The Common Causes Of Business Failure Business Essay

The Common Causes Of Business Failure Business Essay Lack of Industry Experience and Knowledge, Insufficient Start-up Money, Failure to Understand Market and Customers, Poor Employee Management Skills, Wrong Location, Improper Pricing of Product or Service, Failure to Understand and React to Competition, Incorrect Cash-Flow Estimates (Poor Budgeting), Insufficient Time Devoted to Business, Mismanagement of Assets,(Cash ,Inventory, Receivables, Fixed Assets) Prepare Sales Tax Make Quarterly Payments, Estimate Income Tax, Make Payments, Analyze Doubtful Accounts Receivables, Review Detailed Inventory Schedule, Analyze Prepaid Expenses, Review Schedule of Property and Equipment, Review Accounts Payable/Accrued Expenses, Review Schedule of Insurance Policies. Reconcile to PL, analyze Inventory Write-downs, Analyze Other Assets and Other Liabilities, Analyze Current/Long-Term Debt, Prepare IRS Forms W-2 (employee) and Forms 1099 (consultant), Close Financial Books for the Year, Draft Financial Reports (if needed), Draft Tax Returns If they have no ideas of these items there was maximum chance of business failure and need to minimize the business and go ahead to success. Fredland and Morris (1976) says when a owner start a business he/she/company accept the three kinds of risk. which resolve the success to the business. firstly. risk related with the economy in which business is located. it referred to economy based risk. Secondly, risk related with the industry in which that business is operating. It referred to industry based. Thirdly, risk related with the business itself which is unique. I t refereed to firm based risk. According to (Dun and Bardstreet 1997), said that most of the business are failure because they cannot survey about their business and their employees. Only 20 employees have 37% chance to surveying four years. 9% chance of surveying 10 years and these failed business 10%of them closed involuntarily due to bankruptcy and 90% closed because the business was not successful. Other thing is owner didnt pay how much the employee wants or desired as for their effort. In US over 43000 business failed on 1997 thats total liabilities nearly $20 billion.90% business failure in the US are caused by a lack of general business management skills and planning. According to Dun Bradstreet statistics7, 88.7% of all business failures are due to management mistakes. The following list summarize the 12 leading management mistakes that lead to business failures. 1) Going into business for the wrong reasons 2) Advice from family an friends 3) Being in the wrong place that the wrong time 4) Entrepreneur gets worn-out and/or underestimated the time requirements 5) Family pressure on time and money commitments 6) Pride 7) Lack of market awareness 8) The entrepreneur falls in love with the product/business 9) Lack of financial responsibility and awareness 10) Lack of a clear focus 11) Too much money 12) Optimistic/Realistic/Pessimistic It should be understood that no magic solutions will guarantee a business success. However, the following items should assist in the improvement of chances for success. 1) Development of a business plan 2) Obtaining accurate financial information about the business in a timely manner 3) Profile of target 4) Profile of competition 5) Go into business for the right reasons 6) Dont borrow family money and dont ask the family for advice 7) Network with other business owners in similar industries 8) Dont forget, someone will always have a lower price than you 9) Realize that consumer tastes and preference change 10) Become better informed of the resources that are available 1.2.2 some causes of business failure in the market 1. Lack of clear links between the objectives and the organisations key strategic priorities, including agreed measures of success. 2. Lack of clear senior management and other level. 3. Lack of effective engagement with stakeholders. 4. Lack of skills and established approach to project management and risk management. 5. Too little attention to breaking development and implementation into manageable steps. 6. Evaluation of proposals driven by initial price rather than long-term value for money (especially securing delivery of business benefits). 7. Lack of understanding and contact with the supply industry at senior levels in the organisation. 8. Lack of effective organization team integration between clients, the supplier team and the supply chain. 1.2.3 Small Business Success story One of the success busine.ss story of Oscar Neal Asbury who is the founder and president of Greenfield World Trade. He involved in exporting of high quality US product since 1979.he gives the service for the food and equipment over 130 countries to both retail and commercial market. Now a days Asbury is the US economy stragglers he expanding his products. He is a success business man at getting loan during the national credit crunch and witness to the financial strength of his company as well as the strategic importance of being an exporter to over 130 countries. He won the prestigious award 2008 small business week National Exporter Year award and E-Star Export and the Export Achievement award from the US Department of commerce. In 1981 he went to Asia for represented several US manufactures throughout the region and In 1987 he found Asbury worldwide which became the largest American Export management company in its segment with 12 distribution facilities around the world. He starts FAB Asia, Inc. In the Philippines which was the exclusive Asian fabricators of commercial kitchens for McDonalds as well as other well known American restaurants and chains. In 1999 Mr. Asbury established his current company, Greenfield World trade ,.Inc. He published over 50articals on global trade issues, a column for to The Point News and International Trade Blog for asburysworld.com . Mr. Asbury is also an advocate, leader in this field and also the US secretary of commerce, he serves as the chairman of the South Florida district Export Council and is a founding faculty member of Export University. He is also the member of the international policy committee at the US chamber of commerce in Washington DC. This is the successful business story of Asbury in the small business organization who gives his effort for the organization. At that time he used various types of ideas and business strategy with their business competitors. when the business start it need to faced many kinds of internal and external problems. For the success business organization reduce or solving problem which effect the organization . The modern business is very complex. Due to scientific and technological development, changes are taking place very fast in every business field. Following are the basic personal skills or qualities which a good businessman must possess: 1. Ability to Plan :A businessman, if he wants to shine in business, must have the ability to plan and organize it. 2. Activator He had to activate his workers. If he activates his workers then this is good for business. 3. Bold or Courage :Courage is a great asset of a businessman. A good businessman should be a courageous and bold person. May be his some angry decisions gave him loss in future, so he has to be courageous and be bold. 4. Cooperation :A good businessman should have to cooperate with his workers. With the help of cooperation with his workers he can run his business well. 5. Courtesy: Courtesy is to business what oil is to machinery. It costs nothing but wins a reputation. So businessman has to win the heart of everyone with his polite manners. 6. Decision Making: A good businessman should be a good and quick decision maker. Quick decision of a businessman is an important asset of businessman. And businessman has to know that his quick decision will give him benefit or not. 7. Discipline: A good businessman should have to care about the discipline of the business. If he doesnt care about the discipline then nobody (who concern to his business) obeys the discipline and business cant go well. 8. Evaluator: A businessman has to check himself that how he is working. This thing can make the business good in progress. 9. Foresight: A good businessman must have the quality of foresight. He must keep in touch with the business world. He should move about and see what is going on for he has to estimate new wants and new inventions for creating fresh demands. 10. Honesty: A businessman should be honest in dealing with others. Honesty of a businessman helps him in his business. 11. Hardworking: A businessman must be hard working. Without have working no business can be successful. If the owner is not hard working then other workers of the business cant be hardworking. 12. Initiation: The business world is moving at a very fast speed. A businessman should have the ability to take initiative by producing new things and new methods of marketing the products and services. 13. Knowledge: A good businessman should have knowledge of his business. It should be supplemented by the knowledge of trade, finance, marketing, income tax, etc. 14. Leadership: Leaders are not made, they are born; but the businessman has to get some qualities of a leader. With the help of leadership a businessman can control his business and workers. 15. Negotiator: If a businessman is a good negotiator, then he can run his business well, because without good communication he cant impress his consumer. 16. Personality: A businessman should have a graceful personality because it can impress his customers. If his personality is not good or not graceful then his business cant go well. 1.3 Significance of study Why is the business planning is important and why it will be done in concert with a strategy? What benefits will occur by this study? For the success of any organization, planning should be the most important to achieve the goal. Without the planning organization never achieve the target of goal and objectives of organization by view of macro perspective business is done in a global market. Because of the growing new technology and the Internet. Time and distance continue to become less and less relevant. In a view of micro, the level of any individual company or organization strategic planning provides a company purpose and direction. It is importance to owners of organization and high level managers who make plans and policies to achieving goals. The main benefit of this planning is make no mistake in business running when the planning is making 1st find out the weakness of organization and try to removed this weakness which get the success and the goal of organization. 1.4 Research Questions and/or Hypotheses and/or Null Hypotheses The objectives of any good business research should be how to better promote the business in an economically sound manner and to increase the businesses net profit, exposure, and ensure its continuity. Another characteristic of good business research is judging local problems of the environment in which establishment is going to operate. If the business is manufacturing a specific product, look at the market size and options on how to produce the product. characteristic of good business research objectives is flexibility . To identify about the policies and strategy of other competitors of the market. what they are doing? 1.5 Analytical Procedure: Analytical procedure helps to find out the target objectives. It refers to the procedure of using the analytical statistical tools and data. There are not any specific tools that can be used to find out the desired outcome. For the study it will be used the SWOT analysis System has been used. A brief description of the SWOT 1.5.1 Internal analysis of the organization The SWOT analyse is made by observing and describing ( it is a qualitative analyse ) the characteristics of our business and of the market where it is found. The SWOT analysis allows to detect the strength of our company and the threats of the environment. S -Strength : describes the resources and the skills that our company has acquired. What is the difference from the company? What can we improve ? W -Weakness : describes the factors in which we have unfavourable position with regard to the competence. In order to make the internal analysis. In order to make the internal analysis , has to be considered the analysis of resources, of activities and risks. External analysis of the organization O -Opportunities : they describe the possible markets, business niches that can be seen by everyone, but if they are not recognized on time that would mean the loss of the competitive advantage. T -Threats : The describe the factors that cab put in danger the survival of the organization , if they are recognised on time they can dodge or they can become opportunities. In order to make the internal analysis we have to take into account the analysis of the environment, of the interested groups, the legislation, and the demographic and political aspects. Once we have described the threats, the opportunities, the strengths and the weakness of the company, we can construct the SWOT matrix. Matrix let us visualise and summarised the present situation of the company. Chapter-2 LITERATURE REVIEW 2.1 INTRODUCTION The main objectives of this chapter is to review the previous and existing literature which is close to the research topic and objectives. In this chapter we get the clear vision about the business organization and the short description about the strategies planning ,policies, knowledge management, business environment, causes ,process and the symptoms of the business failure and how to alignment . The research will be predictably analysis under different views which relevant different methods of business prediction. This study business failure helps to sustain long term run in market, save form competitors and how to manage the internal and external environmental problems of business organization for the success of business organization. 2.2 Overview of business organization According to recent statistics from the UKsMinistry of Justice, almost 12,000 companies filed for insolvency in 2007 in England and Wales.This number is forecast to increase significantly (to around 13,500 companies) in 2008 (Financial Times, 2 January 2008) as the financial crisis hits businesses in the wider economy. Smaller companies are likely to suffer most because of a slowing economy and the increasing costs of borrowing in a deteriorating business environment. Business organization refers to that economic activity which is conduct on regular basis to earning profit motive through the production and sale of goods and service. In other word business means to remain busy in any activity like buying and selling production or distribution goods or service. Shrestha k.N.( 2010 pp.4-5) says that business organization which are formed for earning profit. they are mainly concerned with producing goods and service of value to the society .companies ,partnership, sole trading and joint stock are organised along this lines with a profit motive to survive against competition , future expansion and development. Taylor , F.W. (1856-19150 ) says a business organization usually in the manufacturing field, which provides students with education and training to degree standard.(David A.staat business management.1991,1999,2004 Routledge is an imprint of the Taylor and Francis group.) Much of todays economic and business thinking is based on the ideas of the scientific movements towards the end of the nineteenth century one of the main underlying assumptions was that the economy and the business environment form a closed system in a state of dynamic equilibrium. By Beinhocker, (1997) . Ansoffs (1993) states the model of environmental turbulence which shows the extreme case of discontinuous unpredictably changing environment. The main objective of purposed organizations lack of complete information or different organization interpret the same information in different way? And business is the lifeblood of capitalist society. At once time or another we have all consider going into business. Everyday millions of people in the US buy goods from business one pay tax. Which invest on another business. The tax generated by these business help support a government infrastructure that is unrivalled in the modern world by Bevans(1961) 2.3 Business Strategy Mc. kiernan (1997) identified four strands to strategy theory and the knowledge based approach to strategy is sometimes subsumed into core competence or resource based strategy. We believed, however that knowledge -based strategy has its own distinctive characteristic at the same time as providing a fundamental underpinning for all the other theories of strategic Management . strategic learning is concerned with the process by which leaders, managers and organization learn about themselves. Their business and environment. Strategic learning is vital to development of the strategic knowledge upon which superior performance is based by Nokaka(1991)and other authors Chandler (1962) state that the strategy is determination of the basic long term and objectives of an enterprise and the adoption of course of action and all the allocation of resources necessary for carrying out of these goal .Porter (1996) state that positioning-once the heart of strategy is rejected as too static for today s dynamic market and changing technological. 2.3.1 Strategy Formation According to Teeca. et al (1995) says that the fundamental questions in the field of strategic management is how firm achieve and sustain competitive advantage. By the development a dynamic capabilities approach, the four questions helps define the field of strategic management its boundaries as they exist today, it concerns and how it can makes contribution to the practice of management the questions are: How the firm behave? Why are firms different? What is the function of or value added by the headquarters unit in a multi -business firm? What determines the success or failure of the firm in international or national competition? 2.3.2 Business Environment The business firm is a micro-economic- unit which firm operates. Bye environment the reference is the set of external factor on forces which operation of the business firm. The business firm individually doesnt have much influence on the environment. Types of business Environment Economic Environmental business Non Economic Environmental business Economic Environmental business Economic Environmental business activities involve transformation of inputs into outputs , supply of these market place and exchange of the products with the buyer for money, Business organization while performing these economic activities are constrained by the availability of resource ,land ,labour, capital raw materials and finance. Which related internal factors of business environment by Pailwar (2010) and another author states about non economical environmental business or External Environment. Reddy (2004) states that the environment is so complex and dynamic that it is difficult to describe and analysis because it is the external factor which automatically effect to the organization from outside the business organization such as: Political environment Social environment Demographic environment Technological environment Natural environment and Historical environment Organization ; Changing organizational characteristic Organization success when they operate in states of stability and harmony to adopt intentionally to the environment. Lowendahl (2005) concludes the the increasing complexity is transforming the field of strategic management form a search for general solution to an understanding and acceptance that different solution can working equally well. In post modern situation the nation of garnd (formal) theory model or frame work that applies to all organizations in a population collapses, as the characteristics of the organization by definition will be local, unique and temporary. 2.4 Knowledge management: This is the idea for how knowledge is manage like including knowledge management strategy and implementation by the definition of Webester (1992) Relationship management and marketing reflect these changing in management and strategy. These definitions embrace a verity of partners, not just customer and the term relationship can mean a variety of things depending on how it applied. It can be taken to mean only type of cooperation, form a conceive supply relationship to strategies evidence. And another author Donaldson (1998)said the managing various relationship types may place emphasis on managerial style and associated organizational culture. And organization using implementation methods in dealing with one supplier might find it a challenge to change to relationship approach. : identifying customer needs and requirements :anticipating future trends and monitoring environmental forces : satisfying customers existing and future requirements through managing the product or service packing, optimising value for money pricing and maximizing availability and delivery while promoting and selling benefits in the most effective way. :profit, ensuring that the company will be able to provide this process in the future. 2.4.1 Causes, Process and Remedies The failure process of the firm can be compared with the evolution of a disease in a human beings. In the same way failure itself is comparable to death. The causes of failure are often associated with management adequacy. These causes lead to occurrence of symptoms which are observable from the deterioration of financial ration. From the statement given by Luoma and Laitinen (1991) we can infer that a) failure is not a sudden even, it takes some time (evolution of the disease) for a company to become bankruptcy b) financial ratios are only symptoms of failure and c) failure process is triggered off by something causes. Unfortunately , very few authors Altman(1971) Vernimmen(1978) Dambolena and Knoury (1980) Koenig (1985) or Markidakis (1991) are really interested in bankruptcy. Even if the list of causes may be different across studies, we can distinguish two main causes of failure. Endogenous and exogenous factors. The main causes within organization is managerial incompetence this is the case in France and Belgium but also in US where 90% of bankruptcy can be impute to this factor Dambolena and Khoury (1980) add that bad management appears through lack of responsibilities to change in technology. Insufficient consideration for cost factor poor knowledge of financial matters. What exogenous factors concern, Altman (1971) mentions that the change in the nations failure rate is negatively associated with the change in overall economic activities Guilhot (2000) mention that there is a systematic correlation between failure and economic crises stock market performance, and supply condition. Thats why author Altman (1971) include in their macroeconomic factor. The influence of macroeconomic factor on bankruptcy seems particularly important. The numbers of bankruptcy in 2000is decreasing in Belgium to the relatively good and stable economic situation. But Vernimmen (1997) state again that the failure of one firms customer was the main causes of firms bankruptcy in France. This statement introduced bankruptcy prediction is very important topic because failure of a particular company could have unfortunate impact on ither entities. 2.4.2 The symptoms of Failure We already point out that the most of the authors rely on symptoms of the diseased in order to predict failure or bankruptcy. These symptoms can be qualitative or quantitative.(financial ratios) variables. Altman (1968) states that the excluding applications on too typical sector like banking or insurance. Where more and more ratios were used. Its strictly impossible to give here all ratios. We noticed that the most frequently used financial ratios are CA/CL, WC/TA, EBIT/TA and NI/TA. It was necessary to included non-financial and more qualitative information in the model Altman and Loris (1976) and Vernimmen (1978) Dimitras et. Al (1995) Greco et al. (1998) really including as qualitative information bankruptcy predication model. In this section they analysis as qualitative information managers works experiences. Firms market niche-position special competitive advantage of firm or market flexibility. Cormier et al.(1994) include other qualitative indicators like investment in a new sector, change in the depreciation method or change in ownership. Few authors Abdel-Khalik and El-Sheshi (1980) used trend data in the form of the average change over several years in different ratio. It seems that trends variable have a greater ability to draw out information from balance sheet data and more able to deficit creating accounting. Mader (1975) Mensah (1984) Khalos(1985) or Taffer(1985) proved the contrary. The size of the firm seems also have an impact on the financial disease of the firm of the firm. Bryant (1971) and Laitinen (1992) or Jo and Han (1997) shows the incorporate the size represented, like total assets , sales and the numbers of employees. 2.5 Strategic Alignment HR and Business leader must think of strategy and its role in the border HR. Programmes and practice in a holistic way answering these questions as they determine the policies and practice that will be their basis of their business culture. What do we do? How should we do it? What all skills do we need to be successful? What skills do we need survive for future? It means the link between all of the activities that are conduct as part of human resources management and the human resources policy. This links explain the direct application of every single human resource policy, practice and programme support the business. Brocke and Rosemann (2010) conclude that the business process management requires an alignment with the organizational strategy. Only such tight alignment ensure relevance business process management and a valuable contribution to the corporate long term priorities. Alignment doesnt have to be a unidirectional in the typical sense that a BPM strategys oriented towards the corporate strategy. Source: Handbook on process management by J. Vom Brocke and M. Rosemaan (2010) Delivering Business strategy through process management It should be recognized that two phases will naturally build off one another in a never ending cycle from year to year. It formulates enhanced by and planned capabilities from the previous round. CHAPTER 3 RESEARCH- METHODOLOGY 3.1 Introduction This chapter deals with the research design, justification for the selected study unit, nature and source of data, data collection method, data processing and SWOT analysis The word methodology is defined as a system which comprises the principles, practices and procedures which are applied to a specific branch of knowledge. Methodology refers to the way in which information is found or the way something is done. Methodology includes the methods, techniques and procedures which are used to collect and analyse information. 3.2 Research Design A research design is the arrangement of conditions for collection and analysis of data in a manner that aims to combine relevance to the research purpose with economy in procedure. It is the plan structure and strategy on investigations conceived for obtaining answers to research questions and to control variances. To achieve the objective of this study, descriptive and analytical research designs have been used. To evaluate operating performance and the present condition of market, the SWOT analysis is taken as a secondary data analysis tool for this study. 3.3 Source of Data This study is conducted primarily on the basis of secondary data. The data relating to the theoretical based on the business organizations such as impact of internal and external business environment which effect directly to organization . In this cases, the primary data is not taken for the accuracy of analysis. Because it is not possible and also difficult to collect primary data. Supplementary data and information are collected from existing research, journals, news, books and websites. 3.4 Appropriate Research Method For this subject we can choose any method like the Description, explanation, qualitative and quantitative is the methods to collection and analysis of data. 3.4.1 Description Method : to describe a behaviour or type of subject not to look for any specific relationships, nor to correlate 2 or more variables. It can acquire a lot of information through description. It can be used as an indirect test of a theory or model some behaviours/situations cannot be studied any other way to general categories of descriptive designs: surveys observational studies. 3.4.2 Explanatory Method: Explanatory research focuses on why questions. For example, it is one thing to describe the crime rate in a country, to examine trends over time or to compare the rates in different countries. It is quite a different thing to develop explanations about why the crime rate is as high as it is, why some types of crime are increasing or why the rate is higher in some countries than in others. 3.4.3 Qualitative Method : The design of qualitative research is probably the most flexible of the various experimental techniques, encompassing a variety of accepted methods and structures. From an individual case study to an extensive survey, this type of study still needs to be carefully constructed and designed, but there is no standardized structure. 3.4.4 Quantitative method: Quantitative research is all about quantifying the relationships between variables. Variables are the things you measure on your subjects, which can be humans, animals, or cells. Variables can represent subject characteristics (e.g. weight, height, sex), the things are really interested in variables representing the timing of measurements and nature of any treatments subjects receive. To quantify the relationships between these variables, we use values of effect statistics such as the correlation coefficient, the difference between means of something in two groups, or the relative frequency of something in two groups. 3.4.5 Types of data collection i) Primary Data: this is the data which is collected by the first research person. In this method the data collect himself using methods such as interviews and questionnaires. The key point here is that the data he/she collect is unique to him and his/her research and, until he/she publish, no one else has access to it. There are many methods of collecting primary data and the main methods include: Questionnaires, interviews, focus group interviews, observation, case-studies, diaries ,critical incidents

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Most people thing that being an electrical engineer means that you spend your day going to people’s house and fixing their electrical problems. In reality there is more to this career than meets the eye. What they don’t know is that being an electrical engineering is a very advanced field that requires you to invent, design, and construct electrical and electronic devices as well as be able to adapt to different roles when the opportunity arises. For a career in this field you are required a minimum of a bachelors degree of science in engineering and a good computer skills. Electrical engineering has nine divisions, each with its own specialty but even though their field is a bit different they all go through the same steps. The only difference is the product. It could be a computer, a generator or even a robot. According to what can you do second edition, electrical engineers first have to invent and design the device they want to build. This phase is mostly done with computers so computer skills are very necessary for this job. After this phase is complete they begin their construction phase. In this phase they build and test the new built devices. This is the phase where you apply your understanding of electrical components. For this job you are required to work eight hours a day, and make business trips once in a while but this is mostly an office job. For a carrier in the field of electrical engineering, a minimum of a bachelor’s degree of science in engineering is required. To get this degree, you will have to take 4 years of college. I am planning on attending University of Nevada, Las Vegas (UNLV). The reason I am planning to go there is because they teach this field up to PhD. Therefore, if I e... ...ddition this carrier is found at about anywhere in the world, wherever you are at you have a good chance of getting a carrier in this field. But that is not the only reason that I choose to pursue this carrier. The other reason is that you gain a wide range of knowledge during studies. Even with the basic lessons you improve your knowledge and that knowledge can be applied to many of your daily activities. Another reason is for a better is for a better understanding of computers. Now days computers are becoming a big part of our life, lots tasks are performed by computers and for that good computer skills are necessary. Electrical engineers are challenged with computer problems on every step of their study, field and their everyday life. For electrical engineers, computer play a very important role in their job and without them there will be no modern engineering.

Religion and Commerce in Early Modern Europe Essay -- European History

Class discussions about religious history inevitably turn to the question of whether religious ideals throughout history remain absolute or are relative to the social, political and economic trends of the time. For example, students are sometimes disturbed to learn that in early Christian history, conversion was often in response to economic or political benefits rather than religious fervor. Naturally, at the Catholic prep school where I teach, students want to believe religious ideals and rhetoric are absolute. Yet, when studying the role of religion in shaping societies, one cannot help but be struck by the fluidity of religious rhetoric. Although such a discovery may be obvious to some, it is important for students to understand that we still live in a world where people make important social and political decisions based on moral absolutes, with an insistence on traditional and unchangeable religious values. It is essential, therefore, that teachers of religious history promote discussion on the possible flexibility of religious ideologies: is religious rhetoric part of an unwavering, scriptural tradition, or do those who practice religion create the rhetoric? Moreover, do human self-interest and socio-economic change always trump religion? Are social ideologies always stronger than religious tradition? After studying the creation of a modern industrial economy in Europe for these five weeks, I am convinced that analyzing the evolution of religious rhetoric in early modern Europe, which is such a transitional phase of history, can illuminate how social, political, economic and cultural change can guide or completely alter the morals and ideologies of a society. Eric Hobsbawm and Keith Wrightson both argue th... ...New Press, 1999. Lynn, Martin. â€Å"British Policy, Trade, and Informal Empire in the Mid-Nineteenth Century.† In The Oxford History of the British Empire, the Nineteenth Century, vol III, edited by Andrew Porter, 101-121. Oxford, New York: Oxford University Press, 1999. More, Thomas. Utopia. Translated by Paul Turner. London: Penguin Books, 2003. O’Brien, Patrick. â€Å"Inseparable Connections: Trade, Economy, Fiscal State, and the Expansion of Empire, 1688-1815.† In The Oxford History of the British Empire, The Eighteenth Century, vol. II, edited by P.J. Marshall, 54-77. Oxford, New York: Oxford University Press, 1998. ____. â€Å"Mercantilism and Imperialism in the Rise and Decline of the Dutch and British Economies 1585-1815.† De Economist 148, no. 4 (2000): 469-501. Wrightson, Keith. Earthly Necessities. New Haven and London: Yale University Press, 2000.

Adult/Youth Nonformal Vocational and Technical Education Essay

In 1974 the Ministry of Education developed nonformal vocational programs to serve out-of-school youths and adults. In respect of policy measures and institutional reforms, the purpose of adult/youth and nonformal education is to provide an opportunity to those who were unable to avail themselves of formal educational opportunities. The objective is to provide vocational training, along with basic literacy and numeracy skills, so that each individual can participate and contribute more effectively to his/her well-being, and to society. Such adult/youth and nonformal vocational technical education is conducted on a nonformal basis through programs offered by Rural Education Centers, School of Appropriate Farm Technology, Manzini Industrial Training Center, to name a few. The following comprise some of the major adult/youth nonformal vocational and technical education training centers. Manzini Industrial Training Center-Emakhonweni As a result of the pressing need for vocational and technical skills training as an alternative form of education, Manzini Industrial Training Center (MITC) was established with the aim of giving its trainees useful and practical skills in a trade or craft which may help them find a job upon completion. The MITC provides skills training for unemployed youth between the ages of 18 and 25 years. These are out-of-school youth who are at risk. Fundamental to the program is the acquisition of basic vocational skills which will enable a young person to earn his/her own living whether by self- or waged employment. In most of the courses offered at the Center, upon completion of the two year course in basic skills, the trainees take the relevant Swaziland Government Trade Test-Grade III with the intention of going on to Government Trade Test level-Grade II. This enables those who have not had the opportunity to complete high school (grade 12) to obtain a qualification which is recognized for pay purposes, in the wage employment sector. However, for those trainees whose desire is to become self-employed, they can apply for placement in the Business Management Extension Program (BMEP), a one year course which offers facilities and training, under the â€Å"sheltered workshop concept,† to prospective entrepreneurs. The MITC has an enrollment of over 200 trainees receiving skills training in 13 areas. Agriculture, Sewing, and Upholstery are one year courses in duration whereas Building, Carpentry, Electrical, Metal Work, Motor Mechanics, Plumbing, Printing, Panel Beating, Small Engine Repair, and Spray Painting are two years in duration. The approach employed in the training utilizes a combination of on the job training and theory lectures. Remaining as the principal training approach is â€Å"Training through production† (Manzini Industrial Training Center, Annual Report 1990/91). Business Management Extension Program In 1986 the management of Manzini Industrial Training Center (MITC) established the Business Management Extension Program (BMEP). BMEP is an indigenous small enterprise development project set up to combat the problem of unemployed youth who have already acquired vocational technical skills. With a grant from United States Agency for International Development (USAID), an administration building, warehouse, and eight workshops were built. BMEP is a unique institution in Swaziland that fills a specific niche: training and technical assistance for small and microbusinesses and the development of new enterprises (Gamedze, 1993, Personal interview). BMEP’s mission is to promote small enterprise development by providing trade and business skills training, individual business consultancy, and financial assistance to persons who are matured, have job experience and vocational skills, work for themselves full-time, and exhibit entrepreneurial traits. The mission statement contributes to the goal of increasing employment generated by Swazi-owned and/or managed section of the economy and expand the Swazi-owned or managed small business sector. (Gamedze, 1993, Personal interview). The primary goal of BMEP is to assist its clients in transforming income generating activities into small business enterprises which are operated as viable economic entities. In doing so, BMEP seeks to improve its clients’ ability to produce quality products/services and to effectively manage their business activities. BMEP is governed by a Board of Directors; however the day to day operations are the responsibility of the Director assisted by a program manager responsible for training and extension, and a finance manager who oversees the functions of the organization and administration of the loan scheme. BMEP extension officers are serving a total of 94 clients. They provide business assistance to 47 clients who also have received loans, 16 clients who are receiving business assistance only, and 31 clients who are in the assessment phase. BMEP is providing business assistance to 7 tenants in the BMEP â€Å"sheltered† workshops (Gamedze, 1993). BMEP has established relationships and linkages with other organizations that are involved in some kind of economic/business activities, and therefore identified areas of specific need for BMEP’s assistance. BMEP has formed strong linkages with other organizations involved in both urban and rural economic/business activities. These include among others: Women in Development (WID), Rural Education Centers (REC), Swaziland Farmers’ Development Foundation (SFDF). BMEP has established good relationships with financial institutions (e. g. , commercial banks) in which their representatives participate in BMEP training sessions and workshops as resource persons (Gamedze, 1993). Nhlangano Agricultural Skills Training Center The Nhlangano Agricultural Skills Training Center is an institution with an agricultural focus but supported by four other technical training programs, namely, Carpentry, Building and Construction, Motor Mechanics, and Metal Work. The Center had its first intake in 1992/93. When the Center is in full swing, a business management program to develop entrepreneurial skill will be put in place. Aimed at the youth usually referred to as â€Å"street kids† who are at risk, which includes the underprivileged, the unemployed, the educationally and socially disadvantaged, and school dropouts; the Nhlangano Agricultural Skills Training Center (NASTC) has given the youth of Swaziland another lease on life (Malan, 1992). This recently constructed skills training center offers training over a duration of two years. Modeled after the Manzini Industrial Training Center (MITC), the Nhlangano Agricultural Skills Training Center (NASTC) has the objective of training people toward self-employment or earning a wage in the agricultural sector of the economy. The establishment of such a center that provides â€Å"on-the-job training† in Swaziland is of significance in that it plays a major role in promoting self-sufficiency among young people. On the other hand, the underprivileged young persons, those with limited formal education, are catered for in so far as skill acquisition is concerned (The Swazi Observer, 1992). Table 7. Manazini Industrial Training Center Enrollment, 1990/91 | Trainee | Course | Male | Female | Agriculture | 9 | 7 | Building | 28 | 0 | Carpentry | 21 | 0 | Electrical Repairs | 10 | 0 | Metal Work | 20 | 0 | Motor Mechanics | 21 | 1 | Panel Beating/Spray Painting | 9 | 0 | Plumbing | 6 | 0 | Printing | 4 | 5 | Sewing | 0 | 28 | Upholstery | 5 | 3 | | 133 | 44 | Upgrading trainees to Trade Test | | | Grade II level | 14 | 0 | Total | 147 | 44 | School of Appropriate Farm Technology. The School of Appropriate Farm Technology (SAFT) is a nonformal and vocational agriculture school that targets secondary/high school leavers and drop-outs who cannot proceed to formal postsecondary education for one reason or another. The aim of SAFT is to provide high school leavers with relevant vocational agricultural skills and experiences to enable them to increase agricultural production at home in their local communities, and also earn an income from sales of produce (Sibisi, 1981). The school leavers catered to by this School are those with little or no prospect of getting a job in the formal labor sector. This is a rapidly growing segment of the population of unemployed youth who may soon dominate the total population in numerical terms (Cousins, 1983). Entrants to the School need a minimum of education in the sense that they are expected to have completed primary school (Grade VII), at least. However, those responsible for admissions have stressed motivation toward farming as one major requirement. The enrollment of the School averages 20-25 students, the majority of whom are boys. The age range of students is 18-25 years. The School has a capacity to enroll 40 students. Although the applications may range from 100 to 200 and admission may approximate the full capacity of 40 students, after the Preentry course of two weeks duration, students dropout as they experience difficulty coping with the practical demands of the course. Rural Education Centers. In pursuance of the policy on the improvement of the quality of life and the general standard of living of the rural people, the Government of Swaziland established eight Rural Education Centers in 1978. Aiming at improving the socio-economic status of the rural people in Swaziland, the Rural Education Centers were established with the following specific objectives in mind (Ministry of Education, n. d. ):  · To provide formal schooling to rural youth, and non-formal instruction to adults and unemployed school leavers.  · To instruct in vocational education through training in appropriate skills which may lead to self-employment and self-reliance.  · To assess needs and initiate projects; to coordinate services, resources, and activities of Government and Non-Governmental Organizations involved in rural development.  · To serve as a community resource center where educational, economic and social activities may be developed and focused providing facilities that may be used for non-formal education purposes. Seven of the Rural Education Centers (RECs) were built at secondary schools whereas the 81 was built at a primary (elementary) school. In practice, REC programs have primarily served rural women, especially in training of skills for income generation. The direct beneficiaries, in the main, have been rural women, and also some men, and school leavers, who enter vocational training courses and participate in community projects (Ministry of Education, 1988). Bosco Skils Center Bosco Skills Center is a Youth Enterprise Scheme for Self-Employment with the goal of (a) providing suitable workshop space for the development of small businesses, and (b) offering suitable training in trades and business skills primarily for those neglected and forgotten and at-risk young people who wish to be self-employed. The small business person (the experienced entrepreneur) joins the Skills Center to operate and improve his/her business, and for the use of the Skills Center’s facilities, he/she makes a contribution by training a maximum of three young persons (trainees) for self-employment over a two year period. In addition to the training provided by the experienced entrepreneur, the trainee business person attends afternoon classes in basic Mathematics, English and Business Management Skills. Mathematics and English are each taught two hours a week whereas, Business Management Skills is taught one hour a week by the Business Management Extension Program (BMEP) (McDonnell, Personal Interview). The Skills Center has 60 small business trainees for its first group of intake who undergo vocational skills training under 21 experienced entrepreneurs. The trainees, who must be 18 years upon admission, are given three months to decide whether this kind of vocational training is suitable for them, and during this period they also work in close cooperation with the Center’s Training Coordinator. The admission process entails interviews conducted by the experienced entrepreneurs who, select three young trainee businesspersons to train. Once admitted, the trainee receives E10. 00 (about US $3.30) a week to cover off-pocket expenses drawn from the trainees Fund to which the experienced entrepreneur, for operating his/her own business at the Center, has made a contribution as part of the agreement to use the Skills Center workshop and facilities. The fee for one year is E150. 00 (about US $50. 00) payable in three installments of E50. 00 ($16. 66) by the trainee business person (McDonnell, 1993). The Skills Center has eight workshops, and offers vocational skills training for self-employment in the following areas:  · Motor mechanics  · Auto electrical  · Panel beating and spray painting  Ã‚ · Upholstery  · Carpentry  · Welding/metal work  · Plumbing  · Dressmaking and tailoring  · Sewing  · Pottery  · Refrigeration repair  · Radio and T. V. repair  · Printing  · Hairdressing. Upon joining the Skills Center the experienced entrepreneur takes on the following financial commitments:  · Contribution to the cost of electricity  · Contribution to the cost of water  · Contribution to the salary of the show/display room manager  · Contribution to a trainee fund  · Payment for telephone use  · Payment for transport use Currently each experienced entrepreneur makes an agreed contribution of E165. 00 (about US $55. 00) a month to cover the above costs. The amount to be paid for the above costs is established by the Executive of the Skills Center Management Committee which reports to the Bosco Center Board, the top policy making body. Unlike the Manzini Training Center or the Nhlangano Agricultural Skills Training Center (NASTC) whose target population group are school leavers with a Junior Certificate (grade 10) or there about, Bosco Skills Center reaches out for the young people with much less formal education who have no hope of anything else. They constitute the very bottom population group of young people with very little schooling. They are educationally deprived, socioeconomically disadvantaged and â€Å"are at-risk of not achieving the goals of education, acquiring the knowledge, skills and dispositions to become productive members of society† (Natriello, McDill, & Pallas, 1990, p. 8). They comprise the majority of the young and unemployed whose hope for making living lies in self-employment since their formal schooling leaves them with little or no prospect of getting a job in the formal labor sector of the economy. Powered by greenstone3 Background Mercy Corps in Somaliland is implementing the Somali Youth Leaders Initiative (SYLI). Component Two of the SYLI focuses on workforce development and building the technical and managerial capabilities of Somaliland youth to engage technical and vocational training and related livelihood business. These activities complement SYLI’s other components by increasing the number of Somali youth with the right skills and training. Generally, the main challenge with Vocational Educational schools/centers in Somaliland is to make their teaching relevant to the current needs of the local job market. There are a lot of things that constrain their ability to do this – including poor education levels of Vocational Education students; outdated and overly theoretical curricula, lack of incentives to connect students to the job market; and lack of connections between the Vocational Educational staff and current industry needs. The Vocational Training and Non-Formal Education Specialist should assist in making curricula dynamic and practical to the current needs of the job market and design programs and incentives to link students and their teachers to growth areas of the Somaliland work force and the economy. Component Summary The Vocational Training and Non-Formal Education Specialist will provide expertise in a number of areas, including new approaches to training, including in-service courses, internships, work-study, apprenticeships, and use of ICT etc. Development of appropriate curriculum and innovative training methods to provide the skills for new entrants into commercial business will be a key outcome. It is important that all curricula developed by the project be gender sensitive and socially inclusive to appropriately transfer relevant knowledge to a variety of audiences. Furthermore, provide technical support to stakeholders and partners in the sub sectors. Key duties and Responsibilities. The Vocational Training and Non-Formal Education Specialist will undertake a number of innovative non-traditional approaches to gender sensitive and socially inclusive knowledge transfer and workforce development. The Specialist will ensure that interventions that are implemented to improve the performance of vocational educations schools are sustainable; by continually obtaining Somali stakeholders input from the various organizations engaged in training. The Specialist will work to sustainably build Somali capacity to provide the right kind of training, in the right place and time and tailored to Somaliland. SYLI’s interventions will enhance the capacity of the selected vocational colleges to become Centers of Excellence [COEs] in vocational education and outreach, using the COE as a model for other schools/centers to follow. The Specialist will be responsible for devising programs to attract more ladies/women into these institutions and will work with the Ministries of Youth and Sport, Labour and Education to build upon the accomplishments of the USAID’s other Education programs, EU’s vocational education program, etc to expand adult education opportunities particularly to women and to youth. http://reliefweb. int/node/489716.

Young People Have More Want Than Needs. What Are Your View?

Young People Have More Wants than Needs. What do you think? This materialistic world produces enormous amount of goods and services to satiate our wants more than our needs. The attitude of satisfying one’s wants has almost always preceded one’s needs. This new wave of attitude is especially obvious in young people who have endless desires to have what they want instead of what they actually need. Consequently, nowadays, we have often heard the phrase â€Å"I want† and rarely get to hear â€Å"I need† from young people.This is especially evident in the things young people are seeking today. No doubt, good education is part of it and it is indeed necessary. However, some have become so obsessed with achieving better grades that they are willing to spend a fortune on getting additional help beyond their school for the sake of beating their classmates in academic results. Wanting to achieve their objectives, some have hired a few personal tutors to help them out. Instead of relying and making good use of what is already provided to them, such ones have taken things for granted.They do not see that their needs have actually been fulfilled but focus too much on their wants, which is getting better results to perhaps outshine their peers. Regrettably, this kind of obsession would mean that their parents’ hard-earned money is spent wastefully or even unwisely. For what, for satisfying their wants when their needs have actually been met. Additionally, the pursuit of keeping up to date with fashion is all too common in young people.These things are not bad in themselves but to maintain one’s closet with the latest fashion means that young ones may often spend beyond their means simply for the purpose of satisfying their wants. Even for those without the means to possess the latest, they may even try to get what they want through illegal channel such as doing part time as escorts. Sadly, this has been happening in recent years. A pparently, the trend has taken root because young people often fail to differentiate clearly their wants from their needs.Not to be overlooked is the desire to pace up with the epoch of technology in terms of mobile phones. Gone are the days of owning a phone just to make calls and sending short text messages. Our generation has become extremely sophisticated with the advancement in technology. Unfortunately, we have been witnessing the massive production of smart phones that keeps flooding the market with infinite choices and temptations to have to own one. Ironically, we are seeing young people wning the latest smart phones more than adults who are supposed to be the more likely group of people to own these things. So the question is how on earth do our young people get the financial means to purchase these gadgets? Apparently, their main sponsors are their parents. As a matter of fact, quite a large number of young people are often seen pestering their parents to buy them or equi p them with the latest products. This has also evidenced itself when parents are being demanded to trade good examination results in return for getting what their children want.To make matters worse, young people sometimes threaten their parents, who may not be wealthy enough, to buy the latest smart phones for them. To sum it all up, I must say that young people have more wants than needs. If only they could exercise a little more of their thinking ability, they would definitely be able to discern for themselves that wants will always be endless but needs are very few and necessary but the latter must precede the former.

Unilever Business Project

Unilever is a company that operates all over the world. They produce a wide range of products, concerning all sorts of food, detergents and etc. For a large company like Unilever to be successful, they have to implement a certain strategy and to have vision and mission. For this assignment we are focusing on the UK market. The brand we chose is Carte D’or. To start with the overall vision of Unilever. They are looking at developing new ways of doing business for the future, to increase the benefits for the company, as well as to reduce their environmental impact on the nature by Unilever`s activities.Their mission, is to make their business more sustainable. For example, Unilever`s plan has over fifty targets to achieve. Most of them are focused on helping people to improve their well-being and health, reduce the pollution of their products and source the agricultural raw materials sustainably. Sustainability and fair trade are Unilever`s main goals, which are influencing the whole corporation. Regarding the changing weather conditions and scarcity of usable agricultural supply. Unilever introduced a Sustainable Living Plan, that will enable them to source only sustainable materials.According to Unilever, it is also of vital importance to have the suitable people with the right talent, skills, creativity and education to support the growth of the enterprise. As part of the `Sustainable Living Plan`, the company is looking at healthy and motivated workforces, which would provide them with the right employees. In order to make this plan become reality, they are arranging better work places, which means reducing work injuries, industrial accidents and provide variety of stimulus's. Nowadays, Unilever is struggling to create shared values with its customers to provide stability and growth.Companies can meet social needs while at the same time serving existing markets, accessing new markets and lowering costs through innovation. Unilever has chosen the path o f innovations, as well as improving quality, quantity, cost, and reliability of inputs and distribution. While at the same time the company is acting as a steward for essential natural resources and drive economic and social development. As stated above, their mission is: â€Å"We work to create a better future every day. We help people feel good, look good and get more out of life with brands and services that are good for them and good for others.We will inspire people to take small, everyday actions that can add up to a big difference for the world. We will develop new ways of doing business with the aim of doubling the size of our company while reducing our environmental impact. † (source: http://www. sustainable-living. unilever. com/news-resources/news/inspiring-sustainable-living/) The above comes back again in Unilever’s report. For instance, their ambition is to double the size of the company while reducing the environmental footprint.Furthermore, they have a sustainable living plan; Unilever wants to grow without damaging the environment and increase the social benefits arising from Unilever’s activities. This plan has been set in 2010 and has 3 major outcomes, as can be read on page 20 of Unilever’s annual report of 2010: * Helping more than a billion people improve their health; * Halve the environmental impact of the production and use of Unilever’s products; * Enhance the livelihood of people in their supply chain. A good example is COMFORT ONE Rinse fabric conditioner. Many customers in developing countries do their laundry by hand.COMFORT ONE needs only one bucket of water for rinsing instead of three. In this way, consumers save time and money. The reason why Unilever is performing this plan, can be summed up in a few points: * More and more consumers want products that are sustainably sourced; * Retailers have their own goals for sustainability and Unilever can work with them; * New products and packaging ca n be developed as part of the sustainability plan; * Half of Unilever’s sales take place in developing countries, so these countries represent a huge future market for the company.These countries face the greatest sustainability challenges; * Managing sustainability saves money for Unilever and the consumer. Below we will show Unilever`s structure on both Multinational and Business level. Multinational Level: Source (http://www. theofficialboard. com/org-chart/unilever-1) Business Level: Source: http://www. theofficialboard. com/org-chart/unilever-ventures) In order to explain the process of creating values when making ice-cream, we are going to use Porter`s value adding chain to support the explanation. PRIMARY PROCESSES:SUPPORTING PROCESSES: ————————————————- Primary processes Inbound logistics: Carte D`Or buy ingredients for the ice-cream production from a variet y of suppliers. In order to improve its efficiency the exclusive brand can start performing business procurement. In this way Carte D`or can use purchasing function to reduce its costs and improve their long-term strategic planning techniques to deal with the outgoing costs. Using strategic purchasing would enable them to negotiate for the supply of milk, sugar, cream and ect.In this way the procurement approach would increase the CM (contribution margin). Processing: The processing stage would start with the fulfilment of the ordered ingredients in the procurement department. Later on all the ingredients are get together into the assembly process. The Carte D`Or`s recipe is prepared and the ice-cream is prepared. In this press, Carte D`Or can take an advantage by integrating the JIT method. This would help them always have fresh ingredients and not going to keep too ingredients inventory.This can be implemented by ordering smaller quantities of ingredients and increasing the supply frequency. Outbound logistics: In this process of Carte D`Or brand is concerned with the storage of the made ice-cream. The ice-cream package is quite important for keeping the product fresh, protect it during storing, warehousing, transporting as well as to protect the environment form the ice-cream package from the ice-cream package that would be used. So, sustainable packaging would be a major factor in the outbound logistics of the Carte D`Or brand.Packages, which are more eco-friendly and recyclable can take place as well as packs with improved durability. The durability factor can reduce waste, of cracked or broken packs. Marketing ;Sales: Creating a good image for the product might be of vital importance for brand. As, Carte D`Or are producing luxurious ice-cream with a premium quality they need to bind their brand and customers. Carte D`Or would add value to their products by detailed research and development, using Customer Relationship Management.Collaborating closely wit h the CRM department would give the information about customers’ needs, wishes, expectations and even tendencies. Due to the usage of this technique the Carte D`Or brand set their customers as a starting point for all their products development and concepts. Services: ————————————————- The Carte D`Or brand provides their customers with a range of services, as: customer care, direct ordering of bigger quantities, B2B and B2C SCM. In addition to that the brand adds value, by applying the differentiation approach.They provide to their customers special fan website, with the full range of products and a TV show with one of the top chiefs in the world. What is more there is a special line for problem solving callings to Carte D`Or cusromer service. ———————————————â₠¬â€- Supporting processes: Infrastructure: Carte D`Or brand adds value with an efficient assembly line, which gives a high production level during the whole manufacturing process. Production safety and durability is another aspect that may put emphasis on preventing waste.HRM: Carte D`Or brand is quite focused at the sort of working force they use, because they are promoting exclusive ice-cream with top quality. They put emphasis on employees suitable skills, efficiency and job enrichment, in order to stimulate the working force. Technological development: An approach thag Carte D`Or adds value in this sector of value chain would be leverage, as maximizing production and effectiveness without any investments increase. Their top goals are effectiveness and efficiency due to decreasing the expenditures and increase profit.Procurement: Procurement in is very important for Carte D`Or brand because this Is a sector where huge expenditures can be significantly reduced. Negotiating for ra w materials, auxiliary materials and etc. Carte D`Or has a special customer call centre for questions regarding procurement. Relevant systems that facilitate the primary processes in the value chain: ERP(Enterprise Resource Planning) is a relevant system in the primary processes in the value chain, because ERP is developed to facilitate the flow of information between all business functions.It will optimize the communication and information flow between inbound logistics, operations, outbound logistics, marketing ; sales and service CRM is also relevant because it is designed for managing customer service, marketing and operations. MIS stands for Management Information Systems. This system provides the management with the right information to manage an organization effectively ; efficiently. The system analyzes the primary processes with the goal to optimize them. Why would a company adapt their packaging of ice cream? For a company like Uniliver that wants to be more sustainable, a reason can e to produce a environmental friendly packages. To comply with that, the packages have to be adopted according to the new standards: reduced waste, being recyclable and re-usable. Other reasons can be to optimize the space available, lower costs or get the attention of customers with new and improved packaging. There are multiple departments involved when changing a packaging like the Research ; Development department to design this new packaging. But also the marketing department; is involved to do the promotion and management finally makes the decisions.Changes in packaging automatically lead to changes in the value chain. Because machines have to be re-programmed, marketing ; sales have to use a different promotion strategies (introduction of the product). But also inbound and outbound logistics will change. New materials will be imported so new routes have to be created. Also the company will have to examine which type of transportation is the most efficient in the n ew situation. It will make a huge difference if a package is round or square if you consider transport and storing.Also customer behaviour will change, if a customer recognize a problem he or she will go to different phases before actually purchasing a product. First they search for information; a new package can have an influence on commercial sources. Also the selective perception process will be influenced because the perception on the promotion message will change and this can lead to a different interpretation. Perhaps the evaluation will also change because consumers feel that the products offers more benefits. If the new package requires new materials the suppliers will be examined if they are capable to deliver these new materials.If not they need to look for other suppliers. The stakeholders and NGOs can be a threat to the company for example the new package is less environmental friendly than it might happen that they do not longer want to invest in de company. Unilever sh ould pursue a Research ; Development policy that focuses on sustainability. They can do this by using recycled plastic for the packages and recycled paper within their offices. Use biological milk and fair trade ingredients such as chocolate. They can also make use of green energy and transport as environmental friendly as possible.The Research ; Development department has the most influence on the structure. As we have seen the entire value chain will be affected with a change in for example the packaging. The method that we used to come to a package innovation was idea capture internally because of the limited time and resources. But there are other methods appropriate for Unilever like customer focus groups for problem detection while pre-testing to prevent future failure, external idea contest to get to know the customers wants and needs. Last consult partners and vendors to make sure that everyone is reading from the same page.Process descriptions As shown below, there are a nu mber of steps taken in the process of creating ice cream. (source: http://www. foodsci. uoguelph. ca/dairyedu/icmanu. html) When there’s a new product packaging, there will be a small change in the primary process. First of all, when ice cream is stored it is done so in temperatures below -18 Celsius; so the packaging has to be able to withstand such a temperature. This is important for two reasons: * The prevention of growth of micro-organisms; * Maintaining the texture of the product. When using new kind of packaging, the process can be changed.For instance, if the new kind of packaging can withstand a temperature of below -18 Celcius, packaging can be done before storing the ice cream in the freezer and thus saving plastics, waxed paper or cardboard containers since these are used as temporary packaging. There are many activities involved when producing ice cream. Blending, aging, pasteurization etc. Below we will present which activities are involved when producing ice cr eam. To do so, we used a RASCI-Matrix, a process chart for sustainable activities (the green one) and finally a department-transcending table. RASCI-Matrix:Column1| Column2| Column3| Column4| Column5| Column6| Task /Role| CEO| Financial Director| Logistics Manager| Marketing ; Sales manager| Process Manager| Support employees| Strategic Planning| Accountable| Informed| Informed| Informed| Informed| Informed| Financial Planning| Responsible| Accountable| Informed| | | | Buying ingredients| Responsible| Consulted| Accountable| | Responsible| | Marketing ; Sales| Responsible| Consulted| Informed| Accountable| | | Warehousing| Responsible| | Accountable| | | Responsible| Transport| Responsible| | Accountable| | | Responsible| Storage| Responsible| | Accountable| | | Responsible| Services| Responsible| | Consulted| Responsible| | Responsible| Supporting services| Responsible| | Consulted| Responsible| | Responsible| Analyzing results| Responsible| Accountable| Informed| Informed| Informe d| | Maintenance| Responsible| | | | | Responsible| R ; D| Responsible| Informed| Consulted| Consulted| | |The above RASCI-Matrix show the different roles and tasks. The purpose of this matrix is to show the relationship between the actors and their responsibilities. The abbreviation RASCI stands for: R=responsible, A=accountable=support, C=consulted, and I=informed. Flow-Chart ; Transcending-department table: Above we have shown the whole production process of Carte D’or ice cream. Starting with blending of the ingredients and ending with the packaging. During this process value is constantly added. Package: after the freezing procedure the ice-cream is placed into its package. This is the step where a company would be able to take a competitive advantage over its rivals.It can be done in a variety of different ways: In particularly for Catre D`Or there might be: Package size: turn into a production a variety of smaller packages, which are relatively more suitable for daily usage: The shape of the package may play a major role: for example the company can safe cost if they use square or rectangular form of the package. In this way they may improve efficiency of logistics as more packs would be able to place into a box. In this way efficiency and sustainability would be improved as more packs of ice cream can be transported within the same use of space; Sustainable materials: materials used for producing the packaging also might be an important factor. In recent years the interest in products which are environmentally friendly has risen.An example of would be a package that is going to be recyclable or bio-degradable as the harm at the environment would be significantly reduced. Hardening: The packaged ice-cream is placed into a blast freezer at -30 ° to -40 ° C where most of the remainder of the water is frozen. Below about -25 ° C, ice cream is stable for indefinite periods without danger of ice crystal growth; Storage: storage of the produced i ce-cream can be sustainably improved, due to a new package shape. With a new package shape, Carte D`Or would be able to reduce its storage costs and to improve logistics efficiency. This approach would enable to leverage the logistics process. There would be the same storage expenses, although the packs of ice-cream would me increased.Steps in the process| Activity| Transport| Check| Wait| Inventory| time (hours)| | | Blending of the ingredients| X| | X| | | 30mins| | | Pasteurization| X| | X| | | 30mins| | | Homogenization| X| | X| | | 1h| | | Aging| | | X| X| | 12h| | | Freezing| X| | X| | | 15mins| | | Hardening| X| | X| | | 15mins| | | Storage in the freezer| | | X| | X| 60mins| | | Packaging| X| | X| | | 20mins| | | This table shows the average throughput times of each activity. ——————————————– [ 1 ]. Our mission. (nd). Retrieved 02 16, 2012, from https://www. unilever. com/ aboutus/ourmission/ Paper&Board – Unilever Sustainability. (sd). Opgeroepen op 02 13, 2012, from http://www. sustainable-living. unilever. com/the-plan/sustainable-sourcing/pape

Fundamental of Finance Essay Example | Topics and Well Written Essays - 1250 words

Fundamental of Finance - Essay Example In our case, proposal A takes 4 years to recover the investment and proposal B takes only 3 years for the recovery of such investment. Accordingly the proposal B is ranked above the proposal A. The limitation in this method is that it does not consider time value of money. Net present value is a discounted cash flow approach to capital budgeting. â€Å"If the present value of future cash flow is greater than the initial cost, the project is worth undertaking. On the other hand, if the present value is less than the initial cost, a project should be rejected because investor would lose money if the project were accepted.†(Angelico A. Groppelli and Ehsan Nikbakhat, page 159)ii Assessing from this point of view, both proposal have a positive net present value. But as the net present value of proposal A is more than that of proposal B. Accordingly NPV method ranks proposal A ahead of proposal B. There are various shortcomings in methods of evaluation of capital projects that do not consider time value of money. It is generally felt that discounted cash flow methods provide a more objective basis for evaluating and selecting investment projects. These methods take account of both the magnitude and the timings of expected cash flows in each period of project’s life. Internal rate of return, like net present value method, is such a method that uses the discounted cash flow criteria to evaluate different capital projects. â€Å"The IRR for an investment is the discount (interest) rate that will make the present (or discounted) value of the cash flows from the operation equal to the initial outlay of the investment. An IRR above the minimum rate of return specified by management (called hurdle rate) is considered acceptable. When mutually exclusive projects are being compared, the project with highest IRR will be preferred.† (Ralph S.