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God, Glory, Gold
Europeans began their modern exploration of the world in the period around the fourteenth and sixteenth century. Portugal, Spain, Netherlands, and England are the European states that were the foremost in this enterprise. The explorations increased their knowledge of the wider world. They were in most cases linked to missionary work, trade, and conquests as the European states sought to increase their religious, economic and political influence throughout the world. God, glory and gold were the motivation behind Europeans exploration.
In regard to god, Edgar et al argue that Europeans were motivated by the desire to spread Christianity through numerous missionary works especially in most parts of Americas. Edgar et al. argue that during the Middle Ages and the period around 1500 and 1750, Christianity was dominant in Europe but had died in most part of Americas.
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The belief held by majority of the Europeans who were on the mission to spread Christianity was that salvation through Christ Jesus was the only justifiable one and there was need to spread it throughout the world. They were aware of the fact that most parts of Americas had not embraced Christianity and that is why they ventured into those regions. God made Europeans to explore as they traveled the seas to almost every part of the globe in a bid to spread Christianity.
Glory
Most European states wanted recognition and therefore had to search for it. Most of them were ruled by monarchies and there was need for glory for the king. Edgar et al further argue that the power of a given state is directly related to its wealth.
The argument is informed by the Mercantilism and Zero- sum Gain thinking that was prevalent around 1300 to 1750 that, if a state does not get the wealth another state would. Therefore, these states and its citizens sought to seek more wealth hence more power in war which eventually translates to glory and recognition.
Different European states explored various regions of the world, and in reference to this discussion Americas, with an intention to obtain resources from them in addition to conquering some of them and gain glory for their immense strength; more territories a European state occupied compared to other states, the more glory and recognition it gained.
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Gold
Gold was a major motivation to Europeans’ exploration. As has been noted in the glory’s motivation, European states wanted wealth of their own because wealth was linked to power. In order to accumulate more wealth for their states and make their states and people prosperous, Europeans started to look for resources in Americas.
It is worth noting that, resources in Europe were not sufficient for the states and for meeting their citizens’ needs at that time and foreseeable future and it was necessary to venture in other regions. For instance, Spain ventured into South America for gold and silver, England ventured into North America for manual labor and natural resources, and France ventured in some parts of Americas for natural resources, with no particular region exactly.
These explorations were meant to bolster the economic and political strengths of European states. The exploration resulted to settlement of some of Europeans in Americas; for instance, there is majority of people of Spanish origin living in Americas presently. Finally, it is important to point out that god, glory, and gold were linked to each other in regard to Europeans’ exploration.
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Fortis Bank SA/NV v Indian Overseas Bank
Outline: Analysis of the judgment in the case of Fortis Bank SA/NV v Indian Overseas Bank.
Introduction: gives a history of the case and the judgment.
Body:
The reasoning applied by the judge to arrive at the ruling.
Analysis of the law applied.
Examples of case studies where the same law was applied.
Conclusion: a summary of the issues discussed above.
Bibliography: a list of the references cited.
An analysis of the judgment in the Fortis Bank SA/NV v Indian Overseas Bank case
Letters of credit have been in use for many years. There are two types of letters of credit: commercial letters of credit and stand by letters of credit. The purpose of commercial letters of credit is to ensure payment of goods in international trade.[1] Standby letters of credit are used to provide third party credit support.[2]Article 5 of the Uniform Commercial Code, applies to all types of letters of credit. UCP set of rules have undergone several revisions to meet the demands that arise from transactions.[3]
Following revision, UCP 600 was drawn up under the International Chamber of Commerce in 2006 and took effect in July 1, 2007.[4] It replaced UCP 500.[5] Its full name is 2007 Revision of Uniform Customs & Practice for Documentary Credits, UCP 600.[6]A letter of credit contains the independence principle. By the independence principle, payment is only done when all documents are received by the issuer.[7]
Fortis Bank SA/NV v Indian Overseas Bank
This principle is found in article 4(a) and 5 of UCP 600. UCP 600 is only applicable where the both parties have agreed that is applicable.[8] A number of issues have arisen from the interpretation and implementation of the set of rules.[9] However, with continued application and interpretation of UCP 600, the set of rules become clearer and clearer. One good example of a case that has contributed to the interpretation of UCP 600 is the Fortis Bank/Stemcor v Indian Overseas Bank.[10]
Fortis Bank SA/NV v Indian Overseas Bank
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In August 2008, Stemcor signed five contracts for the sale of steel scrap to SESA in India.[11] Payment was to be by sight letter of credit (L/C) opened by a first class bank. This was advised by the first claimant bank in this case, Fortis. The applicant of the L/C was MSTC, a company that assisted SESA in doing the purchase. Indian Overseas Bank opened five letters of credit. These were subject to UCP600.
Thereafter, IOB notified Fortis. Stemcor presented the relevant documents to Fortis including the bills of lading as was required. Fortis went ahead to make payments of letters of credit 1-3. Fortis forwarded the remaining two L/Cs to IOB. Market prices had fallen sharply by the time the shipment was done.
For this reason, SESA declined to pay for the cargo. It then notified MSTC of discrepancies in the documents. As a result, IOB went ahead to reject the documents presented to it by Fortis. Thus, it refused to pay Fortis under letters of credit 1-3 or Stemcor under letters of credit 4-5. This forced Fortis and Stemcor to move to the Commercial Courts.[12]
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Fortis Bank SA/NV v Indian Overseas Bank
Hamblen J held that IOB did not have any valid defense except for one point of discrepancy in the beneficiary’s consolidated certificate. The judge also decided that IOB had the responsibility to act in accordance with its statement on the notice with reasonable promptness. Failure to do this would trigger the preclusion rule that would require IOB to honor the letters of credit. IOB went ahead to appeal. The Court of Appeal gave the judgment ([2011] EWCA Civ 58)[13]that dismissed IOB’s claim.
The court decision stood by the fact that sub-article 16 (c) of the UCP 600 gave a provision for what a bank ought to do, if it decides to reject the documents.[14] The provision states that the issuing bank must give a notice to the presenter. The notice should indicate that the bank is refusing to honor or negotiate, the discrepancy in respect to which the bank is refusing to honor or negotiate.
The bank is holding the documents pending further instructions from the presenter, that the issuing bank is holding the documents until it receives a waiver from the presenter and accepts it or receives instructions from the presenter prior to agreeing to accept a waiver; or that the bank is returning the documents or that the bank is acting in accordance with the instructions previously received from the presenter.
Fortis Bank SA/NV v Indian Overseas Bank
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Based on this, the judge confirmed that IOB was in breach of the contract to Stemcor as it failed to return the documents to Stemcor. The limit of reasonable promptness was also defined. The period ought to be shorter than five banking days, i.e. the time taken to decide as to whether or not to return the documents. With reference to this case, the need for a quick return of documents is emphasized in Legal Matters.[15] The court determined that IOB returned the documents weeks later after having said that they had done so.[16]
Fortis Bank SA/NV v Indian Overseas Bank
With regard to L/Cs 1-3, the judge held that IOB acted in breach of the agreement between them and Fortis. Thus, it was obligated to reimburse Fortis. However, this did not extend to Stemcor. From article 7 (a) (ii) of UCP600, the issuing bank had the duty to honour the credit if there was a failure by the nominated bank to pay. Hence, once Fortis discharged its obligations to Stemcor, Indian Overseas Bank was not obligated to Stemcor.
Two causation issues were raised in the case. The first one dealt with Stemcor’s failure to establish on the balance of probabilities that had Indian Overseas Bank honoured the five letters of credit, SESA or MSTC would have paid for or taken the cargo. Thus, port and detention charges would not have been incurred. Secondly, Stemcor was seeking payment not on wrongful detention of the documents. Rather, their claim was based on failure to make payment. For this reason, the judge expressed doubts regarding an effective cause of the loss.
Fortis Bank SA/NV v Indian Overseas Bank
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Further judgment saw the judge reject arguments brought forth by Indian Overseas Bank. The judge held that Stemcor did not have the documents of title in its possession and it could not assert any control over the goods. By asserting control over the goods, Stemcor would have lost its claim against IOB or SESA. The judge asserted the validity and fairness of the deals between Stemcor and the carrier. Indian Overseas Bank also argued that Stemcor was arguing repudiation. However, the judge pointed out that it would be commercially unwise for Stemcor to adopt this proposal in light of the risks involved in the law. Based on this, Indian Overseas Bank failed to prove that Stemcor had breached its contract.
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Fortis Bank SA/NV v Indian Overseas Bank
The judge’s conclusion didn’t express clearly whether Stemcor was expected to mitigate the loss. However, this aspect was implied in the judgment. This may be deemed to be contrary to the suggestion in by Gutterage and Megrah.[17] They suggest that the beneficiary isn’t obligated to mitigate the losses incurred in a transaction.
Further analysis of this case shows that Stemcor could have taken a different approach with regards to the letters of credit. Stemcor would have argued that there was wrongful detention of the documents by IOB. Moreover, Stemcor also has a basis to seek damages from SESA in relation to letters of credit 1-3. This may be based on the CFR sale contract.[18]
As mentioned earlier, the UCP 600 is subject to different interpretations. Nevertheless, the ruling made in this case acts as a precedent especially with regards to obligation of an issuing bank to return documents if there are any discrepancies within them.[19]
Fortis Bank SA/NV v Indian Overseas Bank
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L/C Consultancy Services highlights some of the risks involved in a letter of credit transaction.[20] The applicants risk non delivery, exchange rate risk or goods delivered being of inferior quality. In this particular case, SESA declined to take the goods due to poor market prices following the delay by the banks.
In conclusion, this case highlights the importance of a timely response. Due to failure by Indian Overseas Bank to notify and send back the documents to Fortis in time, it was forced to reimburse the claiming bank. Also, payment is only done upon receipt of the letter of credit. In addition to this, the letters of credit carry much weight in determining whether one of the parties is paid or not.
BIBLIOGRAPHY
Book sources:
Andrle .P, ‘Ambiguities in the new UCP’, DC Insight, Vol 13, pp.17-18
Commentary on UCP 600, International Chamber of Commerce. Paris, France: ICC Services, 2007.
Dolan, F. John, Letters of credit A.S.Pratt, 4th Ed., 2007, pp 1-31.
DPP Fortis Bank/Stemcor v Indian Overseas Bank, [2011] EWCA, Civ 58.
Gutteridge & Mgrah, Law of Bankers’ Commercial Credits, 8th edn, 2001
Xiang Gao and Buckley Ross C., The Unique Jurisprudence of Letters of Credit: Its Origin and Sources, 4 SAN DIEGO INT’L L. J. 91 (2003).
Journals and other publications:
‘Current legal developments at IMO’, “Shipping & Trade Law”, Informal Law & Finance, 1-2 Bolt Court, London Vol.11 no. 5 June 2011, p.6
Gallagher,Jr.P. Daniel ; Brown, Michael J.; Parson, Robert; “Fortis Bank/Stemcor v Indian
Overseas Bank: Article 16 under scrutiny” March 03, 2011.
Goode Roy, Guide to the ICC uniform rules for demand guarantees, International Chamber of Commerce, Publication No. 510, 1992
ICC, “International Standard Banking Practice for the Examination of Documents under Documentary Credits,” No. 681, 2007.
ICC, The Uniform Customs and Practice for Documentary Credits, 2007 Revision,
ICC Publication no. 600 (“UCP”)
Nielsen Dr. Jens; Nielsen, Nicolai, Standby Letters of Credit and the ISP 98:
A European Perspective¸ 23 Banking & finance L. REV 163 (2001),
WoodJeffrey S., “Drafting letters of credit: Basic issues under article 5 of the uniform commercial code, UCP 600, and ISP98”.The Banking Law Journal, Alexesolutions,inc. Feb 2008, p.2
Web sources:Fortis Bank SA/NV v Indian Overseas Bank
[1] Jeffrey S. Wood, “Drafting letters of credit: Basic issues under article 5 of the uniform commercial code, UCP 600, and ISP98”.The Banking Law Journal, ALEXeSOLUTIONS,INC. Feb 2008, p.2
[2]Dr. Jens Nielsen and Nicolai Nielsen, Standby Letters of Credit and the ISP 98:
A European Perspective¸ 23 Banking & finance L. REV 163 (2001),
[3]Roy Goode, Guide to the ICC uniform rules for demand guarantees,International Chamber of Commerce, Publication No. 510, 1992
[4] Commentary on UCP 600, International Chamber of Commerce. Paris, France: ICC Services, 2007
[5]Gao Xiang and Ross C. Buckley, The Unique Jurisprudence of Letters ofCredit: Its Origin and Sources, 4 SAN DIEGO INT’L L. J. 91 (2003).
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Business operating environment
How does lobbying, the news media, private politics, and corporate social responsibility affect accountancy.
A business operating environment consists of both market and non market segments. Organizations overall performance largely depends on how well market and non-market activities are incorporated. The non market environment is composed of issues; which are considered the basis for non-market action, interests; which revolve around persons or groups that have a financial interest in the organization, information; which refers to the level of knowledge that the interested parties had concerning the non market actions taken and their outcomes and institutions; which are generally government and non-governmental bodies, the media and the public perceptions.
To come up with an effective non-market strategy, the management must carry out a thorough assessment regarding the prevailing environment. Analyzing the current environment allows the organization to predict with some degree of certainty how the environment shall be in future order to formulate effective strategies moving forward.
Business operating environment
Analysis of non-market issues
Writing in the influential management magazine, the MIT Sloan management review; authors David Bach and David Bruce Allen note that Nonmarket strategy appreciates that apart from being economic entities, businesses are also political and social agents. They add that since a variety of groups understand that businesses generate and distribute wealth, they seek to sway the operating environment (in their favor) using both formal and informal means.
Formal means include legislation while informal may take the form of methods such as petitioning, activism and others in order to influence the public’s view of the business (45). To properly understand the dynamics of non market, we must first comprehend its components.
According to the article the Non-Market Environment of Business Non-market issues can be systemic meaning issues which stem from changes in population size and composition, climate change, wealth proliferation and economic policies. A subset of the population forms the target market for the business and therefore changes in its size, structure and/or distribution will definitely affect the firm’s environment.
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Changes in weather patterns present a new set opportunities as well as challenges to a business. Extreme weather changes can affect the target market ability to buy and disrupt crucial supply chains. The business needs to be ready to adapt. Government actions on the operating environment are critical in the long and short run. Issues arising from taxation, interest rates, licensing and others need to be anticipated and dealt with.
We also have organizational non-market issues. Organizational issues are specific in nature. The organization needs identify them and determine what impact they shall have on the organization. Appropriate measures then need to be put in place to mitigate any adverse effects they might have on the business.
Finally, nonmarket issues can also be individual. This refers to how persons within the organization deal with the issues. Every individual has their own disposition and manner of dealing with issues. The relationship between a businesses’ representative and personnel representing the government in a government agency defines the businesses’ relationship with that body. If it is cordial, then the firm can expect favorable exchanges with that body.
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Accountancy and non-market issues
Accountancy refers to all the activities that involve the collection, analysis and dissemination of businesses’ fiscal information to the management, government and tax authorities, shareholders and other users. From the onset then we can clearly see its link with non-market issues. For instance, the organization has to file its annual returns with the tax authorities where the data provided is scrutinized for any irregularities. The level of scrutiny subjected to organizations financial reports might be dependent on its relationship and prior encounters with the taxman.
Lobbying and accounting
Lobbying is considered as all those acts aimed at swaying legislation in one way or another. There is level of lobbying permitted by most governments. Legislation which is likely to have a substantial bearing on a businesses’ environment is likely to be supported or contested by way of vigorous lobbying. However this should be done within the law and firm’s in most countries are not allowed to make overtures directly to members of the legislature.
Lobbying by industry or accountants is usually done maintain the status quo, to resist proposed new standards or to support them. A common technique used by businesses’ or auditors who are unhappy with the present standards is to actively lobby the institutions charged with setting standards. In most countries, their assertions form the basis for drafting new legislation (O’Regan 33).
Each firm has its own practices regarding reporting methods, the amount of financial information revealed to stakeholders Organizations accounting policies have to be in harmony with the existing laws. governing accounting. Given that, it goes without saying that any legislature that would be favorable towards organizations accounting practices would receive its backing by way of vigorous lobbying. Most firms are opposed to stringent accounting standards for a variety of reasons.
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Human beings are naturally resistant to anything that alters the prevailing status particularly if they are comfortable with it. Fischer, William and Cheng while discussing the harmonization of global accounting standards contend that they expect active resistance from the accounting fraternity (28). They note that the reason for this defiance is the need for the accountants to familiarize themselves with new reporting designs, and the increased workload that come with it.
There is the general feeling among auditors that tried and tested techniques which are proven to work need not be replaced. According to Fischer et al, accountants may sometimes oppose new standards for actual or imagined reasons (11). Adequate training and familiarization with the new working environment however soon removes the pockets of resistance.
However some reasons for opposition to change are not as mundane as simple fear of the unknown. Businesses’ engage in trade to make money and will actively resist any move that threatens their profits. For example a bill may come up that aims to classify an item that is listed as tax exempt as becoming taxable. In such a scenario, affected firms are likely to advance a furious lobby to fight the offensive piece of legislation.
A considerable number of amendments to accounting standards are with regard to transparency and disclosures. Thus firms seeking to conceal the true picture concerning their financial status of the business to stakeholders, creditors and the government fiercely lobby against any such amendments.
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It is certain that change to accounting and accounting standards will be a permanent feature of the profession as it is with others. The introduction of technology to accounting means that any credible and modern accountant should at least have some working knowledge of an accounting application. Governments and the tax authorities now require the reporting and filing of periodic reports online.
All these changes have been passed through amendments to existing laws. This does not mean that there has not been active resistance through lobbying and other means including industrial action. This merely shows that the wave of change is unstoppable in accountancy as it is in all other sectors.
Works Cited Page
Bach, D, & Allen B. What Every CEO Needs to Know About Nonmarket Strategy, (2010)
Fischer, P, M, Taylor, W, J, & Cheng, R, H. Advanced Accounting, Cengage learning, (2011)
O’Regan, D. International auditing: A practical resource guide. John Wiley and Sons. (2003).
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Explicit and Implicit Memory
Define and explain the differences between Explicit and Implicit Memory. Explain the role of the hippocampus in forming memories.
Explicit and Implicit Memory
Explicit memory is the information that an individual works consciously to remember while information that is remembered effortlessly or unconsciously is known as implicit memory. There has been a lot of research on explicit memory and presently, researchers are working on finding out how implicit memory functions and the influence it has on behavior and knowledge (Myers, 2011).
Explicit memory stores information in cases where a person is trying to remember something intentionally, for example, what was learnt at school. This memory is used daily when recalling things such as the time and date of an appointment, the current president, a friend’s phone number, and a test’s information.
This memory is also referred to as declarative memory since an individual explains and recalls the information consciously. Explicit memory may be semantic that involves memories of names, concepts, and facts, or episodic that deals with long-term memories of particular events (Myers, 2011).
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Implicit memory involves the things people do not try to remember purposely. It is both unintentional and unconscious (Myers, 2011). It is also referred to as declarative as an individual cannot make it available consciously. For example, a person does not consciously remember how to turn on the television. Although implicit memory is recalled consciously, it has an impact on behavior and knowledge on varying tasks.
The role of the Hippocampus in forming memories
The brain’s horse-shoe shaped area has a vital role in that it consolidates information from short-term into long-term memory. The hippocampus is a component of the limbic system that is linked to long-term memories and emotions. Moreover, it is involved in complicated processes including organizing, storing, and forming memories. In case one hippocampus side gets damaged, memory function remains almost normal as it is present in the two brain hemispheres (Myers, 2011).
Explicit and Implicit Memory
Reference
Myers, D. G. (2011). Psychology in Everyday Life (2nd Ed.). (Chapter 6, 78-90). New York: Worth Publishers.
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Elizabeth Loftus
A current and fascinating area of research is that of Elizabeth Loftus. Dr. Loftus believes that memory can be reconstructed and changed based upon outside influences and has studied misinformation effects, eyewitness testimony and memories of abuse.
Read about Dr. Loftus’ research in the textbook and go to You Tube to search for Elizabeth Loftus. www.youtube.com
There are many videos about her and explaining her research. Choose 2 videos ( Please provide links to it)which you find interesting (choose ones that have her actually speaking about her research and not copies of her experiments done by others.)
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Dr. Elizabeth Loftus also has her own website.
Answer the following questions in essay form (please answer and number each question separately) –
1. Explain the 2 YouTube videos that you watched about Dr. Loftus.
2. Discuss the Mini Lecture #20 article and video. Watch both parts of the video to answer the questions.
a What occurred to Jennifer Thompson and Ronald Cotton?
b How did the police investigation and procedures allow this injustice to occur?
c How have police procedures changed now?
d What are your thoughts about this story?
Elizabeth Loftus
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3. Discuss 3 facts that you learned about memory from reading Myers’ discussion of Memory in chapter 7 of the textbook. Cite pages of textbook.Question 1
In the first video, Elizabeth Loftus discusses the possibility of implanting a false childhood memory in a person’s mind by merely suggesting that it happened through the use of actual facts and suggestions of possibilities of what would have took place. This was done by getting background information from the subjects’ parents prior to talking to them. A quarter of this population ended up accepting the existence of the memory which was in fact false (Loftus, 2009).
In the second video, Elizabeth Loftus discusses the unreliability of eye witness testimonies. Her hypothesis or argument is that eye witness accounts are actually much more malleable than we think. This is to say that the accuracy of these events is more flexible thus making it unreliable as a source of reference for incidents that individuals have witnessed (Loftus, 2010).
Question 2
Jennifer Thompson was raped and in a bid to ensure the rapist gets justice insisted that Ronald Cotton was the one. As a result, he got convicted of a crime he did not commit and spent a decade in prison.
Police investigations allowed this injustice to occur because they relied exclusively on the eye witness account rather than other important circumstances.
Police procedures have changed in that there is more reliance on forensic evidence in combination with eye witness accounts.
This story makes me have serious doubts about eye witness testimonies and also it leads me to be sympathetic about the large number of people who have probably been convicted despite their innocence due to reliance on eye witness accounts.
Elizabeth Loftus
Question 3
The first fact I have learnt is that that there are three stages of memory formation and these are sensory, short-term and then long-term memory.
The second fact I learnt is that routine events are easy to recall because they have become automatic thus leaving very little need for effort.
The third fact I got was that sleep is indeed good for the brain (Myers, n.d.).
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Question 4
Memory can therefore be summarized as a the sum or recollections that an individual experiences subjectively depending on the context of the actual event as well as the present situation.
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How does psychotherapy help people?
How do psychologists define a psychological disorder? What are the 3 terms used to identify a disorder?
Explain the ideas of the medical model and the biopsychosocial approach. How do they each help our understanding of mental illness?
Explain 2 ways to treat psychological disorders. For what type of disorders would each treatment be used?
Answer
How does psychotherapy help people? How does Psychotherapy help People?
There are three main ways that psychotherapy helps people. These are the provision of hope for people who are demoralized. The second way is the provision of an alternative perspective for people whose lives have been negatively affected by a psychological disorder. Psychotherapy also provides mental patients with an opportunity to develop empathetic, trusting and also caring relationships (Myers, 363).
Many people who have experienced psychological challenges tend to me demoralized about life and this gives them a negative outlook towards different matters in life. With psychotherapy, the hope that these people have can be renewed leading them to have a second chance at different matters in life. This then empowers them to take on different challenges head on (Myers, 363).
Another benefit of psychotherapy is that it helps individuals to alter the perspectives they have towards life from a negative one to a more positive one. This is done through encouraging these individuals to look at the positive aspects of their lives and situations (Myers, 363).
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Last but not least, psychotherapy is beneficial to people with psychological disorders because it offers them a chance to form empathetic, trusting and caring relationships with other people. The treatment procedures that are covered in psychotherapy gradually prepare these individuals to readjust into a society that had probably shunned them due to antisocial acts they may have been involved in at one time or another during their mental disorder.
By forming these relationships, people can recover faster since the people in their lives have a better understanding of what challenges the patients are going through (Myers, 363).
Psychotherapy is therefore important since it strives to improve the quality of life people who have previously suffered mental disorders thus giving them a new lease of life (Myers, 363).
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National Appliance Inc CASE STUDY
National Appliance Inc case study Bob Reard, Director of corporate transportation for National Appliance, Inc., has just hung up the phone after a lengthy discussion with Susan Jameson, vice president of logistics.
National Appliance Inc has just acquired an appliance distributor located in Paris, and the logistics department has two months to develop an operating process to support this European distributor with National Appliance Inc products. The shipments to Paris will begin in approximately five months, and Mr. Reard is to prepare a transportation operating plan for these shipments.
National Appliance Inc is a medium-size U.S. manufacturer of refrigerators and electric ranges. During the past fifteen years, National Appliance Inc has increased its share of the refrigerator and electric range market from less than 2 percent to 20 percent.
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Part of the reason for this tremendous growth is that National Appliance Inc offers high-quality products at low prices. In addition, National Appliance Inc has vertically integrated both its supply and marketing channels. National believes that quality products result from actually owning and managing key component vendors and that quality marketing and sales efforts result from directly managing distributors and retail appliance outlets.
It surprised Mr. Reard to learn that National Appliance Inc had purchased control of a European alliance distributor. There had been many rumors about expansion into the European market, but Mr. Reard had felt that National Appliance Inc would merely develop a contractual relationship with a distributor in Europe, not purchase a distributor.
Purchasing the Paris distributor is the first major international business venture for National Appliance Inc in its thirty-five-year history. During the late 1990’s the company had unsuccessfully attempted to market refrigerators in both Canada and Mexico. Mr. Reard had personally managed the truck shipments to both countries.
Consequently Mr. Reard and his staff have very limited international experience. They do, however, possess considerable expertise in domestic transportation, having successfully controlled both transportation costs and services during the company’s rapid growth in the past fifteen years.
Given the emphasis on quality products and service, top management has mandated consistent, low lead times. National Appliance Inc delivers domestic distributor orders in less than five days from the order date; the company allows no exceptions to this service policy.
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Truck transportation, including a private fleet, is the primary mode the company uses for both inbound and outbound shipments. Spare parts are normally shipped by ground express, but the company uses air express when the distributor or dealer needs a special part immediately. Ms. Jameson has established a logistics quality control program that measures carrier performance and has used Mr. Reard’s managerial skills to assure acceptable performance from National Appliance Inc carriers.
Having had little experience in international transportation, Mr. Reard feels a bit out of his element in developing an international transporation plan. Ms. Jameson has assured him that transportation is transportation and that the only difference between international and domestic transportation is distance.
Distance is going to be a major factor, since National Appliance Inc has plants located in Memphis, Minneapolis, and Omaha. This long distance from the European market will contribute to two basic problems; high transport costs and long lead times. Moving the products from the plants to the Atlantic or Gulf ports will require some form of ground transporation. Ocean carrier shipment will be long, and Mr. Reard will have to arrange to move the product from the French entry port to Paris. Mr. Reard is sure that he can hire an international transportation manager, but he will have to pay a high salary.
With the logistics planning meeting set for the next morning at 8:00 a.m., Mr. Reard prepares the following transporation plan for Ms. Jameson:
Finished product from all three plants will be shipped by truck to NY/New Jersey ports.
Water transportation will be used from New York/NJ to LeHavre, France.
Trucks will transport the products from LeHavre to the Paris distributor.
From Paris, the distributor will arrange transportation to the ultimate customer.
An international transportation manager will be hired.
Mr. Reard estimates that the total transit time required for this move will be approximately four weeks.
National Appliance Inc, Case study Questions:
For this case, you must do the following:
a) Type up the answer to the question below, using supporting materials from text, class, news, research citations, etc.
Develop an alternative international plan to present to Ms. Jameson, and provide justification sufficient to support its adoption. (include the strengths and weaknesses of your plan)
b) You must include one visual diagram, and include one justification for your strategy (strength or weakness). (For example, if driver issues might be a problem with your solution, you can tell why this isn’t a problem, based on the corporate strategy)
c) Include an overall conclusion of the case analysis.
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MODEL ANSWER
National Appliances Inc Case study
The current international plan made by Mr. Reard has some strengths and weaknesses but needs much improvement. Mr. Reard plans on transporting all finished products from three different locations to one main port through trucks. He also plans on using water transportation to deliver the products to the France harbor where they will be then transported to Paris through trucks. Due to his lack of experience in international transportation, Mr. Reard plans on hiring an international transport manager which will be quite hefty.
The main problems are a long lead time and high transportation cost from the USA to France. An alternative plan can be formulated in order to eliminate the weaknesses in Mr. Reards’ plan as well as eliminating the problems that are predicted. A new and better plan will be formulated in order to minimize on the scale of the current problems.
There will be a need for a central hub, where all products from Memphis, Minneapolis, and Omaha will be stored awaiting shipping and distribution. This will inevitably reduce transportation cost from all three locations to the harbor. A central hub will offer a service window defined by delivery frequency and response time to order (Rodrigue 2006).
According to (Carnarius 2018), longer journeys through rail can be cost effective as compared to road. This is because it is having reliable transit times and schedules and also fast and cost-effective. Moreover, one train can carry goods equivalent to 400 trucks hence more products can be transported to the port at once (Carnarius 2018).
Considering the amount of products to be transported, other modes of transport, like air, are considered economically unviable. Transporting cargo through the ocean is cost effective but at the same time disadvantageous due to long lead times (Carnarius 2018). Even though the four weeks of the time the water transportation is longer than the usual domestic time, it will reduce the cost for the company significantly.
Mr. Reard and his staff have helped in increasing the sales of National appliances from two percent to twenty percent in the last fifteen years. They possess considerable expertise in domestic transportation, having successfully controlled both transportation costs and services during the company’s rapid growth in the past fifteen years. Considering his experience, Mr. reard is capable of overseeing the whole project and will assure an acceptable performance from National appliances. Moreover, hiring a long-term employee will be expensive for the company. An alternative would be to consult an expert initially for setting up international operations. They will help the company overcome challenges and also increase revenue (Business News Daily 2021).
Using the new formulated plan will not only be cost effective but also reduce the long lead time. The company will have a smooth entrance into the global market and will inevitably see a high profit. A visualization of the new plan is presented in figure 1. The plan that would otherwise be presented to Ms. Jameson will be as follows:
A central hub will be created between the three locations where all products will be transported from for New York/ new jersey in order to reduce transportation cost.
In order to minimize on transportation cost, the products will be taken to the New York/new jersey ports through rail transportation.
From the USA ports, the products will be transported through water to the LeHarve harbor in France.
An international transport manager will not be hired, instead Mr. Reard will be overseeing the whole project.
