Marketing Mix and Market Segmentation

Marketing Mix and Market Segmentation Marketing mix What is the marketing mix? The marketing mix is probably the most famous marketing term. Its elements are the basic, tactical components of a marketing plan. The flowing marketing four p elements product price place and promotion of marketing mix The term marketing mix was first used in 1953 when Neil Borden, in his American Marketing Association presidential address, took the recipe idea one step further and coined tterm marketing-mix. Marketing Mix is a major concept in modern marketing and involves practically everything that a marketing company can use to influence consumer perception favorably towards its product or services so that consumer and organizational objectives are attained, i.e. Marketing mix is a model of crafting and implementing marketing strategy. It is the same with the marketing mix. The offer you make to you customer can be altered by varying the mix elements. So for a high profile brand, increase the focus on promotion and desensitize the weight given to price. Another way to think about the marketing mix is to use the image of an artists palette. Some commentators will increase the marketing mix to the Five Ps, to include Others will increase the mix to Seven Ps, Price There are many ways to price a product. Lets have a look at some of them and try to understand the best policy/strategy in various situations. Customers directly relate price to quality, particularly in case of products that are ego intensive of technology based. Sony being a company which emphasize product quality, it tends to sell its products with price range from moderately-high to high-prices, depending on the use and the targeted customers. For example, Lets consider Sony series of VAIO laptops. Sony has tried to categorize the laptops according to style, user, purpose, mobility and performance, and each a corresponding price. Another element of Neil Bordens Marketing Mix is Place. Place is also known as channel, distribution, or intermediary. It is the mechanism through which goods and/or services are moved from the manufacturer/ service provider to the user or consumer. Product For many a product is simply the tangible, physical entity that they may be buying or selling. You buy a new car and thats the product simple! Or maybe not. When you buy a car, is the product more complex than you first thought? The Three Levels of a Product The Product Life Cycle (PLC) is based upon the biological life cycle. For example, a seed is planted (introduction); it begins to sprout (growth); The Customer Life Cycle (CLC) has obvious similarities with the Product Life Cycle (PLC). However, CLC focuses upon the creation of and delivery of lifetime value to the customer i.e. looks at the products or services that customers NEED throughout their live. Promotion Sales promotions for example includes free samples, discount, rebates, coupons, contents and sweepstakes, premiums, scratch cards, exchange offers, early bird prizes, etc. Another one of the 4Ps is promotion. This includes all of the tools available to the marketer for marketing communication. Sales promotion is a marketing discipline that utilizes a variety of incentives techniques to structure sales related programs targeted to customers, trade, and/or sales levels that generate a specific, measurable action or response for a product or service. People People are the most important element of any service or experience. Services tend to be produced and consumed at the same moment, and aspects of the customer experience are altered Public Relations and Publicity Public relations is a broad set of communication activities employed to create and maintain favourable relationship with employees, shareholders,to meet the individual needs of the person consuming Process Process is another element of the extended marketing mix, or 7Ps.There are a number of perceptions of the concept of process within the business and marketing. For example to achieve a 30% market share a company implements a marketing planning process. Limitation of Marketing Mix Analysis (4Ps of Marketing) Despite the fact that marketing mix analysis is used as a synonym for the 4Ps of Marketing, it is criticised (Kotler Armstrong, 2004) on the point that it caters sellers view of market analysis not customers view. To tackle this criticism, Lauterborn (1990) attempted to match 4 Ps of marketing with 4 Cs of marketing to address consumer views: Product Customer Solution Price Customer Cost Placement Convenience Promotion Communication How to Write a Good Marketing Mix Analysis To follow a simple and best approach for marketing mix analysis, it is imperative to understand the purpose of this analysis. So the basic key is to analyse the companys overall marketing strategy primarily through the strategies it follows under the 4Ps of marketing Information for Marketing Mix Analysis Students may seek information regarding market mix analysis (4 Ps) from two basic sources: market and academic. For market sources, information is easily available from a companys website, business reports, newspapers/published data on marketing, independent market survey reports and, in some cases, students may visit a retail outlet to analyse a product, its pricing and promotional strategies. However, to get more specific details, marketing and advertising academic journals and secondary data in the form of case studies can be the ideal source. Developing the marketing mix Many non-profit organizations are skilled at event marketing . Events are organized to raise the funds, including dinners, dances, coffee mornings, book ales, sponsored walks and others.The pricing god the services provided by non-profit organizations may not follow the guidelines applicable to profit oriented pricing. For example the price of CE curse organized by non-profit CE center for Gypsies may be held low to encourage poor families to take advantage of this opportunity. Some non-profit organization even provide free access to services. Marketing in non-profit organizations Non-profit organization attempt to achieve some other objectives than profit. This does not mean that they are uninterested in income as they have to generate cash to survive. However their primary goal is non economic, e.g. to provide education. Marketing is of growing importance to many non-profit organizations because of the need to generate funds in an increasingly competitive arena. Even organization who rely on government sponsored grants need to show how their work is of benefit to society: they must meet the needs of their customers. Many non-profit organizations rely on membership fees or donations, which means that communication to individuals and organization .Marketing strategy A strategy gives business a defined route to follow and a clear destination. Build a marketing strategy and you will ensure that marketing is a long-term way of working, not a one-off activity. A marketing strategy provides organisation with shared vision of the future. All too often, an organisation will perform a marketing task, such a direct mail shot, then sit back and see what happens. A strategic approach will ensure that you maximise returns on your marketing spending and boost the profits of your organisation. Strategic marketing manager has a clear picture of the future anticipates changes in the market works towards clear long/term goals Non-strategic marketing manager lives day to day without planning reacts to canges in the market has only short-term objectives During the creating of the marketing strategy the marketing manager should proceed as follows: create the team review current situation set objectives plan action Market segmentation Market segmentation is a concept in economics and marketing. A market segment is a sub-set of a market made up of people or organizations with one or more characteristics that cause them to demand similar product and/or services based on qualities of those products such as price or function. A true market segment meets all of the following criteria: it is distinct from other segments (different segments have different needs), it is homogeneous within the segment (exhibits common needs); it responds similarly to a market stimulus, and it can be reached by a market intervention. The term is also used when consumers with identical product and/or service needs are Positive market segmentation.Market segmenting is dividing the market into groups of individual markets with similar wants or needs that a company divides the market into distinct groups who have distinct needs, wants, behaviour or who might want different products services. Broadly, markets can be divided according to a numbe r of general criteria, such as by industry or public versus private although industrial market segmentation is quite different from consumer market segmentation, both have similar objectives. All of these methods of segmentation are merely proxies for true segments, which dont always fit into convenient demographic boundaries divided up into groups so they can be charged different amounts. These can broadly be viewed as positive and negative applications of the same idea, splitting up the market into smaller groups. Market segmenting is dividing the market into groups of individual markets with similar wants or needs that a company divides the market into distinct groups who have distinct needs, wants, behavior or who might want different products services. Fig positive market segmentation in group. Price Discrimination Where a monopoly exists, the price of a product is likely to be higher than in a competitive market and the quantity sold less, generating monopoly profits for the seller. Market Segmentation is Critical Segmentation can make a huge difference in understanding your market. For example, when a local computer store defines its customer segments as high-end home office and high-technology small business, its segmentation says a lot about its customers. The segmentation helps the company plan its focus on the different types of potential customers MANUFACTURER CUSTOMER RETAILER Decisions with respect to distribution channel focus on making the product available in adequate quantities at places where customers are normally expected to shop for them to satisfy their needs. Depending on the nature of the product, marketing management decides to put into place an exclusive, Summary We Partner With Our Clients to Maximize Profit and Market Share Analytic Partners delivers results-oriented consulting services including marketing mix modelling, forecasting, custom analytics, and software tools designed to: .minimum price Maximize promotion effectiveness ability Support business planning Global Network, Local Experience With offices in North America, Europe, and Asia-Pacific, our global network coupled with our extensive in-country experience allows us to deliver actionable insights at local, regional, and global levels. Client-Centric, Partnership Approach Our organizational model and operating culture is one of collaboration. We work with our clients to help drive action and fully benefit from the insights identified through Please Contact Us to learn more our work. Executive Summary3 In brief, this assignment is concerned about marketing management. It  covers in details about the concept of marketing mix with the aid of Sony  organization which I have taken as a case study in exploring the way this  organization has applied the marketing mix. In this assignment the following points are going to be discussed: Sample List of Marketing Mix being used By the organization. Find out if the marketing mix used by organization is satisfactory. My suggestion to the organization concerning the marketing mix Conclusion The customer needs, usage and  budgets, ajay has provided  several home products ranging from small packages  to big audio systems. They  boast on their Hi-Fi which deliver rich music, made  richer with preset equalizer  Ã‚  settings. Among other features which Sony boast to  offer are like, multiple disc  changers which for putting many discs at a go. Also, some even house additional  features such as the ability to handle multiple  formats, track programming and  repeat and random play.

Essay --

INTRODUCTION Double stranded breaks (DSB) occur frequently in eukaryotic cells. It can be caused by many factors such as ultra violet radiation, reactive oxygen species, ionizing radiation et cetera (Lieber,2010). DNA damage leads to rapid growth of tumor leading to cancer. Hence it is very important to repair it before the cell undergoes further division. Two mechanisms of repair system can occur in the cell – homologous recombination (HR) and non homologous DNA end joining (NHEJ). These repair systems along with their mechanism and the repair factors associated with it has been analyzed in this paper. In order for repair factors to access the DNA that are packaged, chromatin remodelers are essential to open the DNA. One way of DNA being packaged is to wrap around a structure known as nucleosome. Thus, the authors have focused on the disscociation of nucleosome and the role of chromatin remodeler during the process of nonhomologous and homologous repair. Experiments were conducted to det ermine whether nucleolin,a protein with chaperone activity, works as a chromatin remodeler and promotes dissociation of histones from nucleosome in areas of double stranded break. In addition to this, further investigation was done to determine its role in recruitment of repair factors. During transcription, chromatin remodelers such as switch/sucrose nonfermentable (SWI/SNF) and facilitates chromatin transportation (FACT) eliminates H2A/H2B dimer allowing transcription factor to interact with DNA (Belotserkovskaya,2003). Experiments involving knockdown of FACT subunit was conducted to test whether nucleolin has â€Å"FACT-like histone chaperone activity† due to its role in H2A/H2B dimer removal in areas of double strand breaks. If the results of knoc... ... MRN complex. In addition to this, nucleolin is a vital component for recruiting repair factors like XRCC4, RPA 32 et cetera. Absence of nucleolin not only affects nucleosome disassembly but decreases the efficiency of double stranded break repair. Hence, this paper allowed further analysis of the different repair systems that occur in DNA double stranded break site at different cell cycles and the recruitment of resultant repair factors. It not only expanded my knowledge of protein (nucleolin) structure and function, but also enhanced my ability to analyze the role the various components that are involved in repair system. Further analysis of recruitment of Asf1 and factors that affect the rate of nucleolin function can be performed in future. Understanding such mechanisms is useful to advance further in the field of medicine to prevent diseases caused by mutation.

Essay about Reading Essay

Ever since I started learning to read, it has been one of my favorite hobbies. I love to submerge myself into a book and get the chance to go on adventures I never can in the real world. Usually, when I get hooked on a good book, I can’t put it down. I’m not myself anymore. My reality becomes eclipsed by something as simple, yet complex, as words on paper. I begin to eat, sleep, and experience through the character in the tale. I am the character in the tale. Although I experience these journeys vicariously, it feels real in my mind, and that’s good enough for me. When I am reading, I like to settle myself in a very quiet environment with little to no noise. I often read during the evening or at night. More often than not, I get myself a snack to chew. I also get some water to quench my thirst, especially if I’m reading a story taking place in dry conditions. I like to lie on the sofa or on my bed because I enjoy being very comfortable while reading. Some will fall asleep whilst reading, but I usually get too absorbed by the book to do so. Something I don’t understand is when people must listen to music or have noise in the background- for me, it is very distracting. In my life, I like to think that I’ve read quite a few books. I don’t have a favorite genre of books but I read much more fiction than non-fiction. That is something I am trying to improve on- I want to read more biographies, auto-biographies, non-fiction narratives, speeches, etc. Some books that I love are: The Diving Bell and the Butterfly, Gone with the Wind, Jane Eyre, A Time of Angels, To Kill a Mockingbird, The Catcher in the Rye, The Help, The Fault in Our Stars, Ender’s Game, Harry Potter and more. I want to learn how to read faster and retain information better to become a more efficient reader. I often find that I have difficulty recalling details in a book. Reading allows for a break from all the stress and scurry in life. It allow one to relax and enjoy some alone time. I love when a book is quick to get into and interesting.

Family Structure Affects Students Academic Life - 878 Words

Family structure affects students’ academic Life Colleen Wenke, a graduate from Boston College, wrote an essay â€Å"Too Much Pressure†. In the essay Wenke states that the pressure of cheating in school was difficult to overcome because everyone was doing it. She also gives different examples in her essay to illustrate how overcoming cheating was difficult for some students in the 1990s. Cheating can increase by the lack of morality in school and family, family stress on children, and anxiety of failure. Failure to teach moral values in school and family can increase cheating. The difference between right and wrong is not taught in most families. A college student that has been exposed to negative behavior from either one parent or both is likely to cheat. With so much distraction at home it would be difficult for a student to pay attention to his or her academic work. In â€Å"Too Much Pressure,† Wenke justifies that schools should add moral standards in their curriculum because of the changes in family structure. She writes to say, â€Å"I believe schools were not fulfilling their role and therefore were producing students who do not know the differences between right or wrong† (533). Causes of not teaching moral standards have made schools produce cheating students. Why moral standards are not taught in schools is because it will not benefit the students. Why values education is not as important as academic education is that schools and teachers need to follow an edu cational system.Show MoreRelatedMulticultural Education : Issues And Perspectives1422 Words   |  6 PagesIntroduction It is to be said that each student comes into a classroom with a particular set of unique behaviors and characteristics that will contribute to their academic success. 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Failure of Business Ethics and its Consequences - Free Essay Example

Sample details Pages: 11 Words: 3218 Downloads: 1 Date added: 2017/06/26 Category Business Essay Type Narrative essay Did you like this example? Failure of business ethics and its consequences There is a need of business ethics and corporate social responsibility (CSR) in business so that business can work in efficient way for its stakeholders and can get positive out outcomes for negative out flows. Today organisations have business ethics and CSR policies but they donà ¢Ã¢â€š ¬Ã¢â€ž ¢t intend to follow it as prescribed. Their aim is to capture the competitive market, which every business has to do but not keeping a side benefit of society and its stakeholders. Business ethics programmes are becoming basic elements of marketing strategies of organisations which stand on three bases first code of conducts which should be undertaken by organisation, second economies and third CSR. à ¢Ã¢â€š ¬Ã…“Good business ethics can be justified within a share-holder value maximization model as reflecting long-term enlightened self-interestà ¢Ã¢â€š ¬Ã‚ (Jones and Pollitt, 1996, online). Economies in business ethi cs can be justified as individual, corporate and at social level reflecting laws and social norms. This essay discusses failure of some business ethics and CSR according to the case studies where organisation didnà ¢Ã¢â€š ¬Ã¢â€ž ¢t bother about working environment, labour laws, infrastructural development and providing customer wrong information about the product focusing and how western market turned to be a fashion blunder on Bangladesh readymade garment industry showing how western supplier for cheap labour and production hire suppliers who even donà ¢Ã¢â€š ¬Ã¢â€ž ¢t have basic proper safety equipmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s and safety measures. Suppliers are just focused on delivering quantity rather than quality and safety of its stakeholders. This essay will also discuss how these western retailers have there code of conducts as well as CSR for their organisation but when they hire these cheap suppliers in developing countries they donà ¢Ã¢â€š ¬Ã¢â€ž ¢t even bother to check or i mplement its work ethics on suppliers. Business ethics is the basic foundation to structure the firm and giving it guidance of how business should run by adopting right process by isolating the wrong one. The correct practises by a company should be adopted i.e. ethical and lawfully right because companies are responsible towards its employee, shareholders and the environment they are working in for example companies should not use child labour or shouldnà ¢Ã¢â€š ¬Ã¢â€ž ¢t allow its suppliers to use it either, they should lawfully use copyright material and documents for process. To perform and adopt this kind of policies company usually have a codes of conduct to manage, analyse and evaluate how they are working which is in benefit of both consumer and company. Companies try to achieve this usually by consulting different internal and external entities of firm like employee, labour union, government, local community and stakeholders. Here is discussion about some elements of bu siness ethics as ità ¢Ã¢â€š ¬Ã¢â€ž ¢s a broad concept to discuss. So we would be focusing on some important aspects of it, which is providing proper infrastructure to workforce, amending proper labour rights, proper standards of work condition, compliance culture and rules, norms to be followed before giving contract to supplier assuring no wrong use of code of conducts and at the end discussing corporate social responsibility of companies and its amendment which is a part of a broader term corporate social policies. Most of the organisations are now undertaking corporate social polices to give better and efficient performance for both organisation and society. These include business ethics and corporate social responsibility. Business ethics are the set of code of conducts that systematizes the work pattern of organization and its action, consequences on social stakeholder where as corporate social responsibility sees that the action taken or consequences of work towards society a re achieved in the way code of conducts are designed for the betterment of stakeholders. Ethics and corporate social responsibility are different term functioning to achieve a single goal that is betterment for organisation. Ethical analysis raises question for rightness or wrongness, goodness or badness of business behaviour. It also analysis the policies in term of fundamental values like concerning rights, equity, utility, justice and virtue measuring performance issue within business ethic context. Corporate social policies are based on decision-making processes of organisation. This essay discusses about the major western high street companies like Wal-Mart, Primark and Edinburg Woollen Mill and how they get there cheap products manufactured and supplied in their country by putting on stake thousand of lifeà ¢Ã¢â€š ¬Ã¢â€ž ¢s and giving its worker worst surrounding to work. Discussing two case of high street fashion industry suppliers and their practises and how their mangers a nd owners get their work done by ignoring the code of conducts and how these high street retailers are managing to over come and solve the problems in Dhaka. 2013 was the most devastating year for garment industry in Dhaka, Bangladesh where two major garment exporting companies Rana Plaza and Tazreen fashions manufacturing plant collapsed and were stuck with fire they were huge suppliers for major north American, European and British fashion industry. Both factories had large number of workforce and at the time of accident both organization accounted death for more than 2000 people specially female workforce and the investigation concluded that people here were forced to work, there was no proper fire defence equipmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s to combat fire, lack of emergency exits, illegal construction, managers cheating workforce on low wage rates and torturing them not pay if they donà ¢Ã¢â€š ¬Ã¢â€ž ¢t work extra time. Bangladesh is famous for deadly industry practises there has been similar case like this before workforce had been keeping trade unions warned about the wrong practices of firms and its owner there has been similar cases as Rana Plaza and Tazreen Fashions where building collapsed due to crack in walls, no proper safety measures provided at the time of disaster, illegal building construction, overcrowding factories and dangerous electrical system but this early calls went unheard by government and industry. In aftermath of Rana plaza it shook the world and told them about horrific condition and torture faced by workforce in Bangladesh and how these two incidents has changed lives of thousands of worker and their families. It has showed the world how big companies like Primark, Wal-Mart, Edinburg woollen mill talks about corporate social responsibility but do not follow them in their practices. The incident of Rana Plaza has finally leaded to some positive action by brands, retailers and the government to help adopt fair practices but ità ¢Ã¢â€š ¬ â„ ¢s too late. Still these big brands are not ready to pay the compensation to the families who lost there dearest in this accident. Rana Plaza had large number of workforce employed; it was the garment section workforce, which had to face that fateful day. These suppliersà ¢Ã¢â€š ¬Ã¢â€ž ¢ factory employees millions of workforce which are the base of Bangladeshà ¢Ã¢â€š ¬Ã¢â€ž ¢s economy yet their lives are in miserable condition by both government and employers. They are the lowest paid in the world. At the time of Rana plaza collapse minimum wage was 38USD per month. As their business grew this retailers wanted to make huge profits from their clients so they hired cheap suppliers from Bangladesh where these two suppliers from. According to Wal-Mart and Primark CSR report they mention to give employee and workforce safer place to work ensuring on having proper supply chain capacity building, worker safety initiative, womenà ¢Ã¢â€š ¬Ã¢â€ž ¢s empowerment, green and yellow facto ries and retail market compliance which all ensured welfare of workforce and will ensure that its suppliers also follow the same code of conducts but it all failed or didnà ¢Ã¢â€š ¬Ã¢â€ž ¢t workout with these retailers and they were just focused of getting shipments from the suppliers and least bothered about how they are getting their shipments and what are the condition workforces are working. According to Wal-Mart report of 2011 in which they mention their visit to supplierà ¢Ã¢â€š ¬Ã¢â€ž ¢s factories in Bangladesh and found that their fire, electrical and structural safety were not proper and these remain the major cause of not meeting the criteria of companies code of conduct. But than too they didnà ¢Ã¢â€š ¬Ã¢â€ž ¢t ceased the contract with these suppliers knowing all the conditions later that year in a report from international labour right forum (ILRF) that how labour were discriminated and werenà ¢Ã¢â€š ¬Ã¢â€ž ¢t paid properly and there working condition werenà ¢Ã¢â€š ¬Ã¢â€ž ¢t good as well the report also found that suppliers make them do work for 19hrs a day in a week and to get extra work done employers forced workers to do long shifts and locked them in the factory which was the major cause of high death rate. These were also main cause of loosing many lives in Tazreen factory where people were trapped and locked in with fire and couldnà ¢Ã¢â€š ¬Ã¢â€ž ¢t come out of the factory. In the after math of these two incidents it was clear that high street high street retailers who hired these supplier firms did not inspected there factory facilities and working condition of employee as a part of code of conduct these suppliers were shown and given fake documents and foul information about the working hours of labour they hired later it was found that these suppliers maintained two books of register one for labour and other for retailers. It was responsibility of these high street retailers to have inspection and safety measure checks as a part of t here business ethics audit according to the safety and ethic frame work it is responsibility of employer to provide safe working conditions as it helps achieve organisational excellence and integrity in strategy and excellent operational performance to achieve this. Some organisation have integrated four basic fundamentals under their ethics and corporate social responsibility (CSR) the first one is value for human life i.e. life of employee or worker supersedes the making huge profit or achieving the target sales, second integrity i.e. always doing taking up fair practises and telling actual conditions as to what type of conditions and environment that they have to work in as being loyal and committed towards employee. Third justice i.e. doing fair dealing with employee and stakeholders and establishing trust between all parties enrolled in a organisation. Fourth good of the many as ità ¢Ã¢â€š ¬Ã¢â€ž ¢s based on achieving excellence for all the people working for organisation so t hat the target can be successfully achieved as a common goal either by organisation or as a team of organisation. But all of this ethics were failed to achieve by either by owner or employer on Tazreen and Rana Plaza where human life was of no value as owners of this factories just focused on producing huge outputs to deliver it to retailers keeping on stake quality of product produced and employeeà ¢Ã¢â€š ¬Ã¢â€ž ¢s safety. As it always responsibility of employer or manager to keep workforce updated about the actual conditions and to eliminate work for safety of employees in this case manager of Tazreen factory where people were locked inside the factory to do extra hours of work to achieve the target sales and to get product ready as soon as possible there was no authority to take immediate action to free people from burning building which was the cause of many deaths but in case of Rana Plaza where employees were came out knowing the actual case where building walls were developi ng cracks but they were forced to get back inside and to continue their work by the manager by giving them false promise that the repair work has been done and its now safe to work in the factory building which lead to be cause of many deaths. There is equal failure of government and its policy because these policies were never followed or practised by the suppliers both in terms of paying and providing labour proper wages. These suppliers were forcing labour to do more work as well as threatening them not pay if they donà ¢Ã¢â€š ¬Ã¢â€ž ¢t work for 18-19 hours a day, they were as well locked in the factory. According to the labour laws of Bangladesh government under section 100, 102, 108 of 2006 it is clearly stated that a labour is allowed to work forty eight hours a week if he tends to work above this time he should be paid more than normal wage rate defined by government and there should be a register maintained by the organisation stating labour work hours and extra hours worke d by him for securing compliance with the provision of this sections. As well under this act a labour or employee should only be given job if he has an appointment letter of government or identity card with a photograph of his on government card provided to him. But in both incidents it was both retailer and government was to be blamed because no single code conduct was followed by either of them, registers were maintained and recorded but different for retailer and government stating different figures they were getting false record sign by labour as they werenà ¢Ã¢â€š ¬Ã¢â€ž ¢t literate and educated this was also one the drawbacks of failure of government policies but government should also empowered the labour workforce and educated them for their rights and should have kept a vigil on suppliers false practises. It was equally responsibility of the high street retailers to check and inspected these facilities of suppliers before giving them contract they should have inspected the m according to their code of ethics but both government and retailers failed to undertake their ethical responsibility. These high street retailers were getting their garments manufactured in these Bangladeshi factories but were denying that they didnà ¢Ã¢â€š ¬Ã¢â€ž ¢t new that their garments were manufactured in here but later in the investigation it was found that these western high street retailers had direct links with the suppliers i.e. Tazreen and Rana plaza factories in investigation researchers found brand labels, clothing and documents in the rubble which were linking to major American, European and British retailors. When Tazreen building collapsed it were manufacturing garments for Lidl, Tesco, Primark and Edinburg Woollen Mill But according to retailers only Primark accepted connection with this factory rest denied that they didnà ¢Ã¢â€š ¬Ã¢â€ž ¢t how their products were manufactured there specially Edinburg woollen mill who was having large consignment shipped from Ta zreen denied and their label said manufactured in Scotland but they were originally manufactured here at Tazreen which also show that how big retailers like Edinburg Woollen Mill cheat consumer by giving them false information about product and its manufacturing according to code of ethics and government rules it is mandatory to give exact specification about the product and in the documents found it was clearly seen that this was there unauthorised production done at Tazreen and in accordance to this they didnà ¢Ã¢â€š ¬Ã¢â€ž ¢t accepted to pay compensation to the families who either lost their family members or got severely injured in the accident and according to corporate social responsibility it was there duty give them compensation and help these family to give them better life and empower them by providing education and work. In the case of Rana plaza building collapse there were highest death rate around 1132 in the investigation it was found that it was manufacturing cloths for major U.S. and European high street retailors and before collapse there was a major shipment of Wal-Mart manufactured was manufactured in Rana plaza. Company did accepted that it had a contract with a supplier in Rana plaza but that ended a year ago because the quality of product didnà ¢Ã¢â€š ¬Ã¢â€ž ¢t matched the standards required, they were getting work done by labours on long shifts and they harboured child labour which was against the code of conducts of Wal-Mart. In another investigation it was found that suppliers and factory owners in Rana plaza were getting contracts and orders from agents and these agents were giving unauthorised contracts on behalf of the retailors. In the case of Rana plaza building collapse there were highest death rate around 1132 in the investigation it was found that it was manufacturing cloths for major U.S. and European high street retailors and before collapse there was a major shipment of Wal-Mart manufactured was manufactured in Rana plaza . Company did accepted that it had a contract with a supplier in Rana plaza but that ended a year ago because the quality of product didnà ¢Ã¢â€š ¬Ã¢â€ž ¢t matched the standards required, they were getting work done by labours on long shifts and they harboured child labour which was against the code of conducts of Wal-Mart. In another investigation it was found that suppliers and factory owners in Rana plaza were getting contracts and orders from agents and these agents were giving unauthorised contracts on behalf of the retailors. To conclude I would say business ethics and CSR is necessary as it basic structure of organisation but it is much more necessary to implement it, failure of not implementing it could again give rise to incidents like Rana Plaza and Tazreen factory where structural damage of building and not availability of safety measures to combat fire this was due to ignorance of code of conduct or ethics that wasnà ¢Ã¢â€š ¬Ã¢â€ž ¢t practised by suppliers or inspec ted by high street retailors and there is equal fault of government that it couldnà ¢Ã¢â€š ¬Ã¢â€ž ¢t inspect these kind of practices which were followed by organisation within the country. There should be proper labour law enforced in organisation and high street retailers should adopt organisational ethics while hiring suppliers inspecting there work facilities, equipment and labour working conditions before giving contract to suppliers and should keep a strict vigil on them and their activities so that no law is harmed like in case of Tazreen where people were forced to work long hours and were locked inside the factory which was violation of labour law. Organization and government as well should educate work force about their laws so that there is no violation with workers and if there is any problem they no what measures to take like if these suppliers cheat them on payment or making them work overtime. Proper working condition should be provided to workforce. It is duty of org anisation to build a factory or facilities according to right norms and measures so that at time of any emergency there are enough measures available to save both human lives and equipment and it is also duty of retailors to inspect suppliers factory on same norms and condition before hiring them on contract there should be a factory inspection by the retailors and should as well check for hazard safety measures adopted by their suppliers so that at the time of any emergency workforce have right tools to combat the it with proper safety equipment, which were missing in both Rana plaza and Tazreen factory and people were struck inside the factories as there were no fire emergency exits or any safety device to stop fire in case of Rana plaza where there was structural damage in the building and people were made to work, there was no proper inspection conduct either by supplier and retailor on buildingà ¢Ã¢â€š ¬Ã¢â€ž ¢s safety issue which was the cause of collapse of building. In a re port by BBC according to their inspection it was found that Edinburg Woollen Mill has been violating consumers law under law right to information about the product to consumer by providing wrong information on labels of cloths which says made in Scotland but the majority of garments are manufactured in Bangladeshi factories which is also a unauthorised production done by company. Don’t waste time! Our writers will create an original "Failure of Business Ethics and its Consequences" essay for you Create order

Field Research Paper Education During Infancy - 1516 Words

Field Research Paper Education during Infancy The most important stages in an individual’s life begins at the early development stage through infancy. During this stage, cognitive and emotional development body, along with physical growth during this process. Cognition development is necessary through this phase as it gathers information and deciphers it correctly. During this phase, the person focuses on detail and attempts to describe person, place, or object. The infant observes and portrays information within his or her environment. During this interesting stage, they examine the environment to find answers. Exposure to different surroundings is also important during the early cognitive development stage. The ability to capture new†¦show more content†¦The Merchandise marketed has one goal, to establish cognition within the toddler brain known to provide stimulus for active learning (Berk, 2010) Product Analysis There are several hundred learning toys available in stores that inspire parents and caregivers to purchase. The companies insist the items sold will support the toddler to read books studied for this purpose. There is a product sold on Amazon that has a reputation to help a toddler to read. The company that created Baby Read Set says to increase the toddler to read with a step-by-step process that provides simple clear words the child can read. Also, there are other marketed items that claim to increase cognitive development for an infant. There are different DVD sets said to help in reading for early development stages, and extra DVD sets that provide extra gaming tools for promoting faster reading and learning. Amazon sells these products. The Baby Read Set comes with extra materials for listening on DVD sets for capturing pronounced word for mimicking said to help in reading during infancy. The Baby Read Set has the components that make it feasible for infants to participate in; the toddlers enjoy the different sounds, music, and different colors witnessed from the start of the program. The child s visual and

The Collapse of Dick Smith

Question: Discuss about the Collapse of Dick Smith. Answer: Introduction Understanding the reason for the failure of a business is essential in identifying the life cycle of the business so as to put plans in place that can revive the business. In the bid of understanding the reasons as to why businesses fail as others succeed, examination of the business performance is essential (Osuala 2015, p. 12). Dick Smith was known to be one of the iconic electronic retailers in Australia. However, the business failed as a result of external and internal factors. This paper presents some of the accounting issues that led to the failure of the business concerning different business theories and accounting practices. 32489 Motivation of the management and accounting issues that led to the fall Dick Smith Before the successful listing on the stock exchange of the organization in late 2013, it had enjoyed strong growth sales that were underpinned by the new lines of business and expansion plans. However, in the tough times, the management had a strong focus on the possibility of increasing the revenues that would hopefully lead to profit generation. Their focus leads to the expense of sustainable growth as the business struggled to maintain its performance. The management of the company carried out massive inventory purchasing failures out of an ill-thought and with costly expansion strategies. As a result, the expensive expansion plans together with the surplus earning of the employees forced the company to get into significant borrowing deals since the process ate up all the surplus of the company. As a result, the Australian iconic electronic retailer began to lose its market as a result of a change in the customer preference. Moreover, these expansions plans were not edited and went unchecked for a long time, a situation that led to the retailer carrying too much stock that could not be sold and yet were overvalued. A few months later, a rapid sale clearance was necessary despite the fact that it was a time of good sales, and the retailer could have achieved strong margins. Also, the cash receipts were not sufficient to meet all the commitments of the organization. This lead to the failure of the business as there was no cash resource that was sufficient to meet both its current and future commitments. The losses were attributed to very poor sales and margins lease provisions; inventory writes downs, as well as other asset impairments such as; Its revenue growth was mainly based on the commercial sales and store growth at very low margins. This led to the loose in the market share as the comparable sales were declining. The financial plan of the retailer required considerable supplier commitment, considerable financial commitment, as well as bank borrowings. Dick Smith had a larger store network as compared to its competitors thus a higher cost base as well as considerable reliance on and exposure to the fast moving office and computer product market. The inability of the iconic electronic retailer to obtain favorable credit terms had a great negative impact on the product mix, store presentation, and stock levels of the business. The management made inventory decisions that had no consistency with the consumer demand within the competitive market environment. The iconic electronic retailer was ultimately left with a considerable level of inactive and obsolete stock that required a major write-down. It also faced cash flow pressures that forced the breaching of banking covenants to a point where the remedy was impossible. Its clearance sales generated insufficient margin or sales to elevate the financial pressure the business was facing. The consumer electronic market is very competitive and is coupled with rapid changes in the consumer demand patterns. It hence required a drastic and strategic sales and marketing plan to meet the goals of the organization. Stakeholders of the business The major stakeholders of the business were the Anchorage Capital Partners Bill Wavish and Phillip Cave as they represented a private equity firm on the board of Dick Smith. The collapse of the business was grilled on the role of these two stakeholders. For instance, Mr. Cave fully corporate with the receivers on a claim of the private equity heists, an allegation that had been denied by the Anchorage Capital Partners. According to Yamey (2011, p. 89), customers are the primary stakeholders that determine the rise or fall of business. The failure of Dick Smith has also affected the customers since a business that was once an electric retail icon failed to a point of closure. Accounting theories explaining the actions of Dick Smiths management Positive accounting theory views a company or a business organization as the total of the contracts of the business. It posits that many retail businesses are fundamentally about the contracts that dictate the core values and goals of the business; efficiency is the core driver of the success of the business. Positive accounting theory hence examines the real life business occurrences as it seeks to understand and as well predict how the actual market addresses the accounting challenges and treatments. The theory hence looks into the actual world events and transactions as it examines how companies are accounting for the events with the focus on the economic consequences that affect the decision-making of the management. On the other hand, normative accounting theory takes an opposite approach by telling the accountancy policy makers of what needs to be done depending on the theoretical principle instead of focusing on what is already happening with the companies. It is thus more of a deductive process than positive accounting as it looks into both the theory and deductible policies other than just focusing on the accounting principles. About positive and normative accounting theories, the management and stakeholders of Dick Smith failed to account for the financial securities in a manner that hid the material changes and decision-making towards beneficial values that are pertinent to the success of the business. As a result, the daily entrepreneurship of the company no longer presented accurate accounting information and progress of its financial position. The normative theory also came into view with the management system of the business that finally leads to the fall of the retail. For instance, i t became difficult to judge whether the income and cost from the contract be immediately recognized, as a future lump sum, or incrementally be accepted with time according to Liveris (2011, p. 19). Both positive and normative accounting theories usually operate in monetary unit assumption, the going concern assumption, economic entity assumption, as well as the periodicity assumption. According to the positive theory, the actions of the business owner should be separate from the business activities while the going concern has it that the business will always continue without a bankruptcy or dissolution, an assumption that is made in the process of preparing the financial statements of the business. In the case of poor performance of the business, GAAP requires that the financial statements of the business be prepared in a reflection to the liquidation basis of the business holding (Wamrack 2014, p. 15). Comparison of different theories Positive theory requires the domination of the financial statements in relevant numerical currency depending on the business as opposed to the product units. The periodicity assumption breaks the business activities into fiscal periods as per the recurring financial annual or monthly reporting according to Rudolf (2011, p. 19). The primarily accepted business management principles require the adherence to the matching principle and the historical cost of the business. For instance, Dick Smith management would have ensured that the revenues and expenses matched into the period in which they occur so as to evaluate the predicted future performance of the business. Normative also called prescriptive theory is mainly concerned with the recommendation of accounting policies as well as the right way of practicing accounting policy. It is hence focused on deriving the true income of accounting assets and profit figures of business and thus makes it useful in the discussion of the useful information that can be adopted in making business decisions according to Husband (2010, p. 554). In the process of adopting the expensive expansion plans together with the surplus earning of the employees, the adoption of the normative theory is essential in the decision-making process. Adopting this theory in decision making would have saved Dick Smith from getting into significant borrowing deals that lead to the instability and fall of the whole business. Conclusion Accounting theory is a definitive and directive principle that is framed to analyze accounting practices. It is scientific as it is based on sound reasoning thus helps in solving complicated business issues that arise from the dynamic business environment. On the other hand, accounting practices records and analyzes accounting activities such the loss and profit of the business so as to evaluate the progress of the business. Accounting practices are thus a valid way of communicating the progress of the business. It is hence clear that accounting theory and accounting practices are closely related and interdependent as they are integral to each other. The management of Dick Smith retail business could have been more successful when it adopted both accounting theories and practices. References Coetsee,D,2010, "The role of accounting theory in the development of accounting principles",Meditari Accountancy Research, Vol. 18 Iss: 1, pp.1 - 16 Husband, R., 2011, "the Entity Concept in Accounting: The Accounting Review, October, Vol. 29(4) Pp552- 563. Liveris, A, 2011, Ethics in Business: Effective Business Planning, vol. 29, no. 3, pgs. 17-18 Osuala, C, 2015, Introduction to accounting theory, 3rd Edition, Enugu, Africana First Publishers Limited Rudolf, P, 2011, The Rising Powers from emerging markets: The changing face of International Business, The Global Strategy Journal, Vol. 10, no. 5, pgs. 15-20 Wamrack, W, 2014, The effectiveness of accounting theory and accounting practices: A management Perspective, International Business Journal, Vol.1, no. 2, pg.15 Yamey B, 2011, early views on the origins and Development on Book-Keeping and Accounting, Accounting and Business Research (Special Accounting History) issues, New York, Standard Text Press. Pp81-91