Mitigating Market Entry Barriers

Introduction Porter’s (1979) five forces theory highlights market entry barriers as one of constraints in establishing a new business. Investigating market entry barriers for McLaren enables us to assess the level of competition and the possible barriers hindering the progress of McLaren in the mass car industry. As McLaren began diversification in the 1960’s it helped them greatly in averting market entry barriers to through economies of scale. By branching out into different industries such as McLaren racing and McLaren automotive, McLaren was able to benefit greatly from economies of scale. This has aided McLaren with their high capital investment requirement for establishing a mass car producing company. As a high value vehicle, to purchase the parts and have the McLaren consumer car manufactured would be extremely expensive. However, Mclaren entered the mass car market as part of its diversification strategy which has allowed the company to utilized same value chain for its consumer car equipment. Therefore, the initial high investment capital barrier required for the market entry was successfully mitigated by McLaren. Apart from the huge capital investment requirement, product differentiation is also one of the market entry barriers in the mass car market. McLaren overcame this barrier quite easily because it already had established brand equity and a loyal clientele. McLaren is a known worldwide for its formula one racing team in high regards so establishing new businesses under its brand name wasn’t difficult. McLaren’s cars were easily differentiated from other high end car producers due to the company’s already established brand image. (Fahri, K & Michael, J. 1989) Another barrier to market entry within the car industry is the distribution channels. McLaren was not required to establish its distribution channel for consumer cars because it did not produce them in large numbers and most of its cars were purchased by car enthusiasts who keenly south after the brand. The strategic ‘pull’ strategy for marketing its small number of high end consumer cars averted its needs to establish a distribution and sales channel (Terpstra, 1994). Another entry barrier to the mass car market and an important one is the requirement of consumer cars to adhere to safety specification and environment epscification. . The automotive industry is subject to government rules and regulations that include the vehicle safety and environmental matters. Vehicle safety is to ensure that each car that is supplied is safe for the driver and its passengers at all times. Environmental matters include emission levels to reduce the damage each vehicle creates to destroy our environment. McLaren has its own research and development centres and state of art test facilities and production plant where it could develop, implement and monitor its car performance in accordance with the legal requirements. The Level of Diversification Achieved by McLaren According to Ansoff (1957), there are four basic corporate strategies for growth. These are market penetration; market development; product development and diversification (see fig1). Fig.1 The first three growth strategies require a firm to change its product and/or market structure. Unlike these three, the forth growth strategy i.e. diversification requires a change in the characteristics of a company’s product line and/or market. Diversification â€Å"calls for a simultaneous departure from the present product line and the present market structure† (Ansoff, 1957, p.114). Pertaining to this growth strategy classification, venturing of McLaren into several distinct businesses can be classified as its diversification strategy. Over the years, McLaren has ventured into several distinct businesses. These are: McLaren Racing involves formula one racing team that competes in formula one racing. This business focuses mainly on the racing team of the company. McLaren Racing sets out to be one of the best known formula one team in the world. McLaren Racing has established its brand by pocketing 181 Grand Prix victories (William, 2009). McLaren Automotive is a business that designs and builds super cars made for the mass consumers. McLaren road cars are designed to meet the high expectations in terms of speed, performance and endurance. As a worldwide brand, McLaren Automotive aims to not only produce the best automotive vehicles but to continuously ‘raise the benchmark in automotive design’ (McLaren, 2013). McLaren Electronic Systems (MES) creates electronic control systems for the McLaren Racing team. The company’s electronic systems are used in formula one vehicle for various telemetry and sensory systems. The company also creates electronic control units for other teams in the motorsport industry to use across Europe and North America. (McLaren, 2013) McLaren Applied Technologies (MAT) focuses on supplying the best technology to boost the technical support in world of sports and to enhance the performance of McLaren’s formula one vehicles. McLaren Applied Technologies has continued to boost McLaren’s reputation as the ‘forefront of British engineering and technology’ (McLaren, 2013). MAT has helped worldwide sports by providing technology to help improve the efficiency of the participant’s performance in the best way possible. This could be something as simple as providing mountain bikes that weigh less without hindering the efficiency of the bike. Absolute Taste is engaged in hospitality and event management business. It serves food to McLaren’s customers and fans at formula one race. Absolute Taste also provides a catering service and hospitality to upper class customers around the world. They also organise events and the serve various cuisines to cater its global customers (McLaren, 2013).McLaren’s Horizontal DiversificationThe aforementioned diversification strategies of McLaren can be categorized as either related or un-related diversification strategies. Related diversification strategies can be further divided into three categories as horizontal, vertical and cross-sector diversification (Charles et. al, 2010). These related diversification strategies differ due to their different combination of industry similarity and value chain similarity (see fig 2). Horizontal diversification pertains to a business’s venturing into a new field which uses the same value chain as its core business and falls withi n the same industry. Considering this definition, McLaren has not diversified horizontally as it has not acquired any other formula one racing teams. Fig.2 (Source: Charles et, al. 2010, p. 296)McLaren’s Vertical DiversificationVertical diversification refers to a diversification initiative within the same industry, but one which uses a different value chain than that of the company’s core business. (Charles et, al. 2010). McLaren diversified vertically through its automotive business as it operates within the same industry but has different customers and marketing channels. Likewise, McLaren’s electronic systems and applied technology business can be termed as vertical diversification as it operates within the same (formula one racing) industry, but it requires a distinct value chain i.e. production, distribution and customer network (McLaren, 2013).McLaren’s Cross Sector DiversificationCross sector diversification occurs refers to diversification within a different industry, but one which has a same value chain (Charles et, al. 2010). McLaren’s venturing into the catering, hospitality and event mana gement business (Absolute Taste) can be classified as cross-sector diversification. Absolute Taste share’s the same value chain as McLaren’s core business as it is an extension of the company’s own marketing activities and thus uses the same managerial and other resources. However, Absolute Taste also operates in a complete different hospitality industry; a field completely different from car racing business. Similalry, McLaren’s applied technologies can be termed as cross-sector diversification in that it also operates in other industries such as medical science apart and sports (other than car racing).McLaren’s Unrelated DiversificationUnrelated diversification is referred to a firm’s engagement in a completely un-related business (Charles et, al. 2010). McLaren, diversification strategies so far do not include any un-related diversification as the company achieves economies of scale and synergies through all of its diversification strateg ies. McLaren has developed this portfolio of companies to boost the Group’s reputation and to expand. The development of the production centre improved McLaren’s chances of increasing economies of scale. By having so many of the McLaren companies being managed under the same roof, it allows each company to make the most of tangible and intangible resources and materials that wouldn’t have been used otherwise (McLaren, 2013). The joint use of inputs means that different McLaren subsidiaries share the transaction cost of machinery and other possible production costs for the vehicles that are produced. Once the McLaren production centre was built, it meant that the internal process of vehicle production would change. Within the production centre research is continuously gathered on how to improve the general performance of McLaren’s Racing and Automotive vehicles. As the car is built they can then send it off to be spray painted by hand within the same facility which not only saves time but reduces errors that may have been made on the paint work by machines. Managerial ambition is the drive of many businesses. McLaren has a reputation to withhold as the ‘forefront of British engineering’ (McLaren, 2013). McLaren are always attempting to produce the best. By diversifying into so many subsidiaries it creates new targets for the groups as a whole. The diversification strategy allows the company to increase its business profile and spread risks accordingly. McLaren’s Diversification strategy as a Reflection of Historical Trends in Corporate Strategy Throughout the midst of 20th century till the early 1990s, there were several dominant logics of strategic management. During 1950s, there was an emphasis on general management skills, along with widespread un-related diversification moves by corporates. It was followed by the prevalence of requiring specific management skills for different industries in the 1970s and 1980s. This was coincided with the requirement of portfolio planning. It was not until 1990s, that the focus of management practitioners and academics was led to prevailing themes of core competencies and dominant management logic view to achieve synergies through growth and diversification strategies (Goold and Luchs, 1993). During this time (i.e. 1990s) McLaren embarked upon its diversification initiative as part of its growth strategy. McLaren’s growth strategy precisely coincided with the prevailing business view of achieving synergies through diversification. Once the new McLaren production centre was built it allowed McLaren Automotive to increase their daily production and enabled them to introduce new road cars such as the MP4-12C sports car. The production centre has not only boosted the production rates but has also got a production line which allows McLaren to test its vehicles (Fosters plus partners, 2013). The production centre is also connected to the McLaren technology centre which is ‘connected by a subterranean walkway, lined with interactive exhibition spaces’ (Fosters plus partners, 2013). This connection allows the technology centre to provide for the McLaren Automotive department by coming up with new McLaren electronic systems for their vehicles. With the producti on centre in place it allows the diversification of the McLaren industries to take advantage of the ability to share machinery. With the connection of the Production centre and the Technology centre it allows McLaren to develop new technology to be used by MES for McLaren Automotive and McLaren Racing to use in their formula one vehicle. To either improve the vehicle performance in some way or to generally improve the safety of the racing car. Absolute taste provides food for the McLaren racing team and other clients such as Mercedes-Benz at all grand Prix races worldwide (McLaren, 2013). Igor Ansoff defined synergy as ‘Exploitation of similarities between different lines. Two plus two equals five’ (Ansoff, 1957). This analogy is saying that when similar industries combine such as McLaren Racing and McLaren Automotive it increases the production levels beyond the predicted rate. This synergy was improved greatly once McLaren has built the new Production centre. It allow ed the McLaren group to all operate in the same vicinity roof which inevitably improves synergy amongst the different industries. All of each other’s resources are at the disposal of whoever wishes to use it. References Ansoff, I. (1957) Strategies for Diversification. Harvard Business Review. Vol. 35 Issue 5. Charles E., Bamford, G. and West, P (2010). Strategic Management. Cengage Learning. Fostering plus Partners, (2013) Projects:McLaren Technology Center Available from http://www.fosterandpartners.com/projects/mclaren-technology-centre/ (cited on 5th, March, 2013) Goold, M. and Luchs, K. (1993) Why Diversify: Four Decades of Management Thinking. Academic of Management Executive. Vol. 7 No. 3 McLaren (2013) Vodafone McLaren Mercedes. Available from http://www.mclaren.com/formula1/page/mclaren-group (cited on 5th, March, 2013) Nye, D. (1988) McLaren: The Grand Prix, Can-Am and Indy Cars. Guild Publishing. Porter, M.E. (1979) How Competitive Forces Shape Strategy, Harvard Business Review, March/April 1979. Terpstra, V. (1994). International Marketing, USA: The Dryden Press William, T. (2009). McLaren – The Cars 1964–2008. Coterie Press.

Company Policy for S-S Technology

Recruitment Policy Purpose To ensure that required staffs are appointed at required interval for S-S Technology. Responsibility Relevant department manager shall responsible to submit staff requisition form upon staff requirement. HER manager shall review and arrange for recruitment as per requested Information. Procedure When staff requirement request from concerned department manager who shall complete the staff requisition form and submit to HER. HER shall review and take approval from management for initiating recruitment process.HER shall make vacancy announcement as appropriate ways such as Journals, newspaper, notices, etc and collect applicant's C.V.. HER manager shall review collected C.V. and inform to applicants as appropriate ways for Interview. Interviewee or candidate shall fill application Issued by their selves. HER shall conduct the Interview and make decision for appointment for interview. HER. Related manager and GM shall make interview for selected candidates. HER shall submit to management to get approval of new appointment. After selected candidate, HER shall fill record, personal data, and agreement on S-S Technology rules.HER shall explain to new staff the S-S Technology rules detail and other requirements. Provisional period shall be defined as three months but It can be varied based on the assessment of department manager. If the performance of staff is found to be satisfactory after provisional period, department manager shall inform to HER for permanently appointment by appropriate way. HER manager shall issue permanent appointment letter after getting approval from management and inform to finance. HER staff shall keep all records of Taft in personnel data files.References ; Employee Requisition, Application Form, Interview Assessment Form, Request for Medical Test Form, Appointment Letter, Evaluation of New Employee's Job Performance, Permanent Letter, Personal data(C.V.),.. Etc. Performance Appraisal Policy The purpose is to give each employee to know how their performance, behavior and potential are evaluated by manager to improve confidence, to provide improvement of work performance. Responsibility Department manager Is responsible for analyzing competency of responsible staff heir performance in yearly basis.MD/GM is responsible to make performance evaluation for managers. Requirements For manager level – MD/GM shall conduct performance evaluation of managers and above level. – For below manger level – Department manger shall conduct performance evaluation and submit appraisal form to HER. – HER manager shall review and compile proposed comments from appraisal and discuss with MM/ Managers to proceed for improvement. HER manager is responsible to review appraisal outcomes in order to provide necessary training program or provision or resources. –HER manager and related manager shall discuss to upgrade skills of employee and to determine training needs including resource requirements on yearly basis. References Performance Appraisal, Master Skills Matrix. Training Policy To ensure staff are competent to perform their task and ensure to provide necessary training at requested interval. Responsibility HER is responsible to prepare and arrange the training plan after getting approval from management. Department manager is responsible to evaluate their staff competency and communicate with HER for arranging required training.Procedure HER manager shall prepare the training plan based on training requests from department managers and take approval from management. Upon requirement of training, department manager shall fill the nominations for training course and submit to HER. HER shall submit to management for getting approval from management. HER manager and related manager shall arrange the training requirements at requested time. After training is completed, HER manager shall keep the training records such as nomination, record list, course register , evaluations.Trainee and trainer evaluation shall be made to training to get effectiveness of training evaluation as reference. The related manager shall provide the provisional or on Job training defined by managers. Training certificate, if applicable and personal training record shall be updated by HER staff and keep in each relevant personal file. References : Training Request Form, Training Plan Form, Training Record List, Training Course Register, Training Evaluation (trainer), Training Evaluation (trainee), Personal Training Record.

How does the Media Shape Our Development of Moral Judgment Research Paper

How does the Media Shape Our Development of Moral Judgment - Research Paper Example How this is happening is the way in which the youth is spending a lot of their time with the media due to their easy access to explicit content. With added convenience children can find stories that encompass violence, sexual promiscuity, theft, and greed in numerous media outlets such as fictional programming, a number of reality shows, music, and through the Internet. Research primarily looks at the effects on morality due to the media by looking at the underlying moral decision making that affects their behaviors. As far as children are concerned their moral development follows a very conventional developmental path. When these children, typically under the age of eight, are presented with an ethical dilemma their judgment of right and wrong is highly reliant on whether their action results in a reward or punishment. However as children mature their judgment takes into account a larger amount of factors, intentions and motives which revolve around recognition of the many conflicti ng rules inherent in moral dilemmas. Such a change can be attributed to the fact that their moral reasoning becomes much more flexible and ‘other’ oriented. ... A majority of the children’s perception found unjustified aggression to be wrong however children who watched programs that encompassed fantasy violence, such as Power Rangers, were more inclined to judge the ‘justified’ aggression being morally correct. Research reinforces this notion seeing as how violence in famous superhero cartoons is mostly seen as justified. Hence in the Krcmar study, it was observed how children who watched fantasy violence and those who watched realistic entertainment violence, such as Cops, were seen to display a lesser advanced moral reasoning strategies, with their primary focus being on rules and how prominent the presence or absence of punishment was as far as moral dilemmas was concerned. In another study which focuses on a similar pattern it was found that children who watched fantasy violence frequently were more likely than those who were light viewers to perceive justified violence as being morally correct. The heavy exposure to fantasy violence also led to these children having a lesser advanced role-taking abilities, which consequently affected their moral reasoning skills, making them less sophisticated (Wilson, 2008). A study also focused on looking at the influence the family had on a child’s television viewing and moral reasoning. It was found that if parents stressed and emphasized on communication within a family the children were less likely to watch fantasy violence that was shown on television and therefore develop higher moral reasoning skills and vice versa (Livingstone, 1996). A longitudinal study conducted by Judy Dunnn and Claire Hughes looked at how the media had an impact on the moral development of â€Å"hard-to-manage† preschoolers when compared with

Critical Discussion Papers 6088 Dissertation Example | Topics and Well Written Essays - 1500 words

Critical Discussion Papers 6088 - Dissertation Example Second, this type of learning approach is also modifiable, as it can be augmented by both sophisticated (photonic wands) and simple (drawings and pictures) communicative supports, allowing a differentiated learning experience based on the initial individual abilities of the students. In addition, this approach is apt for heterogeneous classes, which is usually the case, because they provide high quantity and quality communicative interactions. In the study of Arthur-Kelly et al. (2008) observing classes with disabled students, spontaneous interactive communication in heterogeneous classes occurred 17% of the time, as opposed to 4% in special classes composed of disabled students only. It was likewise observed that communication among disabled students and peers without disability is the best social forum for simple communication tasks such as turn-taking, greeting and requesting. However, as Arthur-Kelly et al. (2010) as well as Maheady and Gard (2010) suggested, the downside of coop erative learning and peer tutoring is that it relies heavily on the response of the students on the interactive set-up of learning. In teaching disabled students, for example, the partner without disabilities should be sensitive to the needs of their more-challenged counterpart. The understanding and acceptance of what is given communicatively is central to the effectiveness of the teaching approach. Thus, cooperative learning and peer tutoring, as they are currently used, are impossible to standardize. Students may thus receive different levels of information, depending on how much they can process. In the future, studies may look into means of standardizing the information received by all the students. One way this can be done is alternating between big class discussions and small group or paired discussions so that the information shared in between partners are also shared to the whole class. Developing teacher intuition, reflection and responsiveness may be one of the ways by wh ich standardization can be achieved. In addition, The extensive use of augmentative and alternative communication resources may also be looked into for the improvement of the quantity of knowledge and skills built up through this learning approach. Title: The Impractical Research-Based Teaching Practices There are reasons already recognized why implementation of research practices in real-life setting cannot be done over long periods of time (Mastropieri and Scroogs, 1998). One of the most common causes pointed at is that the methods used by research studies do not reflect the true classroom setting. In addition, researchers use curriculum-based measurements to draw their conclusions regarding the effectiveness of their approach, when in fact teachers observe attitudinal and behavioral changes in students to assess the effectiveness of their teaching method. Previous studies have also suggested that teacher individualism is compromised by these research-based practices. As such, tea chers are reluctant in adapting them for effective teaching. In addition, researchers do not properly train the teachers of the methods they deem beneficial for teaching. They also fail to communicate with the teachers in developing novel teaching approaches. Thus, problems such as the narrow or overly broad scope of some of the most common research-based teaching approache

Letter format Assignment Example | Topics and Well Written Essays - 250 words

Letter format - Assignment Example In response to your letter dated August 3 regarding the reported turntable of the Justrite microwave oven which broke shortly right after the expiration of the warranty period, please accept our sincerest apologies for the inconvenience it could have caused you in any way. As a policy, our company is more than willing to check on the status of your microwave oven at the soonest possible time to verify the cause of the problem. In the meantime, a replacement unit would be provided for your use while the unit is being repaired, if needed. We would be glad to accommodate you complaint despite the lapse of the warranty period since our priority is to keep our customers satisfied. In fact, the Justrite microwave oven you purchased has been rated â€Å"best in its class† and â€Å"most reliable† by the Consumers Count magazine. The recent survey of selected purchases revealed that 98.5% of first time purchasers of Justrite ovens are pleased to have chosen our products and pledged to buy others of the same

Female Rural-urban Immigration in China Research Paper

Female Rural-urban Immigration in China - Research Paper Example The main reason why China aimed at establishing such a market system is to enable links to rural, urban, domestic as well as international markets. The intended market system would also promote the efficient resource allocation (Meng, 77). The establishment of a security system would ensure social stability as well as the development of the economy. In 1997, the Chinese government emphasized on the importance of private sectors in the social economy of China with the claim that they encourage the profitability of factors of production such as capital, labor and technology. It was until 2001 when major achievements were realized in the various fields and reforms were then running smoothly. At the present China has established a market system that plays the role of ensuring efficient allocation of resources. Future plan include establishing a fully developed market economy by the year 2020 (Meng, 78). As an already developed country, China’s economy is now characterized by huge infrastructural developments such as roads and industries. It is also characterized by advanced technology which has come to replace human labor in their work places, good education and health facilities whose working conditions are hygienic. Workers in various institutions in the country especially in the urban areas are paid high wages. Roads, industries, agriculture and health facilities such as pharmaceuticals all contribute to the Gross Domestic Product of China which is continuing to increase. Population increase has also been realized in China. Population statistics of China indicate that the female population is less than the male population. Over the past decades, birth rates included eighty girls out of... This paper stresses that the major elements included in the reform of China’s economy included: agricultural sector, enterprises owned by the state, price system, financial sector, infrastructure and the welfare system at large. As from 1984, the restructuring of the China economy was moved from rural regions to the urban areas. The major aspects in the reform of the economy in China included developing the economic elements while placing the economy’s public sector in a major position. The requirements of the market economy had to be met and this had to be strictly ensured by changing the enterprises owned by the state to fit in the modern system of enterprise. The main reason why China aimed at establishing such a market system is to enable links to rural, urban, domestic as well as international markets. This essay declares that migration in China before 1978 was rampant and this resulted to high population flows especially in the urban areas. Population movement then became an issue of concern by the Chinese Government. After the Chinese war, most people were moved back to their villages and other moved to cities to look for jobs. Urban cities were magnets for the rural residents who aimed at benefiting from the state. Later, the Government realized that there were a huge number of people moving into cities and it criticized the blind population flow. Later on, the government introduced the Ho Kou system which checked and regulated the movement of people.

UK Taxation System Essay Example | Topics and Well Written Essays - 2750 words

UK Taxation System - Essay Example Present in the UK for a minimum of 183 days ii. Not habitually in the UK but makes substantial visits averaging a minimum of 91 days a year in each of four or more consecutive years. For anyone who may be emigrating from the UK, the number of years is three instead of four. However, if there are extenuating circumstances such as illnesses the days are ignored for the 91-day rule but not for the 183-day rule. Ordinary residence indicates a higher degree of permanence when compared to the residence. An individual is considered to be ordinarily resident if residence in the UK is of a habitual nature. Therefore, if that person goes abroad for a period constituting a full tax year the individual is regarded as remaining a resident and ordinarily resident during the period of absence. What is taxable? A UK resident is normally liable for taxation on income earned both in the UK and overseas. A non-resident, however, is only liable to pay UK income tax on income earned in the UK (BPP Learni ng Media 2009). Income from several sources is brought together in an individual’s personal tax computation. These sources include non-saving - income from employment; saving income - building society interest and national saving and investment interest; and dividend income - income received for investment in company shares. Interest paid and income tax allowances - personal, a married couple, a blind person and other allowances which are determined by the government are deducted from non-saving income. Table 1shows information on various personal and other allowances and related income limits for the year 2010/11.   The relevant tax period The relevant tax period for income tax in the UK runs from 6th April to 5th April. Therefore, the 2010/2011 financial year it runs from 6th April 2010 to 5th April 2011. Tax bands The income tax system in the UK is progressive. It is expected that by doing so individuals earning high income and businesses earning high profits will pay hi gher levels of taxation. The details are shown in Table 2. Table 2 - UK Tax Bands Particulars Rate Income tax band (?) Comments Starting rate for savings 10% 0 – 2,440 The starting rate of 10% applies only to savings income. The 10% starting rate does not apply Basic rate 20% 0 – 37,400 Higher rate 40% 37,401 – 150,000 Additional rate 50% Over 150,000 Savings income is taxed at 10% for an income range of ?0-?2,440. However, if non-savings income is above that limit then the 10% starting rate for savings income does not apply. Dividend income is taxed at 10% for those paying tax in the basic rate band, 32.5 for those taxed in the medium rate band and a new additional rate of 42.5% was introduced in 2010/2011 for those individuals who are earning income in excess of ?150,000 (tax rates.cc n.d).

Annotated bibliography Example | Topics and Well Written Essays - 1250 words

Annotated Bibliography Example Journal of Sport Management, 27(6); 439-452. In this study, Daniel and Jeremy cover the role of running in creating self-sufficiency for homeless individuals through a community based running program. Running programs are one of the sports that these homeless youths can use to become self-sufficient. Communities can organize different sports in their localities to engage these categories of youths. In the recent years, much attention has focused on sports for development programs as it is viewed as the solution to many socials problems that happen in the society. Some of these sports are designed to help improve the lives of disadvantaged populations across the world such as immigrants and the homeless. The United Nations has also recognized sports as the best avenue to help in the development of goals and peace building. Therefore, the best way that these homeless youths can be able to nurture and even identify their talents is through sports. Running competition allows the youths to participate and through the same, their mi nds are engaged and even opened up to realize that they have a potential to nurture themselves and become self reliant. The reason for selecting the article is because it is credible and peer reviewed. Its main point of discussion is related to the topic of study. The article is credible because of the intensive research that was done. It expounds on the question raised as it provides a perspective on how the homeless youths can become self-sufficient. It proposes involvement in community games such as running. It also provides a very concrete backing of why running and involvement in sports is a recommendable thing for such group of people. It refers to the reports of the United Nations and other researches already done on how involving in sports help in achieving the goals pursued. McInnes, D., Li, A., & Hogan, T. (2013). Opportunities for Engaging Low-Income, Vulnerable

CEO compensation Essay Example for Free

CEO compensation Essay Recently CEO compensation packages have high rocketed making many people question the validity of their compensation. Many questions have been risen to find out if CEO compensation if excessive. Through this paper we will discuss why we feel CEOs in America are grossly overpaid. We will start off by talking about the ethics on the matter and then the pay-performance connection within organizations. We will also touch on the real wages of employees and how America compares to international companies. We will finish our argument with some recommendations that we feel will help make organizations as a whole better. High Pay, Low Performance Financial Crisis It is shown in several studies that high CEO pay is linked to low company performance. In the article, â€Å"Chief Executive Compensation: An Empirical Study of Fat Cat CEOs,† by Kuo and Wang they describe the connection between CEO compensation and the financial crisis in 2008. As stated in the article, â€Å"the incentives built into the compensation plans of many financial firms are one of the fundamental causes of the financial crisis and surprisingly receives little public attention†. They go on to say, â€Å"Top executives of large banks or investment banks have encouraged the excessive risk-taking by top managers, leading to the financial crisis. † Kuo and Wang also explain how the incentives of executives are link to the short-term performance of securities that are traded. This sort of behavior is not in the stakeholders’ best interest. The CEOs in this case are clearly not interested in what is best for the company, but merely looking out for themselves. Instead of focusing on long-term competitive advantages and achievements, the CEOs are looking to make a quick buck for themselves. Another resource we used was that of Lucian Bebchuk and Jesse Fried. They have a very similar take on the topic, by also stating that trading securities was the beginning to the financial breakdown in American in the late 2000s. â€Å"During the extended bull market of the 1990s, executives’ compensation at public companiescompanies whose shares are traded on stock exchangesoared to unexpected levels† (Bebchuk and Fried, 2004, pg. 1). As you can see there is a strong connection between firms that trade securities and the breakdown of the market. Growing Trends The overcompensation of CEOs in America is nothing new, according to our research this trend dates back to the 1970s. â€Å"The review on CEO compensation by Frydman and Jenter (2010) shows that there was a dramatic increase in the compensation levels from the mid-1970s to the early 2000s in the U. S. Especially in the 1990s, the annual growth rates were more than 10% by the end of the decade† After researching the topic, we were surprised to find out just how much CEO pay has increased in a very little time-span, â€Å"Between 1992 and 2000, the average real pay of chief executive officers of SP 500 firms more than quadrupled, climbing from $3. million to $14. 7 million† (Bebchuk and Fried, 2004, pg. 1).   Star Athletes It has been said that CEOs are comparable to star athletes; therefore, they deserve the substantial increase in their pay. However, the majority of the CEOs that are contributing to this big picture problem are not working for their â€Å"team†. If CEOs were taking these risky investments to better the company, that is one thing, however, the link directly pointing to incentives tells a different story. Defenders of CEO compensation are also forgetting that along with the large compensation packages there is a great deal of retirement funds, 401ks, and stock retained within the company. The large payment of athletes could be contributed to the fact that they are not getting post-retirement benefits, like those of large corporation CEOs (Bebchuk, Fried, 2004 pg. 20-21). Employee’s Living Wages One of the biggest concerns with the increase of CEO compensation is the steadily decreasing real wages of employees. Compensation of CEOs far outweighs that of employee pay. In 1991, the average large-company CEO received approximately 140 times the pay of an average worker; in 2003, the ration was about 500:1† (Bebchuk and Fried, 2004, pg. 1). CEO Compensation and Virtue Ethics Another way to look at CEO compensation is to see if it agrees with virtue ethics. There is Aristotelian virtue oriented approach to ethics and was applied to business by Robert Solomon. In this, Solomon a rgues that business is primarily a practice, in which a community of individuals engages in a cooperative endeavor to deliver goods and services for the good of society. In this practice certain virtues such as integrity, moral courage, and justice are essential to the practice of business. Also, in virtue ethics justice implies that executive pay should be more modest across the board, regardless of company profitability. (Kolb, 2006, pg. 101-115) CEO compensation is not â€Å"fair† top 25 CEOs had an average annual pay of $32. 7 million, which is more than 900 times the annual salary of the typical US worker. In an era which many companies are cutting costs by laying off employees, such compensation seems to be unjust. Solomon argues that workers may not be loyal to someone they perceive as being unfair. At some level, trust and loyalty are needed for a company to prosper. Without these, this company will be left with a group of resentful, unhappy employees. Even if the CEO’s employees are â€Å"satisfied† with their minimum wage salary this satisfaction does not make the CEO’s actions any less just since he or she could afford to pay their employees more. At this point the CEO is taking advantage of his or her workers and being selfish. Companies give bonuses to CEOs even as employees and managers are being laid off. An example is one CEO and chairman of the board made $8. 9 million in 2003, which was the same year his company lost $463 million and he slashed the workforce by 20 percent, or 6,000 workers. Doing things like this can poison a corporation and completely divide a company. Instead of CEO’s comparing compensation packages to to other employees of their companies, CEO’s are comparing their compensation packages to the other CEO’s, which is not a standard for just compensation, since the issue of inequality often arises within a particular corporation. The success of a company is a team effort and not just all done by the CEO. Without the lower level employees a company will not be able to be successful. CEOs do have greater responsibility, but corporations are too large and unwieldy to be governed by just one individual. By spreading the CEO’s compensation package it could allow for employee raises and benefits which could help motivate employees and make them happier. Executives can be paid well without being paid excessively. A CEO is not some isolated individual seeking his or her own ends independently of other members of the corporate community; he or she is part of a whole. Therefore CEOs should not be paid like they are an individual who does everything on their own. A CEO’s role is defined by the corporation and the corporation has an overall purpose to benefit society. CEOs taking less in their compensation packages and spreading them throughout employees can actually help society. Our economy is down and needs to be improved. In order to improve it we need people to start spending money. However, in order to spend more money people need to make more money. If CEOs distributed some of their compensation packages to their fellow employees they could have more money to spend and help increase the level of our economy. International Compensation When comparing CEO compensation in the United States to other major countries the statistics are quite glaring. A study done by consulting firm Towers Perrin estimated pay as of April 1, 1999, in industrial companies with approximately $500 million in sales. CEOs in the United States earn over $1,350,000 compared to Japanese, $485,000, German $530,000, French, $570,000, and UK, $665,000 (Balsam, 2002, pg 277). Rules for governing executive compensation vary from across the globe. In companies such as Germany and Finland it is illegal to to use stock option to compensate executives until 1998, unlike the United States, which stock options are a major part of their compensation package (Balsam, 2002, pg 277). It was noted that in 1997, Disney’s Michael Eisner single handedly out earned the aggregate paychecks of the top 500 CEO’s in the UK. CEOs in the United States earn 45 percent higher cash compensation and 190 percent higher total compensation. Also median base salary is 30 percent higher in the United States while United States median bonuses are more than triple of that in the UK as well (Balsam, 2002, pg. 288). When comparing corporations in Canada with the United States there is a marked difference between the two countries in both the level and structure of CEO compensation. During the 1993-1995 period Canadian CEOs earn lower pay, with the median CEO earning $560,000 in US dollars compared to $2. 5 million for corporations in the SP 500. Salary made up a higher proportion and bonuses and options a lower proportion of the compensation package for Canadian corporations. Overall, the relationship of pay to performance is weaker in Canada than in the United States. Despite the drastic differences in CEO compensation between the United States and other countries there are several reasons for these differences which stem from being cultural, some regulatory, and others due to taxation. In many countries it is taboo to earn the amount of money that American executives make. Some countries have their own laws and regulations that make stock options less valuable and limit the overall compensation of CEOs. Lastly, restraints and taxes can affect compensation. An example is that few Japanese and German corporations were able to issue stock options. Japan is limited to owning only 10 percent of their stock, which is a large amount but much less than companies in the United States (Balsam, 2002, pg 280). Overall, the United States drastically pays CEOs higher compensation than the rest of the world, on average. It is easy to see how wide the gap actually is when seeing the statistics. Several reasons contribute to the difference in CEO compensation. However, with the success of international companies and paying CEOs less compensation, we in the United States can infer that CEO compensation in the United States is too high. Recommendations After taking a closer look into the argument and debate of CEO compensation we believe there are several ways to lessen the gap between CEOs and employees. One idea we had was to link bonuses to the company stock prices. This way, CEO pay will be more based on yearly performance of their company. Another suggestion we had was to offer more modest compensation packages, and to spread the wealth CEOs no longer make throughout employees to add to their salaries, benefits, and improving employee working conditions. Out last recommendation was for board of directors to make more restrictions on CEO pay, such as limiting stock options. Conclusion After all of our research we strongly believe that salaries of CEOs are incredibly excessive. CEOs whose performance did not match up, to the steadily decreasing real wages of employees

Salutation to Teacher for Their Contribution Essay Example for Free

Salutation to Teacher for Their Contribution Essay As we all knows that this day is having its special meaning. It is the birthday of the second President of India, an academic philosopher Dr. Sarwapalli Radhakrishnan. We all Indians have been celebrating Teachers Day on 5th September, since 1962. Dr Sarvepalli Radhakhrishnan, a philosopher and a teacher par excellence, he gave his contribution towards Indian education system. Dr Radhakhrishnan believed that teachers should be the best minds in the country. On this day, we gratefully remember the great educationist, apart from honouring all the teachers that have made our life much more knowledgeable and fulfilled, as serving as our beacons of light. . At the beginning of my speech I want to tell you some information about this great personality. Dr. Sarvepalli Radhakrishnan was born on September 5, 1888, in a middle class family in the pilgrim town of Tirutani. His father, it is said, did not want his son to learn English, instead wanted him to become a priest. However, the talents of the boy were so outstanding that he was sent to school at Thirupati and then Vellore. Later, he joined the Christian College, Madras, and studied philosophy. Drawn by accident into philosophy, Radhakrishnan by his confidence, concentration and strong convictions went on to become a great philosopher. His first book, The Ethics of the Vedanta and Its Material Presupposition, published in 1908, and he got fame as a great philosopher. All his later works are landmarks in their respective fields. To him, philosophy was a way of understanding life. His study of Indian philosophy served as a cultural therapy. He gave Indians a new sense of esteem, who were overcome by inferiority complex by British forces. Dr Radhakishnan also made clear to them (Indians) that their long and rich tradition had been arrested and required further evolution. Do You know my friends, Dr. Radhakrishnan was a very humane person. He was very popular among his students right from his early days as a professor at Presidency College, Madras. He was offered the professorship in Calcutta University when he was less than 30 years old. He served as Vice-Chancellor of Andhra University from 1931 to 1936. In 1939, he was appointed the Vice Chancellor of Banaras Hindu University . Two years later, he took over the Sir Sayaji Rao Chair of Indian Culture and Civilisation in Banaras. Recognition of his scholarship came again in 1936, when he was invited to fill the Chair of Spalding Professor of Eastern Religions and Ethics at Oxford which he retained for 16 years. His mastery on his subject and his clarity of thought and expression made him a much sought after teacher. But what made him even more popular was his warmheartedness and his ability to draw out people. This aspect of his personality continued to win him countless admirers throughout his long and illustrious public life. In 1952, Dr. Radhakrishnan was chosen to be the Vice President of the Republic of India and in 1962, he was made the Head of the State for five years. It was the glory of Indian democracy that an educationist aloof from politics but with an international acclaim as a profound scholar was placed in the position of the President. And it was an advantage for a young country like India to have him to interpret its domestic and foreign policies abroad to expound its outlook and aspirations emphatically and in the rightway which was much needed in a world of uncertainity and disbelief among nations. His appointment as President was hailed by Bertrand Russel who said It is an honour to philosophy that Dr. Radhakrishnan should be President of India and I, as a philosopher, take special pleasure in this. Plato aspired for philosophers to become kings and it is a tribute to India that she should make a philosopher her President. History reserved for Radhakrishnans term of office as President much suspense and surprise. Within months of his ascendancy in 1962 there was the Chinese invasion. The nations morale was dealt a blow but RadhakrishnanOs voice, firm and resolute came on the air to reassure a shaken nation: Owing to the difficult terrain and numerical superiority of the Chinese, we suffered military reverses. These have opened our eyes to the realities of the situation. We are now aware of our inadequacies and are alive to the needs of the present and the demands of the future. The country has developed a new purpose, a new will. In 1965, Pakistan violated our Western frontiers. Dr Radhakrishnan in his broadcast to the nation on September 25, 965 said,Pakistan assumed that India was too weak or too afraid or too proud to fight. India, though naturally disinclined to take to arms felt the necessity to defend herself when attacked. Pakistan also assumed that communal disturbances would occur in the country and in the resulting chaos she could have her way. Her miscalculations must have come to her as a rude shock. Dr. Radhakrishnan had great faith in Indian democracy. In his farewell broadcast to the Nation on May 12, 1967, he said that despite occasional forebodings to the contrary, the Indian Constitution had worked successfully so far. But democracy, he warned, was more than a system of the Government. It was a way of life and a regime of civilised conduct of human affairs. We should be the architects of peaceful changes and the advocates of radical reform, he said. It was in 1962 when Dr. Radhakrishnan became the President of India that his birthday in September came to be observed as Teachers Day. It was a tribute to Dr. Radhakrishnans close association with the cause of teachers. Whatever position he held whether as President or Vice President or even as Ambassador, Dr. Radhakrishnan essentially remained a teacher all his life. The teaching profession was his first love and those who studied under him still remember with gratitude his great qualities as a teacher. Pandit Jawaharlal Nehru, who was one of his closest friends throughout, said about Dr. Radhakrishnan: He has served his country in many capacities. But above all, he is a great Teacher from whom all of us have learnt much and will continue to learn. That in itself shows the kind of men we honour and respect. Bharat Ratna, the highest award of the nation, was conferred on him in 1954 in recognition of his meritorious service to mankind.

Grey Marketing And Parallel Imports Economics Essay

Grey Marketing And Parallel Imports Economics Essay Parallel trade or Grey market is a thriving business that is growing in most underdeveloped and developing countries today. This paper looks into the issues surrounding the grey market such as its impact on the people and the manufacturers along with the advantages and disadvantages of such a market thriving within a locality. Additionally the research also looks into the future prospects of parallel trade along with the primary reasons behind its existence. Introduction Grey marketing or parallel importing basically refers to the distribution or selling of products and goods which are trademarked to the customers without the express approval or knowledge of the original manufacturers consent through unauthorized distribution channels. These kind of markets are not classified as illegal markets as they products and goods are not physically stolen but are actually original pieces. The only issue is that the way the products are being sold is not actually approved of by the manufacturers. These goods and products can be termed to be illegal only if they violate either the product regulations or the licensing contract of the original manufacturer. The main reason for the existence of such a market is the price differential that exists in two different markets. For example, the higher resale potential of a product in a different market is what drives the existence of such a market. The price differential between two markets give an opportunity for the products to be bought in a place where it is relatively cheaper and sold at a considerably higher prices where the product is not available (Engardio et al., 1988). There are certain other factors which lead to gray marketing, such as: 1. When the genuine goods have set a performance, price channel, and market recognition that ensure demand and minimize consumer education. 2. A lack of focus by the authorized channel in the markets. A particular product may not be available in a market which forces the consumers to look for alternative ways to acquire the product. People who are involved in gray marketing may see the imbalance of supply and demand as an opportunity to make profits. 3. A significant change in the behavior of the consumers which may lead to an increased demand for lower priced products which may be accelerated by the governmental policies (Mathur, 1995). In an international context however, it tends to have a unexpected impact on the branding and brand equity. However, it does lead to a increase in the market share of the products and also aids in penetrating a closed market (Mitchell, 1998). This type of markets provides access to parallel trades wherein products that are protected by a patent or trademark are generally purchased legally from the retailer and which is then exported to another country without the authorization of the local manufacturer of the original product (Maskus, 2000b). Parallel imports mainly occur due to international price differences which could in turn be caused due to price discrimination, national differences in governmental price controls or vertical pricing restraints. One of the main areas in which parallel imports are heatedly debated is in the pharmaceutical sector. Parallel imports can be seen all over the world among the European Union countries the United States etc. Losses due to grey marketing Grey marketing and parallel imports also can be seen in the service sectors such as Telecom sectors, Health industry etc. In fact according to (Philip, 2005), the Indian telecom sector has incurred losses amounting to Rupees 458 crores since 1998. According to data compiled by the department, over 60 per cent of the revenue losses have been reported from Delhi and Maharashtra, with violations to the tune of Rs 290 crores. Grey market frauds of about Rs 60 crores had been registered in Andhra Pradesh, followed by Tamil Nadu, Karnataka and Gujarat at Rs 36 crores, Rs 35 crores and Rs 15 crores respectively. These six states also accounted for over 95 per cent of revenue losses through illegal telecom set-ups, the Dept of Telecom added. Parallel trade can be extensively seen in the cell phone market. It all started with the emergence os the GSM international standard in 1990 after which the phones could be used anywhere in the planet prompting an increase in the demand for cell phones in markets where cell phone manufacturers still had not ventured into which in turn increased the size of the parallel market. According to (Sugden, 2009), about 30% of the cell phones traded are sold through a grey market and this statistics continue to be on the rise. This is about 500,000 cell phones which are bought and sold through unofficial channels every single day. An example of this is in the case of Apple iphones. These were released in select markets only. However, due to their popularity, they were in huge demand in other countries, where the consumers had no choice but to either procure it from a grey market trader or wait for the company to officially launch their products in that country. Theory of Parallel imports Parallel imports affect a wide range of industries, spreading from traditional luxury and brand- name consumer products (wines, cameras, and watches) to industrial products. Industry sources estimate that parallel imports account for 10% of IBM ¿Ã‚ ½s PC sales, 20% of Sharp ¿Ã‚ ½s copier sales, and 20% to 30% of the world cosmetics and fragrances sales (Ahmadi and Yang, 1995). Belgium, for example, despite the fact that it has no auto mobile industry is a major car exporter in Europe ¿Ã‚ ½more than 25,000 cars some years. This export success story is because cars are cheaper in Belgium than in nearby countries, due to tax differences (Weigand 1991). Another trend relating to parallel imports, is that this has evolved from basically a U.S. problem in the 1980 ¿Ã‚ ½s into a world -wide phenomenon in the 90 ¿Ã‚ ½s (Ahmadi and Yang, 1995). When the U.S. dollar was strong, during the 1981-1986 period, the number of cars purchased in Europe by U.S. tourists grew 2,000%. In 1986 the total value of products distributed through unauthorized channels in the U.S. reached a peak of $10 billion (Palia and Keown, 1991). This direction was reversed in subsequent years as other parts of the world, especially Asia and Europe, experienced rapid appreciation in their currencies and a corresponding surge of parallel imports (Ahmadi and Yang, 1995). A 1991 survey of U. S. exporters to Asia showed that 41% of 141 respondents reported having problems with parallel imports in the past five years (Palia and Keown 1991). In 1990 pharmaceutical parallel imports in the European Community stood at $500 million (Lynn 1991, quoted in Ahmadi and Yang, 1995 , p. 3). In an increasingly integrated world, the annual growth rate of parallel imports has been estimated to be 22%, and this is expected to rise as new trade agreements, like NAFTA and GATT, further lower trade barriers across nations. There are essentially two reasons why parallel imports occur in international markets. The parallel import or  ¿Ã‚ ½grey market ¿Ã‚ ½ exists because foreign manufacturers practice price discrimination among countries and grey market sellers arbitrage these price differences. Second, parallel importers are more efficient than authorized sellers because parallel imports compete with the goods of authorized sellers, in turn leading to lower prices that are beneficial to consumers. Those favoring parallel imports argue that international price discrimination restrict competition to the disadvantage of consumers in countries having higher prices. They say that parallel imports foster competition and efficiency, thus benefiting consumers in importing countries. Some researchers argue that, while it is clear that active parallel imports cannot exist without price differentials between countries, the source of these differentials is not quite so apparent (Weigand, 1991). Depending on the type of goods involved and the character of the market for the product, price differentials can be the result of a variety of factors, ranging from honest enterprise, such as a diverter who takes advantage of favorable foreign currency exchange rates and engages in a sort of product arbitrage, to a manufacturer who attempts to discriminate by price in different (usually foreign) markets. Therefore, in regard of the process of parallel imports, there is no end to the imaginative ways used to bring parallel imports to market. Four methods, however, represent the bulk of market imports and are focus of much of the economic and legal attention. First, are those products made overseas by for example American firms (see Figure 1). These foreign units may be subsidiaries, joint venture companies, or some other entity which have a commonality of interests with the American company. This foreign affiliate may sell to nearby authorized distributors, for example, a French firm. Somewhere in the authorized channel, however, distribution control is lost and the product gets into an unauthorized channel and some of it is exported back to the United States. Here it competes with identical domestically produced products. A second method (depicted by Figure 2) of parallel importing is when a foreign manufacturer (e.g. German) licenses a company to be the exclusive importer of a product bearing a foreign name or trademark. Impact of Parallel Trade There are a number of effects of all of this parallel importing activity. Here, the predicaments and opportunities created by these parallel distribution channels are discussed in more detail. First, consumers may be prejudiced against buying products which have been parallel imported because sometimes they cannot be properly serviced or maintained. They also may be worried that the so-called technical requirements for certain products may not met by grey importers. It needs to be made clear that parallel imports are not counterfeits but genuine products that are often sold at a lower price to consumers than these distributed by regular channels (Ahmadi and Yang, 1995). However, these may not necessarily have a lower profit margin because they can free ride on the promotional efforts of authorized dealers. Consequently parallel imports may undermine authorized dealers ¿Ã‚ ½ selling efforts. For example, by discouraging their investment in a sales-force or shelf-space. Advantages and Disadvantages of parallel importing Parallel imports promote free trade, encourage healthy competition and act as price levelers. Non application of parallel importation may result in complete control in distribution channels thereby perpetuating monopolies (Ashwini, 2006). Hence application is vital to minimize monopolistic effect of the policies of the multinational enterprises who try to control distribution channels. The biggest beneficiaries of parallel imports are the ultimate consumers who have the advantage of buying genuine goods produced by another licensee, offered under an authentic mark at a much lower rate. However, parallel import often raises serious issues of unfair competition and piggy backing  ¿Ã‚ ½ which refers to the attempt by the parallel importer to encash the goodwill fostered by the owner to sell their grey products. Concerns of quality of the goods also arise when the gray goods have been manufactured for a different market comprising different tastes and demands. The raw materials used may also be from geographically different areas directly affecting the consumer health. Furthermore, the corresponding guarantees and after sales maintenance services attached with the goods may be different for the various regions. Future of Parallel Imports The trend towards the globalization of markets, which is being facilitated by the development of a global communication system, envisages the end to domestic territoriality because of global competition. Because of the speed of new technologies and communication developments, parallel importation may be a short-term phenomenon. The impacts of globalization on parallel importation are two folds. First, as trade barriers between nations decrease, it will become more difficult to implement price discrimination policies based on country boundaries. Implicitly, parallel traders are therefore likely to gradually disappear, as there will be fewer opportunities for arbitrage. The issue of parallel importation may therefore become less significant as globalization continues. Secondly, traditionally, under international law, nations have asserted sovereignty based upon the territory that they legally control. Advances in electronic communications, including the Internet, however, have begun to change this. This development suggests that, rather than sovereignty based on territory, sovereignty will be based on information flows or economic spheres of influence will become the norm in cyberspace. This hypothesized shift will however, require a re-evaluation of present legal doctrines, which in turn may  ¿Ã‚ ½re-establish parallel imports legality. ¿Ã‚ ½ Nevertheless, when the world economy becomes far more globally integrated, which is likely in a digitally based economy, it becomes necessary to harmonize the different transactional rules between nations. This means policy co-ordination among different governments will be a critical step in achieving this (Rothnie, 1993). Measures to combat parallel trade Grey markets are not looked down upon by many industries primarily because they are benefitted by the increase of exposure of their products in new economies. Therefore parallel trade is a sensitive issue and this issue is something that can be most effectively combated against by the company ¿Ã‚ ½s themselves. There are certain safeguards that an organization can take to track products final destinations, such as: 1. Volume Control: One way to control the grey market distribution is to keep an eye on the supply chain of a product and track its normal volumes on a monthly basis. Furthermore, this data should be cross checked with the import and export records which are kept by the countries trade organizations (Palia, 1991). 2. Auditing: Proper auditing would ensure that a company can identify whether or not its products are being diverted from one country to another. 3. Different Packaging: This technique is already being used by some manufacturers. Utilizing this technique may lead to an increase in the overhead costs of manufacturing the product but the ability to segregate the markets through a differentiated product or with a variable packaging is a viable answer to prevent diversion and grey market with its own products. 4. RFID: Using radio frequency identification a risk tracking system can be adopted which would be inexpensive and such a system would be able to flag a product by its code if it is diverted. 5. Government legislations: Governments can strengthen up their trademark and copyright acts which aids in preventing the flow of products which are trademarked. Stricter laws have to be formalized and these laws also have to be properly enforced to ensure that grey market activity is curtailed if not stopped completely (Lewin, 1986). Conclusions Grey market is a thriving world from all the evidence presented so far. With globalization and advancement in the technology and reduction in trade barriers, parallel import market has steadily been growing especially in the developing countries where demand far outpaces supply. So far this has been a small sized market however it has grown significantly, in the past decade or so, due to decrease in the transaction costs around the world, penetration of internet leading to cross border commerce and products harmonization. There are clear advantages to the end customers due to the presence of parallel imports primarily due to the fact that it opens up the avenue for them to a large international market. Therefore the people are not complaining about the presence of such a market in their midst. However, the main entities who are hurt due to the presence of such a market are the government and manufacturers both of them losing a large amount in revenues that is actually supposed to go to them from taxes and profit margins respectively. Therefore the impact on the consumers is negligible except in cases when there vis a fault with the product and the customer cannot have it checked or replaced since he/she bought it out of warranty. Overall, it seems to be benefiting people more than harming them. Furthermore, I believe that the global grey market scenario will reduce in its size by itself primarily due to increasing globalization. With the spread of internet and the presence of global marketing company ¿Ã‚ ½s are making products that can be used anywhere in the world. Therefore the risk of inadvertently buying a product that would not be functional in a particular geographical place in decreasing day by day. Moreover, with couriers like DHL and UPS, it has become a fairly routine habit to purchase products or source them from another country. Therefore, its impact will slowly be eroded because trade barriers will become non existent and people are gaining more knowledge day by day and therefore are becoming self aware of all the possibilities. Besides this even organizations tend to keep quiet about their products being sold at places not designated by them as it increases their exposure in new markets. Recommendations The organizations can take a few steps if they want to prevent such grey markets by:  ¿Ã‚ ½ Ensuring that the current regulations are being adhered to strictly throughout the supply chain.  ¿Ã‚ ½ Establishing a tamper proof packaging solution which would be hard to duplicate and which would be easily identifiable to a consumer indicating its legal status. The governments can take the following steps to safeguard against thriving of such a market:  ¿Ã‚ ½ The government must formally consult with all stakeholders, i.e. manufacturers, in order to get their opinion on the impact of such a market on them.  ¿Ã‚ ½ They must encourage and motivate its citizens against purchasing products through this market. The harmful effects of such a decision should be spread about in the community especially in the case of grey market related to pharmaceuticals. Parallel traders must also:  ¿Ã‚ ½ Cooperate in putting an end to the practice of de-boxing, and move instead to  ¿Ã‚ ½over-box ¿Ã‚ ½ the un-tampered product to ensure integrity of the medicine.

LeBlanc’s Analysis of Sexuality in Chopin’s The Awakening Essay

LeBlanc’s Analysis of Sexuality in Chopin’s The Awakening Definitions are tricky things. Such is the conclusion of Ross C. Murfin in his attempts to spell out the major literary theories discussed in our text: "attempts to highlight the difference between feminist and gender criticism are inevitably prone to reductive overgeneralization and occasional distortion"(footnote p.226). Such is the conclusion of gender theorists in general in their pursuit of critiquing the traditional definitions of male/ female, masculine/ feminine, and heterosexual/ homosexual. Such is my conclusion in reading Elizabeth LeBlanc's attempts at defining and utilizing the notion of the "metaphorical lesbian" in her analysis of Kate Chopin's The Awakening. Tricky as they may be, however, definitions, at least in our efforts to formulate them, constitute our lives, our thought processes, and our discourse: Who are we? What is our purpose? What does it all mean? With this in mind, what are we to make of the "metaphorical lesbian" or of the "real" lesbian? Although I f ound LeBlanc's essay to be exceptionally interesting in its formulations and insights, after reading it I am, nonetheless, left with the feeling that her definitions have become so broad as to seemingly negate any tangible, differentiated meaning. Within the essay, LeBlanc uses Bonnie Zimmerman's concept of the "metaphorical lesbian," Adrienne Rich's concept of "compulsory heterosexuality," and de Lauretis' rejection of a biological definition of feminine gender in reevaluating The Awakening as a lesbian text. In doing so, she defines Edna Pontellier as this "metaphorical lesbian" in that the character repudiates the societal "myth of woman," fosters "women-identified" experience, crea... ...nature. As the novel progresses, Edna seems to pull away from her female relationships in that she stops receiving her women callers and even visits with Adele less frequently. Edna seems concerned with her sole self and its enrichment more than with forming and/or maintaining bonds with anyone else, except for maybe the male Robert. Even in regards to her sexuality, she appears to be more interested in the sexual feelings themselves than in who is creating them for her, such as with her indifference towards Arobin after their sexual interaction. In this light, perhaps Edna is more of a "metaphorical masturbator" than a "metaphorical lesbian." Regardless of Edna's metaphors, however, LeBlanc's metaphors in describing her are extremely inclusive in a way that leaves telling gaps. LeBlanc's "metaphorical lesbian" can thus be seen in actuality as a metaphorical nebula.

A clear explaining how the production process and quality :: Business and Management Studies: Management

A clear explaining how the production process and quality assurance/control system employed by the business helps it add value to its product or service. Quality control can be defined as the means of inspecting or testing quality at various points in the production process or delivery of service. It is usually applied during or after production. It can also be described as the process of monitoring specific project results to determine if they comply with relevant standards and identifying ways to eliminate causes of unsatisfactory performance. Quality assurance can be described as making quality the responsibility of everyone at all stages of production of the goods and services. It can also be defined as a system that comprises of all those planned and systematic actions necessary to provide confidence that a structure, system or component will perform satisfactorily its services. All of this can add enormously to the amount or value of a product. A lot of products go through a series of production process. Since every industry knows how much profit could be made in the production process, they try to increase the amount of quality control. They are a lot of production processes used in Sainsbury’s to help add value to a product or service. One of the main objectives of Sainsbury’s apart from making profit is to satisfy customers, which is converting inputs to outputs. Value added happens when raw materials are gathered in order to make a finished product in which a business can use to sell. For example Sainsbury’s different food stuffs in order for them to sell in their store. Value adding is finished product, which has been assembled by a producer to make a product that is good enough to sell. Quality control is where a companies manufacturing process is checked every milestone in order to find anything wrong with the product which will not make its sellable to customers. Where quality control is applied may cause waste, this is because the business would want to throw it away. Through inspection of product it helps to see whether products are being made of satisfactory standard to be sold and whether the producers of the product are making it properly and to know whether or not it is man made or machine made. Quality assurance happens when a product is made and it is suitable to be sold at the quality of a customers assurance, for example if the expectations of a product is not reached, limited to the actual product it self then the quality assurance of the product is not suitable to be sold. When a product is being produced it is vital that there are no

Adidas strategy Essay

Adidas AG is one of the world leaders in sportswear, equipment and accessories. In 2011, the company recorded a net income of $934.3 million, an increase of 18.3% over fiscal year 2010. Adidas’ excellence stems from its strong focused differentiation strategy. Focus on research and development has facilitated continuous development of new products and it plans to leverage its strong brand portfolio to create profits from its innovative products and by establishing robust retail operations. adidas’ goal is to be the leading sports brand in the world. One major lever to achieve this is the brand’s broad and unique product portfolio spanning from apparel and footwear for professional athletes to premium fashion. The company’s leading market position is built on its portfolio of strong brands like adidas, reebok, and TaylorMade. It allows adidas to address multiple consumer needs, exploit market opportunities from various angles as well as be less affected by one-dimensional market risks. adidas’ commitment to product innovation by focusing on research and development differentiates the brand from competitors and provides a solid platform for future growth. 1) Distribution: Strong brand portfolio to establish a strong retail presence and increase profit margins by increasing retail sales as a percentage of total sales. Adidas currently operates 2,041 stores for the adidas and Reebok brands worldwide. Adidas’ strong brand and enhanced retail presence generates brand loyalty, which enables easier customer recall and gives adidas a competitive advantage. Revenue: $18,580.2 million; 11.3% Operating profit: $1,407.7 million; 13.1% 170 subsidiaries in Europe, the Americas and Asia Wholesale, retail and other businesses 2) Research and development: $160.1 million in R&D

Pricing Strategies Essay

Definition Pricing is a powerful element of a small business’s marketing strategy. The pricing structure of your products and services, and how it relates to your competitors’ pricing strategies and the expectations of consumers, play an important role in creating an image for your company and establishing a specific customer base. An analysis of pricing strategy reveals that companies have a range of options in their pricing toolkit they can use to augment their marketing initiatives. Pricing strategy refers to method companies use to price their products or services. Almost all companies, large or small, base the price of their products and services on production, labor and advertising expenses and then add on a certain percentage so they can make a profit. There are several different pricing strategies, such as penetration pricing, price skimming, discount pricing, product life cycle pricing and even competitive pricing. Different Types of Pricing Strategies Penetration Pricing A small company that uses penetration pricing typically sets a low price for its product or service in hopes of building market share, which is the percentage of sales a company has in the market versus total sales. The primary objective of penetration pricing is to garner lots of customers with low prices and then use various marketing strategies to retain them. For example, a small Internet software distributor may set a low price for its products and subsequently email customers with additional software product offers every month. A small company will work hard to serve these customers to build brand loyalty among them. Price Skimming Another type of pricing strategy is price skimming, in which a company sets its prices high to quickly recover expenditures for product production and advertising. The key objective of a price skimming strategy is to achieve a profit quickly. Companies often use price skimming when they lack financial resources to produce products in volume, according to the article â€Å"Pricing Strategy† at NetMBA.com. Instead, the company will use the quick spurts of cash to finance additional product production and advertising. Product Life Cycle Pricing All products have a life span, called product life cycle. A product gradually progresses through different stages in the cycle: introduction, growth, maturity and decline stages. During the growth stage, when sales are booming, a small company usually will keep prices higher. For example, if the company’s product is unique or of higher quality than competitive products, customers will likely pay the higher price. A company that prices its products high in the growth stage also may have a new technology that is in high demand. Competitive-Based Pricing There are times when a small company may have to lower its price to meet the prices of competitors. A competitive-based pricing strategy may be employed when there is little difference between products in an industry. For example, when people purchase paper plates or foam cups or a picnic, they often shop for the lowest price when there is minimal product differentiation. Consequently, a small paper company may need to price its products lower or lose potential sales. Temporary Discount Pricing Small companies also may use temporary discounts to increase sales. Temporary discount pricing strategies include coupons, cents-off sales, seasonal price reductions and even volume purchases. For example, a small clothing manufacturer may offer seasonal price reductions after the holidays to reduce product inventory. A volume discount may include a buy-two-get-one-free promotion. Cost-Plus pricing Cost-plus pricing is the simplest pricing method. The firm calculates the cost of producing the product and adds on a percentage (profit) to that price to give the selling price. This method although simple has two flaws; it takes no account of demand and there is no way of determining if potential customers will purchase the product at the calculated price. This appears in two forms, full cost pricing which takes into consideration both variable and fixed costs and adds a percentage as markup. The other is direct cost pricing which is variable costs plus a percentage as markup. The latter is only used in periods of high competition as this method usually leads to a loss in the long run. Limit pricing A limit price is the price set by a monopolist to discourage economic entry into a market, and is illegal in many countries. The limit price is the price that the entrant would face upon entering as long as the incumbent firm did not decrease output. The limit price is often lower than the average cost of production or just low enough to make entering not profitable. The quantity produced by the incumbent firm to act as a deterrent to entry is usually larger than would be optimal for a monopolist, but might still produce higher economic profits than would be earned under perfect competition. The problem with limit pricing as a strategy is that once the entrant has entered the market, the quantity used as a threat to deter entry is no longer the incumbent firm’s best response. This means that for limit pricing to be an effective deterrent to entry, the threat must in some way be made credible. A way to achieve this is for the incumbent firm to constrain itself to produce a certain quantity whether entry occurs or not. An example of this would be if the firm signed a union contract to employ a certain (high) level of labor for a long period of time. In this strategy price of the product becomes the limit according to budget. Loss leader A loss leader or leader is a product sold at a low price (i.e. at cost or below cost) to stimulate other profitable sales. This would help the companies to expand its market share as a whole. Market-oriented pricing Setting a price based upon analysis and research compiled from the target market. This means that marketers will set prices depending on the results from the research. For instance if the competitors are pricing their products at a lower price, then it’s up to them to either price their goods at an above price or below, depending on what the company wants to achieve. Price discrimination Price discrimination is the practice of setting a different price for the same product in different segments to the market. For example, this can be for different classes, such as ages, or for different opening times. Premium pricing Premium pricing is the practice of keeping the price of a product or service artificially high in order to encourage favorable perceptions among buyers, based solely on the price. The practice is intended to exploit the (not necessarily justifiable) tendency for buyers to assume that expensive items enjoy an exceptional reputation, are more reliable or desirable, or represent exceptional quality and distinction. Predatory pricing Predatory pricing, also known as aggressive pricing (also known as â€Å"undercutting†), intended to drive out competitors from a market. It is illegal in some countries. Contribution margin-based pricing Contribution margin-based pricing maximizes the profit derived from an individual product, based on the difference between the product’s price and variable costs (the product’s contribution margin per unit), and on one’s assumptions regarding the relationship between the product’s price and the number of units that can be sold at that price. The product’s contribution to total firm profit (i.e. to operating income) is maximized when a price is chosen that maximizes the following: (contribution margin per unit) X (number of units sold). Psychological pricing Pricing designed to have a positive psychological impact. For example, selling a product at $3.95 or $3.99, rather than $4.00. There are certain price points where people are willing to buy a product. If the price of a product is $100 and the company prices it as $99, then it is called psychological pricing. In most of the consumers mind $99 is psychologically ‘less’ than $100. A minor distinction in pricing can make a big difference is sales. The company that succeeds in finding psychological price points can improve sales and maximize revenue Dynamic pricing A flexible pricing mechanism made possible by advances in information technology, and employed mostly by Internet based companies. By responding to market fluctuations or large amounts of data gathered from customers – ranging from where they live to what they buy to how much they have spent on past purchases – dynamic pricing allows online companies to adjust the prices of identical goods to correspond to a customer’s willingness to pay. The airline industry is often cited as a dynamic pricing success story. In fact, it employs the technique so artfully that most of the passengers on any given airplane have paid different ticket prices for the same flight. Price leadership An observation made of oligopolistic business behavior in which one company, usually the dominant competitor among several, leads the way in determining prices, the others soon following. The context is a state of limited competition, in which a market is shared by a small number of producers or sellers. Target pricing Pricing method whereby the selling price of a product is calculated to produce a particular rate of return on investment for a specific volume of production. The target pricing method is used most often by public utilities, like electric and gas companies, and companies whose capital investment is high, like automobile manufacturers. Target pricing is not useful for companies whose capital investment is low because, according to this formula, the selling price will be understated. Also the target pricing method is not keyed to the demand for the product, and if the entire volume is not sold, a company might sustain an overall budgetary loss on the product. Absorption pricing Method of pricing in which all costs are recovered. The price of the product includes the variable cost of each item plus a proportionate amount of the fixed costs and is a form of cost-plus pricing High-low pricing Method of pricing for an organization where the goods or services offered by the organization are regularly priced higher than competitors, but through promotions, advertisements, and or coupons, lower prices are offered on key items. The lower promotional prices are designed to bring customers to the organization where the customer is offered the promotional product as well as the regular higher priced products. Premium decoy pricing Method of pricing where an organization artificially sets one product price high, in order to boost sales of a lower priced product. Marginal-cost pricing In business, the practice of setting the price of a product to equal the extra cost of producing an extra unit of output. By this policy, a producer charges, for each product unit sold, only the addition to total cost resulting from materials and direct labor. Businesses often set prices close to marginal cost during periods of poor sales. If, for example, an item has a marginal cost of $1.00 and a normal selling price is $2.00, the firm selling the item might wish to lower the price to $1.10 if demand has waned. The business would choose this approach because the incremental profit of 10 cents from the transaction is better than no sale at all. Value-based pricing Pricing a product based on the value the product has for the customer and not on its costs of production or any other factor. This pricing strategy is frequently used where the value to the customer is many times the cost of producing the item or service. For instance, the cost of producing a software CD is about the same independent of the software on it, but the prices vary with the perceived value the customers are expected to have. The perceived value will depend on the alternatives open to the customer. In business these alternatives are using competitors software, using a manual work around, or not doing an activity. In order to employ value-based pricing you have to know your customer’s business, his business costs, and his perceived alternatives. Pay what you want Pay what you want is a pricing system where buyers pay any desired amount for a given commodity, sometimes including zero. In some cases, a minimum (floor) price may be set, and/or a suggested price may be indicated as guidance for the buyer. The buyer can also select an amount higher than the standard price for the commodity. Giving buyers the freedom to pay what they want may seem to not make much sense for a seller, but in some situations it can be very successful. While most uses of pay what you want have been at the margins of the economy, or for special promotions, there are emerging efforts to expand its utility to broader and more regular use. Freemium Freemium is a business model that works by offering a product or service free of charge (typically digital offerings such as software, content, games, web services or other) while charging a premium for advanced features, functionality, or related products and services. The word â€Å"freemium† is a portmanteau combining the two aspects of the business model: â€Å"free† and â€Å"premium†. It has become a highly popular model, with notable success. Odd pricing In this type of pricing, the seller tends to fix a price whose last digits are odd numbers. This is done so as to give the buyers/consumers no gap for bargaining as the prices seem to be less and yet in an actual sense are too high, and takes advantage of human psychology. A good example of this can be noticed in most supermarkets where instead of pricing at $10, it would be written as $9.99. This pricing policy is common in economies using the free market policy. Decoy pricing Method of pricing where the seller offers at least three products, and where two of them have a similar or equal price. The two products with the similar prices should be the most expensive ones, and one of the two should be less attractive then the other. This strategy will make people compare the options with similar prices, and as a result sales of the most attractive choice will increase. Conclusion Pricing strategies for products or services encompass three main ways to improve profits. These are that the business owner can cut costs or sell more, or find more profit with a better pricing strategy. When costs are already at their lowest and sales are hard to find, adopting a better pricing strategy is a key option to stay viable. Merely raising prices is not always the answer, especially in a poor economy. Many businesses have been lost because they priced themselves out of the marketplace. On the other hand, many business and sales staff leave â€Å"money on the table†. One strategy does not fit all, so adopting a pricing strategy is a learning curve when studying the needs and behaviors of customers and clients. Bibliography 1. The Strategy and Tactics of Pricing: A Guide to Growing More Profitably by Thomas Nagle 2. Power Pricing: How Managing Price Transforms the Bottom Line by Robert J. Dolan 3. http://sixrevisions.com/project-management/pricing-strategies-research/ 4. http://entrepreneurs.about.com/od/salesmarketing/a/pricingstrategy_2.htm

Things Fall Apart: Okonkwo’s Perspective

Autoimmune had been with our family for three years, so I really didn't count on things changing. When Queued told that the oracle ordered him dead I was shocked. I didn't know what to do. I thought maybe Beriberi would know what to do, but I was even more confused after leaving his compound. How could I let someone Just kill this boy who called me father, but I wasn't willing to let anyone call me a coward. So I did what had to be done, I told Autoimmune that he was going home.I knew that Autoimmune had mixed emotions about this situation, I too had mixed emotions but it was time for him to go now. I knew Known had looked up to Autoimmune, but I didn't think he would take It this hard. Although I saw nothing, I could sense that Known was very hurt by this decision, and the way he looked at my face told me that he knew what was to happen to this boy, whom he called a brother. The day that we got rid of Autoimmune was a day that I will never forget. The men all came to my compound. We were all dressed up In our finest cloths.The men brought palm-wine, which Autoimmune was to carry. We started that the journey with everyone talking to with one another. We walked and it seemed like with every step I got even more nervous. It was too late to chicken out. Everyone would think that I was a coward if Autoimmune was not killed. I was sweating just thinking about it. How was I supposed to do such a horrified act? Autoimmune was like a son to me and for me to Just all of a sudden break that bond was the hardest thing I ever had to do. But it was the only choice I had.I was not about o be ridiculed and called a coward or womanly. My father was a failure and I refuse to be one, just as he was, so I had to kill Autoimmune. When it came to the time to kill Autoimmune one of the men coughed. As soon as he did this Autoimmune was forced to look straight ahead. Autoimmune knew something was not right. The demeanor of the men had changed. Within minutes the man who coughed had s truck Autoimmune and he had fallen down. At this point I didn't know what to do but to continue. As Autoimmune called out for me, I burst through the men and killed Autoimmune.As I struck him he fell and blood ran from his body as if it were running from a water fall. I could only continue as I heard him call out â€Å"father†. Nevertheless, I was a man for doing what the oracle told me to do and for doing something for my people. I didn't realize what I had did until it was over. It was as if I as In a haze when the killing occurred. I Immediately felt guilt and remorse came over me. I couldn't believe what I had done. I had killed a child. I had killed a child who once called me father.I was sad, but I could not let this control. I had to hide my emotions and act as a man, strong, fearless and emotionless. I had to move on. Things Fall Apart: Ginkgo's Perspective By megabyte really didn't count on things changing. When Queued told that the oracle ordered him dead I was shoc ked. I didn't know what to do. I thought maybe Beriberi would know Autoimmune, but I didn't think he would take it this hard. Although I saw nothing, I loud sense that Known was very hurt by this decision, and the way he looked at my came to my compound.We were all dressed up in our finest cloths. The men brought We started that the Journey with everyone talking to with one another. We walked sweating Just thinking about it. How was I supposed to do such a horrified act? Refuse to be one, Just as he was, so I had to kill Autoimmune. Coughed had struck Autoimmune and he had fallen down. At this point I didn't know was in a haze when the killing occurred. I immediately felt guilt and remorse came I couldn't believe what I had done. I had killed a child. I had killed a child who once

Nursing Care Delivery Model

Nursing Care Delivery Patient Centered Care and Team Nursing Brittany Saum Pima Medical Institute Jim Follbaum, RN, MSN/Edu 17th of May 2012 Care Delivery Nursing is ongoing and lifelong, for the nurse and the patient. It is not limited to the time spent in the hospital, but follows the nurse and patient for life. It is the nurse that keeps the patient going and gets to know the patient and it is the nurse that delivers the care to the patient. The importance of the way the nurse delivers this care to the patient can make all the difference to the patients stay at the hospital and whether any teaching will be affective or just overlooked.This paper is a comparison between two commonly used most effective ways of care delivery: Patient-Centered Care and Team Nursing. Patient Centered Care Patient centered care is simply just as it sounds, care that places the patient first. In even simpler terms, patient-centered care is a model in which hospital providers partner with patients and th eir families to identify and satisfy the full range of patient needs and preferences, while simultaneously supporting the professional and personal aspirations of their staff (Frampton S. Guastello, Brady, Hale, Smith, & Stone, 2011). Patient centered care is the right care, the highest quality care and the most cost effective care for that one patient (Peraino, Robert A. MD, FACP, 2008). Advantages of Patient Centered Care There are many advantages to patient centered care. The main benefit is continuity of care. Patient centered care also increases nursing autonomy. In turn, it assists with relationships between the patient and nurse as well as the other health care providers involved in the patients care.Patients and families are able to develop a trusting relationship with the nurse who in turn makes it easier for the patient to recover and be happier during their stay in the hospital. Patient centered care seems to be more effective when teaching the patient as well. It allows the patient and family to be involved in their health care. This makes them more willing and compliant to continue on their regimens and get better sooner. Disadvantages of Patient Centered Care One disadvantage of patient centered care is cost.The RNs spend time to do what an unassisted licensed personnel employee can do therefore increasing the costs. One other disadvantage is that nurse to patient ratios have to be low in order to ensure there is enough time to meet the patient’s needs. This also affects the costs on the hospital. They require more RNs daily therefore increasing patient’s costs as well as the hospitals. Team Nursing Team nursing care became more popular during the 1950’s. This was a way to ease the shortage of nurses and to address problems with nursing as it was. Team nursing assigns staff into different teams.A team within this model usually consists of an RN (registered nurse), a LPN (licensed practical nurse), and a UAP (unlicensed assist ive personnel), (Zewekh & Claborn, 2009). The team leader supervises and coordinates all the care provided by those on the team. The team leader is in charge of making assignments for team based on client’s needs and acuity, taking in consideration the assigned nurses strengths and weaknesses. Because the team leader is responsible for delegating specific duties to staff, communication among team members is a crucial part of this type of nursing.The assignments are disscussed at beginning of shift and a meeting at end of shift is held to summerized care given during the shift and questions and comments about the shift can be made at this point. Advantages of Team Nursing â€Å"Team nursing evolved as a way to address the problems with a functional approach,† (Zerwekh & Claborn, 2009). Team nursing is focused on making assignments based on client’s needs and the member’s. The team leader plans assignments based on acuity of clients needs by taking advantag e of nurses strengths.This allows for the client to have better care. One other advantage ot this type of nursing is that the client workload is shared among the team members. This makes the work easier on all of the staff. The workload is shared allowing everyone to work smarter, not harder. It reduces room for error. Disadvantages of Team Nursing The main disadvantage or team nursing is that the leader is untimately responsible for everyone on the team. They must continually evaluate and communicate with all members of the team to ensure that everything is running smoothly.Some team members may not care for this thinking that they are being â€Å"babysat† and non accountable. One of the basis of team nursing is to have group meetings and discussions at the beginning of shift and end of shift. This can be very time consuming which can cause problems due to financial restrictions in use of overtime. Conclusion In conclusion, all nursing model types work for different situatio ns. They just need to be tailored to each individual situation. Patient Centered Nursing and Team Nursing both have everyone’s best interest in mind, the patient and the nurse.If it works for the situation then use the model deemed necessary to make everyone happy. There are advantages and disadvantages to both, and both are needed in every healthcare setting. The decision of which model the facility will use may vary, but the goal will always be the same, excellent nursing care. Related essay: â€Å"Ati RN Community Health Online Practice 2016 B†ReferencesFrampton, S. B. , & Guastello, S. (2010). Putting Patients First: Patient-Centered Care: More than the Sum of its Parts. American Journal of Nursing , 49-53. Frampton, S. , Guastello, S. , Brady, C. , Hale, M. Smith, S. B. , & Stone, S. (2011). Patient-Centered Care Improvement Guide. Retrieved May 15, 2012, from Patient-Centered Care. Org: http://www. patient-centeredcare. org/inside/abouttheguide. html Gannett Healthcare Group. (2012, May). Group: Team-based care works best against hypertension. Retrieved May 15, 2012, from Nurse. com: http://news. nurse. com/article/20120515/NATIONAL02/105280003 Nursing Theories. (2012, January). Models of Nursing Care Delivery. Retrieved May 15, 2012, from Current Nursing: http://currentnursing. om/nursing_theory/models_of_nursing_care_delivery. html Peraino, Robert A. MD, FACP (2008). Patient Centered Care. Retrieved May 16, 2012, from Patient Centered Care. net : http://patientcenteredcare. net/ Weinstock, M. (2010, March). Team – Based Care. Retrieved May 16, 2012, from Hospitals & Health Networks: http://www. hhnmag. com/hhnmag_app/jsp/articledisplay. jsp? dcrpath=HHNMAG/Article/data/03MAR2010/1003HHN_FEA_gatefold&domain=HHNMAG Zwewekh & Claborn (2009). Nursing Today, Transitions and Trends 6th edition. St. Louis, MO. Saunders Elsevier.