Strategic Management Multi Perspective Approach

Question: Talk about the Strategic Management for Multi Perspective Approach. Answer: Presentation This investigation manages dissecting the idea of the board bookkeeping in ongoing period of bookkeeping field (Webster, 2016). In this specific task, accentuation has been given on the bookkeeping activities dealt with by an organization named as Parker Limited. In the ongoing bookkeeping situation, it has been seen that the majority of the bookkeeping specialists had separated the bookkeeping guidelines in one of a kind bookkeeping frameworks dependent on the utilization of bookkeeping strategies. The current section explains utilization of bookkeeping strategy by applying bookkeeping frameworks (Senthilkumar, Maruthamuthu and Kannaiah, 2014). This demonstration gives assistance to the likely clients for discovering the expense of some random item. This will be even utilized for making the calculation of benefits and getting precise outcomes simultaneously. In this investigation, examination has been accomplished for the organization named as Parker Limited who fabricates just as s ell pen and pencil sets (Kamala et al. 2015). This organization got positive criticism from the clients and chose in selling their items in the remote markets. The fundamental motivation behind the report is drawing out the real conceivably of the offers and plans of Parker Limited. This should be possible by ascertaining cost and benefit by method of utilizing cost bookkeeping procedures (Kaplan and Atkinson, 2015). Calculation of Current Net Monthly Profit Estimation of Monthly Profit Points of interest Unit Cost per Unit Aggregate sum Month to month Sales Revenue 10000 $7.50 $75,000 Assembling Costs: Direct Material 10000 $1.00 $10,000 Direct Labor 10000 $1.20 $12,000 Variable Overhead 10000 $0.80 $8,000 Fixed Overhead 10000 $1.00 $10,000 All out Manufacturing Costs 10000 $4.00 $40,000 Showcasing Costs: Variable Marketing Costs 10000 $1.50 $15,000 Fixed Marketing Costs 10000 $1.50 $15,000 All out Marketing Costs 10000 $3.00 $30,000 All out Cost of Goods Sold 10000 $7.00 $70,000 Month to month Net Profit 10000 $0.50 $5,000 Table: Computation of Net Monthly Profit (Source: Created by Author) From the above table, estimation is made for understanding net month to month benefit for Parker Limited (Groot and Selto, 2013). Expansion to that, it helps in finding out the current cost structure just as net month to month benefit for increasing different offers. In this way, current creation cost of Parker Limited has been determined for evaluating their net month to month benefit for a given money related year (Drury, 2013). Suggested Offers from Educational Institutions Figuring of Monthly Profit Specifics Unit Cost per Unit Aggregate sum Typical Monthly Sales 10000 7.5 75000 Request from Educational Institution 2000 5.5 11000 Month to month Sales Revenue 12000 $7.17 86000 Assembling Costs: Direct Material 12000 $1.00 $12,000 Direct Labor 12000 $1.20 $14,400 Variable Overhead 12000 $0.80 $9,600 Cost of Logo Inscribtion 2000 $0.60 $1,200 Fixed Overhead 12000 $0.83 $10,000 Complete Manufacturing Costs 12000 $3.93 $47,200 Advertising Costs: Variable Marketing Costs 12000 $1.50 $18,000 Fixed Marketing Costs 12000 $1.25 $15,000 Complete Marketing Costs 12000 $2.75 $33,000 Absolute Cost of Goods Sold 12000 $6.68 $80,200 Month to month Net Profit 12000 $0.48 $5,800 Table: Calculation of Monthly Profit (Source: Created by Author) The above table demonstrates determined accomplished for the month to month set and offers taken from instructive foundations (Balakrishnan, Labro and Soderstrom, 2014). Expansion to that, it has been clarified if Parker Limited will be tolerating the proposal from instructive foundations for making the gracefully of 2000 sets at the pace of $ 5.5 per set for computing month to month set (Ambrosini, Jenkins and Mowbray, 2015). On the off chance that the offer gets acknowledged, at that point the complete month to month net benefit will fall by $ 0.02 per set (Ambrosini, Jenkins and Mowbray, 2015). By this, it is suggested that Parker Limited ought not acknowledge the offer dependent on gainfulness angle. Productivity angles are not the sole viewpoint that should be assessed at the hour of undertaking business choices. It is thus why Parker Limited should mull over other basic variables like money inflows just as creation cost per set (Balakrishnan, Labro and Soderstrom, 2014). All the significant viewpoints should be mulled over that will direct organization at the hour of settling on money related choices sooner rather than later. At the hour of tolerating the offer, it is suggested that Parker Limited ought to decrease the expense of merchandise sold per set (Senthilkumar, Maruthamuthu and Kannaiah, 2014). Expansion to that, this will help Parker Limited in producing high measure of money inflow by method of increasing higher net benefit in the up and coming monetary year. Accordingly, it is fundamental for considering different components that the organization will recognize while tolerating the offer (Balakrishnan, Labro and Soderstrom, 2014). Every one of the factor ought to be mulled over if the organization required tolerating the proposal for given timeframe. Productivity of Long-term Government Estimation of Monthly Profit Points of interest Unit Cost per Unit Aggregate sum Ordinary Monthly Sales 10000 $7.50 75000 Request from Educational Institution 5000 $4.00 20000 Month to month Sales Revenue 15000 $6.33 95000 Assembling Costs: Direct Material 15000 $1.00 $15,000 Direct Labor 15000 $1.20 $18,000 Variable Overhead 15000 $0.80 $12,000 Fixed Overhead 15000 $0.67 $10,000 All out Manufacturing Costs 15000 $3.67 $55,000 Showcasing Costs: Variable Marketing Costs 15000 $1.50 $22,500 Fixed Marketing Costs 15000 $1.00 $15,000 All out Marketing Costs 15000 $2.50 $37,500 All out Cost of Goods Sold 15000 $6.17 $92,500 Month to month Net Profit 15000 $0.17 $2,500 Table: Calculation of Monthly Profit (Source: Created by Author) The above table shows the computation of net month to month benefit. It occur in a circumstance when Parker Limited will be tolerating the drawn out government contract for rendering 5000 sets at the pace of $ 4.00 per set (Balakrishnan, Labro and Soderstrom, 2014). Certain angles ought to be contemplated that will empower understanding the part of long haul government contract with specific value structure. It is in this way significant for the organization in clearing creative paths for producing incomes for a given money related year. Parker Limited will win just $ 2500 as complete benefit just as benefit per set of $ 0.17 (Balakrishnan, Labro and Soderstrom, 2014). Expansion to that, Parker Limited will produce exceptionally low measure of benefit by method of tolerating an offer. This depends on absolute benefit volume just as benefit per set. In this way, Parker Limited will get $ 4000 ahead of time for consistently. These specific perspectives will be useful for Parker Limited as they have issue with lack of money. Parker Limited isn't enduring to any of the previously mentioned issues, so it is prudent to the organization in dismissing the offer (Ambrosini, Jenkins and Mowbray, 2015). Dismissing the offer will help the organization since it will cause the organization to endure with numerous potential issues that ought to be dodged quite far. Lower estimating for the new remote market Count of Monthly Profit Points of interest Unit Cost per Unit Aggregate sum Assembling Costs: Direct Material 20000 $1.00 $20,000 Direct Labor 20000 $1.20 $24,000 Variable Overhead 20000 $0.80 $16,000 Fixed Overhead 20000 $0.50 $10,000 All out Manufacturing Costs 20000 $3.50 $70,000 Promoting Costs: Variable Marketing Costs 20000 $1.50 $30,000 Fixed Marketing Costs 20000 $0.75 $15,000 All out Marketing Costs 20000 $2.25 $45,000 All out Cost of Goods Sold 20000 $5.75 $115,000 Less: Sale in Domestic Market 10000 $7.50 $75,000 Deal in Foreign Market 10000 $4 $40,000 Table: Calculation of Monthly Profit (Source: Created by Author) From the above table, count is accomplished for increasing comprehension of the base costs in the new market (Balakrishnan, Labro and Soderstrom, 2014). This implies new market entrance will mull over on how Parker Limited should offer the sets at lower procedure to the recently focused on clients. It is prudent to Parker Limited in bringing down the cost at such a range whereby it can create zero benefit just as causes any misfortune simultaneously (Senthilkumar, Maruthamuthu and Kannaiah, 2014). It is critical to consider the way that fixed costs are steady in nature for shorter time dependent on certain item volume (Ambrosini, Jenkins and Mowbray,

How to Sort Records in Delphi DBGrid by Column Title

The most effective method to Sort Records in Delphi DBGrid by Column Title Delphi DBGrid is such a ground-breaking segment, that youre presumably utilizing it consistently if youre creating information mindful applications. Beneath, well investigate how to add some more highlights to your database applications that your clients make certain to adore. Following the ideas depicted in the Beginners Guide to Delphi Database Programming, the models beneath use ADO segments (AdoQuery/AdoTable associated with ADOConnection, DBGrid associated with AdoQuery over DataSource) to show the records from a database table in a DBGrid segment. All the segment names were left as Delphi named them when dropped on the structure (DBGrid1, ADOQuery1, AdoTable1, and so forth.). Mouse Moves Over DBGrid Title Area To start with, lets perceive how to change the mouse pointer while it moves over the DBGrid title region. You should simply add the code to the OnMouseMove occasion for the DBGrid segment. The code underneath essentially utilizes the MouseCoord property of the DBGrid segment to compute where the mouse pointer is. On the off chance that its over the DGBrid title territory, the pt.y rises to 0, which is the main line in the DBGrid (the title zone showing segment/field titles). technique TForm1.DBGrid1MouseMove (Sender: TObject; Shift: TShiftState; X, Y: Integer);var pt: TGridcoord;begin pt: DBGrid1.MouseCoord(x, y); on the off chance that pt.y0, at that point DBGrid1.Cursor:crHandPoint else DBGrid1.Cursor:crDefault;end; Sort on Column Click and Change the Column Title Font In the event that youre utilizing the ADO way to deal with Delphi database improvement, and need to sort the records in the dataset, you have to set the Sort property of your AdoDataset (ADOQuery, AdoTable). The Sort property is the widestring esteem demonstrating the ORDER BY part of the standard SQL inquiry. Obviously, you don't have to compose the SQL inquiry to have the option to utilize the Sort property. Just set the Sort property to the name of a solitary field or to a comma-isolated rundown of fields, each after the sort request. Heres a model: ADOTable1.Sort : Year DESC, ArticleDate ASC The OnTitleClick occasion of the DBGrid segment has a Column parameter demonstrating the Column the client has tapped on. Every Column (object of type TColumn) has a Field property showing the Field (TField) spoke to by the Column, and the Field in its FieldName property holds the name of the field in the basic dataset. Hence, to sort an ADO dataset by field/segment, a basic line can be utilized: with TCustomADODataSet(DBGrid1.DataSource.DataSet) doSort : Column.Field.FieldName;/ASC or DESC The following is the code for the OnTitleClick even handler that sorts the records by segment click. The code, as usual, broadens the thought. To start with, we need to, here and there, mark the section that is as of now utilized for sort request. Next, on the off chance that we click on a segment title and the dataset is as of now arranged by that segment, we need to change the sort request from ASC (climbing) to DESC (sliding), and the other way around. At long last, when we sort the dataset by another section, we need to expel the imprint from the recently chosen segment. For straightforwardness, to stamp the section that sorts the records, well basically change the text style of the segment title to Bold, and evacuate it when dataset is arranged utilizing another segment. technique TForm1.DBGrid1TitleClick(Column: TColumn);{$J}const PreviousColumnIndex : whole number - 1;{$J-}beginif DBGrid1.DataSource.DataSet is TCustomADODataSet thenwith TCustomADODataSet(DBGrid1.DataSource.DataSet) dobegintry DBGrid1.Columns[PreviousColumnIndex].title.Font.Style : DBGrid1.Columns[PreviousColumnIndex].title.Font.Style - [fsBold]; exceptend; Column.title.Font.Style : Column.title.Font.Style [fsBold]; PreviousColumnIndex : Column.Index; on the off chance that (Pos(Column.Field.FieldName, Sort) 1) and (Pos( DESC, Sort) 0) at that point Sort : Column.Field.FieldName DESC else Sort : Column.Field.FieldName ASC; end;end; The above code utilizes composed constants to save the estimation of the recently chosen segment for sort request.

Master the TOEFL Independent Essay (2019)

Master the TOEFL Independent Essay (2019) Heres how the TOEFL Independent Essay works:It is the second writing question on the TOEFLYou will be given 30 minutes to respond to a short questionThe question will ask you to state your opinion on a topic likely related to education, work or life in modern society.Most students should write between 380 and 400 words.Styles of QuestionsThere are three main styles of TOEFL independent essay questions in 2019. They look like this:Agree/Disagree StyleDo you agree or disagree with the following statement? Children should be required to follow strict rules set by their parents. Use specific reasons and examples to support your answer. Donotuse memorized examples.Multiple Choice StyleEveryone faces challenges they have difficulty overcoming. These challenges are often related to our school life, our family life or our academic life. What do you think is the best way to deal with a problem that is difficult to solve?asking someone with more experience for helpfinding more information abou t the problem using the Internetdiscussing the issue with a close friendtaking a long time to think about the problemUse specific reasons and examples to support your answer. Make sure to use your own words. Donotuse memorized examples.Preference StyleThere are many different styles of classes at schools nowadays. Some students prefer classes where they interact with their teacher and with other students in debates and group assignments. Others prefer classes where they just listen to their teacher speak.Which do you prefer? Use specific reasons and examples to support your answer. Make sure to use your own words. Donot use memorized examples.Note that the multiple choice and preference type questions are very long these days. Older guides to the test give very short example questions. Dont be surprised if you get a long question!Note also that none of the following question types are used these days in the TOEFL independent essay: giving advice, compare and contrast, give the chara cteristics of X, describe a thing.The warning to not usememorized examples refers to ETSs new efforts to crack down on plagiarism and memorized essays used by hundreds of students at the same time. It is still okay to use templates and it is still okay to use personal examples.

Reflection Paper On Steve Jobs - 962 Words

â€Å"This is the closest I’ve been to a graduation.† These words spoken humbly and authentic, by the late Steve Jobs at a commencement ceremony for the class of 2005 at the very prestigious Stanford University, was the beginning of a masterpiece, a speech that was designed to encourage and empower those young college graduates to take on the world, trust their gut, and follow their dreams and aspirations in life. Significantly, Jobs grabs and holds the attention of his young audience by recounting 3 brief, yet meaningful stories. Each story followed the moments in his life that impacted and made him Steve Jobs. Above all, it was not the words itself that captivated my mind, but it was the purpose behind them that fed my soul. After reading†¦show more content†¦Stupidly, I found myself disregarding my success, obliterating my failures, and moving on without taking one look back. But, after reading Jobs speech I learned to simply connect the dots. Rewind, remem ber, and reflect on the events that led to where you are today. Secondly, I was reminded, through Steve’s Jobs speech, to search and thirst after my passion. His second story was about love and loss. In this story, he retells his sudden dismissal from his job at Apple. He portrays a picture of hurt, devastation, betrayal, and sudden loss. Sadly, his job, passion, and his why was gone at the snap of a finger. Or was it? See, after losing his job he still had that fire and passion for what he did. The loss of his job was meant to break him, but instead, it fueled him to continue doing what he cherished. As a result, he moved on and created a company entitled Next. Moreover, my freshman year of high school I tried out for the junior varsity cheerleading squad. After a long week of tryouts, we finally received the results. I was so nervous and anxious to see if my name was on the list. 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Essay on Comparing Aggression and Prosocial Behaviour

Comparing Aggression and Prosocial Behaviour Aggression and prosocial behaviour appear to be subject to very similar conditions, and processes. These two are discussed and compared along with correlations investigated by temperament theorists. The relevance of the Sherif (1953) experiment is examined, and used to illustrate how those with prosocial qualities and personalities can act in an aggressive manner at the same time, thereby bringing the idea of a continuum into doubt. The issues raised in the Sherif experiment are then re-applied to global instances of prosocial and aggressive behaviour. Prosocial behaviour is described by Eisenberg (1988) as voluntary behaviour intended to benefit another regardless of motive, while†¦show more content†¦The criteria for aggressive acts tend to mirror those of prosocial behaviour. Violent situations tend to escalate on the basis of reciprocation, (Toch, 1966), one antagonistic remark or action provokes an aggressive response and a tit-for-tat exchange builds to violent resolution. If the aggressor cannot see any benefits from his chosen course of behaviour however, he will tend to desist, if the risk of harm to himself. Of course the extent to which the reciprocation of both prosocial and aggressive behaviour continues depends both on situation and the inclination of those involved towards extremes. If the aggressor cannot see any benefits from his chosen course of behaviour however, if the risk of harm to himself, outweighs any positive results he can draw from a clash, he will tend to desist in the interest of self-preservation. Toch (1966) found in his case studies that certain violence-prone strategies can be employed to intensify and prolong aggressive exchanges. 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Management Roles In the late 1960s, Henry Mintzberg, then

National Family Welfare Program Free Essays

The institution of family is as old as man himself. It is the basic social cell. Sociologists and economists have always been propounding the ways to improve quality of life, which is difficult to achieve if the population remains unchecked. We will write a custom essay sample on National Family Welfare Program or any similar topic only for you Order Now India launched a nation-wide Family Welfare Program in 1952, during the first five year plan, making it the first country in the world to do so. COMPONENTS The National family welfare Program in India has five components: A. Maternal and child health, extended to reproduction and child health care. B. Immunization of pregnant women by tetanus toxoid and that of children infant and preschoolers by BCG, oral polio , diphtheria, tetanus, pertussis and measles. C. Nutritional supplement- Iron and folic acid to pregnant women and children. Vit. A to prevent blindness D. Contraceptive education and distribution free and social marketing i. e Contraceptive Nirodh, Oral Contraceptive i. e Mala D, copper –T and that of voluntary surgical contraception E. Health education on primary health care particularly motivation to accept contraception. Emphasis on vasectomy was made in the national program, currently spacing contraception is promoted. A. Maternal and Child Health{MCH} It relates to health of mother during pregnancy, childbirth and post-natal period and that of newborn and neo-natal health. Reproductive and Child Health (RCH)- relates to extended MCH with adolescent and post-menopausal woman’s health. The RCH package covers: 1. Pre-reproductive Adolescent years: Health care of adolescent girl including health promotion, safe age of marriage gt; 20 years, prevention of unsafe abortion and prevention of sexually transmitted disease (STD/AIDS) . Reproductive Years †¢Contraception. †¢Legal Abortion ( MTP) †¢Effective RCH care to ensure safe motherhood. Risk approach RCH care is streamlines Male involvement in RCH care is essential. †¢Effective nutritional education to all and services to the vulnerable group. †¢Service to promote child survival. †¢Prevention and treatment of reproduc tive tract infection and sexually transmitted disease including HIV/AIDS high risk labor by automobile transport. †¢Prevention and treatment of gynecological problems menstrual disorders or infertility. 3. Post reproductive Years †¢Prevention and care of genital prolapse Education on menopause. †¢Screening and treatment of cancer especially cervical cancer. B. Immunization: Immunization to the mother and child was made one of the important approach. The WHO launched its Expanded program on immunization against six most common preventable childhood diseases, viz. diphtheria, pertussis (whooping cough), tetanus, polio, tuberculosis and measles. The government of India launched its EPI in 1978 with the objective to reduce mortality and morbidity resulting from vaccine-preventable diseases of childhood and to achieve self sufficiency, in the production of vaccine. UIP in India was started in 1985. It has two vital components i. e. immunization of pregnant women against tetanus and immunization of children in their first year against the six targeted diseases. C. Nutritional supplement †¢Special Nutrition program: This program was started in 1970 for the nutritional benefit of children below 6 years of age, pregnant and nursing mothers and is in operation in urban slum, tribal areas and backward rural areas. The supplementary food supplies about 300 Kcal and 10-12 gms of protein per child per day. The beneficiary mothers receive daily 500 Kcal and 25 gms of protein. This supplement is provided to them for about 300 days in an year. †¢Balwadi Nutrition Program: This program was started in 1970 for the benefit of children in the age group 3-6 years. It is under the overall charge of Department of Social Welfare. The food supplement provides 300 Kcal and 10gms of protein per child. †¢Mid-day Meal Program: The program was started in 1961 with an objective to promote school admissions, prevent drop-outs and improve literacy of children. The food should be a supplement not a substitute. ?Should supply at least 1/3rd of total energy and half of total protein requirement. ?Economical. ?Should be such that can be easily prepared at schools. ?Locally available. ?Avoid monotony. †¢Integrated Child Development Scheme (ICDS) ?Improvement of the nutritional and health status of children below 6 years of age, ? Basic service for proper psychological, physical and social develo pment of the child, ? Reduction in the incidence of morbidity, mortality, malnutrition and school dropout, ? Effective coordination of policy and implementation amongst the various departments to promote child development and ? Improvement of the capability of mother to look after normal health needs of the children. For achieving these objectives following steps were taken ?Supplementary Nutrition ?Immunization ?Health check-up ?Referral services ?Health and nutrition education ?Non-formal pre-school education. †¢Creches for the children of working or ailing mothers. †¢Welfare of Handicapped children ?Scholarships ?Model schools. ?Educational and rehabilitative services. Financial assistance to voluntary organization. ?Integrated education with normal children in ordinary schools. ?Training of teachers. ?Manufacture and development of special aids. ?Special employment exchanges. †¢The Under-five clinic. This type of service was developed to dispense preventive curative and promotive health services in a unified manner The Under-Five card consists of – record of weight , assessment of nutrition and necessary nutritional advice, Immunization, family planning advice, treatment of Illness. D. Contraceptive education and distribution: Contraception education received a new impetus with the creation of the Mass Education Media (MEM) division within the Department of Family welfare during the Inter-plan period of 1966-69. Under free distribution schemes and the Social Marketing Program, contraceptives, both condoms and oral pills are sold at subsidized rates. E. Health Education on Primary Health Care. Health education on following components was given through various Health professionals. ?MCH care. ?Immunization. ?Nutrition supply and Education. ?Adequate supply of safe Drinking Water, Personal Hygiene and basic sanitation. Prevention and control of local endemics. ?Appropriate treatment of common diseases and Injuries LANDMARKS oFirst five year plan- (1952-1955)- †¢Establishment of few clinics ?Training and research was conducted. oSecond five year plan- (1961-1966)- †¢Integrated family planning †¢Health education activities and †¢Community development programs. oThird five year plan- (1961-19 66)- ?Family was declared as â€Å"the very centre of planned development†. ?The emphasis was shifted from the purely â€Å"clinical approach† to the more vigorous â€Å"extension education approach† for motivating the people for acceptance of the â€Å"small family norm†. Fourth Five year Plan- (1964- 1974)- †¢Family planning services were rendered through sub centers, PHCs and MCH and Family welfare centers. †¢All India Post Partum Program was started in 1970 to motivate mother for planning soon after delivery. †¢In 1972, Medical Termination of Pregnancy Act was implemented. oFifth Five Year Plan- (1974- 1979) – †¢Renamed as Department of Family Welfare. †¢Population control and Family Planning were made con current subject in January 1977 by the 42nd amendment of constitution. †¢1977- Program got a boost by the involvement of VHGs, Indigenous Trained Dais and local opinion leaders. Sixth Five Year Plan- (1980 – 1985) – †¢To attain Health For All by year 2000, through Primary Health Care Approach the Government accepted National Health Policy in 1983 which laid down following goals: ? Net Reproductive Rate : 1 ?Crude Birth Rate : 21/1000 live births ?Crude death rate : 9/1000 population ?Couple protection rate : 60% oSeventh Five Year Plan ( 1985- 1990) – †¢Department of family welfare was separated from Ministry of Health †¢Universal immunization Program, oral rehydration therapy and various other MCH programs. All these programs were brought together under the Child Survival and Safe Motherhood Program (CSSM) oEighth Five Year Plan (1992 – 1997) – †¢Top priority to slower rate of population. †¢Focus on delivery of quality services and integration of other services. †¢April-96 – Target free approach was announced emphasised on providing quality services on demand based on the need of people. †¢RCH – launched, included; ?All components of safe motherhood programme with added components of RTI/STI. ?All components of Child Survival. ?Fertility regulation with a focus on quality care. Aims: To improve the management services at central, state, district and block level ? Seeks to attain holistic approach in implementation of this programme ? Focus on neglected geographical areas. ?Focus on previously neglected segments of population. oNinth Five Year Plan- (1997 -2002) – †¢Objectives – ?Reduction in population growth ?Meeting al l felt needs for contraception ?Reducing IMR and MMR and Maternal Morbidity Rate so that reduced fertility rate is achieved. ?1997 -Target Free Approach was renamed as Community need Assessment Approach. ?A Comprehensive National Population Policy 2000 for achieving set goals and objectives. There has been significant decline in the mortality and fertility rates due to successive growth and development of family planning programe as shown in the following figure. CONCLUSION: The Family Planning Programme in India has come a long way and is considered as a way of life by most people. It can be seen from the figure that there has been an impressive increase in the outlays in the successive plan period. But in reality the outlay for each plan falls short especially for taking up any new venture because most of the cost is utilized for maintaining the infrastructure. How to cite National Family Welfare Program, Essays

Workplace Conflict Management for Performance- myassignmenthelp

Question: Discuss about theWorkplace Conflict Management for Performance. Answer: Introduction Workplace conflict is among the greatest cause of employee stress and overall poor performance in the organization. Stress, workers compensation issues, bullying and other health related complaints are preventable when acted upon early. Conflicts come in different shapes and sizes and are inevitable because people are different and they perceive work environment differently. Conflicts arise from; employer- employee relationship, procedure and schedule of work, work structure and distribution, information flow and communication breakdown within an organization (Ayoko, 2016). Disregarding workplace conflicts may be costly as it may lead to enormous drain on the organizations resources while trying to cover the damages. Understanding the reasons behind the conflicts is the first step in tackling the problems. Conflicts in some instances are healthy as they can lead to variety of thoughts therefore better decision making, and innovative ideas. Managing conflicts involves concepts like; communication whereby there should be clear methods and styles of addressing issues and enhancing dialogue between the parties, accountability where people should be ready to own up to their mistakes and accept changes, coaching this helps groom the conflicted parties into future leaders, conflict resolving methods that improve overall performance of an organization, create a culture that is self-sustaining to all members, develop goals that shape the organizations future, leadership style should be accommodative and influence results, motivation strategies for workers should be put in place (Butts, 2016). Conflicts in the workplace are inevitable and how they are handled determines their outcomes. Conflicts arise from various sources within the organization: poor communication, personality clashes, dissimilar values, different work classes, poor performance, and different interests (Eunson, 2007). When conflicts arise, the managers should act immediately by calling the concerned parties to help solve the issue to avoid further damages to the organization, at this point the manager should be prepared with solutions that could necessary help out the conflicted parties. The second step is to meet the involved parties separately to hear their grievances, this helps in getting the story from both parties without the fear of each other. From the stories given by the conflicting parties, the manager should try and deduce reality from perception in order to gauge the right and wrong. Then the manager decides whether to mediate or call a third party, when the manager decides to mediate, he sho uld stick to the subject under conflict, let the parties air their grievances, and be ready to compromise in order to reach a more fulfilling solution. Managers should evaluate well the source of conflict before deciding on the most appropriate approach to use in solving the conflict. If theres no agreement reached upon then the manager should seek help from a third party (Henry, Collins, Video Education Australasia, 2009). Micromanagement has both advantages and disadvantages, but in most cases the disadvantages outweigh the advantages. When viewed positively micromanagement can lead to motivation as the managers are always correcting the employees, it can create a sense of purpose since the employees are constantly reminded of what they are supposed to do, it can increase work output from constant monitoring the managers ensure that all resources are put to great use and employee satisfaction can be achieved too (Posthuma, 2014). Also, micromanagement leads to conflicts as employees feel that the managers do not trust them with the work assigned to them. It can lead to stress, employee absenteeism, accidents in the workplace (Normore, Long, Javidi, 2016). Micromanaging occurs when managers are tending to be perfectionists such that they want everything to go as outlined with no errors, when they have control issues and when they like to oversee everything. These habits demoralize employees, hinders t hem from enjoying their work, affects their health, and it robs their self-respect. This in turn leads to stagnant growth of the organization and resigning of important staff of the organization. Tracy works as a support worker for a non-profit-company that deals with people with disability. Her manager is micro managing and bullying her. She has a certificate in first aid and has not been paid the first aid allowance as stipulated in the industrial awards despite working in the organization for six months. She has tried talking to manager about it and its not working. The dispute between Tracy and her employer should be solved by a mediated outcome the mediator should clarify the disagreement between Tracy and her employer, which is micromanaging and bullying. Then establish a common goal, that is suitable to both the manager and Tracy, discuss ways to meet the common goal, which would involve trying to find out why the manager micromanages her employee and why how the employee feels micromanaged and bullied. Then the mediator should establish the obstacles towards obtaining a mutual objective, and the parties involved should mutually agree on a unifying goal in accordance t o the Fair Work Commission, and provide the fair work commission discretion and power to ensure the dispute is settled ("Welcome to the Fair Work Ombudsman website). Conclusion Successive management of conflicts requires good communication skills, logical thinking and soberness and patience. For conflicts to reduce in the workplace, managers should start by changing their behavior towards their employees, they should address the major errors that affect the performance of the organization. The managers should create a culture of trust in the workplace and set dates for conducting engagement surveys to ensure employees have confidence in their work, provide the employees with proper resources to enable them to perform their jobs accurately, point out clear expectations for the employees, and motivate the employees through rewarding them and recognition. It is also the duty of the employees to follow the laid down rules to reduce complains from the managers, prioritize work, be very organized and presentable, communicate well, listen carefully to instructions and also know what objectives matter to the managers and diligently towards fulfilling those goals. C onflicts in the organization are best solved if all members are corporative. References Ayoko,O.B. (2016). Workplace conflict and willingness to cooperate. International Journal of Conflict Management, 27(2), 172-198. doi:10.1108/ijcma-12-2014-0092 Butts,T. (2016). Manager as Mediator: Attitude, Technique, and Process in Constructive Conflict Resolution in the Workplace. Advancing Workplace Mediation Through Integration of Theory and Practice, 189-217. doi:10.1007/978-3-319-42842-0_11 Eunson,B. (2007). Conflict management. Milton, Australia: John Wiley Sons. Henry,M., Collins,C., Video Education Australasia. (2009). Conflict management. Bendigo, Vic: Video Education Australiasia. Normore,A.H., Long,L.W., Javidi,M. (2016). Handbook of research on effective communication, leadership, and conflict resolution. Hershey, PA: Information Science Reference. Norris,H., Harding,B., Garner,S., Films for the Humanities Sciences (Firm), Films Media Group, Video Education Australasia. (2013). Employment relations conflict resolution. New York, NY: Films for the Humanities Sciences. Posthuma,R. (2014). Groups, Teams, and Conflict Management. Bradford: Emerald Group Publishing Limited. Welcome to the Fair Work Ombudsman website. (2017.). Retrieved from https://www.fairwork.gov.au

Public Relations of Toyota Essay Example

Public Relations of Toyota Essay Public Relations of Toyota Throughout the years Toyota has enjoyed a solid reputation for half a century. Toyota produced quality, durable vehicles that outlasted and outperformed many vehicles. However Toyota has been hit with a lot of scandals and has been misunderstood. Toyota is now taking steps in the right direction to minimize negative situations involving the accelerators on some of its vehicles. Toyota is now reconnecting to their customers and changing the outlook on their views of Toyota as a whole! The public relations professionals are working hard at developing a good, positive relationship between a firm and the public it serves. With investing in great public relations for your business will help your businesses success. Great Public Relations, supporting your business can create and build up the image of successful company. During times of adverse publicity an effective Public Relations professional, can remove the misunderstanding and can create mutual understanding between the business and the public? Toyota strives to assist the communities where we live and work by supporting local organizations focused on the areas of environment, education, and safety to family’s everywhere. In addition, Toyota partners with several regions, in the Northeastern, Midwestern, Southeastern, and Western of the U. S. Toyota is a company based for family and values their customers with great customer service. In almost every city there is a Toyota dealer near to help service every Toyota customer needs. We will write a custom essay sample on Public Relations of Toyota specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Public Relations of Toyota specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Public Relations of Toyota specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Public Relations play an important role in developing a credible and recognizable brand online and offline for any business and it harnesses the power of third party testimonials in the media. Public Relations, delivers a tremendous return on investments because the articles and stories generated in the media are credible. When a Public Relations program is implemented in conjunction with marketing and advertising programs, a brand can be developed and strengthened over a period of time. A successful brand always comes from customers with their love and support for the company brand. In addition, all of great things that customers think of the company’s brand it what builds the company’s brand image. Toyota Public Relations professionals recognized this when building the brand of their company, since they had their very first fall, with recalls and accelerators on some of its vehicles. Toyota was first founded by Kiichiro Toyoda in 1937 as a spinoff from his fathers company Toyota Industries to create automobiles. The name Toyota is from the founders name (Toyoda) the Toyota symbol represents the T in Toyota. The Toyota symbol is all the letters of Toyota, stylized and overlayed. The two interlocking circles inside the larger circle represent Toyota the company and the customer/consumer and represents their inter-relations and importance to another. The larger circle represents the world and the idea that Toyota and their customers are a part of it. Toyota spent roughly $1 billion on marketing during the fourth quarter of 2009 alone in an attempt to help drive up sales of its vehicles in the U. S. (W. Scott, 2010). Although Toyota has had to shift gears from that proactive push and into a reactive mode more recently, the automaker expects to spend less on advertising in 2010 than it did in 2009. But industry experts say the automaker must remain aggressive if it hopes to grow sales and repair its image (W. Scott, 2010). Toyota is now making steps to rebuild their image, in a great way, the first positive step in what will most likely connect with public relations overhauls that aim to socially re-connect Toyota to their consumers. Toyota’s new technique of brand marketing has given other Public Relations professionals a creative method to follow when creating campaigns for their customers. In addition, In order to keep the publics perception is the publics reality, and the perception is slowly but surely looking great. Hence, it is very crucial for any business to run a public relations campaign, however, the traditional modes of running such a campaign are slowly becoming obsolete. It is extremely important for more and more businesses to update their, public relations campaign for the 21st century. And also, to act immediate with new methodologies and tools, which include blogging and social media sites. In today’s society the Internet allows companies to take on a new benefit that they would not be able to use in the real world without technology. Creating different services online will ensure your company’s brand is stronger than the rest. Online customers can interact with the company’s brand and its identity in a way no other medium can. Social media sites, such as Facebook is a vast opportunity for businesses to promote their brand online to millions of people at once and at no cost. Today, Toyota’s social media strategy is to urge the public to invent ways to use Toyota’s technology in new, innovative ways, ways that will help â€Å"make a better world†. This new strategy will work brilliantly to create millions of consumers and buyers for the company’s brand (Toyota) and keep them interested in what the company has more to offer. Toyota uses social media sites such as Facebook, Twitter and YouTube to create a digital dialogue with its customers. Kimberly Kyaw, Senior Media Strategist, for Toyota Motor Sales, U. S. A. , and Inc. as hired on by Toyota to in 1999, to lead Toyota’s digital media strategy and planning for general and multi-cultural markets (imediaconnection, 2012). Soon after Kyaw, handled escalated customer cases when appropriate, offered goodwill to maintain customer satisfaction loyalty. Developed marketing strategy (objectives, targeting, positioning, messaging, source of sales and key market/consumer insight s) to inform communication creative plan. Analyzed quantitative and qualitative data and identified consumer and market trends to create actionable recommendations for future vehicle enhancements, lifecycle planning pricing. Kyaw, provided the company with the necessary information Toyota now has connections with 500 plus networkers that interacts with social media scene. This will allow customers and employees to interact and suggest ways of improving the company’s services and products. Since the beginning of Toyota’s test run with social media sites they have used such sites to help promote events and initiatives such as â€Å"Try before you buy†. This method is used for many potential customers for Toyota, who are looking into buying new Toyota vehicle. Or perhaps, may be in the market for a new vehicle and want to experience driving without dealing with a sales associate. This is Toyota’s new secret weapon called â€Å"Toyota Rent-A-Car† (TRAC) it gives drivers the opportunity to enjoy a new Toyota or Scion before committing to a purchase or lease. Also, being dealer-based means that you can purchase a TRAC vehicle if your weekend romance with a Toyota or Scion rental turns into a long lasting love affair! This new marketing method for Toyota has been a success and contributed millions to the company. This has also been the most engaging factor on Travelocity, with advertisement in the last year. Toyota, also used social media to promote their Toyota Pro Celebrity Race, it has brought together a star-studded field of Hollywood’s elite to race for charity. The race is brought on by many stars from film, television, music, sports and fashion that will showcase their newly earned racing chops in identically prepared, race-ready Scion TCs on the historic 10-lap, 1. 97-mile street circuit through the downtown streets of Long Beach in Southern California. On behalf of each celebrity racer, Toyota donates $5,000 to racing for Kids every year and another $5,000 to the winning racer’s charity of choice. Racing for Kids, a national nonprofit program benefiting children’s hospitals throughout the country, (in this case, Miller Children’s Hospital in Long Beach and Children’s Hospital in Orange County, Calif. ), was created as a way to connect sick children with their favorite celebrities and race-car drivers. Toyota has donated more than $1. 9 million to various children’s hospitals since 1991, on behalf of this race and its participants (ELB, 2011). Just like any business there are ups and downfalls, and Toyota has seen their fair share of both. In 2009, Toyota came under attack by the National Highway Traffic Safety Administration that established 3. 8 million of its vehicles of having an unintended acceleration defect. This was led to a tragic accident with a California family who was an owner of a Lexus a (Toyota vehicle) losing four people in the car due to the floor mat, being on the accelerator. Although, the federal agency said it was still investigating the exact cause of the acceleration problem, this still left Toyota owners concerned and terrified. This was brought to the media on a silver platter, with the news, and dealerships everywhere. Toyota released a letter, with apology and tried to correct the problem but mistakenly made matters worse. The letter was misleading and didn’t sound sincere nor did it correct the problem it clearly stated that there was no major problem with the Toyota vehicles. This almost destroyed Toyota makers as a whole! However, Toyota took action and right away got great public relations personnel, and they started monitoring their campaign sites often with updates daily. Toyota corrected the problem with the media and consumers by providing the customer with newer and better quality vehicles. They are slowly but surely rebuilding the trust of their loyal customers and regaining them back. They have made a remedy to the situation with providing safer vehicles. Toyota’s Public relations personnel addressed consumers concerns and followed up with action. As a public relations professional in the 21st century, it’s important to constantly reach out to the public, not only to enhance your company’s appearance, but to do on to he customers in a good as well. Even though Toyota will undoubtedly be under the magnifying glass for their latest recall, having a public relations professional can be an excellent card to pull when having a downfall. The Nonprofit and for-profit businesses have multiple similarities and difference. The different marketing concepts contribute to the differing factor being the purpose of for-profit marketing is t o encourage customers to buy, while the purpose of nonprofit marketing is to encourage people to give as a charity. Investment returns may vary between the two, although the principles of marketing still remain the same, however some of the methods must be different. In that being said, the main purpose of marketing for-profit businesses is to inform potential customers in your target market to let them know about your product or service and how it can benefit them, with a goal of selling it in exchange for money. The business keeps the money, and the customer enjoys the product or service that they had purchased. However, for profit marketing focuses on developing new markets and ideas, for existing products or identifying markets for new product lines ahead. Then so, as non-profit business markets the work it does. Building customer awareness is the main factor of the marketing industry. The customer gives money to the organization in exchange for the opportunity to contribute towards its humanitarian work and good deed. For profit marketing, focuses on keeping the funds, while the individual retains their knowledge from the organization. Meanwhile, the organization uses the money to make a difference in society and to its organization as well. For-profit business can market using a variety of methods, such as marketing mix, target market identification, position, branding, and public relations and advertising. The not for profits organizations use the majority of these methods; for instance, the non-profit will conduct market analysis to identify potential donors and sponsors. Nonprofits organizations are tax exempt. Most of them are supported by their members of the organizations who take pride in the organization. Nonprofit organizations have members who contribute to the organization. They also have donations and grants that help support their organization which makes them different from a for profit business. A nonprofit organization maintains its great reputation by helping others and giving back to the public. The difference between the marketing of the two types of businesses is the fulfillment of the customer need. Unlike the for-profit makes a profit on the sales from the customer’s purchases. Meanwhile the goal of the for-profit marketing customer has a need of their own that they want to fulfill by making purchasing to their business of choice and getting great customer service in return. There are many nonprofits businesses that do conduct retail sales of promotional items to help raise funds, but this is not their primary product or service, this is just a short term offer to make customers feel good about their purchasing by also contributing to a good cause. In today’s society building and promoting a company’s brand takes a lot of effort and hard work. There are many different methods that public relations professionals can take a hold of when rebuilding a company’s brand or even making it better than before. The changes in the 21st century have made it easy for non-profit and for-profit businesses to communicate to the media. Great Public Relations professionals know how to conduct business in a professional way with the media and still uphold the company by supporting their image. Public relations professionals will and always further enhance the likelihood through its own growth and development and will produce more success towards businesses. By Public relations professionals having a prompt respond to the media can help the businesses image and withhold their loyal consumers. Great Public Relations professional always has a plan and they direct the development and communication of informational programs to maintain favorable public and stockholder perceptions of an organizations accomplishments and agenda. Indeed, a great public relations professional is great to have on your side when coming into a downfall with a company and needing help with a spokesperson. All in all Public relation personals contribute success to many company’s and organizations.

Free Essays on My Favorite Teacher

There are some teachers, who hardly ever make an impact on, or touch someone’s life for the better. Some just go through life teaching. But there are some that change a person’s life, for the better. He was the kind of person that everyone loved. He never asked too much, or expected too much. As I look back on my days at Warren High School, I remember what an impact this man had on my life. This man was my chemistry I and II teacher, Mr. Wilson. Computer information systems, was what I originally had planned for my future. Chemistry never even interested me. My sophomore year I decided to take IB Chemistry 1. The teacher I had was Mr. Wilson. As I entered that classroom, I thought about what I would learn, but nothing could have prepared me for the decisions I would come upon and make within one year. Throughout the year, Mr. Wilson made class interesting. There was never a dull moment in his classroom. Whether it was making jokes about different issues, making fun of the jocks for being 5-5 for two years in a row or just being there when someone did not understand something that was taught that day. He stayed after school, religiously, every day for one hour, just so kids could ask him for help. There was never one time when he left a minute early, or did not stay at all. More and more chemistry began to interest me. I could not figure out why I had just discovered the world of chemistry. Then it hit me. Had it not been for Mr. Wilson, I would have never thought about a career in chemistry. Had it not been for this man, I would have been lost and confused as to what my future in computer information systems would be like. He changed me in the sense that I had discovered a part of myself that I never knew existed. For that I am eternally grateful.... Free Essays on My Favorite Teacher Free Essays on My Favorite Teacher There are some teachers, who hardly ever make an impact on, or touch someone’s life for the better. Some just go through life teaching. But there are some that change a person’s life, for the better. He was the kind of person that everyone loved. He never asked too much, or expected too much. As I look back on my days at Warren High School, I remember what an impact this man had on my life. This man was my chemistry I and II teacher, Mr. Wilson. Computer information systems, was what I originally had planned for my future. Chemistry never even interested me. My sophomore year I decided to take IB Chemistry 1. The teacher I had was Mr. Wilson. As I entered that classroom, I thought about what I would learn, but nothing could have prepared me for the decisions I would come upon and make within one year. Throughout the year, Mr. Wilson made class interesting. There was never a dull moment in his classroom. Whether it was making jokes about different issues, making fun of the jocks for being 5-5 for two years in a row or just being there when someone did not understand something that was taught that day. He stayed after school, religiously, every day for one hour, just so kids could ask him for help. There was never one time when he left a minute early, or did not stay at all. More and more chemistry began to interest me. I could not figure out why I had just discovered the world of chemistry. Then it hit me. Had it not been for Mr. Wilson, I would have never thought about a career in chemistry. Had it not been for this man, I would have been lost and confused as to what my future in computer information systems would be like. He changed me in the sense that I had discovered a part of myself that I never knew existed. For that I am eternally grateful....

The Nine book Research Paper Example | Topics and Well Written Essays - 1000 words

The Nine book - Research Paper Example while looking at the import of the court (Toobin). The court through time since inception has been lucky to hear and determine matters of every nature, ranging from abortion, civil rights, freedom of speech, privacy and the rights of criminal suspects. The court by listening to and determining these matters set precedents for itself and other inferior courts of the land by which they are bound. This paper looks at some of these cases while looking to analyze them in detail (Toobin). The author in page 50 decided to look at this case because it sought to challenge a pivotal case in the abortion regime of law, the decided case of Roe v. Wade. No. 410 U.S. 113. Supreme Court. 1973 which had established the woman’s right under the 14th Amendment to procure an abortion on her own terms balanced against the state’s rights to protecting the woman’s rights and prenatal care. The Planned Parenthood case sought to propose a new legal framework to replace the status quo held by Roe v. Wade (Toobin). It sought in page 52 to introduce the concept of ‘undue burden’ to the woman, ensuring that this was the only way in which the state would have an opportunity to act on regulations against the woman’s privacy as regards the procedure. The author posits in page 58 that the final judgment of the court ensured that the Roe v. Wade had been recast by ensuring that the state would not prohibit early-term abortions which was reflective of public opinion at the time (Toobin). The issue of abortion at this point was well settled, with the majority of public opinion inkling towards the woman’s right to control her body. The one arm of society that did not feel the same way was the religious arm of society. This is because they felt that human beings were losing the religious battle by playing God in deciding whether or not a baby lives or dies. At page 90, the author informs us of the struggle by the

Hot Topic for Legal and Ethical Issues Assignment - 1

Hot Topic for Legal and Ethical Issues - Assignment Example that despite the amount of money he was earning as an athlete justice was served because of the action he took to murder his sister’s boyfriend (TIME, 2015). Although the society is said to be a man eat man society, in this case, the family of Odin Lloyd got justice. Sterling has been found to be on the worn side of the law again as a suit was filed against him for sexual harassment and racism. Strict measures should be taken against him because he seems not learn any lesson (Hanna, 2014). The lawsuit that has been brought against States asks for more than $ 1 billion and for him to sell his franchise Additionally, his mental status has been a question because of his age. Although one player may cause harm to rest of them, in this case, the team did not have to suffer the actions of Jerry Sandusky And for that reason, it is good that the wins went back in the Columns. However, this is a lesson to the rest of the players that they should be well behaved during the games. It is good that you have informed or shed light on the misreported data that should be included in the report. This is because misreported data has caused many problems to the public institutions that should always have accurate data to ensure that they work towards achieving the goals of the institution. Therefore, this post is important and insightful. Someone would have thought that racism is a thing of the past until this letter was written showing clearly that racism is still among the people. It is a shame that during this time people still have the strength to look down upon other people based on their race. People should have respect for the Constitution of the United States and treat others as their equals regardless of their social status, Race, sex or creed. Corporal punishment does not encourage any individual but rather hardens them more defiant. This is because they understand that even in instances where they try to do well they will always be found to be in the

Marks and Spencer Business and Financial Performance Analysis

Marks and Spencer Business and Financial Performance Analysis Marks and Spencer is a British retail giant specialised in apparel and food industry. The company had been in its business for more than hundred years and has the biggest market capitalisation in the retail industry. This research is conducted to measure and analyse the business and financial performance of the company. Business performance is measured in this study considering the opportunities and constraints in company macroeconomic and industry circumstances. Financial performance had been measured using ratios on profitability, liquidity, efficiency and leverage. There performance of MS is then compared with the financial performance of Next Group, the next biggest player in British retail industry. The study found that, although MS has many business successes over the years, it had been performing financially poorer than Next Group and needs emergency improvement in its liquidity. The study recommends Marks and Spencer to rethink its leverage strategy and exploit the benefit of debt as like Next Group. Chapter 1 Introduction 1.1 Study Background Marks and Spencer is one of the largest retailers in UK specialised in clothes and foods with a market capitalization of more than  £6400 million1. We have over 700 stores located throughout the UK and Republic of Ireland; this includes our largest store at Marble Arch, London. In addition, the company has over 300 stores worldwide, operating in more than 40 territories2. In 2010 the companys sales revenue from general merchandise was  £4.1 billion and  £4.3 billion from foods. Its nearest competitor Next, which has a market capitalisation of around  £4100 million1, had a turnover of  £3.41 million in 2010 with a market share of 8.3% in comparison to 11% by Marks and Spencer in general merchandise segment. This study is particularly concerned with the business and financial performances of Marks and Spencer which are compared with the performances of Next. 1.2 Study Objectives The prime objective of this research is to analyse and evaluate the key business and financial performances of British retail giant Marks Spencer from year 2007 to 2010. While achieving this objective the research will try to meet the following secondary objectives 1.2.1 Analyse the major business performances of the company over last three years: The study will examine the companys performances in major business areas including its growth, market share, competitive position in the whole macro environment and major strengths over its competitors. 1.2.2 Identify and analyse the measures key financial performances: The second objective of the study is to identify the measures of companys financial performances especially in profitability, liquidity, investment and leverage performances. Besides this operational performances in other areas would be identified and anlaysed under this objective. 1.2.3 Compare the performances against Next: The third objective of the study is to compare the financial performances of M S with the performances of Next, the nearest competitor in general retail section. 1.2.4 Identify the major problems of Marks Spencer in business and financial performances and provide recommendations: Finally the study will try to identify the major weaknesses of Marks Spencers based on the measures of business and financial performances. The research will also formulate 1.3 Study Scopes and Usefulness of the Study Scope of this research work is three years (2007-2010) business and financial performances of Marks and Spencer. The scope also includes financial performance of Next for the same period. The findings of the study can be useful information for investors. The method used by the study can be a guide for the business and financial analysts. 1.4 Research Structure The research paper is structured in line with the sequence of objectives. The first chapter includes the rationale and objectives of the study. Then relevant literatures and theoretical issues are discussed in chapter two. The third chapter will present the methods of conducting this research work. Companys business performances and financial performances would be presented consecutively in chapter four and five. In chapter six Marks and Spencers performance will be compared with Nexts performance and areas of improvement for M S would be identified. Finally in chapter six recommendations would be provided with final remarks. Chapter 2 Literature Review 2.1 Introduction As discussed earlier, this research work is concerned with the business and financial performance of Marks and Spencer. This chapter will narrate an overview of the business operation of the company. This chapter will also review the techniques of measuring business and financial performance especially using qualitative and quantitative techniques along with brief interpretation of the performance measures. 2.2 Marks and Spencer: An Overview Marks and Spencer is a FTSE 100 company with the largest revenue base of more than  £8 billion as a retailer. It is headquartered in City of Westminster, London having operation in more than 40 countries. The following section provides a brief discussion on companys history, main line of business, geographical spread, summary of financial performances, its corporate social responsibility and the management. 2.2.1 Corporate History Marks and Spencer was established in 1884 by Michael Marks and Thomas Spencer3. The company had a policy of selling only British-made goods which made it popular in early 20th century. It started its apparel brand St Michael in 1928 and in 1950 St Margaret label was introduced for woman clothing. The company started its international expansion in 1970s by putting its step in central Europe and Ireland. During its hundred years of lifetime the company became the pioneer in quality management, customer relationships, health and safety and energy efficiency. The companys performance briefly slumped during the first decade of new millennium. However, the company is back to profit and growth in 2010 under the strong leadership of Marc Bolland who joined the company as CEO in May 2010. 2.2.2 Core UK Businesses M Ss core UK businesses include general merchandise and foods. It is largest clothing retailer including womenswear, lingerie and menswear and kidswear. Last year the companys turnover in general merchandise was  £4.1 billion which constituted an stunning 11% of the overall market share. Marks and Spencer is also the leading provider of high quality food, selling everything from fresh produce and groceries, to partly-prepared meals and ready meals and an award winning range of wines. Turnover from foods was  £4.3 billion in 2010 with a modest market share of 3%. 2.2.3 Sales Channel Customers shop with MS in many ways in stores, online or over the phone (MS Annual Report, 2010). The company has 690 stores across the UK. Its shops are located in convenient locations from high streets to retail parks, train stations to airports. Over the past four years the company has transformed these stores into bright and contemporary destinations with a range of hospitality options. The company also sells online which it calls MS Direct. MS Direct is a platform for improving customer convenience and service including via its website and newly launched Shop Your Way facility. The company aims to achieve £500m in sales through MS Direct by 2010/11. 2.2.4 International Business MS has 320 owned and franchised stores in 41 countries. The companys mix of ownership models and countries enabled it to perform well over the past year even when individual markets were weak. In 2010 its international turnover was  £949 million which is more than 15% of its overall revenue. 2.2.5 Recent Business and Financial Performances In 2010 the companys sales were up by 3.2% despite recessionary pressure. The overall gross margin was 41.2% with sales revenue  £9.3 billion. The company significantly improved its cost by saving  £145 million. The company reduced its capital expenditure cash outflow and generated a cash inflow of  £412m after tax and dividend. However, the companys market share was slightly down from 4.3% to 3.9%. Average visit to MS shops had been estimated around 21 million and average mystery shopper score was found to be stunning 89% in 2010. 2.2.6 About Next: The Nearest Competitor NEXT is the second largest UK based retailer offering clothing, footwear, accessories and home products. It distributes through three main channels: NEXT Retail, a chain of more than 500 stores in the UK and Eire, NEXT Directory, a home shopping catalogue and website with nearly 3 million active customers, and NEXT International, with more than 180 stores around the world. In 2010 the company had overall revenue of  £3.4 with a profit after tax of  £400 million. 2.3 Techniques of Measuring Business Performances A companys business can be analysed using various tools like PESTLE, SWOT analysis and Porters five force models. Measures of business performance might be companys expansion rate, revenue growth, development of strength, management of weaknesses and exploitation of opportunities etc. These measures can be achieved by subjective analysis and using business analysis tools. A brief discussion on these tools is presented as below. 2.3.1 PESTLE Analysis PESTLE, which is a popular macro-environmental analysis tool, stands for Political, Economic, Social, Technical, Legal, and Environmental analysis. Political factors include governments tax policy, employment and environmental law, trades and tariffs regulation, and political stability. Common Economic factors are GDP growth, nominal interest rates, exchange and the inflation rate. Key social factors are population growth, age distribution, health consciousness, religious views and career attitudes etc. Technological factors are spread and dependence on technology, innovation, research, and technological change etc. Legal factors are laws on discrimination, consumer, heath and safety law etc. Finally environmental factors include weather, climate, climate change etc. 2.3.2 Porters Five Force Model The five forces model is an industry analysis tool and provides a good idea of how a business should perform inside an industry. The model analyses five industry variables. These variables are ease of getting entry into industry, availability and potentiality of substitute products, suppliers and customers bargaining power and degree of competition in the industry. These factors determine how attractive and profitable an industry might be. 2.3.3 SWOT Analysis PESTLE and Porters models are used to analyse a companys macro and industry environment. SWOT Analysis is used for measuring a companys internal strengths and weaknesses. It also helps to identify specific opportunities and threats to company from the macro environment. 2.4 Techniques of Measuring Financial Performances Generally, financial performances are measured using the financial information of a company. Practically, ratio analyses are conducted on financial statement figures. Financial statements include companys income statement, balance sheet, statement of cash flow and statement of equity. There are several types of ratios profitability, liquidity, efficiency, gearing, and investor ratios. In following sections these groups of ratios are briefly discussed 2.4.1 Profitability Ratios These ratios are also called performance ratios where profit at different levels are compared with other figures and expressed in percentage. These ratios are (a) Gross Profit Margin: Gross profit margin is found by dividing gross profit by sales turnover and the formula looks like following The ratio can be a good indicator of companys direct cost or cost of sales. Profitability of a company in its core operation can be determined using this ratio. The higher the ratio the better it is. (b) Operating Profit Margin: Operating profit margin is found by dividing net profit by sales turnover and the formula looks like following As operating profit is found by deducting indirect expenses from gross profit, the ratio shows how much a company spends on non-direct activities. Too much cost on indirect cost might result in lower or negative operating profit margin. (c) Return on Capital: Shareholders and debt investors generally count profit on their investments. Return on capital can be calculated using the following formulas This ratio (ROCE) provides percentage return on the overall funds invested in the business. There is another ratio that provides return on stockholders equity which is called Return on Equity (ROE). The formula is as following ROE measures the profitability of the fund provided by the companys owners or shareholders. Profit margins and return on capital ratios together gives a good idea of overall profitability of the firm. A company having very good profit margin may have a poor ROCE or ROE ratio. Such cases happen when companies large investment operates in small scale or during the initial years. 2.4.2 Liquidity Ratios These are also known as solvency ratios, as they refer to the ability of the business to pay its payables in the short term. There are two main liquidity ratios. (a) Current Ratio: This is also known as the working capital ratio, as it is based on working capital or net current assets. It is calculated as: Current ratio is a measure of the liquidity of a business that compares its current assets with those payables due to be paid within 1 year of the statement of financial position date (otherwise known as current liabilities). (b) Quick Ratio: This is also known as the acid test ratio and is calculated as following This is similar to the current ratio, but takes the more prudent view that inventories may take some time to convert into cash, and therefore the true liquidity position is measured by the relationship of receivables and cash only to current liabilities. 2.4.3 Efficiency Ratios These ratios are also referred to as use of assets ratios. They measure the efficiency of the management of assets, both non-current and current. (a) Asset Turnover Ratio: These ratios compare the assets with the sales revenue (turnover) that they have earned. The end result is often expressed in money value to represent the value of sales revenue for each $1 invested in those assets. The formula is: (b) Inventory Days: Inventories may be analysed by calculating the ratio of inventories to cost of sales, and then multiplying by the number of days in a year to give inventories days. The formula is as following This figure gives the number of days that on average an item is in inventories before it is sold; this may alternatively be expressed as the number of days a firm could continue trading if the supply of goods ceased. (c) Receivable Days: This is a measure of the average time taken by customers to settle their debts. It is calculated by: As with inventories days, a slowing down in the speed of collecting debts will have a detrimental effect on cash flow. On the other hand, it may be that the business has deliberately offered extended credit in order to increase demand. (d) Payable Days: This is a measure of the average time taken to pay suppliers. Although it is not strictly a measure of asset efficiency on its own, it is part of the overall management of net current assets. It is calculated by: The result of this ratio can also be compared with the receivables days. A firm does not normally want to offer its customers more time to pay than it gets from its own suppliers, otherwise this could affect cash flow. Generally, the longer the payables payment period, the better, as the firm holds on to its cash for longer, but care must be taken not to upset suppliers by delaying payment, which could result in the loss of discounts and reliability. It is important to recognise when using these ratios that it is the trend of ratios that is important, not the individual values. Payment periods are longer in some types of organisation than in others. 2.4.4 Capital Structure Ratios Different firms have different methods of financing their activities. Some rely mainly on the issue of share capital and the retention of profits; others rely heavily on loan finance; most have a combination of the two. (a) The Gearing Ratio/Leverage Ratio: Gearing is a measure of the relationship between the amounts of finance provided by external parties (e.g. debentures) to the total capital employed. It is calculated by: The more highly geared a business, the more profits that have to be earned to pay the interest cost of the borrowing. Consequently, the higher the gearing, the more risky is the owners investment. On the other hand, a highly geared company might be more attractive to shareholders when profits are rising, because there are fewer of them to share out those profits. (b) Interest Cover: Connected to the gearing ratio is a measure of the number of times that the profit is able to cover the fixed interest due on long-term loans. It provides lenders with an idea of the level of security for the payment. The formula is: 2.5 Using Ratio Analysis Calculating the ratios is only one step in the analysis process. Once that is done, the results must be compared with other results. Comparison is commonly made between: Previous accounting periods; Other companies (perhaps in the same type of business); Budgets and expectations; Government statistics; Other ratios. 2.6 Conclusion This chapter gave brief overview of Marks and Spencer and also the tools and ratios that will be used to analyse the business and financial performances the company. The same ratios will be used to compare the performance of MS with Next. The next chapter will provide a brief overview on the research methodology and data that will be used for the research. Chapter 3 Research Methodology 3.1 Introduction Methodology may be defined as procedures that are used to conduct a function or activity. This chapter will briefly discuss on the methodology that will be used to analyse the business and financial performance of Marks and Spencer and comparing its performance with that of Next Inc. This section will also provide an overview of the data used in this study and their sources. 3.3 Required Data, Sources and Collection Methods Data required for completion of this research work are of secondary nature. Mark Spencers business related information were collected from companys website and annual reports of three years 2007, 2008 and 2009. Annual reports were collected from company website. The data required for macro-environmental analysis were collected from various articles, national statistical websites and newspapers. Financial information required for analysing financial performances are extracted from the annual reports of the company. Financial information of Next was collected in the same way. Findings of financial performance analysis are then used to identify the areas of improvement for MS. 3.4 Research Methodology Various quantitative and qualitative methods had been used to achieve the objectives these research. The nature of the methodologies are briefly discussed as following 3.4.1 Method for Analysing Business Performances: Method used for this purpose is qualitative. PESTLE analysis had been used for analysing the business performance in macro-environment. Porters model were used for analysing industry performance and position of MS. Finally, SWOT analysis was used to find out company specific opportunities and threats and companys key strengths and weaknesses. (See Chapter One to have idea of these tools). 3.4.2 Methods Used for Analysing and Comparing Financial Performances: Financial ratio analysis (discussed in chapter 1) is used to analyse the companys performance in profitability, liquidity, efficiency and leverage. The values of these ratios are compared against the ratios of Next to compare the performances of two companies. For presentation of findings different types of charts were used. 3.4.3 Methods of Identifying Improvement Areas: Areas of improvement would be identified using the findings of financial performance analysis using ratios. The areas where Next is performing better than MS would be identified as areas of improvements. After identifying areas of improvement strategy would be formulated to eliminate problem areas in companys financial performances. 3.4.4 Research and Data Analysis Tools Microsoft Excel 2007, which is a popular spreadsheet application, is used for conducting the ratio analysis and presenting findings of analysis graphically. 3.5 Conclusion This chapter provided a brief overview of the research data, methods and tools used in this research. In next, chapter the findings of the research would be presented followed analysis of findings. Chapter 4 Analysis and Findings 3.1 Introduction This research is conducted based on the information available on the Annual Reports of Marks and Spencer and Next Group as well as on the findings of professional business analysts found on reliable internet sources. In this chapter, the most important section of this study, key findings of companys business performance in light of PESTLE, Five-Forces and SWOT analysis and also the financial performance over last three would be presented. A comparison of performance with Next Group would also appear in this section. 3.2 An Analysis of MSs Business and Performance Summary Business performance of Marks and Spencer can be measured in reference to the factors available in macro-economic environment, factors in apparel and food industry and in terms of companys strengths and weaknesses. The findings of business analysis are presented as following. 3.2.1 Findings from PESTLE Analysis MSs Performance Key factors relevant to Marks and Spencers business found from PESTEL analysis can be summarised as following (table 3.1) Recent political development in United Kingdom is posing threat to many businesses in form of rise in tax rate, cut of social benefit and cap in immigration. There is also setback of recession that had injured the British economy significantly. Despite these negative elements in political and economic environment Marks Spencers revenue has grown at a steady rate over last three years (See Chart 4.1) showing no sign of recessionary impact on its business. Social environment however demonstrate goods signs for clothe and food retailers. Marks and Spencer had introduced various successful brands that meet the changing social pattern and consumer demand. The company is also successful in adopting technologies. Its ecommerce sales have increased at a sizable chunk in last few years. MS has also successfully used consumer research technologies for identifying market demands and customer needs. The retailer has proved it as one of the most energy conscious and environmentally friendly comp any in British history. Marks and Spencer is a century old company and had well adopted itself in the macroeconomic context of United Kingdom. British retail industry is run by a few very big players. In apparel retailing the popular names are Marks and Spencer, Next and Debenham. However, food retailers like Tesco and Asda are trying to get into apparel market with lower prices. However, for completely new businesses it would be very tough to challenge companies like Marks and Spencer which have grown its market share by 4% from 7% to 11% in cloth and general merchandise. The companys market share has also improved by 2% in 2010. However, MS could not maintain its image regarding its relationships with suppliers. Many international pressure groups had criticised its bargaining power on its suppliers. 3.2.2 SWOT Analysis and MSs Performance Marks and Spencer is well capitalising on its strength by adding more clothing brands and stepping foot in international markets. Last year companys international revenue was more than  £900 million with a growth of 5%. The company also have capitalised on ecommerce technology; in 2010 MS Directs revenue grew by 27%. Financial Performance Analysis In this study, Marks and Spencers financial performance have been analysed on four performance areas. These areas were profitability, liquidity, efficiency and leverage. For measuring performance in these areas eleven different ratios had been used. The findings of ratio analysis are presented as following. 3.3.1 Profitability: MS vs. Next Average operating profit of MS and Next is respectively 11% and 15%. Though revenue of both the companies grew over the period, operating profit was steady. However, according to findings Next Group is more profitable than Marks and Spencer. Nexts Return on Capital Employed and Return on Equity are also significantly higher than MS (See Figure 4.3 and 4.4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Based on the above analysis, the research concludes that Next Group is a highly profitable business by providing extra ordinary return to its equity holders. Liquidity Performances Both the companies liquidity is poor scoring far below standard value of 2:1. Marks and Spencers liquidity is at an alarming level of around 50% capability of paying off its current liabilities. Also, over the year none of the retailers could improve liquidity performance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3.4 Efficiency Although in profitability and liquidity M S is lagging behind Next, in case of efficiency in receivables, payables and inventory management MS had been showing excellent dexterity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The ratios (Figure 4.6) indicate that, inventories are sold in 23 days by MS and in 40 days by Next after purchase. On the other hand, MS is capable of collecting its receivable assets within eleven days of sales which Next can do in 67 days. Payable days are matched with receivable days. However, though MSs collection from customers is faster, its payment frequency to suppliers is a little slow. This might a sign of efficiency in working capital management. The reason behind MSs extra ordinary efficiency is because of its long experience in British industry. Average Asset Turnover Ratio of MS over the last fours years is below 1.5 which is above 2.0 for Next. The ratio indicates that MS can generate sales of around  £1.34 against  £1 of its assets which, though is not poor, in comparison to Next is pretty ordinary. 3.3.5 Leverage Performances Leverage indicates the use of debt in boosting of equity return. Both Marks and Spencer and Next Group use debt which is reflected in their gearing ratios (See Table 4.7). .From Figure 4.8 it can be easily understood that Next Group a highly geared company in comparison to Marks and Spencer. MSs policy seems to be keeping long-term debt less than 50% in its balance sheet. The leverage ratio better explains why Nexts Return on Equity is very high. Now question is are the companys comfortable with these levels of leverage? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In managing its leverage MS is again performing poorer than Next. While Nexts average interest cover ratio is 13.45 times, MSs one is only around 6 times. The figures indicate that, MS generate only around  £6 of operating profit for paying  £1 of debt cost. Therefore the leverage ratios indicate that MSs competitor is better managing its leverage with higher interest coverage ratio against higher leverage rate. 3.4 MS Summary of Business and Financial Performance Business Performance Summary Financial Performance Summary Marks Spencers revenue has grown at a steady rate over last three years Introduced various successful brands that meet the changing social pattern and consumer demand. Ecommerce sales have increased at a sizable chunk in last few years. Successfully used consumer research technologies for identifying market demands and customer needs. Most energy conscious and environmentally friendly company in British history. Grew its market share by 4% from 7% to 11% in cloth and general merchandise. Market share has also improved by 2% in 2010 in foods. MS could not maintain its image regarding its relationships with suppliers. International revenue was more than  £900 million with a growth of 5%. The company also have capitalised on ecommerce technology; in 2010 MS Directs revenue grew by 27%. Average operating profit margin is 11% in comparison to 15% of Next; Liquidity performance is very poor; Both current and quick ratios are less than 0.5; Average asset turnover rate is more than 1 in comparison to 1.5 of Next; Inventory, receivables and payables management is highly efficient and better than Next; Moderately levered company while Next is a highly levered one; Interest coverage ratio is healthy; but Next is doing better which shows the rationale behind using more debt by Next Overall financial performance of MS is not satisfactory against its competitor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Table 4.9: Performance Summary Chapter 5 Conclusion Recommendations 5.1 Introduction In previous section, it has been observed that Marks and Spencers financial performance is not satisfactory in comparison to Next Group. Except the efficiency areas, MS needs to improve itself in profitability, liquidity and leverage. 5.2 Improving Profitability MSs average operating profit margin was only around 11%. It is found that though companys revenue has grown in last three years its profit margin shrank because of increase costs. Marks and Spencer needs to cut its operating costs to match its profitability with the industry. 5.3 Improving Liquidity The companys liquidity is below the alert level which had been persistent over last four years. Although for very large and established companys it is not a big concern. However, in times