What do good leaders do to Motivate people Research Paper

What do good leaders do to Motivate people - Research Paper Example It is their ability to influence and motivate others that made them highly successful leaders. From business and organization behavior perspectives, leaders are those who influence, motivate and control people with a view to cultivate social capital and employee vigor (Carmeli, Ben-Hador, Waldman & Rupp, 2009). ‘Motivation’ is undeniably one of the most significant resources that leaders should make use to achieve organizational objectives, attain high performance working and ensure competitive edge. This piece of research attempts to present theoretical perspectives of leadership and to explain what and how leaders do things differently to motivate people. This paper, presenting succinct details on different leadership models, exemplifies ways and strategies that leaders take in to account to motivate their subordinates and get them involved in achieving organizational goals. Leadership is a unique personal and professional quality. It is necessarily an inborn quality according to some researchers and it is ‘made’ according to some other researches. Trait theory of leadership, one of the earliest theories of leadership that gave way to the Behavioral theory and Contingency theory, viewed that distinctive physical and psychological characteristics account for leadership and its effectiveness. Various physical and psychological traits such as height, intelligence, attractiveness, self-reliance, creativity etc were studied and analyzed. Basic intelligence, clear and strong values and high level of personal energy were always listed in the main traits for effective leadership (Manning, Curtis and Manning, 2003, p. 16). In recent years, some researchers argued that leaders are ‘made’ and not born. Warren Bennis is one of the most important names who contributed much to leadership studies. He strongly disagreed with the concept that leadership is an innate ability. He defined leadership as â€Å"the capacity to translate vision in to reality† (Corcoran, 2008, p. 3). Being the founding director of Warren Bennis tried to avoid the traditional view about leadership and the concepts of trait-theories, as he argued that leaders are made from training, education, developmental program and learning experiences. Based on this view, leaders can become still more effective leaders and develop their skills further by testing and applying various strategies and techniques to better influence and motivate their followers. Influence and motivation are important matters to leadership. From the fact that leaders’ effectiveness is influenced by training and developmental program, it can be understood that leaders can try several ways to motivate their people and thus to improve their leadership effectiveness. Effective

Intelligence Analysis Assignment Example | Topics and Well Written Essays - 250 words - 1

Intelligence Analysis - Assignment Example Revelations have been put forward by experts amidst the lack of evidence to prove it. They have only been major suspicions with no supportive evidence. In the midst of these allegations, the western media has built up pressure by its view on Iran. A mock US aircraft carrier has been the source of media frenzy in the West with claims that its purpose was to initiate â€Å"black propaganda† and a means to signify mistrust. On the other hand, Iranian media clarified what it was stating that it was just a movie prop. In the continuing face of the ongoing negotiation over Iran’s contentious nuclear program, allegations that have long been running under have come into the limelight. The allegations are that Iran is a major player in the acts of terrorism targeting Western nations. However, analysts say that it has never gotten much of the U.S. government’s attention at all. The issue is quite intriguing as the two, Iran and terrorists are deemed enemies, but on the other hand, in the eyes of the West, terrorism provides a platform for the two to work in association. These allegations have been put forward by the 9/11 investigating commission, Canadian investigators with the commission recommending that the U.S. government investigates further the ties between Iran and al –Qaida and the investigators alleging that two men involved with plans to derail a train had been receiving guidance for al – Qaida members in Iran. All these have been allegations. However, the only U. S. government to present a concrete case linking Iran to terrorism is the Treasury Department that connected an Iran – based terrorist as a main al – Qaida facilitator (Seldin, Iran’s Ties To Terror Shadow Nuclear Talks). As for the manner in which Western media views Iran, Iran is portrayed in a negative manner. CNN claimed that the mock carrier been built Iran is been done intentionally at a time when negotiations are ongoing over

Comparing Photoshop, Illustrator and Gamemaker

Comparing Photoshop, Illustrator and Gamemaker Software Tools Techniques Cost Strengths Weaknesses Photoshop Allows for full editing of the photograph with basic tools such as brushes pencils and advanced tools such as warp and auto fill. There are many other features such as the effects that allow users to make their pictures much more professional looking and a lot more unique. Can use various techniques to edit pictures in a convincing and almost flawless way. The more better the user gets the more convincing users can make it. There are many advanced techniques such as ones that require tools to blur and change the picture to something new. The cost of the program is  £36.59 per month with the inclusion of VAT. Program can be included in the creative cloud that allows the user to use all of their software at once. The abilty to use the software to create computer artwork in a way that rivals other softwares with new techniques never seen before. Photoshop has a large reputation for being the go to source for editing pictures to be crazy but very realistic at the same time. Photoshop is also lacking in built in tutorials making the users have to sort through youtube videos or user created videos to allow them to gain experience. Its not very user friendly when it comes to being able to use the software right away, forcing users have to work out features. Illustrator Comes with a lot of different shapes that users can mold to create larger logos that can be used in various things. Users can also make and design shapes without much hassle allowing them to freeform and make artwork in a easy way. Uses shapes more over then actual editing techniques allowing users to create a full picture thats based on a real life with shapes. Gives more access to shapes and allows users to make fancy cartoon images using the tools provided. The cost is  £23.99 per month, which is delivered using a licence key that they use. The program is available using the creative cloud, which allows you to buy the software using a well-known and trusted source. When buying it your also able to buy other software using the creative cloud. Uses a vector format which keeps its quality so it wont decrease when resized. Because it uses vector the shapes are saved in a formular that stores different shapes. Very easy to make logos and designs for large companies. Pictures look more cartoony and cant really be used for editing pictures that are made in real life. Harder to create pixel perfect designs that are normaly used for bigger and more creative artworks. Gamemaker Allows users a good amount of control over creating the users game to their liking. The software comes with a lot of artwork and coding software to allow users to both make games, and create artwork. In the software users are able to use many different features such as brush tools to create pixel art sprites or the actual game maker to code and create unqiue games. Allowing the user to edit code manually from scratch or to edit it from a template. The user can follow various tutorials that allow the users to gain knowledge of better ways to make and create their games. In the software there are templates that users can use to help base the design on, such as, being able to create a box that allows users to set the limits of the artworks collision for use in-game. Users can pick to use the free trial that comes with less features or upgrade using  £121.76 or  £648.60 for upgrading in packages. The software is only sold from their main site to upgrade to a better edition of the software with more features to make games and create artwork. Have the ability to completely edit and make the game the way the user code it, users can add and remove any parts of the game or create new parts easily. Able to add a unlimited amount of graphics to the game without having to manualy manage each picture a user can use using the sprite function to see every picture the user has made in a group. Limits the user depending on the package they pick. Users also have to depend on which software they use as if they picked higher version of the software to use and edit users might get locked out of the older. The software is unable to play games that require a large amount of software such as a game that needs a advanced graphics card, this means that running any visualy amazing games can slow your pc down. Pictures made in Illustrator, due to this it takes on more of a cartoon logo look then a real life image when images that are made in photoshop are offen very realistic edits of real life images. Gamemaker can also be used in the same way however, using brushes that can be used to make pixel art Photoshop cost Gamemaker cost Illustrator cost Bibliography       Bitmap photoshop information http://www.sqa.org.uk/e-learning/BitVect01CD/page_97.htm Photoshop Tool information http://www.photoshoplab.com/photoshop-tool-basics.html Formular http://www.intmath.com/vectors/math-vector-art.php www.adobe.com http://www.adobe.com/uk/creativecloud

Stock Picks :: GCSE Business Marketing Coursework

Stock Picks Before I recommend a security, it is necessary for me to establish a few assumptions about the nature of my investment perspective. I am 22 years of age and therefore am less averse to risk. Therefore, my investment time horizon is very long due to my age. My first stock pick is based upon the previous assumptions and also the following one; Economic activity proceeds at a brisk rate as in 1999. Since this would indicate a bull market, I would choose a stock in the technology sector. I choose Gateway, ticker symbol (GTW). In the months to come, this company will start flooding the market with what is known as Internet Appliances, or IA’s. These are inexpensive network computers with the network being the Internet. They will cater to consumers who want Web access but don’t want the cost, technical problems, and maintenance that comes with a PC. However. That doesn’t necessarily mean PC’s are going away in the foreseeable future Gateway plans on making profit from these IA’s by signing deals with communications giants like America Online to be ISP’s. GTW recently traded at $56 a share, with a P/E of 30.6. This equals an EPS of $1.83. In my next stock-pick, I still presume the assumptions in the first paragraph, and also I need to make a different assumption; Continued economic growth leads to an inflationary environment in 2000. For these economic conditions, I feel United Technologies Corporation, symbol (UTX), is an appropriate stock. One of the 30 stocks on the Dow Jones Industrials, United Technologies Corporation, based in Hartford, Connecticut, provides a broad range of high technology products and support services to the building systems and aerospace industries. Those products include Pratt & Whitney aircraft engines, space propulsion systems and industrial gas turbines; Carrier heating, air conditioning and refrigeration; Otis elevator, escalator and people movers; Hamilton Sundstrand aerospace and industrial products; Sikorsky helicopters and International Fuel Cells power systems. In the news May 3, 2000, â€Å" Otis Elevator Co. landed a contract Tuesday worth more than $8 million to supply 31 elevators to the Hearst Tower building in Charlotte, N.C.† This is indicative of the activity this company will have into the future time horizon of the next few months. Thus being a blue-chip stock, it has been relatively stable the past few years as compared to the S&P 500. In fact it has outperformed it consistently the past 5 years.

Healthcare Policy And Quality Essay

The essay will examine the management of medicines policy on standards in medication errors by nurses in the hospital environment, the guidelines that nurses must follow when giving medication in order to avoid medication errors. A definition for ‘medication error’ will be given. Further issues to be discussed include; why medication error happens, approaches aimed at minimising medication error and the importance of teamwork , a brief reflection and a conclusion based on the findings will be given. The use of medication process involves different health care professionals as a result , medication error can take place relating to a series of steps in the drug delivery process, and includes the process of prescribing, dispensing, transcribing and administration (Chua et al., 2009 ; Zhan et al., 2006), thereby making room for error to take place. Subsequent to prescribing errors, the administration of medication errors is the most frequent type as they are more likely to r each the patients and the greater chance of causing patient harm (Chua et al.,2009). The legislation of medicines applies to prescribing, supply, storage and administration and it is important to have knowledge of and adhere to this legislation (Nursing & Midwifery Council (NMC), 2008; Royal Pharmaceutical Society of Great Britain (RPSGB) (2009). The medicine management policy on standards in reporting medication errors, near misses and adverse drug reactions was located on the Local Trust’s website and was easy to access. The Local trust is an acute, non-profit, health service. From the policy all staff involved in the prescribing , administration, dispensing and checking of medicine has the responsibility to ensure the policy is implemented and adhered to. In the local trust policy it states any member of staff can report a medication safety incident, near miss or adverse outcome. The local Trust Policy was reviewed in January 2012. The trust will also monitor all medication related incidents and an annual audit will be carried out to assess the effectiveness of the policy. The audit will be undertaken on a random selection of 30 cases of reported incidents. This Local Trust implemented the guidelines for the administration of medicines by the Nursing and Midwifery Council (NMC), 2008 which gives the information a prescription  chart must contain for safe and correct drug administration and gives clear principles for prescribing medicines. If the prescription is clear and accurate, errors are less likely to occur. The guidelines also states: â€Å"In exercising your professional accountability in the best interests of your patients; as a registrant, you must know the therapeutic use of the medicine to be administered, its normal dosage,side effects, precautions and contraindications,be certain of the identity of the patient to whom the medicine is to be administered , be aware of the patient’s plan of care† To appreciate medication mistakes and discuss policies for reducing and reporting medication errors, it is useful to understand the term ‘medication error’. The National Coordinating Council for Medication Error Reporting and Prevention states: ‘ a medication error is any preventable event that may cause or lead to inappropriate medication use or patient harm while the medication is in the control of health professional, patient or consumer’ (cited in Chua et al., 2009 p. 215). Different standards and policies are formed for varied circumstances and situations as well as routine moments (Unver, 2012). One such standard is the Standard for Medicine Management which replaces the Guidelines for the Administration of Medicines 2004, even though many of its principles remain relevant today (Nursing and Midwifery Council (NMC), 2008. This standard points out the various ways of managing medicine for nurses as they are required to take responsibility for their actions and omissions for any errors they make when giving any medicine (Copping, 2005). Usually, medical mistakes do not harm patients (Department of Health (DoH) (2004). Although, the National Patient Safety Agency (NPSA) (2009) gave a written account that in England, less than 1% of the key instance of harm or death in the National Health Institute (NHS) were directly linked to medication error; 155 medical instances gave rise to severe harm and 42 deaths. Standards in the NHS are used to make sure proces ses and procedures are carried out in a uniform and consistent manner to help professionals and patients ( Tzeng et al., 2013). Also , the same process should be carried out in the same way  wherever the site or location and under the same circumstance. This uniformity removes errors from personal judgement and panic decisions during situations which could ultimately lead to the death of people under various circumstances ( Fore et al., 2012). The administration of medication is likely to be based on errors in nursing as under normal circumstances, nurses are involved in the administration process and they spend 40% of their time giving it (Wright, 2013; Unver et al., 2012). Hence some studies have reported high error rates, indicating that nurses are putting patients in danger, when such errors would cause a low or minor risk to the patient (Wright, 2013). It is of great value to establish the cause of errors so that solutions can be put in place to reduce medication error rates. Although there are medication policies, adherence to these policies are low (Kim and Bates, 2012). Prior to medication administration, the following checks should be done : ‘right medication, in the right dose, to the right person, by the right route, at the right time’ (Kim and Bates, 2012) . Despite the guideline established in the administration of medicines using the ‘five rights’, nurses may conduct in a way and give inaccurate assurance that the practice is safe ( Unver et al., 2012). Non-adherence to the ‘five rights’ of medicine administration were observed by Kim and Bates (2012), the observations show that for : wrong dose (1.8%), wrong medicine (13%), wrong time (7.1%), wrong person (5.2%) and wrong route (1.8%). An observation of potential error in the administration of medicine was made during a recent clinical placement in an elderly ward of a local trust. The ward has 30 beds and medicines were supplied in bulk to the ward, though more specific medicines were provided as single items on receiving a prescription by the pharmacy department. In addition, medication orders were written by doctors directly onto the patient’s medication chart without transcribing.The medication was given by nurses by referring to the medication chart. In view of human error, it was noted that the registered nurses on duty worked over 12 hours a day and Tzeng et al., (2013) noted that taking everything into account nurses function is significantly greater when working a regular 8hour shift compared to over 12hours shift. Further circumstances that contributed to medical errors by nurses include;  tiredness which can affect concentration (Copping , 2005), being distracted or interrupted (Wright,2013; Fore 2013), loss of concentration and a belief about limited drug calculation and numeracy skills among nurses ( Ramjan 2011). In addition, Leape et al., (1995) reported other types of medication errors: short of knowledge of the drug, information about the patient, in breach of the rule, slip and memory lapses, transcription errors, faulty drug identity checking, not interacting with other services, not checking the dose, insufficient monitoring , drug stocking and delivery problems Unver et al., (2012) also noted that medication error can also be as a result of systematic factors like heavy workload ; for example, a study carried out by Karadeniz and Cakmakci , (2002) in Turkey reported nurses fatigue was the primary cause of medication errors. Another factor is insufficient training . It has been wel l-known that newly qualified nurses lack of skills in clinical settings affects the occurrence of medication errors. A patient’s circumstance, that is complex health conditions), doctor issue (multiple orders, illegible handwriting) and nurse aspect (personal neglect, newly qualified staff, not familiar with medication and patient) . The avoidance of medication errors is extremely imperative for patient safety (Unver, et al., 2012). In the early 2000s Pape et al., (2005) was the first to initiate the use of aviation’s ‘ sterile cockpit’ code which has gained awareness in the health care to cut down on distraction during clinical tasks. The process included the use of vests and signs. The words ‘Do Not Disturb’ positioned in the medication vicinity were used as prompts to reduce distraction. Members of staff were also asked not to disrupt or distract the nurse doing the medication round of the ward. As a result , Pape’s (2003) study found 63% fewer distraction when using a firm checklist set of rules. Similarly, a study by Federwisch (2008) reported a 50% decrease in the number of staff interruptions, an increase of 50% in the standardisation of medication administration, 15% progress in the time vital to administer medications and 18% increase in on-time medication delivery when nurses wore yellow sashes during medication administration. On the whole, to lessen medication errors, the collaboration among doctors,  pharmacists and nurses is necessary ( DoH, 2004). Doctors must know their shortcoming and recognize their interconnection with other health care professionals (Pedersen et al., 2007), in particular nurse prescribers who help to ease the work of junior doctors. Verification by another nurse is essential as double checking by other nurses in adherence to the ‘five rights’ of medicine administration can help reduce an error (DoH, 2004). Subsequently, pharmacists can lessen the chance of errors by being in attendance on the ward drug rounds and chipping in their drug knowledge (DoH, 2004). Moreover, everyone in the health care team can help reduce medical errors by keeping a reflective journal (Tzeng et al., 2013 ) as a practical self-help tool, though there is a not enough of empirical study to support its valuable effects (Fore, 2013). According to Fore (2013), health professionals can reflect by one or more of the subsequent methods: welcoming feedback from colleagues about strengths and weaknesses; checks on critical incidents to find out what went wrong , why it went wrong and how to avoid a recurrence of an error; use of a diary for self evaluation and recognize knowledge gaps. It is generally accepted that system factors presents itself with medication errors in health care, nurses are the health professionals that frequently encounter and report medications error ( Roughead and Semple 2008). On the contrary, a study by Unver et al ,(2012) points out, more than half of nurses do not give an account of some medication errors as they are frightened of their colleagues’ reactions. As a result , it is important to foster a culture that is less fixed on laying guilt to promote communication and error reporting. The need to reduce medication error is a continuing process of quality improvement (Unver et al.,2 012). According to Sanders (2005) , to establish risk is the first act to undertake, as any other strategy to reduce risk may be inappropriate. This can be made by means of using tools such as audit ( Montesi and Lechi, 2009). The World Health Organisation’s (WHO) (2009) framework for the classification of problem, process and outcomes of patient safety events is a practical base for a framework to learn the circumstances surrounding medication error. In spite of information of under-reporting of medication errors, especially by physicians, (Franklin et al., 2007) incident reporting can produce an awareness into the errors that happen and make easy identification of contributing factors (Malpass et al., 1999a). Moreover, a  UK Government white paper, put forward standardisation of audit as part of professional health care (Montesi and Lechi, 2009). The National Institute for Heatlh and Clinical Excellence(NICE) (2002), defined clinical audit as : â€Å"a quality improvement process that seeks to improve patient care through systematic review of care against explicit criteria and the implementation of change† ( cited in Montesi and Lechi, 2009, p. 3). Clinical audit is a learning tool , which encourages high- quality care and should be implemented regularly and it offers an organised framework for inspecting and judging the work of health care professionals ( Montesi and Lechi, 2009; NICE, 2002). Audit is also a way of measuring and monitoring practice across a well- set of agreed standards and finding mismatches in the written word and actual practice. Similarly, detecting medication errors can also be through a chart review, reporting of incident, monitoring of patients, direct observation and computer monitoring (Montesi and Lechi, 2009). The only technique used for identifying errors of administration of medications is by direct observation ( Montesi and Lechi, 2009). This is done under the observation of a trained nurse by noting the similarity or dissimilarity between what is done in the administration and the original physician orders. In addition to direct observation, reporting systems is another process obtained from pro cedures in high-reliability organisation. On the other hand, reports given to legal services can cause confusion and bring about a connotation of blame (( Montesi and Lechi, 2009). Incident of reporting was first used in the UK by the Royal College of Anaesthetists. According to Montesi and Lechi ( 2009), there are two safety-oriented levels of reports. First, incident reporting where it is required that a the details recorded are concise, legible and a true version of events are recorded and sent to the central organisation , which supplies regular statistical reports and raising concerns about quality improvement. Secondly, voluntary reporting . This process is anonymous, confidential and blame- free.The benefits of voluntary reporting include; the detection of active and hidden system failures, evidence of significant processes and the distribution of a culture of safety ( Stump, 2000). Other methods include; patient monitoring, by interviewing, satisfaction surveys and focus groups. Through this, patients can learn about medication errors. With reference the Local Trust Policy, patients now receive an individualised medicine patient  information leaflet (PIL) detailing their in-patient and discharge medicine by advising them about any possible side effects and dosage information, contact details should more information be required. During placement, it was essential that the ‘five rights’ is followed during a medication round with the nurses. It became fully aware that the ‘five Rs’ is the most thorough way to prevent medication error arising. This policy has helped me establish how and why using the correct procedure helps to minimise administration errors from happening. Not all but most of the nurses at the placement adhered to the guidelines that the policy set out. In conclusion, the essay demonstrated that medication administration errors are still a continual problem that is related to practice in nursing . Nurses are mainly involved in medication administration. They also have an exceptional role of identifying and stopping errors that occur in the various stages. Encouraging patient safety should have a number of approaches that involve more than direct care nursing staff. Another basic cause, is human- factor, therefore a professional education with individuals and system focuses on patient safety matter is essential. Lastly, health professionals accountable for the prescribing, dispensing and administration of medicines must work collectively as team members in the ward environment . The essay also demonstrated how the problem of medication administration error can be dealt with by the National Health Service.

Can netflix recover from its strategic mistakes?

Introduction and company overview Netflix is the world’s leading provider of online streaming media and movie rentals with more than 50 million of online subscribers.[1] It is the most prominent provider of online streaming media in the world with operations in the US, Canada and in 42 countries in Latin America and the Caribbean. In fact, Netflix is the single largest source of internet traffic in the US, consuming 29.7% of the peak downstream traffic.[2] Since its inception, this giant provider of online streaming media has gained increasing popularity. The company was first founded by Reed Hastings in 1997.[3] Netflix began its operations with the selling of DVDs and offering of rental services by mail. The demand for DVD by rental services quickly outweighed the demand for buying DVDs which led to the company focusing their business model on dvd rentals.[4] Over the years, the company’s growth quickly gained momentum to the point that it passed its 500,000 subscriber mark.[5] The company continued to experience a rapid growth and by 2003, the subscriber base had already tripled to 1.5 million.[6] In 2007, Netflix launched the online-streaming services and positioned itself for the imminent transition to digital media by partnering with companies such as Microsoft, LG Electronics, Samsung and Roku and negotiating agreements with the biggest entertainment companies such as CBS, Starz Entertainment, and Disney for streaming of media content.[7] Throughout 2010 and the first half of 2011, the company experienced an unprecedented growth. The number of online subscriptions in the US alone doubled from 12.3 million to 24.6 million.[8] The quarterly revenue rapidly increased from $445 million to $770 million and the stock price increased reach an all-time high of $304.79.[9] However, a series of strategy changes implemented in mid July 2011 tarnished the company’s image and led to a steep decline in profitability and stock price. In mid-July 2011, Netflix implemented a new pricing plan which raised the monthly subscription by 60%. Customers reacted negatively to these price changes with more than 600,000 Netflix subscribers cancelling their subscription.[10] Towards the end of 2011, the company implemented another strategic change by creating Qwister and splitting the DVDs-by-mail business from internet streaming business. This sparked a second furore leading to a further decline in its stock prices. Netflix’s decl ine in the industry can be attributed to such kind of strategic mistakes. With these in mind, can Netflix can recover from its strategic mistakes? External analysis Netflix’s performance in the industry is affected by a number of external factors. An external audit of the industry reveals some of these political, economic, social and technological factors.PESTLE ANALYSISPolitical and Legal factorsAmong the various factors affecting the performance of Netflix in the industry are the political and legal factors, particularly legal battles, trademark, copyright and patent issues. Netflix faces ongoing legal battles with several companies including Comcast and Time Warner Cable.[11] This began with complaints from Comcast customers that the connection speed for Netflix streams had dropped significantly. Netflix’s own data showed a massive decline in connection speed as shown in the figure below. Fig. 1 Netflix’s own data showing a massive decline in Comcast’s connection speed.[12] More recently, Netflix filed a petition with the US Federal Communications Commission challenging the proposed merger between Comcast and Time Warner Cable.[13] Netflix argues that the merger should not be allowed under the FCC’s public interest standard as it would stifle the competitive internet market and could potentially cause public harm by making the already expensive high definition (HD) even more expensive for video companies and consumers.[14] However, the petition to deny the proposed merger may not succeed as the commission has already determined that Comcast has the right to discriminate against online video distributors. The commission also determined that the public harm claim that Netflix raised was merely speculative and highly unlikely. The approval of the proposed merger points to the difficulty that Netflix may face in future. Comcast has already shown its willingness to discriminate against online video distributors by manipulating internet traffic at inte rconnection points with the aim of harming Netflix.[15] Social factorsFrom the social perspective, Netflix relies on the popularity of its media content among consumers. Even though Netflix has raced to become ubiquitous having pioneered online streaming, its main weakness has been the inability to feature the latest releases. It should be remembered that consumers want the most recent content. This is a particular area where Netflix has always been lagging behind. According to a recent consumer report, 81% of the respondents were found to stream media from Netflix, making it the most popular.[16] However, these respondents expressed their dissatisfaction with the service citing Netflix’s movie line up as the biggest issue of concern. Respondents were displeased with the limited selection of movies especially the latest releases.[17]EconomicIn terms of economic factors, Netflix operates in an industry characterized by large entry costs, low prices and a very competitive envir onment. To maintain an edge in the market, firms have to price competitively against rivals.The industry is still at its infancy and many companies appear to be experimenting their business models. For example, YouTube recently reached an agreement with Lions Gate Entertainment which secured it rights to mainstream movies from the entertainment company.[18] Apple recently unveiled its plans to develop an upgraded Apple TV that allow consumers to stream video from TV Sets. Hulu recently begun a new subscription plan that allows customers to watch some TV shows that are not available for free at the cost of $10 per month.[19] With streaming becoming more competitive, Netflix will have to improvise in order to continue to thrive in the industry.TechnologicalTechnology is rapidly changing and for Netflix to continue to thrive, it must contend with the constantly evolving and competing technology. Even though Netflix gained its initial competitive advantage from its business model which capitalized on the weakness of the tradition brick and mortar businesses, it continues to face the challenge of adjusting to new technological pressures.[20] Already some of Netflix’s competitors are offering additional innovative services to its customers. For example, Amazon Prime provides users with services such as free two-day shipping and free kindle book in addition to instant video streaming. HBO has made its online content available for purchase without the need of cable subscription. Vudu is releasing many titles the same day they out on DVD compared to Netflix which releases them 28 days later.[21]Five forces frameworkRivalry among firmsThere is no doubt that competition is becoming more intense in the industry. Netflix faces many rival competitors in the industry from Blockbuster to Hulu Plus, Amazon Prime, Vudu, Comcast, Google TV, Apple TV and many others (Indiviglio, 2010). The intense rivalry is due to the large consumer market in the movie rental industry. Th e rivalry is also increased by the different methods that consumers can obtain a movie from in-store rental to mail delivery to online streaming and video on demand. The switching costs remain relatively low which perhaps contribute to the fierce rivalry in the industry. A large number of the rival competitors have large levels of capital and greater economies of scale which makes competition in the industry very fierce.Threat of new entrantsWhile Netflix faces intense rivalry from competitor firms, the threat of potential new entrants is relatively low due to the large entry costs in the market. Most of the existing firms have already established a well-known brand such as Hulu plus, Red box and Amazon instant video.[22] This makes it increasingly difficult for new players to thrive in the market. A potential new entrant would have to incur a lot costs in marketing and advertising to establish its brand and become competitive. Threat of substitution Similarly, the threat of substation is relatively low as many consumers prefer online streaming to physical DVD rentals. While there is no much of a threat to Netflix online streaming model, there is an existing threat from illegal pirating. Some websites provide customers with free access to most media content. However, most of these websites are illegal. Further, these websites are somewhat complicated and are not nearly intuitive as Netflix’s service.[23] While it remains government’s responsibility to enforce anti-pirating laws, it may be in Netflix’s best interest to lobby for tighter enforcements of these laws.[24]Bargaining power of consumersIn terms of the bargaining power, consumers seem to have a higher ground. Consumers have a higher bargaining power since there are many options in the industry with little or no switching costs. Netflix currently charges its customers an affordable monthly fee of $7.99 but since customers are not locked into contracts, they can easily switch from one online streaming company to another with minimal or low switching costs.[25] High consumer bargaining power implies that the company must be very careful in implementing its strategies. This can be seen with the price changes that Netflix imposed on its subscribers in 2011. A new pricing plan announced by the company in mid-July 2011 which increased the subscription price by 60% sent the company’s stock price in a tailspin.[26]Bargaining power of suppliersContent remains a key input in Netflix’s business strategy. Since there are very few media content providers that offer high quality content, the bargaining power of suppliers remain relatively high. Suppliers can impose a price increase or offer low quality content and this could have an adverse impact on the company’s profitability.[27] Recognizing the relatively high supplier’s bargaining power, Netflix recently begun developing its own content, some of which have rece ived acclaim in the industry such as the â€Å"House of cards† and â€Å"Hemlock Grove†.[28] However, despite these efforts, Netflix’s survival is largely dependent upon the variety of its content. Netflix still has to rely on its content providers to meet the needs of its large consumer base. II Internal analysis An analysis of the internal environment of Netflix is also important as it identifies the competencies that currently exist for the company to compete effectively. The VRIO framework and value chain model is going to be very useful in the analysis of the internal environment.Distinctive competencies: the VRIO frameworkQuestion of value: are the company’s resources and capabilities enabling it to capitalize on opportunities and neutralize external threats?In terms of distribution, Netflix has a sustainable advantage. It has several distribution channels from the physical distribution of titles through physical stores to distribution by mail.[29] However, this is a temporary advantage as blockbuster is posing a huge threat to the physical distribution of titles. Perhaps the biggest sustainable advantage lies with their online streaming capabilities. Being the first company with the capability to offer online video streaming service, it undoubtedly ranks at the top of video comp anies with the most widely streamed content. However, Apple is posing a huge threat having established presence in online streaming through iTunes.[30]Question of rarityAre there only a few numbers of firms with these capabilities?In some certain capabilities, Netflix have a sustainable advantage over competitor firms whereas in other capabilities, the company has only a temporary advantage. For example, in DVD rental and Blue Ray rental; Netflix only has a temporary advantage since many firms have the capabilities to produce these items.[31] However, with regard to online streaming, title variety, and convenience to consumers; Netflix has a sustainable advantage. This is because many other firms in the industry do not have the internal capabilities to innovate in these particular areas. Question of inimitability?The industry is characterized by large entry costs. Many firms lack the necessary resources and internal capabilities to offer similar content. It is quite expensive and ex tremely difficult to form agreements with content providers. Netflix has a temporary and sustainable advantage in this particular area having engineered the online streaming business model and formed agreements with several content providers including warner Bros and CBS among many others. Netflix’s possess key resources and capabilities that provide it with advantages that are not easy to imitate.[32]Question of organization?An important part of the internal analysis is examining how the policies and procedures are organized and whether this organization supports the company’s use of its valuable resources. Netflix has a functional centralized organizational structure in which the CEO has direct control over its six departments.[33] Netflix’s embraces a culture of freedom and innovation. Employees have the freedom to remain innovative and productive. This shows how the company’s organization policies are organized to support its valuable resources. Part III: Issues and challenges However, even with these resources and competencies, Netflix faces some challenges/impediments in its drive to remain competitive. One major challenge is its reliance on content providers. The company still has to depend on other content providers such as CBS and Time warner in order to continue to maintain the breadth and variety of their products. Such form of dependence can have dire consequences on the company especially where there are disagreements. For example, in mid July 2011, Netflix was forced to implement a new pricing plan that raised the monthly subscription by 60% after Starz, one of its content providers, demanded $300 million for renewal of its license with Netflix.[34] Initially, Netflix had been paying this premium movie channel $30 million annually. This was a huge step back and led to a steep decline in its stock price. Recently, Netflix was forced to remove some of its content after losing its contract with Viacom International, a leading provider of children sh ows.[35] While the huge subscriber base may give Netflix some sought of leverage in negotiating terms, much of its survival is still at the mercy of its content providers. Another challenge facing Netflix lies with the stiff competition in the movie industry. Even though the threat for potential new entrants is relatively low, there is an intense rivalry in the industry among key players such as Blockbuster, Hulu Plus, Amazon Prime, Vudu, Comcast, Google TV, and Apple TV.[36] With the battlefront shifting online, Netflix is going to be in direct competition with some of the well-financed and innovative companies such as Apple, Google and Amazon.[37] Netflix will have to be savvier than ever by negotiating better agreements for online streaming in order to take on these giant companies.[38] Part IV: Generation of strategic growth option Netflix’s overall situation is fairly attractive and somewhat sustainable. However, there are a number of Strategic Options that the company could pursue in its efforts to continue to grow and develop. The Ansoff matrix tool below will be used to describe these options. Ansoff matrix tool[39]Ansoff MatrixMarket developmentInternational expansion is one of the strategic growth option. Netflix has already entered into regional license agreements to stream media content from 42 countries in Central America, South America and the Caribbean.[40] However, this international expansion need to be implemented very cautiously. While this has allowed Netflix to expand its subscriber base, the company is spending so much that it doesn’t actually profit from this international expansion. For example, in the last quarter of 2012, international losses hit $105 million despite the gain of 6 million new subscribers.[41]Product developmentThe company could also benefit from developing its own original content and focusing on the online streaming business. Developing its own original content will reduce their dependence on content providers. There is also an imperative need to phase out the â€Å"DVD mailing option† from Netflix’s business model. The movie industry is quickly shifting online, yet Netflix continues to develop millions of DVDs which have high operating costs. Despite its huge revenue, Netflix’s margins are eaten up by its huge production costs.[42] With the movie industry shifting online, Netflix may lose out on major profits if they take too long to phase out the DVD mailing option.Market penetrationIn terms of market penetration, Netflix need to increase its domestic market. Growth in online streaming has resulted due to the increasing broadband penetration, growth in connected devices, faster download speed and the broader trends of media consumption.[43] A large part of the purchasing and usage of Netflix’s content come from existing customers in the US. However, there is still a larger market in the US that Netflix can benefit from. Netflix can leverage its first mover advantage to expand more rapidly in the US.DiversificationNetflix is currently in competition with rivals in the market in t wo main product lines: dvd rentals and online streaming. With virtual rivals such as Amazon, Hulu and cable TV companies among many others, competition in online streaming is going to be intense. In the product line of DVD rental, competitors such as Blockbuster and Red-box pose a huge threat.[44] To maintain an edge in the market, Netflix need to diversify its product line to include video and computer games. Part V Evaluation of strategic growth options With these strategic options identified, it is important to evaluate each option in terms of suitability, accessibility and feasibility. SAF framework will be very useful in this evaluation.SAFe frameworkSuitability criteriaSuitability criteria will evaluate whether these strategic options support Netflix’s mission and values, whether they are suitable for industry life cycle stage and whether they strengthen Netflix’s competitive position. Netflix’s mission statement is to grow the streaming subscription business both domestically and globally and to improve customer experience while staying within the parameter of their consolidated income and operating profit.[45] Strategy optionsSupports Netflix’s mission and valuesSuitable for industry life cycle stageStrengthens Netflix’s competitive position Expanding subscriber base internationally – market developmentyesYes – it is important to expand internationally currently in the industry.Yes. In the long term, this will consolidate their position in the industry Expanding rapidly in domestic market – market penetrationYesYes – market penetration is also important.Yes, in the long run. Focusing squarely on online streaming business and producing some its content – product developmentYesYes – the shifting market environment makes this strategy very effective.Yes – the industry is moving online and this strategy will significantly improve Netflix’s competitive position Diversifying product line to include video and computer games.yesYes – suitable for industry life cycle stageYes – this strategy will distinguish Netfl ix from competitorsAccessibility criteriaThe accessibility criteria is assessed based on customer reactions, risks of losses and returns on investments. Strategy optionsReaction of customersRisk of lossesReturns on investments Expanding subscriber base internationally – market developmentNo effect on customer reactionHigh – margins from international segment so far remain very low compared to domestic levels. Already the company has incurred huge losses from this expansion.Low – Broadband infrastructure is very poor in many international countries and pricing strategy may be seen as high in developing economies. Expanding rapidly in domestic market – market penetrationNo discernible effectLow – margins from domestic segments are very highHigh – the current low pricing policy is very attractive for new customers and entertainment consumption remains high Focusing squarely on online streaming business and producing some its content – product developmentPositive impact – provides customers with the convenience they need.Low – the industry is shifting online and customer su bscription for online streaming is increasing.Very high – market shifting online and broadband infrastructure allows for streaming of high quality hence improving customer experience. Producing its content will reduce its dependence on content providers. Diversifying product line to include video and computer games.Positive – it will enhance customer experienceRelatively low due to lack of differentiation between competitorsHigh – the added feature will increase customer experience among consumers who like video games. Feasibility criteriaFeasibility criteria involves examining whether Netflix has the internal capabilities and resources to support implementation of these strategic options Strategy optionsDo existing technological assets support this strategy?Does Netflix have enough financial resources to support implementation of this strategy?Is there enough information available for implementation of this strategy? Expanding subscriber base internationally – market developmentTechnically, Netflix’s content delivery network is able to support this strategy.Netflix still has enough financial resources to expand internationally, however, huge losses have been incurred in implementation of this strategyYes, there is enough information to implement this strategy, however, the losses incurred so far raises the question of whether it is a feasible option? Expanding rapidly in domestic market – market penetrationYes, Netflix’s content delivery network is able to support this strategyYes, the company still has enough funds for market penetration.Yes, Netflix has enough information to ensure success of this strategy. Focusing squarely on online streaming business and producing some its content – product developmentYes, Netflix has exceptional tools with intelligent analysis that enable it to detect faults in systems, improve on customer experience and handle increasing data traffic.There are enough financial resources to implement this strategy.Yes, Netflix has enough information. For example, when it created its original TV series â€Å"House of Cards†, Netflix knew that it would be a hit based on examining consumers viewing habits. Diversifying product line to include video and computer games.No, Netflix may not have the technical capabilities to produce computer games.However, there are enough financial resources to implement this strategy.Also, there might not be enough information to implement this strategy. Netflix may not have enough history data to base on since most consumers subscribed to watch movies and not play computer games. PART VI Description of Selected Strategy Netflix need to focus squarely on the streaming business and phase out the DVD mailing option from its product portfolio. It should be noted that movie industry is quickly moving online and the DVD business is bound to declines. This can be seen with the decline in Netflix’s domestic subscribers. Declining number of DVD subscribers while domestic streaming subscribers increase.[46] This is also very much consistent with Netflix’s generic business strategy of differentiation, cost leadership and providing customers with convenience. While the DVD business has in the past been very profitable compared to the online streaming business; there is a slow but inevitable decline in the DVD business as the industry moves towards online streaming.[47] The huge costs associated with production of physical discs, packaging costs and the high costs of running the DVD distribution centers will adversely affect the DVD business. Netflix contributing profit, DVD vs domestic streaming.[48] Focusing exclusively on online streaming will without doubt enhance these generic strategies by differentiating Netflix from brick and mortar stores such as Blockbuster and Redbox, and providing customers with the convenience that they need. Netflix has the internal capabilities and resources to carry out this strategy successful. For the company to successfully carry out this strategy, it has to be vigilant in supporting millions of connected devices used by consumers in online streaming.[49] From the operational perspective, Netflix has large, complex and highly distributed systems environments. The company has exceptional tools with intelligent analysis that enable it to detect faults in systems and improve on customer experience and handle increasing data traffic.[50] Also, Netflix need to pay more attention on creating its own original content. This will decrease its dependence on content providers. Netflix is guaranteed success in content creation since they have enough information about the content that customers are desperately in need of. This can be seen with its original TV series the â€Å"House of cards† and â€Å"Hemlock Grove†, both of which have received acclaim in the industry.[51] Netflix is able to determine if a particular TV series or movie is going to be a hit based on consumers viewing habits. This provides them with a huge advantage in content creation. However, this does not mean that Netflix should abandon its providers as its survival is largely dependent upon the variety of its content. Netflix still has to rely on its content providers to meet the needs of its large consumer base. Conclusion In conclusion, while Netflix is the most prominent provider of online streaming with operations in the US, Canada and in 42 countries in Latin America and Caribbean, it faces a number of political, economic, social and technological factors in the industry. From legal battles emerging form trademark, copyright and patent issues to social and economic factors such as the inability to feature the latest releases and stiff competition in the industry. The main issues and challenges that Netflix faces are the high bargaining power of suppliers and stiff competition from well-financed and innovative companies such as Apple, Google and Amazon. However, the company could pursue various strategic growth options to further consolidate its position in the industry such international expansion, domestic market penetration, product development and diversification. Based on the SAF framework, Netflix is better positioned to focus exclusively on online streaming business and developing its own ori ginal content. This will provide the company with the sustainable advantage that it needs in terms of reducing the suppliers bargaining power, consolidating its competitive position in the industry and increasing customer experience. Netflix’s overall situation is fairly attractive and somewhat sustainable. It remains the single largest source of internet traffic in the US, consuming 29.7% of peak downstream traffic. However, given the inevitable decline of the DVD business, the company should consider focusing their business model on online streaming and creation of original content. With the growing capabilities of broadband communication, which allow for faster downloads and streaming of content, the industry is quickly moving online. This does not mean abandoning its content providers. It should be remembered that Netflix’s survival is dependent on the variety of its content. Netflix should be savvier than ever by negotiating better agreements for online streaming, increasing the selection of titles and making it possible to stream more content including the latest releases. Reference Adhikari, V.K., Guo, Y., Hao, F., Varvello, M., Hilt, V., Steiner, M. and Zhang, Z., Unreeling Netflix: understanding and improving multi-CDN movie delivery. University of Minnesota. 2012. Carrol, H., Menenberg, A. and Kwok, I., Strategic report for Netflix, Inc. OASIS Consulting, 2009. Culp, C., Friedman, M., Lincoln, G., Reeve, Q and Matt, A., Netflix: past, present and future innovation. Entrepreneurship and Innovation Strategy, Available from http://faculty.tuck.dartmouth.edu/images/uploads/faculty/ron-adner/11EIS_Main_Project_-_Netflix_Paper.pdf, 2012. [Viewed on 12th December 2014] Datastax, Netflix gives users exactly what they want – every time. California, Datastax. 2014. Davis, R., Netflix, Amazon sued over web media patent. Law 360. New York Times. Available from http://www.law360.com/articles/81037/netflix-amazon-sued-over-web-media-patent, 2008. 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Objectives of GPFRs in AASB and IASB - Essay Example It is to be noted that both the boards have set down the objectives of General Purpose Financial Reports on the different basis. The further sections of this report focus on the helpfulness of the objectives set down by International Accounting Standard Board to improve the general purpose financial report. There are several questions that have been raised regarding the usefulness of the objectives. A comparison of the objectives of both the Australian Accounting board and the International Accounting board is made to analyze which one of the two is better suited as objectives for the general purpose financial report. The next section deals with the meaning of general purpose financial report and helps understand the main reason why these reports are produced. General Purpose Financial Reports are prepared to focus on the requirements of users who require understanding the company’s financial status. This report provided the common information to users who cannot prepare speci fic information to meet their needs. There are a few financial entities that are authorized to prepare these reports. Since these reports are very general most of the time these reports focus on general information of the company which benefits only a few groups of people. The main users of General Purpose Financial Reports are divided into three main categories namely. Resource providers like employees, lenders, supplier, lenders, investors, etc. These groups of people are interested in knowing the financial status of the company to understand whether the resources provided are being put to efficient use and if the company is performing economically, efficiently and effectively (CPA Australia, 2002). Recipient of goods and services like consumers, customers, or any person benefiting from the goods or services provided by the reporting entity.  

Write a thesis driven analysis paper of the book The Lathe of Heaven Essay

Write a thesis driven analysis paper of the book The Lathe of Heaven by Ursula K. Le Guin - Essay Example to achieve access to the flowing power available through the fourth concept of cosmic energy while the fifth founding element refers to the flowing waters and winds of change and motion. These concepts are called Wu Wei (actionless action), Te (flowing power through living simply), Ch’I (cosmic energy) and Feng-Shui (winds and waters of change) (Hundoble, 1999). LeGuin weaves all five of these concepts into the storyline of the novel as it traces the progression of George Orr and his psychiatrist Dr. William Haber as they examine the limits of George’s abilities to change reality. The concept of Yin and Yang are contained within the character of George himself. Physically, he is not tall or short, blond or brunette. When he meets new people, Heather Lelache for instance, he strikes them as almost repulsively weak but also as amazingly strong. â€Å"The man struck her as not exactly feeble-minded, but revoltingly simple† (41) are Heather’s thoughts early in their first meeting, quickly revised to â€Å"now she thought that he certainly wouldn’t squash if she stepped on him, nor crunch, nor even crack. He was peculiarly solid† (45). When he discusses things that have been happening in his life, he does so with a great deal of equanimity, not seeming to pass judgment upon others, but not granting approval for their actions either. This idea of George representing the perfect balance of Yin and Yang is finally confirmed by Dr. Haber himself when he tells George the results of the tests that were run on him: â€Å"Where there’s an opposed pair, a polarity, you’re in the middle; where there’s a scale, you’re at the balance point. †¦ you’re the man in the middle of the graph† (137). The concept of actionless action is brought out in the discussions George tries to hold with Dr. Haber regarding the changes that are being made through his dreams. This is particularly well-illustrated in the discussion he has with the doctor regarding the

Objectives of GPFRs in AASB and IASB Essay Example | Topics and Well Written Essays - 1000 words

Objectives of GPFRs in AASB and IASB - Essay Example It is to be noted that both the boards have set down the objectives of General Purpose Financial Reports on the different basis. The further sections of this report focus on the helpfulness of the objectives set down by International Accounting Standard Board to improve the general purpose financial report. There are several questions that have been raised regarding the usefulness of the objectives. A comparison of the objectives of both the Australian Accounting board and the International Accounting board is made to analyze which one of the two is better suited as objectives for the general purpose financial report. The next section deals with the meaning of general purpose financial report and helps understand the main reason why these reports are produced. General Purpose Financial Reports are prepared to focus on the requirements of users who require understanding the company’s financial status. This report provided the common information to users who cannot prepare speci fic information to meet their needs. There are a few financial entities that are authorized to prepare these reports. Since these reports are very general most of the time these reports focus on general information of the company which benefits only a few groups of people. The main users of General Purpose Financial Reports are divided into three main categories namely. Resource providers like employees, lenders, supplier, lenders, investors, etc. These groups of people are interested in knowing the financial status of the company to understand whether the resources provided are being put to efficient use and if the company is performing economically, efficiently and effectively (CPA Australia, 2002). Recipient of goods and services like consumers, customers, or any person benefiting from the goods or services provided by the reporting entity.  

Therachem Case Essay Example for Free

Therachem Case Essay Therachem is a pharmaceutical company created in 1950, and has a portfolio of 7 different products Performance: The company has a signi? cant revenue growth of 68% over the last 3 years, driven mostly by Arthroquell Salesmen team: the sales rep’s job is to visit physicians and encourage them to prescribe Therachem drugs for their patients For the past 3 years Therachem has been growing its sales force by about 40 representatives per year and has expected this year to increase the number of reps from 433 to 473. Therachem is wondering if it has to maintain its 40-rep hiring per year rhythm or invest in human capital: A consultant report is suggesting Therachem to increase its sales force by 322 rep over the next 3 years, however is it opportune to do such a signi? cant increase or is it too unrealistic? Context Executive summary Smythe model Consultant model Alternatives Recommanda tions/Limits Goals Find the optimal solution for Therachem, taking into account strategic dimensions on the hiring rythm Methodology Optimize number of reps and the allocation of reps between products Resource Allocation analysis of the zero growth model, the Smythe model and the consultant model Creation of alternative models Assessement Smythe model is not optimal The consultant recommandation may be optimal it shows some risks in terms of hiring a lot of new rep There is an alternative with an optimal net contribution per new rep compared to the zero growth model Recommandations Do not increase more than 40 person hiring per year Do a more optimal allocation of human resource through the products Context Executive summary Smythe model Consultant model Alternatives Recommanda tions/Limits Zero growth model Arthroquell Proxinil 144,0 $109,5 53% $51,5 $27,2 $30,8 Renora 135 150 77,0 $175,2 59% $71,8 $14,6 $88,8 Dermet Topisal 57,0 $157,8 59% $64,7 $10,8 $82,3 Mistalon 57,0 $33,6 53% $15,8 $10,8 $7,0 $448,2 $81,8 $6,0 $380,3 $583,3 Total 433,0 $1  119,3 98,0 $643,2 62% $244,4 $18,5 Sales Representatives Planned Revenue Unit Margin Cost of Goods Sold Direct Selling Cost Indirect Selling Cost Net Contribution Strategic option number one: Smythe model Arthroquell Proxinil 184,0 $124,7 53% 58,6 $34,8 $31,3 125,0 $734,4 62% $279,1 $23,6 $431,7 Renora 135 150 98,0 $191,4 59% $78,5 $18,5 $94,4 Dermet Topisal 73,0 $167,2 59% $68,6 $13,8 $84,9 Mistalon 73,0 $40,1 53% $18,8 $13,8 $7,4 Total 553,0 $1 257,7 $503,5 $104,5 $6,0 $643,7 Sales Representatives Planned Revenue Unit Margin Cost of Goods Sold Direct Selling Cost Indirect Selling Cost Net Contribution An increase of 120 new reps (an increase of 40 per year) = a gain of net contribution of $60,4m The Smythe model focuses its sales force mainly on Arthroquell and Proxinil with respectively 23% and 34% of the sales force. Context Executive summary Smythe model Consultant model Alternatives Recommanda tions/Limits Strategic option number two: Consultant’s model, the most pro? table Arthroquell Proxinil 167,1 $119,4 53% $56,1 $31,6 $31,7 Renora 135 150 120,7 $201,2 59% $82,5 $22,8 $95,9 Dermet Topisal 86,1 $172,3 59% $70,6 $16,3 $85,4 Mistalon 70,7 $39,3 53% $18,5 $13,4 $7,5 Total 755,5 $1  465,3 $582,3 $142,8 $6,0 $734,2 Sales Representatives Planned Revenue Unit Margin Cost of Goods Sold Direct Selling Cost Indirect Selling Cost Net Contribution 350 300 250 Effort 310,8 $933,2 62% $354,6 58,7 $519,8 An increase of 322 new reps (an increase of approx 100 per year) = a gain of net contribution of $151m Base vs. Recommended Scenario However the model doens’t take into consideration the time you need to train the new sales reps as well as the economic climate parameters. 200 150 100 50 0 Arthroquell Proxinil Renora 135 150 Base scenario Recommended scenario An increase as signi? cant as this one is risky (in terms of redundancy costs as well) which makes the management decisions dif? cult and slow. Segments Dermet Topisal Mistalon Context Executive summary Smythe model Consultant model Alternatives Recommanda tions/Limits How to combine the rythm of hiring from the Smythe model with the optimal allocation of sales force from the consultants’ model? Resource allocation with a limit of an increase of 120 new sales rep: Arthroquell Proxinil Renora 135 Dermet 150 Topisal 99 $192,0 59% $78,7 $18,7 $94,6 Mistalon 0 $5,0 53% $2,4 $0,0 $2,7 Total 553,0 $1  374,3 $542,5 $104,5 $6,0 $721,3 Sales Representatives Planned Revenue Unit Margin Cost of Goods Sold Direct Selling Cost Indirect Selling Cost Net Contribution 258 $912,0 62% $346,5 48,8 $516,7 130 $101,7 53% $47,8 $24,6 $29,3 66 $163,6 59% $67,1 $12,5 $84,1 An increase of 120 new reps (an increase of 40 per year) = a gain of net contribution of $138m However the new product Mistalon has an allocation of 0 sales rep, which is completely uncoherent with Terachem strategy to launch this new product! We need to ? nd a resource allocation that is optimal while taking into consideration a reasonnable increase in sales rep (40 per year) AND a minimum allocation for the launch of the new product Mistalon. Context Executive summary Smythe model Consultant model Alternatives Recommanda tions/Limits How to ? nd an optimal ressource allocation that also puts forward Mistalon? (1/2) Resource allocation with a constraint of 30 sales rep for Mistalon: Arthroquell Proxinil 120,7 $95,6 53% $44,9 $22,8 $27,9 Proxinil 130 $101,7 53% $47,8 $24,6 $29,3 Renora 135 150 93,0 $160,5 59% $77,2 $17,6 $93,6 Renora 135 150 99 $192,0 59% $78,7 $18,7 $94,6 Dermet Topisal 60,9 $160,5 59% $65,8 $11,5 $83,2 Dermet Topisal 66 $163,6 59% $67,1 $12,5 $84,1 Mistalon 30,0 $5,0 53% $8,4 $5,7 $3,8 Mistalon 0 $5,0 53% $2,4 $0,0 $2,7 Total 553,0 $1  368,9 $540,9 104,5 $6,0 $717,5 Total 553,0 $1  374,3 $542,5 $104,5 $6,0 $721,3 Sales Representatives Planned Revenue Unit Margin Cost of Goods Sold Direct Selling Cost Indirect Selling Cost Net Contribution 248,3 $906,6 62% $344,5 $46,9 $515,2 Arthroquell A decrease of $4m compared to the most optimal solution with 553 sales rep but the new product Mistalon is launched. Terachem can capitalize on the future of this product Sales Representatives Planned Revenue Unit Margin Cost of Goods Sold Direct Selling Cost Indirect Selling Cost Net Contribution 258 $912,0 62% $346,5 $48,8 $516,7 However let’s try and come closer to the initial idea of Smythe, who decided to allocate 73 sales representatives to Mistalon, a product which has a potential of future growth. Necessity to analyse the impact of allocating more than 30 sales representatives to Mistalon. Context Executive summary Smythe model Consultant model Alternatives Recommanda tions/Limits How to ? nd an optimal ressource allocation that also puts forward Mistalon? (2/2) Resource allocation with a constraint of 57 sales rep for Mistalon (today’s ? gure): Arthroquell Proxinil 184,0 $124,7 53% $58,6 $34,8 $31,3 Proxinil 112,2 $89,3 53% $42,0 $21,2 $26,1 Renora 135 150 98,0 $191,4 59% $78,5 $18,5 $94,4 Renora 135 150 88,4 $185,2 59% $75,9 $16,7 $92,5 Dermet Topisal 73,0 $167,2 59% $68,6 $13,8 $84,9 Dermet Topisal 56,7 $157,6 59% $64,6 $10,7 $82,3 Mistalon 73,0 $40,1 53% $18,8 $13,8 $7,4 Mistalon 57 $33,6 53% $15,8 $10,8 $7,0 Total 553,0 $1 257,7 $503,5 $104,5 $6,0 $643,7 Total 553,0 $1  366,3 $540,6 $104,5 $6,0 $715,3 Sales Representatives Planned Revenue Unit Margin Cost of Goods Sold Direct Selling Cost Indirect Selling Cost Net Contribution 125,0 $734,4 62% $279,1 $23,6 $431,7 Arthroquell Smythe’s initial plan Sales Representatives Planned Revenue Unit Margin Cost of Goods Sold Direct Selling Cost Indirect Selling Cost Net Contribution 238,6 $900,6 62% $342,2 $45,1 $513,3 Optimization with 553 sales reps while maintaining today’s sales reps allocated to Mistalon This solution allows to respect Smythe’s initial decision but at the same time maximise the pro? t: $715,3m (last alternative) $643,7m (Smythe) = $71,6m Context Executive summary Smythe model Consultant model Alternatives Recommanda tions/Limits The last alternative: Total Net Margins â‚ ¬Ã‚  800,00 â‚ ¬Ã‚  700,00 â‚ ¬Ã‚  600,00   500,00 â‚ ¬Ã‚  400,00 â‚ ¬Ã‚  300,00 â‚ ¬Ã‚  200,00 â‚ ¬Ã‚  100,00 â‚ ¬Ã‚  0,00 0 138,252165 276,50433 414,756495 553,0086601 691,2608251 829,5129901 â‚ ¬Ã‚  276,99 â‚ ¬Ã‚  540,15 â‚ ¬Ã‚  648,15 â‚ ¬Ã‚  686,68 â‚ ¬Ã‚  717,55 â‚ ¬Ã‚  732,80 â‚ ¬Ã‚  732,64 The maximum net margin seems to stabilize around $730m. The last solution allows Terachem to reach $715m total net margin. If we compare it to the consultant’s model the difference in net margin is -2,33%, however there is -62% new reps hired!

Causes and Effects of Inflation

Causes and Effects of Inflation Inflation is an increase in the amount of currency in circulation, resulting in a relatively sharp and sudden fall in its value and rise in prices: it may be caused by an increase in the volume of paper money issued or of gold mined, or a relative increase in expenditures as when the supply of goods fails to meet the demand (Webster, 1983). Inflation is a rate which there is a continuous rise in price of goods and services in a country over a period of time. It is happen when there are too much money in the economy chasing after too few goods. The symptoms of the inflation are when all the price of goods and services keep rising and when the currency value in the country start falling. When inflation happen, the purchasing power of people will start falling. The price of goods and services are too high, so people start buying less and consume less. Every country hope to achieve a low inflation rate but it is not a easy job to realize it. It is same goes to India. India is a country in South Asia. There are about over 1.2 millions of people in India. In 2011 and 2012, India has a high inflation rate in the country. According to the chart ( Appendix 1), in 2011, there is a almost 10% of inflation rate for the year. It is consider as quite high rate of inflation. In 2012, the inflation rate has fall compare to 2011. It is between 6.87% to 8.07%, it is still a high inflation rate. 2.0 Causes of Inflation 2.1 Demand pull inflation One of the causes of inflation are the population and the demand is rising, the population is 1.22 millions of people in India. When there are too large number of people, the demands of goods and services increases and the goods and services may not enough to supply the people, therefore the price is going up, thus cause the inflation. 2.2 Import cost push inflation The import cost of goods and services also push the inflation rate to rise. It is because more import than export in the country. When India is reliant on importation of some goods and services from other country, India has to pay all the import costs even if the import costs is too high. Paying import costs also made the money of India keep flowing out from the country, so inflation happen. 2.3 Excessive money supply. When there are too much money flow in the market, it causes money supply in the market become excessive. It is happen when the stage of boom, people have too much money in hand, so the consumption is increased. 2.4 Expectation Expectation is occurred when the price of goods and services are expected to rise in the market. Sometimes, it also happen when the neighbour countries are facing the inflation and rising of goods and services. When the price of goods and services become high, inflationm occurs. 3.0 Argument Although import costs can push inflation, but it doesnt influence much in India. This is because there are many foreign investment or many foreign investors like to open business or build factories in India due to low cost of labour forces and large numbers of labour forces especially in cars manufacturing industry such as Toyota, Bentley, and others are having factories at India. Therefore, the government of India would not need to import so much cars from others countries. There are enough supply of cars in India. Therefore, the government of India can cut down some costs on importation. 4.0 Impact 4.1 Weakening of currency value. The currency use in Indian is Rupee. Currency value can be says as the exchange rate or the money is cheaper or more expensive compare with others countries.The exchange rate of Indian Rupee (INR) to United State Dollar (USD) 2012 December is about 54.4900 rupee to 1 dollar (Appendix 2). In 2011 December, the exchange rate is about 53.0100 rupee to 1 dollar (Appendix 3). This show the currency value of rupee is still weakening since last year. When the currency is weak, it does not have any value. Indian people will not like to hold the money in hand. When the people spend the money, the inflation rate will rise. This is because many people want to spend the money but they have to chase after too few goods. When this happen, the price of goods and services will definitely rising. The price of goods and services are so high but the currency value is dropping. This results to the money printed is getting larger. For example, in Indian, there are 1000 rupee (Appendix 5) to be printed wh ile Malysia only has RM 100. 4.2 Falling of purchasing power. Due to continuous price ricing of goods and services, people in Indian has no money to consume the goods and services. Looking at the Consumer Price Index (CPI) at appendix 4, the price of goods and services and ricing for every year. It is getting harder and harder for people to spend or consume on goods and services. For examples, the vegetable being sold on the city of India is about 50 rupee to 55 rupee per kilogram and 20 rupee for the tomato. Therefore, people buy less than before. 4.3 Draw away foreign investment. Since the inflation happen in India, the foreign investors does not want to operate the business and factory or even invest anything at India. The foreign investors want to invest in a safe condition such as less fluctuation in currency value and more stable on the price of goods and services. The foreign investors want to gain profits or revenue through their investment. If inflation happen, it is hard to ensure the investment bring any profits or revenue for them. When the foreign investment is being drew away, there are less economic growth in India. The job opportunity also decrease and lead to high unemployment rate. 4.4 Cost of living increases. When the price of goods and services are too high, the cost of living will also increases. There are some neccessity good which every family need it. There are no way to avoid from consuming these goods such as toilet tissue, detergent and others. The price of these goods will also rise. Since it is necessary to every family, although the price is high, people will still buy and consume it. This make the cost of living increases. 4.5 Unemployment rate increases. When there is an inflation, the business has to cut down the operational and manufacturing cost as much as possible to cover up the high cost of the resources. When this happen, it will lead to unemployment. The business will cut down down some labour force. Many people will lost the jobs. Therefore, the unemployment rate will increases. In December 2011, India has about 9.4% of unemployment (Appendix 6). It is consider as a very high figure. It is also causes by when the foreign investors close up the business due to inflation. It make many workers lost the jobs. 4.6 Slow economic growth. When inflation happen, the economic growth will be slow. It is because many of the business cannot be expand or even become smaller during this period due to the high cost of the resources and low currency value. Business has no any extra money to boost the economic growth and some even cannot stand with the high price of raw materials and decide to close up part of the business. Therefore, the economic growth will slow down. The economic growth in India 4.7 Argument Although draw away the foreign investors is one of the impacts which cause by inflation, but it is not obvious in India. It is because the labor forces are very cheap in India. Therefore, many investors still willing to invest in India but they usually invest in the business which exports the goods to other neighbour countries in India and only a little goods to sell at India. For example, some graduates who are Pavan and his classmates are being offered average annual salaries of $7,000 (Â £4,370), about 15% lower than similar graduates were getting a year ago (Logita Limaya,2012). 4.0 Efforts taken by Government 4.1 Government encourages to reduce interest rate to boost economic growth. Government of India want to reduce the interest rate which is the interest rate or the borrowing cost to boost the economy growth. The Reserve Bank India (RBI) kept interest rates on hold, ignoring government pressure to reduce borrowing costs, but said it was shifting its focus towards boosting a flagging economy, raising the odds of a rate cut as early as January (SuvashreeDey Choudhury and AradhanaAravindan, 2012). If the interest rate can be reduced, business will have more capital by borrowing the money from the bank to expand the business. Thus, it helps to boost the economic growth. 4.2 Increase the government income and boost economic growth by exporting more cars. Government wants to increase the number of export on cars. The cars are mostly exported to Sri Lanka. It is hard to increase the exportation because the import tariff of Sri Lanka. Government is negotiating with Sri Lanka by asking them to bring down the import tariff. If the negotiation is successful, the exportation can be increase. When exportation increases, it means there is more job opportunity for the labor forces in India and the unemployment rate can be decreases. The economics of India will also grow up and more income can be generated by the government. 4.3 Open market operation Open market operation is central bank of India selling or buying bonds, securities, treasury bills and others during inflation. It is to reduce the money flow in the economic so the consumption will be less and inflation rate can be reduces. In Jan 2012, Reserve Bank India (RBI) is open for more open market operation. The government of India and the Reserve Bank India has decided to have more open market operation to reduce the high inflation rate in India by selling the bones, securities or treasury bills to the people. We are open to more open market operations if the liquidity issue needs to be addressed. The cut in CRR (cash reserve ratio) is purely a liquidity measure. It has put in Rs.32, 000crore, SubirGokarn, deputy governor of Reserve Bank of India (Business, 2012). The example of open market operation done in India is selling government securities (Appendix 7). 5.0 Recommendation 5.1 Control over the formation of monopoly firm. To reduce the inflation rate, government can control the formation of monopoly firms. In India, there are many monopoly firms which are being formed. For examples, Hindustan Aeronautics Limited (HAL) is monopoly over the production of aircraft, Indian Railway has monopoly on the railway transportation, State Electricity Board has monopoly in the field of electricity in many state and others. Every government does not like the formation of monopoly firms. It is because when there is not other company to compete against these firms, the quality of services or goods will not be improve and the monopoly firms can always increase the price of goods and services as they like. Therefore, government can encourage more firms or companies to set up or compete by borrowing them some loans with conditions. 5.2 Government can provide subsidies on some goods and services. The prices of goods and services are very high during inflation. People will suffer in paying these goods and services. Therefore, government can make some policy and try to provide subsidies on some price of goods so that people is able to consume it such as sugar, petrol, diesel and others by providing some subsidies. This will help the people so that their living cost can be decreases. 5.3 Government can set the minimum price for imported goods and maximum price for local goods and services. People like to consume foreign goods or imported goods rather than local goods. It is because imported goods are more branded in the international level. By setting up the maximum price for local goods and services, it may helps the local manufacturer to attract the customers and increase their profits, thus, the income level of the people can be also increases. If the government set the minimum price for the imported goods, less people may buy or consume the imported goods and more people will try and consume the local goods. This may lead to higher economic growth in India. For examples, government can set the minimum price for imported goods like car, electronic device and others while government can set the maximum price for local goods such as daily products, food and others. 7.0 Conclusion During inflation, currency value is very low and all goods and services are having chain reaction. People will suffer on it and standard of living is dropping. It is hard to decrease the inflation rate in a country and the damage cause is hard to recovery. This is why every country wants to achieve the minimum inflation rate. In India, Inflation has made the currency value which is rupee to be weaker. The government is not willing to look at this and try to decrease the inflation rate. If the inflation rate continues to rise, the currency value will continue to drop and it may become almost worthless. Purchasing power also affected by the inflation. People will have less purchasing power if the inflation rate is high. Besides, inflation also draws away the foreign investors. This makes the economy of India to be slowing down. The cost of living in India also increases. Since the prices of goods and services are rising, people of India have no choice but to spend more money on buying these goods and services. Unemployment rate also increases. It is happened when business is cutting down the cost by firing workers or the business is closing up, people lose the jobs. Government of India has made some effort on controlling the inflation rate to avoid it to increase and even targeting to decrease it. Government has encouraged the Reserve Bank of India (RBI) to reduce the policy rate which is the interest rate to boost the economic growth. It is to lend the loans for business to be expanded. Moreover, government of India is negotiating with Sri Langka to bring down the cars import tariff so India can export more cars to increase the exportation and government revenue. Government of India and Reserve Bank of India also sells bones, securities, treasury bills and others to reduce the money flow in the economy. When people hold the money in hand, the money will be use or buy things and it makes the inflation more worst. When government has this open market operation, the money will go into bank and no flowing in the economy. It helps to reduce the inflation rate. In conclusion, there are more strategies or policies can government of India plan to reduce the inflation rate. Government can control over the formation of monopoly firm. If it is successful, there are no ways to let this firm to raise the price as they like. Government also can set a fixed price for some of goods and services by providing some subsidies. It helps to decrease the burden which people have during inflation. Government can set the minimum price for imported goods and maximum price for local goods and services to attract more people on buying the local goods and services. 6.0 Appendix Appendix 1 Figure 6.1 India Inflation Rate Appendix 2 Figure 6.2 India Exchange Rate (Monthly) Appendix 3 Figure 6.3 India Exchange Rate (Yearly) Appendix 4 Figure 6.4 India Consumer Price Index (CPI) Appendix 5 Figure 6.5 India Printed Money Appendix 6 C:UsersuserDesktopindexmundi_ex74.jpgFigure 6.6 Unemployment Rate Appendix 7 Yield based auction of a new security Maturity Date: September 8, 2018 Coupon: It is determined in the auction (8.22% as shown in the illustration below) Auction date: September 5, 2008 Auction settlement date: September 8, 2008* Notified Amount: Rs.1000 crore * September 6 and 7 being holidays, settlement is done on September 8, 2008 under T+1 cycle. Figure 6.7 Indias Securities Coupon