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Cultural Change Concept
Introduction
The society today has turned out to become in full awareness of its status as a multi-cultural unit that is slowly transformed by the cultural change proponents of globalization that has turned the world into a small village. This has seen several cultural change within the society that include the awareness of the community of their rights and freedoms.
This aspect has been considered as a functional dilemma since it has thwarted the ethnic and cultural change appetites of most of the communities that still embrace the element of traditional customs (Delanty, 2011). Habits have been changed and behaviors transformed as a result of the new wave of transformation that has brought with it the aspect of development.
In a small village, South East of Timbuktu, a society is struggling to embrace the element of change. To this society, the aspect of change being a good element likened to rest does not make any sense. This society in other words has chosen to fight the arsenals of globalization that has wrought change in the community. However, their approaches to fighting these changes are as harmless as a toothless woman.
This paper therefore seeks to develop a fictional story that describes a fictitious persona living within a modern community that is inhibited by several challenges. The paper additionally seeks to inclusively incorporate the proponents of sociological concepts that include social construction of gender, the use of social imagination and the theoretical perspectives included within the fictional story.
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The Natives of Kumbaya
Kumbaya is one of the smallest sections of communities in the South Eastern parts of Timbuktu. This village upholds some of its traditional cultures and believes in the fact that the proponents of globalization are just but the Western approach of colonization. This determines the rationale behind their resistance to accept that changes that globalization is bringing within the towns around them.
This community consequently believes in their inherited traditions and cultures that are tied on by different elements such as language, values and beliefs (Delanty, 2011). The only language known to the natives of this community is Kumbayana that is widely spoken by the inhabitants of this community.
One of the village elders known as Kundida is considered as the right man of their god. Kundida is aged 85 years old and believes that before the community interacts in any activity, prior consultation should be done with their god to approve and consent to their activities. This has seen Kundida consulted to make incantations to their god during planting seasons and in allowing the community to even seek health care and education. Any individual within this community who goes against the directives of Kundida is considered a disgrace and in most instances punished for their actions.
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The village of Kumbaya also has a series of developed norms and values that are developed by the elders within the society before approval by Kundida who is considered as the final say in determining what is right for the people of Kumbaya. These values define the manner in which the population needs to act within the society (Delanty, 2011). In consideration of the norms and values in accordance to the views of this community, women are considered as junior to the male individuals within the society.
The manner in which the society views the women in this case is biased. Kundida has over time refuted the claims of the outside world on the development of their community’s norms and values that are against the freedoms and rights of the women. Women in this community are discriminated and treated as tools of trade that can be exchanged for the furtherance of a family’s objective.
Kundida also believes that education is one of the weapons that is developed by the Western World to negatively influence the minds of the communities younger generation, a factor that would lead to the wrought of their cultural values and norms. In an instance, one of the elites who went through the odds of the society to achieve his goal in pursuing education is considered as an outcast and burnished from the society (Ferreira, 2014).
Tumbali has been in the fore front to transform the manner in which the society views women and other social problems, a factor that has bore no fruits since the community has been trained to believe in their own systems and frown upon cultural change.
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It is also essential to consider the fact that Kundida does not believe in the aspect of his community’s prosperity and cultural change, a factor that determines the manner in which the Kumbayan community is socially stratified (Ferreira, 2014). The inhabitant of this population believe that no wealth belongs to a single individual and when there is a need, the community or the individuals have the authority to get whatever they require to meet these needs.
Poverty has in this case evaded the community of Kumbaya while the other communities that boarder this village prosper. According to Kundida, the accumulation of individual wealth is one of the sources and the root of evils within the society.
However, Kundida has ensured that there are traditions and cultural change that need to be adhered to by the community members. The community is required to daily bring food into his store house and ensure that there is enough for him to feed each and every day (Gangas, 2016). The communities even in abject poverty are forced to adhere to these traditions since there is a belief that individuals who fail to adhere to these traditions are likely to be stricken by thunders.
This has therefore developed a social unrest within the community of Kumbaya who are not allowed to even seek for medical help from intuitions of health within Timbuktu. The sick individuals within the society are required to use herbal medicines and if the situation worsens, they are required to seek prayers and meditations from Kundida who is believed to have access to god.
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Over time, Kundida has been sported as vocal about the changes that are developing within the society around him. In his view, he believes that development is evil, and the society is getting into the Western trap of colonization (Gangas, 2016). As a matter of this fact, the children within this society are only allowed to learn their traditional activities that include firming, fishing and hunting. Education in this community is therefore considered as one of the social evils that washes away the brains of the children and the youth and develops vices and immoral actions that consume the community values and morals.
Several organizations have held talks with Kundida to enlighten him of the important issues that would see the prosperity of his people with focus on education, health care and the well being of the community members. However, the people of Kumbaya believe that the final say rests with Kundida who has access to god and knows what is best for the people of Kumbaya.
Women are used to the manner in which they are viewed and discriminated and consider this as a normal act. On the other hand, the girls within this community are also subjected to such harsh treatments and are trained to take up their responsibilities as women as early as they can walk. The village of Kumbaya is still flowing under the annals of darkness even when there seems to be no hope at the end of a tunnel.
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Conclusion
It is essential to consider that the development of this fictional paper inclusively incorporated the elements of sociological concepts in developing the actions of the fictional character within a fictitious community. Some of the sociological concepts used in depicting the nature of this society include the proponents of values, beliefs, cultures and the language of the community.
On the other hand, the element of social construction of gender in this fictional story can be seen in the manner in which the community of Kumbaya views women, a factor that has resulted in discrimination of this gender. Women are in this case treated as junior to any male individual within the society be it their husbands or their male children, thus pointing out to the element of social construction of gender.
In this fictional story, the element of social imagination is employed in the manner in which this community is trained to believe. Kundida in this case has ensured that there are traditions that need to be adhered to by the community members. The community is required to daily bring food into his store house and ensure that there is enough for him to feed each and every day.
The communities even in abject poverty are forced to adhere to these traditions since there is a belief that individuals who fail to adhere to these traditions are likely to be stricken by thunders. This has therefore developed a social unrest within the community of Kumbaya who are not allowed to even seek for medical help from intuitions of health within Timbuktu. The theory of social stratification is additionally included in the paper.
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Data set
Quantitative Section
Introduction to Data set
Data sets represent collected data from a single database or data matrix. Every column present in data sets represents a particular variable while every row represents a certain member of the data set in question. All values present in data sets are recorded as variables. Each value is referred to as datum. Data sets contain more than one form of data. The term data set was coined to mean a method of data collection from tables which are related and correspond to certain events or experiments (Bryman, 2012). Data sets have been utilised to identify and analyse both qualitative and quantitative data.
Data Management Analysis Technique
Quantitative data analysis bases on different statistical methods. The commonly used methods are measures of central tendency and measures of dispersion. Measures of central tendency include the mean, mode and median. Mean represents an average value while median refers to the centre value (Bryman, 2006). Mode refers to the value with the highest frequency.
The mean is the commonly used method that is used to analyse results since it monitors and determines the exact value that can be used to measure different variables. It can be used to compare different values. Measures of dispersion include variance and standard deviation and inter-quartile ranges (Mugenda, 2009). Measures of dispersion and central tendency are used together to analyse data. Standard deviation and variance are two forms used together with the mean. Variance and standard deviation show how much values differ from the mean.
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Presentation of Data
In this case an example of the disease affecting different parts of the world will be utilised. The data will be based on several continents. All the information that has been provided has been divided into data sets. The sets include the Africa region, western pacific region, South East Asia, Europe, Eastern Mediterranean, and the American region. The data provided included the different diseases that affected different areas in different years. The quantitative method that was used to analyse the data was the mean. It encompassed calculating all the different death values per disease. The following results were obtained
Mean value
Region
134.39
Western pacific region
132.23
South east Asia
194.65
Europe
117.50
Eastern mediterrean
117.92
Region of Americas
208.13
Africa
Table 1. Mean values showing the deaths of different diseases per 100,000 people per population
Description and Interpretation of Data
The above data compares different rates of morbidities across different continents. The average value when all values are incorporated equal 150.22. When this value is compared to mean values, the deviation and variances becomes easily established. The results reveal that Africa has the highest rates of mortality followed closely by Europe (Malterud, 2011). Eastern Mediterranean has the lowest value. All results reveal that the values lie within the accepted deviation standards.
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References to Research Methods
Mean values have been used to compare results from different samples. The mean as is used as a comparison method since it eliminates all outliers present in a set of data. Median and mode are two methods not utilised since they include outliers in their analysis. Additionally, the median shows the number that is in the middle while the mode shows the number appearing in most cases (Creswell & Clark, 2007). Such values cannot be utilised to compare different samples since they show bias in their analysis. Inclusion of standard deviation and variance in the mean provide a better method of analysis.
Relevance of Data to Policy
The above information can be utilised to implement new laws and heath standards that can be utilised to decrease morbidities rates. The above information provides a comparison of different health standards across the world. It can be used by non-governmental organisations health standards across the world (Neuman, 2005). The above information can be used to investigate the underlying the causes of high levels witnessed in some parts of the world.
Policy makers will be keen to address the underlying causes of the diseases. Policy makers may also opt to utilise information provided by the results to address the high levels witnessed in some areas. More specifically, it can utilise some of the policies implemented in areas that have shown low incidences. Policy makers are able to understand the number of people that affected.
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Qualitative Section
Introduction to Qualitative Data Sets
The qualitative section involves analysis of data sets that are not expressed numerically. These data sets will also be expressed in rows and columns. Data sets included in qualitative data sets will not be limited to descriptive and inferential statistics (Creswell, 2013). In this case values that are utilised to analyse the data are in nominal form or ordinal scales. This means that the data to be utilised will not base on number but in certain wordings which either shows the level or degree of sickness in this case or the number of people suffering from a given disease.
Data Management Analysis Techniques.
Two methods have commonly been used to analyse qualitative data. These methods are coding and theming processes (Mays & Pope, 2006). Coding refers to the arrangement of data by combing different aspects such as themes, categories and ideas. Coding as a method has been utilised to bring out certain themes that are dominate in qualitative data (Patton, 2005).
The theming process involves the identification of particular theme that is largely shown in qualitative analysis. It identifies the major themes that are easily brought out in different aspects. It normally focuses on outlining all major themes present in any form of qualitative study.
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Presentation of Data
The information provided below seeks to address the question on the most prevalent disease that affected individuals in the year 2000. The data was selected using the theming process where the disease status of the world was going to be compared. The disease states that are available are the 2000 and 2012. Therefore, one had to be chosen and investigated.
Thus in this case the disease that was investigated was the one shown in 2000. All relevant information containing the different disease that occurred in the year 2000 as well as their levels were analysed. Their means were then identified and formulated into a pie chart to show the levels.
Description and Interpretation of Data
From the above results it can be deduced that all causes of disease were the major contribution to the diseases rates witnessed . it was closely follwoed with cardiovascualr disease, mailgnant diseases, neoplam conditions, HIV/AIDS, malaria and tuberculosis. A pie chart is used to bring out this form of information because it represent one of the best methods that brings out qualititive data. A comparison can thus be carried to identify the disease thataffacted more people in the year 2000. From this information different piechrts can be made depending on the individual gender of individuals.
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References to Research Methods
Pie charts have been used in numerous occassions to bring out a qualititive method of analysis. Unlike other methods, a pie chart can be readily used to identify the disease that affected more people. it can also be further utilised to ideintify other small areas withi basing on other vraibales such as sex and region. From the above pie chart small pieces of infromation regarding the other variables can be easily collcted and utilised.
Qulitative data involves the idenfication of which disease was shon to affect more populations across the world. from the above values, one ca easily identify the differen values belonging to different data sets. For example , one can make a conclusion that cardiovascular diseases make up the huge percentage of diseases affecting people across the world as compoared to any other form of disease. This statement can be made in regard of the disease in the year 2000.
Relevance of Data to Policy
The above information becomes quite important to all policy makers. The identificatoon of the disease that casing more diseases across the world becomes a major concern for all policy makers. Once the disease has been identified, all necesaary measures required to decrease the disease are taken into consideration (Patton, 2005).Some of this measures include health promotion exercises, public awareness on the causes and prevention of some of this diseases.
Policy makers can also come up with laws aimed at decreasing the incidences of all the above diseases. Polyc makers can also manage their budgets so that more cash is allocated n fighting such diseases in the society (Smith, 2013). The piechart provides policy makers with an opportunity to identify disease that require immediate attention. At the same time it tells the polcy makers of the disease status of their society.
The information that has been provided an be used to as a standard measurement against the disease status of different individuals in the society. this is because the values represent the pricture of the world. It can also be used to compare results with the coming years for example the year 2012. Lastly, the pie chart can be dissected to adress all concerns of all parties in the society. It can be dissected basing on regions and gender.
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Tonsillopharyngitis Diagnosis
Patients presenting with sore throat and fever such as the one in question are primarily suspected for tonsillopharyngitis, whose primary cause is Group A Beta Hemolytic Streptococcus. Therefore, the diagnosis of acute tonsillopharyngitis relies on various tests such as white blood cell count (WBC), C-reactive protein (CRP), rapid antigen detecting test, and throat culture, a combination of which is called Center-Scoring or Clinical Scoring (Alper, 2013, p148).
This method can be well utilized in low income sections to prevent unnecessary use of antibiotics, which might lead to antibiotic resistance. Furthermore, Alper et al. (2013) give empirical data to support the reliability of this diagnosis procedure that is recommended in developed countries for being quick but efficient (p148).
Rapid antigen detection tests (RADT), as differential tests between viral and GAS tonsillopharyngitis, according to Toepfner et al. (2013) have gained a wide application in active diagnosis of group A streptococcal (GAS) tonsillopharyngitis. These include Rapid Agglutination Test or LAT and Lateral-Flow Immunoassay (p. 609). These tests have proved to be effective, this being the reason for the above state wide use in various countries, but they are sensitive and require prerequisite knowledge on how to conduct them accurately.
This is because according to a research done, comparing physicians and technicians, there is supported evidence that physicians may lack adequate technical knowhow when handling the tests. Often they might require an additional training before the results they deliver for the tests become reliable for any conclusions to be made in terms of whether Group A Beta Hemolytic Streptococcus tonsillopharyngitis infection is present or not. Technical errors, plus lack of experience and expertise have adverse consequences on accuracy of RADT (Toepfner, 2013, p609).
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An important aspect that comes out from the research done by Salatino et al. (2016) is that Rapid Streptococcus Test is the standard test, which is used by most physicians and Ear-Nose-Throat Specialists (p29). This method equivalently was found to allow for most diagnosis made per year, compared to other methods used for the same reasons. An important development is that there is common avoidance of antibiotic use in management of acute tonsillopharyngitis and other infections in the upper respiratory tract, due to the development of antibiotic resistance as earlier expounded on (Salatino, 2016, p29).
Alternatively, natural remedies which include homeopathy remedies are currently being used in complementary therapy. Tasar et al. (2015) note that an in depth examination of previously diagnosed cases of acute tonsillopharyngitis in children between the age of five to fifteen years, there is significant infections due to Group C and G streptococcus, though the most common presumption is that this infection is primarily caused by Group A streptococcus (p. 15). Therefore, it is always necessary to conduct differential diagnosis tests on throat cultures, when it comes to tonsillopharyngitis infections, in order to clearly put to record the type of streptococcus causing the infection.
Patient Care
Patient care for patients with acute tonsillopharyngitis encompasses to the various management approaches undertaken on both inpatients and outpatients. Al Alawi et al. (2015) state that, Outpatient parenteral antimicrobial therapy, or OPAT with ceftriaxone, is normally applied for treatment of acute tonsillopharyngitis (p279). This is applied on patients with infections that require medicines to be administered through the parenteral route and are adequately stable not to be admitted as inpatients (Al Alawi, 2015, p. 279).
This method according to this research is not only cost effective, but also saves bed spaces required for patient care and is found to reduce cases of acute tonsillopharyngitis infections by nearly half (Al Alawi, 2015, p279). Customer satisfaction is also recorded, with the administration of the drug being done at a minimum of three days in the clinic. This is an example of outpatient care and a reliable therapy that can be recommended for treatment of the acute condition in question, especially for if caused by streptococcal infections.
The OPAT treatment method began in USA around 1974 and has become a common mainstream practice (Al Alawi, 2015, p279). The treatment therapy is combined with the following aspects of patient care. Patients in the OPAT clinic are accorded close surveillance by officials who may be a family physician alongside a properly trained nurse (Al Alawi, 2015, p. 279).
Pharyngeal sterilization is also done using oral penicillin in the patient care before administration of IV ceftriaxone by the above named practitioners, who closely observe patient progress as the OPAT is undertaken. The patient is required before being put under the OPAT clinic care to be in safe social circumstances, such as have a telephone and means of transport in order to be able to rush quickly to the clinic in the event the illness becomes worse.
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Furthermore, patient safety is ensured in the care process by ensuring a close adherence to OPAT guidelines, as well as having a multidisciplinary team conducting the same which includes an infectious disease consultant, family physician, and a well-trained nurse (Al Alawi, 2015, p. 279). Proper interventions are initiated when any adverse effects or emanating complications are noted in the patients during their antibiotic intake.
Moreover, they are advised to report to the emergency and accident department at the clinic if any such effects are observed. During this period, fever recovery, sore throat period and number of returns to the clinic are assessed as the main markers of efficacy (Al Alawi, 2015, p. 279).
In patient care involves admission of patients who are dehydrated, have venous deficiencies or electrolyte imbalances. These are offered beds in the hospital, from where normal saline, dextrose, painkillers and antibiotics are administered intravenously. Oral penicillin is also given before ceftriaxone administration.
A similar assessment of efficacy is done in terms of dosage of drugs used versus fever recovery, sore throat relief period and time taken for the patient to gain stability. Once stable, the patients can be discharged with take home medicine to complete the relevant doses. This next step is normally follow up as discussed below.
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Follow Up
Vrca Botica et al. (2013) explain that there have been many reported cases of unnecessary prescriptions of antibiotics in diagnosis and treatment of acute tonsillopharyngitis (p440). In this regard, it is necessary to conduct follow up visits to ensure that there are no recurrent episodes of the infection, which might indicate improper prescription of the antibiotics maybe due to incorrect center scoring. Patient contacts should be kept in records of health in order to aid in communicating with the patient on the any follow up requirement by the physician.
Also, follow up notes should be taken and kept for future consultation plus decision making. These are important to elicit recurrence of the condition, which might dictate the type of prescription to be made in the future or even note some key details concerning the patient that were not covered during the earlier assessment. Significantly, follow up data collected can be used by a physician to assess the efficiency of a procedure applied in order to dictate using empirical evidence use or cessation such.
Another important element is the formulation of a follow up schedule for a patient post care assessment, which does not only keep the patient in the know about clinical follow up dates, but also enables a physician to arrange his or her schedule in a manner as to meet all follow up requirements. Gupta et al. (2015) report of a monthly follow up on a patient who had tonsillopharyngitis caused by EBV. Therefore, it is important for the physician involved to decide wisely on the time period that he or she will conduct the follow up, more conveniently with specific objectives in mind though flexibility will be best if embraced.
Sometimes it might require follow up in terms of throat culture RADT to ensure no recurrence of GAS related tonsillopharyngitis infection is recorded. Progress during the follow up in terms of the rapid test results can be tabulated, graphically analyzed and interpreted to give the management therapy a deeper insight into effectiveness of methodologies applied.
A secondary center scoring can also be done and the results manipulated in a similar fashion to obtain specific desired outcomes. This implies that follow up is outcome based, should be planned for appropriately with holistic patient involvement, and records on the same should be well documented or kept together with other health records for future consultations.
Patient Education
Tonsillopharyngitis is a condition that can be managed easily. Patients should be sensitized on the primary symptoms of tonsillopharyngitis so that they can seek medical attention at the right time before the condition progresses and becomes difficult to manage. Some of these symptoms include runny nose, fever, cough, and watery eyes.
Moreover, patients should be educated on how the condition is acquired so that they can refrain from exposing themselves in environments that put them at risk of acquiring tonsillopharyngitis infection as well as how they can stop the spread of this condition to their family members and friends. By so doing, the prevalence of tonsillopharyngitis will decrease considerably.
Alper, Z., Uncu, Y., Akalin, H., Ercan, I., Sinirtas, M., & Bilgel, N. G. (2013). Diagnosis of acute tonsillopharyngitis in primary care: a new approach for low-resource settings. Journal of Chemotherapy, 25(3), 148-155.
Bélard, S., Toepfner, N., Arnold, B., Alabi, A. S., & Berner, R. (2015). β-hemolytic streptococcal throat carriage and tonsillopharyngitis: a cross-sectional prevalence study in Gabon, Central Africa. Infection, 43(2), 177-183.
Salatino, S., & Gray, A. (2016). Integrative management of pediatric tonsillopharyngitis: An international survey. Complementary Therapies in Clinical Practice, 22, 29-32.
Tasar, M. A., Bostanci, I., Karakoc, A. E., Selver, B., Demirbilek, M., & Dallar, Y. (2015). Prevalence of group C and G streptococcus in pediatric acute tonsilopharyngitis in Turkey. Group, 14, 15.
Toepfner, N., Henneke, P., Berner, R., & Hufnagel, M. (2013). Impact of technical training on rapid antigen detection tests (RADT) in group A streptococcal tonsillopharyngitis. European journal of clinical microbiology & infectious diseases, 32(5), 609-611.
Vrca Botica, M., Botica, I., Stamenić, V., Tambić Andrašević, A., Kern, J., & Stojanović Špehar, S. (2013). Antibiotic prescription rate for upper respiratory tract infections and risks for unnecessary prescription in Croatia. Collegium antropologicum, 37(2), 449-454.
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Force Development
F103: The manner in which Phase 3, Phase 4, or Phase 5 of the process is likely to be most impacted by the reading, General Odierno AUSA Winter Symposium.
As established in the readings, the aspect of force development (FD) remains an essential element in the definition of the Army’s force structure (Thompson, 2014). It is in this case vital to consider the fact that the development aspect of a Force entails the definition of the capabilities of the military through an approach that seeks to develop appropriate force structures that provide the required capabilities that translate to organizations concepts.
In achieving the goals of the forces, it is essential to consider that there are models that are developed which reflect on the systems that provide force integrative measures and functions in force development. These models in this case reflect on the sequences of events and the manner in which these functions relate to one another (Thompson, 2014). The force development process therefore entails a network of processes that are directed towards generating the required fighting requirements, the provision of resources, the conductions of research and development.
In this case, the resultant products of the force development process remains in the acquisition and distribution of training, materials and personnel in the Army, directed towards the achievement of an ultimate goal of fielding a resourced and properly structured force (Thompson, 2014). As determined, the generation of requirements for an organization or materials is known to initiate the proponents that are known in the development of documented force structures. Effective resource structures are in this case brought into culmination through the systematized approach of planning, budgeting, and execution of functions.
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Phase 3 of the Force Development Process
The third phase of the Army Development process is considered as that of the development of organizational models. This phase is determined as an execution phase where the Army personnel’s move from a general design and approved state to a more specified model within the units with the aim of meeting an organizational capabilities gap (Thompson, 2014).
I other words, the third phase of the force development process entails a stage where the Army transitions into the application of operational and doctrinal realities to the derived concepts that have over time been developed between the first and the second phases. This marks the process where the development of responsibilities transitions from the developers primarily under the TRADOC and ARCIC to the force development arm of the Army also determined as G-3/5/7.
It is factual to consider that this phase starts when the force designs and updated (FDU) decisions that integrate the aspect of organizational change. In line with this, the proponents of TRADOC and employed in the development of new designs or in the correction of discrepancies within an existing organization (Thompson, 2014). Empirically, this can only be achieved when organizational issues, concepts and units reference sheets (URS) are developed effectively.
The Manner in which this Phase is impacted by General Odierno AUSA Winter Symposium
As depicted by General Odierno during the AUSA Winter Symposium, the primary purpose of the Army is one that is considered as steadfast with the functions of fighting and winning National battles, a factor that requires the Army to do much more. In this case, there is a need of developing an Army that is innovative and adaptive ad can be flexible within any circumstance.
This fundamentally calls for a change in the manner in which business functions of the Army are conducted, thus calling for the leaders to remain cognizant of these functions (Thompson, 2014). This transition is in this case essential in changing the manner in which the Army is structured, organized and equipped, a factor that integrates the element of the third phase of the force development process.
F104: Adjustments to the Process or the Systems that DOD and the Army use to develop materiel capabilities
Adjustments in material development and acquisition systems as used by the Army and the DOD is essential in extending and enhancing the services of these departments and capabilities in order to protect the men and women who protect Nations. The development of material and acquisition programs can be determined through the Defense Acquisition Management Systems with this programs and services developed to comply with the regulations that govern these systems and developed appropriate approaches of acquisition regulations (Thompson, 2014).
The process of material capabilities and acquisition process is divided into phases that include material solution analysis, risk reduction, technology maturation, production and deployment, manufacturing development and operations and support management approaches.
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In this case, it is determined that some of the areas that require adjustments in terms of material capabilities and acquisition entail the element of balancing of tradeoffs between the proponents of schedule, cost and performance. Programs therefore need to be assessed on the developed criteria’s that contain the requirements of an acquisition program baseline and are in many instances denigrated since they fail in terms of costs, quality and their ability to offer quick responses (Thompson, 2014).
This consequently explains the rationale behind the failures in many of the acquisition processes that are frequently cancelled whey fail to meet the pre-established threshold in relation to performance, schedule and time.
One of the primary accountability systems includes the Acquisition Decision Memorandum (ADM) which remains effective in determining the point at which the material program has to shift from just being a system or concept into an actual program of record (POR). This therefore requires that an acquisition program manager (PM) needs to have a properly developed system that is aligned to the acquisition program baseline.
Budgets also need to be developed to aid the material programs (Thompson, 2014). As determined by the APB documents and thresholds, exiting a program performance, cost and schedule requires the managers to report the breaches that are imminent and actual within the baselines.
In support of the author of the CRS report on the aspect of establishing a better approach through which the authorities need to remain accountable over the existing systems, there is a need of inclusively involving the government and other stakeholders in the development of accountability systems that spur the aspects of costs and performances of the programs. This can be extensively seen through the development of legislative systems and regulatory structures in the achievement of a proper acquisition system (Thompson, 2014). An instance of this can be seen in the weapons systems acquisition reforms Act of 2009.
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F105:The challenges articulated by GEN Odierno, and the viability of the newly proposed Army force generation model as sufficient in providing adequately manned, equipped, and trained Army forces to meet global requirements.
Some of the challenges that the army face as detailed by GEN Odierno include the threats that have inhibited the U.S homeland and project power. These threats are considered to originate within the densely urban regions with the long-range strikes considered to prove inefficient in the defeat of these threats (Thompson, 2014).
The complexities of the challenges in this case require an Army force that has the capacity to conduct missions within the foreign land with the aim of defending and supporting the civil authorities. This can only be achieved through an operation that requires the inclusion of innovative and adaptive approaches ad leaders that have the capacity to thrive within complex situations.
In line with this, it is therefore essential to consider the act that the proposed Army force generation model remains a sufficient element in the provision of equipped, manned, and trained Army personnel ready to meet the tasks ahead (Thompson, 2014). This is in consideration of the fact that the new generational model has been restructured to enable the Army to adapt and modernize within their missions. The model is inclusively developed through a change management that incorporates several systems that have the capacity to change the structural approaches of the Army.
F106: The Mitigation Strategies that may be used in Supporting and increase or decrease in the Reliance on Contract Support.
Over the recent past, it has been established that the Army and the DOD have constantly taken approaches geared towards improving the use of operational contract approaches. The development of these contract support systems is wholly attributed to the success of the efforts of congress that ensured that appropriate modalities are put in place in order to improve the processes (Thompson, 2014).
An instance of this can be seen in Congressional efforts that were developed towards Iraq and that saw the establishment of a Special Inspector General in this state including other such as Afghanistan. In achieving the goals of the forces, it is essential to consider that there are models that are developed which reflect on the systems that provide force integrative measures and functions.
Some of the efforts that congress has enacted with the aim of mitigating the use of contractors include the changes and improvements made in supporting operational contract and the establishment of legislations that are developed to support the roles and functions of the Deputy Assistant of Defense Secretary (Thompson, 2014).
Other legislations also developed to mitigate the elements of reliance on contract support include the establishment of the Defense Acquisition Workforce Development Fund and the other hearing and oversight approaches directed towards raising the awareness of the contractors who intentionally abuse and lead to the development of a Task Force 2010.40
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These models in this case reflect on the sequences of events and the manner in which these functions relate to one another. On the other hand, there is a need of ensuring that appropriate systems are developed with the aim of ensuring the aspect of accountability and transparency are employed within these systems (Thompson, 2014). The development of these contract support systems is wholly attributed to the success of the efforts of congress that ensured that appropriate modalities are put in place in order to improve the processes.
Budgets also need to be developed to aid the material programs. As determined by the APB documents and thresholds, exiting a program performance, cost and schedule requires the managers to report the breaches that are imminent and actual within the baselines.
References
Thompson M.(2014) Reshaping the Army.[serial online]. November 4, 2013;182(19):34. Available from: Academic Search Premier, Ipswich, MA. Accessed April 4, 2016.
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Healing Hospital: A Daring Paradigm
Healing hospitals are composed of three key components including a culture concerning radical loving care, the integration of technology and work design and a healing physical milieu. Spirituality, on the other hand, is a person’s identified experience or religion in relation to their realism. The philosophy of the healing hospital, therefore, integrates the physical body with the spirit of the person and the spiritual mind in order to provide the best health care possible.
A physical healing environment provides health care to the spirit, body and mind. This starts with an appropriate culture where the related professionals need to contain a servant’s attitude, action, recognition and the key beliefs of empathy for the patient in meeting the patient’s spiritual and emotional needs (Chapman, 2010). Technology plays an important role in the provision of care as it facilitates better access to tutelage to the patients and increased time availability in order to address the spiritual and mutual needs of the patients as well as better interventional treatments and diagnostic to treat both the body and the mind (Chapman, 2010).
Furthermore, the design of the facility takes into consideration the three core components of an individual. The design needs to allow protection and privacy, promote the complete wellness of a person and to offer easier access for the patients. These components are significant in facilitating the treatment of the body, mind and the spirit.
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The key challenge affecting healing environments is to bring the entire medical unit under the thorough concept of healing within hospitals. Healing environments within hospitals are also challenged by spirituality and cynicism, leadership, bureaucracy, business and economics. The notion of incorporating spiritual causes a form of conflict from what health care professionals think and reason. Cynicism affects the healing environments since some people do not believe in the significance of improving the conditions of health care systems or that they do not assist in promoting quality health care services (Chapman, 2010).
In the past, the society was made to believe and taught that spirituality, which is also defined under religion, was to be separated entirely from the workplace. Furthermore, the health care system has transformed within the American economy by occupying a rather large portion of the national gross domestic product. The government and health care businesses need to focus on the profitability and cost to keep the shareholders contented as well as the access to health care viable.
The effectiveness of this perspective is that it would lead to quicker discharges, improved patient to nurse ratio and tight hospital budgets (Chapman, 2010). Patients end up spending huge amounts of cash in accessing care, which influences the healing process of patients. Therefore, health care facilities and hospitals are sometimes faced with huge budget constraints that may lead them to choose between equipment and treatment that offer emotional care and spiritual care (Chapman, 2010).
The Biblical perspective also supports the philosophy of healing hospitals. Such can be identified in the book of Jeremiah chapter 33 verses 6. This specific passage involves the health and healing of individuals by enabling them to be happy and enjoy abundant security and peace in their lives (American Bible Society, 2010).
Therefore, it is evident that the healing hospital concept is supported by this passage. Care givers are responsible for facilitating the healing process through the patient’s spiritual, emotional and physical aspects, which provides them with a sense of peace and security (American Bible Society, 2010).
In conclusion, the success of a healing hospital can only be actualized through the incorporation of the three components and by overcoming the plausible challenges and barriers. Healing hospitals focus on the needs of the patient and the provision of environments that promote the healing process.
This philosopher not only centers on the healing process of the patient and the related holistic aspects but also the general well-being of their family. Henceforth, all hospitals need to put the integration of the healing hospital philosophy into consideration since it promotes excellent provision of services and compassionate care to patients.
References
American Bible Society. (2010). The Holy Bible: Containing the Old and New Testaments, translated out of the original tongues and with the former translations diligently compared & revised, King James Version.
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Case Study on Moral Status of the Fetus
The “Fetal Abnormality” case study case involving a couple, Marco and Jessica in which the latter is found to be pregnant with identified abnormalities in the fetus. The news regarding the fetus brings about conflicting theories concerning the moral status of the fetus. Marco employs the conflict model theory, which is often used in decision making processes. Marco uses this theory when he is reluctant about his wife discovering the news since he believes that Jessica would undergo some level of stress and make the wrong decision in the process.
Maria, on the other hand, employs the dual-concern theory, which is evidenced by the fact that she thinks that the fetus has the moral right to live because it is part of God’s creation (Grand Canyon University, 2015). However, she prays for Jessica when she gets the news because she has already lost hope in the life of the fetus. This propels her to support Jessica and convince her to keep the child.
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Jessica is not sure about the best decision to make since she values life by indicating that, “all life is sacred” (Grand Canyon University, 2015). At this point, she uses the sentience theory by indicating that the child has the right to live. Nonetheless, she also has an obligation to the fetus as a mother, which highlights the use of the relationship theory. This aspect might change her decision due to their financial status.
Marco also uses the sentience theory by stating that he will support the decisions of his wife (Grand Canyon University, 2015). This means that his actions would indeed support the moral status of the fetus. Conversely, the doctor uses the virtue theory by convincing the couple to opt for an abortion since it helps in alienating the burden of raising an abnormal child and suffering from the involved costs. Based on all these theories, the virtue theory is the most effective since the couple has financial problems and an abnormal child would just add onto their challenges.
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Retirement Plans
Introduction
During the past three decades the retirement plans have shifted from Direct Benefit (DB) to Defined Contribution (DC).The trend is seen in both public and private sectors. The DC plans transfer much of the decisions like the investment and savings from the employer to the employee. The DC plans have attracted the employees in terms of their flexibility and portability.
The mentioned benefits come with the responsibility to choose in a wise manner. The plans have also provided the economists to study the saving behaviors of the individuals. In developed countries like US the plans have expanded themselves to several other factors like health care and time-off arrangements. Due to their wide adoption they have been implemented in different countries including Latin American Nations, Germany, Sweden and Russia.
As the power of decision is given to the individual it is assumed that the employee will behave as an active economic agent acting to maximize its self-interest. According to this implicit assumption it is assumed that the individual can interpret and judge the information presented as options from employees and governments. The individual is able to evaluate and balance the choices offered to him and can reach an informed decision.
In the recent years it is seemed that the people when trying to maximize the profitability make decisions which have less outcomes as expected. According to the studies the individuals have the right intention but they lack in the abilities to make necessary changes in the behavior. The philosophy of the people making such decisions has developed the rapidly increasing fields of behavioral economics and finance (Utkus et.al, 2003).
b) Purpose
This research will focus on the question of behavior adopted by the individuals while making economic decisions and the reaction of the market towards these decisions. In the research it will be analyzed that how the workers make decisions to save, manage the retirement investments and how they address their assets in retirement. The choices of making decisions have some consequences which are planned to be evaluated in this research. The research questions are as follows:
Are the employees well placed and informed about the plans offered by the employers or the governments?
How the DC plans are implemented in the various countries?
How the employees made decisions regarding their retirement plans?
Literature Review
Defined Contribution (DC) Plans in Various Countries
Stakeholders in the employment sector have an obligation of ensuring that retired employees attain the capacity of enjoying lifelong financial security. However, the approach of how and when this can be achieved remains a wide subject of discussion. Different nations across the globe adopt different mechanisms of implementing their policies regarding saving for the future. Defined contribution (DC) is one of the most adopted approaches of enhancing the employee saving concept for future financial security.
Edwards and Webb (2015)defines Defined Contribution as a retirement plan sponsored by the employer, which puts into account several factors like employee salary history and period of services. Under this scheme, the company exercises entire control of the investment risk and management of portfolio. According to Edwards and Webb (2015), the success retirement scheme is dependent on the input of the plan, levels of saving, and performance level of investments provisions relative to particular benchmarks.
However, these metrics do not sufficiently address the plans potential in providing employees with adequate retirement income. Similarly, there are several challenges, which the responsible institutions of implementing retirement schemes face in the line of deciding the most suitable retirement plan to employ (Beshears 2012). As a result, different countries employee employ different schemes suitable for the needs of its employees.
The objective of this paper is a literature review addressing how different countries implement defined contribution policy. This study also presents a discussion on the relevance of the said retirement plans and contribution schemes and some of the areas, which needs to be addressed to meet the needs of the participants.
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Implementation of Defined Contribution plan
Defined contribution plan is a retirement benefit policy adopted by most countries across the globe. For instance, the most adopted employer-sponsored retirement plan in the US pension system is the use of DC plans with 401(k), 403(b) plans, 457 plans among others (Brown 2016; Weisbenne; 2016). According to the 2010 annual report by then US Department of Labor, approximately 73.4 million citizens are members of the defined contribution plan of which 401(k) plan cohabits 60.5 million participants.
The 401(k) plans consists of various attractive characteristics for long-term participants, which includes deferral of tax, flexibility and portfolio control (Miller2015). The scheme provides for the delay of taxes on income and interests until the contributors start getting distributions from the scheme. Rollovers such as the transfer of 401(k) funds into an alternative competent scheme or a self-employed retirement plan can be done easily under this scheme.
This scheme caters for large participant expenses such as emergency loans and medical expenses. Furthermore, employees can be given a lump sum amount of their contributions when the saving period comes to an end. In case an employee decides to withdraw from the scheme, the employer is provided for by the law to retain 20 % of the distribution. However, in case of rollover to another scheme, the employer is required to transfer 1005 of the contribution.
Despite having attractive features, 401(k) the idea of increasing the rate of tax when deferring tax using a 401(k) may be considered unfavorable by the employees (Adkins 2016). Besides, participants may be frustrated by restriction to utilize their shares before the end of retirement period. Similarly, the 401(k) scheme limits participants to a particular amount of annual contribution, which stops automatically, in case they are forced out of work as a result of becoming disabled.
Adkins (2014) observes that, while there have been many structural improvements on the features of 401(k) scheme, there are several problems, which needs to be addressed. Adkins argues that the problems concerning structural flaws, horizons of long investment period, high administrative costs, lackluster keeping of records should be addressed. In addition, the providers of the plan should also look into the issue of sub-Par investment plan model and options of Marginal Quality Investment as well as implications of complex tax.
According to the overview of the Canadian Pension Plan (CPP), a person or the family is entitled to partial earnings replacement after retirement, disability, or death. Regardless of place of residence, one qualifies for a pension from the country of residence. Almost every working citizen in Canada contributes to the Canada Pension Plan. However, Brown (2016) observes that, most of the employees in current generation are not saving enough towards secure retirement benefits.
Besides, in a define benefit plan, employees are only entitled to income when they die, therefore their claim for further pension assets stops when the contributor dies. Nevertheless, under some provisions, the surviving dependents like a spouse can claim the asset. Therefore, Brown recommends that the scheme be upgraded to a defined contribution plan to address this problem.
Under a defined contribution plan, participants are not promised of any retirement benefit stream. Instead, an employee contributes a certain defined amount towards building a personal fund, which develops a financial asset portfolio for generation of retirement income. The participant decides on the investment approach from a wide range of options. However, according to Kolivakis (2015), the defined contribution approach is associated with various problems.
Among the limitations of this scheme is that, in some cases, the funds offered to workers is relatively high leading to insufficient returns. Secondly, the employees have picked unsatisfactory weightings of the portfolio particularly regarding the employer’s shares, which may turn disastrous incase the firm fails. Besides, the employees are not well vast with how large their contribution should be.
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Nonetheless, Kolivakis (2015) states that the above problems can be addressed through a well define retirement plan. He suggests that the scheme provider should ensure a reasonable allocation of expenses and portfolio. In addition, the sponsor should also ensure that the amount of contribution is adequate to realize the promised benefits (Jefferson 2011)
However, there has been a massive move-out by the private sector on the basis that there are extremely difficult to sustain in the present employment environment. The government is reluctant to chip in its support citing hidden political risks as the main reason. Compulsory pension benefits provisions
On the other hand, defined contribution is mandatory government requirement for all the citizens. For instance, the Malawian legislature enacted a pension act in 2011 and the 2010 employment amendment act to call for citizens to subscribe to retirement benefit schemes. According to Mhango (2012), the driving force behind these legislations was to ensure every employer provides a retirement plan for its employees by facilitating their membership to the national pension scheme.
In addition, the pension act also provides the minimum subscription amount that each employee should contribute. However, Coleman (2011) argues that the mandatory pension scheme is inconvenient for some people, who are forced to save at the time when it is not within their priority. Besides, participants are limited to invest in some assets, which are not of their preference.
The U.S for instance, is one of the nations that has adopted employer-sponsored retirement plan pension system with the use of DC plans with 401(k). However, some scholars argue that while there have been many structural improvements on the features of 401(k) scheme, there is still a lot to be done to make the scheme a completely inclusive. Adkins argues that the problems concerning structural flaws, horizons of long investment period, high administrative costs, lackluster keeping of records should be addressed.
An overview of the Canadian Pension Plan (CPP), states that a person or the family is entitled to partial earnings replacement after retirement, disability, or death. However, it is argued that in a define benefit plan, employees are only entitled to income when they die, therefore their claim for further pension assets stops when the contributor dies.
Besides, the limitation of this schemeis that, in some cases, the funds offered to workers are relatively high leading to insufficient returns. In some nations, the working citizens are by law required to subscribe to national pension plan. However, the disadvantage with this initiative is that, it may be inconvenient for some people, who are forced to save at the time when it is not within their priority.
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Employees understanding plans offered by the employers or the government
Employees benefits are the primary tool by which employers use to attract and retain qualified and experienced employees in an organization. Other reasons include; promotion of higher levels of morale among employees, aligning employees’ benefits with competitive offers in the market, providing promotional opportunities as employees move to other positions within the organization or when they retire and so on.
All over the world, employees’ benefits are categorized into two. The first category is about those that are required by law which aims at providing the most essential and important needs of employees and /or their families. They include; workers compensation, social security, unemployment insurance and others.
The second category is those that the employer offers voluntarily to compensate employees. They include a wide array of programs like; Life Insurance, defined benefit Retirement plan, Health care insurance, paid jury, paid funeral leave, Unpaid family leave, Vocational pay, Holiday pay, Employee assistance programs, Dental care, Flexible compensation, Health care insurance, Paid military leave, Subsidized commuting, Flexible work place, payroll deduction IRA, Wellness programs, dependent Care Reimbursement care account, Long term Disability, Short Disability, Paid family leave, Paid personal leave, Childcare, Stock options and many others. The reasons to why most employers voluntarily offer such benefits range from a desire to be more competitive in the labor market to a genuine concern for their employee’s wellbeing.
Employees benefit plans plays an important role in the lives of employees. As such, the benefits offered by employers can be a deciding factor for a potential employee’s decision to work for a given employer. Most employees seek to know what they will get before they decide whether to accept an offer or not.
Most employees are aware of the plans offered to them by either the employer or the government. For example, most employees prefer medical insurance, paid leave and retirement plan. If you deny them, they will easily head for the door when another opportunity that promises to offer them knocks.
Most of the employees are aware of the government benefits plans. For example, every employee is aware of social security of which every employer pays at the same rate paid by their employees.
Other benefits plans provided by the government. For example, workers compensation, and unemployment insurance are a must and therefore, employers and maybe the government will ensure that all employees are aware of such benefits. The employer will take the first step by not only ensuring that employees are aware but also complying by availing them to employees. A fail to do so may impact their business negatively.
During interviews for a new job, most employers inquire more on the kind of benefits a prospective employee would prefer. Such a question would not be asked by an employer when they know that a prospective employee is not aware of such kind of benefits.
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Although the law does not require the employer to offer a retirement program to his/her employees, if offered, it must be fully and well disclosed to employees. As such, the employees are made aware since the terms and condition of a retirement program are enforceable in some countries. More specifically, in California courts.
Most employers disclose all kind of benefits they will be offering to a new employee on the contractual letter. At this point in time, the new employee is made to know what kind of benefits her or she will be enjoying and vice versa.
All human beings fall sick at some point in their life time. Although it’s an unfortunate situation, a reasonable employee knows whether he or she like it or not, he or she will once fall sick. As such, an employee will definitely inquire from an employer if they provide a sick leave or not. Some employers will disclose such details during appointment.
Although most of the employees are made aware of the benefits plans they will or are entitled to by their respective employers, some employees who are not keen enough may to some extend not be aware of some benefits they will or are entitled to due to their ignorance.
Other employees simply do not mind some of other benefits their employers may or are offering apart from their normal salary or wages but majority of employees are aware.
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Employee choice of retirement plans
Making decision on when to retire may be one of the greatest decisions an employee makes during his lifetime. The decisions on retirement can significantly affect an individual well-being for many years. Many researches about retirement decision have explored the impact of health NIA (2007) and economic status, Gustman and Steinmeir (2002) on person decision to retire. Research shows that individuals with poor health, or whose family member or loved ones are experiencing negative health conditions, retire earlier than those in better health (McGarry 2002).
The role of the state, local government and private sectors as employers is simply to hire the right kind of employees to provide the best value services to the public or customers. It is not the responsibility of the employers to plan and prepare the employees for retirement. The truth that some individuals will make poor decisions in their retirements planning does not change this.
People still make bad decisions in their marriage and how they raise their children, but no one is suggesting that employers should intervene and make decisions for the employees. The financial services industry has invested a lot in innovating to provide the services that their clients’ needs. There are reputable financial advisors throughout the country in case an employee requires a financial advisor. If employees require an estimate amount they want to save, there is a calculator tools on internet.
In case they want low cost, diversified investments, there various company that provide this. In case of guaranteed life time income, there multiple insurance firms that offer annuity income. If employees do not use all these services, then they really do not need them. If people want to spend the money today and forget tomorrow, who then is the employer to say their decisions are wrong.
Many employees have a low level on financial knowledge, especially when it comes to retirement planning. Sometimes the employer can provide a valuable guidance and education to its employees on the matter regarding finances and retirement. These services will not only be valuable to employees but also the employers because financial problems are major distraction from work and absenteeism. Through helping employees prepare for retirements, employers enhance smooth transition from order employees to young employees.
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Through education, employees learn financial skills that will help them plan throughout their lives. Through working with an advisor, employees are able to alter the benefits to the certain needs of themselves and their families. Education and guidance have been proven to work and increase the employee’s saving rate. When individual decide to retire, they must have a method to support themselves financially, as their previous income from work will no longer be available.
Hence the question of how to support oneself should be a great consideration in retirement decision. Commonly, income during retirement is thought to come from personal saving, pension and social security benefits. Many employees fail to consider the matter of financial well-being in retirements until retiring become imminent (EBRI 2008).
Creating decision environments that enables people to make the best choices possible is the objective of careful choice architecture which can be used to “nudge” (Thaler and Sustein 2008) retirees toward retirement decisions that are beneficial to them. In such a case, behavioral decision making research can guide the ways policymaker and retirement advisors communicate with potential retirees.
The findings from behavioral decision making research also innovate new ways to approach matters surrounding the retirement’s decision. For instance Featherstonehaugh and Ross (1999) argued that providing retirees with the option to receive a one time, lump sum benefit could encourage delayed retirement. After the survey research, majority of respondent claimed that one-time, lump-sum payment provided a greater incentive to delay the retirement, this compared to Standard Social Security annuity increase.
When deciding when to retire, employees compare what their lives would be like under different scenarios. There also some trade-offs that employees may make when thinking about retirement; more comfortable life now, less money later, working longer now, a good retirements benefits later. An important prerequisite of the retirement decision is the accuracy prediction of one’s future emotions.
There are ways individuals use to help them make accurate predictions of their future well-beings, but sometimes cognitive biases lead to erroneous predictions (Hsee and Hastie 2006). Often errors can be caused by the impact bias (Wilson and Gilbert 2003), it describe people tendency to overestimate the duration and intensity of their emotions in reaction to negative and positive future events.
Understanding the role that affective forecasting can contribute in the retirement decision may be important for recognizing why individuals retire when they do. The same way patients mentally simulate the experience of receiving a mammogram before deciding to make an appointment, just the same employees mentally simulate how retirement would be like before even deciding to retire.
Gilbert and Wilson (2007) discuss four characteristic of affective forecasts and explained why those characteristic mismatch between mental simulations and actual experiences. They argued that the mental simulations are unrepresentative, essentialized, abbreviated, and decontextualized. Unrepresentative, means they are formed from memories of past events that does not display how future events will unfold.
People tend to remember the best and worst of an event, as well as the final part of it, neglecting the instances that were simply average (Kahneman 1997). Therefore when thinking about retirement individuals may form mental simulations of future work experiences using their best and worst work related memories.
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Mental simulations are also essentialized, which means that they only hold the main features of the events but not minor details. This may involve thinking about aspects of one’s job, such as feeling undervalued by a boss, while forgetting details such as interacting with coworkers. Mental simulations are also abbreviated, meaning they are shorter than the actual event being simulated. When thinking how retirement would be, an employee is likely to consider only the early stages of retirement.
Decontextualized, means that the contextual factors present during mental simulation of the future may not be present at the time the event actually occurs. For example when an employee decides to retire, they are earning an income that will not exist once theyretire. At this moment the individuals are not feeling the strain of limited income, and the situation in which they are simulating retirement will not include negative feelings associated with inadequate funds. All of the mentioned features of mental simulations may lead to inaccurate affective forecasts of retirements.
Workers may prefer to retire early both because they think working longer will be worse than it is and life after retirement would be better. Everyday throughout the world employees are preparing or finishing planning their retirement plan. There much to look into when organizing a plan so that you can meets your retirement goals. Most employees focus on what stock and bonds they would wish to invest in and also about 401k.
Employees find it difficult to determine which kind of stocks they would want to invest in. There are many different stocks in the stock market, therefore making it difficult for people to choose the best. Another problem would be kind of bonds they would also like to invest in. Investing in both stock and bonds does not make the individuals rich but use their money wisely as they near their retirement age.
Old age most of the time brings medical problems and health expenses. Without your own saving, living your younger years in comfort while also minding to cover your medical expenses may be a large burden to bear. To prevent any unforeseen sickness from eating on your retirement savings, you may consider obtaining insurance, such as medical and long term care insurance.
This will finance any health care that may arise. Employees considering retirement could be asked to write down the events that go down in a normal working day. This activity will help the employee paint accurate and complete picture of how it would be to worker much longer and without missing the minor details that somehow make their work more enjoyable.
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Methods
This study aims at assessing behavior adopted by the individuals while making economic decisions and the reaction of the market towards these decisions. Quantitative analysis was used to assess the correlation between dependent as well as independent variables. Understanding behavior adopted by the individuals while making economic decisions is vital when it comes to addressing the research questions of this study.
The study used quantitative technique to assess the gathered information. Different behavior adopted by the individuals while making economic decisions can be estimated by data. Information associated with behavior adopted by the individuals while making economic decisions can provide a detailed understanding regarding how DC plans implemented by various nations; decisions workers make about their retirement plans; and if employees are well placed and informed about the plans offered by the employers or the governments.
Data collection techniques
The purpose of this study is tobehavior adopted by the individuals while making economic decisions and the reaction of the market towards these decisions. The study also highlights on the how workers make decisions to save, manage the retirement investments and how they address their assets in retirement.
Data description
Much as plan-level information is an effective technique to assess the behavior adopted by the individuals while making economic decisions, a number of them are ineffective when it comes to analyzing the effect of how the workers make decisions to save, manage the retirement investments and how they address their assets in retirement. As such, survey data can address these challenges, such that it involves defined contribution plans with or without investment decisions.
This study embraces first wave from HRS, which is a household survey that was initiated in 1992. Moreover, detailed demographic information of the participants, supplementary issues, the spouse’s pension eligibility and benefits from present or previous employer or other sources of pension integrated in the questionnaire. Owing to the fact that survey technique is of elderly population, the sample does not represent pen-age group, particularly, the sample of elderly group and hence assessing this data cannot adequately depict behavior adopted by the individuals while making economic decisions.
Some characteristics of contribution degree must be highlighted. For instance, various employers offering plans require a default level of contribution rate for workers, in other words, individuals who choose to use DC plans must automaticallycontribute the default rate of their wages. However, without such data, it becomes challenging to evaluate the actual rate of contribution for individuals desiring to make contribution between 0 and default rate.
Again, employer-funded DC plans impose a maximum level of worker’s contribution. For that reason, if the individual contributes maximum rate, the desired contribution is likely to increase in comparison to the reported rate of contribution. The employer also offers certain percentage to workers’ contribution, however, to a certain proportion of salary.
This is widely known as match threshold. A number of people save in the retirement plans in terms of the amount of match threshold, which is the regarded as initial rate of rate. Nonetheless, HRS does integrate these questions, which can address the default level of contribution, match threshold and maximum amount
Regardless of these limitations imposed on individuals, they have the right to save, manage the retirement investments and how they address their assets in retirement. Firstly, individuals can chose to contribute positive rates or any amount between default or maximum rate. Moreover, individuals can contribute a higher figure that what employer or government match threshold.
This research concentrates on the aspect of workers position in terms of making informed choices regarding plans offered by the employers or the governments; implementation of DC plans in different nations; and the way in which employees make decisions regarding their retirement plans.
The decision to save, manage the retirement investments and how they address their assets in retirement used in this study is reported data by individuals in HRS. This is the aspect that differentiates limited and unlimited regulation over retirement investments. The study also integrates dummy variable showing that individuals are limited in terms of using their contributions of contribution from governments or employers. In many instance, this is common in profit-sharing and firm stock acquirement plans, whereby contributions from employers or governments are limited in firm stock and workers’ contribution in some circumstances.
When HRS was introduced it has a total of 2277 non-retired people with at least one retirement plan, of these 20.9% individuals indicated that they used DC plans.
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Analysis
The researcher used individuals with DC plans as well as those who provided their views to investment issues, which decreases the sample size to 476 individuals. Table 1 demonstrates a summary of individuals with DC plans, sub-sample of individuals with positive contributions to personal counts and people with zero contributions accordingly.
On average, these individuals contribute approximately 5.99% of their pay o DC plans, therefore, they contribute roughly 1.84 thousand and how they address their assets in retirement, it is accessible to 60% of individuals and about 16% of them have stock acquirement alternative or profit-sharing, implicitly workers have do not have power over employers’ contribution to retirement plan. There were about 47% women while 80% of the sample sizes were married. Furthermore, approximately 27% of the individuals have direct benefit plans and also DC plans.
In comparison to the subsample of individuals in this study who had 0 contribution, subsample with a positive demonstrated the capacity to control their savings, manage the retirement investments and how they address their assets in retirement decision, in other words roughly 71% of the subsample have the ability to make decisions about the retirement plans while 28% have such ability in the sub-sample with 0 contribution.
All individual who had access to positive contributions were less limited in the firm stocks, thus, they had additional income with less contribution from employers that is described based on the ratio contribution from employer to the worker’s pay.
Figure 1 demonstrates the distribution of levels of contribution in defined contribution plans and decision to invest and with no decision individually. In fact, individuals with the capacity to direct investment make more savings, manage the retirement investments and how they address their assets in retirement in DC plans, than those with no decisions to save or manage their retirement investment. However, there is a significant reduction among individuals that contribute 0 amounts and a considerable rise in those that save more than 15 % of their wages. The graph below shows that investment decision encourages the amount to save in defined contribution plans.
Results
This part provides results about how workers make decisions to save, manage the retirement investments and how they address their assets in retirement influence their level of contribution in defined contribution plans. There were about 476 individuals in the DC with roughly 22 different plans with 498 observations. Average contribution is 5.99% of their pay and standard deviation of 7.82. The mean of individual’s contribution is 8.9 while 123 individuals indicated 0 contributions.
According to the basic regression, there is asset decisions financial information, and demographic characteristics of participants. The contribution of employer in the defined contribution plans is demonstrated in Column 2, and column 3 shows other plans. Investment coefficient is not only positive but also significant, demonstrating that individuals with ability to select an investment and not limited by the design of retirement plan contribute about 3.25% more of their pay in DC plan compared to other respondents.
On the other hand, the coefficient is limited decisions is negative as well as significant, providing 3.53% less of workers contribution limited by firm stock of workers as well as employer’s contribution, indicating that individuals would not invest in the retirement plans if they do not completely self-direct their retirement plans.
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For instance, if contribution from employer is made in firm stock in defined contribution plans, such a system encourages workers to maintain risky portfolios. For that reason, workers with complete authority over their contributions, have to alternatives to balance such risks. On one hand is investing in less risky assets in the defined contribution plans and on the other hand is going for other risky retirement plans like direct benefit. Nevertheless, for workers with partial or no power over their contribution, the effective strategy is reducing DC plan contribution while selecting risk free retirement plans.
Interestingly, to speculate the technique of an individual decision convinces respondents to pay more to their retirement plans. People have conflicting expectations. Variation in retirement plans can tip internal balance while increasing the amount of saving. Such estimates demonstrate that with an investment decision increase salary percentage as such, the effect of employer rate- the initial rate of contribution.
It can be assumed that selecting some or even all investment decisions makes individuals to maximize the contribution level, because asset decisions partially determine the return. This contrasts passive behaviors in retirement plans, particularly, where employers are in charge of managing investment. This formulation suggests that influence of asset similar across genders. With a gender variation, significant impact of asset decision for men is about 4.01 and 0.76 as the standard error while the impact for female is 1.89 and 1.11 standard error, though not correlated to 95% confidence interval.
This shows that women investment decision is determined by investment choices to save in defined contribution plans and they are careful in risky ventures. This is guided by two reasons, for instance women have higher expectations to save maybe they have a longer life expectancy compared to men. Additionally, decision unit is household and in most scenarios women secondary income earners and their revenue supplement their spouses. In such conditions, women reported revenues are considerably lower compared to household revenue and their behavior demonstrates their level of household earnings.
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Conclusion
The paper has discussed behavior adopted by the individuals while making economic decisions and the reaction of the market towards these decisions. there are different extension that emerge. Firstly, individuals with DC plans cannot adequately control the exact amount of contribution from their salaries. Second the study offers econometric impact of investment decision , however, it does not examine the decision variable will be a constraint on the budget of the individuals.
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Abstract
The following report is an analysis of Halliburton Oil Service provider from the year 2014 to 2016. The escalating drop in oil prices has had major effects on the profitability of oil service providers in the past three years leading to fluctuations in the company’s sustainability.
However, Halliburton is one of the market leaders in the industry having the highest market capitalization as at March 2016. After giving an overview of the company’s market position, the report will give an analysis of the strategies available for the firm to sustain its market position in the plummeting oil prices. Finally, a recommendation on the best strategic measures will be given.
Introduction
Halliburton Corporation operates in the gas and oil service industry. As the second largest company in the oil service industry, Halliburton has been greatly affected by the drop in oil prices. Low demand for services, request by consumers to cut the prices, and fierce competition in the already crowded oil-field sector are some of the challenges faced by the company (Braden, 2012).
As a result of reduced revenue, the company strategized in acquiring one of its rivals at a cost of $36 billion (John, 2015). Additionally, the company has laid off over 10% of its workforce in a bid to reduce both production and operating costs. SWOT analysis, Ansoff Matrix, and STEEPLE are some of the models to be used in analyzing the strategies available for the company to stay aloof in the market.
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Halliburton market position
As of March 2016, Halliburton Corporation was the second largest oil service provider behind Schlumberger (Alex, 2016). Low oil prices caused the company’s revenue to drop from $32 billion in 2014 to $23 in 2015. Increase in cost of goods sold led to a loss in the year 2015 though there was an increase in earnings per share of 14% (Halliburton, 2016).
When compared to its competitors, Halliburton average dividend per share from the year 2014 to 2015 was at par with the industry average. Also, it can be noted that the company pays its dividends year after year while some of the companies in the industry do not pay out their dividends. In 2015, the company used more than $2 billion for investing while its cash flow from operating activities almost totaled to $3 billion.
The pending merger with Baker Hughes negatively affects Halliburton’s stock price. The stock price traded at $34 which was a 13% drop compared to the previous year. Though Halliburton management foresees another challenging year, the optimization of cost per unit of barrel and increased efficiency levels remain some of the core competencies for the company.
The high cost of operations in North America is worsened by the decline in oil prices thus resulting in a 94% decline in operating income in the last quarter of 2015 compared to the previous year (Halliburton, 2016). The high operating cost was brought about by the pending merger which, if it goes through, will provide the company an opportunity to increase its market share.
According to Alex (2016), the factors that led to Halliburton’s current performance status were: low oil prices, a decline in drilling activities both in Iraq and Saudi Arabia, low earnings in Europe, and increased sales in China and Mexico. The company expects to normalize its growth prospects and income when the oil crisis is over. Since Halliburton is the second largest oil service provider, it is in a strategic position to improve its revenue and net income if it improvises the right market strategies.
The oil industry is highly competitive and requires an organization to use its core competencies as well as emergent strategic options to improve its market share and profitability. Since Halliburton is already a market leader, it needs to take advantage of its current position to improve its strategic position. To analyze the strategic options available for Halliburton, the external environment and the internal environment will be analyzed in accordance with the existing business analysis models.
Analyzing strategic options available for Halliburton
The strength of a business lies in the laid down strategies (Lidia, 2013). In the competitive oil industry, it’s critical for a company to come up with strategies that make it stand out. The drop in oil price due to the low cost of production and emergence of other service providers is one of the main reasons necessitating Halliburton to come up with stringent measures to ensure it survives the turmoil.
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SWOT Analysis
Porter’s model is one of the best tools to use when analyzing strategic options available for business. Strengths, weaknesses, opportunities, and threats faced by an organization play critical role in assessing and implementing strategies (Charles and Gareth, 2011). Strengths are compared against the prevailing weaknesses for improvements. When a company takes advantage of available opportunities, it is able to phase off the threats and come up with profitable strategies.
Strengths
1. The company should use its existing mature oil fields to offset the low income experienced in North America. The fields in the Middle East recorded high profits despite the oil drop. Production should be increased in Middle East oil fields to increase overall sales and profits.
2. High market share is also one of the company’s core strengths. The company should concentrate on improving its service provision so as to retain the existing customers as it already has a wide market base. Having a wide geographic base protects the company from downturns in specific regions such as North America. The company can, therefore, improve its operating activities in the upstream regions and reduce costs in the downstream regions (Upstream Intelligence, 2015).
Middle East provides as the leading market share since it hasn’t been affected by the low oil prices with the company recording increased sales in the region over the last one year. The company should take advantage of the high sales in Middle East and increase its production capacity as well as product diversification in the region.
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Weaknesses
1. One of Halliburton’s weaknesses is the gap between commodity prices. Some regions have low commodity prices leading to overall low revenue from its international operations. For example, the large supply as a result of fracking operations in North America led to a reduction in natural gas prices. The management is supposed to cut its expenses in North America and diversify its products instead of focusing on one item. Diversification will lead to high revenues in the negatively affected regions (Alex, 2016).
2. The high cost of operating activities is one of the weaknesses that the company should find ways to manage. Since the company has already retrenched more than 6000 workers, it is advisable to lay off more workers and remain with a manageable workforce. Reducing workforce is essential in reducing operating costs so that high profits will be realized (Braden, 2012). However, the workforce should be reduced in the places that are underperforming and where there is duplication of activities to ensure there is consistency in production after the lay off.
Opportunities
1. The pending merger with Baker Hughes is one of the best chances the company has in surviving the oil price drop. If the merger is approved, it will lead to a reduction in costs for the company leading to high income. Though the proposition is facing antitrust charges, it provides a great opportunity for the company to increase its market share and revenue in the face of the crisis.
2. Technology advancement leading to reduced production costs. Though one of the main reasons leading to oil price drop is improvised technology, it still gives the opportunity for the company to increase its revenue at reduced production cost. The company should take advantage of the new technological methods to increase its revenue stream. The company should use its team of experts to do research and development and come up with ways to increase product value at reduced cost.
Also, technology such as digital should be used to diversify market for the company through the use of internet. There exists a wide base of online clients who can be harnessed through the company’s website and other sites that create awareness about the industry.
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Threats
1. Competition is the main threat faced by Halliburton. Schlumberger poses as the main competitor for the company as it has a wider geographical base with low commodity price difference. The company should increase its outlets to increase its market share as well as use its material science, manufacturing, and service delivery core competencies to beat the competition.
Being the second largest oil producer, the company posses core competencies in manufacturing and service delivery which serve as main sources to use to curb the competition. By diversifying its product portfolio through the use of its production facilities, the company has the capability of retaining its market position as well as increase the existing market share.
2. The proposed merger poses a threat to the company in case it is not approved. Baker Hughes stock is volatile since Halliburton announced it was going to buy it hence if the merger is not approved, the company would have to pay out more than $3 billion for charges. Hughes stock is already volatile since the decision to sell it to Halliburton has not been finalized.
Halliburton is the main loser in case the stock merger is not approved as it is supposed to pay Hughes an amount to compensate for its stock’s volatility. The company needs to adhere to the expected regulations so as to increase its chances of getting Hughes. Halliburton should sell its assets and raise the expected amount to address the antitrust concerns.
STEEPLE analysis
The model uses five factors to analyze the threats and opportunities available for a business. The factors considered are: social, technological, economical, environmental, ethics, legal and political (Weberience, 2015). All these factors must be properly assessed to ensure that the implementation process is authentic. The factors have negative and positive implications on strategies therefore requiring strategic managers to take up the strategies that provide the best output.
1. Social and environmental factors
Social factors considered are demographic and cultural orientation of the external macro environment. Since the oil industry poses a lot of safety issues, Halliburton should consider using machines and tools that protect the health of its workers and customers to increase its public image. When customers feel that the company is concerned with their safety, they tend to purchase more and be loyal to the firm thus increasing its market share and profitability (Lidia, 2013).
In the same line, environmental factors should be considered by the company in formulating its strategies. The company should ensure it follows environmental regulations and avoid activities and come up with ways to reduce pollution to increase customer’s value for increased revenues.
2. Technological factors
Technological advancement has led to a reduction in production costs. Halliburton should adopt the newest production methods to reduce its costs with the reduced oil prices. Together with the simulation technologies and services, the company should use more advanced fracturing technologies with detailed optimization and monitoring abilities to maximize production capacity (Jim, 2015). Also, more research and development is required to be able to implement strategies and come up with modern production methods.
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3. Economic and legal factors
Inflation, economic growth and interest rates are some of the consideration to be made before coming up with new strategies. For optimal maximization, the company should take up loans with low-interest rates to reduce interest expense for increased net income. Countries that have a high economic growth rate provide high revenues. China and the Middle East nations are some of the regions that Halliburton should maximize its operations in to curb the low oil prices since they generate high sales which result in high revenues (Alex, 2016).
The company should adhere to the tax obligations and legal regulations especially since it has a pending merger to increase the chances of the merger being approved. Also, it is advisable for the company to take advantage of the countries that provide incentives in form of low tax rates. A growing economy gives the opportunity to increase market share since more oil will be demanded from the market.
4. Ethical and political factors
Ensuring that the safety of the workers is put in consideration during production is one of the ways the company can use to increase its production capacity since the workers will be motivated. Also, the company should avoid dealing with activities that cause political turmoil since they end up increasing its administrative expenses hence reducing its income. With the reduced oil prices, the main objective should be to reduce costs hence legal charges should be avoided at all cost (Dan and Chelsey, 2015).
Ansoff matrix
Market penetration, market development, product development and diversification are some of the strategies the company can use to sustain its growth with the reduced oil prices (Jim, 2015). Halliburton should focus on increasing its service delivery in the already existing markets, especially the Middle East and Europe which have high revenue capacities compared to other regions.
Since it’s not known when the oil prices will normalize, the company should avoid diversifying in new markets since it would lead to increase in operating costs. Additionally, the merger will provide an opportunity for market development since the company will be able to reach out to new customers at reduced cost (Alex, 2016). Thus, increasing market penetration and market development through the merger should be the main strategies the company should use to increase its market share and revenue before the oil prices start going up.
Recommendation
The best strategy is the one which maximizes profits at a reduced cost. Hence, it is advisable for Halliburton to focus on the merger with Baker Hughes as it provides an opportunity to increase its market share at a reduced cost. Therefore, it is crucial for the company to sell its risky assets to be able to offset the antitrust concerns brought about by the Department of Justice.
A merger will result in increased sales and profit at reduced cost with an additional increase in market share. When the oil prices normalize, the company will be better off than most of its competitors leading to increased growth rate and market capitalization.
As the company improvises on the merger, it can take advantage of the Middle East region to increase its sales and production capacity. The region still provides a high market share even after the decline in oil prices and the increased competition in the industry.
Increasing its product diversity in the region will harness an extra market share and increase its profits leading to an overall increase in revenues. At the same time, the company should try to reduce its production cost in North America by reducing the number of workforce and using Just in Time production method.
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Conclusion
Making the best of an already existing business is the main purpose for managers and business owners. With the escalating drop in oil prices, Halliburton has had to strategize its operations to ensure it remains competitive in the oil industry (Alex, 2016). Laying off workers to reduce operating costs with a proposal for a merger are some of the strategies the company has came up with. From the year 2014 to present, the company has had fluctuating profit levels with a net loss experienced in the year 2015.
Using SWOT, Ansoff Matrix, and STEEPLES analysis, some of the strategies the company could use are increasing market penetration in the already existing markets, merger, reducing operation costs in the low sale regions, and coming up with stringent measures to ensure safety for increased customer value. Since the oil prices are still reducing, the main profitable strategy is the merger with Hughes as it provides an increase in market share at a reduced cost. As the second largest oil provider, Halliburton stands a chance to increase its growth capability even with reduced oil prices.
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Soy Product Marketing in the UK
Soybean and soyfoods are widely marketed in the United Kingdom. The United Kingdom is ranked as the leading exporter of soy food and product (Kwon, 2007, p. 71). The country has maintained the products’ economic and market value, thus increasing consumer interest and market value each year. This has influenced the level of consumption and production of the product all over the United Kingdom. To identify the stability of the soy market in the UK, it can be analyzed through the folloing marketing mix elements
Pricing
The pricing value of a product is an essential element of the marketing mix. This significanly affected the availability of the product in the market. Soybean is highly dependent on the market pricing value in the United Kingdom. The pricing for soya beans has been different in the UK depending on the quality and the maturity of the soybean. The quality of soy also influences its market value.
Tesco Soya beans for example have a high pricing value to indicate their quality in the market. The pricing of soy is strategic at influencing its worth in the UK market. During peak harvest, the pricing is set to drop and shoot during low harvest in the market (Hospes, 2014, 425).
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Place
The location or place also influences the market allocation of soya bean in the United Kingdom. Most soy product in the UK is exported to the United States and Canada as the primary target location. The location is influential in determining the target consumer and the region of sale. The UK has specific market locations for their for soy products. Statistically, UK has increased their soy export position to countries like Chile, developing new market ground for their product and increasing the sale and marketing of soybeans and products (Tomei et al., 2010, p. 301).
Soy products are also marketed in locations where consumers are keen on maintaining a healthy lifestyle. Such avenues offers a ready market for the soy products in the United Kingdom. This is strategic at increasing the market value of the soy product and different strategic locations in the UK.
Kwon, N. 2007, “Super Soy!”, Canadian Grocer, vol. 121, no. 6, pp. 71-71,73,75. Retrieved from http://search.proquest.com/business/docview/222850267/742DDE9E412947B7PQ/7?accountid=45049 Tomei, J., Semino, S., Paul, H., Joensen, L., Monti, M. & Jelsøe, E. 2010, “Soy production and certification: the case of Argentinean soy-based biodiesel”, Mitigation and Adaptation Strategies for Global Change, vol. 15, no. 4, pp. 371-394.
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