe economic system, traditional economy, which is the first and the oldest system appears from the ancient age of human beings. The main production is hunting, gathering, fishing, and agriculture. Its characteristics consist of making economic decisions by the guides from experiences of the elders, producing goods for what people need, and the most unique thing is that this system has no currency (Kimberly Amadeo, 2017). So how do merchandises or customers buy something such as bread or meat? The

International Business and the European Union - 3012 Words

International Business and Europe Introduction In this assignment I will be concentrating on International Business and the European Union and how it has an effect on businesses in the U.K. The aim of the assignment to use a U.K based organisation as a scenario. I will be writing the assignment based on a report for the Board of Directors from my chosen company. The company I have chosen is a vehicle manufacturer called Octopus Vehicle’s. They currently have been given the opportunity to supply EU sourced cars and export them to many countries around the world. They have been offered offices based in Spain and Holland and currently have one in the U.K. TASK 1 International Trade, Economics, and Global Markets In this†¦show more content†¦Opportunities †¢ Not an issue to export goods overseas †¢ Much easier to expand the business †¢ High quality products can be bought for low prices †¢ Possibility of manufacturing vehicles overseas for a lower cost †¢ No changes in policies if the company buy’s offices in Holland and Spain †¢ Possibility of U.K workers moving abroad with no paperwork etc Threats †¢ Other foreign businesses may provide cheaper cars †¢ Marketing for a different culture †¢ Language barriers †¢ Carbon footprint from importing and exporting TASK 2 European Policies In this second chapter I will be identifying two European policies and discuss how they impact on U.K businesses and also Octopus Vehicles in particular. The European Union was set up in 1958 by the Treaty of Rome, it was then known as the European Economic Community (ECC). It had six founder members of what was originally known as the ‘common market’. Before the U.K joined in 1973 our economic growth was significantly slower than these six founder countries. Joining the union gave the U.K the chance to grow along side these countries. There are now 27 EU members which has provided an increasingly large ‘home market’. Being a member of the EU has had many effects on the U.K and its businesses. Five main areas would be the economy, politics, law and legislation, labour mobility, and common agricultural policy. 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The UN may be bestRead MoreLegal Environment of Business1600 Words   |  7 Pages[pic] BÐ BS Legal environment of business Home Assignment Seminar leader: Margit Racz Student name: NurlÐ °n S. KurmÐ °lÐ °yÐ µv Contents 1. Introduction†¦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‚¬ ¦3 2. The constitutional order of Hungary†¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦.3 1. Legislation†¦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‚¬ ¦ 3 2. Execution tasks†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.......................................................................3 3. Judicial power†¦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‚¬ ¦...4 3. 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Management Accounting free essay sample

This revolution of management came to understand the need for amalgamating accounting and management techniques. Strategic management accounting is the analysis of data regarding management accounting relating to a particular business as well as its competitors (Sharma, 2009). Puma consistently develops innovative product and marketing campaigns to improve the brand profile and to continually increase product and brand desirability. Strategic Positioning concern performing different activities from rivals or performing similar activities in different ways. It is how a company will present itself to the market giving itself a competitive edge. The Business environment in which they operate is however large and therefore they cannot use the same concepts everywhere therefore decentralisation for day to day management is effective while IT systems can be used for centralised monitoring and coordination, Introduction Management accounting techniques were adopted and used to analyse and evaluate the business information of Puma. The results from the evaluation and analysis will be reported starting with the Company Profile Puma SE (PUMA) and its adaptability to business environment changes focusing on management accounting changes, technologies used management practices and its product life cycle. We will write a custom essay sample on Management Accounting or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The Cost Management and Product Management Accounting Techniques adopted by Puma are essentially reported on thereby describing the company’s strategic positioning and the challenges faced by Puma in implementing is techniques. The report will recommend ways in which Puma can reduce or eliminate its limitations. Company Profile PUMA was established in 1924 by founding brothers Schuhfabrik Rudolf Dassler and Adi Dassler and was renamed PUMA Schuhfabrik Rudolf Dassler in 1948 when Adi left the company to start his own shoe company, Adidas. Puma employs more than 9,500 people worldwide that designs and develops footwear, apparel and accessories making it one of the worlds leading sportlifestyle companies. The company and has headquarters in Herzogenaurach/Germany, Boston, London and Hong Kong and went public in 1986. The PUMA Group owns the brands PUMA, Cobra Golf and Tretorn. The Company has a total Capital Stock of â‚ ¬ 38,611,108. 00 as per 01/01/2012 till 31/12/2012 financial statements. PUMA sponsors many athletes such as Olympic champion Usain Bolt of Jamaica and another large number of national and club teams in sports ranging from soccer to cricket. PUMA starts in Sport and ends in Fashion Its Sport Performance and Lifestyle labels include categories such as Football, Running, Motorsports, Golf and Sailing. Sport Fashion features collaborations with renowned designer labels such as Alexander McQueen, Mihara Yasuhiro and Sergio RossiIt is committed to working in ways that contribute to the world by supporting Creativity, Sustainability and Peace, and by staying true to the principles of being Fair, Honest, Positive and Creative in decisions made and actions taken. (Delloitte and Touche, 2013) Management Accounting Changes due to Business Environment The business world of today has become much more complex and vast with most properly set up and registered businesses of any size penetrating markets much further from their geographical locations. The change of markets and their influences led to the development of modern business environments. Business environment therefore refers to the influences and pressures exerted by external factors on the business. The rise of these market forces on businesses led to management’s development of strategies that would totally take advantage of the opportunities in the new markets essentially increasing profits while complying with laws and societal values at the same time suppressing any threats from the new market forces. This revolution of management came to understand the need for amalgamating accounting and management techniques. Strategic management accounting is the analysis of data regarding management accounting relating to a particular business as well as its competitors (Sharma, 2009). In Germany, the business environment is basically regulated by the government, business associations and other special bodies. The Frankfurt Stock Exchange is one special body that influence and facilitates the Germany business environment. The Prime Standard is a transparency level based on a legal framework provided by the EU-regulated markets. Companies listed in the Prime Standard are required to meet high transparency standards such as use of international accounting standards (IFRS/IAS or US-GAAP) and publication of a corporate calendar staging of at least one analyst conference per year. Sustainability indicators provide investors of the opportunity to support responsible company management. The philanthropic and social activities of the company are also considered here. Puma adjusted its management accounting strategies and adopted the most suitable for business. Business processes reengineering in redesigning and changing the existing practices or processes in the business in order to attain significant improvement in the performance of the organization (Adeyemi, 2008). One of the most crucial management accounting process in a firm is control. () Control refers to the process of making sure that an organization’s activities are in accordance to the plans so that its objectives can be achieved successfully. Puma adopted the management accounting control‘s main two elements. Puma’s management are involved in the formal planning processes such as budgeting and long term planning. Puma created responsibility centres that commence the process of allocating the answerability for financial outcomes and results to the individuals in the entire organization. Drury (2008) accounted that, while designing effective management control systems it is very important to take into account the current circumstances. Modern Manufacturing Technologies Manufacturing departments rely on operational information that provides management with data on departmental outputs and performance, e. g. , production volumes, lead and delivery times, product defects and resource consumption. Recent empirical findings suggest that nonfinancial data should have a prominent place in manufacturing departments not the least in companies emphasizing customization and manufacturing A second challenge was communication. Pumas global design and manufacturing teams are based in different countries. It is really crucial for to have the team members holding the same physical model to which they could all relate. Puma has installed 3D printer in each of the sites. Each team prints the same prototype model, so that when we have conference calls to discuss design and manufacturing issues, we are all on the same page. Each team is viewing and holding the exact same model, which allows us to communicate much more easily than before. The PumainCycle Collection was born from Pumas challenge to produce a fully recyclable or biodegradable collection as part of the learning journey to improve the sustainability of its products. To develop the collection, Puma collaborated with EPEA, whose mission it is to help companies fulfil the Cradle to Cradle Products Innovation Institutes criteria for the design of ecologically and intelligently designed products. Management Accounting free essay sample The group is required to undertake a project on a management accounting topic related to the course (refer attachment). The objective of the project is to provide students an opportunity to gain an in-depth knowledge of the theoretical underpinnings of one of the management accounting topics and to summarize any current articles of the topic (the chosen articles must be accepted by your lecturer). 2. The group projects may be done in groups of at most five students (you may choose you own group members). Each group will be entitled with one group project (see Attachment A). . The assessment marks for the group project is equivalent to 20 marks. 4. The group project report should be submitted to lecturer in class not later than week 10. Late submission of the term project will not be entertained, i. e. , a grade of ZERO will be assigned. 5. The group project report should follow the guidelines below: a) Written in English language b) Computer typing Arial, Font 12, 1. We will write a custom essay sample on Management Accounting or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 5 line spacing c) Properly cited and follow the APA referencing style (http://www. apastyle. org/) 6. Criteria for grading the written group projects is as follows: a) Good writing quality ) The presentation style of a group project report c) Demonstration of appropriate citing in use of source materials d) Evidence of group effort e) Clarity, precise and thorough analysis in demonstrating the group project report 7. Minimum 25 pages. ATTACHMENT A GROUP PROJECT QUESTION (20 marks) 1) Management Accounting – (A) How has the technology changed the work of management accountants? What other business trends are influencing managerial accounting today? How do these other trends impact management accountants’ roles in the organization. (B) Find a recent news article on an ethical issue. You have to write a summary of the article and how financial and managerial accountants could have used information to detect the activity. 2) Performance evaluation system – (A) Explain why using financial statements as the sole performance evaluation tool for a company is probably not a good idea. What issues can arise from using only financial measures for performance evaluation? (B) Obtain published financial statements of two manufacturing companies within the same industry. Compare and contrast their income statements and balance sheets. How does the cost of goods sold vary for the two companies? What are the gross margin percentages for the companies? How would manufacturing companies determine the price to charge their customers? How does this compare to a service organization? Provide examples of product costs and period costs? 3) Balance Scorecard – (a) List and describe the four perspectives found on a balance scorecard. For each perspective, list at least two examples of KPIs that might be used to measure performance on that perspective. (B) Find a recent news article on Balance scorecard. You have to write a summary of the article. 4) ABC – A) Discuss the current issues in Activity Based Costing (ABC) implementation. Why most of the companies do not adopt ABC system in their production line/companies. (B) You are required to find websites of other businesses that use activity-based costing. Identify specific concerns that the business may have in using activity based costing. Provide examples of how activity-based costing has improved the business. What w as the purpose of establishing ABC within the business? 5) Traditional Management Accounting Technique – (A) List, describe and discuss the traditional management accounting technique. Explain why traditional management accounting technique is said to be inappropriate to be used in contemporary business? (B) Students are required to find websites of businesses that would use job-order costing. Identify specific concerns that the business may have in using a job-order costing system. Provide examples of the types of costs that the business would need to accumulate. Give examples of overhead costs for the business and how it would determine a predetermined overhead rate. 6) Contemporary Management Accounting Technique – (A) List, describe and discuss the contemporary management accounting technique. Explain why contemporary management accounting technique is said to be appropriate and relevant to be used in contemporary business? (B) Find a recent news article on JIT (Just in Time). You have to write a summary of the article and; review the current practice and future direction for the research. 7) Budgeting – (A) Discuss any shortcomings of traditional budgeting system and explain why the budgetary control is lacking in terms of long-term goals. (B) Find a recent news article on Budgeting system. You have to write a summary of the article and; review the current practice and future direction for the research. ) Cost-Volume-Profit Analysis SET 1– (A) About 80 percent of all new businesses fail in the first five years. A major reason for their failure is the lack of equity financing. To obtain financing for a new business, it is necessary to show how the business will make a profit. Five simple steps to help convince cautious investors to risk funds in a new busines s follow: 1. Project start-up costs and operating budgets. 2. Project income statements. 3. Project cash flow statements. 4. Determine the business’s break-even point. 5. Develop â€Å"Plan B. † Discuss the above five steps in order to help convince cautious investors to risk funds. (B) Obtain published financial statements of a manufacturing and a service organization. Identify the products or services provided by the company. Discuss how the company would use cost volume profit analysis. If the company has multiple products, address the complexity of using the CVP tool and what internal information would the company need to use CVP. 9) Short-term Business Decisions – (A) Despite its growing popularity, outsourcing has gotten a bad rap over the past few years. While there may be good reasons for it in certain circles, it doesn’t mean that such strategies aren’t a good idea for small to mid size enterprises. Discuss the statement above. (B) Find articles that describe decision-making models and concepts used by businesses. Topics could include productivity measures, make or buy decisions, or sell-now or process further decisions. Discuss how the management technique motivates the behavior of its employees. 10) Standard Costing (A) Based on one of the Japanese companies, describe how costs can be reduced through the concept of â€Å"Kaizen†? Students are required to find websites of companies who use kaizan costing or target costing. Discuss how these standards are used and what benefits the companies have experienced in using these methods. (B) Find a recent news article on Kaizen costing. You have to write a summary of the article and; review the current practice and future direction for the research. 11) Managerial Accounting current issues (A) Base on the current issues in Airline System in Malaysia, Minister call for merger Air Asia and Malaysian Airline System (MAS). A merger of Malaysian Airline System (MAS) and AirAsia Bhd will enable the two entities to compete in the global arena. In managerial accounting point of view, discuss the concept of Strategic Cost Management (SCM) and explain how it can be implemented in the above situation. (B) From the articles of â€Å"Research in management accounting innovations: An overview of its recent development†, you are required to critically summarize and identify the contemporary management accounting systems that have been highlighted in the paper. 12) Cost-Volume-Profit Analysis SET 2– A) Assume that the group is acting as a Product Steering Committee. Evaluate the feasibility of producing the product based on the financial data of any companies. Discuss the possible courses of action that the company might take to improve the financial performance of the product. Also, discuss some reasons why the company might wish to produce the model of product even if it does not promise good finan cial returns. (B) Find a recent news article on CVP. You have to write a summary of the article and; review the current practice and future direction for the research.

Plato`S The Republic Essays - Socratic Dialogues, Dialogues Of Plato

Plato`S The Republic Socrates' ideal city is described through Plato in his work The Republic, some questions pondered through the text could be; How is this an ideal city formed, and is justice in the city relative to that of the human soul? I believe Socrates found the true meaning of justice in the larger atmosphere of the city and applied that concept to the human soul. Socrates describes his idea of an ideal city as one that has all the necessary parts to function and to show that justice is truly the harmony between the three stages of the city and soul in the human body. Plato introduces the idea of the happiness. Socrates says, in establishing our city, we arent aiming to make any one group outstanding happy but to make the whole city so, as far as possible (Plato 420b). I agree that in order to examine one thing that is difficult to comprehend, it is wise to look on a larger scale. In this case, Socrates had to examine the difference of a whole city and other concepts of cities in order to determine justice in the world and inner soul. In order to develop the perfect city Socrates had to develop the other ideas that contribute to the ideal city, the City of Need, and the City of Luxury in order to develop the Perfect City. I believe Socrates in-depth discovery process for the perfect city is a great philosophical look into the idea of justice. Socrates brought up a subject many men at that time would never have thought about and Plato believed that the idea of justice was worthy of writing a literary work to pass his philosophy on to future generations. Since the crucial elements of justice may be easier to observe on the larger scale like a city than on one individual. The focus for Socrates is a perfect city, because the city will represent human soul, Socrates says; we'll go on to consider it in the individuals, considering the likeness of the bigger in the idea of the littler?(Plato 369a). Plato's ideal city is really the search for the truth of justice, if Socrates were able to find the relationship between th e soul and city in his ideal city then he would have the true meaning of justice. We saw from the reading how he came about braking down the city's parts and also that of the soul in order to see the reaction between three different regions which Plato and Socrates describe in The Republic. According to Plato, Socrates broke down the perfect city into three parts; each part is tied to a specific virtue that he believes will help define justice. The three virtues are wisdom, courage, and moderation. Wisdom is the whole knowledge, which describes the rulers of the city. The rulers should be the ones who incorporate philosophy and ruling together to rule the city wisely. Courage describes the guardians, who's job was to defend the city from invasion and take new lands for the city. The third virtue of the ideal city was moderation which is the concept of self-control and knowing ones role, also the concept of one man, one job. The ideal city described in the work is ideal to me because it relates all essential parts to bring harmony among the different kind of people and the virtues that go hand in hand with to bring about justice. Therefore, the question arises, if I would want to live in the ideal city Plato has described in the work. My answer would be yes because it seems that everyone has a specific role to follow depending upon their abilities, both physically and mentally. When I look back to the early cities Plato discussed I agree with the city of need, but that is only part of the whole scheme of things. We need to add the luxurious things and leaders and the people to protect the city. No one of those first two cities could be great by its self, sure each one had their strong points but together they are harmonious to develop the perfect city. The perfect city needs both cities' traits, beginning