Category: Essay

Balanced Scorecard

Balanced Scorecard
Balanced Scorecard

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Balanced Scorecard

Introduction

The balanced scorecard is the component that is utilized for execution estimation to drive the general execution of the association. The usage of adjusted scorecard inside of an undertaking has been a vital advancement in a few nations around the globe. The utilization of adjusted scorecard picked up acknowledgment in the UK in light of the always showing signs of change business scene. An adjusted scorecard is the component that is utilized for execution estimation to drive the general execution of the association.

The idea of execution estimation was initially utilized by David Norton and Robert Kaplan. The utilization of adjusted scorecard picked up acknowledgment in the UK because of the regularly changing business scene (Wu, 2012). This paper explains the adequacy of executing the balanced scorecard inside of an association and how it can be utilized to produce new systems as apparent in administration accuracy.

The utilization of balanced scorecard bolsters the era of new systems for the firm by supporting the budgetary and operational components of the organization. Every one of the suppositions connected with bookkeeping, learning and practice and additionally moral practices of the UK organizations is likewise broke down.

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Ethical operations

A cutting edge environment requests that an association ought to put more accentuation on the long haul additions to upgrade their manageability to ensure that they move with the moving technological world. In this way, the business needs to concentrate on components that will promise higher money related execution of the business in the long haul premise. For long haul money related execution of any association, measures of value, efficiency, piece of the overall industry, worker fulfillment, and consumer loyalty should be exceptionally considered.

This structures the premise why Norton and Kaplan thought of the idea of adjusted scorecard to investigate the business execution in the viewpoint of money related, clients, inside procedure to ensure that all the best is attained. Once ethics program is employed for use in most of the UK companies operations will be highly improved and attaining of best performances will no longer been issue again. All activities will be run to the benefit of the poor and the rich in the society.  

Following of the right corporate governance will guarantee ethic to be portrayed among many leader and the firm performance will drastically be improved accordingly. Employing the use of the right social responsibilities will ensure that balanced scorecard has been well implemented in the companies and financial matters will be dealt with accordingly. An association can be driven towards its unmistakably set objective through the utilization of BSC whereby; this should most ideal be through some different BSC parts, which include: estimation framework, vital administration framework, and the specialized instrument.

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BSC is utilized for imparting the required methodology all through the entire association from the pioneers to the laborers. Additionally, BSC is likewise appropriate in adjusting the individual objectives of the representatives with general business technique. Additionally, BSC is utilized as a part of adjusting and recognizing key activities that are required for use by the association with its main goal towards accomplishing its objective (Cox, 2014). There exist diverse systems in BSC that are connected regarding execution and methodology.

These systems incorporate learning and development, which help any person’s interest in learning more about the operation is taking place to grasp the concept very fast. The client viewpoint can be adjusted by guaranteeing that the representatives are prepared in the best way to serve clients for them to be fulfilled by the association’s administrations. Then again, learning and development viewpoint can be taken care of by guaranteeing that there is a lessening of holding up time in the crisis room is looked upon (Baker, 2010).

Enhancing use administrations can be taken care of by the inner procedure point of view while money related viewpoint can be taken care of by guaranteeing that all funds of the association are very much controlled. Especially, the usage of adjusted scorecard has been utilized as an administration apparatus as a part of the created nations than creating nations. In such manner, the creating nations have likewise proceeded with acknowledge the utilization of adjusted scorecard as their business administration device with the point of understanding its advantages (Tuan, 2010).

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Leadership

Preparation appraisal is one of the numerous standards of BSC that guarantees that the association’s authority is conferred as far as contribution, serving, and imparting where vital and seeing all that is required of them (Phillips, 2010) On the off chance that every one of these duties must be well implemented in making sure that all counting and operation are run well in then companies present in the UK.

The vital arrangement of any association is normally very much characterized under the use of balanced scorecard to actualize what is the goal, mission and all the vision set aside for the company to achieve (Brookes and Grint, 2015).

Leadership is essential in the execution and the general accomplishment of BSC. An association needs to pick up duty of initiative for them to proceed with the usage of BSC. The leaders of the considerable number of associations need to well take part in ensuring that they run their thoughts and exercises as required in their associations (Rohm et al , 2013). There is need of investigation of how then BSC operations are being transacted in ten companies to make operations work out as required. Leaders are mandated with the duty of ensuring that the right codes of ethics are incorporated in the company operations to yield to better results in the near future (Wu, 2012).

Leaders should be much concerned of how operations are taking place to cater for the needs of all in then society. Every one of the pioneers needs to plainly comprehend BSC; since, they have the command of teaching others on what should be finished with respect to BSC idea (Brookes and Grint, 2015). This will be exceptionally valuable for them in accomplishing every one of the association’s particular exhibitions, measures and increase all the backing and duty that they require to accomplish every one of their objectives.

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Most leaders concur that BSC offers associations to manufacture some assistance with long term maintainability. Associations need to manufacture long haul maintainability that requires enough time, responsibility, and enough assets that will bolster future exercises in the association (Brookes and Grint, 2015). The procedure of executing BSC is including, sets aside time to be an expert; henceforth, a considerable measure of tolerance is required particularly from the pioneers.

Availability appraisal is the first BSC model that involves the ID of the association’s necessities, affirming authority’s duty and all assets that are accessible (Niven, 2014). Arranging guarantees that pioneers who take an interest in the BSC group allot methodologies to BSC and complete the audit of mission that the associations need to accomplish is effective (Brookes and Grint, 2015).

Then again, specialized execution guarantees that every one of the methodologies goes into the association’s framework through programming, trainings, information solidification standards, and even through building scorecards. Association’s execution guarantees that the BSC procedure is all around actualized and correspondence is very much encouraged in the associations. What’s more, operations executed in the association guarantees that there is a high information overhaul, examination and consistent reporting of data where essential for the right changes to be finished concerning the BSC model (Pearson, 2013).

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Challenges of BSC implementation

There are many challenges that are currently associated with the balanced scorecard operations over the years. Usage of BSC is confronted with different difficulties like the few measures that are placed set up per every point of view (Bigliardi & Bottani, 2010). For a BSC being effective, it needs to incorporate a blend of results and execution drivers. On the off chance that there are few measures for each point of view in the middle of money related and non-monetary markers, the association is liable to fall flat in BSC execution (Weng, 2011).

Whenever an organisation receives high measure of resource usage, there might be a big problem associated with how bets the operations will be transacted. The people who initiated the use of balanced scorecard if not present in its implementation the company there tend to be a very big challenge (Diamantopoulos et al, 2014). It is due to the fact that the ones in the company are not well informed onh0w to use the balanced scorecard and guidance is needed in such a situation.

The environment under which the balanced scorecard is operated is a major challenge that ought to be well coordinated to avoid problems from occurring (Hoque, 2014). With a specific end goal to understand the adequacy of BSC, all the association in the UK needs to execute an exhaustive examination of how BSC will be actualized and utilized for their prosperity as a part of the association. This procedure is entirely includes, and individuals expected to complete the examination are not very many in China, along these lines turning into a major test to BSC execution (Gazzard, Hill & Anceau, 2011).

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Methodological assumptions for implementing accounting knowledge and practice

The philosophy embraced in this paper is the contextual analysis in view of the UK organizations. Throughout the years, the contextual analysis, examination has been utilized by the greater part of the scientists to give an inside and out examination that contains; oral, archival, and auxiliary based artifact of specific marvels on bookkeeping matters (Husain & Farooq, 2013). The data got from the contextual investigation involves the observational and individual information accumulation instruments of the bookkeeping learning and practice.

The contextual analysis, exploration gives a precise method for watching occasions, information accumulation and data investigation of all bookkeeping practice and learning (Karpagam & Suganthi, 2012). There are three sorts of contextual analyses that can be led with each having its own determination. To start with, there is the informative contextual analysis that is significantly utilized as a part of leading easygoing examinations of bookkeeping research and practice.

The relative budgetary position of most UK organizations before the execution of BSC is generally low (Kootanaee, Kootanaee, Hoseinian & Talari, 2013). For the second quarter after BSC execution, the money related state of most UK organizations enhanced massively. This development is still obvious in the second from last quarter and a short time later as can be seen from the incomes and the benefits. Such development can be occurring; subsequent to, the new technique utilized of BSC is effectively running. A ton of financial specialists is getting the chance to expand the estimation of their riches (Maxwell & José Dionísio, 2011).

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UK organization’s operations

Prior to the usage of adjusted scorecard in the UK, organizations were having issues with different venture choices that appear not to shoulder natural products. The issue could be going on because of incorrect venture choices that utilized by the organization throughout the years. This may have prompted the miscount of the normal proficiency of their operations, prompting the disappointment of their methodologies (Narayanamma & Sukanya, 2013). The operations of the board individuals are not successful, prompting pointless activities among the representatives of the organization.

Inside of the beginning quarter of the operations of most UK organizations did not yield much natural product, prompting a few missed procedures. In any case, things changed with time when the adjusted scorecard was actualized by the organizations (Northcott & Tuivaiti, 2012).

The missed systems by most organizations, enormously meddled with the operation and in addition the general capacity of the organization to understand its destinations. Then again, the representative vicinity in many organizations was not that noteworthy and this demonstrated there was the need to utilize balanced score card (Price et al, 2013).

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Conclusion

For the long haul budgetary execution of any association, measures of value, efficiency, piece of the pie, worker fulfillment, and consumer loyalty should be exceedingly considered. The balanced scorecard is the system that is utilized for execution estimation to drive the general execution of the association. The usage of adjusted scorecard inside of the association is extremely critical as it accomplishes money related and operational results inside of the association. The utilization of balanced scorecard can be utilized to create new techniques for the firm by supporting the money related and operational instruments of the organization.

References

Baker, R. 2010. Implementing Value Pricing: A Radical Business Model for Professional Firms 1st Edition. Wiley; 1 edition

Bigliardi, B., & Bottani, E. 2010. Performance measurement in the food supply chain: A balanced scorecard approach. Facilities, 28(5), 249-260

Brookes, S., & Grint, K. (2015). The New Public Leadership Challenge. licensed to University of Sussex – PalgraveConnect Macmillan

Cox, S. 2014. Managing Information in Organizations: A Practical Guide to Implementing an Information Management Strategy. Palgrave Macmillan

Diamantopoulos, A., Finckh, A., Huizinga, T., Sungher, D.K., Sawyer, L., Neto, D. & Dejonckheere, F. 2014, “Tocilizumab in the Treatment of Rheumatoid Arthritis: A Cost-Effectiveness Analysis in the UK”, PharmacoEconomics, vol. 32, no. 8, pp. 775-87.

Gazzard, B., Hill, A. & Anceau, A. 2011, “Cost-Efficacy Analysis of the Monet Trial Using UK Antiretroviral Drug Prices”, Applied Health Economics and Health Policy, vol. 9, no. 4, pp. 217-23.

Hoque, Z. 2014. 20 years of studies on the balanced scorecard: Trends, accomplishments, gaps and opportunities for future research. The British Accounting Review 46: 33–59

Husain, Z. & Farooq, A. 2013, “Instrument Development to Measure Organisational Change and Balanced Scorecard”, The Academy of Business and Retail Management (ABRM), London, 01, pp. 1.

Karpagam, U.P.L. & Suganthi, L. 2012, “A Strategy Map of Balanced Scorecard in Academic Institutions for Performance Improvement”, IUP Journal of Business Strategy, vol. 9, no. 3, pp. 7-16.

Kootanaee, H.J., Kootanaee, A.J., Hoseinian, H. & Talari, H.F. 2013, “The Balanced Scorecard, Alphabet of the Modern Management: From Concept to Implement”, Advances in Management and Applied Economics, vol. 3, no. 1, pp. 47-59.

Maxwell dos, S.C. & José Dionísio Gomes, d.S. 2011, “O Balanced Scorecard Como Framework Para A Acaoestrategica”, Revista Ibero – Americana de Estratégia, vol. 10, no. 3, pp. n/a.

Narayanamma, P.L. & Sukanya, M. 2013, “Traditional Balanced Scorecard V/S Modern Balanced Scorecard: A Conceptual Framework”, International Journal of Organizational Behaviour & Management Perspectives, vol. 2, no. 4, pp. 649-656.

Niven, P. 2014. Balanced Scorecard Evolution: A Dynamic Approach to Strategy Execution (Wiley Corporate F&A). Wiley

Northcott, D., & Tuivaiti Ma’amora Taulapapa. 2012. Using the balanced scorecard to manage performance in public sector organizations. The International Journal of Public Sector Management, 25(3), 166-191

Pearson, R. 2013. Balanced Scorecards and Operational Dashboards with Microsoft Excel 2nd Edition. Wiley

Phillips, J. 2010. PMP Project Management Professional Lab Manual. McGraw-Hill Education; 1 edition

Price, D., Asukai, Y., Ananthapavan, J., Malcolm, B., Radwan, A. & Keyzor, I. 2013, “A UK-Based Cost-Utility Analysis of Indacaterol, A Once-Daily Maintenance Bronchodilator for Patients with COPD, Using Real World Evidence on Resource Use”, Applied Health Economics and Health Policy, vol. 11, no. 3, pp. 259-74.

Rohm, H., Wilsey, D., Perry, G., & Montgomery, D. 2013. The Institute Way: Simplify Strategic Planning and Management with the Balanced Scorecard. The Institute Press; 1st edition

Tuan, L. 2010. ‘Balanced scorecard implementation at Rang Dong Plastic Joint Company (RDP)’ Management Science and Engineering 4(2), 92-98

Weng, M. 2011, “The Appplication of Balanced Scorecard to Performance  Evaluation for Engineringing Eductaional Syatems”, International Journal of Organizational Innovation (Online), vol. 4, no. 2, pp. 64-76.

Wu, M. 2012, “The Effects of Balanced Scorecard Implementation on the Intellectual Capital Accumulation of Taiwan-listed IT Companies: Using Corporate Innovation Activities as the Moderator”, Journal of Global Business Management, vol. 8, no. 2, pp. 82-93)

Ying, J. 2010. ‘The application of BSC in China’s E-government performance evaluation’. Korea University

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Uses of Porter five forces

Uses of Porter five forces
Uses of Porter five forces

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Uses of Porter five forces

Introduction

Porter five forces model helps the entrepreneur to look at the type of work that is happening and make a sound decision concerning where the power of the business lies in their organisation. Once an entrepreneur has identified the source of strength in the industry he can venture in the right direction. An entrepreneur is better positioned using Porter five forces as he will identify the competition taking place in the market and identify what is expected of him to emerge more competitive (Cheng, 2013).

Identification of where the power of the business lies helps an entrepreneur in improving his situations of weakness, and all wrong steps that could have led the business in the undesired direction are avoided accordingly. When an entrepreneur wants to know if a business is profitable as he perceived, the use of Porter five forces can be of great use in gauging whether products and services produced are of better quality. The balance of power can be well understood from the use of Porter five forces by an upcoming entrepreneur (Dobbs, 2014). This paper explains how an entrepreneur can use the porter five forces and the disadvantages of using them as well.

Figure 1: A Graphical Representation of Porters Five Forces. Source: (Dobbs, 2014)

The bargaining power of the suppliers

Whenever and entrepreneur uses Porter five forces, he gets to understand better about the five forces that make a business more competitive as expected. An entrepreneur has to access how easy it is for business suppliers to drive up prices. One of the most important aspects of the luxury goods industry is suppliers. They are the business entities that take part in the manufacture of different products sold by various industries; hence, the entrepreneur should consider them accordingly (Dobbs, 2012).

For these products to be valued, it is important that they maintain a very high build quality, remain aesthetically appealing and most importantly have an element of uniqueness. An entrepreneur ought to ensure that suppliers have the ability to produce goods that meet such specifications and at the same time do them at a cost low enough to leave room for profit. Whenever suppliers are few, they will have the courage that they are in high demand, and they will tend to increase their bargaining power (Grigore, 2014). However, when suppliers are many the entrepreneur will be sure that their bargaining power is very low in the market.

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The Threat of Substitute Products

An entrepreneur has to know that substitute products accessible to the market are those which customers can use in place of what a particular brand has to offer. The middle and the high-income population of the market seeks out goods that help to portray their status and wealth. As such the demand for products like high-end electronics, designer perfumes and also designer clothes is only bound to remain (Kirchner, 2012). An entrepreneur ought to know that a company producing products that are found in other companies will reduce the threat of substitutes and make more sales.

Demand for accessing items will, therefore, remain sustained for a long time as the middle income to high-income segments of the population will maintain the need to display their affluence through these products. The majority of customers are youths who are concerned with luxury goods; hence, an entrepreneur ought to focus more on internet marketing to attract the youths who are active on social networking sites.

An entrepreneur should use the porter five forces to develop an attractive, and an appealing website that can help the youths to sell their product by taking advantage of the internet selling platforms (Sutherland, 2014). The use of porter five forces will make the entrepreneur ensure that the given company continues developing unique brands that are appealing to the youths and sell them in small quantities that are affordable to the youths.

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The Customers’ Bargaining Power

The entrepreneurs should make use of the Porter five forces analysis to ensure that the customer bargain power is reduced.  An activity like this will mostly take place where major companies employ the mergers and acquisition program. They will end up merging with smaller companies and make them more powerful than before. After merging and acquisitions of various companies has taken, place customers bargaining power will be reduced and the formed company will now have the power to determine prices of different goods in the market (Wilson, 2015).

The company will now determine the market price whereby; the customers will have no say rather than purchasing goods and services at the given price. The competition will be reduced to such a level as the competitors will have now emerged; hence, work towards achieving the same goal of success. Any entrepreneur should not let the customers determine the prices in the market, but he ought to struggle to be the determinant through reducing the competition taking place.  When the bargaining power of the customers is very high, then it will imply that the industry is less attractive, and this should not be the case.

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The Competitive Rivalry within the industry

The fact that there is a group of about 10 to 15 companies that have established themselves in the accessible market is a clear indication that this industry is subject to a very high intensity of the competitive rivalry between the players. An entrepreneur must ensure that his company is involved in the supply of certain products is keen to put its best foot forward to reduce the competition from its rivalry. Different companies, however, have different strengths in different aspects of the accessible market.

A well enticing entrepreneur will have a lot of success in the American market; since, it is spreading its tentacles to Asian markets such as Japan and China whose middle-high income populations are increasing fast. An entrepreneur ought to ensure that his company has the considerable market to emerge best in the supply of goods and services that are in high demand in the market (Alrawashdeh, 2013). An entrepreneur must take note of the upcoming opportunities through the use of Porter five forces in the market to reduce the competition rivalry that is highly evident.

Production of quality products helps a company to have lower competition rivalry. People will tend to love products that are durable and of high quality; hence, such an organisation will emerge successful in with fewer competitors. If a company makes many products and services that cater to the needs of its consumers at any given time, it will be more competitive due to its reliability.

The cost of products also determines if a company will be more competitive in its production whereby; if its prices are too high such that people are struggling to afford them, the customer will be very few (Fitzpatrick, Anh-Nguyen & Cayan, 2015). The entrepreneur ought to consider some potential factors that will make the industry more competitive like; having a powerful competitive strategy and a high degree of transparency.

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The Threat of New Entrants

An entrepreneur ought to make use of the porter five forces to ensure that the company invests in millions of dollars on various aspects of the operation that will be more productive in the very end. At the same time, the company needs to develop brand recognition in the market  for better recognition (Prasad, 2010). While the former is difficult to achieve, the latter is even more complicated given its abstract and intangible nature of the task to block new entrants in the industry.

Middle to high-income earners will be attracted by brands that are perceived to be more famous and attain better quality. The only way that a new entrant can achieve fame and market access of established names is by having a virtually unlimited financial budget. An entrepreneur ought to use porter five forces analysis to motivate smaller players are increasingly finding it possible to circumvent these barriers and instead employ web-based platforms such as Facebook and Amazon sell their products (Rajasekar & Raee, 2013).

The presence of established companies controlling the larger market shares the possibility of others entering the market is very minimal; since, the established firms will fight back to protect their market share. An entrepreneur should struggle to ensure that the industry has a higher threat to the entrant to reduce the completion and many people from entering the industry anyhow.

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The limitations of using the Porter five forces

Porter five forces were established in a more different environment as compared to the one that the industries are operating in today. In the current world, the pace of change is more rapid, and this fact affects the use of the porter five forces. The porter five forces is a model that provides the entrepreneur with only a snapshot of what is expected yet, there is still more that he does not know.

The use of porter five forces makes it more difficult for an entrepreneur to define the industry that he is handling and make the better specialization of the outcome results. An entrepreneur should know that all the non-market forces that are taking place are not considered in the use of porter five forces. Porter five forces in most case are not well applicable in for the analysis of simple market structure rather they only cater for big markets alone.

It is prudent for an entrepreneur to know that porter five forces majors its argument on competition matter, and this shows that it is narrow not much wide as required (McCann, 2011).  An entrepreneur might find it hard in analysing simple markets using the porter five forces as it does not cater for smaller markets. Technology is changing too fast to extend that shopping and marketing are done online; hence, an entrepreneur must perfect this to accommodate everyone with his or her needs and capture the market.

An entrepreneur should be aware that the use of porter five forces in the current world has contributed to only very few market structures remaining static as they were before. The use of porter five forces has made an entrepreneur learn that there are needs required in changing radically to suit the market position of any given company. The use of porter five forces has led to technology, reducing the length of a time of any given product to reach the market. Most of the products get to the market before the maturity time is near to cater for the needs of the fastest growing population.

Technology that is used in different industries makes these products get to the market immaturely, thus the increased cases of disease like cancer among others. An entrepreneur should be aware that the use of porter five forces is contributing to technology that affects the production of goods in industries (McMillan, 2010). An entrepreneur must know that use of porter five forces has increased the burden of information as the response of the organization is done for more than just the market forces.

There is a high need for all organizations to respond to the country’s legislation, corporate ethics and all the required social responsibilities to cater for the needs of all in the society.  The use of porter five forces makes it more difficult to incorporate all the required implication of strategic alliances like sharing of skills as well as responding to given opportunities.

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An entrepreneur should be aware that the use of porter five forces has reduced the rate of change in most industries leading to changes in the stability of the market structure and industry experiences. Regular updates are necessary in making sure that the knowledge obtained through the use of porter five forces is transferred to other generations, failure to which it will be eroded completely.

An entrepreneur ought to be aware of the fact that the use of porter five forces has led to difficulties of integrating complexities that are evident in the market today with the use of product groups of organization and various interrelations taking place (Ortega, Jalón, ,M.Luisa & Menéndez, 2014). Also, an entrepreneur should be aware that if his organization defines the market segment to be very slow, then some of the key elements of prosperity might be overlooked.

The legislation that exist among buyers and sellers ought to be looked accordingly in making sure that all activities are well coordinated. The use of porter five forces has changed the way transactions between sellers and buyer were transacted to extend that most of the communications and transaction are done online.

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Conclusion

 When an entrepreneur wants to know if a business is profitable as he perceived, the use of porter five forces can be of great use in gauging whether products and services produced are of better quality. This paper explains how an entrepreneur can use the porter five forces and the disadvantages of using them as well. Demand for accessing items will, therefore, remain sustained for a long time as the middle income to high-income segments of the population will maintain the need to display their affluence through these products. The merged companies will now determine the market price whereby; the customers will have no say rather than purchasing goods and services at the given price.

References

Alrawashdeh, R. 2013, “The Competitiveness of Jordan Phosphate Mines Company (JPMC) Using Porter Five Forces Analysis”, International Journal of Economics and Finance, vol. 5, no. 1, pp. 191-200.

Cheng, D.S.Y. 2013, “Analyze the Hotel Industry in Porter Five Competitive Forces”, Journal of Global Business Management, vol. 9, no. 3, pp. 52-57.

Dobbs, M.E. 2012, “Porter’s Five Forces in Practice: Templates for Firm and Case Analysis”, Competition Forum, vol. 10, no. 1, pp. 22-33.

Dobbs, M.E. 2014, “Guidelines for applying Porter’s five forces framework: a set of industry analysis templates”, Competitiveness Review, vol. 24, no. 1, pp. 32-45.

Fitzpatrick, B.D., Anh Nguyen, Q.Q. & Cayan, Z. 2015, “An Upgrade To Competitive Corporate Analysis: Creation Of A “Personal Finance Platform” To Strengthen Porter’s Five Competitive Forces Model In Utilizing”, Journal of Business & Economics Research (Online), vol. 13, no. 1, pp. 54-n/a.

Grigore, A. 2014, “Book Publishing Business in Romania – An Analysis from the Perspective of Porter’s Five Force Model”, Revista de Management Comparat International, vol. 15, no. 1, pp. 31-47.

Kirchner, M. 2012, “Porter’s Five Forces in the Finishing Industry”, Products Finishing, vol. 76, no. 12, pp. 52-53.

McCann, J. 2011, “China’s Textile and Apparel Industry and the Global Market: Five Competitive Forces”, S.A.M.Advanced Management Journal, vol. 76, no. 1, pp. 33-42,54,2.

McMillan, C. 2010, “Five competitive forces of effective leadership and innovation”, The Journal of business strategy, vol. 31, no. 1, pp. 11-22.

Ortega, A.G., Jalón, ,M.Luisa Delgado & Menéndez, J.Á.R. 2014, “A strategic analysis of collective urban transport in Spain using the Five Forces Model/Un análisis estratégico de transporte urbano colectivo en España usando el modelo de las Cinco Fuerzas”, Investigaciones Europeas de Direccion y Economia de la Empresa, vol. 20, no. 1, pp. 5-15

Prasad, A. 2010, “Strategy as “Inferior” Choice: A Re-interpretation of Porter’s “What is Strategy?””, Journal of Management Research, vol. 10, no. 1, pp. 15-24.

Rajasekar, J. & Raee, M.A. 2013, “An analysis of the telecommunication industry in the Sultanate of Oman using Michael Porter’s competitive strategy model”, Competitiveness Review, vol. 23, no. 3, pp. 234-259.

Sutherland, E. 2014, “Lobbying and litigation in telecommunications markets – reapplying Porter’s five forces”, Info : the Journal of Policy, Regulation and Strategy for Telecommunications, Information and Media, vol. 16, no. 5, pp. 1.

Wilson, R.C. 2015, “Mayhem: A Hands-on Case Playing Activity for Teaching Porter’s Five Forces to Undergraduate Business Students”, Small Business Institute Journal, vol. 11, no. 2, pp. 48-59

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Performance Management System Coursework

Performance Management System
Performance Management System

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Performance management system

A key aspect of performance management entails managing staff members and managers, given that their performance would have a significant effect on the company’s performance altogether. In this posting, the student is exactly right by pointing out that employee rewards for performance should actually be linked directly to goal setting, employee development, competency measures as well as team performance and helps workers to feel empowered.

The student states that rewards could be delivered in different ways, which is very true. A reward system basically comprises all the psychological, non-financial, and financial payments that a company offers to its staff members in exchange for the work they carry out (Aguinis, 2012). Not every employee is motivated by money and therefore it is important to also have non-monetary reward methods such as flexible working patterns.

Performance management system

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Linking performance to distribution of incentives, bonuses and salary contributes effectively to talent management and helps to motivate people. Researchers have reported that when executed well, pay for performance could actually motivate employees to do their work tasks well (Chiang & Birtch, 2012). In addition, the student is also correct by stating that an organization should set attainable goals for its employees and give support and encouragement to the employees to achieve the goal and then reward them after they have achieved the goals as this would demonstrate commitment from both sides.

On the whole, the main objectives of having a reward scheme are as follows: to conform to legal regulations; to motivate staff members; and to be ethical. Other objectives are to support the corporate goals by aligning the goals of the company with the goals of the staff members; to align the risk preferences of employees and managers with the risk preferences of the organization; and to ensure that the company can recruit and retain an adequate number of staffs with the appropriate skills (Mujtaba & Shauaib, 2010).   

References

Aguinis, H. (2012) Performance management, 3rd ed. Upper Saddle River, NJ: Pearson Prentice Hall. Chapter 10, ‘Reward systems and legal issues’

Chiang, F, & Birtch, T. (2012). ‘The Performance Implications of Financial and Non-Financial Rewards: An Asian Nordic Comparison’, Journal Of Management Studies, 49, 3, pp. 538-570, Business Source Complete, EBSCOhost, viewed 8 December 2015.

Mujtaba, B. G. & Shauaib, S. (2010). An equitable total rewards approach to pay for performance management. Journal of Management Policy and Practice, 11 (4), pp.111-121.

Performance management system

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Strategy For Couple Counseling Through Church Ministry

Couple Counseling
Couple Counseling

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Strategy For Couple Counseling Through Church Ministry

Not a single marriage unit is devoid of conflict. This is because every couple comprise of two clearly different people, with different backgrounds, experiences, personalities and emotional dispositions. In spite of the compatibility between a husband and wife, these two distinct individuals will always have fairly different viewpoints which will create tension and even conflict in the marriage union (Solomon, 2008). Some of the core sources of conflict in marriage include careers, in-laws, money, sex, children and a host of other marital related issues.

When marital conflicts are left unsettled they could cripple a relationship and even lead to divorce or separation. Many couples do not have acumen for proper communication, hence they are not able to articulate their problems and this could be a major setback when it comes to conflict resolution in a marriage unit (Egan, 2006).

The major difference between couples living in marital bliss and the loveless couple is not found in whether they have conflict or not, it’s found in whether they care for each other and they are able to articulate and resolve their problems. The objective of this paper is to uncover the root of the problems between the partners in this conflicted couple for the purposes of providing a ministry plan for resolving their problems.

Couple Counseling

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Case Study: Strengths And Weaknesses Of The Couple

Strengths Of The Couple:

According to the information educed from the facilitator’s report concerning Walter and Pam, key elements concerning this couple come out prominently. Foremost, the couple has a potential to live and work out their issues together because they have a lot in common, some of the strengths they share create a backdrop for a strong affectionate love relationship.

Notably, every marriage has got its pressures, the question is not how to avoid tensions in a relationship but how to broach them when they come (Clinebell, 2008).The reason why tensions should not be allowed to escalate particularly in this couple is because they could lead to isolation and later abandonment, thus Walter and Pam must be taught how to act when conflict occurs.  

Walter and Pam have demonstrated the ability to manage their finances; in this area they have demonstrated adeptness because they scored above average. The couple is able to plan and budget their money together, this is a plus for the couple because they are able to avoid unnecessary tensions arising from impulse buying and unmet family needs. Planning together enables them to have common financial goals thus they are able to invest wisely and plan for the future (Ron, 2012).

Planning together also eliminates suspicion which could arise when each partner is managing their own funds. The word of God states that God commands blessing where there is unity. It therefore goes without saying that as the couple plan their finances together and execute their plans in unison God is going to bless them and expand their territories in the area of finances.

Couple Counseling

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Remaining in accord in a marriage scenario has been difficult since Adam and Eve, this is because two distinct individuals with their own goals must enmesh and hope to experience oneness as God intended. Unfortunately, human beings are selfish and each craves his own independence. The prophet Isaiah portrayed the human egocentric problem many years ago: “All of us like sheep have gone astray; each of us has turned to his own way” (Isaiah 53:6). Every human being is selfish and intuitively looks out for number one, this directly leads to conflict.

It’s imperative to find out the areas where couples have similarity in order to build a ground for unity and harmonious marriage relationship. For example, Walter and Pam watch their health closely, they are both active and adhere to the rules of good nutrition. This is a positive attribute as it will enable the family to work out on their lifestyles to make sure that they age gracefully, this also minimizes their doctor visits and ensures that they will raise healthy children.

Pam and Walter have a knack for solving problems amongst other parties and even their own children, this strength enables them to create an amiable home environment where their children can feel secure since all their emotional needs are met. Moreover, the couple is able to create time to spend with their children and understand their social and emotional needs. By taking care of their children they provide a safe space for growth to make sure that their children are not trailed by psychological and mental disorders later in life.

When children are in good health, couples are able to forge ahead and achieve their goals in life. This marriage offers Walter and Pam a tremendous opportunity to overcome selfishness, as they give out their time and support for others and their children they are able to move attention from the self thus becoming a better couple. The answer for ending selfishness in a marriage is elaborated in the teachings of Jesus who taught us that instead of wanting to be first, we must be willing to be last; instead of being served we should serve. Jesus would wish for each person to love their spouse in the same measure as they love themselves. God’s plan for couples is to give up, give in and give all in order to honor His name.  

Couple Counseling

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In this couple there is another attribute of the man (Walter) which serves as a bridge for solving many unresolved issues in the marriage. Walter has the ability to forgive easily and let go when hurt by his spouse or others. Human beings will try to love and protect each other no matter how hard they try, at one point they will fail and failure will hurt the other party (Navidian & Bahari, 2014). The definitive relief for hurt is the calming salve of forgiveness (Steele & Plenty, 2015).

This couple therefore has the key for maintaining an open and intimate love relationship since Walter is able to ask and grant forgiveness quickly. As Pam works out her relationship with God, she will also find the grace to forgive others easily. Jesus taught his disciples that said, “For if you forgive men for their transgressions, your heavenly Father will also forgive you. But if you do not forgive men, then your Father will not forgive your transgressions” (Matthew 6:14–15). This instruction clearly teaches all the God fearing couples to be forgivers.  

The forgiveness of God entails giving up resentment and the human desire to punish willingly (Kennedy, 2008). It’s an act of sacrifice freely letting the offending party off the hook. As a follower of Christ, an individual should not do this under coercion, screaming or objection rather one should do it with a gentle spirit and love Paul argued the church of Ephesus to be kind to one another tenderhearted, forgiving each other, just as God in Christ had forgiven them (Ephesians 4:32).

As Walter demonstrates his ability to willing forgive and let go of an offence, Pam will be able to comprehend its significance and gradually learn to forgive easily as its an healing balm to every heartache.

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Couple Counseling

The couple is also blessed because they adhere to Christian teaching and therefore have there spiritual beliefs etched in supreme God. This is an area of unity, it mean that the couple can fellowship and even present their problems to God in one accord through prayers. By following into the teachings of the word of God they can grow together and learn how to love, please and respect one another. Paul admonished the Philippians;

Therefore if there is any encouragement in Christ, if there is any consolation of love, if there is any fellowship of the Spirit, if any affection and compassion, make my joy complete by being of the same mind, maintaining the same love, united in spirit, intent on one purpose. Do nothing from selfishness or empty conceit, but with humility of mind regard one another as more important than yourselves; do not merely look out for your own personal interests, but also for the interests of others. Philippians 2:1-4.

Followers of Christ must conquer selfishness so that they do not give the devil a foothold in their marriage. Being a God fearing couple, Walter and Pam will be taught by the Lord how to be selfless considering others better themselves. In this kind of scenario there will be no room for name calling, violence or criticism. Once humility takes root in a marriage, there is room for forgiveness understanding and operating in harmony. The couple in this case study has a major strength in that they are able to handle transitions.

Transition is likely to bring strain and stress the family as a whole. Owing to their resilience, this couple is able to avoid anger disrespect and demands during any transitions in their family (Mack, 2010). In order to enhance more growth in this area, the couple should be taught how to find solutions to their problems without hurting each other’s feelings. The interest of every spouse should be given a consideration so that any arising conflict can be resolved amicably.  

Couple Counseling

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Weaknesses Of The Couple:

The major root of conflict in a marriage is owing to the fact that opposites attract, so people tend to married by people with varied personalities who bring, strength spice and difference in their lives(Milne,2006) ). For example, the extroverted people are attracted by the introverts; the docile people also tend to go for the hyper active types. It’s a strange phenomenon but mainly that is how people get paired in marriages and the difference in their personalities inevitably brings about conflict because of varied reasoning and perceptions.

After being married for awhile due to the varied temperaments, the attractions amongst couples may become repellents. This could lead to mean remarks, unnecessary arguments and misunderstanding when handling finances (Egan, 2006). Often, couples find their disparities so wide that they don’t understand why God put them together. You may find that your backgrounds and your personalities are so different that you wonder how and why God placed you together in the first place.

The key to resolving any tensions in a marriage is foremost understanding and accepting the differences amongst the couple in order to resolve them (Backus, 2005). Just like Adam accepted Eve, God’s gift, each one is to accept their spouse. God in his wisdom and mercy gives every individual a spouse who completes them in a very special way.  In the given case of Walter and Pam, Walter is more reserved and does not know how to handle friends and family; Pam on the other hand is more amiable and opens up their home for the relatives and friends.

Although she means well, this exuberant character does not go well with Walter and he often feels like strangers are enclosing on their space. In order to work out on this weakness, Pam must be considerate and minimize the innumerable visits from others, as she orients Walter to her world she could try and visit her friends rather than her friends visiting her frequently. Slowly, as Walter learns and accepts her perception and attachment to friends he will be able to create a room for her to entertain friends and visitors.

Couple Counseling

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This couple also experiences another problem in the area of sexual satisfaction. This is a problem commonly found amongst young couples especially when the children are young.  Often women place a lot of time, energy and attachment to the children to the point that they neglect their own husbands (Steele& Plenty, 2015). Often, men suffer silently and this could have an emotional toll on the couple. Romantic love cannot blossom unless the emotional needs of every partner are met.

The facilitator should help Pam and Walter to make a commitment to create and maintain romantic love, identify habits that destroy romance in their relationship and overcome those habits and finally identify the most important emotional needs of every partner (Milne, 2006). Once emotional needs of every partner are met, romance blossoms and this creates way for sexual satisfaction. The frequency and quality of sexual relationship that the couple will have will depend on the level of their emotional satisfaction,

Walter should set aside quality time to talk and enjoy the company of his wife. He must often help her with household chores to create time for their intimacy and he should be gentle, caring and understanding. Women crave more affection; they value gifts and like to spend time with their men talking (American Psychological Association, 2012). Walter should create room for all these to create ease and affection in their marriage. On the other hand Pam should respect and support her husband, give him space and make sure that she has reserved time for just the two of them.

Couple Counseling

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Romance in a love relationship must b cultivated and nurtured to make sure that it does not die away. Each partner in the relationship must identify and communicate their emotional needs, when making love women like to be touched and adored. Men also like watching the physique of their women during love making; it’s therefore the duty of Pam to stay attractive and sexy for her husband. Sexual satisfaction is not automatic it comes as a result of hard work, the couple must plan and deliberately take the necessary measures to make sure that they give each other maximum satisfaction. Consulting, a marriage counselor could help the couple voice out their needs and how they would like those needs to be met.

In the area of leisure activities, Walter is a bit closed up. Often, they don’t to find a common ground on what is best for their leisure activities. Pam is a very extroverted individual who values fun and pleasure so she does not have a problem with the family leisure activities. Often, because Walter is not very talkative Pam does not understand some of his attributes, she does not like how he spent his leisure and some of the habits that he shows.

This area brings in friction because the couple has not agreed on what is suitable for the family in general and how each individual can spent his/her leisure time. In order to resolve the conflict in this area, each partner is supposed to set aside his/anger or bitterness and keep the relationship current. The couple must resolve to remain in solid fellowship with each other and the children no matter their differences this will ensure that they are not isolated because of their differences. 

           Lack of proper communication has been a great impediment to this couple; this challenge hinders the couple from resolving their day to day conflicts. The quality of the family communication is low and hinders ease in flow of information which could escalate into misunderstanding.  This couple can be terrific even in the face of the various conflicts and stresses, the goal of goal of re-establishing and sustaining love in marriage is important than conflict resolution. When a couple is bonded through love and understanding conflict resolution becomes a lot easy, when there is love proper procedures for resolving conflict are instituted minimizing chances of misunderstanding. 

Couple Counseling

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Notably, Pam has weaknesses when it comes to managing her personal stress, when she encounters a stressful situation she doesn’t have the ability to internalize her stress she allows it to trickle to others even affecting the children. The best way to handle personal stress is foremost, identifying the cause of stress and then working out to eliminate all the factors leading to stress.

Moreover, it’s very prudish to talk to someone about the stressful situation as this helps a person to organize her thoughts. Therefore, Pam should come up with a strategy on the proper procedure to follow any time she is going through a stressful situation to avoid impacting the family members negatively

Strategy For Counseling And Supporting The Couple Through Church Ministry.

In order to counsel the couple in this case study effectively the ministry will devise an effective plan of action to help meet the objective of stabilizing this couple together and ensure that they attain social and emotional stability. This couple comprise of two individuals, each has got his own experiences, background and personality. Owing to some unacceptable habits and interesting idiosyncrasies they may not fit together easily. Each partner has got his expectations to be met plus trials and tribulations in life which the couple must overcome; all these factors inevitably breed a ground for conflict.

Step (i) The Couple Must Know And Accept Their Differences

Pam and Walter were brought up in different environments and they were taught varied habits, values and traditions. Pam is an extrovert while Walter is an introvert, while Pam likes to party with friends and relatives Walter would rather have his space. All these are differences between the couple that must be understood and accepted. The couple must work out to find an area of compromise to avoid straining each other.  

From the personality profile its apparent that Walter scores below average on most of the traits, for instance in regard to social change and emotional stability he scores below average. Pam on the other hand records higher scores above average (Risse, 2012). These results imply that both parties are different with varied personalities, its imperative for the two partners to know their differences in order to minimize areas of friction in their relationship (Collins, 2007). They must be encouraged to have a free communication through which they will be able to share their emotions and perceptions and reduce unnecessary conflict.

Couple Counseling

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Step (ii) Defeating Selfishness

All the differences between this couple are magnified because they feed the selfish and sinful nature of human beings. As good Christians the couple should be taught how to put the interest of the others first. The couple must be taught how to give up their own will for the will of the other. By giving up their will to Christ and continuously seeking to please the Lord, the couple will be able to resolve their conflicts and live amicably.

Romans 12:18 states “If it is possible, as much as it depends on you, live peaceably with all men.” According to this scripture, in order to live peacefully, the couple must pursue peace, this means taking the initiative to resolve a difficult conflict instead of waiting for the other offending party to take the first step.

Step (iii) Loving Confrontation

  • The couple will be taught the art of confronting each other with grace and tactfulness a skill which requires patience, wisdom and a lot of humility. Here are some of the tips on how this confrontation can be done.
  • The words used during the confrontation should not hurt they should bring healing and wholeness to the relationship to avoid isolating the confronted partner.
  • The attitude should be right, the message conveyed should be clear, I love you and respects you and I want you to respect me too.
  • This confrontation should be done at the right time in the right place to avoid disrespect and misundersnidng.
  • When communicating its imperative to listen to each other and ask questions for any clarifications.
  • During confrontation just voice one issue at a time, this is not time for raising many complains its time to express an area of concern.
  • Focus on the problem, but not the person, avoid name calling and belittling each other.

Step (iv) Forgiving Each Other

Often, couples will fail and this will lead to conflict, when one partner wrongs the other he should be brave enough to ask for forgiveness quickly. The couple should not let their differences escalate into a misundersnding. As sooner as a couple apologizes, the strains and tensions are minimized or finished.

Couple Counseling

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Step (v) Returning a Blessing for an Insult

1Peter 3:8-9 says, “To sum up, all of you be harmonious, sympathetic, brotherly, kindhearted, and humble in spirit; not returning evil for evil or insult for insult, but giving a blessing instead; for you were called for the very purpose that you might inherit a blessing.” Many couples have become experts in pointing out what is not right always. Some castigate their partners on their looks, their friends, their cooking style and many more. This way they don’t have a better way to relate to each other.

Returning a blessing for an insult means stepping aside and refusing to retaliate even when your partner wrongs you. This is possible through God’s help and the humility taught by the Holy Spirit. This also means doing well like speaking kind and gentle words; keep your tongue from evil and avoiding deceitful words. A pat on the shoulder and a gentle hug and all these little deeds of affection come along way to minimize tension and bring peace for the married couple. God’s purpose in all the marriage conflicts is to test the faith of His children. Once the faith is tested it produces endurance and glory to God.  

References

American Psychological Association. (2012). Publication Manual of the American Psychological  Association. 6th ed. Washington, DC: American Psychological Association.

Backus, W. (2005). Telling the Truth to Troubled People. Minneapolis, MN: Bethany House.Baker, S.(2011) School Counselor’s Handbook: a Guide for Professional Growth and Development. Boston, MA: Allyn and Bacon.

Benner, D, (2007).  Christian Counseling and Psychotherapy. Baker Book House.

Clinebell, H. (2008) Basic Types of Pastoral Care & Counseling: Resources for the Ministry of Healing and Growth. Nashville: Abingdon Press.

Collins, G(2007). Christian Counseling: a Comprehensive Guide. Waco, TX: Word Books.

Egan, G. (2006)  The Skilled Helper: a Systematic Approach to Effective Helping. 3rd ed. Pacific Grove, CA: Brooks/Cole Publishing.

Ivey A.E., (2003).Intentional Interviewing and Counseling. Fifth Edition. Thompson, Brook.

Kennedy, E. (2008) On Becoming a Counselor: a Basic Guide for Non-professional Counselors. New York: Seabury Press.

Mack, W.(2010) A.  A Homework Manual for Biblical Living. Phillipsburg, NJ: Presbyterian and Reformed Publishing.

Milne B. (2006) Know the Truth. Second Edition. Inter-Varsity Press.

Navidian, A., & Bahari, F. (2014). The impact of mixed, hope and forgiveness-focused marital     counselling on interpersonal cognitive distortions of couples filing for divorce. Journal of Psychiatric & Mental Health Nursing,21(7), 658-666. doi:10.1111/jpm.12058

Risse, J. (2012). Facilitator report. Life Innovations. Inc. Retrieved from:https://drive.google.com/file/d/0B6VIRa5GRvEca3BFS3RfbnMxMGs/view

Ron, D. (2012). Dating and the Single Parent: are you ready to Date? Talking with your Kids, Avoiding a Big Mistake, Finding Lasting Love. Bloomington, MN: Bethany House Publishers.

Ronald, E. (1991). Strengthening Marital Intimacy. Kearney, NE: Baker Book House Company.

Steele, G. A., & Plenty, D. (2015). Supervisor–Subordinate Communication Competence and  Job and Communication Satisfaction. Journal of Business Communication, 52(3), 294

The King James Bible

Ron, Deal L. (2012). Dating and the Single Parent: are you ready to Date? Talking with your Kids, Avoiding a Big Mistake, Finding Lasting Love. Bloomington, MN: Bethany House Publishers.

Ronald, H. E., (1991). Strengthening Marital Intimacy. Kearney, NE: Baker Book House Company.

Solomon, C. (2008) Handbook to Happiness: a Guide to Victorious Living  and Effective Counseling. Wheaton, IL: Tyndale House Publishers.

Couple Counseling

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Project Plan Assignment Paper

Project Plan
Project Plan

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Project Plan

Project Summary

Project name: Reviving the nuclear power plants in Sumatra

Project start date: 08th April 2016

Project end date: 20th August 2016

Project goal: The goal of this project therefore aims at reviving and averting the dangers that the people in this region may face as a result of the destruction made on the Nuclear Power Plant and the risks that are also associated with the environment within this region.

Project location: Sumatra

Project need: Resolving the problems that may occur as a result of the damages that were experienced in the Sumatra Power Plant.

Project description: Considering the effects of the earthquake that left the city of Sumatra in loses, this project aims at developing the power plant that was damaged in this region.

Project budget: The estimated budget of this project is $800,000.

Success criteria: The project will be a success in the event that the funding’s required is gained and the factors that would cause a threat to the people living in this area and the environment itself are mitigated. Also essential is to get the power plant back to full operation.

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Project sponsor:                                        Tony Guwarty

Project manager:                                       Johnson Devuti

Project team:                                             Collins Scot– Financial Officer

                                                                  Henry Trump–Plants Supervisor

                                                                  Dorothy Fins– Risk Analyst

Introduction

Recently, a 9.1 magnitude earthquake hit the coast of Sumatra that was estimated to have occurred at a depth of 30km. According to sources, the fault zone is attributed as the main cause of the tsunami at roughly 1300km long, a factor that displaced the sea floor by meters. It is through this incidence that the nuclear power plants in Sumatra were damaged (Noue, Wijeyewickrema, Matsumoto, Miura, Gunaratna, Madurapperuma, & Sekiguchi, pp. 395-411.2007). It is reported that an estimated US $ 15 billion of property was damaged and close to 230,000 people reported dead

This project management plan therefore aims at resolving and averting the dangers that the people in this region may face as a result of the destruction made on the Nuclear Power Plant and the risks that are also associated with the environment within this region (Lapoint, & Haggard, pp. 73-85.2014). The plan therefore aims at restoring the power plant back into full functionality and establishing safe approaches that would mitigate such happenings within this area in the future.

Project Objectives

The objectives of this project remain in meeting the needs of the population who have over the past experienced disasters. The project also aims at adhering to the required standards in developing and reviving the Nuclear Power Plant including the time scales.

Project Scope

It is in this case essential to determine that the focus of this project management plan is in resolving the problems that may occur as a result of the damages that were experienced in the Sumatra Power Plant (Jovanović, Čolić, Dordević, & Mitić, pp. 69. 2012). The plan therefore aims at preventing damages that may be incurred in the future. The central objective lies in making the power plant fully functional including the development of safety approaches that prevent the reoccurrence of a similar incidence.

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Assumptions and Constraints

The primary assumptions of this project management plan lied in the projects funding that is assumed should come from the governments funding and international support that would be enough to fully complete the objective of this project (Zwikael, & Ahn, pp. 25-37.2011). Other minor assumptions include the availability of skilled manpower to complete the project process; another magnitude earthquake will soon follow and if the results turn out worse, the power plant owners would choose to close this plant and bury its operations.

The constraints of this project entail that escalation of the atomic reactor that would cause more damages to an uncontrolled proportion, the strong aftershocks, and the lack of skilled manpower to risk their lives in achieving the goals of this project (Klastorin, & Mitchell, pp. 68-80.2013).

Project Organization

A project manager will be selected to ensure that the sub-projects are managed with reports made to the corporate board of Sumatra Electric Power Company. The sub-projects with the project manager will therefore include:

  1. Ensuring that public relations with the governments and other agencies are conducted since this remains the crucial planning and execution approach.
  2. The handling of logistic and supply chain
  3. On-site mitigation
  4. The handling of the projects finances.

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Technical Processes

This project will therefore make use of an open method to try and develop the appropriate mitigation processes that may be essential after the process of evaluation that will be done by specialized teams of engineers and scientists (Allen, McLees, Richardson, & Waterford, pp. 1-15.2015). The fall-back approach will therefore make use of the experiences of other power plants to ensure that precautions are taken in a case where such disasters occur again.

The plan will ensure that a safety board is put in place that consists of international representatives from scientific agencies and from the government, who will design and develop appropriate mechanisms that would ensure this plan is fully functional in the prevention of human life and the environment.

Project Definition and Planning

Stakeholders Needs

To achieve the goals of this project, the plan will therefore ensure that the needs of the stakeholders are addressed in the manner below:

  1. Board of Directors-Will ensure that adequate support is provided in the development of this plant by also ensuring that the environment and the lives of the people are protected including the restructuring of a new approach in the reviving of the Nuclear Power Plant in Sumatra.
  2. Board of Directors –The board will ensure that proper modalities are developed with the aim of ensuring that this Nuclear Power Plant runs and supports the people within the vicinity.
  3. Sumatra Council-This council will ensure that developments are made within this power plant and the required supporting infrastructures are also developed for the people within this region. The board will equally ensure that the facility is safe from the destruction of human life even when earthquakes come and is also innovatively structured to meet the needs of the population.

Success Criteria

The success criteria for this project remains in meeting the criteria’s that have been developed that would see the success of the process of the project (Schmidt, 2009). Other success factors of the project include:

  1. Meeting the full standards of the project
  2. Completing the project within the stated time frame
  3. Receiving positive feedback from the community within this vicinity.

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Project Execution

Project Methodology

The project will be executed through the use of different approaches, with the Gantt chart planning tool utilized to control and report on the project (Lapoint, & Haggard, pp. 73-85.2014). The project will therefore be divided in 4 phases with each phase ending with the acceptance of the community. The projects director will therefore conduct an inspection of each of the projects phases within the first week upon receipt of the contract and a notification on this put in writing.

The Board of Directors will therefore have the mandate to inform the contractor about their joint decision in either accepting or rejecting the phases completed and also submit details on the areas that need to be improved within a period of not more than two days (Clements, pp. 345.2012). It is also essential to determine that the delays that will be experienced in completing the four phases of the project will be attributed to the contractor’s inefficiency to meet their targets and obligations within the projects time frame, a factor that would call for penalties.

  1. It is essential to note that in any case disputes arise within the project period; the Board will set up a panel of committee to review such disputes with the parties paying the costs.
  2. The community and the workers who will be working on this site will be provided with a health and safety training to ensure that they are secure in the plant.

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Project Governance

Project Structure

The project will be analyzed and structured as described in the Appendix1 with the project governance approach also implemented as detailed.

Risks and Risk Mitigation

During the process of the project, it is believed that there would be some risks associated during the process, a factor that requires the application of a risk mitigation process ad detailed in the Appendix 3.

Project Deliverables

  1. The projects deliverables will be determined as defined in the Appendix 4 that shows the work breakdown structure.
  2. It is anticipated that the project will commence on the 08th April 2016 and will be completed on the 20th August 2016 at a budget of $800,000.
  3. The contractor will therefore provide a warranty period of 5 years for the renovation.
  4. After the project period, the contractor will be expected to offer a 5 year agreement in monitoring the project after completion.

Commissioning Of the Project and its Conclusion

It is essential to determine that the Boards acceptance of the phases of the project may not be finally actualized considering the fact that this facility will also be utilized by the community, a factor that points of to the need of the communities approval of these phases.

The contractors will only down their tools when the Nuclear Power Plant is in a position to stand the calamities that may come in the near future with this tested on its ability to withstand force.

In this case, the Board will convene a meeting with the other bodies to make final conclusions on the tested facility and approve the project to validate the payment of the contractor.

The Client is the sole determining party of the outcome of the testing stage, notwithstanding the fact that the members of the commissioning team will include representatives of the contractor.

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Recommendations

In order to properly ensure that the project fully utilizes its functions and achieves success, it is essential that certain factors are considered:

  1. It is essential to ensure that the contractors understand the need of developing the Nuclear Plant into a stable facility that can stand calamities such as earthquakes and tsunamis.
  2. The central focus of the contractors should be in developing modalities that ensure the lives of the people and the environment are protected when such incidences occur again.
  3. Considering the fact that the community has in the past used this facility as their sources of power, it is essential that their trust is won again, a factor that will strengthen business ties in the future.
  4. Contractors should also be mindful of the fact that the use of noisy machines should be planned or incorporate the use of silencers.

Reflective Statement

It is essential to determine that the current world has been frequently faced by a lot of calamities that claim the lives of very many people in the society. Earthquakes are the trembling movements that crust the surface of the earth. These movements come with vibrations that pass through the earth in the form of waves; a factor that caused several loses within in an area (Noue, Wijeyewickrema, Matsumoto, Miura, Gunaratna, Madurapperuma, & Sekiguchi, pp. 395-411.2007).

Some regions experience tsunamis that occur as a result of the violent underwater forces that travel as tidal waves. This therefore determined the reason for the choice of this topic since many countries have over time been heavily affected by these calamities that destroy property and consume the lives of a people.

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In developing this project plan, I have determined the fact that the implementation part of this project may take quite a long time in completing. However upon going through the concepts of this study, I have identified the fact that the initiation stages and the planning phases of a project may require bit of time since this is what determined the success of a project (Parker, Parsons, & Isharyanto, pp. 552-573. 2015).

Through the projects phases, I have discovered that the element of teamwork plays a significant role especially when incorporated with communication approaches. This therefore points out to the need of the planning committee to consider these elements since this enables the objectives of the project to be achieved.

On the other hand, I have also received the relevant skills requires in developing the Gantt chart and in ensuring that the time frame is appropriately calculated (Heravi, Coffey, & Trigunarsyah, pp. 985-997. 2015). This skill will enable me to effectively plan projects in the future. However, it is also essential to note that there were some challenges that I experienced in the process especially in developing some of the charts with specifity on the Gantt chart. This therefore required an application of the project management tools.

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References

Allen, M, McLees, J, Richardson, C, & Waterford, D 2015, ‘Project Planning and Best Practices‘, Journal Of Information Technology & Economic Development, 6, 1, pp. 1-15, Business Source Complete, EBSCOhost, viewed 6 December 2015.

Clements, G. 2012 Effective Project Management. 5th ed. Canada: Cengage Learning International.pp. 345

Heravi, A, Coffey, V, & Trigunarsyah, B 2015, ‘Evaluating the level of stakeholder involvement during the project planning processes of building projects‘, International Journal Of Project Management, 33, 5, pp. 985-997, Business Source Complete, EBSCOhost, viewed 6 December 2015.

Jovanović, P, Čolić, V, Dordević, V, & Mitić, A 2012, ‘Implementation of Project Management in Managing Organizational Projects’, Management (1820-0222), 64, pp. 69-76, Business Source Complete, EBSCOhost, viewed 6 December 2015

Klastorin, T, & Mitchell, G 2013, ‘Optimal project planning under the threat of a disruptive event’, IIE Transactions, 45, 1, pp. 68-80, Business Source Complete, EBSCOhost, viewed 6 December 2015.

Lapoint, P, & Haggard, C 2014, ‘Design Prototypes Inc. Project Management (B): Planning The Alpha C306 Project’, Journal Of The International Academy For Case Studies, 20, 3, pp. 73-85, Business Source Complete, EBSCOhost, viewed 6 December 2015.

Noue, S, Wijeyewickrema, A, Matsumoto, H, Miura, H, Gunaratna, P, Madurapperuma, M, & Sekiguchi, T 2007, ‘Field Survey of Tsunami Effects in Sri Lanka due to the Sumatra-Andaman Earthquake of December 26, 2004’, Pure & Applied Geophysics, 164, 2/3, pp. 395-411, Academic Search Premier, EBSCOhost, viewed 6 December 2015.

Parker, D, Parsons, N, & Isharyanto, F 2015, ‘Inclusion of strategic management theories to project management’, International Journal Of Managing Projects In Business, 8, 3, pp. 552-573, Business Source Complete, EBSCOhost, viewed 6 December 2015.

Schmidt, T 2009, Strategic Project Management Made Simple: Practical Tools for Leaders and Teams, Hoboken, N.J.: Wiley, eBook Collection (EBSCOhost), EBSCOhost, viewed 6 December 2015. Zwikael, O, & Ahn, M 2011, ‘The Effectiveness of Risk Management: An Analysis of Project Risk Planning Across Industries and Countries’, Risk Analysis: An International Journal, 31, 1, pp. 25-37, Business Source Complete, EBSCOhost, viewed 6 December 2015.

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New market entry

New market entry
New market entry

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New market entry

Next plc is a leading British manufacturer and seller of products ranging from clothing, footwear, and other home products. Within the past years, it has realized a very big increase in sales. This is as a result of its massive marketing strategies. Despite this increase in profits, Next plc has not achieved an optimum returns scale. It still needs to come up with a strategy of expansion to increase its markets internationally so as to increase its sales. The main foster behind this is the increased competition from other manufacturers in the same line of business.

However, Next’s operations have faced challenges in the recent past, and it has faced criticism over alleges of breaking consumer protection regulations resulting from customer billings even if the products were returned a week earlier. This report seeks to analyze the market potential of Next plc including its adaptation to entry into international markets. It further identifies possible markets for expansion. As a result of the impressive results, Next plc has resorted to increasing its full prices and impress net sales gain compared to other companies embracing discounting. Its online sales have increased due to the brand and thus, trusted in UK fashion brands.

Macro factors affecting retail markets

The business has less impact itself on these factors and thus, a minimal impact when trying to change them. One of a key factor here affecting Next plc is consumer behavior. These include consumer cultures, lifestyles, norms, population changes and other demographic factors. Given that the company deals in the clothing business, it needs the company to create styles that are appealing to all different cultures.

Contrary to this, the manufacturer may ignore creating a fashion that existed let’s say 100 years ago. A growing population may also demand a different fashion compared to a young population (Fall Diallo, et’ al.,2013). Another macro factor is technology. Next anticipates reaching a large target population through online sales. Unavailability of resources and low demand and production is a derailing factor (Lusch et’ al., 2015).

There could be the scarcity of an essential material such as leather while their highs demand from a certain market. A competitor, for example, Primark clothing, can introduce a product thus shifting demand for the product thus reducing sales at Next plc. It is recommended that massive online marketing is carried out targeting customers.

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Legal and political factors can also impact sales in the retail market. These factors include worker’s rights and laws preventing child labor. The union members within the clothing industry may decide to picket their employers as the case of Primark. This may also affect Next plc. This negatively impacts production and thus a decline in sales. This causes negative publicity because employees may also choose to picket suppliers and customers.

Economic factors also affect the retail market (Russo et’ al.,2012).  They both may bring out positive or negative results. An example is during the economic boom where customers have much income at their disposal hence an increase in sales. However, recessions may bring a negative effect due to the low sales. Consumers normally choose to shop on cheap products and as for Next plc, it sales fashion clothes.

Micro factors affecting retail markets

These factors affect the business operations directly. One of a key factor here is the suppliers. Suppliers play a key role in the success of the business. Their supplies are useful in the production of a final product. Thus, they should be accorded the power to be the sole supplier to prevent counter supplies. A new market may lack certain supplies thus making penetration harder.

The resellers also play a key role in the market. Identifying an effective reseller brings a challenge to the new business (Russo et’ al.,2012). These can be intermediaries in the market and resellers who if their reputation is good, and their net sales will increase due to the good public image. Next plc is planning to expand its markets and achieving this can be facilitated by the use of mock-marketing where resellers are identified, and evaluation of net sales carried out.

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The customers determine the market strategies. International customers should not be treated the same way as local customers. Their reasons for buying Next’s products play a major role in marketing the products. The general public must be satisfied by the product. Any action of the company must be analyzed on how it might affect the public. These results from the fact that the public has the power in helping the company reach its goals. A satisfied public will assist in the marketing of a product (Lusch et’ al., 2015).

Because the targeted marketing strategy is online sales through the internet, the followers of the brand will share the strategy. The competitors are an internal factor impacting the retail market too. An example of the competitors is Primark Company. They sell similar products but have many outlet stores across the world. Therefore, the impact of price and product differentiation should be taken into account so as to outplay the competitors.

Effective market potential evaluation

When evaluating an effective market, several factors need to be put into consideration. One of the approaches used is an approach is to estimate demand in the market. This is normally based on the population size. This can be achieved by predicting the market potential by either population or their purchasing power (Hu, et’ al.,2015). However, a developing economy can change rapidly over time.

The understanding of these new markets requires learning the variation in the structure of the economy and its performance in the past. There could also be changes in the business environment. This can be approached comprehensively thus needed in making a meaningful assessment of the potential of a market now and in the future (Goworek, et’ al.,2012).

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It is recommended that various markets which include China, The United States, Italy, South Africa and Switzerland be considered for expansion. However, changes in recent economic structures should not have caused a tremendous impact on their economic performance (Schneider, et’ al.,2014, January). Spectrum approach to the study of policies can be used and the market opportunities available. Also, their market potential was evaluated describing the specific geographic areas to serve in. The market share revenue of these identified markets are seemingly high and thus expected returns are higher with a leading potential market identified.

Recommended markets

The United States market

The US advantage in per capita output, apparently in the recent years, can be attributed to its large domestic market. Despite the decline in mall traffic in the US clothing sector, it sets up a good market potential for entry. The US’s disposable income and consumer sentiment are increasingly on the rise hence driving in an increased for high-end products carried by international companies. The industry’s growth expectation is to increase in the next five years facilitated by the rise in high-income households. The current players in the market give less of discounts and have not invested much in online sales thus giving Next plc a great go-through.

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Furthermore, the cost of capital that is associated with establishing clothing stores is relatively low, and the only barrier that can reduce entry is brand awareness and competition. The challenge in the US market is that existing players have already established their brand names, and thus Next plc might need to invest their money and time to sway consumers into preceding other products and buying their products as per Odell, J. S. (2014).

The US marketing is cost effective because of the improved technology and thus, minimal time is wasted in marketing the new product. Next plc has a unique blend of fashions for children, women and men. This makes it easy to make shopping within one stall. It is proposed that Next plc opens a store in two states of America. These will act as the supply center to other sub stores and online orders.

There are very few legal requirements for the entry into US market and thus making it less costly for Next plc. The US has an extremely large population that creates a very large market for these goods. The unique blend of fashion from Next plc is sure to win the US market over a short period. It is therefore proposed that the US be chosen for expansion.

China

Despite the harsh climatic conditions of the economy in European countries, the United States, and Africa, China’s economy has been growing over the past few years. By the year 2020, China is expected to be the largest economy in the world. China has a large demography, increased consumer spending and rising incomes. Also, the business environment here is open thus making it attractive for investment. It is proposed that Next plc opens a branch in the main cities of China that are economic blocks.

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With a population that exceeds 1.3 billion people, it presents a good market for cloth, footwear, and household goods. Although China is a leading foreign seller, it mainly deals with machinery products and thus should not be viewed as a hard to enter the market. China’s consumers spend most of their incomes on food and clothing (Hu, et’ al.,2015). This brings in an opportunity to present the fashion by Next plc. China’s regulations do not limit the operation of a clothing business.

It, however, has regulations on industrial and mechanical practices. With the increased Chinese technology, Next’s online sales will be easily accessible. It is proposed that after an entry into the market, a massive online advertisement is carried out. The investment in tier towns of China will facilitate this.

The Chinese government is focused on rapid economic growth, and the presence of a gap in the clothing sector presents an opportunity to Next Plc to carry out business. The huge population will present a good market. It is proposed that a trial store is opened in one of the tier cities of China. The expansion plan will start from one of these cities before expanding the business to other parts of the country.

Justified market entry strategies

When entering the proposed international markets, it is proposed that Next plc uses a variety of entry strategies. Direct entry strategies can be adopted whereby the products are sold directly to the buyers in the target markets. Achievement of this can be through the use of local sales distributors or representatives who may choose to sell the products by not taking the title to the merchandise.

Indirect strategies involve the use of intermediaries such as trading companies or trade agents. They will in turn be paid in commission. This strategy is most applicable where the agent has a clear knowledge of the market due to its complexity (Johnson, et’ al.,2013). The agents will be required to gather market information and provide any promotional advice to Next Plc. This will simplify the entry and the risks associated with exporting.

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An overseas company can also be selected to own permission of sales through licensing. This can be through patents, designs, and brand names. This helps reduce the appearance of Next’s products on the black market. Next plc can also come up with strategic alliances with an international business dealing with the same line of business. It is proposed that the strategic alliance is carried out for a short period until it is fully adapted to the new market. Also, joint ventures can play a key role.

A business with the same objectives is chosen to enhance easy expansion and make it possible to enter a complex market like the Chinese market. A wholly owned subsidiary can be opened in the proposed markets as per Majaro, S. (2013). It will be controlled directly by the mother company through foreign direct investment. A new investment store can be purchased or rented in the new country. However, the cost can be higher because of the substantial costs involved.

Export processing zones can work well in some markets. It is proposed that it will form an investment incentive while creating employment thus, transfers of skills. This provides a base for transfer of skills thus providing a line for transfer of goods in and out of a country as per De Mooij, M. (2013). These market entry strategies need to be weighted so as to come up with alternatives that will best suit Next plc. Every approach should pay attention to marketing, the risks involved and the control and management available. A matrix of the entry strategy can be drawn so as to choose the best approach

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Adaptation of Next’s marketing mixes to the new markets

In the face of the increasing importance of an international market for many businesses to survive and increase profitability, several factors such as economies of scale and competitive strike are key areas of concern. The marketing mix concept is a key area of concern in international marketing and penetration (Cavusgil, et’ al.,2014). This helps the Next plc’s products to adapt and suit the country they are carrying out their business. Having had a thorough understanding of the global markets, the promotion strategies need to be defined and analyzed if a change is needed. Next plc is adapted to the new market in its marketing mix as illustrated below.

Product support: Next plc has a good product support and helpline for assisting its customers. This helps in critical areas like product sourcing. The company’s existing products match the markets due to their new product development. Next plc has a product testing and management department where products are tested to match the international markets. The unique labeling, packaging, and production control put Next plc at a forefront.

Price support: prices from a key factor because most of the competing businesses depend on it to win customers. Next plc has well-established prices to suit all classes of customers. Discounts should be given to loyal customers in the new market. The price lists are nearly constant thus improving customer trust. The customers and agents are provided with training on the use of products thus easy penetration to a new market.

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Promotion/selling support: Next plc has invested on promotional strategies making new market entry easy. Through their sophisticated advertising machinery and sales force, the company can reach out to the targeted customers in the new market over a short period. Product promotion helps the product gain knowledge from the new customers. New markets such as China require massive advertisement.

Inventory support: Next plc has a well-established inventory control system. Inventory management forms the basis for controlling the level of production of the company. The large number of stores and warehouses of Next plc gives it a nice stand. The supply procedure is easy, and one can make online orders.

Distribution support: Next plc provides distribution support to its customers through various ways. There is fund provision to agents and orders are also processed within a short time. This means that order delivery is timely thus winning the customers in the new market. There are a fast export preparation and documentation. It also provides insurance to a product purchased by a customer that is rare among competitors.

Service support: Next plc provides a range of services to its customers. The services that will contribute to easy entry to the market vary depending on customer needs. Next plc processes quote within a short time. After-sales service is offered to customers, which is a rare ingredient between many competitors. There are guarantees and warranties that cover any sales thus improving customer trust. Next plc always publishes sales reports and catalogs to be distributed citing the good performance of the company. This helps in publicity and improving the company image.

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Therefore, before designing any international marketing mix of the business, Next plc should design an analysis of every country they would like to open or start the business. This helps in determining the items that are to be included in the marketing mix. The ones to be standardized and those to be adjusted to suit local needs are analyzed. Every country may need its different marketing mix.

It is, therefore, proposed that Next plc used both online presences for marketing in the new markets and built a store or stores for presence. This helps facilitates the process of supply of goods to the customers. Next plc can achieve its projected anticipated increase in their profits and market if they adopt this report. It is proposed that some parts of this report may need amendments over time.

However, it is upon the management to consider following the guidelines herein. The SWOT analysis of Next plc puts it in a greater position of becoming a leading clothes seller both locally and in the global market. It is proposed that due to Next plc’s market potential, it will easily adapt to the new business and expect less competition. The sales procedure and the marketing plus supply affectivity of Next plc will help in winning large international markets. The customers can make purchase and payments online with instant delivery.

Bibliography

Lusch, R. F., Serpkenci, R. R., & Orvis, B. T. (2015). Determinants of retail store performance: a partial examination of selected elements of retailer conduct. In Proceedings of the 1995 World Marketing Congress (pp. 495-504). Springer International Publishing.

Russo Spena, T., Caridà, A., Colurcio, M., & Melia, M. (2012). Store experience and co-creation: the case of temporary shop. International Journal of Retail & Distribution Management, 40(1), 21-40.

Fall Diallo, M., Chandon, J. L., Cliquet, G., & Philippe, J. (2013). Factors influencing consumer behaviour towards store brands: evidence from the French market. International Journal of Retail & Distribution Management, 41(6), 422-441.

Goworek, H., Fisher, T., Cooper, T., Woodward, S., & Hiller, A. (2012). The sustainable clothing market: an evaluation of potential strategies for UK retailers. International Journal of Retail & Distribution Management, 40(12), 935-955.

Hu, H., & Jasper, C. (2015). A Revisit of Theoretic Model of Store Image Formation and its Application in Chinese Consumers. In Revolution in Marketing: Market Driving Changes (pp. 125-125). Springer International Publishing.

Schneider, S., Seifert, F., & Sunyaev, A. (2014, January). Market Potential Analysis and Branch Network Planning: Application in a German Retail Bank. InSystem Sciences (HICSS), 2014 47th Hawaii International Conference on (pp. 1122-1131). IEEE.

Johnson, G., Whittington, R., Angwin, D., Regner, P., Scholes, K., & Pyle, S. (2013). Exploring strategy: text and cases. Pearson.

Odell, J. S. (2014). US international monetary policy: Markets, power, and ideas as sources of change. Princeton University Press.

Majaro, S. (2013). International Marketing (RLE International Business): A Strategic Approach to World Markets. Routledge.

Cavusgil, S. T., Knight, G., Riesenberger, J. R., Rammal, H. G., & Rose, E. L. (2014). International business. Pearson Australia.

De Mooij, M. (2013). Global marketing and advertising: Understanding cultural paradoxes. Sage Publications.

Barrett, H., & Weinstein, A. (2015). Corporate entrepreneurship, the marketing mix, and business performance. In Proceedings of the 1997 Academy of Marketing Science (AMS) Annual Conference (pp. 144-150). Springer International Publishing.

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Cost Reduction & Application to Global Markets

Cost Reduction & Application to Global Markets
Cost Reduction & Application to Global Markets

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Cost Reduction & Application to Global Markets

            Most firms have become disillusioned with sales in the global marketplace as old markets become infiltrated and new ones should be established. How can companies personalize products for needs of new markets? With crafty global competitors giving them a run for their money, many companies think the game just is not worth the shot. Properly managed organizations have moved from focusing on customizing products to providing internationally standardized items that are improved, functional, reliable, and low prices.

Only multinational corporations will accomplish long-term success by expending their focus on what everybody needs, as opposed to worrying about the information of what everyone thinks they might like. A great force powers the world towards converging harmony, and that force is technology. The outcome is a new viable reality-the rise of international markets for homogeneous consumer goods on an initially unexpected degree of magnitude. Companies devoted towards this new reality benefit from great economies of scale in production, distribution, marketing, and management.

The era when prices, margins and proceeds abroad were collectively higher than at home are finally over. The internationalization of markets is ongoing. The international company with resolute constancy-at low relative cost, as if the whole world was a distinct body. Which policy is effective is not a matter of belief but of importance. If a firm’s forces costs and prices down and increases quality and reliability, while sustaining rational concern for suitability, consumers will favor its global-standardized products. The international competitor will pursue constantly to homogenize its offering all over the globe.

Cost Reduction & Application to Global Markets

References

Stiglitz, J. (2012). Globalization and its Discontents. New York, NY: Oxford University Press.

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Course Reflective Reports

Course Reflective Reports
Course Reflective Reports

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Course Reflective Reports

The course was very intuitive. The fact that it gave me, the student, the knowledge on various financial matters, helped me be much equipped for the profession I had chosen to take up. I have learned a lot of things. The concepts, theories, definitions, explanations and mathematical calculations have made me feel more at ease dealing with matters finance than I did before.

Essentially, the course has given me the confidence I need to be the professional I chose to become. The market in the modern business world is challenging and very dynamic. As such, organizations nowadays tend to look for a professional well versed in their areas of the profession. Also, to that organizations are looking for practical professional who can use their skills in respect to the particular real world scenario they find themselves in.

In the profession I chose, the concept learned in the course would be if great help. For instance, the financial statements that were part of the learning process are very significant in the financial world. The significance comes in the need for a professional to master the structure of the financial statements. Not only in understanding the structuring and the process of coming up with a financial stamen but also the importance of analyzing such statements and coming up with a given conclusion and financial recommendations that may affect the given account being analyzed.

The financial statements that are of most importance include the balance sheet, profit and loss statement and cash flow statements (Ormiston et al., 2013). However, the major financial statements that I gave much focus to during the learning period for the particular course are the balance sheet, income statements and statements of cash flows.

Course Reflective Reports

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However, the learning process made me think a lot about the significance of the specific financial concepts that I learned of. The profession that I chose dictates that I master most of the concepts in a possible way. Using the understanding of these concepts in real life scenarios in a business environment to make the best of the situation. As such, the course helped me have quite an understanding of the core concepts.

Essentially, I have been able to relate each concept to others regarding how they complement each other in a given financial situation. I have also been able to relate the financial concept of any organization to match its current business operation (Brigham et al., 2013). This entails different concepts about financial management that are at the core of the courses objectives.

In conclusion, the course was very much beneficial to me. As a student taking this particular course. I stood at a big advantage of gaining knowledge that would never have been gotten from learning any other course. The assessments of the course ensured that we were getting something in a content and conceptual basis. Most of the objectives of the course were achieved. That is regarding me.

Course Reflective Reports

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However, from the discussions with other students. I realized that the other students were also significantly impacted by the course. Regarding the skills, various students acquired by training and practicing on case studies on the course content helped a lot. Furthermore, the content learned formed a basic understanding of the financial framework that is found in most organizations in the world. However, there is still much to be covered to ensure that the content is made use of consistently.

References

Brigham, E., & Ehrhardt, M. (2013). Financial management: theory & practice. Cengage Learning.

Ormiston, A., & Fraser, L. M. (2013). Understanding financial statements. Pearson Education.

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Bottom of the Pyramid Strategy

Bottom of the Pyramid Strategy
Bottom of the Pyramid Strategy

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Arguments for and Against the Bottom of the Pyramid Strategy

              Overview

              The arguments for and against the bottom of the pyramid approach are well used in the argument. Greedy behaviours contribute to the company management taking advantage of the poor as a way of exploring new markets that have not been explored to gain more profits in return. Ensuring that the stakeholders are not only the businesses but owners is a useful strategy towards preventing these acts that might not be of use to the poor.

              Introduction

Marketing to the bottom of the pyramid is an act that is useful to customers because; they tend to get all that they require from companies that are seeking to cater to the needs of the poor people in the society (Beddewela & Herzig, 2013). Once the strategy is well used the poor benefits as well as the company; hence the aspect of Win-to-win is evident. Managers of companies working on the marketing to the bottom of the pyramid are advised not to focus more on profit making as it might interfere with their actual plan, which is providing products to all especially poor customers.  

In most cases, marketing to the bottom of the pyramid is a win-to-win strategy for most of the companies as it seeks to ensure that consumers are provided with the right products that they require catering for their needs and then company benefits in return. This paper explains the aspect of a company using the marketing to the bottom of the pyramid to its benefit and diasnatage as a bad action that does not prove to be a social act rather a way of exploiting new business grounds.

Bottom of the Pyramid Strategy

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Arguments for the Bottom of the Pyramid Strategy

Ethical behaviour

Most of the multinationals are encouraged to do business using the bottom of the Pyramid approach; because many people in the world are very poor and catering for their needs is ethical. However, there are ethical issues that are connected to this act that results from the strategy due to some of the multinational corporations taking advantage of making profits.  For success to be attained in marketing at the bottom of the pyramid strategy, CSR is very crucial in making sure that all operations are done as required.

It is true that organisations cannot make any reasonable profits from the marketing at the bottom of the pyramid, but in case they are ready and willing they can help the poor by distributing products to them accordingly. Making profits for any company that is operating using the marketing at the bottom of the pyramid only brings the issues of exploiting new markets instead of being socially responsible for helping the poor and bringing the aspect of a win to win strategy (Crane, Matten & Spencer, 2014).

Such organisations are just out to make sure that they look for new markets where they can sell their products and make money for their benefit of expansion. Individuals who earn less than $2 per day are not mostly recognised and this is the reason as to why, most of the companies are encouraged to use the marketing at the bottom of the pyramid to cater for all people in the society especially the poor (Rangnekar, 2010).  Individuals who earn very little are difficult to reach to as they have very little to spend whereby; companies that want to reach them must employ the use of the marketing at the bottom of the pyramid (Filatotchev & Dotsenko, 2015).

Bottom of the Pyramid Strategy

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Some companies have become richer by using poor agents to reach the hard-to-reach villagers who instead are entrepreneurs and only do this with the aim of making profits proving to explore new dormant markets. Searching for the villagers who are hard to find with the aim of selling products to them on a profit-making basis can be referred as a way of exploring new markets for the company, not a win-win strategy.  The case of eradicating poverty cannot be commercialised and if done so the it becomes a strategy to explore new markets under the marketing at the bottom of the pyramid approach (Garavan & McGuire, 2010).

Use of CSR

CSR will work to ensure that the stakeholders of the firm not only includes the media, but customers, employees, media, and government agencies are there to stop the act of commercialising the marketing at the bottom of the pyramid approach.  Ensuring that the stakeholders are not only the businesses but owners is a useful strategy towards preventing these acts that might not be of use to the poor. Commercialising the marketing at the bottom of the pyramid approach will only benefit the company alone, whereas; use of CSR ensures that the approach aims at helping the poor who had been forgotten in the society.

CSR ensures that all social responsibilities of any organisation are directly connected to its strategic direction as this makes its operations aim at the set purpose alone (Gond, Kang & Moon, 2011. Through doing this, success will be obtained and all activities will work as planned to achieve the win-win strategy. It is clear to state that use of CSR by any company operating at the bottom of the pyramid will make it behave ethically and reach the poor as per the requirements. The shareholders’ interest of affirming operating at the bottom of the pyramid will be interfered with and it might be hard to subject them to the issue of profit making which is a secondary deal to them.

Bottom of the Pyramid Strategy

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Most of the companies operating at the bottom of the market approach are currently reducing their rate of emissions with the aim of making more profits and saving the environment as well. Paying off a living wage to such companies helps reduce the turnover of shareholders who might not be willing to take the profit making issue. They will, therefore, get an increased morale once they start getting paid for their services and help the company to increase its productivity (Goranova & Ryan, 2014).   

Marketing at the bottom of the pyramid proves to be a more efficiency act because, better information is provided, productivity is increased and made safer to use and through doing this change will be enhanced in the whole world. It is, therefore, prudent to say that the bottom of the pyramid marketing is a great opportunity for both the seller and the buyer as they are making a lot of money in return, but exploring new markets instead of performing their social responsibility.

A company that makes profits by operating at the bottom of the pyramid is not being socially responsible as it is not catering to the needs of all the customers to their benefit. It will be providing products to customers across the globe with the entrepreneurial aim proving to be exploring new markets not helping the poor as perceived (Karnani, 2009). Any socially responsible company will be more concerned about the welfare of the poor and help them, for they have been neglected by big multinationals which only caters for the needs of the rich while forgetting the poor.

The making of profit means that a company is not socially responsible as some poor people will not afford their products, thus end up not getting that product as it was earlier planned. In some instances, a company should focus on more than just making profits that will benefit the firm alone and also focus on the less destitute in the society for they are also in need of the product as well. Doing this will save the company reputation and ensure that all plans are worked out well to attain the win-to-win strategy (Lam and Khare, 2010).

Bottom of the Pyramid Strategy

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The company will have won by saving its reputation and at the same time poor customers will have an access to the product that they could not access before. Pursuing the core of action is the right thing and has to be done by companies that are marketing at the bottom of the pyramid once they obey the set rules and regulations of operations. Companies advocating for the marketing at the bottom of the pyramid have all it takes to carry the operations without making profits and achieve their goal of providing products to customers without any stress.

Business responsibility and sustainability  

A business is responsible for making sure that it advocates for good actions that lead to a better outcome and guarantees its survival for a longer period. The only way of making such plans work out is by ensuring that the organisation does not major on profit making practices rather it engages in social responsibilities to help the destitute (Prahalad & Hammond, 2002). There are principles that are encompassed by Corporate Social Responsibility of any given firm using the bottom line of the pyramid marketing approach.

The company that is making profits by operating at the bottom of the pyramid is exploiting a new market that is not good to the citizens who are being humiliated. Profit making and poverty eradication do not mix well in a given organisation while making profits will make the management forget their aim in business that is helping the poor by proving product to customers across the globe.

Provision of products across the globe implies that making of profits will make the organization be considered exploiting a new market strategy (Vo, Karen, 2013).  Companies in developed countries tend to adopt the use of the CSR in making sure that they yield to the needs of the customers by proving their desired product accordingly.

Bottom of the Pyramid Strategy

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The poor customers in most of the developing countries will not be better positioned to buy such products; hence, the organisation will have made a very big mistake by exploiting them in the name of selling products to them while making profits. It will be prudent to say that such originations are exploiting a new market opportunity in the name of providing products to customers on a global level (Akter, Ray & D’ambra, 2013).

There have been many corporate scandals that are linked with the supply chain scandals globally and this means that organisations are using the marketing to the bottom of the Pyramid strategy to exploit new market opportunities. It is because of the advantage of taking marketing to then bottom of the pyramid for their use that CSR has been transformed to cover the mistakes of the entire supply chain.

Reputation and brand making have driven CSR, use to the supply chain in stopping the exploitation of the new market using the marketing to the bottom of the pyramid by various organisations (CPedersen, 2015). Use of CSR in the supply chain is very useful in matters of generating business benefits and as well as a driver of innovation to stop the malicious use of the marketing to then bottom of pyramid.  The marketing to the bottom of the pyramid is considered as a win to win strategy and profit making issues will make it be a win-lose strategy as the organisation will gain while the poor customers will lose the little amount of money that they have to others.

Bottom of the Pyramid Strategy

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Code of Conduct (CoC)

The profit issue has led to CoC becoming a way of managing the CSR in the supply chain. All the internal operations will be well guided by the use of CoC to prevent the organisation from making high profits that will exploit the poor in the developing countries. There are set standard as that have been employed for use through the CoC to ensure that the marketing to the bottom of the pyramid is not profit oriented. Managing of the supply chains in the right way will reduce the issue of companies operating at the bottom of the pyramid to explore new markets through providing products while making profits as well.

CSR in the supply chain ensures that companies behave ethically towards fulfilling the required need of the societies who are looking up to them for assistance and help (Berger, Choi & Kim, 2011). Companies have to provide products to customers to keep them moving and carry out activities that will bring improvements in their lives. Greedy behaviours are the ones that contribute to the company management taking advantage of the poor while exploring new markets.

They have free products, and yet they want to sell them to make money out of a business that is not profit oriented (Chikweche, 2013). Non-profit companies should not change their aim and operate like the profit oriented companies; since, they will lose focus and join the other side of the business. Abusing the power that a company holds in the marketplace is very unethical and will benefit the management while the poor will suffer. It is ethical to support communities that are in need of help and forget the issue of profit making as such communities with time will support the companies’ in various forms.

Bottom of the Pyramid Strategy

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Link between (Human Resource) HR and (Corporate Social Responsibility) CSR  

A company whose HR operations are linked to the CSR will emerge to be successful in achieving the set goal of win-win strategy. The employees concerns are well listened to under a good HRM due to better planning of job and all the organisations activities (Chipp, Corder & Kapelianis, 2012). Use of CSR in HRM guarantees equality of opportunity to all the company workers under a diversity management that aims to cater to the needs of the poor. Learning, training and development will be guaranteed and all employees will be led in the right way towards helping the poor in the society.

The employee relations will be improved under a good HRM operating under the right cover of CSR, which will guarantee ethical behaviour like catering for the poor by proving them with the products they desire. Succession planning will ensure that all the products are well distributed to customers and not issues of making profits are majored on as it is unethical to operate at the bottom of the pyramid while making profits (Habib & Zurawicki, 2010).

It is clear to say that HRM operations undergo CSR will prove to be successful in all activities undertaken by the company. HRM will not make profits at the expense of the poor if its operations are based on following the set rules in the company. CSR ensures that any company operating using the bottom of the pyramid approach attains what is required of it and avoids malicious actions that benefit the management alone.

HRM ensures that mentoring programmes are well facilitated to foster inclusion and avoid the greedy act of making profits and exploring new markets. Encouraging the employment of CSR is better in ensuring that a company does what is expected and provides the best for the poor who can’t access it due to lack of money (Majumder, 2012).  

Bottom of the Pyramid Strategy

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Managing CSR in the supply chain

Use of CSR could ensure that all the required principles and codes of ethics are followed to the latter to ensure that the marketing to then bottom of pyramid win-to-win strategy guarantees an organisation to be socially responsible and avoid exploitation of new markets (Tarafdar, Singh & Anekal, 2013). Whenever supply chain is not outsourced, it implies that organisations will major on the marketing to the bottom of the pyramid to make profits and exploit new markets. Organisations whose CSR strategies have to be aligned with the purchasing practice under marketing to the bottom of the pyramid strategy are out to exploit different markets.

Critiques of code of conduct (CoC)

CoC is not very detailed and organisations take advantage of this in carrying out the marketing to then bottom of pyramid with the aim of making profits. Making of profits depends on whether it is high or low whereby; in case it is high; it will be termed as a way of exploiting new market opportunities. Failure to monitor CoC activities and to audit them as required means that the buyers and the suppliers have the opportunity of not taking their activities seriously; hence, will focus on exploiting new markets than focusing on the win to win strategy (Nathaniel, 2013).

Buying criteria and the buyer requirements might be conflicting leading to exploitation of new markets using the marketing to then bottom of pyramid . The benefits of sharing and distribution of the required cost will be uneven as CSR requirements will not be well focused on under failure to follow the required rules. The implementation of CoC in a top-down fashion makes it possible for organisations using the marketing to then bottom of pyramid strategy to make more profits and exploit new markets. This exploitation will take place mostly in the developing countries where customers can’t access the particular products (Pervez, Maritz & Waal, 2013).  

Arguments against the use of Bottom of Pyramid approach

Significantly offering to the base of the pyramid is troublesome, yet it should be possible. It obliges relationship to concentrate on business stray pieces and begin their tries with an escalated comprehension of two key inconveniences in low-pay markets: changing the clients’ conduct and changing the way things are made and went on. Affiliations that put down these deterrents confound the preferences, change limits, and time included, and meander social events wind up efficiently orchestrated to accomplish the task set aside.

Bottom of the Pyramid Strategy

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Separate with center association

As an aftereffect of their colossal business recommendations, BoP-engineered practices all around can’t be executed by only a social event by submitted people –they typically require a huge availability over the alliance. To be possible, coalitions for change must make both on a level plane (uniting sensible regions inside and crosswise over affiliations) and top-down (joining different leveled power with center association).

This is a troublesome requesting for any alliance; however, is especially making progress toward gigantic association with noteworthy sunk expenses implanted in the present circumstance, which conveys a characteristic horrendousness for change. Coordination among affiliation levels just finds the opportunity to be judicious when the new activity fits in with the association’s qualities, strategies and date-books. The encounters thought reliably uncovered a refinement between upper authoritative levels, which push the development, and center association, which is required to execute it (CPedersen, 2015).

At another multinational, which connected with the BoP bit taking after a charge from its controlling shareholder, center association started to voice discontent 18 months into the task, when it wound up being clear the BoP endeavor was not an achievement in business terms. The affiliation had built up an alternate line of business with an uncommonly assigned course show that, in a manner of speaking, depended on upon a cross-part association with a grassroots pioneer.

In the perspective of center association, the affiliation gave a broad assortment of great circumstances and grants to the social pioneer, with no commitment in regards to comes about (Vo, & Karen, 2013). Heads’ disputes were released with the enlightenment that these deviations were honest to goodness because of the “social work” being finished. The way that the affiliation’s “social undertaking” had unmistakable qualities and rules than other affiliation errands started to undermine center association’s strengthen, producing a hole between top association’s affirmations.

Bottom of the Pyramid Strategy

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  Conclusion

 This paper explains the aspect of a company using the marketing to then bottom of pyramid to its benefit and disadvantage as a bad action that does not prove to be a social act rather proving to be a way of exploiting new business grounds. Failure to monitor CoC activities and to audit them as required means that the buyers and the suppliers have the opportunity of not taking their activities seriously; hence, will focus on exploiting new markets than focusing on the win to win strategy.

Greedy behaviours contribute to the company management taking advantage of the poor as a way of exploring new markets that have not been explored to gain more profits in return. Marketing at the bottom of the Pyramid proves that a company must focus on its goal and employ the use of CSR, which will guide the attainment of set plans ahead.

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Bottom of the Pyramid Strategy

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