Wednesday, July 31, 2019
How Far Was the Russo-Japanese War of 1904-1905?
How far was the Russo-Japanese War of 1904-1905, responsible for the outbreak of the 1905 Revolution? The Russo- Japanese War, although an important rationale for the outbreak of the 1905 Revolution , was caused by many other problems which made a foundation for the War as well as the Revolution. Due to the War the economy suffered, adding on to the problems that Russia was already facing from a lack of preceding modernization, making this very important as the majority were affected causing them to revolt.Furthermore, Russia lost against Japan in the War portraying the Tsar as weaker compared to how he was already viewed by the population, making this another very important factor as the Russians felt they needed a stronger leader and in distress turned to extremist political parties. In addition another important factor is, the extremist parties in particular, felt that the autocratic rule of the Tsar was causing Russia to suffer, seeing that the people were not being heard resulti ng in them gaining extremist views and rebel.The Russo- Japanese War was a short term factor, which was only partly responsible for the outbreak of the Revolution. The Russian military lost miserably to the Japanese and this was a huge blow to the Russians as due to censorship, they had always conceived the Japanese to be inferior and weaker, making them certain that they would win. The defeat was seen as national humiliation, helping to cause unrest towards the Government and making the Tsar look weak, giving encouragement to the revolutionaries.In addition the overall cost of the War was very high, meaning that the already suffering Russian economy was plummeted further into trouble resulting in the tarnishing of the state finances made by Witte. However, it mainly helped to prolong the Revolution as many of the events of the war took place after the Revolution had begun. Long before the Russo-Japanese War had begun, Russia was still facing Economic turbulences and this is one of the main contributors to the outbreak of the Revolution.A revolt by the Peasants who were discontent due to only small individual plots for each family being distributed and bad harvests meant that there was massive industrial growth, resulting in an economy boom and building expectations of a better life for peasants . An industrial ‘slump’ caused social discontent of economic misfortune as Russian peasants and workers forced the uncertainty of poverty and poor living conditions. This caused major resentment to the Tsar both in industry and agriculture with his social and economic regime.In addition, due to Russia being backwards, even under Witte the Russian economy had failed to reach or exceed the output in production of goods as the other Great Powers although being the largest continuous land Empire. The low production in goods meant that Russia’s trade also suffered. The overall state of the economy meant many problems which were causing much unrest such a s poor living conditions were left unresolved and the resentment towards the Tsar continued to grow. Russia was under autocratic rule and this is also one of the main contributors to the outbreak of the 1905 Revolution.Autocratic rule was disliked by many as many people believed that under the Autocratic rule Russia was suffering and there needed to be a change in the way the country was led in order for the country to progress. This caused many political groups to gain extremist views. The extremist groups such as the Social Revolutionaries became very popular as they wanted to give political power to the peasants, who made up 80% of the total population and solving their problems would mean that the whole of Russia would benefit greatly.This shows that the groups were becoming more organized and strategic in the way they worked as they were targeting the biggest problems, in addition in order to gain publicity and get their message and views across, political groups were responsib le for over 2000 assassinations which included the Interior Minister, Plehve and the Tsars Uncle, Grand Duke Sergei, the Governor of Moscow.Furthermore, the demand for political reform continued growing as just like the Russian economy, Russian politics was also backwards and unlike other European states, Russia had elected bodies being the Zemstva, instead of an elected national parliament. This meant that the Russian population had no say in how the country was run which angered many and in turn meant that they supported extremist political groups in an attempt to force political change. Alexander ii’s reforms were also partly responsible for the outbreak of the War.Although the Emancipation of Serfs Act was passed in 1861,the peasants were still not completely free as they could not leave their villages without permission from the elders. The fact that they also had to pay redemption payments for 49 years added to their animosity towards the Tsar. In addition, landowners h ad to sell their land to the Government, meaning that they were in great debt and like the peasants their resentment towards the Tsar continued to grow. Due to Russia’s economical state many of these problems continued to grow as did the resentment.The weaknesses of Nicholas ii, although not as important as the other factors such as economic and political, also influenced the outbreak of the Revolution. As Russia was under autocratic rule, the majority needed to be under his control. This was very hard for Nicholas as he was very shy and timid, not qualities the Russians admired in their leader. His image was also affected by events such as the Russo-Japanese War as the result meant that Russia’s pride was damaged. Bloody Sunday also affected how he was viewed by his Country as he had been accused on turning against his own people.It was also said that he had no political knowledge, which many people blamed for Russia’s turbulences. Therefore people saw him unfi t to rule. Bloody Sunday was only minutely responsible for the outbreak of the Revolution as it was merely a spark. Although it was only a short term cause it had a damaging effects that angered many. Although the Tsar was not present at the time it still harmed his popularity as he was no longer the ‘Little Father’ who was on their side and would listen to them if they petitioned.He had destroyed the trust causing them to revolt. In conclusion, the Russo- Japanese War, although important as it highlighted and added to many of the issues already present in Russia, was merely a factor that prolonged the Revolution. The most important factors were the Economical and Political, as they showed Russia’s latent issues whereas the War made people more aware. The Russo- Japanese War itself was a problem that helped merely to prolong a revolution that would have occurred even without it.
Reflective Paper on Management of Organizations Essay
The concept of management especially that of managing organizations, is a broad field of study and usually requires understanding of the other branches of human learning such as sociology, psychology and economics, among others.            In determining the most effective approach in management, it is important to learn the basics of dealing with persons, how to organize them, develop their skills while bonding them together and eventually generate positive outcome or production from their collective labor.            Being an experienced nurse and member of the US Armed Forces, I have learned through the years in reserve camps and in field that interpersonal relationship is not easily perfected considering man’s innate instinct of â€Å"self-survival.†In order for a man to survive in any given situation, condition and place, it is but natural for him to save and protect himself or his interests, oftentimes resulting to conflict with other persons.            This human frailty is often than not the root of problems and conflict affecting the smooth flow of communication and cooperation within a certain group or organization. In addition to this, a person’s inability to understand the proper systems of learning within an organization and the natural course of changes brought by outside forces such as information technology, globalization and the likes usually result to negative output or disintegration of the organization itself.            Also, change, transformation and evolution is part of nature. Such reality also affects organizations and the society as a whole. The concept of the continuous transformation of the society and all of its institutions is best described by Donald Schon (1973): The loss of stable state means that our society and all of its institutions are in continuous processes of transformation. We cannot expect new stable states that will endure for our own lifetimes. We must learn to understand, guide, influence and managed these transformations. We must make the capacity for undertaking them integral to ourselves and to our institutions. We must, in other words, become adept at learning. We must become able not only to transform our institutions, in response to changing situations and requirements; we must invent and develop institutions which are ‘learning systems’, that is to say, systems capable of bringing about their own continuing transformation. (Schon 1973: 28)            Schon, as quoted by M.K. Smith (2001) in his article, â€Å"The Learning Organization†posted in the worldwide web infed.org, is indeed correct by saying that we must learn how to adapt to changes and transformation, make them as integral part of us and our institutions and likewise come up with new learning systems that could carry on the cycle.            Given this idea, I believe that by learning the proper systems in the field of management, one would not only be able to adapt to such transformations in the society and all its institutions or organizations, but also one could make a big difference in mobilizing people together, making them more competent, service-oriented, effective and productive.            At the same time, learning the proper systems can lessen, if not only its impact, the conflict caused by self-survival by individuals thereby resulting to an effective team that is highly competitive, competent and motivated.            Part of the learning systems in an organization is the building of teams that would become the heart and machinery of the organization. In building teams, I have learned from several readings that it is important to determine the strength and weaknesses of each individual to assess their distinct capabilities that would match the requirement for specific responsibilities and work to be done.            In determining the weaknesses and strength of the team members, as well as the over-all status of the team, some analytical modules can be used such as the force field analysis and the SWOT analysis.            To initiate the force field analysis, the team must start with a brainstorming session to identify the â€Å"driving†and â€Å"restraining†forces in their organization. The driving forces are the factors that promote obedience to the team’s work or schedule while the restraining forces are the factors that hinder adherence.           By learning how to determine both, the team and its leader would be able to design strategies how to approach the problem and decrease the restraining forces to achieve maximum resolution.            Another effective way of identifying the internal and external strength, weaknesses and opportunities of the team is the SWOT analysis. In using the SWOT analysis, the team would not only be able to determine the causes of motivation or hindrances to their work or schedules, but also the opportunities and threats to the organization.            SWOT is more comprehensive and detailed and by identifying the internal strength and weaknesses and the external opportunities and threats, the team would be able to draw up critical solutions to its problems. In using systematic analysis in identifying problems, the team leader also develops a systematic thinking or approach in building a strong and effective team.            Such forms of analysis are effective in most cases especially in military operations. As an active member of the US army, part of our daily activities is to maintain order in each team at the camp and effectively carry out orders from our superiors.             By learning how to determine several forces that affect our operations, I am becoming more capable to handle orders and cooperate with my colleagues. At my age of 41, I am still open to possibilities that even an older woman like me could achieve more in the future. Through learning how to build teams and eventually become a very good leader, I am relearning the values of discipline, independence and competence that I could use once I finish my course in Human Resources. But building teams and knowing each team member’s capability is only part of the larger face of learning systems in learning organizations. The next step to an effective management is how to enhance and develop strategies that would improve the team. An effective team develops ways to share leadership roles and ways to share accountability for their work output. It also builds a specific team purpose and goals. There are several ways or strategies how to motivate teams to become stronger and more efficient.            It is important to establishe objectives together. All team members must understand the objectives and what actions are needed to achieve them. Each member shall have a sense of responsibility and must have a sense of participation in achieving the collective goal of the team.            A good leader also knows how to encourage members to suggest ways how to improve their own services. The team must develop a participatory style. The feeling of belongingness and importance is one of the best ways to boost the team members’ morale. I often do this at home with my children. For 18 years as I reared them as single parent, I tried to teach them to speak and to participate in all house concerns. This made them independent and self-assured the same way a team member should feel – important.            Most often than not, listening is the best way to learn. Leaders should know how to listen to their team members. They should also acknowledge their points of view and encourage a healthy venue for discussions and democratic debates. Healthy discussions are actually therapeutic to the group because the members will be able to speak their minds or the problems they encounter at work. This improves interpersonal relationships and lessens the conflict of self-interests and self-survival. By understanding each other’s problems or by listening to one another, a team member would learn to decrease his personal walls and start opening doors to other persons.            This is actually interesting for me. As I go through this course and the learning systems in management and organizational learning, I come to realize that managing teams or organization is not quite different from managing your own home. I could easily relate, not only because I encounter team concerns at work but also because I have experienced being aleder at my own house.            Meanwhile, other strategies in can be introduced to maximize the effectiveness of a team. Defining specific roles and responsibilities also helps in organizing the team and keeping them focused. It is also important to explain rules and regulations, including time commitments. By knowing the rules and the rationale for such rules, team members will develop respect and trust to the organization. Commitment of time for team building and team work is also crucial in an organization’s growth. All members must have a sincere concern for the team and in doing so, they must be willing to extend time at work to do their responsibility to the group, if needed.            According to the experts, an effective team has at least seven characteristics. These are as follows: team members share leadership roles; team develops own scope of work; team schedules work to be done and commits to taking time allotted to do work; team develops tangible work products; team shared accountability; performance is based on achieving team products; and open discussion and collective resolution of problems within the team.            Working long hours at the nurse’s station in camps and in hospitals, taking care of the sick and old, then has given me enough insight of the real meaning of team work. It is true that a hospital or a military infirmary is just like an organization. Each medical staff shall take part in all the responsibilities. Less time would also be spent if each nurse takes quality time to take care of the patients or station himself in a designated area. In my former line of work, there are also specific responsibilities and areas of accountability including pharmacy, supplies, maintenance, emergency, wards, among others. The same is true with the military. And mush is expected of us. At present, I am an E6 Supply Staff Sergeant. I work for a transportation reserve unit full time. I am part of a larger team. And it is my responsibility to take care of their supply needs. If I fail, the whole system fails. It is a chain. But if I do my work on time and with efficiency, I help my teammates and the order is protected.            Simple things or simple tasks are oftentimes the key to an organization’s success. By doing the very basic things right, the team is assured of a holistic effectiveness and efficiency. As I begin to look back, it is getting clearer to me that the tricks of management, in any given field, are actually around us everyday. One only needs to be more observant and reflective to better understand the processes of learning.            Part of the continuing learning process is also the methods of solving conflicts. Conflicts within organizations usually arise when there is contradiction between team members, who sometimes have varying views on specific concerns.            When conflicts arise, experts tell us that it is important to introduce a constructive way how to resolve it. The first thing that one must take into consideration is to avoid jumping into conclusions. To avoid such mistake, it is crucial to identify the factors that have caused the conflict and determine the stakeholders involved in the conflict.            Group discussion would help determine who are stakeholders in a certain conflict. By diplomatically opening a dialogue between the stakeholders, the leader would be able to recognize individual interests, as well a power issues affecting the conflict.            The next step is to consider the alternatives in resolving the conflict. Each alternative must be carefully studied and from each, try to determine which is the most apt solution to the problem.            After the chosen solution is implemented, it is imperative to evaluate its effect to assess whether the results are satisfactory. If not, begin the process again and find other solution to the conflict.            In every organization, change is also a constant factor. Organizations are often faced by difficulties within the structure when there is leadership or organizational change.            According to Rosabeth Moss Kanter (1999, Chapter 5), it was proven over the years that things that sustain change are not â€Å"bold strokes but long marches – the independent, discretionary and ongoing efforts of people throughout the organization.†           Kanter (1999, Chapter 5) further says that: â€Å"real change requires people to adjust to their behavior, and that behavior is often beyond the control of top management.†           Kanter teaches us that change is constantly created at many levels in an organization. Kanter says that there are big events that often occur due to outside forces while some changes are brought about by the people’s actions in their daily operations.            In confronting change, adept organizations share three key attributes. Kanter (1999, Chapter 5) specifies these as follows:                        *The imagination to innovate. To encourage innovation, effective leaders help develop new concepts – the ideas, models, and applications of technology that set an organization apart. *The professionalism to perform. Leaders provide personal and organizational competence, supported by workforce training and development, to execute flawlessly and deliver value to ever more demanding customers. *The openness to collaborate. Leaders make connections with partners who can extend the organization’s reach, enhance its offerings, or energize its practices. (Kanter 1999, Chapter 5)            Kanter cited three important words – concept, competence and connections. She claims that these intangible assets naturally build up with successful individuals and organizations.            Such intangible assets, she explains, reflect habits and not programs. These habits – personal skills, behavior and relationships – if deeply imbedded within the organization results to minimal resistance to change.            If the organization has such assets, change would be so natural that leaders would find it easier to gear their team members to positively react to change.            Mastering change and transformation usually brought by outside forces such as technology, globalization, competition and politics as well is not an easy task. The organization should be intuitive, dynamic and innovative.            The organization must come up with its own innovations to adapt to its environment, guided by the skillful and pro-active leader.            Kanter (1999) explains that the skillful leader must know how to lead with passion, conviction and confidence in others. There are other techniques or tips that could be adopted by an effective leader. The first is to keep abreast with the changing environment. A leader must be constantly observant, keen in learning and updated of what is new and what is latest.            Kanter’s concept of effective leadership teaches me and everyone else another basic characteristic of humans – our innate instinct to learn. Man’s curiosity and unending search for the â€Å"truth†or the â€Å"story behind things†is actually a trait that must be mastered by a leader.            I now find it imperative to double my efforts in honing my skills in preparation for my future as human resource personnel or manager. Doing routines at the military sometimes make you too comfortable with your environment that you forget to check what is happening around.            Now, I am beginning to realize that in order to be an effective and skillful leader, one must prepare and master the technique of listening, learning and tuning in to the environment.            Another trait that a leader should master is to think outside the box. Kanter said it is okay to challenge the wisdom of the organization. It is alright to question the patternsn and come up with new solutions, looking into different angles or dimensions that sometimes lead to new approaches and innovative ideas.            Kanter (1999) gave several examples how to promote kaleidoscopic thinking. Team members can conduct activities outside the company or the organization itself. Interact, immerse with the community, break routines, rotate job assignments or even exchange projects. These are only few of the ways to generate fresh ideas and opportunities.            Genuine conviction is also a positive trait that should be taught to team members. Kanter (1999) explains that one cannot sell change or anything else without any real conviction. In order for others to believe what you say or what you are trying to communicate, you must believe it first. Makes sense to me. In many situations that I was confronted by issues at the US Armed Forces, my children would sometimes ask about the real concerns and agenda of the US government. And in many cases, I try to answer them as honestly as I could. But now, it reminds me of my true feelings at that time. Kanter helps me reflect of my thoughts and thinking about it, I know that at times, I am not even sure whether my convictions were genuine enough to let my children believe what I say.            This is one trait of a good leader I must master. To have genuine conviction so I could become an effective leader and be able to communicate vision and aspirations to my team members.            â€Å"Change leaders†also needs the involvement of the team members who have the resources, the knowledge and the political influence to make things possible.            Kanter (1999) calls it coalition building. In early stages of planning, the leader must identify key players with appropriate capabilities. It is also important to find sources across or outside the organization to find influencers. According to Kanter, coalition building requires an understanding of the politics of change and its accompanying principles.            Once the coalition is in place, a leader must know how to coach and provide guidance to the team members while at the same time allowing them to enhance their individual contribution to the team.            Kanter (1999) says leaders should allow team members to forge their own identity, build a sense of membership and become accustomed in implementing changes. The leader must resist giving too many responsibilities to the members because in order for their individual capabilities to grown, they must learn how to focus.            Another effective way to ensure the success of an organization and its resolution to change is the primary law of management – perseverance. I myself believe that in any aspect of our life, not only in management, learning how to persevere and develop a strong passion on what we do is a positive attitude.            Perseverance gives a person more room to grow. As a 41-year-old woman, others may think that my career is almost over or that I may be experiencing the downsides of life. But I beg to disagree because I know that in pursuing my studies in human resources, I will have a better future ahead of me. My perseverance and willingness to adapt to changes and hone my skills in the process makes me a person with a vision and a drive to achieve more.            As Kanter (1999) explains, one must know how to overcome obstacles during the process of change. Perseverance helps a savvy leader to ensure the success of the process and prevent failure. If a leader launches something, he must not leave it to the team members. He should ensure that the process is done until the end.            And after everything has been put into place, it is important to recognize each member’s contribution to the any accomplishment. Remembering to reward and recognize accomplishments is critical in any leadership, Kanter (1999) says.            Words of gratitude, recognition or appreciation are one of the most powerful tool in motivating members of any organization. In the US Armed Forces, promotions and awarding of medals of honor or valor are few of the motivational tools being used to boost the morale of US soldiers and to encourage them to fight for America. It is also a form of incentive to American soldiers for their sacrifices and the risks they face in the military, considering that the profession is a high risk one.            According to Kanter, there is no limit to how much recognition a leader can provide to his team members. Making everyone a hero for a job well done often results to higher performance or bigger output in the future.            In relation to change in an organization, Kanter (1999) says recognition motivates people to attempt change again especially if they are involved in the process.            In closing, effective management of people or organization is actually the ability to lessen individualism and self-survival instincts, break communication barriers, limit conflicts, building teams and training them to adapt to change, and the ability to innovate in order to keep abreast with the constantly changing environment.            Effective management, though not easy to achieve, is actually a continuous learning process. One must have the concepts, the competence and the connections in order to become competitive, innovative and effective.            Ashford University actually teaches us the same foundational values. The values of self-worth, creativity, independence, service, integrity and effectiveness. As for me, after studying this course and learning the proper systems in effective management, it is clear that the university’s core values such as creativity and effectiveness are truly important, not only to every individual but to interpersonal relationships and organizations as well.            The ability to innovate and have the respect for the free flow of ideas are some of the key points in mastering the techniques of effective management. As discussed above, innovation and transformation are continuous processes in the growth of an organization and by learning the values of creativity and self-directedness, one is assured that he could face the ever-changing and demanding world outside.            Also, one’s independence, self-discipline and competence result to effectiveness, not only as an individual but also as integral part of a larger group or organization.            In any way, I believe that my aspirations in life are clearer and more achievable as I grasp a better understanding of the processes or organizational learning, as well as the values being taught at the Ashford university. This course is actually very interesting and liberating because it gives me a broader view of the society and its institutions. (End)   References: Smith, M.K. (2001) â€Å"The Learning Organization†, The Encyclopedia of Informal Education,   Retrieved May 3, 2006 from http://www.infed.org/biblio/learning-organization.htm Schon, D.A. (1973) Beyond the Stable State. Public and Private Learning in a Changing          Society, Harmondsworth: Penguin, 236 pages. Kanter, Rosabeth Moss (1999) â€Å"The Enduring Skills of Change Leaders (Chapter 5) †, On     Leading Change. Retrieved May 3 from        http://leadertoleader.org/leaderbooks/L2L/summer99/kanter.html Force Field Analysis. Retrieved May 3 from http://erc.msh.org/quality/pstools/psffanal.cfm SWOT Analysis. Retrieved May 3 from http://erc.msh.org/quality/examples/swot.cfm            If such could be achieved by a person, then he is a candidate to become an effective leader. By trying to understand the academic theories and vast possibilities to which this course of study has offered me, I now come to the realization that there is room for much improvement to everyone, even to a 44-year-old nothing is impossible I am a person with simple values, who appreciates those around me. I consider nmyself as helper of people and have been a member of the nursing profession for years.
Tuesday, July 30, 2019
Corporate Risk Management Essay
Risk refers to the uncertainty that surrounds future events and outcomes. It is the expression of the likelihood and impact of an event with the potential to influence the achievement of an organization’s objectives. Risk management is a systematic approach to setting the best course of action under uncertainty by identifying, assessing, understanding, acting on and communicating risk issues. The Corporate Risk Management framework is a systematic, integrated approach with a focus on managing financial risks to enhance shareholder value. The Corporate Risk Management processes are indentification of the risk, measurement , policy, process and execution. Those processes are utilised by corporate enterprises to manage the risk of fortuitous loss. Once corporate risks have been identified and their impact on the firm measured, risk management attempts to control the size and frequency of loss, and to finance those fortuitous losses which do occur. Those are the main definition about the subject, which are to be discussed in this document. Risk Management is an ongoing activity and should be carried out as a part of day-to-day business. The management of risk can only take place within an organisational framework that is inclusive of all parts of the corporate infrastructure. Without this framework, risks cannot be efectivelly discussed, communicated, compared and managed in a coherent way across the whole organisation. Risk should be a feature of any management discussion of any uncertain circumstances including new initiatives of any kind and the implementation of significant projects Risk management deals with insurable and with uninsurable risks and is an approach which involves a formal orderly process for systematically identyfying, analysing and responding to risk events throughout the life of a project to obtain the optimum or acceptable degree of risk elimination or control. Risk management is an essential part of the project and business planning cycle which requires acceptance that uncertainty exists, generates a structured response to risk in terms of alternative plans, solutions and contingencies ,is a thinking process requiring imagination and ingenuity and generates a realistic attitude in an investment for staff by preparing them for risk events rather than being taken by surprise when they arrive. Risk management involves identifying risks, predicting how probable they are and how serious they might become, deciding what to do about them and implementing these decisions. Corporates finance is the specific area dealing the financial decisions corporations make and the tools and techniques used to make the decisions. Categories of corporate financial decision making are : objectives of investment decision, financial decision and financial techniques. Corporates need a more advanced risk management approach in order to benefit from a competitive advantage from strategic risk management. They should manage risks proactively via an integrated approach with a focus on measurable financial risks. Quantitative techniques, such as cash flow-at-risk and earnings-at-risk, are necessary to look at the combined effect of risks on the formulated business objectives. Identification of risks, analysis of implications, response to minimise the risk and allocation of the contigencies are part of the process of managing the corporate risk. The objective to managing the corporate risk is to understand the risk that is known to be associated with the corporate strategy plan. This corporate risk management plan will enable the communication of the risks and risk treatments to be passed down to the strategic business units that may be impacted by the risk and maintenance of the corporate risk register. Altough risks are evaluated at the corporate level, the power they maintain over governments and consumers is phenomenal. Corporate risk startegy often implies planned actions to respond to identified risks. A typical corporate risk strategy includes the following: * accountabilities for managing the corporate risk. * A corporate risk register will be maintained as a record of the known risks to the corporate strategy plan; the types of mitigating action recorded. * Treatment plans are identified that form part of the corporate strategy and will be communicated to the SBUs, so they in turn may manage the risk which may affect them. A first estimate of potential effects can be determined using assumption analysis, decision tree analysis and the range method. These models can then be used to evaluate the effectiveness of potential mitigating actions and hence select the optimum response. Mitigating actions can be grouped into four categories and potential action : * Risk avoidance * Risk reduction * Risk transfer * Risk retention Corporate management, often referred to as corporate strategy, is concerned with ensuring corporate survival and increasing its value not just in financial terms but also by variables such as market share, reputation and brand perceptions. Thus the scope of corporate risk management is wide ranged to support the corporate strategy. A senior corporate manager owns the process and has the staff to resource the analysis and administrative activities. A board member champions the process ensuring access to information and resources. A core group of corporate broad members and strategic business unit executives can draw additional input from stakeholders such as shareholder representatives, representatives from major customers, partners and suppliers and external experts. At the corporate level a corporate strategy plan is often produced. The plan objectives are: * Create and maintain a strategy that achieves the corporate intent, corporate commitments and expectations of the customers, shareholders and other stakeholders. * Incorporate and maintain the commitments and the requirements of business sectors, specifically strategic business units and process owners that support the strategic direction. * Communicate the strategic direction and relevant objectives and target to each strategic business unit. * Manage strategic change to maintain or gain competitive advantage. The risk management process can be viewed as the application of traditional management techniques to a particular problem. Risk management is a continous loop rather than a linear process so that, as an investment or project processes, a cycle of identification, analysis, control and reporting of risks is continuously undertaken. Steps in the risk management process include: * setting risk-return goals, * identification and evaluation of the causes of potential expense or revenue fluctuation, * choice and balance of loss control and loss finance tools, and * implementation, monitoring and review. There are many opinions about those processes. For example Chapman and Ward believe that there are eight phases in the risk management process. Each phases is associated with broadly defined deliverabe, and each deliverable is discussed in terms of its purpose and the tasks required to produce it. Phases and deliverable structures: * Define : the purpose of this phase is to consolidate any relevant existing information about the project, and to fill in any gaps uncovered in the consolidation process. * Focus : the purpose of this phase is to look for and develop a strategic plan for the risk management process, and to plan the risk management process at an operational level. * Identify : the purpose of this phase is to identify where risk may arise, to identify what might be done about the risk in proactive and reactive terms, and to identify what might go wrong with the responses. Here, all the risks and responses should be identified, with threats and opportunitiess classified, characterised, documented, veified and reported. * Structure : the purpose of this phase is to test the simplified assumptions, and to provide a more complex structure when appropriate. Benefits here include a clear understanding of the implications of any important simplifying assumptions about relationships between risks, responses and base plan activities. * Ownership : at this phase client/contractor allocation of ownership and management of risk and responses occur, such as the allocation of client risks to named individuals, and the approval of contractor allocations. Here, clear ownership and allocations arise; the allocations are effectively and efficiently defined and legally enforceable in practice where appropriate. * Estimate : this phase identifies areas of clear significant uncertainty and areas of possible significant uncertainty. This acts as a basis for understanding which risks and responses are important. * Evaluate : at this stage synthesis and evaluation of the results of the estimation phase occurs. Diagnosis of all important difficulties and comparative analysis of the implication of responses to these difficulties should take place, together with specific deliverables like a prioritised list of risks or a comparison of the base plan and contingency plans with possible difficulties and revised plans. * Plan : at this pase the project plan is ready for implementation. The main processes involved in project risk management are: * risk identification, risk quantification and analysis, * risk response, selection of risk response options, * outputs from the risk response process, * outputs from the risk response process, * risk management within the project life cycle, * the tasks and benefits of risk management, * the beneficiares of risk management. Risk identification consists of determining which risks are likely to affect the project and documenting the characteristics of each one. Risk identification should adress both the internal and the external risks. The primary sources of risk which have the potential to cause a major effect on the project should also be determined and classified according to their impact on project cost, time schedules and project objectives. Inputs and outputs of the Risk Identification Process . Inputs to risk identification are given as product or service description; other planning outputs (work breakdown structure, cost and time estimates, specification requirements) historical information. Outputs to risk identification are sources of risk; potential risk events; risk symptoms; imputs to other processes. After identification risks should be ’validated’, for instance, the information on which they are based and the accuracy of the description of their characteristics should be checked. The purpose of risk identification is to identify and the project or service components, the inherent risks in the project or service, to capture the most significant participants in risk management and to provide the basis for subsequent management, to stabilise the groundwork by providing all the necessary information to conduct risk analysis. Risk quantification and analysis involves evaluating risks and risk interactions to assess the range of possible outcomes. It is primarily concerned with determing which risk events warrant a response. A number of tools and techniques are available for the use of risk analysis and quantification and the analysis process. Risk response involves defining enhancement steps for opportunities and responses to threats.  Risk avoidance involves the removal of a particular threat. This may be either by eliminating the source of the risk within a project or by avoiding projects or business entities which have exposure to the risk. Since the significance of a risk is related to both its probability of occurence and its effect on the project outcome if it does occur, risk reduction may involve either lowering its probability or lessening its impact ( or both ). Projects may be seen as investment packages with associated risks and returns. Since a typical project or business involves numerous stakeholders, it follows that each should ’own’ a proportion of the risk available in order to elicit a return. Basically, risk transfer is the process of transferring risk to another participant in the project. Transferring risk does not eliminate or reduce the criticality of the risk, but merely leaves it for others to bear the risk. Risk Retention .Risks may be retained intentionally or unintentionally. The latter occurs as a result of failure of either or both of the first two phases of the risk management process, these being risk identification and risk analysis. If a risk is not identified or if its potential consequences are underestimated, then the organisation is unlikely to avoid or reduce it consciously or transfer it adequately. Corporate risk refers to the liabilities and dangers that a corporation faces. Risk management is a set of procedures that minimizes risks and costs for businesses. The job of a corporate risk management department is to identify potential sources of trouble, analyze them, and take the necessary steps to prevent losses There are several steps in any risk management process. The department must identify and measure the exposure to loss, select alternatives to that loss, implement a solution, and monitor the results of their solution. The goal of a risk management team is to protect and ultimately enhance the value of a company. With corporations, financial risks are the biggest concern. Just as with standard insurance policies for physical damage, some financial risks can be transferred to other parties. Derivatives are the primary way that corporate risk is transferred. A derivative is a financial contract that has a value based on, or derived from, something else. These other things can be stocks and commodities, interest and exchange rates or even the weather when applicable. The three main types of derivatives that corporate riskmanagers use are futures, options, and swaps. Corporate risk is especially prominent during difficult times in the economy. Risk management teams will take less chances when the economy is less forgiving. They will do everything necessary to avoid additional risks, which in some cases can contribute to a decrease in credit availability and less overall spending. * Corporate Risk Management ,second edition, Tony Merna & Faisal Thani 2008 * Analysis & Evaluation,second edition, Neil Cowan 2005 * http://www.decs.sa.gov.au/docs/documents/1/DecsRiskManagementFramewo.pdf * http://www.wisegeek.com/what-is-corporate-risk.htm
Monday, July 29, 2019
Managerial Decision Making Essay Example | Topics and Well Written Essays - 250 words
Managerial Decision Making - Essay Example Retribution: The first R is by far the most detrimental; the managerial application of retribution is little more than threatening. Managers in some situations resort to direct threats of punishment to create coercion. They may also utilize indirect threat’s to create an implied rather than stated punishment or coercion; this is a common form of intimidation. The major pros to utilizing retribution are the immediate effect and delivery of the manager’s task as specified. On the Con side retribution almost always creates resistance, resentment, & alienation. It also within the organization stifles innovation. Effective managers should very rarely resort to retribution as a tool; it should be reserved for crisis situations where direct action is required. Reciprocity: By definition reciprocity is nothing more than compliance by satisfying the needs of both parties. Reciprocity allows the manager to get results without creating resentment. The major pros revolve around mutual benefit. This enables the manager to achieve objectives without having to bargain or justify the objective with the employee. The Cons are the very basic prerequisite of trust and the inevitable negotiation process with the employee. From the stand point of the organization reciprocity undercuts group commitment. From the management standpoint it takes time to initialize and cannot be used effectively in a crisis situation. Reason: Reason creates a rational articulation of the management concept; subordinates recognize the value of the plan and are more supportive and positive about the manager’s task. The pros are seen as a higher group compliance and greater commitment to team principle. While reason is the most positive management tool it takes the longest period to initialize and requires the cohesion of a unified group trust and belief in the individual manager. Superiors usually rate managers that utilize reason as highly effective. Unfortunately,
Sunday, July 28, 2019
Labor law Essay Example | Topics and Well Written Essays - 1000 words
Labor law - Essay Example plementation of this Railway Labor Act was to ensure that the railways continued to provide its services and the obstacles in the deliverance of services caused due to differences between the employees and employers were removed. This was an essential step for the sustainability of the reputation of the railway industry. This law provided the privilege of freedom to the railway employees to organize their own unions independently. Authority was given to both management and labor and none were bounded by the domination of one another; Often rail laborers had to agree on working terms that later gave rise to disappointment. Different laborers had different and colliding views about the prevailing working environment that caused conflicts. This law served as a rapid solution for all disputes of the rail industry. The Railway Labor Act (RLA) has a positive impact on the organizations because due to the enactment of this law the disputes that took place between the railway organizations and their employees started solving in a timely manner. Due to this the productivity of the organizations was not damaged as a result of the protests. The provision of development of a National Mediation board helped in ensuring that the disputes that were not being solved by the unions and organizations started being solved with the indulgence of a third party. This even ensured that the organizations were not able to manipulate the union leaders into working for the interest of the owners of the organization instead of working for the employees they represented. This Act clarified that yellow- dog agreement made between the laborer of a certain industry and its management as a condition for becoming an employee, was strictly unacceptable by the Federal Court (Cihon, 2011, p.342). Any such contract, which forbids the laborer to join a labor union, has no claimable existence in the Federal Court. This law of United States was established for the protection of the rights of the
Saturday, July 27, 2019
Internet TV Assignment Example | Topics and Well Written Essays - 1000 words - 1
Internet TV - Assignment Example Although NBC currently offers internet TV services, they are not much effective in inviting viewers’ attention. By designing potential online business models between NBC and internet providers, the company (NBC) can attain notable achievements in the internet TV sector. In addition, business alliance with internet providers would assist the NBC to provide its customers with cheap rate internet connections for TV sets. Forecasts indicate that the practice of internet video broadcasting to TV sets is likely to increase over the coming years (Over the top TV, p.9). As Lauden and Traven (2012) state, smart phones and tablets will be the primary platform for internet access in the near future (slide 3-15). Therefore, it is advisable for the firm to develop adequate competencies to strengthen its position in the field of internet video broadcasting. It is obvious that the NBC has a set of competitive internal management strengths and a range of potential resources to fuel its televi sion broadcasting network. As a result, it would be easy for the organization to choose potential internet TV programs and to avail them to its millions of viewers. Since a notable majority of the US people possess PCs, it is specifically advisable for the company to use the ‘PC connected to TV’ method to promote its internet TV operations. ... Currently, the firm faces stiff competition from its market rivals like Bell TV. In order to address such competition threats, it is recommendable for the company to enter the internet TV market because the popularity of internet is rapidly growing in the Canadian market. Today, internet services are provided to individuals at cheaper rates (Lauden & Traver, 2012- slide 3-22). Therefore, the idea of internet TV would be affordable and convenient for customers. In Canada, the number of people watching movies via VCRs and DVD players has declined noticeably. At the same time, a CTAM Canada survey (as cited in The Hollywood reporter, 2012) report reflects that Canadian youngsters (between the ages 18-39) are interested to view more web content than television. This survey report points to the potential opportunities of ‘over- the- top television’ (frontier model) in the country. In this context, it is advisable for Rogers TV to find some potential ways to transfer internet video to the TV. Both PC based and lightweight set-top box based internet video broadcasting are recommendable for the company. Undoubtedly, this business model would benefit the organization to generate more revenues from young people. Although this change may cause the company to lose some elder customers, the firm will be the net winners. Bell Canada Bell Canada is a Canadian media company headquartered in Montreal. Obviously, Bell Canada also depends more on the traditional TV distribution model and hence the company has a little presence in the internet TV sector. As compared to its main competitor Rogers, the Bell Canada has more potential growth opportunities. To illustrate, as Sturgeon (2012) points out, the
Friday, July 26, 2019
Globlization Essay Example | Topics and Well Written Essays - 2250 words
Globlization - Essay Example Introduction In order to understand this topic, this article will start by defining the key concepts that are involved. One of these concepts is the term globalization. According to Harvard Professors Robert Keohane and Joseph Nye, understanding this term requires one to grasp another important term known as globalism (Bauman, 1998). Globalism is seen as a state of the world networks involving interdependence of multi-continental distances (Bisley, 2007). This interconnection involves the movement of information and ideas, people and force, as well as, capital and goods. It also involves the environment and biologically relevant substances such as acid rain or pathogens. Therefore, when defining globalization, Keohane and Nye state that it is the complete integration of globalism at a deeper or geographical level (Holton 1998). Globalization and Education in the Developing World: Case Study of Saudi Arabia The world as it is currently has attained the tag of being a ‘global vil lage’ (Holton 1998). This means that there is a higher level of interaction between different countries today than was the case 100 years ago. Currently, the issues affecting one country can easily be replicated in another country as witnessed in the spread of the Arab Spring from Tunisia all the way to Syria. Technology has ensured that there is faster seamless communication between people in two very distant regions. This way, a person in Africa can communicate one-on-one with a relative in France. In this way, the world as is has been opened up to more scrutiny and so has the formats of education all over the world (Bisley, 2007). Saudi Arabia is a state renown for its oil wealth and the fact that it is reined over by a monarch. The system of education in this country like in many developing countries has a lot of emphasis on university education (Ramady, 2010). This means that white collar jobs are mainly preserved for the university elite in the country. As a result, thi s makes technical studies appeal less as they are associated with failures. As stated above, this is a common occurrence around the developing world, and, as a result, the technical training institutions do not get as much funding as the universities. Saudi Arabia has not many natural resources apart from oil (Ramady, 2010). This means that it has to depend on other forms of resources to allow it to move ahead. One of these resources is the human manpower (Ramady, 2010). The most important avenues for creating this manpower are through education. According to organizations that promote knowledge based economies such as the World Bank, higher education has a direct correlation with the country’s productivity (Ramady, 2010). This means that higher education has a direct impact on the skill level of people in a country, which in turn affects the quality of work that they produce. There is also the additional aspect of the remuneration that these people receive, which further tra nslates to an improved standard of living. As seen above, technical education is not one that draws a lot of the populace in the country as it has a low remuneration. This is a worrying trend for a country like Saudi Arabia because being a developing country; it requires a lot of people trained in the technical studies. This means that there is a need to look at this matter. It is important that the government encourage people to take these courses by popularizing them.
Thursday, July 25, 2019
How does buying a cup of coffee from Starbucks affect the environment Dissertation - 1
How does buying a cup of coffee from Starbucks affect the environment - Dissertation Example Unfortunately, when it comes to Starbucks, their biggest negativity is the non –recyclable cups of synthetic nature which pollute the earth on a considerable level. Starbucks being a huge food chain have captured the coffee market globally by taking on the increased demand of coffee lovers. According to (Austin,2004) â€Å"Starbucks had revenue of $2.7 billion in 2001, up from $465 million in 1995 (see Exhibit 1 forfinancials). Nearly two-thirds of revenue came from coffee beverages, 15% from coffee beans, and24% from food and coffee-related items†.They also maintain their good will by means of powerful advertisement they display in the international business arena. This coffee chain have spread over much part of the globe and have influenced people many people in buying their product , as it is assured to be the best and perfect in the market. As per (Laminetez)â€Å"Starbucks switched its plastic cups from polyethylene (No. 1) to polypropylene (No. 5), which uses 45% less greenhouse gases†. ... The Starbucks in order to save on the cost factor ignore the natural disaster their coffee cups can bring about in the nature. Even though people feel convenient in drinking from their non –recyclable cups, they are less knowledgeable about the consequences it can bring to the natural sustainability of the planet. â€Å"Climate change is occurring, is caused largely by human activities, and poses significant risks forâ€â€and in many cases is already affectingâ€â€a broad range of human and natural systems†(Clooney,2010, pg.484-48). There are many studies done in order to perceive the amount of waste disposed in nature by Starbucks by taking into account various factors. The first phase was considering the determinants of waste generation in South Eastern America by keeping in mind the elements like economic, structural and demographic variables. In this per capital retail sales, urban population percentage and per capital income was taken it account to calculate the waste generation quotient. However, the study concluded that when retails sales increased the per capital waste generation also increased. So an effective solution for Starbucks is to consider recycling cups which reduce pollution of the environment According to (Zaida,2009)â€Å"One of the many challenges in reducing the use of disposable products is that the true social cost of using these disposable products, the externalities, are not incorporated into the price we pay for them†. It is a general fact, that the cups used by Starbucks for hot beverages are made out of paper fiber and low density plastic materials. This plastic element in the cups is the main culprits in
Dixie Industries Womens Group Case Study Example | Topics and Well Written Essays - 750 words
Dixie Industries Womens Group - Case Study Example Dixie Industries, Inc has recently faced accusations from an ad hoc committee of female employees â€Å"of a continuing pervasive bias in promotions in favor of men†. The spokes person for this woman’s group Mrs. Linda S. Feldman, has written to the President of Dixie Industries to explain to him their concerns of their future promotional opportunities within Dixie Industries due to the company’s promotional practices. She has demanded a response from the President and the Executive Committee. The main problems faced by Dixie Industries and in need of addressing immediately, in this situation are; job action, the group could instigate a slow down, walk out or some other job action which will affect negatively the company’s ability to respond to customer orders and remain competitive; unionization; productivity, any job action would slow down productivity of the company which has already been below industry standards for the past year; publicity, exposure of these allegations would hurt the image of the company within the local community which would drive the stock prices down.... motivation. This in turn would affect the productivity and turn over of thecompany. The group may also seek community support by publicizing theissue through the media. Alternative 2 Dixie Industries could invite Mrs. Feldman and the women's group to meetwith the President and Executive Committee of the Company. At this meeting the President's views of providing definite equal opportunities for males andfemales given the possession of the necessary qualifications for any givendesignation could be explained and stressed to the group. Having identifiedand specified the groups main concerns, the DI leadership could appoint acommittee to look closely into these concerns together with the procedure andresults of the study done on this subject by the women's group. The DICommittee could conduct their own study and compile results from thatwhich could be compared with the study and results of the women's group.At the end of this process, both the Committee and the group could evaluatethe best possible actions to be taken for the betterment of the Company andthe employees. Recommendation I would definitely recommend the second alternative. By approaching theproblem in this way, Dixie Industries would; Avoid antagonizing the
Wednesday, July 24, 2019
HCI Reading Journal - Journal #3 Research Paper Example | Topics and Well Written Essays - 500 words
HCI Reading Journal - Journal #3 - Research Paper Example According to Heim (2008), this can be done by putting oneself in the user’s shoes to be able to understand their needs and requirements. Secondly, know the users for which the interface is intended. By studying them, you will be able to develop a seamless interface that adequately meets the user needs. Since my project involves creating a user interface for a sales system, I saw it prudent to visit some of the sites. As a user of this interface I found it so easy to choose a product after some suggestions such as; most viewed, most purchased, don’t miss, most popular among other suggestive tags. From this I learnt that items with suggestive tags will have a high chance of being viewed and even purchased. Therefore, as a user interface designer, one must consider the possibility of aggregating related content in one interface to ease navigation of the user (Dillon, 2003). Most users will seldom dwell on the layout and the structure of the interface but will go straight to the content. According to Dillon (2003), in order to effectively engage users of an interface, the designer must get the content of the interface right. One could have a perfect design for an interface with shallow content that will not effectively the client. Design is a magnet but the content is what keeps the user coming back again and again. I tried to compare between the design interface for two social sites; Face book and Twitter. Face book has a more interactive interface that has options for posts, messages, image and video communication. On the other hand twitter is simple with fewer graphic but more messaging. However, despite the differences the two sites have almost equal users due to the content in each interface. Most designers will think users have no idea or will not realize several aspects of the user interface. This is not the case in the current society. Users visit several sites and interact with man interfaces on a daily basis. In this
Tuesday, July 23, 2019
Business Management Techniques Assignment Example | Topics and Well Written Essays - 1500 words
Business Management Techniques - Assignment Example Costing accuracy is the main advantage of this type of activity. Companies allocate cost simply to the products that involve production activities. Hence this activity helps in eliminating allocation of costs that are irrelevant to the product. Other benefits of this type of activity to the business include an easy understanding of cost for inside administration, the potentiality to facilitate benchmarking and a better appreciative of overhead costs. This system of costing also supports the management performance and the scorecard. Besides these, this type of costing does integrate well with programs put in place for continuous improvements by the company.This method is widely used by companies in allocating its cost, the challenging part is the implementation. Putting into practice this kind of costing system within a company involves considerable resources. This can be a disadvantage for businesses with inadequate funds. Another challenge of using this costing method is that it can be misinterpreted. Based on our scenario of production of manual and automatic data, we can identify various issues arising. For instance a decrease in production volume from 1500 to 500, the cost of direct material increased from â‚ ¬20@unit to â‚ ¬30@unit, a clear indicator that the costing of this is very accurate. Under the activity based production analysis of the company, we can see differences in the packaging and delivery cost. The differences that occur between the packaging and delivery is due to activity-based costing.... This means that this system of costing is inaccurate in relation to increasing over head cost. This has made Activity based costing to become an alternative replacement to the traditional method in allocation of cost (Drury, 70). Advantages of Activity based costing Costing accuracy is the main advantage of this type of activity. Companies allocate cost simply to the products that involve production activities. Hence this activity helps in eliminating allocation of costs that are irrelevant to the product. Other benefits of this type of activity to the business include easy understanding of cost for inside administration, the potentiality to facilitate benchmarking and a better appreciative of overhead costs. This system of costing also supports the management performance and the scorecard. Besides these, this type of costing does integrate well with programs put in place for continuous improvements by the company (Drury, 120). Although this method is widely used by companies in allo cating its cost, the challenging part is the implementation. Putting into practice this kind of costing system within a company involves considerable resources. This can be a disadvantage for businesses with inadequate funds. Another challenge of using this costing method is that it can be misinterpreted. Based on our scenario of production of manual and automatic data, we can identify various issues arising. For instance a decrease in production volume from 1500 to 500, the cost of direct material increased from â‚ ¬20@unit to â‚ ¬30@unit, a clear indicator that the costing of this is very accurate. Under the activity based production analysis of the company, we can see differences in the packaging and delivery
Monday, July 22, 2019
The Way of the Shepard Essay Example for Free
The Way of the Shepard Essay The Way of the Shepherd, written by Dr. Kevin Leman and William Pentak, presents the reader with seven basic and ancient foundations to successful leadership. Throughout the story these essential management principles are imparted upon a young novice reporter through an interview of one of the most successful CEOs in the United States. During this interview the CEO communicates these seven ancient leadership elements that can be applied in today’s hectic business environments. The first principle, Know the Condition of Your Flock, stresses the importance of people to the successful manager. The CEO points out it is important to understand the condition of your people in addition to the status of their work. The people can become a manager’s greatest competitive advantage if they are understood and treated properly. If a manger takes a personal interest in each of the employees and treats them as individuals, then management becomes more effective. Discover the Shape of Your Sheep is all about identifying strengths and weaknesses of these individuals to ensure they are in the correct position. A person’s skill set should apply to the task they are assigned and they should be motivated to apply these skill sets. It is also important to have people with positive attitudes and have personalities that complement their assignments. These along with people’s experience can determine how effective they will be in certain positions. Discovering and understanding all this information makes the task of lesson three that much easier; Help Your Sheep Identify With You. Build trust with your followers through genuineness, integrity and compassion. Getting people to want to follow you by giving them a sense of meaning and belonging is a true sign of leadership. Clear communication of values and mission, defined roles and high standards of performance are instrumental in getting people to follow your lead. Make Your Pasture a Safe Place, is all about protecting what you have established in the previous lessons. Identifying and addressing problems in the organization quickly is essential. Keeping your people well informed of these problems and subsequent actions help quell anxiety and the spread of rumors. It is also important to make every person feel essential in the organization to avoid internal rivalries and provide job security. Possibly the most important is to rid your organization of detractors. If they refuse to be a positive influence in the group and hurt the organization then cut them loose. The Staff of Direction, is all about guiding your people along the right path without coercion. Know where you want your organization to go, plan the path and keep you people moving towards those goals. Avoid dictating and demanding and try suggestions. Set an example for them to follow, not just making pronouncements. It is important to allow your people freedom to find their way, but also to set firm boundaries for them to avoid. Most importantly help your people when they get in trouble and use these mistakes as learning opportunities. Discipline in the workplace an always be a tricky task for any manager. The Rod of Correction, sets out to establish a foundation to approach this aspect of management. First of all it is important for you to protect your people from external threats and let them know you will protect them when needed. This can go a long way to help avoid some conflicts in the workplace. Also, monitoring your people’s progress along with the work’s progress can help you identify potential problems before they grow. The final aspect of discipline in the workplace is correcting these problems arise. Remember it is better to approach these situations as learning opportunities instead strictly punishment. Hopefully the first two steps mitigate most of the issue before they require any severe corrections. The last secret, The Heart of the Shepherd, ties everything together and reveals the most essential part of management. This is the most demanding aspect for the manager and often one that is neglected. The leader has to truly care for his people and be willing to make the commitment to them. Making the necessary sacrifices and showing your people that you have a heart for your people is the mark of a great leader. Never ask more of them then you are willing to give. Don’t just be a hireling, give yourself to your people and they will reward you in return. The Way of the Shepherd is a simple no nonsense book on the basics of being an effective manager. I doubt many readers will find a grand revelations in the concisely written book. The authors help put these basic and timeless lessons into perspective for any level manager. Likely many have never seen the information presented in this manner and this is where I think the book really shines. I can easily see myself going back to this book regularly in the future. This book helps remind the reader that the basics matter and can make or break a leader. Periodic self-evaluation by a manager with the help of this book could help some mediocre managers make the transition to greatness.
Sunday, July 21, 2019
Internet Marketing strategy concepts and definitions
Internet Marketing strategy concepts and definitions This chapter aims to present a complete theoretical framework in order to justify an analysis of the previous findings. In the literature review, the evolvement of Internet marketing strategies will be evaluated. Previous research related to digital marketing strategy and the factors affecting customer satisfaction will be clarified. The review forms the principles on which the research is built, by identifying relevant theories and concepts that will be analysed using primary data. This chapter focuses on e-commerce, e-retailing, Internet marketing strategy and consumer behaviour. 2.2.1 Internet Marketing Since business to consumer (B2C) online marketing is becoming increasingly popular in recent years, the population of online consumers is turning more mainstream and diverse (Kotler, 2008). Internet marketing strategy provides consistent direction for an organisations e-marketing activities, defined by Kotler (2007, p493), is becoming one of the mostly rapid increasing technologies of direct marketing and widespread use of the Internet and has a variety of impacts on both buyers and marketers. Therefore, the term Internet marketing refers to an external perspective of how the Internet can be utilised in connection with traditional media to supply and deliver services to customers (Chaffey, 2009). Smith and Chaffey (2008) state that: E-marketing can identify, anticipate and satisfy customer needs efficiently Identifying needs from customer comments, enquiries, requests and complaints solicited via the web sites e-mail facility Anticipating the Internet provides an additional channel by which customers can access information and make purchases evaluating the demand is key to governing resource allocation to e-marketing. Satisfying achieving customer satisfaction through the digital channel, this relates to customer relationship management. Efficiently in an automated way, probably should mean efficiently, increasing lifetime value and maintain the vast armies of not-for-profit marketers. [Chaffey and Smith, 2008, page 18] The Internet brings convenience to consumers and has also permitted the creation of virtual retailers, which are characterised by having only an online presence, such as Amazon.com (Henderson and Er-Radi, 2000). Moreover, the key reason that drives business organisations to access online is to add value for customers by providing them with attractive and effective web sites. Kotler et al. (2008) consider that widespread use of the Internet and other technologies has given marketers a brand new way to create value for customers and build strong relationships with them. The web has basically changed customers concept of convenience, speed, price, product information and service. The authors also suggest that the success of click only companies, such as Amazon, eBay and others to re-examine how they served their markets (Kotler, et al. 2008, p839). The importance of an Internet marketing strategy was underlined by Chaffey et al. (2009), who said that a strong strategy is needed to provide consistent direction for an organisations e-marketing activities. Additionally, the Internet marketing strategy is a channel marketing strategy and determines the strategic significance of the Internet related to other communication channels which are used to communicate with customers at different customer touchpoints; for Internet marketing, many online organisations intended to use search engine optimization (SEO), pay-per-click (PPC) marketing, affiliates and e-mail marketing (Chaffey, et al. 2009, p201). Obviously, the marketing mix (Kotler, 2001) can be applied by marketers to notify their Internet marketing strategy; the extension of 4Ps 7Ps include: Product, Price, Place and Promotion, People, Process and Physical evidence (Booms and Bitner, 1981). The marketing mix is applied frequently to marketing strategy since it provides a simple strategic framework for changing different aspects of a companys products helping to influence the demand for product within the target markets. Especially for an organisation which is involved directly in transactional e-commerce, digital media have implications for the significance of different marketing mix for different markets (Chaffey et al, 2009). Additionally, Lauterborn (1990) suggested the 4Cs framework the 4Cs imply more emphasis on customer wants and concerns than do the Ps: Convenience for the customer; Customer value and benefits; Costs to the customer; and Communication. This customer-centric approach also applies well to online mark ets; it follows that the selection of marketing mix should be based on detailed knowledge of buyer behaviour gathered through market research (Chaffey et al, 2009, p 279). Dennis and Harris (2002) also indicate that one development has merit as being descriptive of the way marketers think about the customer. The 4Cs are as explained below: C1 Convenience for the customer Place (from the 4Ps), can be thought of as Convenience for the customer, recognising the customers choice to purchase in ways that feel convenient to them. C1 also includes key aspects of website design, such as navigation, layout and ease of purchase. C2 Customer value and benefits Product, can be thought of as Customer value and benefits. E-retailers now specify products to a much better extent than previously, evaluating relationships to the customer and appreciation of benefits that customers want. When customers are buying online, they are far less likely to ask for help than when they are in store. E-shoppers need to be especially careful about describing products explicitly in terms of customer value and benefits. C3 Cost to the customer Price is represented as Cost to the customer, the real cost that the customer will pay, including packaging and shipping fee. Consumers often have a perception that prices should be lower online than in-store. Retailers often offer further pricing options includes: discounts; add-ons and extra products and services; guarantees and warranties; refund policies; order cancellation terms (Chaffey et al, 2009) C4 Communication and customer relationships Communication is equivalent to Promotion. It is a two-way process also involving attitudes and feedback from customers to suppliers. Dennis and Harris (2002) state that retailers spend more on advertising than manufacturers do, and they are closer to customers and have more access to customer feedback. Successful e-retailers often use offline advertising and promotion such as magazines and posters, integrated with online marketing communications. Online methods include banner ads and pop-ups, paid-for listings in search engines and affiliate programmes. E-retailers find it difficult to gain and satisfy customers emotional needs and wants. To achieve this, e-retailers can create a web atmosphere using techniques, such as music, visual download and videos. Moreover, e-retailers can build a picture of products most likely to be bought by individual customers. For instance, Amazon (www.amazon.com) matches new books to existing customers who maybe interested in them, based on prior purcha ses and makes recommendations accordingly (Dennis et al, 2004 pp2-8). 2.3 E-commerce Reynolds (2000) demonstrates that the Internet is changing the way people conduct normal business, whether this is finding new ways of revenue, obtaining new customers, or managing a new business supply chain. E-commerce enables businesses to sell products and services to consumers worldwide. According to Warrington et al. (2000), the intricacies of electronic commerce via the Internet and the World Wide Web have offered marketers an abundance of opportunities and challenges. E-commerce is growing at a tremendous rate, using the Internet initially as a communication and promotional tool, and later to perform distribution channels, discovering an entirely new situation of consumer purchasing behaviour. De Kare-Silver (2000) suggests that interactive technologies are doing away with the need for people to visit shops. The number of UK regular home web users has risen to 16.5m, time spent by home web users is also growing up, because they search for and use websites more (Gibson, 2002). Oz (2002) consists that consumers prefer to shop and buy on the Internet for three major reasons: convenience, saving time and comparative shopping. Ginn (2010) also demonstrates that online sales are a huge and growing part of the UK retail sector, and currently account for a quarter of all new retail businesses; online sales are predicted to reach  £78 billion during 2010. Despite the increasing levels of Internet adoption and usage, Internet shopping in the UK represents less than 10% of all purchases and online shopping remains popular for certain products only (Soopramanien et al, 2007 cited in Office of National Statistics Omnibus survey, 2003). Moreover, Internet shopping is considered both safe and easy by many millions of consumers (Econsultancy, 2010). Therefore, selling products online offers huge potential opportunities for retailers; it also instantly enables businesses to reach customers who would not have visited their bricks and mortar store. An ecommerce of long-lasting relationships has become a significant factor for marketers due to the increasing awareness of the financial benefits in maintaining customers (Sahota, 2004). According to cited from Reicheld and Schefter.s research (2000), the unique economics of e-commerce make customer retention a necessity for the e-retailers survival in the digital world. Chaffey et al. (2009, p628) indicates that since 2001 many retailers have accepted the Internet as a durable trading environment and have set about working out how to shape their companies to cope with the demands of trading and interacting in a virtual environment. The author also suggests that companies are able to discover substantial competitive advantages and customer value. Dennis et al. (2004) point out that there are a number of advantages for e-retailers. Firstly, location is not important; according to Amazon, the e-retailers can sell equally well to anyone anywhere in the world. Secondly, size does not ma tter; small e-retailers can compete on equal terms with large ones. Thirdly, the socio-demographic profile of e-shoppers is attractive to many retailers. Finally, online selling saves on the salary costs of traditional sales people. Amazon.co.uks E-retail Mix Convenience According to Dennis et al. (2004, pp47-51), there are several factors which increase the level of customer convenience which can be a vital part in gaining and maintaining new customers. First and foremost, the amazon.co.uk search engine is fast and safe, as customers can quickly look up the desired products. Moreover, the site provides value-added services such as book reviews and ratings, and shows a comparison prices against its own price; thus, customers can see how much they are saving from Amazon. Besides, Amazon offers shopping technology which streamlines the customer buying process by maintaining personal information such as credit card number and shipping address, in order to save time and reduce problems. In some cases the website provides a guarantee that, if the transactions are unauthorised, it will reimburse the money to customers. The authors also state that the main aim of Amazon.co.uk is to maximise customer convenience; one way of doing this is to inform the customer of product availability. Furthermore, the website also displays other books in the same category when customers are searching for similar books. The facility allows customers to have better choice and can increase sales. Customers can view their personal account anytime, which involves information about their previous orders with shipping details. In addition, customers can use account information to make their estimation and recommendations about other books that customer will consider (Dennis et al, 2004, p47). Cost Brynjolfsson and Smith (2000) justifies that Jeff Bezos, believed that online customers considered selection and convenience are more crucial than price. It is apparent that customers want to get a great price with excellent customer service. Most of the books from amazon are available at a discounted price; consumers can easily see three prices: list price, our price and how much you save. Communication Jeff sets the aim of Amazon to be a customer-centric company, so that customers can opt in if they wish to receive more information. Amazon keeps watch on the customers ordering process through the database environment that suits all the details to the website. Therefore, it can follow the trail of the speed and customer performance of every step in a transaction, such as adding items in a shopping basket, completing an order and e-mail notification to the customer. In addition to that, Amazon usually recommends similar books relating to what other customers have bought. These traits lead customers make their choice quickly and they can they can read spotlight reviews by others. Every user can express their viewpoints about authors while publishers and authors can also contribute. Moreover, Amazon uses an integrated marketing communication strategy consists of advertising, public relations, promotions and online marketing. Online activity includes search engine marketing and front pa ges such Yahoo and MSN. The associate program uses other sites to promote Amazon by linking directly take users to Amazons site. Computing Amazon has developed a customised information system and dedicated ordering system, which is linked with suppliers to automatically order books. The companys software processes the orders through interfaces or electronic data interchange with suppliers and the supply chain is computerised. Therefore, the company builds up a strong relationship with customers and suppliers. According to a customer research survey carried out by amazon.co.uk, 70 per cent of sales are collected by repeat customer of whom 97 per cent are satisfied or very satisfied with the service. Its FAQs part is informative as it displays all the key issues encompassing ordering process, delivery charges and return policies. According to Saunders (2001, p76), customer value proposition is a vital feature defined by several factors, including cost, quality, speed of delivery, service during the interaction with the company, and innovation. Cost. Customers usually want to pay the least money for the same quality of products they get. Quality. Customers expect to pay to get the promised quality. Speed. Companies can provide quick delivery is practicing this value proposition. Service repair and replacement. Customers hope if they can call a company at anytime 24 hours a day to solve problems. Innovation. Customers focus on the fastest, the newest, and the most advanced technology in the computer field. Companies often introduce new features to attract and obtain customers. Additionally, Saunders(2001, pp103-106) also suggests that Amazon processes orders and ships books, CDs, videos and so on, however, customer satisfaction comes not only from timely and safety delivery of orders, but also from understanding customer expectations and meeting or exceeding their needs. Moreover, there are some elements may influence customer satisfaction: Leave visitors to the site with a positive impression. Stimulate potential buyers for visiting the store. Make a customers encounters with the company a delight. Personalise and customise service. Perform as promised. Exceed expectations. Communicate the importance of customer satisfaction. Do something better than anyone else does it. Market knowledge as well as product. Consequently, Dennis at el. (2004) summarises that Amazon has become one of the worlds largest booksellers. The company has achieved this position through specific customer centric factors by enhancing customer experience. Kargar (2004) supplements that Amazons marketing strategy was designed to strengthen and broaden the brand name, enhance customer visiting frequency to its web sites; build customer loyalty; encourage repeat purchases and develop increased products and services revenue opportunities. The company delivered several of media, business development activities and promotions to achieve these goals. Chaffey and Smith (2008) also demonstrate that collaborative filtering helps Amazon to identify and anticipate what customers might offer similar books those buyers who have similar interests. 2.2.5 Consumer behaviour Internet consumer behaviour Internet consumer research (Brown et al., 2001) indicates that convenience is the main reason why consumers use the Internet for the purpose of purchasing. E-shoppers tend to be concerned mainly with functional and utilitarian considerations (Dennis et al. 2009). The authors also demonstrate that functional considerations influence consumer attitudes towards an e-retailer, which in turn has an impact on consumers choice of e-retailer and then on actual e-retail activity, including shopping and continued loyalty behaviour. According to a survey by NPD online, 75 per cent of online shoppers said that good customer service would make consumers shop at the site again (Solomon et al. (2006) cited from Gilbert (1999), p316). Another recent study suggested by Wolfinbarger and Gilly (2003) four factors were predictive of customer judgments about quality and satisfaction, customer loyalty and attitudes towards a website: Fulfilment/reliability. (a)The accurate display and description of a product so that what customers receive is what they thought they ordered. (b) The delivery of the right product within the time frame promised. Website design. This includes all elements of the consumers experience at the website (except for customer service), covering navigation, information search, order processing, appropriate personalisation and product selection. Customer service. This needs to be responsive, helpful, willing service that responds to customer inquiries quickly. Security/privacy. This involves the security surrounding credit card payments and the privacy of shared information. Chaston (2001, p25) identifies a five-phase customer purchase process, as shown in Figure 2.1, these are recognition of need, search for information, evaluation of alternatives, the purchase decision and post-purchase evaluation. Need recognition Information search Information evaluation Post-purchase evaluation Purchase decision Fig 2.1 A five-phase customer purchase process Therefore, in presenting a process model, it is apparent that the e-commerce purchase model builder need to recognise that the market attention should be given to how the factors of involvement, the creation of clear difference between a companys product and competition and time pressure may influence customer behaviour (Chaston, 2001, p30). Furthermore, a customer who is becoming a loyal user must experience satisfaction during the post-purchase evaluation phase. Kristensen et al. (1999) draws upon the customer satisfaction model, the combined influence of these factors causes the customer to reach results about both perceived value for money and overall level of satisfaction. Dennis et al. (2009, pp. 1123-1130) demonstrate factors influencing internet consumer behaviour, the conceptual foundations are illustrated in Figure 2.3: Figure 2.3 The basic model The authors propose that: P1. E-consumer attitude towards an e-retailer will be positively influenced by customer perceptions of e-retailer image. P2. E-consumer intentions to purchase from an e-retailer will be influenced by positive attitudes towards the e-retailer. P3. Actual purchases from an e-retailer will be positively influenced by intentions to purchase from an e-retailer. P4. Intention to shop with a particular e-retailer will be positively influenced by past experience. P5. Actual purchases from an e-retailer will positively influence experience. P6. E-consumer trust in an e-retailer will positively influence intention to e-shop. P7. Past experience and cues that reassure the consumer will positively influence trust in an e-retailer. P8. E-consumer attitudes towards an e-retailer will be positively influenced by e-interactivity. From the viewpoint of marketing organisations, a marketing strategy is intended to enhance the probability or frequency of consumer behaviours. Understanding consumers is a critical issue in developing marketing strategies, not only for retailers to adapt to consumers, but also to change what consumers think and feel about a variety of market offerings (Peter et al, 1999). Laudon and Traver (2003) demonstrate that some demographic groups have much higher percentages of online usage than other groups. The demographic profile of the Internet and e-commerce has changed greatly since 1995. There are several factors that influence the consumer behaviour, including gender, age, ethnicity, community type, income level and education. Consumers usually choose to shop online because it can save time and offer a wider range of products, by not going to store; can shop when stores are closed; might find better prices. Transaction cost reduction happens to be the main motivator for selecting th e online channel. However, there are two major criticisms of B2C marketing (Peter and Olson, 2008, pp2-16): firstly, it reaches only a small number of populations; secondly, consumers shop on the website to collect information about products and services but do not purchase. Consequently, several aspects could influence online consumer behaviours, for instance: whether consumers who want products are also Internet users; the size of the targeted e-retail market for the product or service and its geographic segmentation; whether buying the product or service through the Internet provides benefits to potential consumers. Turban et al. (2002) illustrate that e-commerce can be referred to as a new distribution channel; as a result, the task of attracting customers to an online company, customer acquisition, can be difficult and expensive, because it is necessary to first convince unwilling customers to shop online at first. Companies must build brand loyalty with new and existing customers, many successful e-retailers are using innovative technology to provide extra value is aiming to attract and maintain customers (Solomon et al, 2006). One of the benefits of doing Internet business is that it enables companies better understand their customers demands and buying habits, which will allow them to improve and customise their future marketing achievements (Turban et al, 2001, p128). For instance, Amazon can e-mail customers with announcements of new books published in a customers area of interest. Brown et al. (2001) point out that the Internet has transformed the social and spatial aspects of shopping for many consumers, thus, the Internet plays the role of facilitating the information search for consumers. The product acquisition process is increased by enabling consumers to access a significant amount of detailed information with regard to attributed product, comparative price, availability, and overall value proposition. Additionally, Peter and Olson (2008) state that marketing to consumers via the Internet has various benefits for marketers and that online B2C marketing requires marketers to achieve customers dema nds, just as traditional marketing does. Besides, online marketing allows products and services to be offered 24 hours a day, 7 days a week, therefore, offering products and services globally in an efficient and cost-efficient manner, more precisely, online marketing provides ways for developing one-to-one relationships with consumers and establishing consumer databases to be established for conducting online research. However, Solomon et al. (2006, p319) state that e-commerce has its limitations. First of all, security is one important aspect. Some consumers credit cards and other identity information has been stolen. Secondly, is related to the actual shopping experience. Perhaps consumers will be satisfactory to buy digital cameras or books online, however, buying apparel in which customers should touch and try it on is necessary may be less attractive. Even though most companies have very liberal return policies, consumers still dissatisfied with large delivery and return postal charges for items. Some pros and cons of e-commerce are summarised in Table 2.2. Table 2.2 Pros and cons of e-commerce Benefits of e-commerce Limitations of e-commerce For the consumer For the consumer Shop 24 hours a day Lack of security Less travelling Fraud Can receive relevant information in seconds Cant touch items from any location Exact colours may not reproduce More choice of products on computer monitors More products available to less-developed countries Expensive to order and then return Greater price information Potential breakdown of human Lower prices so that less affluent can purchase relationships Participate in virtual auctions Fast delivery Electronic Communities For the marketer The world is the marketplace Lack of security Decreases costs of doing business Must maintain site to reap benefits Very specialised businesses can be successful Fierce price competition Real time pricing Conflicts with conventional retailers Legal issues not resolved Source: Solomon et al. (2006) cited from Solomon, M. and Stuart, E. W. (2001) Welcome to Marketing.com: The Brave New World of E-commerce. Consumer decision making According to Solomon (2009), a consumer purchase is a response to a problem, there are several steps of consumer decision making (1) problem recognition, (2) information search, (3) evaluation of alternatives, and (4) product choice. Before purchasing a product, consumers have to consider a variety of problems. Moreover, a useful way to characterize the decision making process is to consider the abundant efforts that relates to the decision each time it must be made. Peter et al. (1999) emphasis that consumer decision making is based on the knowledge, meanings, and beliefs activated from memory and the attention and comprehension processes involved in exploring new information in the environment. Thus, consumers make purchasing decisions about which behaviours to perform to achieve their goals and to solve the problems. To develop effective marketing strategies, marketers should know the types of problem-solving processes their consumers usually make purchase decisions. Marketers target several consumer segments, with different decision-making processes, may develop multiple strategies to affect the different decision outcomes (Peter and Olson, 2008). Gefen and Struab (2004) identify the concept of perceived risk in an individual purchase behavior model, and concluded the shopping behaviour can be regarded as a form of information gaining behaviour. Therefore, consumer choice of type of shopping is mainly affected by three factors: merchandise features, shopping device attributes and consumer characteristics. The consumers decision to purchase or not to purchase the product or service is a significant factor for most marketers. It can express whether a marketing strategy has been wise, insightful, effective and efficient, or whether it was weakly planned (Schiffman et al, 2008). Thus, consumer behaviour is not only making a purchase decision or the action of purchasing, but also includes the full range of experiences associated with using or consuming products or services. Moreover, it also consists of the sense of pleasure or satisfaction delivered through possessing or collecting products (Schiffman et al, 2008, p98). Customer Satisfaction Hill and Alexander (2006) point out that in recent times, organizations have increasingly understand the importance of customer satisfaction. It is far less costly to maintain existing customers than to obtain new ones. Companies have invested enormously in improving performance in making a strong contribution to customer satisfaction, such as quality and customer service. Therefore, the authors supplement that the fundamental justification for measuring customer satisfaction is to provide the information which enables managers to make the right decisions to maximise customer satisfaction and improve customer retention. (Hill and Alexander, 2006, p9) Additionally, anyone involved in measuring customer satisfaction must have a specific understanding of the ways in which customers make and evaluate their purchase decisions. Lee et al. (2006) propose that a satisfied customer tends to return for future business and thereby contributes to the retention rate of the existing customers. Additionally, a satisfied customer is probably to offer positive word-of-mouth products or service about the purchasing experience. The World Wide Web spreads a virtual market place for customers to search for and purchase. Previous researches conducted that there were no remarkable difference between online and offline shopping environments which regard to customer satisfaction (Lee et al. cited in Smith and Rangaswamy (2003), pp.65). Besides, Szymanski and Hise (2000) investigate that the vital components of customer satisfaction framework are focused on the customer relationship management concept, including website convenience, provision of product i nformation, web page design, and security concerns. Amazon customer review With the Internets increasing popularity, online consumer reviews have turned into a vital resource for consumers substituting and complementing other forms of business-to-consumer and offline word-of-mouth communication about product quality (Zhu and Zhang, 2010). Therefore, online consumer reviews can enormously influence consumers purchasing decisions. In order to reduce the search costs for reviews, Amazon has recently modified the way to display star levels for each item. Although it previously showed only an average star rating, it shows how many people rated the item with each of the 1-5 stars, thus, readers can choose to read reviews for a given star level. An investigation by Chevalier and Mayzlin (2006), on average, reviews tend to be positive, they demonstrate that the addition of new, favourable reviews at one site results in a growth of the sales of a book at that site relative to the other site. Moreover, they also find an incremental negative review is more powerful in decreasing book sales than an incremental positive review is increasing sales (Chevalier and Mayzlin, 2006, pp.345-347). Consumers regularly read and respond to written reviews, not merely the average star ranking summary provided by the website. Moreover, the authors conclude that customer reviews tend to be positive at both sites and that
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