Thinking Made Easy

Case Study on Mental health and Activities of Daily Living

Is Behavioral Treatment Good on Mental Health or Institutional A.D.L or Activities of Daily Living?

            Behavioral treatment or behavioral approach is commonly use in different disorders that are associated with the mental and physical aspects. It is being applied in different mental health disorders such as schizophrenia and depression, but it is also used in different Activities of Daily Living or ADL.

Mental health and ADL are connected with each other; there are different mental health disorders that could cause limitations in activities of daily living, while there are different mental disorders that have been directly or indirectly caused by limitations in ADL. That is the reason why both of the said aspects are being focused by the behavioral treatment ( 2003).

            There are different studies that show the effectiveness of the behavioral treatment towards different mental health. The study of  (1996) shows the result of the cognitive behavioral treatment of Panic Disorder among the case of two elderly adults. The result shows that behavioral treatment is effective in different mental health disorder.

            In addition to that, there are also different studies, which show the effectiveness of behavioral treatment, together with the stimulant medication, towards the treatments for the attention-deficit/hyperactivity disorder or also known as the ADHD. The study shows that behavioral treatment is important for optimal result of the rehabilitation process  (2004,).

            It shows that in mental health, behavioral treatment is being used as a supporting activities or treatment for the different medications, and other programs. Furthermore, it is being used in order to communicate or introduce to the patient the important of the social aspects.

            On the other hand, behavioral treatment is also being applied in the process of ADL. However, most of the studies focus on the connection of ADL towards the different mental health, due to the relationship of the two aspects that had been mentioned in the first part of the paper. In the study of  (2003), regarding the application of cognitive behavioral strategies to reduce fear of falling, the author mentioned that fear of falling is considered as a clinical concern. There are different cross-sectional studies that have been shown that associate or connect the fear of falling with the compromised physical and psychosocial status. The study of (2000) compelling evidence that fear of falling may be considered as predictor of fall, it shows that compared to the older adults with the high fall-related self-efficacy, older adults with low fall-related self-efficacy had an increased risk in falling, thus it result to the increasing decline of their ability to perform the ADL (cited from  2003). The said result shows the relationship between the ADL and the mental health.

            It can be showed that the behavioral treatment focuses first on the aspect of the ADL, and then focus on the mental health. This is due to the fact that in behavioral approach, the behavior pattern and development is considered as the most important aspect of the mental and physical health and individual. It shows that any disorder or condition of an individual can be rooted with their behavioral pattern. Thus it shows that it is important to focus first on the impact, cause of relationship of the ADL with the mental and physical health.

            On the other hand,  (1998), states that behavioral treatment, particularly the Cognitive-behavioral treatment or CBT is rarely used and applied as the primary treatment for the multiple, severe and even persistent problems that are characterize different mental health disorder. The said statement shows that behavioral treatment can be used more effectively in the different cases of ADL, due to the fact that it does not include different relentless and constant problems. Furthermore, another difference between the two is that, behavioral treatment can be used alone, in the case of different ADL, unlike in the mental health that it only serve as a supplemental program in order to intensify effect of the different medications and other related activities and therapies.

            This can be seen in the study of  (2000), regarding the application of behavioral treatment of insomnia. Insomnia is a disorder that is connected to one of the most important ADL, which is sleeping. There is a recent study that shows that effective behavioral treatment of insomnia can result in succeeding momentous decrease in the utilization of the health care industry.

 

 

 

 

 

 

 

 

Case Study on Riordan Manufacturing

 

RIORDIAN COMPLIANCE PLAN
Table of Contents

 

I.      Introduction. 3

A.     Background of the Company. 4

B.     Background on the Existing Regime. 5

II.     Control Environment. 6

III.        Risk Assessment. 7

IV.        Control Activities. 8

V.     Information Communication, and Monitoring.. 9

VI.        Conclusion. 9

VII.       References. 10

 

I.        Introduction

The Riordan Manufacturing has long recognized that its functions in the area of global plastics involve numerous substantial legal and ethical responsibilities. These responsibilities tend to affect the very ends on which the focus, customer relationships, employees, and the future of the company. In line with the current conundrum in the economic environment of the United States and the consequent termination of certain companies, it is imperative that companies like Riordan Manufacturing complies with the existing corporate rules and regulations as provided by the existing regime on corporations. This is the primary intention of this document, to provide for the implications of the existing regimes, in this case the Sarbanes-Oxley Act, on the responsibilities and liabilities of the officers and directors of Riordan Manufacturing. For the purposes of this paper, the framework followed is structure provided for by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) shall be used to discuss the major areas that directors need to consider with regards to their legal responsibilities. In the same manner, the arguments and discussions provided in the course of this document shall be supported by existing journals on corporate management, corporate governance, as well as the discussions pertaining to the implications of the Sarbanes-Oxley Act on the major corporations as well as their respective directors and officers. In the end of this document, a summation of these arguments and observations shall be given so as to line it with the existing values of Riordan Manufacturing.      

 

A.    Background of the Company

 The company is a global plastics manufacturer with its headquarters lodged in California. It employs approximately five hundred individuals in its respective plants located in different parts of the globe. From Albany to Hang Zhou, the thrust of the company subsists in its daily drive towards the realization of these goals. The focus of the company is summarized in several major categories. The company believes that the company is a leader in the industry of plastics and that they are supposed to address the major challenges presented by their customers. In the same manner, Riordan Manufacturing applies the most innovative manufacturing disciplines (Six Sigma) and applies the highest quality standards (ISO 9000) to maintain their standing in the market and keep a flexible stand in recognizing the industry trends. With regards to the customer relationships of the company, Riordan Manufacturing seeks to assist their customers in any way they can so as to add to their intention to be more of a solutions provider in the industry. In the same regard, the institution of high quality control as well as innovative and responsive business solutions seeks to establish a long term relationship between the company and the customers. With regards to their internal environment, the company seeks to focus more on their personnel by instituting a team-oriented environment. This is to maintain a clear path towards innovativeness for the company as a whole. Aside from training, the company provides the information needed and support required so as maintaining a culture that complements the intentions of the company and demands of the market. All in all, the company places high regard on financial and human capital to ensure that growth of Riordan Manufacturing is ensured.    

B.     Background on the Existing Regime

The regime applicable in the operations of Riordan Manufacturing is the Sarbanes-Oxley Act of 2002. (80)  This was ratified by the Bush Administration in 2002 and possibly the most significant change in legislative history with regards to the field of securities of public corporations. It clearly affects the liabilities and responsibilities of both officers and directors of public corporations. Though ratification of the said law is encouraged by the problems encountered in the securities of public corporations in the United States, the structure of the said law provides for a more global aspect of business.

The statute added certain elements which are indicated in the eleven titles provided for in the ratified law. ( 2005) It makes the corporate operations of directors and officers more stringent as it added not only additional responsibilities for the Board of Directors but also instituted added penalties criminal in nature. This means that once provisions of this statute has been encroached, punitive as well as pecuniary liabilities are readily forwarded to the accused individuals. This regime is wholly implemented by the Securities and Exchange Commission and is given the power of rulemaking and authority to interpret the laws provided in the statute to accommodate both foreign and local capital market players in the United States.

Specifically, the said regime provides for specific elements that require strict compliance. In this case, certifications on both the CEOs and CFOs are required. (2003,) In the same manner, the audit committee of the corporation has also been given an expanded role. Moreover, corporate governance, financial transparency, as well as disclosure has been regarded as important elements in the operations of the corporation.

II.      Control Environment

The COSO describes the control environment as the area which controls the perception of the people in the organization. (1992,) It sets up the quality in which the organization operates in internal control systems. With a considerably stable control environment, the discipline and structure of the company facilitates the operations of the company in line with the standards and objectives that it upholds. In the case of integrity, the company stated that the operations of Riordan Manufacturing are based on the fair dealing and the ethical conduct of their employees. This means that the integrity of the company relies mainly on the management of the individual employees. In making sure that each and every one of the employees holds on to the ethical principles of Riordan Manufacturing, it maintains the company’s overall success in its operations.

On the other hand, the focus of the company indicted that Riordan Manufacturing employs the Six Sigma. This means that the operating style of the company is driven by the customers. ( 2006, ) Authority is delegated so as to achieve the targeted level of quality and return on investment on the company. With regard to the human resource development of the firm, application of the Six Sigma implies that the training of the human resource is considered as an essential element of its operations. These claims show that the company essentially has a rather stable control environment. It appears to be flexible and applies a system that has been tried and tested as provided in organizational literature.

III.    Risk Assessment

Risks are innately ubiquitous they can be seen in both external and internal environments. The employee handbook provides for the basic objectives on which Riordan Manufacturing seeks to realize. In this regard, it is these objectives that the risk assessments of the company are prescribed. The company must realize, along with its directors and officers, that it is required by law that the company conduct risk assessment. In s107 of the Sarbanes-Oxley Act, it defines risk assessment as the “process of analyzing both internal and external risks and threats to achieving an entity’s goals and objectives.” (180) The company’s risk assessment should cover the changes in the operating environment, new technologies, the new information systems, personnel, activities, operations, and accounting pronouncements to name a few. The process is summarized into five steps.  The first step is to determine the control objectives of the company. Second, the company has to establish the requirements and set a list of priorities to establish the subsequent course of action. This subsequent course of action is the identification of the risks provided for in the operations of the company. Connected to this step is the verification on the actual probability that these risks do take place. Upon establishing the risks that are apparent and the level of likelihood that the company may encounter these, then it is time to manage these risks. This is done by establishing a series of policies that promotes the overall flexibility of the company.

IV.   Control Activities

The COSO describes the control activities of the company as the actions that assist the company in implementing the rules and regulations that comply with the basic risk management initiatives instituted by Riordan Manufacturing. These activities include the approvals and authorizations of certain operating performance geared towards the achievement of the mission statement of the organization. In this regard, it shows that the officers and directors of the company are directly liable for this part of the Riordan’s operations. A relevant provision on the Sarbanes-Oxley Act is manifested in s303. This provision states that manipulation, coercion and fraudulent influencing of the activities related to the approvals and authorization, particularly the financial statements of the company, for the intention of materially misleading the public is rendered unlawful. This means that control activities such as segregation of assets should be free from any manipulation. More specifically, the financial statements as well as the financial information that consequently follows with reference to the control activities of the company in the required reports should be fair in presenting the financial conditions and the results of the operations which the company has carried out in the course of a particular fiscal year. Otherwise, the directors and officers shall be civilly and criminally liable as provided for by s3(b)(1) of the Sarbanes-Oxley Act.  Even the in house counsel of the company has the responsibility in law to report any actions of the company contrary to public policy. This is explicitly stated in s307 of the Sarbanes-Oxley Act.

 

V.     Information Communication, and Monitoring

The Sarbanes-Oxley Act provides for companies like Riordan Manufacturing to implement a material event monitoring. The statute’s s409 provides the importance of information systems to comply with the provisions of the Act. In the case of Riordan Manufacturing, the IT systems essentially connect the four major locations of the company: the head quarters, Pontiac Office, the Albany Office, the San Jose Office, and the one in China.

 However, the major element that directors and officers must adhere to is the disclosure procedures as provided by s406 and s407. The former provides for the creation of a code of ethics of senior financial officers that significantly affects or even waive the provisions of the Act. In the same manner, s407 points to the need of the company for board designation as well as the need for disclosure of the audit committee’s financial expert.

Monitoring on the other hand is covered by both the CEO and the CFO of the company. Under s302 and s906 of the Sarbanes-Oxley Act, the CEO and the CFO must present a certification that they have viewed the report and perused it with due diligence required. This means that they are held liable in the instance that any discrepancy arise from the investigations of the SEC.

VI.   Conclusion

The ratification of the Sarbanes-Oxley Act provides for added liabilities and responsibilities of the officers and directors of public corporations like Riordan Manufacturing. It allows the state to prosecute any circumstances that constitute financial fraud in the company. Though it appears that the Act is essentially wanting as it is said to be a rushed legislation, it gives public corporations the chance to gain the trust of the public with the events that transpired in the days of Enron. Recent events as manifested in the declaration of bankruptcy of supposedly stable company’s in the financial sector makes the need for transparency and disclosure in the financial aspects of the firm indispensable.

The far-reaching and comprehensive reforms provided by the Sarbanes-Oxley Act merely calls for the greater responsibility of the senior management of public companies to take on due diligence in their operations. In the case of Riordan Manufacturing, a proactive role should be taken by the officers and directors in the operations of the company in relation to the reports provided to the public. Upon a deeper perusal of the said Act, the statute specifically provides for a strict interpretation of the law in favor of the investor and against the public corporation. However, the civil liabilities and criminal liabilities imposed upon the directors and officers are equally given recourse as the Act similarly provide for mitigating circumstances in instances where violations are explicitly held by public corporations. All in all, the application of the objectives and operations of the company incompliance with the provision of the Sarbanes-Oxley Act essentially offers a win-win situation for both the public and public corporations.

Impact of Hybrid Car on the Lives of the Hong Kongers within the Next 50 Years

Impact of Hybrid Car on the Lives of the Hong Kongers within the Next 50 Years

Introduction

            As of now, different individuals, organizations and countries are becoming aware of the different environmental issues that can affect the entire economic aspect of a given country, as well as the entire global society. In addition to that, different countries are being affected by the global financial crisis, and that is the reason why Hybrid Cars are becoming popular in the market.

            This paper will focus on the impact of the technology of hybrid car on the lives of the Hong Kongers within the next 50 years. Furthermore, it will give a background knowledge regarding the current and future demand and development of Hybrid Car technology.

Hybrid Car Technology

            Hybrid cars offer significant advantage compare to the conventional vehicles. It offers fuel efficiency, low cost per mile as well as environmental benefits (2008). Hybrid cars offer the drivers an innovative, efficient as well as affordable option. After the years of on the road development, the new hybrids have become a practical choice for consumers ( 2008).

            A hybrid car features a small fuel-efficiency gas engine that is combined with an electric motor that assists the engine when accelerating. The electric motor is being powered by batteries that will automatically charge while driving ( 2008).

            Hybrid cars rely on different methods in order to boost its petrol mileage while maintaining the stable performance. The key aspect of Hybrid car is the regenerative braking. Every time the driver step in the break, the car loses some of its kinetic energy. In a standard petrol powered vehicle, the said energy is being released as heat and then lost, while n the hybrid car, the electric motor can be used as a brake in order to slow down the car. The said methods garner the energy that typically lost in braking and uses it in order to power the battery cells of the hybrid car for later use ( 2007).

            That is the reason why it can give more gas mileage compare to the conventional vehicles that could help to save gas and eventually save money.

            The hybrid cars are also gaining popularity due to the concern of the people towards the environment. Hybrid cars are considered as very effective in terms of defending the environment regarding the negative impact of global warming. This is due to the fact that hybrid cars can help to reduce the amount f the carbon dioxide emissions in the atmosphere, and eventually reducing the dependency of the world towards the fossil fuels ( 2006).

Future Impact of Hybrid Car Technology

            Hong Kong is considered as one of the most successful countries in the world in terms of tourism. That is the reason why it will be important to maintain the current situation of their environment, primarily the issue regarding the air pollution. Air pollution has been a steadily growing problem of the country since the beginning of the Industrial Revolution 300 years ago. The revolution was started by the invention and usage of different technologies that uses different sources of energy such as coal, oil and gas, and it had maid the air quality in Hong Kong deteriorated to the extent that human health was threatened 

            According to the research by the , the air of the city contains almost three times more soot and other pollutants than New York’s and twice that of London. In addition, the air is also containing high levels of sulphur dioxide that can affect the respiratory system of children. The traffic is one of the main culprits of the said problem, and if the said situation continues, it will discourage the tourists and the pollution will threatened the status of Hong Kong as the aspects.

Primarily, the usage of the Hybrid cars can be considered by the government as part of their movement towards clean air in the city. This is due to the fact that anything that is more energy-efficient can help to clean the air. At the same time, the said movement can also help the Hong Kongers to save money in spending too much for gas. The said technology is applicable to the city due to the fact that one of the important disadvantages or flaws of the hybrid car is it limited range, however, due to the fact that Hong Kong is just a small place, the Hong Kongers, as well as the tourist, will be able to travel more but spend less in terms of traveling.

            Furthermore, the combination of electric and gasoline motor will means lower gas emissions that will mean better air quality because the gas consumption is considered as lower in the said new technology of cars. The usage of hybrid cars by the Hong Kongers will help them more to become aware of how they can help to solve the environmental problems of the city, thus helping to cure the environment, at the same time choosing safer alternatives of transport, but also considered as efficient and fast. Another important aspect is that the hybrid cars are also offers other energy saving features like ergonomic body design as well as lighter bodies that will help to demand for more energy in order to move forward.   

            The said technology can impact the life of the Hong Kongers in different important aspect, primarily economics and environment. Economics, due to the fact that it can help to save money on gas, and then gain popularity among foreign visitors and maintain its position as the financial hub of Asia, due to clean air.

Conclusion

            Hybrid cars have a great appeal over the global market due to the different factors. Primarily, it focuses on the environmental issues that are gaining popularity in the world, primarily; global warming that can have a huge impact over the lives of the entire population of the world. Furthermore, the on-going financial problems are also important factors, together with the ever-changing and increasing price of gas or oil in the market. The said technology offers the people an alternative in transportation, that would let them save money as well as be aware of its benefits to the environment. This is applicable in Hong Kong, due to the population problem in the city that could affect its position in the global market.

           

 

 

The Real Purpose of Formal Classification Systems of Mental Disorders is to preserve the Status Quo

The Real Purpose of Formal Classification Systems of Mental Disorders is to preserve the Status Quo

Introduction

            A classification system provides a common language with which mental health professionals can discuss similar patients, regardless of their own geographical location. Furthermore, it also allows the natural history of a given disorder in order to be studied. Classification can also be considered as crucial and vital for the process of administrative as well as legal documentation for the purpose of research and development

            The current classification system is the result of the different observation regarding the mental depression during the past. Thus the evolution of the formal classification system is considered as a phenomenon during the 20^th century. The main goal of the classification system is to ensure improved communication between the clinicians. In addition to that, it also helps to enhance the understanding regarding the different disorders in question as well as to promote more effective treatment (2005).

            Classification is considered as a significant and controversial matter in the field of behavioral science. A thorough and systematic application of the taxometric analysis to the hundreds of mental disorders are now being recognized in the formal classification system like the Diagnostic and Statistical Manual of Mental Disorders or DSM or the International Classification of Disease might suggest altering the said systems in considerable and unforeseen ways (2006,).

            Classification aims to catalogue the different kinds of entities that are presumed to exist in a given particular domain, that reflect the ways where in the said entities are understood in order to vary and interrelate ( 2006).

            This paper will focus on two disorders in connection to two theories and different research evidence against each other.

Diagnostic and Statistical Manual of Mental Disorders

Diagnostic and Statistical Manual of Mental Disorders is a reference work that is used and consulted by psychiatrists, psychologists, physicians in clinical practice, social workers, medical and nursing students, pastoral counselors and other professionals in the field of health care and social service fields. It offers different classifications of mental disorders, criteria sets in order to guide the process of differential diagnosis as well as numerical codes for each disorder in order to facilitate medical record keeping ( 2003).

Schizophrenia

            Schizophrenia is a psychotic disorder or group of psychotic disorders that cause the patient to lose touch with reality. It is marked by severely impaired reasoning as well as instability and can cause violent behavior. People that are suffering in the said mental disorder are often unable to make sense of the signals they receive from the world around them. They imagine objects and events to be very different from what they really are. If untreated, most people who are suffering from its will progressively withdraw from the outside world ( 2001).

            It is a serious mental disorder that affects millions of people around the world. There are about 1% of the total population of the world may be schizoprehenic. People who are diagnosed with the said mental disorder make up abut half of al the patients in the psychiatric hospitals and may occupy as many as one quarter of the hospital beds in the world ( 2001).

            Schizophrenia ca affect people despite of their age, race, sex, social class, level of education or even the ethnic background. Slightly, more men are being affected by the said mental disorder than women. Most of the patients are being diagnosed during their late teens or their early twenties; however, the disorder can appear at any time in a person’s life. Above all, the said mental disorder is seldom diagnosed in children, though it has been reported in children as young as five years of age (Gale Group 2001).

            The characteristics features of schizophrenia are hallucinations and delusions, disorder of thought and speech, disorder of behavior, disturbance of emotions and effect, cognitive deficits and avolition. Hallucinations and delusions are frequently observed at some time during the course of schizophrenia. Visual hallucinations occur in 15%, auditory in 50% and tactile in 5% of subjects, and delusions in more than 90% ( &  2002,).

Depression

            Depression is an illness that involves the feelings of sadness that lasts for two weeks or longer, it is often accompanied by a loss of interests in life, hopelessness and decreased energy. The said distressing feelings can affect the ability of an individual in performing the usual tasks and activities of the daily living ( 2005).

            Depression occurs in as much as 15% of older adults, but it is often undiagnosed and untreated. It is often called as the common cold of mental illness that affects more or less 18.8 million Americans, or 9.5% f the total population. It is considered as even larger concern for older adults. According to the National Institute of Mental Health, depression is a widespread and serious public health concern. It is considered as the most common mental illness among persons over the age of 60 ( 2001).

DSM-IV and Psychodynamic Approach to Schizophrenia

            The fourth edition of DSM or DSM-IV lists the different characteristics and symptoms of schizophrenia such as: delusions; hallucinations; disorganized speech such as frequent derailment or incoherence; grossly disorganized or catatonic behavior; and negative symptoms such as affective flattening, alogia or avolition. It requires generally that two of more of the said symptoms must be present for an essential portion of time during a month (2002,). However, the DSM-IV-TR acknowledges that its present classification of subtypes is not fully satisfactory for either clinical or research purposes, thus alternative subtyping schemes are being actively investigated (2008). Furthermore, DSM-IV also defined five important subtype of schizophrenia, namely: Paranoid type, that shows the presence of auditory hallucinations or delusion; disorganized type that shows disorganized speech, disorganized behavior and flat or inappropriate effect; catatonic type, which focuses on the disturbances of movement that can vary from remaining motionless for a long period of time or even excessive or purposeless movement; undifferentiated type, that do not meet the full criteria for paranoid, disorganized or catatonic subtypes; and residual type that shows at least one psychotic episode, continue to have some of the negative symptoms, but do not have current psychotic symptoms ( 1999,). This is the answer regarding the earlier beliefs that schizophrenia is a group of diseases, rather than a single disease, and that the brain characteristics are associated with some of the subtype (cited in 997).

However, often treatment programs are designed with the assumption that all the people who are suffering from the said mental disorder experience the same illness. The current literature does not fully evaluate the differences among people with schizophrenia. It is very important to consider that research helps to identify different factors that determine differential responses and how they are related to the medication response, relapse proneness and course of illness (1997).

            Furthermore, DSM-IV also explains that causes of schizophrenia are unknown and it cannot be cured, but it can be treated. Predictors for good treatment outcomes are normal adjustment before the onset of the disease and little or no family history of schizophrenia, confusion, paranoia, depression, or catatonic behavior. There are also different predictors of poor outcome like earlier age of onset, a family history of illness, withdrawal, apathy as well as prior history of a thought disorder. There are different theories that explain the development of the said mental disorder such as genetic factors, psychological as well as social factors (2003). With connection to that,  (1997), strongly believe that schizophrenia is not just an organic disorder with no relation to psychosocial environment factors. This is due to the fact that interactional relationships with other people are considered as part of the human biology and it plays an important role in the development of the psychosocial development of human as well as the underlying cerebral functions (p. 45).

DSM-IV and Behavioral Approach to Depression

            Depression is considered as common mental health problem in later life, there are at least one in ten people aged 65 or more have significant symptoms of depression like sadness, loss of energy and difficulties in sleeping ( 2005, ). However, it is important to take note that although the said mental disorder is common in older people, it is not consider as normal part of aging ( 2004). This is due to the fact that despite the perception that old age can bring unhappiness, research suggests that the majority of seniors feel satisfied with their lives. In the study of the University of California in San Diego, which asked 500 respondents ages 60 – 98 to rate on a scale of 1 to 10 to show how successfully they though they had aged, the result shows that the average rating was 8.4. The presumption during the past that depression is inevitable at the said stage of life is due to the losses and different social disruptions that are being faced by many older people such as death of loved once and physical disabilities ( 2007). 

The DSM-IV gives 9 different criteria for depression such as:  depressed mood, sleep disturbance, lack of interest or pleasure in activities, guild and feelings of worthlessness, lack of energy, loss of concentration and difficulty making decision, anorexia or weight loss, psychomotor agitation or retardation, and suicidal ideation. The presence of at least five of the said criteria, that occurs every day during the same two-week period, or even a score of more than 10 on the Beck Depression Inventory or 10 more on the Geriatric Depression Scale supports the diagnosis of depression in elderly patients ( 2004). However, there are other studies that show that the development period for depression in older adults may be much longer, even years. The study of Berger & Small (1998) shows that people over the age of 75 who demonstrate depressive symptoms such as appetite disturbance, psychomotor disturbances, and dysphoria at baseline, are more apt or prone to be diagnosed with depression after 3 years. In addition, these patients also showed more severe baseline symptoms than their non-depressed counterparts. The study shows that major depression has more persistent nature in very old age (2001).

Schizophrenia and Depression

            Schizophrenia and depression are somewhat and somehow connected with each other. Depression is frequently occurring symptom in Schizophrenia, and both are important category of mental disorder that must be considered in order to further study the remaining mystery regarding the human mentality, that can affect the overall productivity of each and every individual.

            One of the main differences between the two disorders focuses on the causes. While different studies regarding schizophrenia focus on the biological implications, studies about depression focuses on the impact of the environment or the social factors.

Causes

            Schizophrenia can be associated with certain brain characteristics. Brain areas implicated in this illness are the frontal lobe, temporal lobes, limbic system, and the basal ganglia. However, there is probably not one single area of the brain that is connected with the illness. This is due to the fact that interconnections among brain parts play the greatest role in the development of symptoms. Different psychodynamic researches shows that in some of people that are suffering from the said mental disorder, the lateral and third ventricles are enlarged and the temporal lobes are reduced in size ( 1997). In addition to that, the study of Robin Sherrington of the University of London, England and his colleagues shows that schizophrenia in seven Icelandic and English families is associated with inheriting a specific region of chromosome 5, that indicates the presence of a gene that influence the occurrence of the disorder (1988).

            On the other hand, depression is different from Schizophrenia due to the fact that depression is primarily connected with the different environmental and social aspect such as self-esteem, body image, peer relations, parental rearing behavior, socioeconomic status, conduct problems, attention regulation problems and pubertal status ( 2006).

Violence

According to the U.S. Department of Health & Human Services’ National Institutes of Health, some people with schizophrenia who become violent may do so for reasons that are unrelated to their current illness. The study of Clinical Antipsychotic Trials for Intervention Effectiveness or CATIE in 2007 shows that most of the people with schizophrenia are not violent, but the likelihood of violence is higher among people with the said mental disorder but also with the history of other disorders such as childhood conduct problems. The study shows that the overall percentage of participants who committed acts of violence was 19%. Those respondents with the history of childhood conduct problems reported violence twice as frequently or 28%, as those without the said problems or 14%. In addition to that the result shows that violence is also affected by other environmental and social issues such as unemployment o underemployment, living with family or restrictive setting or have been recently arrested or involved with the police. In addition to that, violence was associated with alcohol and substance abuse in both group, but unlike the group without childhood conduct problems, violence in the group with the childhood conduct problems was associated even with the levels of alcohol and substance use ( 2007).

             On the other hand, different studies regarding the relationship of violence and depression shows that those people who are exposed to violence, more specifically at home are more likely to be depressed or hopeless than those who are not. According to the research that is based on a questionnaire filled out almost 200 adolescents that was randomly selected by computer from patients at a primary health care clinic at the John Hopkins Children’s Center, 70% of those teenagers reported having watched a beating, 50% a stabbing and 44% a shooting, and almost 1 out of 5 or 18% had seen someone get killed. The study shows that adolescents who reported being threatened by violent crime in their neighborhoods had above average rates of depression and hopelessness, but the prevalence of depression and hopelessness was even higher among those who had witnessed violence in their own home ( 1994).

Medication

            The process of medication is also different for the two diseases, this is due to the fact that there are studies that shows that Schizophrenia is related to other mental and physical disorders that are commonly related with brain, primarily inherited, while depression is just acquired due to the different impact of the environment as well as different issues that are related to the social life.

            On the other hand, both of the disorders are in great needs for medical as well as other emotional support in order to improve the mental conditions of the patients.

            In terms of depression, there are different therapies that are being recommended to the patients. One of this is the psychological therapies that will cater to the vulnerability to adverse effects and high rates of medical problems as well as medication use. Stressful life events, family conflicts, and the reduction or absence of social support likely will not be affected by medication and other somatic treatment approaches, but patients with the said problems are responsive to psychological intervention. It includes different cognitive-behavior therapy, supportive psychotherapy, problem-solving therapy and other interpersonal therapy ( 2004). By doing the said treatment, the patient will be able to come up with the different aspects or factors that had made them feel or cause their depression.

            On the other hand, the medication process of schizophrenia focuses on the different antipsychotic drugs. This is due to the fact that schizophrenic patients are showing symptoms like hallucinations and delusions. The AP drugs can help to reduce and even eliminate the two important symptoms in about 70%. The entire phase of the medication process of schizophrenia focuses on the different medications that could help to maintain the normal mental behavior and condition of the patient, rather than taking up different therapies that will help the patient to know his or her condition. This is due to the fact that the medication process of schizophrenia focuses on the brain structure of the patient that is greatly affecting the entire system of the patient.  

 

 

 

 

 

Conclusion

            Schizophrenia and depression are two of the most important issues in the field of mental health, this is due to the fact that it is affecting different people from different part of the globe, and continuous studies are being held in order to know the roots and the reasons behind the mental disorders.

            The two mental disorders are different in terms of causes and medication, this is due to the fact that the two mental disorders have different path of studies. Different studies regarding schizophrenia focuses on the impact of genes and other hereditary factors that are connected with the family and other related aspects, while depression focuses on the different environmental and social aspects that can affect the feelings and emotions of the people.

            It is also important to consider that both of the mental disorders are hard to distinguish from other mental disorders due to the different symptoms and causes. And because of that, both of them are associated or connected with other emotional, physical and mental disorders. The two mental disorders are also being interconnected, due to the fact that there are different symptoms of depression that can be experienced by the patients who are suffering from s Schizophrenia.

            On the other hand, different formal classification systems of mental disorder such as DSM-IV are important because it is the one that set the standard, in order to maintain the consistency of findings of different mental organizations and professionals. Its main role is to maintain the current state of the studies regarding the mental health, particularly in terms of Schizophrenia and depression. This is due to the fact that there are different studies that are pertaining on the different aspects of the mental disorder, and it can affect the relationship and communication of the global mental health. And it can only be changed when one knowledge or facts regarding the different mental disorders had been strongly defined or proven something that could help to improve the current knowledge and understanding regarding the field of mental health.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Giving consumers a wider array of services

Convenience Foods

            Among the consumer drivers that will have impacts on convenience foods are the increase in numbers of women in the workforce, the aging population, growth in single person households, health, premiumisation and customization.

            Industry executives believe that evening meals will be the most important meal occasion for convenience products over the next 5 years. In between meals is the second most important occasion for convenience products over the next five years, and breakfast is the least important.

            Typically, evening meals have been the least important meal occasion for convenience products, as it is the only time of the day that families or couples can eat together a traditional home cooked meal. However, the fact  that the executives rate it as the most important mealtime over the next 5 years indicates that the traditional meal occasions are changing. The average number of daily eating occasions per person in Europe is set to rise from 4.52 occasions in 2003 to 4.55 occasions in 2008. The number of daily eating occasions is highest in the US, with Spain second. Three meals a day is no longer the norm as consumers

often snack between meals, skipping other core meal occasions

            Due to demographic developments, the number of older people will increase, while the size of households will decrease. There will be more single-person households and the number of children will in all probability be lower. The trend towards changing the work environment will increase and the boundary between work and leisure will become more blurred. Daily routines will be adapted to the demands of jobs. With the change in lifestyles, it is to be expected that the desire for individualization will also increase. In this context, nutrition will not only concern the satisfaction of needs but will also be seen as an expression of one’s own lifestyle and an anchor of one’s identity and profile. Premium products will profit from such developments.

 

 

Products Purchased on the Internet

            Around the globe, despite a less-than-robust economic climate in most parts of the world, there continues to be ample evidence that e-retailing is alive and well. A rapidly growing number of consumers is online and while there, many are shopping and buying.

 

Fax Machines

            Although internet and other innovative communication technologies and devices have made communication today more efficient, fax machines remain popular. According to fax industry analysts, there are still more that 10 billion pages transmitted around the globe on a yearly basis.

            The standalone fax machine is in decline in the individual user market. Though new demand for standalone fax machines in the corporate market is also in decline due to substitution from new technologies, the installed base will not decline in the near future. The corporate customer can afford to keep dedicated fax machines in place for a few years to benefit from the sheer convenience of these machines. It would appear from this analysis that the growth rate in fax machines may be expected to slow down in the near future as Internet Fax solutions are adopted.  Facsimile usage as an application will remain in the work place as businesses take advantage of the global fax machine base.  

Film and Cameras

 

Video Rented from Retail Outlets

            The advent of DVD technology along with sophisticated internet commerce has allowed for changes in the way rentals, and rental businesses, work.

            Traditional video rental involves brick and mortar stores located in strategic locations, each staffed by a bout a dozen employees, carrying about 1000 titles in both VHS and DVD format. Members arrive at the location, make selections from available stock, pay for their selection and return home to watch their selection. After the designated rental period the member return his selection or incurs late fees.    

            With the dawn of the internet age, the video rental industry has undergone numerous changes. The traditional video rental is the thing of the past. Video rental companies are exploring new options to reach their customers.

            Brick and Mortar movie rental stores will become less popular in the near future as consumers prefer internet movie rental services.

 

Pay Per View Television Programming

            Consumers turn from passive to active viewing. Pay-per-view including Video on Demand will be the fastest growing media category over the next 5 years with estimated 20 percent growth per year.

            Demands for personalized entertainment and viewing experience is rising and new technologies to personalized television are being developed.

 

Crude Oil

            Governments and observers around the world are preparing for peak oil – the point where the summit of global oil production is reached which will mark the decline in oil production. Because of this and because of environmental issues, the demands for alternative fuel sources is increasing. Some governments are starting to explore other options to supplement or substitute for gasoline.

 

Computer Memory Chips

 

Hotel Rooms

 

Fast Food Outlets

            The fast-food industry is very competitive. The consumer food-service market is typically broken down into eight categories according to the type of food and restaurant operations. The categories are sandwich, pizza, chicken, grill-buffet, dinner house, contract and hotel. The fierce competition in the fast food industry is evident with the pace in which strategies are changed. Fast food restaurants are always on the look out for new strategies that will enable them to gain customers and market share. International brands such as McDonald’s, Burger King and Wendy’s are leading the fast-food industry.

            There is a change in the consumer attitude and behavior that is considered a threat to most fast food restaurants. Consumers are becoming more conscious when it comes to health issues. Consumers are demanding quality, healthier menu items. Although many fast food restaurants have taken the initiative in introducing ‘healthy food items’ the need to be more committed to providing healthy foods to the consumer can pose a serious threat if they fail to satisfy the demands of the consumers.

            The restaurant industry is affected by consumer preferences and perceptions. If prevailing health or dietary preferences and perceptions cause consumers to avoid fast-food products in favor of alternative or healthier foods.

 

 

Credit Cards

            Paying via credit cards are increasing rapidly. It is expected that in the coming years cards will account for a substantial fraction of the total payments pie. Technological innovation, from short-range wireless communication that allows contactless payments to biometric devices that can identify someone from a touch of their fingertip, is helping to reshape the way firms and consumers deal with payments. Payment companies will begin to offer a greater range of services and applications on their cards, giving consumers a wider array of services. The ability to use a single card to provide access to things like public transport and social services – in addition to facilitating faster payments will help to increase demands.

            The industry is facing serious challenges from credit card frauds, identity theft, and the need to secure confidential information, These challenges have always been an operational risk, but the problem has intensified now that large quantities of confidential information are maintained in internet-accessible systems and criminals are becoming more sophisticated in obtaining and using sensitive data. Besides being a costly drain on banks, these problems have the potential to erode consumer confidence in the credit card industry.

            Consumers’ growing sophistication in the use of their credit cards goes beyond their greater awareness of fraud issues. An important element of the business model of credit card issuers is interest income. Increasing numbers of card-holders are ‘convenience users’, paying their balances in full each month to avoid internet charges. On the other hand, others are having difficulty managing the use of their cards, incurring debt potentially beyond their means to repay and representing credit risk card issues.

Laptop Computers

 

The Corporation Insolvency Law of Australia

ABSTRACT

 

INTRODUCTION

            The importance of a continuous existence of a company is necessary in order to make the economy of a country more stable. The government is task to avail and implement different kinds of means in order to make the economic life in Australia more stable.

Furthermore, the knowledge of a corporation that the government has plans to make and help corporations in the happening of bankruptcy will enable it to be more capable of things, which are necessary as to its success.

The Corporation Insolvency of Australia encompassed a series of important steps, process, and procedures in order to give insolvency an effect. The concept of having an insolvency law in Australia allows the applicability of seeking the effect of equitable distribution of the insolvent’s property among his creditors, and to discharge the debtor from his liabilities so that he can start afresh with the property set to him as exempt.

The applicability of the following procedures is also included in the provisions of Corporation Insolvency law; these are the receivership, schemes of arrangement, voluntary administration, and liquidation. Hence, it can be inferred that giving corporations the

 

 

 

METHODOLOGY

            This analysis will use the research process wherein views and relation of selected authorities are taken into consideration. The process of which will enable the writer to acquire a series of references in order to give his arguments a more comprehensive background as to the subject matter. The author will laws and other related statutes in order to have a substantial argument, since the focus of this paper is the law itself.

            The author will likewise cite prevailing jurisprudences decided by the Courts of the land. The jurisprudences provided in this paper are necessary in order to give the readers an actual illustration of the matter. On the other hand, if there would be necessity to use secondary resources then the author will not be stopped using those.

 

SCOPE OF PAPER

            The scope of this paper will be on the general concept of the Corporation Insolvency Law of Australia. The focus of this paper will look into the matters that will make the paper more encompassing.  The said topics mentioned above are covered. However, the limits of this paper will be on the evaluation of the author as to the implementation and effectiveness of the said law. The author will also discuss the incentives and disincentives given to stockholders in terms of their participation to the insolvency.

            Hence, the actual coverage of this paper will focus on the evaluation and analysis of the author.

STRUCTURE OF PAPER

            The paper will be presented in a sequential matter. The author will first give his own hypotheses regarding the matter and then cite the number of authorities in supporting his claim. The evaluation will be next, taking into consideration, prevailing jurisprudence and other laws. A conclusion will end this paper, summarizing the key points discussed.

CONCEPTUAL FRAMEWORK

THE EVIDENCE

PROBATIVE VALUE / DISCUSSIONS

CONCLUSION

Reference:

 

Outsourcing of General Electric

Outsourcing of General Electric

Introduction

The outsourcing is also the subcontracting or externalizing the non-core activities for the free up cash, facilities, and personnel time where the firms are holding the competitive advantage. The firms has the strengths for the other cases of the contract-out, legal, data processing, marketing and the overall payroll accounting or to the other aspects of the concentrated business in doing its best and reducing the average units cost. The outsourcing is commonly known as the reengineering or downsizing or contracting out ( 2008).

Thus, it can also be defined as the process of the delegates of the company for the some of its processes and operation to the third party. It is the contracting transaction through the company purchases the services from the other one while keeping the ultimate ownership for its responsibility in the underlying processes. Therefore, the clients are providing their instructions and are authorize in providing the operations to redesign the basic process for ensuring the efficiency benefits or the greater cost. The outsourcing then is existing practice as the contract programming, the bureau services, and the project management which have been outsourced for the long time. Therefore, outsourcing defines as the greater level of handling over the ownership of the managerial control. Most of the companies are all turning to the outside structures of their organization so that they can save much money and can make the use of the skilled workers. The company can outsource its IT management due to the cheaper contract on the third party as building its own house ( 2008).

This practice had been applied by the General Electric, Inc. (GE) to the different part of world and for the past last century, it had been established for more than 100 countries. The company manages and started to work on its business to the international scene.

 

Company Profile

            The General Electric (GE) is the diversified technology, financial services company, and media. The company has the services and products that ranges from the engine aircraft, water processing, power generation, and the security of technology for the medical imaging, consumer financing, and business includes also the industrial products and the media contents that serves the customers for more that 100 countries. The company subdivided its organization into four segments as the GE energy, the GE Technology Infrastructure, GE Capital and Corporate Treasury, and the NBC Universal. The GE Technology Infrastructures had been engaged in the building of the transportation, healthcare and the technology infrastructures. The business of this segment is primarily the provision of the aviation, healthcare, enterprise and transportation solution. The GE capital is offering the products and services that enable and aimed the commercial businesses for the consumers worldwide. The services of the company includes the operating loans, operating loans, management programs, fleet management, insurance, home loans and others. The company aggregates all of its financial services for the business that includes the commercial finance, industry vertical, and GE money. GE Energy Infrastructures is engaged on the implementation, development, and improvement of the products and technologies which can harness the resources and it includes the oil, gas, and water. The corporate treasury and the NDB universal engaged for the globalization of the company as well as diversification and develop, produced, and marketing film for the international audience (2008).

 

The Impact of Outsourcing to GE

            Through the further observation of outsourcing process to the trends of industry in the firm can provide the offering of service into the functional areas and the efficiency of integration that will undoubtedly motivate firms of the clients into the single provider of multifunction. Nevertheless, the organizational client might be vulnerable in taking over and can lead to the outsource provider for the corporations that happened by GE in the year 1980’s which outsourced the microwave to the small firm as the Samsung in Korea. This has resulted to the production of Samsung’s microwaves which are less expensive yet has the higher quality as compared in US and after years the company shifted the production to Korea. This had resulted to all domestic microwaves production and the Samsung became the largest manufacturer of microwave in the world ( 2008, ).

           

 

 

Hi, Can you please Read the attached case on American outsourcing and answer the following questions.

 

Each answer carries equal marks.

 

Critically evaluate the impact that outsourcing has had on GE.

 

Analyse their decision to have multiple outsourcing partnerships.

 

Analyse the impact that outsourcing will have the US economy in general.

 

Justify your stand.

 

Guidelines: Assignments must be written in a report format – not an essay format. All assignments must be word processed – handwritten assignments will attract an automatic FAIL grade.

 

Assignments will be graded on the basis of research done, analysis of the facts collated, stand taken and the justification of the stand.

 

All research must be referenced.

 

A Reference List and a Bibliography should be attached. Improper or lack of either of these constitutes plagiarism and students will be awarded a Zero.

 

Students found copying from other students will also be charged with collusion and awarded a Zero. Students must submit an electronic copy (either on CD or floppy) of the coursework along with the hard copy of your coursework.

Different classifications of Mental Disorders

The Real Purpose of Formal Classification Systems of Mental Disorders is to preserve the Status Quo

Introduction

            A classification system provides a common language with which mental health professionals can discuss similar patients, regardless of their own geographical location. Furthermore, it also allows the natural history of a given disorder in order to be studied. Classification can also be considered as crucial and vital for the process of administrative as well as legal documentation for the purpose of research and development

            The current classification system is the result of the different observation regarding the mental depression during the past. Thus the evolution of the formal classification system is considered as a phenomenon during the 20^th century. The main goal of the classification system is to ensure improved communication between the clinicians. In addition to that, it also helps to enhance the understanding regarding the different disorders in question as well as to promote more effective treatment (2005).

            Classification is considered as a significant and controversial matter in the field of behavioral science. A thorough and systematic application of the taxometric analysis to the hundreds of mental disorders are now being recognized in the formal classification system like the Diagnostic and Statistical Manual of Mental Disorders or DSM or the International Classification of Disease might suggest altering the said systems in considerable and unforeseen ways ( 2006).

            Classification aims to catalogue the different kinds of entities that are presumed to exist in a given particular domain, that reflect the ways where in the said entities are understood in order to vary and interrelate  (2006,).

            This paper will focus on two disorders in connection to two theories and different research evidence against each other.

Diagnostic and Statistical Manual of Mental Disorders

Diagnostic and Statistical Manual of Mental Disorders is a reference work that is used and consulted by psychiatrists, psychologists, physicians in clinical practice, social workers, medical and nursing students, pastoral counselors and other professionals in the field of health care and social service fields. It offers different classifications of mental disorders, criteria sets in order to guide the process of differential diagnosis as well as numerical codes for each disorder in order to facilitate medical record keeping ( 2003).

Schizophrenia

            Schizophrenia is a psychotic disorder or group of psychotic disorders that cause the patient to lose touch with reality. It is marked by severely impaired reasoning as well as instability and can cause violent behavior. People that are suffering in the said mental disorder are often unable to make sense of the signals they receive from the world around them. They imagine objects and events to be very different from what they really are. If untreated, most people who are suffering from its will progressively withdraw from the outside world ( 2001).

            It is a serious mental disorder that affects millions of people around the world. There are about 1% of the total population of the world may be schizoprehenic. People who are diagnosed with the said mental disorder make up about half of al the patients in the psychiatric hospitals and may occupy as many as one quarter of the hospital beds in the world ( 2001).

            Schizophrenia ca affect people despite of their age, race, sex, social class, level of education or even the ethnic background. Slightly, more men are being affected by the said mental disorder than women. Most of the patients are being diagnosed during their late teens or their early twenties; however, the disorder can appear at any time in a person’s life. Above all, the said mental disorder is seldom diagnosed in children, though it has been reported in children as young as five years of age ( 2001).

            The characteristics features of schizophrenia are hallucinations and delusions, disorder of thought and speech, disorder of behavior, disturbance of emotions and effect, cognitive deficits and abolition. Hallucinations and delusions are frequently observed at some time during the course of schizophrenia. Visual hallucinations occur in 15%, auditory in 50% and tactile in 5% of subjects, and delusions in more than 90% ( & 2002).

Depression

            Depression is an illness that involves the feelings of sadness that lasts for two weeks or longer, it is often accompanied by a loss of interests in life, hopelessness and decreased energy. The said distressing feelings can affect the ability of an individual in performing the usual tasks and activities of the daily living ( 2005).

            Depression occurs in as much as 15% of older adults, but it is often undiagnosed and untreated. It is often called as the common cold of mental illness that affects more or less 18.8 million Americans, or 9.5% f the total population. It is considered as even larger concern for older adults. According to the National Institute of Mental Health, depression is a widespread and serious public health concern. It is considered as the most common mental illness among persons over the age of 60 ( 2001).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The changes and sustainability of technology and innovation in online money market business in Australia

Sustainability Audit

 

Executive Summary

            A certain business organisation can improve itself through engaging in other business endeavor. There is no assurance that the way the organisation is conducting its business will last for a long time.  The company should engage in other endeavors that can help them survive the end of the e-business trend trough identification of sustainability and establishment of appropriate change management strategy. With regards to the development in online money market in Australia, sustainability and change management issues must be considered. In this paper, issues concerning technology and innovation and distribution system were emphasized.  As indicated in this paper, the changes and sustainability of technology and innovation in online money market in Australia lies under the security and the right to privacy of its target market.  On the other hand, the changes in distribution system correspond to the enhancement of distribution location of cards and internet involvement among customers.

 

Introduction

Businesses are developing in order to meet the need of consumers. The continuous development should conform to the capabilities of the business and to the management of change that can be sustained by the organization ( 2007;  2005; and  2007). With this regard, business owners often imposed power to their subordinates in order to maintain the sustainability of their organisation. This effort usually changes not only the culture of the business organisation but also their overall business process. Over the past years people, business practices and the environment have evolved. Change is the only thing that is constant in this ever changing world ( 2007). From the physical attributes of individuals, up to the environment, change is very evident. Just like the environment and people, businesses also undergoes changes, it can be either massive or minimal. Actually, changes in management is a process that any organisation must undergo, a business will not be complete if it never experienced change. In online money market of Australia, changes and development reflects to their sustainability.

 

Overview

            The focus of this study was to investigate the sustainability of online money market business in Australia. In general, there were three sustainability factors to consider and they are the governance and engagement, environmental focus and socio-economic development (1976).  With regards to management of change in every business industry, the firms’ sustainability should be considered. The competitive business arena within online money industries heighten the need of business to diversify the businesses’ procedures which considers sustainability of the company recognising the importance of the collection of skills, assets, and capabilities of the accessible resources that the organisation has in order to be flourishing. All these will be appreciated through the involvement of the organisation to boost the significance of its subsidiary businesses in the market arena (, 2004).  With this respect, business organisations operating in a competitive business arena should be in constant look out with its competitors and the overall status and events in the industry. Getting the gain of the opportunities and intensifying the strong points while minimising the risks and weaknesses of a business firm significantly helps in forecasting the accomplishment in business (1997).

Most companies especially in online money market find it unfeasible to make any kind of sustainable competitive advantage based on product alone. It is general knowledge that every one of the flourishing companies required and found an accurate understanding of how it could create a customer-centred competitive advantage. On the other hand, (1996) highlighted the initiative to take advantage of the competitive condition not just by being superior in how that product gets sold, serviced, and marketed at the client edge. It requires that organisations to create advancements in how they relate with clients, and design a way of interacting that makes an unforgettable impression on clients, one that so completely differentiates them from others that it becomes a trademark in itself.

            In establishing a good business, one must be aware of the said factors and these will serve as guide in the proper handling and creation of a business ( 2003). For this paper, the focal priority areas that will be considered to its sustainability are technology and distribution system. It cannot be denied that the only constant in this world is change and with the tremendous growth of technologies, many people especially those in the business arena find themselves normally adapting. In this manner, the Online Money market in Australia is never an exception.  This is because sustainability and change in accordance to technology and distribution system can bring about so much improvement in certain aspects. In many ways, change can make work easier, pave the way for future innovations or generally improve people’s lives. Similarly, change in technology and distribution system of online money market in Australia has been adopted for varied reasons. This development is vital so as to be competitive and more efficient.

 

Priority Area 1: Technology and Innovation

            Change Strategy – In online money market in Australia, changes in technology and innovation effort must be considered. According to Davidson (2001) “change is the significant difference in what was before.” In business it means accomplishing tasks in a new format, following new directions, acquiring new technologies, new management procedures, acquisitions and merging and other important events in corporations (1973). And for this particular context the focus is on technology and innovation in online money market in Australia.  Actually, the issues of change in technology and innovation in online money market rely under the privacy and security of information among their customers.

            Organisations that resist changes will inevitably face wider exposure to risks and losses. There are a number of situations in which change is necessary within the organisation such as socially responsible activities that is being utilised by different companies in order to cope up with the competition. Aside from this, there are still many issues and concerns that are necessary for change in the organisation, however the most substantial thing is that organisations acknowledge that changes happen constantly for different reasons and the management must address these changes as soon as possible to prevent great losses.

Apparently, technology and innovation efforts are important source of competitive advantage (2007). And this is considered a strength of online money market because the firms in this industry enjoys better access to technology. Thus, the need to introduce the latest relevant technology much more quickly than other companies is an advantage.

 

            Measures- Innovation and technological development has become widely recognized as both a major goal of economic activity and one of the most important instruments through which organizations gain and sustain competitive advantage in competitive marketplaces. At the organizational level, some claim that innovation is a key functional activity in organizations, in much the same way as marketing or finance are. Thus, for measurement and assessment of risks, changes in technology and innovation should be followed by a corresponding change in structure and management practices ( 1988). Basically, many administrators in online money market are slow to comprehend the implications of various hardware and software capabilities for carrying out the mission of their business and usually, they violate the right to privacy of their customers. Moreover, generally accepted guides to ethical behavior should be developed and adopted by online money business. These guidelines should have common themes such as customer consent to the dissemination of their private information.

To become a successful business in online money market in Australia and a top competitor of Translink, the new company needed to enhance their research and development efforts combined with a comprehensive market orientation. These combined factors will determine their innovativeness and performance. Basically, customer acceptance of new products/services conforms to the innovativeness of the company which is also reflecting to the overall performance of the company.

 

Priority Area 2: Distribution Systems

            Change Strategy- Channels of distribution are one of the most important elements of marketing and introducing a particular product to a specific target market (2002). They serve to be the intermediary between the manufacturer of the products and its consumers. With its use, companies will be able to effectively and efficiently dissipate its products to its target market. For online money market, the distribution system should be also considered. Currently, the distributions of Translink go card are done using stalls in transport terminals. And since the new go card-like planned to target not only the transport passengers but also other type of customers, then there should be collaboration to other establishments.  Meaning, the distribution of new go card-like should be done using stalls in different establishment and not only within transport terminals.  

            Measures- The distribution system can further improve by utilizing advanced technology, through the Internet, as this can enhance their brand identity and image in targeting other markets. It can also develop its advertising to attract consumers and shareholders, and engage in employee training and development, to build up relationships and cope with changes.  

 

Conclusion

As discussed, the knowledge of the underlying sources of competitive pressure highlights the critical areas where strategic changes may yield the greatest payoff, and highlights the areas where business industry trends promise to hold the greatest significance as either opportunities or threats. Understanding these sources will also prove to be useful in considering areas for diversification, though the primary focus is on strategy in the industry. With respect to the previous discussion and statement question, product development alone is not only the essential thing to competitive advantage. Other factors such as change management and sustainability issues for technology and distribution system also need enough consideration.

            Basically, change management is a process in which all companies undergo. This is an important procedure because it enables the organisation to make decisions that will be advantageous and beneficial to the company. In addition, organisations that are open to change are generally more successful compare to companies that resist it.

 

 

 

 

 

 

History and Development of the Tourism Industry of Italy

Introduction

            Tourism is an activity that cuts across the conventional sectors in the economy. It requires inputs of an economic, social, cultural as well as environmental nature, thus often described as being multi-faceted ( 1997,).

            Tourism is considered as one of the most important and vital industry in Italy. This is due to the fact that it can give the country different benefits in terms of employment and other economic aspects. The tourism industry of the country is considered as one of the most successful industry in the world. It is one of the top 5 countries in terms of international arrivals and receipts. In terms of international arrivals, Italy gained the top 5 positions from 2005 to 2006. In 2005, the country had recorded a total of 36.5 millions of arrivals, and it had increased to 4.1 millions in the next year, showing a great increased of 12.4%.

            In terms of receipts, Italy had maintained its top 4 position from 2005 to 2006. In 2005, there was a total of 35.4 US billions, and 38.1 billions of US dollars that have acquired in terms of receipts, showing an impressive increase of 6.7% ( 2007).

 

 

 

History and Development of the Tourism Industry of Italy

            The word feria (plural feriae) first appeared in the ancient Rome, it a Latin word that means Festival and it took on the meaning of vacation. The Latin festival had become the first model of the mobile holiday, far from one’s place or residence (2000).

            In 17^th century the term Grand Tour was used to define the relationship of education and travel by Sir Francis Bacon. Italy was considered as the most popular destination. By 1913, tourism had become an opportunity, and there were about 90,000 British visitors, this is because of natural and historical characteristics of the country ( 2000).

            The economic and political uncertainty between the two world wars was the primary reason of the first intervention of the national government of Italy to get involved in the tourism industry, particular after the devastating impact of the Great Depression during 1929 ( 2000).

            The Italian State Tourist Office was created in 1919, and was given a mandate to gather different data and information in order to make a legislative proposal that will help to promote the country’s domestic tourism, thus focusing on the international tourism, as well as to facilitate different bank credit for the hotels. In 1932, the national government set up the Provincial Committees for Tourism that later on became the Provincial Offices. It acts as the local branches of the government in the sector. In 1924, bank credit facilitation for hotels was enacted and was followed by different programs and activities regarding the process of measuring in order to promote the domestic and international demand ( 2000, ).

            The government also focuses on the domestic demand by Fascist Saturday, yearly paid vacations, snow trains as well as the blue trains that can help to increase the local demand for tourism. In addition to that, the government also focuses on the needs of the foreign tourists like the discounted gasoline coupons as well as implementation of advantageous foreign exchange rate for the foreigners or known as the tourist lire (2000,).

            Due to the effort of the government, the country had become the country with the most substantial accommodation structure in all of Europe. During 1994, there were already 34,549 hotels and other similar establishments with a total of 944,227 rooms and 1,724,333 beds. There are 2,346 collective tourism establishments with the total of 1,223,671 ( 2000).

The country had completed its postwar economic reconstruction during 1958 that helps to restructure the country from an agriculture-based to an industry-centered economy. It had helped to maintain the stability of the tourism industry. During the year, the international tourism industry of the country increased to $8.7 billion. The said number increase in 1995, and reach $27.4 billion ( 2000).

During 1995, the expenditure of the Italian tourists who are going abroad had reached up to $12.4 billion, that shows that the tourism is considered as the main export of services and considered as the second largest export items compare to other goods, that gained a total of 11.1% of exports during 1985, and increased to 11.9% in 1995 (2000).

            The result of the extensive management of the government regarding the tourism industry of the country had result to the growth of the interests of different hotel chains in the country. Furthermore the country had gained a pre-eminent position in the international tourism market and was ranked as top 4 country destinations from 1980 to 1996. The annual average growth rate in the year was 2.5%; the share of arrivals worldwide had reached 7.7% during 1980 and touched 5.5% during 1996. the development help the country to move from third to second rank for the tourism receipts among the global top tourism earners, having an outstanding growth rate of 8.4% ( 2000, ).

            During 2001, the tourism industry of the country faced different challenges primarily because of the September 11 attacks on the US. Tour operator reports that there are about 70% slumps (2001). Until now, Italian government devoted on tourism development so as to achieve the four main goals, to enhance visitor satisfaction, to improve economy and business success, to good use of resources in sustainable way and to meet community and area integration. ( 2002).

            For the past 15 years, the Danish tourism in Italy has been characterized by constant growth. That is the reason why, more and more Italian tour operators who used to concentrate on the German costumers have now turned their attention to the Danish market to help to diversify their customer base (E2008).

            In addition to that, from 2003, there are different factors in the global arena that had affected the local tourist trade in the country such as economy, political situation like War in Iraq and SARS. It had affected the local travel agency, particularly the business trips, but the leisure trips started to gain ground again due to the Art City. Different tour operators responded to the fierce competition by offering low cost package and it had helped to the growth of the individual tourism ( 2008).

            Furthermore, the Internet is also one of the most important developments in the tourism industry in the country. More and more customers or visitors are booking their flights and trips via the Internet due to different discounts and cheap packages ( 2008).

Automotive Industry:Tangible Property and Intellectual Property

 

Automotive Industry:  Tangible Property and Intellectual Property 

 

 

Paragraph put into some type of order for an outline maybe two paragraphs and the questions then a conclusion and my reference needs to be organized…based on the assignment,

 

 

 

 

 

 

 

 

 

October 16, 2008

Professor

 

Business Law 531

 

 

 

 

 

 

Automotive Outline

            This is just an outside incident that the automotive industry can figure out a solution to prevent auto theft (which is the tangible part) but it would be sophisticated meaning that it would probably be very costly but on the other hand why would the company want to spend the money in doing so because that would minimize the sale of people buying cars.  This would be a corporate interest.  Unfortunate if someone steals your car, then you will have to go buy another car so the economy in the car industry would decrease.  Tangible property is defined as:  Property that we can see and touch.  business property title of chapter, name of book business:  it’s legal, ethical, and global environment, – 2006 West legal studies in business) In the automobile example of tangible property could be a soda machine in the waiting room, television for customers to view, equipment for the manufacturing of vehicles, desks, building, land, laser printer, etc.   (Businesses also have personal property interests in the form of inventory or the goods they hold for sale to customers.”   (When renting tangible properties to others, the organization should have a regular scheduled maintenance plan. Chapter 16, page 621) (Intellectual Property consist of trademarks, service marks, copyrights, patents and trade secrets.  Trademarks in general are used to distinguish a company’s goods or services from others.  Copyrights are original works of authorship that are used in protecting content on Web sites.  Patents are new and useful processes used in e-commerce, and trade secrets consist of information that provides the owner with a competitive advantage in the marketplace and are maintained in a way to prevent competitors from discovering them.  Copied from chapter title of chapter trademarks, cyber law:  text and cases,  )(“Large-scale violations of intellectual property (IP) rights across virtually every industry are on the rise.  The World Customs Organization estimates global trade in illegitimate goods totals more than $600 billion.  Faced with mounting losses in jobs, sales around and consumer safety, business leaders have joined forces to demand more aggressive enforcement of IP rights around the world.”  “The nation’s automotive industry alone have suffered an estimated $3 billion hit from illegally reproduced auto parts, according to the International Chamber of Commerce (ICC).  In fact, in 2004,  reported, “The auto industry has found enough counterfeit parts to build a whole car, including brakes made of compressed grass and wood sold in American stores.”  “Even though anyone who has a new idea in this stage is subject for rip-off but here are some simple tips to help protect your invention.”- copied this material from on copyright, news and commentary from copyright clearance center, ip piracy means business, Friday, august 18, 2006,

Assessed Questions

1. What actions should a manager in the selected industry take to identify and protect the tangible property rights of the organization?

TANGIBLE

Typical tangible properties of the automobile industry include, but are not limited to:

Steel, fabrics, silicon, rubber, land, production space (buildings), acreage, computers, robotic arms, office supplies, desks, printers, plastics, aluminum, and carbon fiber

INTELLECTUAL

Intellectual properties of the automotive industry can be identified as:

Patents, trade mark, copy rights, trade dress, trade secrets, web site address, un-copy written plans and concept drawings.

ACTIONS OF PROTECTION

2. What actions should a manager in the selected industry take to identify and protect intellectual property rights of the organization?  Managers should take the following measures to identify and protect intellectual property rights of organizations:

•  Ensure that  all compliance procedures are strictly followed 
•  Properly identify all intellectual property
• Provide training opportunities to educate employees of the IT department and other related departments (i.e., sales, customer service) of new procedures and standards to continually identify, detect, and respond to arising issues
• Promote public awareness of purchasing authentic goods

(this info is copied from the copyright article listed above on page 3 and 4 so it needs to reference or cited however it’s done)

 

PROTECTION OF OTHERS

3. What actions should a manager in the selected industry take to identify and protect the organization from violating the intellectual property rights of others?

·        Initiate the use of nondisclosure and non competitive agreements

·        Hire specific legal specialists and counsel to maintain ethical and legal standards of intellectual property rights

·        Readily provide copyright, patent, and trademark information to potential all management, staff, and vendors

Summary of outline and questions

 

 

 

 

 

 

 

 

Different companies are fast emerging in the global market

Global Logistics and Supply Chain

 

-          Table of content

1.      Introduction

With the advent of information technology, different companies are fast emerging in the global market.  One of the companies admired in the global market is Nortel. Accordingly, the company is known to be the leader in providing communication capabilities which make the promise of Business made simple a reality for the target market. The next generation technologies, provided for both service provide and enterprise networks have been able to support multimedia as well as business-critical applications. The technologies of Nortel, are designed to help prevent or totally dispersed the barriers for having efficient company and those that hinders speed and effective performance. This is done by simplifying networks as well as connecting different stakeholders to the information they need. The company is operating in more than 150 nations all over the globe. Primarily, the main goal of this paper is to analyse the supply chain management approach of  and to determine their market entry strategies.  Furthermore, this report aims on identifying how Nortel Networks Corporation controls its global supply chain and aligns the global operations of the company. Lastly, this paper aims on comparing the global strategies of

 

2.      Manufacturing Strategies

Telecommunications industry like Nortel is fast becoming one of the major contributors to the business sector. In this industry there are various trends which affect the performance of the company (, 2003). In this generation, the major trends in the environment of Nortel and other telecommunications and manufacturing companies gravitate towards a global scale. With this, Nortel find them faced with the challenge of producing new and better products at reduced cost and market price. Aside from this, the globalization trend is also influencing the way Nortel operates in the global market. Additionally, globalization calls for the industry to design strategies which will ensure that the largest scope of innovations is taken hold of. With these shifts comes the important role that innovative activities play in the organization's management of its various aspects.

With these trends, Nortel should spark new passions. Innovation comes from the heart as well as the head. Companies that aren't afraid to innovate engage employee energies in a new and profoundly different way. When people are part of a cause and are not considered as just a cog in the wheel, their innovation quotient skyrockets. And above all, recognize that in today's economy, capital is plentiful; good ideas are scarce. Companies that look to incremental change to generate additional revenue will tend toward subsistence at best--eclipsed by companies that create an environment of innovation, spawning the new ideas that generate new wealth (2000). The environment where Nortel belongs monitor these trends through the use of the information technology system and the use of the internet to determine how these trends could impact their organizational performance and how they will be able to compete efficiently with these trends. However, the emergence of different telecommunication products and service providers has affected the organizational competitiveness of industries like Nortel. In this regard, the company has been able to use different manufacturing approaches to survive in the global market.

Based on the case given, it has been mentioned that Nortel has been able to use distinctive manufacturing strategy to sustain their competitive advantage. In doing so, the company has been able to change the structure of their 23 manufacturing sites to adapt to the situation in the global market and to ensure that they will be the number one choice of their clients in terms of system house (See Appendix 1). Part of the manufacturing strategy of the company is being ah production or process focused rather than product focused. With this, the company ensures that all their manufacturing process are able to meet the ISO 9000 standards. ISO 9000 has been described as the fundamentals of quality management system. The principal philosophy of ISO 9000 is to give a standardized approach that global company should follow and use. ISO 9000 is composed of different programs which vary according to the functions in order to give a structure on which a quality management program system can be efficiently used for the development of the operations of business organizations (, 2008). Accordingly, Nortel has been able to follow these standards to ensure quality manufacturing process. The company’s total quality culture involves team working and investing in their human capital. The company believes that employees are the main asset of the company and empowering them enhances productivity and adherence to quality products or services in the telecommunication industry. Aside from this, the company’s process focused approach which is known as systems house relies on strategic supply chain approach.

In this regard, the supply chain management approach in Nortel has become a key strategic initiative to improving service and reducing costs in order to remain competitive in today’s global economy ( 2001). SCM is business strategy focusing on the quick response to ever-changing market needs and shortened purchasing lead time, also adding value to increasingly demanding customers at the least cost and time (Water, 2007). The company’s global supply chain approach aims on having a good relationship to their global suppliers to provide quality products and services to their clients.

Like any other telecommunication industries, there are also some factors which affect the operation of the company. This includes the context of market changes. Based on the given case, the changes in the global telecommunication market have an enormous effect to industries like Nortel.  One of these changes include the deregulation of the industries which drove the competition to the traditional PTTs. Such companies are considered for having new ideas, demands as well as legacy systems.

Aside from these, the increasing competitions have also affected the global operation of Nortel. Accordingly, competitors are major threats to the business. It can be said that there are competitors who are in the business longer than Nortel. While these competitors has gradually developed its core competencies and technologies over a very long time period, some of the major technological assets that underpin Nortel’s contemporary competitiveness have initially been developed by other firms, and subsequently been acquired by Nortel. The firm’s inability to keep up with the global market or recognize its demand, creates a threat for them, a risk that they could be displaced by other industry leaders like Motorola, Sony Ericsson, Samsung, Nokia and others. The legal and political environment in the countries where they operate in could potentially affect the business negatively. Their apparent complacence could be used by their competitors to their advantage, and take Nortel by surprise, with the latter realizing too late that they are not the industry leader anymore. Customer discontent is also a very potent threat being faced by the company, connected to the hasty decrease in the separate product's life circle. The inevitability of using all the possible phone variants became one of the side effects of having wide product line, as Nortel products would show.

According to  (2004), the trends and regulations at the network operator level heavily influence the telecommunications industry. Despite their immense size, telecommunication products providers are often at the mercy of international regulations and the demands of national operators, particularly in terms of industry standards. As s result, companies such as Nokia engage in significant and often skilful lobbying efforts at the European Union and other regulatory levels to create favorable standards that allow them a degree of certainty in their production cycles. Today, the telecommunications industry is affected by the global trends of increasingly mobile technology, with progressively greater importance placed on speed, data and multimedia advancements. Moreover, the industry is affected by a tendency to be overly optimistic about the implementation of this new technology, leading many firms to create an excess supply of equipment that the marker has not been quite ready to absorb. While Europe and the United States have been the primary targets for telecommunication growth during the 1990s telecommunications boom, and even during the slowdowns, suppliers and operators are beginning to focus on emerging markets with higher growth potential like what Nortel has been doing.

 

3.      Market Entry strategies

In the business arena, it is important that an business industries must be knowledgeable about the different marketing strategies that must be utilized in order to make the business prolong its competitiveness and stay in the marketing world, locally and internationally.  The management of an enterprise that are considering entry into a foreign market must be able to make decisions focusing on uncertain and changeable circumstances that might be faced.  Hence, their decision must include the consideration of the mode of market entry to be used. 

Internationally, entry modes have long been distinguished as closely related to varying degrees of resource commitment, exposure to risks, control and profit return.  Past studies have shown that the choice of entry modes depends on different types of factors, including firm-specific factors ( 1997), industry-specific and country-specific factors ( 1997).  Entering a new market is a complex decision which must be given focus and attention.  With the goal of establishing a business that would be recognized and patronized by consumers, more and more entrepreneurs are trying to enter the market swiftly. There are different motivations for market entry.  One of the motivational factors to enter an international market is the chance given by this investment to make the company become more competitive among its rivals.  It can be said that one’s an industry becomes a multinational company, there is an implication that such company has been able to establish a competitive position in the marketplace not only in the local but most especially to the global arena. Marketing entry is also capable in making a certain business enhance and expand its business portfolio. Based on the case study, Nortel has been able to use an effective market entry approach to become a competitive industry in the market. Based on the given case, it can be said that Nortel has been able to use Joint Venture approach as their marketing entry strategy.

It is said that the joint venture mode happen by having a venture with other bigger and competitive companies in the telecommunication industries like LG. An international joint venture is a distinct enterprise or multi-organizational agreement, created as an alliance between two or more parents organizations working across country borders in designing and managing the venture ( 1996).

In order to do so, the company must ensure that the company is willing to have a joint venture with Nortel. In addition, Nortel has also been able to use a third party stakeholder to help them in designing and implementing joint venture with an existing telecommunication industry in the global market,  For instance, banks, government agencies, union officials, suppliers, distributors and legal officials often make critical contributions in designing-implementing parts of an international joint venture. Enterprises with little prior experience in setting-up joint venture almost always underestimate the impact of third party involvement.

Nortel has been able to use global supply chain approach with their global partners through joint venture and merger and acquisition. Based on the given case, the company has been able to merge with stable industries in the global market and also acquire small industries with good marketability and reputation. The company made it sure that they are able to have competitive position in the market place.

The company makes sure that their global supply chain partners will help them achieve competitive advantage in the market. Accordingly, interdependence and participation of suppliers and manufacturers in product design, innovation, as well as research and development characterize the current international business environment resulting to competitive position ( 2001;2002; 2003) like what Nortel is experiencing. Their global supply chain process has accommodated their global strategies to meet and satisfy the needs of their target market. The high cost of acquiring leading-edge, technology-based equipment and an accompanying highly skilled research and labor force makes contract manufacturing a highly attractive alternative for many companies (1998; 2004).

It can be said that Nortel has been able to use the most appropriate mode of market entry which include joint venture, merging and acquisition to make it products be known in the international market. Further, this method has also been able to make Nortel diversify its products to other products. In the case of Nortel, the company used joint venture and merger and acquisitions to stay in the competitive market and perform better within the marketplace, by providing innovative and new products in terms of telecommunication through the ideas that the management gain because of merging with and acquiring other companies. It shows that without such strategy, the company may not be able to expand its business portfolio and reach more and more customers from local to international market. 

               It can be concluded that the right choice of market entry mode along with the concept of strategic management and other efficient marketing approach, can make a company succeed in achieving its goal of providing quality products with their target market.  However, decisions should be made strategic also. This means, that the company should have the ability to decide which among the market entry mode can be helpful to the company itself and suitable for the international market that the company will consider.

 

4.      Compare and contrast with Nokia

Different telecommunication industries have been emerging in the global market and each of these industries are trying to provide their unique strategies and approaches.

5.      Conclusion

6.      References

7.      Appendix

Appendix 1

Nortel Networks Systems House

Supply Chain Position

 

The Healthcare Brands International Limited translating the innovative science

The Healthcare Brands International Limited

Introduction

            The healthcare international (HBI) is considered as a new company that was established in UK for the year 2006 while participating in the growing market of the OTV medicines. The company is committed in acquiring, investing, and developing the differentiated healthcare products. The company is currently translating the innovative science so that it can give the expectations of its consumers from the brands. The company was based on the Nottingham, England acquired by the Razei Brand to the popular elderberry in extracting the Sambucol and shown the clinical trials in treating the symptoms for influenza. The company has the blue chip business professionals that are unrivalled networks of the contacts and partners worldwide. The company is bringing the core skills for the consumers brand and marketing development as well as combination of the partners that provides the regulatory expertise and in-market operations. The company is focusing on its innovative products with the substantiated and meaningful differentiation which can provide the relevant though unmet the consumers needs and can help in growing the entire self-medication market. The HBI management team which led by  which combined the more than a hundred years for commercializing and identifying the unique and new healthcare brands and product opportunities is the founder of the company. The products are all efficacious and safe are made for the use that will be documented and substantiated. The company is applying their product to the entire aspects of the business and requires the assurance of quality. The company is also taking the initial formulation development through packaging, manufacturer, and release as well as warehousing and to the consumers’ feedback ( 2008).

 

Initial Cost of the Company

            The company had been funded for ₤ 85 million taken from the leading international venture for the capital investors and is team experienced of professional from the contacts and partners in the world and syndicate in France and UK that are very supportive for the strategy of HBI in creating value for the global medication market. The company has the investors like the Abingworth that engage in the life science sector. The other investor is the MVM life science venture from the operations in USA and UK. The other Sofinnova Partners is the leading ventures in the capital company. The company is also considering the Sofinnova Partners that specializes into the field of information technology as well as life science. The goldman sachs is the global banking investment and securities management firm that provides the wide range of services to be diversified and substantial. On the Essex Woodlands also made the health ventures for the capital partnership that are dedicated in building the successful business for the healthcare services. Recently, the company acquires Antula which can provide the Scandinavian market and has the potential in continuing the track record for its growth and important portfolio for the successful brands and some of these are developing the genuine market in international franchises 2008).

 

 

The Ongoing Expenses

            The acquisition can saw the merger of the two compatible business models that can unite the dynamic management for the teams and can give the HBI for the distribution and marketing hub in the current as well as the distribution of expenses into the Scandinavian operations. The company invests also in the SB12 portfolio that excites the international roll out of potential. In the year 2006, the company acquired the Sambucol which can be the opportunity in consolidated success of the markets and in beginning of the pan-European roll out program. In this year also, the company had acquired the European Docosanol licence and the creation of the new brands which can lead to the opportunity in market of the new and active ingredients in the whole Europe. In the year 2007, there is achievement in OTC (Over the Counter) license in the Europe that can give opportunity in marketing the Docosonol direct to the consumers. There is also partnership for the Sambucol in Emerson in US as the channel strategy can result to the high profile listing in mass market and to the healthfood channel. In the same year, there is the launch of improvement for the manufacturing of the Sambucol liquids that are transferred from the Israel into the new sites of UK and in France. This has also the new capability in meeting the increase of scale for the flexibility and business for the supply and meets the increase of the scale of business for the supply in meeting the needs of market. The other expenses that the company uses its assets are the improvement of the Sambucol product that can enhance the quality of the products and added also the expectations of the customers. As indicated recently, the company made the acquisition for Antula which is an IT company in the Nordiac Region which can give the HBI the marketing and distribution for the hub in its operations ( 2008).

 

Marketing Strategy of HBI

            The strategy of the company is acquiring the license or purchase of the products and can have the proven relevant and innovative claims which have not yet be developed into the commercial potential. The might have the products which are successful in the clinical trials and has the ideally registration while not yet been introduced into the OTC market. The brands are also been successful in the launched in one of market owners lack the resources or experience to develop internationally. The brands or the products though has the differentiated claims in the specific category are falling outside the corporate strategic agenda for the current owners. The company has the operations in the most of the market in the whole world as in Europe through the use of the virtual organization in developing the entry plan in the specific country through finding the appropriate local expertise in sales, manufacturing, and regulatory. The company has the also the website so that its clients can be known by the brand and other features of the company.

 

 

Brand and Product Strategy of HBI

            The company made as the incubator as taking the fledging products and turning them into the international brands. According to the company’s CEO, it seeks in dealing up to ₤ 10 million and has the ₤ 25 million of the disposal reckons. Additionally, this can result to the positive cash flow in the year or two year and take them for over and can generate the cash in funding the further acquisitions. The company then is targeting the companies that has the development of innovative technologies yet has no commercial resources and capability in realizing the true potential of consumer worldwide. It is focus on the consumers’ needs that can be either is unmet or ha the part of it has been met. In line with these, the company is currently offering the completely satisfying consumers yet looking for the products of protection or in the clinical trials of competitive advantage. The company wants the products and not the companies for acquisition. In obtaining Sambucol, the company made the rights to the treatments of cold-sore docosanol. The transformation Sambucol into the international scene can be challenging for Clare and can build the operation of the company. The HBI came from the former employer of  (CEO of HBI) which is the BHI or the Boots Healthcare International (BHI). Ironically, HBI now is only the reshuffle of the BHI by the venture capital of the Abingworth, and the other partners. The acquisition and mergers of the activity of the company in the certain extent is the global OTC of the industry. The Reckitt Benckiser is acquired the BHI in the multiple of 3.7 times of sales and felt compelled in justifying the full price. Looking at the market of the company is the fresh angle only shows starting at the other end. Thus, the company needs to be take smaller brands and be creative so that they can turn them into the bigger brands. The management team also includes the people with the experience in the markets which includes the France, Germany, and in Spain and has the knowledge in dealing and finding the distributors for the various geographies. The company will also run in the virtual company and can operate in the best class of the partners in every country. Buying the Clearasil by the company had used the partnership of third party for many of the countries worldwide yet it is also successful. The Sambucol has the made the annual sales for about US$5 million and it is already available for the number of countries as in Austria and others yet it will remain to be partners into its current distributors. In this manner, the company will develop the Sambucol as it is available in the number of formats which includes the lozenges and syrups into the current market by the available awareness of consumers. Today, HBI is seeking for the distributors for the brand around the world and open for possible parties. In line with this, the companies are under the exploited asset and think that it can do more of professional job in the financial and experience backing and will offers the higher profile support of marketing. In addition, the company is also open for the powerful example of the pioneering works that can lead by the scientist as well as delivering the product in meeting today’s consumer’s needs. The company is also negotiating to the owners, entrepreneurs and has been successful in their own country though needs advice and help for internationalization. In this regard, it is flexible on doing the interesting deals to the people therefore it can give them the opportunity of taking the some of the equity in the share and business for creation of upside. The company has also facing many opportunities for the HBI in the portfolio for the bigger players as concentrating in the brig brands yet has the interesting products. is currently talking to the HBI and to the number of companies regarding the product opportunities. This only signifies that if the company succeeds in the internationalizing the products, then, is expecting the major players for coming into the door of the company due to the establishments of the brands and can products individually (OTC Innovation, n.d.).

            HBI is innovative, focused, and small company that manages the international brand equities. The company is seeking for commitment team players with the expertise in the areas of the Brand Development that can range from the field of the healthcare and consumer professional communication as in the experience of managing the technical teams that delivers the clinical or regulatory aspects of the new products or the establishments of the outsourced supply chains. The company is valuing the ability of the part of high performance team and can have the responsibility in the specified areas and expertise. The team has the flexibility, the communication skills, the commitment, and the show team that combined the industry who has their personal areas challenge which deliver the substantial value for the creation of the brands. The company also complies with the requirements of the environment and the codes of practices that are relevant in the countries for the products and to the market. Thus, the company is assessing the environmental impact to the future and current operations which can raise the awareness and they also train the employees for the environmental concerns that expect the same similar standard for the contractors or to the suppliers. Thus, the company committed itself to the diversification of the energy, the raw materials, and the suppliers and uses the materials of the sustainable sources ( 2008).

 

 

 

 

 

Basic concepts related to human resource management (HRM) policies and practices

 

 

ASSIGNMENT QUESTION

 

 

OBJECTIVE                

 

The objective of this assignment is to enable you to gain exposure of some basic concepts related to human resource management (HRM) policies and practices. This will help you to better understand the current HRM policies and practices employed in a small and medium enterprise (SME) in Malaysia.

 

INSTRUCTIONS         

 

1.            This is an individual assignment. You are required to select ONE active Malaysia SME. It is easier if you could select the SME that you have permission to obtain materials and information concerning HRM policies and practices.

2.            If you are approaching SMEs with which you are not familiar, be sure to identify yourself as an Open student working on a class assignment.

3.            You are asked to carry out THREE interview sessions separately with: (i) the HR manager, and (ii) 2 employees at middle/first level of management.

4.            Then, apply the knowledge learnt in this course to the SME, particularly the basic concepts that are related to HRM policies and practices.

5.            Ask the HR manager on what are the current HRM policies and practices in the SME. Prior to that, ask the HR manager about the background of the SME.

6.            Ask the 2 employees on how they experience the HRM policies and practices in their SME.

7.            You may use the BBPB2103 module, tutorial class/myLMS notes and at least 10 external references to support your findings. The external references must come from published sources. Your module does not count as an external source.  You may use practitioner publications or formal websites such as , use academic research publications such as   . External references must be appropriately cited both in the body of the assignment as well as in a reference list at the end of the assignment, using American Psychological Association (APA) format.

 

REQUIREMENTS                  

 

a.            Provide a brief introduction of the SME, including the nature of the SME, its organisational chart, vision, mission, objectives, employment size and the industry in general.

[5 marks]

 

b.            Based on the interview session between you and the HR manager, what are the current HRM policies and practices of the SME?

[5 marks]

 

c.            Based on the interview sessions between you and the two employees, how do they experience the current HRM policies and practices of the SME?

[5 marks]

 

d.            In your opinion, why there is a gap between the HR manager and the two employees’ point of views on HRM policies and practices? Elaborate your answers.

 [10 marks]

 

e.            What is your conclusion on the gap of the point of views between the HR manager and the employees? What are your recommendations to reduce the gap? Provide TWO recommendations.

[10 marks]

 

[Total: 35 marks]

 

 

 

GUIDE FOR ANSWERING ASSIGNMENT QUESTIONS

 

 i.      Guide

 

Students are advised to select a SME that they are familiar with, and/or from which relevant materials and information can be gathered easily. SME is a business company with fewer than 50 /150 full-time employees; or with fewer than RM5 million/RM25 million annual sales turnovers, depending on the sector. Further definitions for SMEs in Malaysia are available at

 

Students are required to conduct separately three sessions of interviews with the HR manager and two employees from middle/first level of management. Students must briefly introduce the background of the SME, i.e. the business nature of the SME, its organisational chart, vision, mission, objectives, employment size, and the industry in general.

 

Students must list down all the current HRM policies and practices based on their findings from the interview sessions. Later, the students must compare and discuss the findings as described by the HR manager and as experienced by the 2 employees.

 

Finally, the students must make their conclusions and recommendations to the SME. Students must discuss and support the arguments with proper and acceptable explanations. Students will not get any mark if the explanation is unacceptable.

 

 

 ii.    Important Topics

 

The important topics for this assignment include:

·         Definitions of HRM, Importance of HRM, Background of HRM in Malaysia

·         Functions of HRM

·         HRM policies and practices – HR planning, recuitment and selection, training and development, performance appraisal, al change, career development, compensation and benefits, safety and health, employment relations and communication.

 

 

 iii.  Guide in answering the requirements

 

Students may use the following report writing format:

 

1.0        The SME background

         (Provide a short description on the business nature of the SME, its organisational chart, vision, mission, objectives, employment size and other information that you think necessary.)

 

2.0        The current HRM policies and practices of the SME as described by the HR manager

 

3.0        The current HRM policies and practices of the SME as experienced by the employees’

 

4.0        The gap on HRM policies and practices between the HR manager and the employees’ point of views

 

5.0        Conclusion and recommendations

 

List of references (Use the APA format)

List of appendix (if necessary)

 

 

 

Shaping the business and operations of Sands Casino Macau

 

Sands Casino Macau: A Case Study

 

Introduction

            Macau is considered as the Las Vegas of Asia. The Casino industry in Macau is a big industry and it continues to grow. In the third quarter of 2006 Macau had become the world’s biggest gaming center with gross revenues from gaming exceeding those of Las Vegas by US$433 million (2007). The Casino industry is truly flourishing in Macau. As a result, more and more people are attracted to work in Casinos.

 

Research Method

Secondary Research

            The researcher conducted a secondary research in order to gather information about the topic. The research conducted on the casino industry in Macau and the other resource materials such as books, magazines, journal articles and internet resources were used to form the report. Using the said resources, the researcher was able to form an idea regarding the current state of the casino industry in Macau as well as the future prospects of the industry. The researcher gathered information from the following resources:

Search Engines

            The internet played a vital role in the research. The researcher used the internet to gather information about the casino industry in Macau, the different hotels and the strategies that each chain group employs. The researcher made used of the following search engines  . Wikipedia, an online encyclopedia was also consulted.

Published Materials

            The researcher also used a wide range of research materials. The materials used were books, journals, magazines and newspapers. These resources have helped the researcher in accomplishing the paper.

 

Macau: Asia’s Gambling Capital

            Macau represents a mixture of eastern and western cultures. Macau represents one of the first and most enduring encounters between China and Europe. Throughout the years, Macau has undergone big changes until it reached its present status as the gambling capital of the East.

            In 2002, the government of Macau made a decision that was to have enormous consequences for the former Portuguese colony. Macau is a well-established gambling destination and the only place in China where the pastime is legal. In 2002, the government decided to put an end to a 45-year gambling monopoly held by Hong Kong entrepreneur, Stanley Ho, and open up the lucrative industry to the world.

            This move has opened doors of opportunity for Western Gambling tycoons who wasted no time to enter the Macau gambling industry. After the government of Macau liberalized the gaming market in 2002, it awarded licenses to three consortia: Societies de Jogos de Macau (linked to Ho), Wynn Resorts, Galaxy Casino Company and Las Vegas Sands Corporation (LVSC). Less than two years later, --the man behind the famous Venetian complex in Las Vegas and the chairman of LVSC--opened the Sands Macau Casino. The territory's first Western-style casino, the Sands boasts 438 gambling tables, 921 slot machines (known locally as hungry tigers), the world's largest chandelier and, like almost all the casinos, 24-hour opening. This marble and neon edifice attracts around 20,000 customers a day (2006).

           

Las Vegas Sands Corporation

            Las Vegas Sands Corp. and its subsidiaries own and operate The Venetian Resort Hotel Casino, The Palazzo Resort Hotel Casino, The Sands Expo and Convention Center and The Congress Center in Las Vegas, Nevada, and the Sands Macau and The Venetian Macau Resort Hotel in Macau, China (Las Vegas Sands Corp 2007).

 

Sands Casino Macau

            Sands Macau, the first Las Vegas-style casino in the territory is owned and operated by Las Vegas Sands Macau Corporation. The Sands Macau can be found near the Macau-Hong Kong Ferry Terminal on a waterfront parcel centrally located between the Gonbei border gate and the central business district. Sands Macau is able to access a large customer base because of its strategic position. Because of its location, Sands Macau can attract Macau’s visitors who enter the territory by ferry. The visitor numbers entering Macau by ferry reached 9 million in 2007, providing the Casino with a lucrative customer base. The Sands Macao includes approximately 229,000 square feet of gaming space and currently has approximately 630 table games and 1,350 slot machines or similar electronic gaming devices. The Sands Macao also includes several restaurants, a spacious Paiza Club offering services and amenities to premium customers, luxurious VIP suites and spa facilities, private VIP gaming room facilities, a theater and other high-end services and amenities.

            The Sands Casino in Macau was the first substantial casino in Asia when it opened in May 2004. Built in the style of the well-known leisure centers of Las Vegas in the United States, Sands casino comprises a leisure complex, various restaurants and bars and plentiful gambling opportunities within a stunning architectural setting.

            Sands Macau is the first American-operated gaming facility to open in Macau, Special Administrative Region of The People’s Republic of China. The region’s economy has been growing at an impressive rate. Travel rates have exploded in recent years and indications suggest that these numbers will continue to rise. Sands Macau is the first property in Macau from developer Las Vegas Sands Corporation and was designed to appeal to the growing tourism market in the territory, recreating the glitter and glamour of Las Vegas while adding the unique oriental atmosphere in keeping with the culture of the region.

 

 

Industry Analysis

            Macau is regarded as the largest and fastest-growing gaming market in the world and benefits from being the only market in China to offer legalized casino gaming. In 2002, the government of Macau decided to put a stop to the monopolistic form of its gaming industry. It announced its plan to open up the gaming industry and subsequently announced three winners out of eighteen candidates bidding for new gaming licenses. The winners were:

1. Sociedad de Jogoes de Macau (SJM), a wholly-owned subsidiary of the former monopolist.

 2. Wynn Resorts from the United States

3. Galaxy, a joint venture of a Hong Kong firm, Galaxy, and the Venetian from the United States.

            As a result, the monopolistic structure of the industry, in existence for more than sixty years formally terminated. This move was partly due to the economic instability. Looking at the period before the changes in the industry structure, it was observed that whenever there were crucial policy changes by either Hong or the Mainland government, Macao’s casino industry would always simply react passively by either taking advantage or shouldering part of the costs brought about by the changes. Macao’s casino industry was also vulnerable to the changes in the economic policy that Hong Kong or the mainland introduce. For example when the Hong Kong community proposed to the Hong Kong SAR government in 1999 to explore the possibility of legalizing casino gaming as a way to cope with structural changes and the downturn of the Hong Kong economy since 1997, Macao’s community and gaming industry were shaken. The sense of anxiety flourished because Hong Kong had long been the prime source of customers of Macao’s casino industry ( 2006).

            Sands Macau, touted as the first Las Vegas-style casino opened in 2004. In 2007, gaming revenues in Macau reached a record $10.3 billion, a 46 percent increase over 2006. Visits also increased up to 22.7 percent in 2007. According to Macau government statistics, during 2007, 21.4 percent of visitors traveling to Macau stayed overnight in hotels and guestrooms and, for those who stayed overnight in hotels and guestrooms, the average length of stay was between 1 and 2 nights. This figures are expected to increase in the coming years as casinos expand their gaming and non-gaming amenities including retail, entertainment, meeting and convention facility offerings, and the addition of deluxe hotel resort accommodations in Macau.

 

Customer Analysis

            Majority, if not all, of customers that visit Macau’s casinos are tourists. Approximately 1.0 billion people are estimated to live within a three-hour flight from Macao and approximately 3.0 billion people are estimated to live within a five-hour flight from Macao. According to Macau government statistics, 85.4 percent of the tourist who visited Macau in 2007 came from Hong Kong or mainland China and the dominant feeder markets to Macau have been, and continue to be, Hong Kong and China. Although the total number of visitors from Hong Kong continues to grow, that market has shrunk as a percentage of the total visitor distribution from 44.2 percent in 2002 to 30.3 percent in 2007, while visitors from mainland China made up 55.1 percent of total visitors to Macau in 2007. Until recently, mainland Chinese were permitted to visit Macao only as part of a tour group. Now that these travel restrictions have eased for mainland Chinese from most urban centers and economically developed regions, individual travel to Macao is expected to increase, generating increased demand for casino offerings.

            Gaming customers from Hong Kong, southeast China, Taiwan and other locations in Asia can reach Macau in a relatively short period of time, using a variety of methods of transportation, and visitors from more distant locations in Asia can take advantage of short travel times by air to Macau, Zhuhai, Shenzhen, Guangzhou or to Hong Kong (followed by a road, ferry or helicopter trip to Macau). In addition, numerous carriers fly directly into Macau International Airport from many major cities in Asia. The relatively easy access from major population centers promotes Macau as a popular gaming destination in Asia.

 

Competitor Analysis

            Gaming in Macau is administered through government-sanctioned concessions awarded to three different concessionaires and three sub concessionaires, of  which Sands is one. The Macau government is precluded by contract form granting any additional gaming concessions until 2009. In addition, the current laws only permit the Macau government to grant additional gaming concessions before 2009. If the Macao government were to allow

additional competitors to operate in Macao through the grant of additional concessions or sub concessions, Sands Macau would face additional competition, which could have a material adverse effect on our financial condition, results of operations or cash flows.

 

1. SJM

            SJM, controlled by , holds one of the three concessions and currently operates 19 facilities throughout Macao. Historically, SJM was the only gaming operator in Macao, with over 40 years of operating experience in Macao. Many of its 19 casinos are relatively small facilities that are offered as amenities in hotels; however, a number are large operations enjoying significant recognition by gaming customers in the marketplace. SJM was obligated to invest at least approximately 4.7 billion patacas (approximately $584.6 million at exchange rates in effect on December 31, 2007) by March 31, 2009, under its concession agreement with the government of Macao. SJM’s projects include the Grand Lisboa; the Fisherman’s Wharf entertainment complex, which opened in December 2005; and other projects. In addition, MGM MIRAGE has entered into a joint venture agreement with Stanley Ho’s daughter, Pansy Ho Chiu-king, to develop, build and operate two major hotel/casino resorts in Macao. In April 2005,MGMGrand Paradise Limited obtained a sub concession allowing it to conduct gaming operations in Macao. The MGM Grand Macau opened in December 2007 and features approximately 600 rooms, 375 table games, 900 slot machines, restaurants and entertainment amenities.

2. Galaxy Casino Company Limited

            Galaxy holds a concession and has the ability to operate casino properties independent of us. Galaxy was obligated to invest at least 4.4 billion patacas (approximately $547.3 million at exchange rates in effect on December 31, 2007) by June 2012 under its concession agreement with the government of Macao. Galaxy currently operates five casinos in Macao, including StarWorld Hotel, which opened in October 2006 and has over 500 hotel rooms and a 140,000 square foot gaming floor with approximately 260 table games and 500 slot machines.

3. Wynn Resorts S. A.

            Wynn Macau, a subsidiary of Wynn Resorts Limited, holds the third concession. Wynn Macau opened in September 2006 and expanded the property in late 2007. Wynn Macau now includes an approximately 600-room hotel, a casino and other non-gaming amenities. In 2006,Wynn Macau sold its sub concession right under its gaming concession to an affiliate of Publishing and Broadcasting Limited (“PBL”). The sub concession right permitted the PBL affiliate to receive a gaming sub concession from the Macao government. In May 2007, a PBL affiliate opened the Crown Macau, which includes an approximately 216-room hotel, a casino and other non-gaming amenities.

 

 

PEST Analysis

            Porter identified the five forces model of competitive strategy. He identified the five forces as:

1. Competition among existing firms – this is the natural competitive rivalry, which exists between the various business operating within the industry market place.

2. Threat of new entrants – this is the potential likelihood of, and ease of, entry for new firm into the market.

3. Threat of substitute products or services – this is where a product or service, perhaps produced through a different technology, enters the market. Sands Macau faces competition from casinos located in other areas of Asia, such as the major gaming and resort destination Genting Highlands Resort, located outside of Kuala Lumpur, Malaysia and casinos in South Korea and the Philippines, as well as pachinko and pachinslot in Japan (2007).

4. Bargaining power of suppliers – this examines the relationship between businesses in the industry and the suppliers to those businesses. Where the suppliers have a unique or restricted availability product they can exert a strong influence over process and conditions of supply, therefore potentially putting pressures on the businesses purchasing their product/services.

5. Bargaining power of buyers – this examines the relationship between businesses in the industry and the customers of those businesses. The purpose is to identify the relative strength of the business in the customer relationship ( 1998).

 

1. Competition among existing firms - the growing casino and hotel industry in Macau, Hong Kong, Singapore and the rest of Asia presents a fierce competition among the existing firms in the region. Sands Macau faces competition among other casinos both locally and regionally. In the hotel and casino industry gaining and maintaining customer loyalty is very difficult. There are a lot of choices and customers can switch brands quickly. Moreover, every hotel and casino offers enticing packages and promos making strong positioning difficult for every hotel and casino.

2. Threat of New Entrants – The fierce competition among existing hotels and casinos is further intensified by the entrance of new players. Since the opening of the Macau casino market in 2002, many local and international organizations have expressed interest in developing casinos in the territory. Joint ventures, mergers and collaborations are common. Local organizations are partnering with giant groups in order to establish deluxe casinos in Macau.

3. Threat of substitute products or services – many facilities, services and technologies are being introduced. There is also a threat that consumers are attracted by different destinations in Asia that offer similar products or services as well as substitutes. One example is Singapore, which is also developing its hotel and casino market in order to attract visitors.

4. Bargaining power of suppliers – Sands Macau is able to develop a strong relationship with its suppliers. The casino collaborates with different suppliers.

5. Bargaining power of consumers – Sands Macau has revolutionized the gaming industry in Macau. It introduced different innovations and changes in order to attract more customers. The customers have a strong bargaining power.

SWOT Analysis

            SWOT (Strengths and Weaknesses, and Opportunities and Threats) is a basic analytical tool in management that has become popular in recent years. SWOT analysis is often used by strategic planners and top management in developing competitive strategies. It is typically used to decide corporate strategies and to make product or market level analyses (1994). SWOT is a widely used thinking framework for identifying Strengths, Weaknesses, Opportunities and Threats. It enables key factors to be visibly recorded as a high-level summary of a business. SWOT analysis is a summary that is simple but powerful. It also enables a judgment to be made about aspects of the external business environment, which can affect the performance of the business, through looking at the Opportunities and Threats it faces in the wider world (1998).

Strengths

1. Quality Products and Services – Sands Macau is committed to product and services.

2. First Mover/Innovator – Sands Macau is seen as an innovator in terms of amenities, facilities, designs, technology and products.

 

 

 

 

Weaknesses

1. Unable to Maintain Leadership Position – Because of intense competition Sands Macau cannot maintain its leadership position in the casino industry.

Opportunities

1. Development of the Cotai Strip – The Cotai Strip in Macau is being further developed as a business district where hotels, casinos and other establishments can be accommodated. This offers new opportunities for Las Vegas Sands Corporation to expand its businesses in Macau.

2. Increase in Visitors – Macau is experiencing a steady growth of visitor numbers.

Threats

1. Political, Social and Economic Changes – political, social and economic developments in Macau, particularly the changes in policies of the governments or changes in laws and regulations or their interpretations may adversely affect the company’s operations and cash flows.

2. Intense Competition – the hotel, resort and casino businesses are highly competitive. Sands Macau current competes with numerous other casinos located in Macau. In addition, it is expected that the competition will increase in the near future from local and foreign casino operators. Sands Macau will also compete to some extent with casinos located elsewhere in Asia, such as Malaysia’s Genting Highlands, as well as gaming venues in Australia, New Zealand and elsewhere in the world, including Hong Kong, Japan, Singapore, Taiwan and Thailand and other gaming centers worldwide.

3. Typhoon and Other Natural Disasters – Macau us susceptible to severe typhoons that may disrupt operations. Macau consist of peninsula and two islands off the coast of mainland China. On some occasions, typhoons have caused a considerable amount of damage to Macau’s infrastructure and economy. In the event of a major typhoon or other natural disaster in Macau, Sands may be severely disrupted and the results of operation could be adversely affected.

Porter’s Five Forces

A PEST analysis looks at the Political, Economic, Social and Technological drivers of a particular industry. PEST are external factors that must be analyzed and understood in order for an organization to succeed. The PEST analysis focuses on the external forces that affects the organization. It is most useful when used together with other tools such as the SWOT analysis.

Political Factors

            Political factors play an important role in shaping the businesses and operations of Sands Macau. The casino is subject to local laws and regulations. Changes in the laws and regulations may affect the business. In Macau, tax laws and regulations may be subject to amendment or different interpretation and implementation, thereby affecting the profitability of Sands Macau after tax.

            The activities of Sands Macau are subject to administrative review and approval by various government agencies. Sands Macau’s sub concession arrangements with Galaxy can be terminated by the government. In the event that the sub concession is terminated, Sands Macau would be prohibited from conducting gaming operations.

Economic Factors

            Significant number of Sands Macau’s consumers come from China, general economic conditions and policies in China could have significant impact on the financial prospects of the casino. Any slowdown in economic growth or reversal of China’s current policies of liberalizing restrictions on travel and currency movements could adversely impact the number of visitors from China to Macau as well as the amounts they are willing to spend at Sands Macau.

            The revenues of Sands Macau are dominated in patacas, the legal currency pf Macau, and Hong Kong dollars. Although currently permitted, there is no assurance that patacas will continue to be freely exchangeable into US dollars. Also, because the currency market for patacas is relatively small and underdeveloped, the casino’s ability to convert large among of patacas into US dollars over a relatively short period may be limited.

Sociological Factors

            The government requires casinos and other establishments to employ locals. The casino relies heavily on the local labor market. The strength of the casino’s labor force is affected by factors such as the education and skill levels of the labor force. The increase mobility of mainland China and Hong Kong residents affect the strength of Macau’s tourism.

Technological Factors

The rapid development and wide adoption of digital technology in Macau has lead to great changes in the hospitality and tourism industry. Because of the advancements in technology, physical distance has lesser effect on tourists. Telecommunications and transportation become more efficient and less expensive. Distance is bridged even further using the Internet. Technology allows tourists to book hotel accommodations and air tickets online. Electronic brochures are now widely used in the promotion of trade fairs and travel products.

 

Competitive Advantages

        Competitive advantage can be considered as a condition, which facilitates more efficient operation and higher quality products and/or services for an organization. Michael Porter considers an organization where earning exceeds cost as an organization that achieved competitive advantage. Competitive advantage in Porter’s perspective is being able increase earnings despite the competitive pressures.

Major Functions and Support Functions

            The value chain is a model that describes a series of value-adding activities connecting a company’s supply side with its demand side. According to  (1996) by analyzing the stages of a value chain, the organization is able to redesign its internal and external processes to improve efficiency and effectiveness. The value-adding functions of a firm is divided into two – major and support. The major functions are operations; marketing; accounting and finance; and product service development. The support functions human resource management; purchasing; and technical function. In order for an organization to achieve competitive advantage, all functions must be related to each other.

1. First Las-Vegas Style Casino in Macau

            The Sands Macau was the pioneer in transforming the face of gaming in Macau with its lavish interiors and a choice of games pitched at a wider segment of gamblers. In the past, visitors to Macau’s casinos frequently complained about cramped environments, smoke-filled tables and indifferent servers. The sands Macau has raised standards by offering luxury, comfort, service and spacious gaming areas (Silk Road 2006).

2. Advertising and Marketing

            Sands Macau advertises in many types of media, including television, newspapers, magazines and billboards, to promote general market awareness of its properties as unique vacation, business and convention destinations. Sands Macau actively engages in direct marketing, which are targeted at specific market segments, including premium slot and table games markets.

 

Target Marketing

            Through target marketing, Sands Macau focuses its advertising and marketing efforts on its target market segments.

Target marketing requires an ability to:

• Find the key characteristics that break a market into relevant ‘actionable segments’
• Identify and quantify which customers fall into which segments
• Target the best segments most likely to give the best results

 

3. Human Resources

            The success of Sands Macau in large part depends upon its ability to attract, retain, train, manage and motivate skilled employees. The company’s human resources are considered as one of the sources of competitive advantage.

            Human resources or human capital is the intangible resources of abilities, effort, and time that workers bring to invest in their work (1999). The people at Sands Macau are the major contributors of strategic capability to the company. One of the advantages of Sands Macau over its competitors is the quality of service that the staff provide to its customers. Service has a big impact on the customers’ perceptions about the company’s product. Because of the importance of its people, Sands Macau formulated an employee development strategy through proper and effective training. This strategy is expected to strengthen Sands Macau’s position in the marketplace.  Employee development can be an essential ingredient of an organization’s competitive advantage. Employee development includes all of the education and training that organizations might invest in their employees such as training employees to perform effectively in their current jobs, orienting employees to the workplace, developing them for advanced positions or programs, and building organizational capability for future success.

            One of the keys to successful competition in the global market is the effective deployment of human resources to achieve strategic capability and competitive advantage.  Human resources as an internal resource of a firm are one of the sources of strategic capability (2001). Human resources are among the top contributors to Sands Macau’s strategic capability. Effective management of an organization’s human resources according to  (2002) is a major source of competitive advantage and may even be the single most important determinant of an organization’s performance over the long term.

 

 

 

 

 

Strong Brand

            Applying marketing strategies to a specific product, product line, or brand is called Brand Management. Brand management is the application of marketing techniques to a specific product, product line, or brand. Brand management aims to increase the perceived value of the product to the customer, thereby increase brand franchise, and brand equity. Brand is seen as a promise that the level of quality people expect from a brand will develop customer loyalty. The amount of profit that is generated by a brand determines its value. Brand management starts with understanding what “brand” really means. This starts with the leaders of the company and especially to the people who interface with customers or who create the products that customers use. Strategic Brand Management involves the design and implementation of marketing programs and activities to build, measure, and manage brand equity. These concepts and techniques are to improve the long-term profitability of the brand. Brand Management focuses on targeting the right consumers, awareness of the competition, the need for marketplace credibility for the offering and clearly defined benefits to the consumer. The benefits your brand represent to consumers may trigger emotional feelings that can motivate them to consider your brand as superior to your competitors'. The benefits themselves have to be credible and presented in language that consumers understand.

            One of the group’s strategies is to build a strong brand. Differentiation is accomplished by building a strong brand that creates brand equity. Brand equity produces value to the customer. Brand equity causes brand loyalty among customers. The group (Las Vegas Sands) has been in the business for a long time. The group is able to develop a strong brand that serves as one of its competitive advantages. Because of the strong brand, the group is able to keep its customers. The service providers – all the staff are trained in order to maintain the quality of service. The Group obliges every staff to adhere to the standards in service, product quality, design, construction and operation. The management ensures that opportunities for training, development and continuous learning is available for everyone. 

           

Hong Kong—a widely unique and adorable nation

HONG KONG CULTURE

 

Introduction

Most of Hong Kong Chinese are into Buddhism and Taoism. There are more than 600 temples outside Hong Kong, built in residential areas. Hong Kong has a multicultural population with Chinese, Muslims, Christians, Jews, and Hindus, each with their own set of beliefs and philosophy. The Chinese have three primary religions, Buddhism, Confucianism, and Taoism, each with separate teachings and axioms that have made their way into belief systems throughout their long histories (1999). Hong Kong is highly influenced Chinese tradition. Spiritual beliefs, practices, and superstitions are an intrinsic part of their life, and belief in lucky numbers and the ancient art of feng shui fill the city. Feng shui is the popular practice of positioning objects in harmony with nature to create good fortune by repositioning mirrors, moving a plant, or adding a bowl that may improve one’s fortune. 

In addition, when they are administered by the United Kingdom, Hong Kong has been known since 1997 as the Hong Kong Special Administrative Region (SAR) of the People's Republic of China (PRC). Hong Kong prides itself on being "the gateway to China" and the place "where East meets West." Cultural underpinning of a modern society is the hallmark of Hong Kong. They are a remarkable fusion of East and West, a city where contrasts walk side by side. Ancient incense-filled temples, where just right beside it are stylish skyscrapers. People never shy away from using ultra-sleek gadgets, yet they embrace to their traditions tightly. And that’s what convergence means.

Tea Culture

People of Hong Kong are very fond of tea drinking and it has become a

part of their lifestyle. The tea-drinking habit in Hong Kong has its origin in Chinese tea culture. Yum cha ("drinking tea") is an integral part of Hong Kong's culinary culture. Hong Kong has long developed its very own distinct Tea Culture. During a stay in Hong Kong, a tourist may never want to miss the locally brewed "milk tea" served at old-style tea bistros. It takes a unique blending of tea leaves and superb tea-making skills to make a perfect cup of smooth Hong Kong-style tea.

Tea Drinking Customs

            There are several and special circumstances in which tea are prepared and consumed. It can be as a sign of respect by offering a cup of tea, for family gathering where they can bond and connect, or just to pass on the tradition. The tea ceremony during weddings also serves as a means for both parties in the wedding to meet with members of the other family. As Chinese families can be rather extended, it is entirely possible during a courtship to not have been introduced to someone. This was particularly true in older generations where the patriarch may have had more than one wife and not all family members were always on good terms. As such, during the tea ceremony, the couple would serve tea to all family members and call them by their official title. Drinking the tea symbolized acceptance into the family. Refusal to drink the tea would symbolize resistance to the wedding, which would result in a loss of "face" (2003).

Culture of the arts in Hong Kong

Hong opera was hugely inspired by Chinese opera—which is a highly respected art form that is thousands of years old. It blends Chinese legend, music, dance, and drama into an exciting performance style, rich in symbolic meaning. This unique art form can provide a guest with a greater understanding of Chinese culture. Meanwhile, opera in Hong Kong is an important part of their culture for hundreds of years. Certain shows in rural areas can last anywhere from 3 - 4 hours to five days (1998).  They use a lot of glittering costumes and heavy makeup that is applied on the faces of the actors/actresses. In addition, the eclectic world of dance exists in many shapes and forms in Hong Kong, from classical ballet to contemporary Chinese dance. Hong Kong boasts a variety of homegrown dance companies and plays host to dance troupes from North America, Europe and the rest of Asia. Ancient Hong Kong can be revisited through the country's museums. Many of the exhibits highlight local history, Chinese arts and crafts.

Conclusion

            A culture, like an individual, is a more or less consistent pattern of thought and action. Within each culture there come into being characteristic purposes not necessarily shared by other types of society (T1999). Hong Kong culture is rich in diversity and color. It reflects their state of mind, the kind of people inhabiting their country, and the moral structure of the people in general. They strived and eventually flourished in making their country known worldwide—Hong Kong—a widely unique and adorable nation. 

 

Radiographic Image Interpretation

Radiographic Image Interpretation

 

            In the clinical environment it is important that people should practice their job in accordance with the needs of their patients or clients. In this regard, those who are just beginning to learn and experience things must be taught and mentored by others who have already experienced different things in relation to different health care activities. Evaluation of image quality remains a challenge in radiological studies. It has to be addressed when optimizing established techniques for various X-ray examinations. Quality assessment for imaging results is mostly based on the observers subjective scoring system because of the lack of objective and acknowledged criteria. The outcome will depend on the observers’ previous experience. Since the readers’ preferences are related to the subjective nature of the outcome, a definition of clear quality criteria is required. Comparative image quality analyses mostly refer to given anatomical details that are present in each radiograph [1–3]. These can be used for analyzing changes of visibility due to varied technical procedures [4]. The Commission of the European Communities (CEC) has developed such image criteria based on anatomical details for some radiographic examinations to standardize image quality throughout Europe [5,6]. In 1996 these CEC-criteria were slightly revised and presented in the “European Guidelines on quality criteria for diagnostic radiographic images” [7]. Visual grading of the reproduction of important anatomical structures for the evaluation of image quality in radiography has become an established method [8]. The basic idea of visual grading is the assumption that the possibility to detect abnormal findings correlates to the reproducibility of anatomical structures. An alternative method for the comparative evaluation of image quality is the application of receiver operating characteristic analyses (ROC), that are well described in literature [1,9].

In the context of medical image interpretation, Nightingale (10) outlined the following four levels: detection of an abnormality, description of image appearances, interpretation of the image and independent reporting, suggesting that the trauma RDS is an example of the detection task (Level 1) and this can be distinguished from independent reporting (Level 4) provided, for example, by radiographers that have completed appropriate postgraduate education and training). Previous research (11) suggests that radiographers demonstrate different levels of ability depending on the type/extent of education and training received.

 

Ethics

Medical ethics, a branch of the philosophy of ethics, deals with moral decisions in medicine. The branch of nursing ethics could be considered under the umbrella of medical ethics. The moral foundation of the nursing profession is based on the perspectives of , who described nursing as a self-defining moral practice focused on caring. This moral foundation evolves from the nurse-patient relationship. Morality in nursing practice arises from the idea that it is morally good to promote the physical and psychological well-being of patients. Nurses, however, may find it difficult to prioritize these moral nursing values over their personal values (2002).

In the nursing profession, acts that are ethical often reflect a commitment to standards which are beyond an individual’s personal preferences – standards on which individuals, professions, and societies agree (2004). Ethics has become an important way of life in a post-modern society that does not acknowledge any fixed points of reference.

Nursing is essentially a work of intimacy. The tasks of nursing require the nurse to be in close contact with clients, physically and emotionally. This kind of contact is usually not acceptable in public relationships. As a result, the work of nursing involves the negotiation of values whether those values be of the client, the physician, the employer, or other concerned groups.

Maintaining their own moral integrity is central to nurses' moral experience. Studies have documented that nurses sometimes feel they are forced to betray their own values. Their position in organizations, a lack of involvement in the decision-making process, and lack of authority seem to contribute to the experience of powerlessness in situations of moral difficulty (2005).

Discussion and resolution of ethical issues requires critical thinking skills. Unlike the resolution of clinical problems, however, the resolution of ethical issues involves the negotiation of closely held personal values and philosophies, not facts or measurable clinical data. Resolution of ethical issues incorporates not only the nurse’s personal values but also the interpretation of the client’s personal values, based on the unique perspective of nurses (2004). Ethics guided by one’s own moral values is very important since an ability to make good decisions about one's health care promotes healthy behaviors across the lifespan ( 2000).

The commitment to save lives is the utmost goal of every healthcare practitioner. With the developing trends and current breakthroughs in the field of medicine and healthcare practice, it is always important to hold on the principles of professional ethics. However, there are situations where ethics is at stake resulting to unethical behaviour and malpractice. Medical malpractices has increasingly become the focus of attention in most empirical studies from both the medical community and the general public because of adverse economic and human consequences associated with it. The presence of numerous medical codes of conduct and the experiences of medical practitioners during their academic years are not adequate to maintain perfection in providing ethical medical practices.

Results obtained present that almost all radiologists were trained on ethics pertaining to their professions or even physicians and nurses. Majority of them are exposed to medical ethics training. The knowledge on the existence of ethical committee at the institution is relatively high provided that most of the respondents agreed. On the context of unethical behaviour demonstrated by a colleague, majority agreed that they are able to recognize unethical behaviour demonstrated and the violation of professional ethics in the course of their work is seen on a daily basis. The identified factors that influence breaches of medical ethics include inadequate legislation or regulations; inadequate enforcement of legislation or regulation; lack of awareness among healthcare workers on the question of what is ethical behaviour; lack of adequate training to healthcare workers on ethics; and high workload among healthcare workers. These factors are all proven to be existent in both cases of physicians and nurses. The opinions on various aspects in medical ethics practice do not vary among respondents. Lastly, the role of ethical committee is still important as most respondents seek their intervention to check what is ethical and unethical in relation to their practice.

Discussion states that there is a crucial need for physicians and nurses to enhance ethical medical practice not only on the case of the physicians and nurses in public as well as private hospitals in the world. In order to enhance professional medical ethics, it is recommended that the government’s role in supporting existing ethical committees is needed and constant training programs among physicians and nurses are sought.

The results clearly illuminate the need for physicians and nurses to enhance ethical medical practice not only on the case of the physicians and nurses in public as well as private hospitals in the world. Training on medical ethics is said to be experienced by physicians and nurses. Also, the knowledge on the existence of ethical committee at the institution is present and briefly evaluated. On the context of unethical behaviour demonstrated by a colleague, majority agreed that they are able to recognize unethical behaviour demonstrated and the violation of professional ethics in the course of their work is seen on a daily basis. The identified factors that influence breaches of medical ethics include inadequate legislation or regulations; inadequate enforcement of legislation or regulation; lack of awareness among healthcare workers on the question of what is ethical behaviour; lack of adequate training to healthcare workers on ethics; and high workload among healthcare workers. These factors are all proven to be existent in both cases of physicians and nurses. The opinions on various aspects in medical ethics practice do not vary among respondents. Lastly, the role of ethical committee is still important as most respondents seek their intervention to check what is ethical and unethical in relation to their practice.

Specifically, ethics particularly among physicians and nurses is rooted on numerous codes of professional conduct, guidelines, and other established rules and regulations. Most medical practitioners are expected to comply on such ethical standards so as to provide the best practice. After their years of stay in the academe and prior to their actual performance of their practice, training is helpful to update their knowledge. The issue of medical ethics is always illuminated in all aspects of providing healthcare. Then, the challenge lies on how ethical each medical practitioner in pursuing his/her professional role as medical service provider. While all physicians and nurses were trained on ethics pertaining to their professions, there are still violations occurring within the medical setting. The presence of violations is said to be attributed to the inability of medical practitioners to choose the most appropriate and relevant training programs that they will undergo. Also, the changing medical practices with the emergence of modern technologies and medical breakthroughs prompt every physician and nurse to stick to their customary ethical practices that are sometimes irrelevant to the current setting. The knowledge learned over the years is not sufficient. Thus, every physician and nurse is encouraged to look for advancement of knowledge in some ways like consulting their head of departments and reading books and articles about varying ethical issues today. The findings of the study specify that no physician or nurse who seek advice from the Ministry of Health. This is quite disappointing as the Ministry of Health is the key body that should be a venue for continuous learning on professional practice and ethics as well. The knowledge on ethics is not limited on what is read and applied yet also available in the course of the experiences of other superior individuals who work on the same setting. Because training is very important, it is always imperative that all physicians and nurses should undergo consistent professional training on medical ethics and practice. This will be beneficial in the performance of their duties and responsibilities.

The knowledge on the existence of ethical committee at the institution is relatively high among the respondents. It is evident that there are many organizations, committees and professional groups that are existent to advocate ethical medical practice. However, the question is on how effective they are in communicating their visions and missions as international or national recognized bodies. In Tanzania alone, there are several ethical committees that are popularly recognized yet they are not fulfilling their roles. This is the reason why there is an apathetic or indifferent relationship among members of the medical field. To reconcile their role in the medical setting, ethical committees should not only work as vanguard of ethical practice but active participants of the quest towards the enhancement of professional ethics in the country.

In communicating the case of unethical behaviour demonstrated by a colleague, most physicians and nurses see it in every day situation. They know that a certain act is unethical and they extend the initiative to inform the involved party. Findings report that there is a strong relationship among physicians who understood the main contents of their professional code of conduct and their ability to talk to a colleague who commit a certain unethical practice. Understanding the context of code of professional conduct in any field is directly associated on the ability of a person to correct what is identified as wrong act. The physicians should play as teacher in the medical setting especially among subordinates. Similarly, the relationships of length of service or exposure to the field are important factors to consider in correcting unethical practices. Hierarchy and seniority are essential elements of the organizational culture.

Among the identified factors that affect unethical behaviors in medical practice include inadequate legislation or regulations; inadequate enforcement of legislation or regulation; lack of awareness among healthcare workers on the question of what is ethical behaviour; lack of adequate training to healthcare workers on ethics; and high workload among healthcare workers. These factors are all proven to be existent in both cases of physicians and nurses. Inadequate legislations and regulations as well as inadequate enforcement reflect the role of the government and ethical committees. More often than not, inadequacy of legislations and regulations and the poor application are the common excuses of medical personnel who commit unethical behaviour. On this case, all parties involved particularly the government of Tanzania should come up with practical and relevant legislations and regulations and to be supported by the ethical committees and other groups. Such are to be extended to all members of the field. On the case of lack of awareness among healthcare workers on the question of what is ethical behaviour, the role of education and information dissemination is under question. Most medical practitioners are affiliated in certain organizations and professional bodies. The advocacies of these organizations and professional bodies should include education and further training to enhance work competencies and professional values. The lack of adequate training to healthcare workers on ethics is always a problem. Thus, the challenge is pass to all concerned organizations and professional bodies particularly in coming up with the given relevant training programs and development mechanisms. Lastly, the high workload among healthcare workers is associated with the increasing complexity of the providing medical services among the growing population. All public hospitals in developing countries are said to have lacking funds for a decent healthcare. Thus, the role of the government and related institutions are needed particularly in financial support such as national budget allocation. The factors that affect unethical behaviors in the medical field are not limited to the mentioned ones. The list goes on. But then again, the pursuit towards ethical medical practice will also continue.

Meanwhile, the opinions on various aspects in medical ethics practice do not vary among respondents. Opinions regarding various aspect of practicing ethics are dependent on special cases. For example, physicians and nurses were equally opinionated in the issues such as medical ethics is only important to avoid legal action. Conditions like patient wishes must always be adhered to, patient should be always informed of wrongdoing once happen in the course of treatment, confidentiality is outdated in the modern practice should be abandoned, doctors should decide what to do irrespective of patient opinions, patient should only consent for operation not for test and medications and close relatives should always be told about patient’s condition are contributory to the ethical practice.

Lastly, the role of ethical committee is still important as most respondents seek their intervention to check what is ethical and unethical in relation to their practice. As most physicians and nurses are aware of the presence of ethical committees, they seek advices and support from them. Ethical committees should then be credible and competent in providing support and education among the members of the field particularly those who sought for their involvement.

            The findings lead to the recommendation of the need to enhance professional medical ethics. In order to enhance professional medical ethics, it is recommended that the government’s role in supporting existing ethical committees is needed and constant training programs among physicians and nurses are sought. The role of the government in supporting existing ethical committee is important because legislations and regulations should be coordinated to national framework. Without government’s support, ethical committees will become mere organizations that are limited to written codes of conducts that are never implemented. Also, constant training programs among physicians and nurses are sought because continuous learning will add up to their existing professional competencies. All in all, medical ethics is grounded on the principle of doing what is right, fair, and beneficial – at all times.

 

 

[1] . Influence of the characteristic curve

on the clinical image quality of lumbar spine and chest radiographs.

2004;

 

[2] . Comparison of visual grading analysis

and determination of detective quantum efficiency for evaluating system

performance in digital chest radiography. 2004;

Oct 16 2003.

 Evaluation of the Commission of the European Communities

quality criteria for the pediatric lateral spine.  2003;

[4] . The use of reference image criteria

in X-ray diagnostics: an application for the optimization of lumbar spine

radiographs.  2004; 2004 Apr 1.

 

[5] , Wall BF. CEC quality criteria

for diagnostic radiographic images and patient exposure trial, EUR 12952 EN.

Brussels: CEC, 1990.

 

[6] European Commission. The 1991 CEC trial on quality criteria for diagnostic

radiographic images: detailed results and findings, EUR 16635 EN. Brussels:

CEC, 1991.

 

[7] European Commission. European guidelines on quality criteria for diagnostic

radiographic images, EUR 16260 EN. Brussels: CEC, 1996.

 

[8] Visual grading characteristics (VGC) analysis: a nonparametric

rank-invariant statistical method for image quality evaluation.

2007;

 

[9]Methods for the evaluation of image quality: a review.

2000;

 

[10] Nightingale J. Reporting errors (and how to avoid them).

 2004 Feb:16

 

[11] 

  Accuracy of radiographer plain radiograph

reporting in clinical practice: a meta-analysis.

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Australia

RADIOGRAPHIC IMAGE INTERPRETATION ESSAY

RADIOGRAPHIC IMAGE INTERPRETATION

 

ASSESSMENT

4000 words - 16 pages

IMAGE INTERPRETATION ASSESSMENT

From your lecture and workshop sessions you have learnt what image interpretation is and how it depends upon factors such as perception, features in an image and aspects in decision making such as template formation and how the eye recognizes an object. In this essay you are required to review the key points that feature in the interpretation of the image and contribute to decision making. You are also asked to review methods of performance measurement of viewers of radiographic images. In your essay you are asked to give examples of how, from a wide range of contributory components such as texture, attention and decision making amongst many others combine to enable the human viewer to interpret radiographs. You should write up to (and no more than) 4000 words explaining this phenomenon and provide references to support your assertions. Appropriately acknowledged diagrams, images, tables, flow charts etc are encouraged as this will enable you illustrate your ideas.

 

PS: Reference in  style and please include three journals that I've uploaded. Thank you!

 

 

Diamonds were not really considered as a special valuable stone

Sales and Selling in the Diamond Industry

 

Overview of the diamond industry

 

            Until the time of 1330, diamonds were not really considered as a special, valuable stone. Today, the diamond industry is now considered to be a genuine global business especially that the players in the diamond supply chain are geographically-dispersed. For instance, exploration and mining happens in areas of North Canada, Russia, Africa and Australia; cutting and polishing and jewelry fabrication occurs in China, India, New York and Milan and retailing, purchasing and utilization happens all over the world. Nevertheless, the diamond industry is also considered to be a relatively small industry in terms of total value. In 2006, the total value of diamond jewelry sold globally was under US$70 billion while the total value of polished diamonds was under US$20billion.

 

            Further, diamonds and diamond jewelry are deemed as luxury products and are not a necessity. Demands for diamonds had been carefully built up and grown through extensive marketing and advertising. The competition of diamond products includes luxury cars, travel and cruises and yachts. Women is the primary market and within that marketplace, perfume, luxury clothing, furs and shoes as the major rivals. When it comes to its pipeline which shows the movement of diamonds from mine to the consumer, the diamond industry caters and crosses over a number of sectors that are not totally connected with each other such as exploration, mining, manufacturing and retailing.

 

            According to  (1985), the differentiated nature of diamond marketing is broadly divided into two concepts: gem diamond marketing and industrial diamond marketing . Companies are given the right to choose their own method where some sold production to Central Selling Organisation (CSO) while other companies directly sold their diamond products to dealers. The industrial diamonds has a more straightforward marketing with CSO as the major distributor of natural industrial diamonds. The nature of gem diamond marketing is entirely different due to the indestructible nature. At each market price, some of gem diamonds enter the market for resale hence a source of supply independent of new production

 

            Diamond marketing centers the idea that any woman deserves to wear a diamond. Unlike any other commodities, diamond is never a homogenous product because each produce is relatively unique and the task of sorting diamonds took years to perfect. The sad fact is that the higher market prices of diamond because the majority of the diamond market is limited and controlled by a single entity, if not concentrated to powerful businesses in the world ( 2009). The CSO resorted in a profit-maximizing strategy of limiting market supplies and forcing the prices up. As such, the CSO has the central responsibility of stabilizing the diamond prices in the market.   

 

Diamond shoppers of today have more choice than ever on where to buy their diamonds. As such, the direct selling of diamond products could be perceived as a horizontal integration into an eventual vertical integration ( 1989).

Direct selling strategies for diamond products mainly focuses on wholesale, trade and brokerage and on high-end retail stores. After the diamonds are cut and polished, they are sold to wholesale diamond companies and other diamond exchange or trade centers. From these, diamond retailers are buying diamond products to end-users basically through store sales. In the diamond industry, there are stores and non-stores direct selling strategies.

 

Jewelry stores, diamond brokers and ecommerce diamond companies are the three broad categories of retail diamond market. Jewelry stores are most common in smaller towns and rural areas. As these stores had a monopoly, jewelry stores could set their selling prices at whatever markup they wanted. However, these stores depend heavily on impulse buying hence the necessity for product portfolio, extensive advertising and convenience. To attract diamond buyers, jewelers build elaborate stores with polished floors, expensive display cases and tactical lighting.

 

Diamond brokers do not own inventory and basically have low overhead. Diamond brokers act as consultants for the buyer to find the best diamonds that could meet the requirements of the end-user. These brokers rely on word-of-mouth advertising and if they have a website it will deal with online education and shopping advice. Diamond brokers work hand in hand with their clients to find the best diamond on the wholesale market. They will present it to the client in the broker’s office or ship the diamond to the client for examination before the actual purchase.

 

Ecommerce diamond retailers capitalize on convenient purchasing. These diamond retailers provide a list of diamonds owned by groups of wholesalers and let the shoppers decide on their purchase based on their own specifications. Shoppers pay for the products in advance and then the wholesaler or the retailer will ship the diamond to the consumer. Online diamond stores offer an advantage of providing much greater selection and the ability to ship the items in any location. Because of lower overhead, online stores could also provide lower prices for the shoppers. The major detriment, however, is that the decision of diamond purchase solely on the shopper (2009).   

 

 

Sales and selling at DeBeers

 

            De Beers is a privately-held company that is involved in various diamond-related activities such as rough diamond exploration, diamond mining and diamond-trading. De Beers executed several strenuous activities to eliminate threats on the stability of their monopoly and to ensure a market-leader status. The five P’s of ethical power are purpose, pride, patience, persistence and perspective. The main purpose of De Beers is to ‘turn diamond dreams into lasting reality’ (De Beers Group). The purpose is the basis upon which the company builds its ethical behaviour. De Beers failed to comply. The paradox is De Beers are creating a mind set of attaining diamonds as an individualistic end and it does not encompass their role to be extended to the community. The company takes pride in diamonds. However, their confidence and complacency to vend diamonds is making the company irrational. Organizational pride makes every experience as a win-win reflection of their attitudes. However, De Beers is taking all the gains by means taking away the quality of life and depriving supposed-to-be rivals of the right to a level-playing industry. Patience demonstrates a virtue of trust to organizational values and beliefs. Though the strategic choices of De Beers brought them sustainable bottom-line results, values are not deeply inculcated to the people. One proof of this is the hidden hoarding which serves as the fastest way to acquire wealth. In addition, the company’s persistence is only apparent on creating and establishing their brand to the extent that they neglect their corporate responsibility to the people and the industry that they belonged with during those times. The company had an effective strategic plan that directly points to long-term goals as their perspective. However, the company lacks to evaluate the process with respect to universally-accepted moral/ethical standards. An example of this is the acquisition of conflict diamonds for which the company admitted that they are of such a tradeoff. Unfortunately, their policy only applies to buying of diamonds whether who or how those diamonds are accumulated (De Beers Groups 2005/6).          

 

           

 

 

 

The importance of guiding children in watching television

Thesis Statements

 

 

 

1.         The issue that product placement has ethical problems is one of the debatable topics in advertising and analysis of this may enlightened many people especially parents, the importance of guiding their children in watching television.

2.         Parents should be aware of the shows that their children are watching; they must be guiding their children effectively by knowing more about product placement and its ethical problems.

3.         Product placement awareness is essential in helping parents know how to guide their children against substance abuse and cigarette smoking which they is always see in different shows and TV programs.

4.         The major problems in society today are that children are being misguided with the TV programs they watched and misunderstanding product placement may pollute their minds to do unnecessary things.

5.         The issue of product placement has been known long ago, but only few parents are aware of it, hence, the government and other organizations must initiate approaches to help parents in guiding their children while watching TV programs.

Using counter-trades to the international marketing firm

Part A. Why should a detailed knowledge of counter-trades be part of international marketers training package on pricing methods? What are the disadvantages of

Part A. Why should a detailed knowledge of counter-trades be part of international marketers training package on pricing methods? What are the disadvantages of using counter-trades to the international marketing firm compared to more conventional pricing arrangements? Discuss.

 

Several global phenomena like substantial industrial competition, dynamic process of internationalization and globalization and fast-tracking of technological innovations are among the factors that affect the global marketing and its related operations. With these phenomena that create significantly great impacts in all economies, there is a need to identify the most suitable marketing solution in order to cope up with such emerging effects – beneficial or destructive – not only to the marketing process but to the international firms in general. Marketing can be considered as one of the most important element underpinning successful business creation ( 1994). Perhaps because of its complex applications, marketing have been defined in a variety of ways (1988). The marketing concept was first promulgated in the late 1950’s ( 1991; 1990). The importance of marketing concept incorporates oft-repeated elements such as the idea of customer orientation, integrated marketing efforts, and resultant profitability among others. Today, more and more people and organizations are trying to be recognized in the business arena by using marketing as their core competitive identity. With this objective, these organizations had been able to competently and effectively adapt to the situation in the market place by using different strategies that enhanced their competitiveness. But the case is different in the aspect of international marketing particularly among trading countries. The knowledge that every marketer holds is important in order to deliver satisfactory marketing results. In international marketing, understanding global marketing principles is not enough to survive the highly dangerous competition. On this case, the concept of counter-trade is illuminated.

 

Counter-trade

            To quote  (1998), “Countertrade is a global phenomenon that involves interaction between parties in different countries and is driven by reciprocity.” There have been numerous definitions of counter-trade. In this paper, several authors are quoted to give an idea on the key descriptions of the term.  (1988,), in his marketing rationale of counter-trade describe it as “various forms of reciprocal international trade whereby a party selling a products) in turn commits itself to assist the buyer in moving his products.” The U.S. Department of Commerce defines it as a variety of trade arrangements in which a seller provides a buyer with products and agrees to a reciprocal purchasing obligation with that buyer (cited in 1997).  (2004) considers it as a generic term that refers to any transaction involving a partial or full payment of goods instead of money. One of the most interesting features of counter-trades is its unique ability to take place and initiate close connection among countries even in there are varying political and economic differences existing among them. The requirements of counter-trade are typically not intended for centrally planned economies but also on a large number of developing countries. The trend is very much enforced and encouraged. In counter-trades, the most important thing to consider is the overall economic consequence of the allied transaction (1988).

            In the same manner, there are variables of counter-trade as identified by  (1998), which include size of transaction, products countertraded, groupings of countries involved, and type of countertrade. The size of transaction must be large enough or containing large value so that it is worthwhile. Countertrade negotiations are complex and time-consuming. It is also important to consider what types of products are to be countertraded. For the past decades, most products originate from highly industrialized nations in Europe and the Americas (North). Countertraded products are based on the nature of economies in each participating country (initiating and responding countries) and these products might be different. The grouping of countries involved is also important. For example, the former centrally planned economies of the Eastern bloc are considered to have the most frequent involvement in countertrade. However, there is an increased involvement of the low-income developing countries and a decline among developed countries due to their disapproval of the given practice. The types of countertrade are barter, counterpurchase, offset, and buy-back or compensation.  These are outlined and discussed on the next part of the paper.

            It is then important that a detailed knowledge of counter-trades is included in the training package of international marketers particularly on pricing methods because this will help them device pricing strategies, anticipate changes in pricing patterns, and ensure a competitive position in the market based on pricing strategy. Being the most powerful tool in marketing, price is identified following the company’s established goals and objectives. These goals range from enhancing the market share of the products, improving the demands in the target markets, to extending the sales at an even rate for one whole day, week, month, or year. Pricing is utilized in several ways namely (1) to increase unit sales so that resources of the firm; (2) to restrict sales, or limit the quantities demanded per unit time;(3) to make the market less attractive to actual or potential competitors; and (4) to attract buyers so that they will buy other items once the transaction has begun (Hitt et al. 2003).

            In this paper, it is advocated that the core marketing principles are not properly applied in the case of counter-trades. There is a difficulty of application on the case of marketing mix particularly on pricing. It also affects the strategic 3Cs concept including the company, the customer, and the competition as well as the process of formulating a standardized marketing strategy and plan. In relation to marketing plan, marketing mix includes both short term and long term strategies makes for a more profitable marketing mix. Long term strategies build brand/company awareness and give sales revenue a permanent, gradual boost. Short term strategies create a temporary, immediate revenue boost by giving buyers an incentive to purchase. By implementing both long and short term strategies, you can attend to immediate sales goals while building your business reputation and goodwill ( 2004). Furthermore, it is also a factor in effectively using limited marketing resources, identifying unique market niches, improving profitability and helping to retain consumer loyalty. In marketing, there is clear definition of the market. On the case of the strategic 3Cs, the company must be able to identify the type of business, product or service offering, and the customers. The customers’ or the target market’s wants and needs are the basis of marketing strategy and objectives ( 2000). In countertrade, customers are the traders from both parties involved. Also, the basis for the market categorizations of customers includes demographic characteristics, geographical location, consumer behavior, and psychographic characterizations (2001). In countertrading, the basis includes the variables – size of transaction, products countertraded, groupings of countries involved, and type of countertrade. According to  (2000), competition is important since it affects the success of a business venture and that competition is more than just producing and distributing products and services that matches the needs of the consumers. Through an effective and efficient competitive advantage strategy, the organization will be able to reach its prescribed objectives and continuously operate in the chosen field of industry and at the same time earning more profit and expanding its operations. In countertrade, competition is not actually realistic as compared to what is exists in the global marketplace but to some extent observable. The marketing stimuli often consist of the four Ps of marketing: product, price, place and promotion while the other stimuli may include economic, technological, political and cultural factors which exist in the marketing environment. This may also appear in countertrade. The marketing stimuli necessitate the most effective strategy and plan. Marketing strategy and plan is the fundamental groundwork of marketing plans designed to achieve measurable marketing objectives (2003). It is given that a good strategy in marketing encompasses the organization’s marketing goals, policies, and action cycle. With this fact, strategy is the foundation of the marketing activity. In countertrading, strategy and plan seems vague yet the participating parties may utilize any.

            Meanwhile, the disadvantages of using counter-trades to the international marketing firm compared to more conventional pricing arrangements include a rigid, slower, and more costly way of marketing as compared to regular international business traditions; most offered products do not sell easily and may be considered for discarding; it neglects trade restrictions and tolerates the unfairness of its requirements; and many others (2004;1998;1988). To illustrate these disadvantages, some organizations involved in countertrading see it as a nuisance rather than opportunity. But then again, the purposes of countertrade in the perspective of marketing include the following:

• It is an instrument of economic policy development among governments.
• It prevents or hedges in opposition to future risks.
• It is a way of establishing synergistic alliances.
• It is a mode for transferring marketing expertise.
• It is a unique way of direct marketing.

In the case of pricing, countertrading is an instrument for price discrimination. It is illustrated on the case that if only different markets can be successfully divided into several units and subsequent resale of commodities is prevented, then countertrade can conceal eventual discount to specific merchandisers as well as buyers ( 2004). With the given importance of some marketing features and since countertrade includes conditional arrangement (1994), it is highly recommended that a detailed knowledge of counter-trades must be included in the training package of international marketers particularly on pricing methods because the marketing process is highly progressive and purposive.  

 

 

Part B. Outline and discuss four types of counter-trade agreement and demonstrate how each of them can be used by marketing management in a particular overseas "pricing” agreement.

 

These types of countertrade can often be used in larger or transnational firms as an avoidance mechanism to overcome trade barriers and national regulations that leads to the reduction of potential corporate profits. Whereas, it overcome trade barriers and leading to profit maximization through transfer pricing, evasion of antidumping rules, and tax minimization (1998) and offload poor quality goods, or push products in world excess supply (2004). The four (4) most common types of countertrade agreement are barter, offset, counterpurchase, and buy-back or compensation.

·        Barter, according to (2004), is the oldest form of transaction. It is the direct transfer of goods or services or both between parties without monetary exchange. This is also similar to equal or offsetting value. The most frequent problem encountered in this transaction is the waiting time to receive the goods, the possibility of receiving goods that are not of potential use by the other party or of lesser than the expected value. This is perfectly demonstrated during the earlier colonial years wherein galleon ships travels to exchange goods in other countries. In today’s application, barter is not much utilized.

·        Offset is commonly used in the military trading for the purpose of making major purchases of military goods. This is the best way to illustrate this type of countertrade. This is also similar to counterpurchase but some or 100% of the counterpurchase obligation can be offset by buying from any company in the foreign country ( 2004). Countries with centrally planned economies are the usual participants. In offset agreement, the pricing strategy is based on consensus whereby the supplier of a product is asked to assist the buyer in exporting it based on a specific price. This type fosters certain economic goals. Pricing is absolutely critical.

·        Counterpurchase is a perfect case of reciprocal buying agreement ( 2004) wherein an exchange of goods between two parties is based on the use of two contracts in an agreement to mutually supply goods or services and to purchase all goods in cash. The fulfillment of their mutual sales obligations is defined over specified time duration. In terms of pricing, both parties enter into a formal written agreement with each other relating to pricing policies. The pricing decisions are expected to have a direct impact on the volume of the profits.

·        Buy-back or compensation includes an agreement between a company that will provide a plant or supply technology, equipment, and any other technical advice to another company. In return, it takes a portion or percentage of the output from the provided aid as payment. This fosters long-term relations among participating bodies. In pricing, legal and regulatory environments are involved particularly in global companies. It is because prices of products or goods sold in foreign markets are considerably higher in contrast to the domestic markets. In here, pricing policy is governed by terms of sale like in other types of countertrade agreements.

There are also some other types of countertrade agreements like tolling and switch trading. However, these are less used and specialized in nature. All in all, these types of countertrade agreement are based on the idea of reciprocal exchange of goods based on agreed conditions and requisites. In terms of pricing, it is used in pricing discrimination toward economic gains favorable to both parties involved. In conclusion, countertrade is global in nature. It is conducted in all or most countries and it features in trade involving numerous industries including oil, basic metals, armaments, vehicles, industrial machinery, computers, paper, chemicals, furniture, food, and clothing. But because of its complexity, reciprocity and government involvement, countertrades should be well-thought before initiating any of its types. On this paper, it is advocated that a detailed knowledge of counter-trades must be included in the training package of international marketers, particularly on pricing methods because of the nature of countertrading and the marketing process itself is highly progressive and purposive. Since price and pricing is critical in marketing, it should always be decided appropriately. This is to ensure unique, direct and effective marketing process.

 

 

compared to more conventional pricing arrangements? Discuss.

 

Several global phenomena like substantial industrial competition, dynamic process of internationalization and globalization and fast-tracking of technological innovations are among the factors that affect the global marketing and its related operations. With these phenomena that create significantly great impacts in all economies, there is a need to identify the most suitable marketing solution in order to cope up with such emerging effects – beneficial or destructive – not only to the marketing process but to the international firms in general. Marketing can be considered as one of the most important element underpinning successful business creation ( 1994). Perhaps because of its complex applications, marketing have been defined in a variety of ways (1988). The marketing concept was first promulgated in the late 1950’s ( 1991; 1990). The importance of marketing concept incorporates oft-repeated elements such as the idea of customer orientation, integrated marketing efforts, and resultant profitability among others. Today, more and more people and organizations are trying to be recognized in the business arena by using marketing as their core competitive identity. With this objective, these organizations had been able to competently and effectively adapt to the situation in the market place by using different strategies that enhanced their competitiveness. But the case is different in the aspect of international marketing particularly among trading countries. The knowledge that every marketer holds is important in order to deliver satisfactory marketing results. In international marketing, understanding global marketing principles is not enough to survive the highly dangerous competition. On this case, the concept of counter-trade is illuminated.

 

Counter-trade

            To quote  (1998), “Countertrade is a global phenomenon that involves interaction between parties in different countries and is driven by reciprocity.” There have been numerous definitions of counter-trade. In this paper, several authors are quoted to give an idea on the key descriptions of the term.  (1988,), in his marketing rationale of counter-trade describe it as “various forms of reciprocal international trade whereby a party selling a products) in turn commits itself to assist the buyer in moving his products.” The U.S. Department of Commerce defines it as a variety of trade arrangements in which a seller provides a buyer with products and agrees to a reciprocal purchasing obligation with that buyer (cited in 1997).  (2004) considers it as a generic term that refers to any transaction involving a partial or full payment of goods instead of money. One of the most interesting features of counter-trades is its unique ability to take place and initiate close connection among countries even in there are varying political and economic differences existing among them. The requirements of counter-trade are typically not intended for centrally planned economies but also on a large number of developing countries. The trend is very much enforced and encouraged. In counter-trades, the most important thing to consider is the overall economic consequence of the allied transaction (1988).

            In the same manner, there are variables of counter-trade as identified by  (1998), which include size of transaction, products countertraded, groupings of countries involved, and type of countertrade. The size of transaction must be large enough or containing large value so that it is worthwhile. Countertrade negotiations are complex and time-consuming. It is also important to consider what types of products are to be countertraded. For the past decades, most products originate from highly industrialized nations in Europe and the Americas (North). Countertraded products are based on the nature of economies in each participating country (initiating and responding countries) and these products might be different. The grouping of countries involved is also important. For example, the former centrally planned economies of the Eastern bloc are considered to have the most frequent involvement in countertrade. However, there is an increased involvement of the low-income developing countries and a decline among developed countries due to their disapproval of the given practice. The types of countertrade are barter, counterpurchase, offset, and buy-back or compensation.  These are outlined and discussed on the next part of the paper.

            It is then important that a detailed knowledge of counter-trades is included in the training package of international marketers particularly on pricing methods because this will help them device pricing strategies, anticipate changes in pricing patterns, and ensure a competitive position in the market based on pricing strategy. Being the most powerful tool in marketing, price is identified following the company’s established goals and objectives. These goals range from enhancing the market share of the products, improving the demands in the target markets, to extending the sales at an even rate for one whole day, week, month, or year. Pricing is utilized in several ways namely (1) to increase unit sales so that resources of the firm; (2) to restrict sales, or limit the quantities demanded per unit time;(3) to make the market less attractive to actual or potential competitors; and (4) to attract buyers so that they will buy other items once the transaction has begun (Hitt et al. 2003).

            In this paper, it is advocated that the core marketing principles are not properly applied in the case of counter-trades. There is a difficulty of application on the case of marketing mix particularly on pricing. It also affects the strategic 3Cs concept including the company, the customer, and the competition as well as the process of formulating a standardized marketing strategy and plan. In relation to marketing plan, marketing mix includes both short term and long term strategies makes for a more profitable marketing mix. Long term strategies build brand/company awareness and give sales revenue a permanent, gradual boost. Short term strategies create a temporary, immediate revenue boost by giving buyers an incentive to purchase. By implementing both long and short term strategies, you can attend to immediate sales goals while building your business reputation and goodwill ( 2004). Furthermore, it is also a factor in effectively using limited marketing resources, identifying unique market niches, improving profitability and helping to retain consumer loyalty. In marketing, there is clear definition of the market. On the case of the strategic 3Cs, the company must be able to identify the type of business, product or service offering, and the customers. The customers’ or the target market’s wants and needs are the basis of marketing strategy and objectives ( 2000). In countertrade, customers are the traders from both parties involved. Also, the basis for the market categorizations of customers includes demographic characteristics, geographical location, consumer behavior, and psychographic characterizations (2001). In countertrading, the basis includes the variables – size of transaction, products countertraded, groupings of countries involved, and type of countertrade. According to  (2000), competition is important since it affects the success of a business venture and that competition is more than just producing and distributing products and services that matches the needs of the consumers. Through an effective and efficient competitive advantage strategy, the organization will be able to reach its prescribed objectives and continuously operate in the chosen field of industry and at the same time earning more profit and expanding its operations. In countertrade, competition is not actually realistic as compared to what is exists in the global marketplace but to some extent observable. The marketing stimuli often consist of the four Ps of marketing: product, price, place and promotion while the other stimuli may include economic, technological, political and cultural factors which exist in the marketing environment. This may also appear in countertrade. The marketing stimuli necessitate the most effective strategy and plan. Marketing strategy and plan is the fundamental groundwork of marketing plans designed to achieve measurable marketing objectives (2003). It is given that a good strategy in marketing encompasses the organization’s marketing goals, policies, and action cycle. With this fact, strategy is the foundation of the marketing activity. In countertrading, strategy and plan seems vague yet the participating parties may utilize any.

            Meanwhile, the disadvantages of using counter-trades to the international marketing firm compared to more conventional pricing arrangements include a rigid, slower, and more costly way of marketing as compared to regular international business traditions; most offered products do not sell easily and may be considered for discarding; it neglects trade restrictions and tolerates the unfairness of its requirements; and many others (2004;1998;1988). To illustrate these disadvantages, some organizations involved in countertrading see it as a nuisance rather than opportunity. But then again, the purposes of countertrade in the perspective of marketing include the following:

• It is an instrument of economic policy development among governments.
• It prevents or hedges in opposition to future risks.
• It is a way of establishing synergistic alliances.
• It is a mode for transferring marketing expertise.
• It is a unique way of direct marketing.

In the case of pricing, countertrading is an instrument for price discrimination. It is illustrated on the case that if only different markets can be successfully divided into several units and subsequent resale of commodities is prevented, then countertrade can conceal eventual discount to specific merchandisers as well as buyers ( 2004). With the given importance of some marketing features and since countertrade includes conditional arrangement (1994), it is highly recommended that a detailed knowledge of counter-trades must be included in the training package of international marketers particularly on pricing methods because the marketing process is highly progressive and purposive.  

 

 

Part B. Outline and discuss four types of counter-trade agreement and demonstrate how each of them can be used by marketing management in a particular overseas "pricing” agreement.

 

These types of countertrade can often be used in larger or transnational firms as an avoidance mechanism to overcome trade barriers and national regulations that leads to the reduction of potential corporate profits. Whereas, it overcome trade barriers and leading to profit maximization through transfer pricing, evasion of antidumping rules, and tax minimization (1998) and offload poor quality goods, or push products in world excess supply (2004). The four (4) most common types of countertrade agreement are barter, offset, counterpurchase, and buy-back or compensation.

·        Barter, according to (2004), is the oldest form of transaction. It is the direct transfer of goods or services or both between parties without monetary exchange. This is also similar to equal or offsetting value. The most frequent problem encountered in this transaction is the waiting time to receive the goods, the possibility of receiving goods that are not of potential use by the other party or of lesser than the expected value. This is perfectly demonstrated during the earlier colonial years wherein galleon ships travels to exchange goods in other countries. In today’s application, barter is not much utilized.

·        Offset is commonly used in the military trading for the purpose of making major purchases of military goods. This is the best way to illustrate this type of countertrade. This is also similar to counterpurchase but some or 100% of the counterpurchase obligation can be offset by buying from any company in the foreign country ( 2004). Countries with centrally planned economies are the usual participants. In offset agreement, the pricing strategy is based on consensus whereby the supplier of a product is asked to assist the buyer in exporting it based on a specific price. This type fosters certain economic goals. Pricing is absolutely critical.

·        Counterpurchase is a perfect case of reciprocal buying agreement ( 2004) wherein an exchange of goods between two parties is based on the use of two contracts in an agreement to mutually supply goods or services and to purchase all goods in cash. The fulfillment of their mutual sales obligations is defined over specified time duration. In terms of pricing, both parties enter into a formal written agreement with each other relating to pricing policies. The pricing decisions are expected to have a direct impact on the volume of the profits.

·        Buy-back or compensation includes an agreement between a company that will provide a plant or supply technology, equipment, and any other technical advice to another company. In return, it takes a portion or percentage of the output from the provided aid as payment. This fosters long-term relations among participating bodies. In pricing, legal and regulatory environments are involved particularly in global companies. It is because prices of products or goods sold in foreign markets are considerably higher in contrast to the domestic markets. In here, pricing policy is governed by terms of sale like in other types of countertrade agreements.

There are also some other types of countertrade agreements like tolling and switch trading. However, these are less used and specialized in nature. All in all, these types of countertrade agreement are based on the idea of reciprocal exchange of goods based on agreed conditions and requisites. In terms of pricing, it is used in pricing discrimination toward economic gains favorable to both parties involved. In conclusion, countertrade is global in nature. It is conducted in all or most countries and it features in trade involving numerous industries including oil, basic metals, armaments, vehicles, industrial machinery, computers, paper, chemicals, furniture, food, and clothing. But because of its complexity, reciprocity and government involvement, countertrades should be well-thought before initiating any of its types. On this paper, it is advocated that a detailed knowledge of counter-trades must be included in the training package of international marketers, particularly on pricing methods because of the nature of countertrading and the marketing process itself is highly progressive and purposive. Since price and pricing is critical in marketing, it should always be decided appropriately. This is to ensure unique, direct and effective marketing process.

 

 

Determinants of House Prices

Determinants of House Prices

            House price dynamics are usually modeled in terms of changes in housing demand and supply. On the demand side, key factors are typically taken to be expected change in house prices, household income, the real rate on housing loans, financial wealth, demographic and labor market factors, the expected rate of return on housing and other demand shifters. On the supply side, factors include proxies of the location, age and state of housing or institutional factors that facilitates or hinder households’ access to the housing market, such as financial innovation on the mortgage and housing loan market (2007).

 

Demand and Supply in the Housing Market

 

Determinants of Housing Demand

            In trying to understand the concept of demand, it is helpful to imagine that the marketplace is populated by people acting in one of only two roles: consumers or producers. Consumers are those who hope to acquire and make use of goods and services. Producers perform the function of bringing these goods and services to market. In the housing market, it is simplest to think of households or families as the consumers and developers and builders as the producers. The price of housing, the prices of other goods and services, the financial resources and taste of consumers, and the number of potential housing consumers will influence the demand for housing (1988).

1. Price

            For most goods and services, the quantity demanded by consumers increases as the price falls. If the demand for housing behaves like other demand relationships, holding constant all of the other factors that influence housing demand, lower prices should increase the quantity demanded. If the price of housing structures falls, consumer demands will rise. In the rental market, where housing services are bought and sold, the price is called the rental price or lease rate. Here should the rental price fall, the quantity of housing services demanded could be expected to rise ( 1988).

            Price influences both the quantity consumers demand and the quantity producers are willing to supply. The quantitative effect on demand or supply may range from quite small to very large. The economic term to describe such responsiveness is elasticity. A high degree of elasticity implies a high level of responsiveness and vice versa ( 1998).

 

Price elasticity of demand – This represents a measure of the responsiveness of demand to changes in the prices of a commodity. Price changes will have opposite implications for expenditure and revenue, depending on whether demand is elastic or inelastic, and this information is of clear interest to producers. It is possible that demand elasticity could be equal to (−) unity, and hence neither elastic nor inelastic. Consequently, total, expenditure would remain unchanged whatever the change in price. The main factor influencing price elasticity if the availability of substitutes; food products for example are a necessity and there are no overall substitute for food. The demand of various types of meat (such as beef, pork, lamb and others) is clearly elastic as each represents and potential substitute for the other. The demand for housing, on the other hand, is inelastic, as there are no substitutes for housing and it is often considered to be something of a necessity ( 1998).

2. Income

            The demand for housing is not only influenced by price. A household’s budgetary constraints also influence the demand for housing. One measure of the budgetary constraint under which households must operate is household income, the flow of cash from wage and salary employment, investments or the direct sale of goods and services. Without income it would not be possible for the household to meet continuing obligation associated with housing, such as mortgage payments, the cost of heating and lighting, or rental payments, It seems likely, therefore, that the demand for housing is amplified by increased income. If the demand for housing is positively related to income, then an increase in household income would cause the demand curve to increase. As obvious as income would seem as an influence on housing demand, the effect proves difficult to quantify in a consistent way. The reason is that the channels through which income influence housing demand are complicated. Income not only influences the ability of a household to afford the continuing cash-flow burdens of housing, but is also an influence on the household’s perception of its lifetime wealth prospects ( 1988).

3. Population and Household Formation

            The number of consumers desiring housing also influences housing demand. The basic set of factors underlying the number and composition of households is a combination of sociological and economic forces. Trends in fertility rates and mortality rates over time determine the population’s age distribution at any point in time. This age distribution is by itself an important influence on the size and number of households formed. The greater the ration of young to adult individuals in the population, the greater is the probability that households are characterized by relatively large size. In addition, the high proportion of young individuals in the population is a string indication that there will be an increased number of household sin the future, everything else being equal. This is because sociologically, household formation tend s to be associated with the onset of adulthood ( 1988).

 

Determinants of Housing Supply

1. Availability of Land

            The first essential condition for a vibrant and well-functioning housing sector is the availability of residential land, in ample supply and at affordable prices.

• land in growing and richer cities will be more expensive than land in shrinking and poorer ones;
• land in larger and denser cities will be more expensive than land in smaller and more dispersed ones
• land in more developed markets will be more expensive than land in more primitive ones
• land with legal title will be more expensive than either land with a clouded title, land in illegal occupation, or land threatened by clearance
• centrally located land or land near places of employment will be more expensive than peripheral land located away from employment opportunities
• land with good transport access will be more expensive than land with little or no transport access
• lands with a full complement of amenities will be more expensive than land lacking in such amenities
• land protected from environmental hazards will be more expensive than land in disaster-prone or hazardous locations
• land in cities with strict growth controls will be more expensive than land in cities with lax controls
• land in stable and safe communities will be more expensive than land in transient and crime-ridden ones; and
• land in cities with many nonresidential uses competing for it will be more expensive than land with few such competitors ( 2000).

2. Conditions in the Residential Construction Sector

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