Internal Policies (Accounting Ethics) Essay Example | Topics and Well Written Essays - 500 words

Internal Policies (Accounting Ethics) - Essay Example The basis of all the policies for having a successful business contract is that of privacy and confidentiality. The details of the clients are not divulged in any way. The draft can be as follows: After potential offers have been received from the external parties for business contracts, our internal department of quality control goes through all the possible nooks or corners of the proposal that verifies the proposal and intention of the clients After the initial verifications, the assigned department of the firm indulges into in-house analysis of the proposed contract and checks all the clauses and subsections. Also, the department looks into the expected benefit of the organisation from the proposed contact Along with the above policies, the most important factor remains that of confidentiality and privacy as sharing intricate, explicit and implicit details of our present future, past or would have been clients are against the ethics practised by our firm Our firms basically use electronic communication system to maintain the two-way flow of communication with their clients and for official uses. We use emails to get their clients’ up – to - date information and details with the present status of their assignments. Various accounting softwares are also used to maintain the accounts of the clients. With the improvements of the technology, nowadays all filling of firms and reporting are being done by the internet. The example of corporate filing can take into consideration which needs online filling with Ministry of Corporate Affairs. Even various forms are to be filled up online. Therefore, the policies for electronic communication of the accounting firms should be strong enough. While assigning a project, the clients always provide some documents and information to the accounting firm. It may be in paper format or electronic format but they have to retain all those document safely. They must ensure that the valuable doc uments

Wastewater Management Essay Example for Free

Wastewater Management Essay In this age of rising costs and depletion of natural resources due to over use by the ever growing population on our planet, it is absolutely essential that we find ways to recycle and conserve wherever possible. One way of doing this is by managing wastewater. The first step in the process replicates what occurs in nature; the only difference is that it is faster. In this initial step, called primary treatment, water is collected in huge tanks and the solid particles are allowed to settle by force of gravity while the remaining mixture is allowed to run off. This process removes about 60 percent of the suspended particles and is only suitable for irrigation of trees or other non consumable crops in remote areas. The secondary treatment is significantly different from the primary in that it involves the biological removal of the organic materials contained in the wastewater. The most common form is called activated sludge method, where the wastewater is placed in tanks which are aerated with oxygen to encourage the growth of microbes found in the waste. The microbes eat the organic matter and the solids are allowed to settle to the bottom. Trickling method is another option in the secondary treatment method. In this process tanks of coarse material are filled with rocks three to ten feet in depth. The rocks are used as surface area on which bacteria called biomass is allowed to grow. Next, a long arm-like distributor sprays the waste water in the air over the biomass, which feeds on the organic waste and allows the remaining liquid to trickle through the rocks. Here water is collected and then sedimentation is allowed to take place. The final method is known as Lagoons. In this method large ponds are used. Algae grows in the ponds and with the use of sunlight produces oxygen. The oxygen then is used by the microbes in wastewater to breakdown the organic material and the solids then settle at the bottom of the pond. After applying the primary and secondary methods the water then is treated with chlorine or other disinfectants. The tertiary treatment goes beyond what is done in the secondary treatment and can involve chemical, physical or biological processes to further remove contaminants, Tertiary processes include filtration, lagooning, nutrient removal and disinfection. Filtration is a common tertiary treatment method. Water is allowed to pass through sand or activated carbon, which allows the particles in water to stick to the filer material used and water to pass through. In some cases the excessive levels of nitrogen and phosphorous must be removed before releasing the water to the environment. If water is released into the environment without removal of these compounds, they can cause over growth of algae and other water plants which in turn can throw the ecosystem out of balance. Some wastewater treatment plants use one tertiary method others a combination of methods. There are many uses of reclaimed water, for example it can be used for irrigation, power generation, decorative fountains, fire control, aquifer recharge, cooling or other industrial processes. Reclaimed water contains nutrients such as nitrogen, phosphorus and oxygen which help fertilize plants. The use of reclaimed water reduces pollution in areas which are sensitive. It cannot be used in swimming pools, or other places where it comes in contact with the body, cooking, drinking, or irrigation of herbs and vegetables. Recent studies show there may be a possible public health effect when using reclaimed water. It has been known for some time that treated wastewater effluent, or reclaimed water, contains pathogens that could be transferred to people through contact and some parasites are not killed by chlorination A water treatment plant in Lake Tahoe, California has been producing drinking quality water from wastewater and astronauts reclaim all their wastewater and use it for drinking. Using wastewater to recharge the water basin and using that for drinking is not an issue provided WHO guidelines for the quality of drinking water are maintained. This means that tertiary wastewater treatments will have to be used before the wastewater can be used to recharge the basin. Since this process is more expensive than secondary treatments, it may not be feasible in the long run.Using secondary wastewater treatments to recharge basins and using that for drinking poses health issues and is not advisable. REFENCES Primary Treatment. (2010). In Encyclop? dia Britannica. Retrieved May 24, 2010, from Encyclop? dia Britannica Online: http://www. britannica. com/EBchecked/topic/476238/primary-treatment An Introduction and Comparison of Primary, Secondary, and Tertiary Wastewater Treatment Methods. (2003-2010). Conjecture Corporation. Retrieved May 24, 2010, from http://www. brighthub. com/environment/science-environmental/articles/68537. aspx Using Wastewater as a resource. By Mark Shwartz. Woods Institute for the Environment Stanford University. Retrieved May 24, 2010 from http://woods. stanford. edu/cgi-bin/index. php. Asano T, Wassermann KL (1980). Groundwater recharge operations in California. Journal of the American Water Works Association, 72(7):380–385. Cotruvo JA (1988). Drinking water standards and risk assessment. Regulatory Toxicology and Pharmacology, 8:288–299.

Bill Gates Essay -- Biography Biographies Computers Essays

Bill Gates William Henry Gates, III was born October 28, 1955 in Seattle, Washington. He was the middle child of three born to William and Mary Gates. ATrey,@ as he was called because of the III, was sent to a private school by his father, a lawyer, and mother, a former teacher now on several prestigous boards (Moritz, 238). At age 13, Bill had completely taught himself programming after taking a computer studies class. After scoring a perfect 800 on the mathematics half of the SAT, he graduated from Lakeside school and enrolled at Harvard University as a prelaw major. As a student Gates was a wonder. He received an A in an economics class without attending and cramming the night before the final exam. In June 1975, Bill Gates dropped out of Harvard to pursue a career in computers full time. Later that year after dropping out of Harvard he moved to New Mexico. There he and Allen Kay established Microsoft to produce their Basic for the MITS. Eighteen months later they were a few hundred thousand dollars richer and were hired by Tandy to develop software for its radio shack computers. Gates and Allen then moved their headquarters to Seattle, Washington. In Seattle, Gates re-wrote an operating system and called it MS-DOS, which stands for Microsoft Disk Operating System. Microsoft would eventually sell the rights of MS-DOS to IBM, making it a major computer corporation. Other computer companies wanted Microsoft to produce software for their computers, including Steve Jobs and Steve Wozniak of Apple computers. With the operating system established, Gates and Microsoft set out to create applications software, for tasks such as financial analysis or word processing. Microsoft has continued being successful through the years and will be in the future as long as ! it keeps innov ating new and exciting computer software. Bill Gates has his eye on the future. He sees the world in a Apowerful, high-speed network-both within companies and across the so called Information Superhighway@ (Brandt, 57). He hopes to be on top of the Transformation from Personal Computers to nets. Gates predicts that an explosion of low-cost, high-capacity, networks will radically alter how we use technology in the upcoming decade. Now before Bill Gates came onto the scene in the early seventies, the main focus in the computer world was hardware. Chips, circuit boards, capacitors... ...hedgehog called Sonic, is the industry=s hottest property.@ In addition to Sega, AMr. Gates has also been talking to Time Warner and TCI about forming a venture, to be known as CableSoft, that should set standards for interactive TV.@(The Economist, 73) Bill Gates and his company Microsoft have been at the head of the rapidly changing computer industry for much of its existence. If profit margins and stock prices continue to grow and Microsoft products continue to be household names, the duo will remain in this position will into the future. Bibliography 1. Manes, Stephen; Andrews, Paul; Gates - How Microsoft=s Mogul Reinvented An Industry - And Made Himself The Richest Man In America. Doubleday 1993 2. AA Trojan hedgehog@, The Economist. January 22, 1994, p.73-74 3. AHigh noon for Billy the Kid?@, The Economist. June 24, 1995, P.59-60 4. Bitter, Gary G. AWillian H. Gates.@ Macmillan Encyclopedia of Computers. Macmillan Publishing: New York, NY, 1992, P.409-410. 5. Brandt, Richard. ABill Gate=s Vision.@ Business Week. June 27, 1994, P.56-62. 6. Moritz, Charles. AWilliam Gates.@ Current Biography. H.W. Wilson Company: New York, NY, 1991, P.237-241.

Perfect Competition V. Monopolies :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  In the American Economy, business is controlled by the government and the consumer. When a person is the owner of a business that is alone in its product that it provides for the consumer, it is said to be a monopoly. As a monopoly you have sole control over price. Monopolies are regulated by the government in order to prevent the misuse of power that a monopoly has.   Ã‚  Ã‚  Ã‚  Ã‚  If a person can only get turkey, for example from one store. Then the store can charge a lot more for that turkey than it could if the store next door was selling it too because then there would be competition. Also, the store would not have to produce a better quality of turkey because there would be no reason for it to do so. In this situation the consumer is taken unfair advantage of by the business owner, in this case the store. Government regulates monopolies to promote a perfect competition economy and to get rid of the â€Å"turkey situation† discussed above. The benefits of a perfect competition economy benefit consumers. For example, if we go back to the store, in a perfect competition economy all of the stores have turkey. Now the stores want to make sure that the turkey that they sell is the best turkey and cost the least. In this situation they are competing for the consumer’s business. However, business owners of a monopoly situation disagree with the government. When there is a business that has the potential to become a monopoly the government watches it very closely and the business has to go through the government for mergers and such. The more the business becomes a monopoly, the more the government says no to the business’s requests. For example, there is Microsoft. The government has been working to keep Microsoft from being the big business that it is today.

Toefl Treating Pets Like Family Members

The issue of treating pets like family members is a debatable one. On the one hand, pets are charming creatures that mean a lot for their owners. But on the other hand, people should not forget that pets are animals which have specific instincts and habits differ from those of human beings and, as a result, able to do harm to people. However, in the final analysis, I think that pets are good friends of people and shall be treated accordingly. One reason in support of my thinking is that pets like real family members spend together with their families a great amount of time. Pets and their owners do a lot of things together from ordinary home stuff such as playing games, walking and watching TV to going shopping, visiting friends and traveling. When there is a child in a family pets become his little friends that everywhere follow him while parents are busy with their house work. So pets are always near their owners, ready to share owners’ joy and troubles, bringing a lot of fun for the whole family and making family members smile and feel pleased and happy. One would never feel lonely with them. Another reason for my thinking is that some pets are good caretakers. They see to the house, secure their owners and protect them from danger, help to take care of children. Maybe one of the best examples of pets care is dogs that help blind people survive in their everyday life. Pets would never leave their owners alone in a difficult situation. Perhaps, the best reason is that treating pets as family members has a good influence on children’s education. Looking after the pet, children will learn not to be selfish and to think and take care about the others. For the above reasons, I therefore conclude that having pets is an advantage for people and pets owners can really benefit from treating pets like family members.

Chocolate War essays

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The 36 Trig Identities You Need to Know

The 36 Trig Identities You Need to Know SAT / ACT Prep Online Guides and Tips If you’re taking a geometry or trigonometry class, one of the topics you’ll study are trigonometric identities. There are numerous trig identities, some of which are key for you to know, and others that you’ll use rarely or never. This guide explains the trig identities you should have memorized as well as others you should be aware of. We also explain what trig identities are and how you can verify trig identities. In math, an "identity" is an equation that is always true, every single time. Trig identities are trigonometry equations that are always true, and they’re often used to solve trigonometry and geometry problems and understand various mathematical properties. Knowing key trig identities helps you remember and understand important mathematical principles and solve numerous math problems. The 25Most Important Trig Identities Below are six categories of trig identities that you’ll be seeing often. Each of these is a key trig identity and should be memorized. It seems like a lot at first, but once you start studying them you’ll see that many follow patterns that make them easier to remember. Basic Identities These identities define the six trig functions. $$sin(ÃŽ ¸) = 1/{csc(ÃŽ ¸)}$$ $$cos(ÃŽ ¸) = 1/{sec(ÃŽ ¸)}$$ $$tan(ÃŽ ¸) = 1/{cot(ÃŽ ¸)} = {sin(ÃŽ ¸)}/{cos(ÃŽ ¸)}$$ $$csc(ÃŽ ¸) = 1/{sin(ÃŽ ¸)}$$ $$sec(ÃŽ ¸) = 1/{cos(ÃŽ ¸)}$$ $$cot(ÃŽ ¸) = 1/{tan(ÃŽ ¸)} = {cos(ÃŽ ¸)}/{sin(ÃŽ ¸)}$$ Pythagorean Identities These identities are the trigonometric proof of the Pythagorean theorem (that the square of the hypotenuse of a right triangle is equal to the sum of the squares of the other two sides, or $a^2 + b^2 = c^2$). The first equation below is the most important one to know, and you’ll see it often when using trig identities. $$sin^2(ÃŽ ¸) + cos^2(ÃŽ ¸) = 1$$ $$tan^2(ÃŽ ¸) + 1 = sec^2(ÃŽ ¸)$$ $$1 + cot^2(ÃŽ ¸) = csc^2(ÃŽ ¸)$$ Co-function Identities Each of the trig functions equals its co-function evaluated at the complementary angle. $$sin(ÃŽ ¸) = cos({Ï€/2} - ÃŽ ¸)$$ $$cos(ÃŽ ¸) = sin({Ï€/2} - ÃŽ ¸)$$ $$tan(ÃŽ ¸) = cot({Ï€/2} - ÃŽ ¸)$$ $$cot(ÃŽ ¸) = tan({Ï€/2} - ÃŽ ¸)$$ $$csc(ÃŽ ¸) = sec({Ï€/2} - ÃŽ ¸)$$ $$sec(ÃŽ ¸) = csc({Ï€/2} - ÃŽ ¸)$$ Negative Angle Identities Sine, tangent, cotangent, and cosecant are odd functions (symmetric about the origin). Cosine and secant are even functions (symmetric about the y-axis). $$sin(-ÃŽ ¸) = -sin(ÃŽ ¸)$$ $$cos(-ÃŽ ¸) = cos(ÃŽ ¸)$$ $$tan(-ÃŽ ¸) = -tan(ÃŽ ¸)$$ Sum and Difference Identities These are sometimes known as Ptolemy’s Identities as he’s the one who first proved them. $$sin(ÃŽ ± + ÃŽ ²) = sin(ÃŽ ±)cos(ÃŽ ²) + cos(ÃŽ ±)sin(ÃŽ ²)$$ $$sin(ÃŽ ± – ÃŽ ²) = sin(ÃŽ ±)cos(ÃŽ ²) – cos(ÃŽ ±)sin(ÃŽ ²)$$ $$cos(ÃŽ ± + ÃŽ ²) = cos(ÃŽ ±)cos(ÃŽ ²) – sin(ÃŽ ±)sin(ÃŽ ²)$$ $$cos(ÃŽ ± – ÃŽ ²) = cos(ÃŽ ±)cos(ÃŽ ²) + sin(ÃŽ ±)sin(ÃŽ ²)$$ Double-Angle Identities You only need to memorize one of the double-angle identities for cosine. The other two can be derived from the Pythagorean theorem by using the identity $sin^2(ÃŽ ¸) + cos^2(ÃŽ ¸) = 1$ to convert one cosine identity to the others. $$sin(2ÃŽ ¸) = 2 sin(ÃŽ ¸) cos(ÃŽ ¸)$$ $$cos(2ÃŽ ¸) = cos^2(ÃŽ ¸) – sin^2(ÃŽ ¸) = 1 – 2 sin^2(ÃŽ ¸) = 2 cos^2(ÃŽ ¸) – 1$$ $$tan(2ÃŽ ¸)={2 tan(ÃŽ ¸)}/{1– tan^2(ÃŽ ¸)}$$ Additional Trig Identities These three categories of trig identities are used less often. You should look through them to make sure you understand them, but they typically don’t need to be memorized. Half-Angle Identities These are inversions of the double-angle identities. $$sin2(ÃŽ ¸) = {1/2}(1-cos (2ÃŽ ¸))$$ $$cos2(ÃŽ ¸) = {1/2}(1+ cos (2ÃŽ ¸))$$ $$tan2(ÃŽ ¸) = {1-cos(2ÃŽ ¸)}/{1+ cos (2ÃŽ ¸)}$$ Sum Identities These trig identities make it possible for you to change a sum or difference of sines or cosines into a product of sines and cosines. $$sin(ÃŽ ±) + sin(ÃŽ ²)= 2sin({ÃŽ ± + ÃŽ ²}/ 2) cos({ÃŽ ± - ÃŽ ²}/ 2)$$ $$sin(ÃŽ ±) - sin(ÃŽ ²)= 2cos({ÃŽ ± + ÃŽ ²}/ 2) sin({ÃŽ ± - ÃŽ ²}/ 2)$$ $$cos(ÃŽ ±) + cos(ÃŽ ²)= 2cos({ÃŽ ± + ÃŽ ²} / 2) cos({ÃŽ ± - ÃŽ ²}/ 2)$$ $$cos(ÃŽ ±) - cos(ÃŽ ²)= -2sin ({ÃŽ ± + ÃŽ ²}/ 2) sin({ÃŽ ± - ÃŽ ²}/ 2)$$ Product Identities This group of trig identities allows you to change a product of sines or cosines into a product or difference of sines and cosines. $$sin(ÃŽ ±) cos(ÃŽ ²)= {1/2}(sin (ÃŽ ± + ÃŽ ²) + sin (ÃŽ ± - ÃŽ ²))$$ $$cos(ÃŽ ±) sin(ÃŽ ²)= {1/2}(sin (ÃŽ ± + ÃŽ ²) - sin (ÃŽ ± - ÃŽ ²))$$ $$sin(ÃŽ ±) sin(ÃŽ ²)= {1/2}(cos (ÃŽ ± - ÃŽ ²) - cos(ÃŽ ± + ÃŽ ²))$$ $$cos(ÃŽ ±) cos(ÃŽ ²)= {1/2}(cos (ÃŽ ± - ÃŽ ²) + cos(ÃŽ ± + ÃŽ ²))$$ Verifying Trigonometric Identities Once you have gone over all the key trig identities in your math class, the next step will be verifying them. Verifying trig identities means making two sides of a given equation identical to each other in order to prove that it is true. You’ll use trig identities to alter one or both sides of the equation until they’re the same. Verifying trig identities can require lots of different math techniques, including FOIL, distribution, substitutions, and conjugations. Each equation will require different techniques, but there are a few tips to keep in mind when verifying trigonometric identities. #1: Start With the Harder Side Despite what you may initially want to do, we recommend starting with the side of the equation that looks messier or more difficult.Complicated-looking equations often give you more possibilities to try out than simpler equations, so start with the trickier side so you have more options. #2: Remember That You Can Change Both Sides You don’t need to stick to only changing one side of the equation. If you get stuck on one side, you can switch over to the other side and begin changing it as well. Neither side of the equation needs to be the same as how it was originally; as long as both sides of the equation end up being identical, the identity has been verified. #3: Turn all the Functions Into Sines and Cosines Most students learning trig identities feel most comfortable with sines and cosines because those are the trig functions they see the most. Make things easier on yourself by converting all the functions to sines and cosines! Example 1 Verify the identity $cos(ÃŽ ¸)sec(ÃŽ ¸) = 1$ Let’s change that secant to a cosine. Using basic identities, we know $sec(ÃŽ ¸) = 1/{cos(ÃŽ ¸)}$. That gives us: $$cos(ÃŽ ¸) (1/{cos(ÃŽ ¸)}) = 1$$ The cosines on the left cancel each other out, leaving us with $1=1$. Identity verified! Example 2 Verify the identity $1 − cos(2ÃŽ ¸) = tan(ÃŽ ¸) sin(2ÃŽ ¸)$ Let’s start with the left side since it has more going on. Using basic trig identities, we know tan(ÃŽ ¸) can be converted to sin(ÃŽ ¸)/ cos(ÃŽ ¸), which makes everything sines and cosines. $$1 − cos(2ÃŽ ¸) = ({sin(ÃŽ ¸)}/{cos(ÃŽ ¸)}) sin(2ÃŽ ¸)$$ Distribute the right side of the equation: $$1 − cos(2ÃŽ ¸) = 2sin^2(ÃŽ ¸)$$ There are no more obvious steps we can take to transform the right side of the equation, so let’s move to the left side. We can use the Pythagorean identity to convert $cos(2ÃŽ ¸)$ to $1 - 2sin^2(ÃŽ ¸)$ $$1 - (1 - 2sin^2(ÃŽ ¸)) = 2sin^2(ÃŽ ¸)$$ Now work out the left side of the equation $$2sin^2(ÃŽ ¸) = 2sin^2(ÃŽ ¸)$$ The two sides are identical, so the identity has been verified! Example 3 Verify the identity $sec(-ÃŽ ¸) = sec(ÃŽ ¸)$ The left side of the equation is a bit more complicated, so let’s change that secant into a sine or cosine. From the basic trig identities, we know that $sec(ÃŽ ¸) = 1/{cos(ÃŽ ¸)}$, which means that $sec(-ÃŽ ¸) = 1/{cos(-ÃŽ ¸)}$. Substitute that for the left side: $$1/{cos(-ÃŽ ¸)} = sec(ÃŽ ¸)$$ The negative angle identities tell us that $cos(-ÃŽ ¸) = cos(ÃŽ ¸)$, so sub that: $$1/{cos(ÃŽ ¸)} = sec(ÃŽ ¸)$$ Again, we know that $sec(ÃŽ ¸) = 1/{cos(ÃŽ ¸)}$, so we end up with: $$sec(ÃŽ ¸) = sec(ÃŽ ¸)$$ Identity verified! Summary: Trig Identities Solver You’ll need to have key trig identities memorized in order to do well in your geometry or trigonometry classes. While there may seem to be a lot of trigonometric identities, many follow a similar pattern, and not all need to be memorized. When verifying trig identities, keep the following three tips in mind: Start with the trickier side Remember that you can change both sides of the equation Turn the functions into sines and cosines What's Next? Wondering which math classes to take in high school? Learn the best math classes for high school students to take by reading our guide! Wondering whether you should take AB or BC Calculus? Our guide lays out the differences between the two classesand explains who should take each course. Interested in math competitions like the International Math Olympiad? See our guide for passing the qualifying tests.

Dahalokely - Facts and Figures

Dahalokely - Facts and Figures Name: Dahalokely (Malagasy for small bandit); pronounced DAH-hah-LOW-keh-lee Habitat: Woodlands of Madagascar Historical Period: Mid-Late Cretaceous (90 million years ago) Size and Weight: About 12 feet long and 300-500 pounds Diet: Meat Distinguishing Characteristics: Moderate size; bipedal posture; distinctively shaped vertebrae About Dahalokely Like many regions of the earth, the Indian Ocean island of Madagascar (off the eastern coast of Africa) harbors a huge gap in its fossil record, stretching all the way from the late Jurassic to the late Cretaceous periods. The importance of Dahalokely (which was announced to the world in 2013) is that this meat-eating dinosaur lived 90 million years ago, shaving about 20 million years off the far end of Madagascars almost 100-million-year fossil gap. (Its important to bear in mind that Madagascar wasnt always an island; a couple of million years after Dahalokely lived, this landmass split off from the Indian subcontinent, which itself had yet to collide with the underside of Eurasia.) What does the provenance of Dahalokely, combined with the history of Madagascar, tell us about the distribution of theropod dinosaurs in during late Cretaceous period? Since Dahalokely has been tentatively classified as a modestly sized abelisaura breed of meat-eating predator ultimately descended from the South American Abelisaurusthis may be a hint that it was ancestral to Indian and Madagascan theropods of the later Cretaceous, like Masiakasaurus and Rajasaurus. However, given the scarcity of Dahalokelys fossil remainsall we have for now is the partial skeleton of a subadult specimen, lacking the skullmore evidence will be needed to conclusively establish this link.

Sustainable building Assignment Example | Topics and Well Written Essays - 3750 words

Sustainable building - Assignment Example Center of discussion in this paper is sustainable building as the one that has higher energy efficiency, does not or less produces or less contribute in producing the green house gases emissions and the building that makes no burden to the ecology and environment. The construction of such a building is practically possible by making smaller changes to the way we live and construct our houses. Sustainable building utilized the sustainable materials that are renewable. Moreover a structure that utilizes less resources and utilizes the sustainable resources like solar, wind, geothermal, etc to provide the energy demand and provides an environmental security, is a sustainable building. However, other features like producing less waste, building life time, utilizes and produces non- toxic or less toxic materials, durability towards the harsh atmospheric affects, utilization of the natural resources, use of recyclable materials, use of renewable materials, use of durable materials and util ization of the technology makes the construction a green construction. For example, the utilization of the natural ventilation and geothermal cooling can be utilized in the building to make the building be in a desirable temperature, which certainly reduces the cooling cost and energy. Similarly, the utilization of the bigger glass windows makes the building enlighten in the daytime, which reduces the requirement of the artificial lightening in the building and reduces the carbon footprints of the building. In the same way, the utilization of the passive solar construction makes the building cooler in summer and warmer in the winter. The utilization of the onsite water treatment plants reduces the water footprints of the building. Some simple methods like making the faucets and showers heads to mix the air with the water, reduces the flow of water but the pressure remains the same thus reducing the water foot prints. The utilization of the most modern techniques like utilizing the s olar photovoltaic panels and utilizing the wind turbine to fulfill or reduce the energy requirement of the building can make the building more environments friendly and contribute much in reducing the carbon footprints. In the similar way solar water heating can be utilized to attain the warm water and also make the building warm during the winter season. Some other methods like growing plants on the rooftops of the building also reduce the cooling and heating energy requirement of the building. The vegetation on the rooftops blocks the direct sunlight and maintains the temperature of the building. This technique is utilized by several structures like the ‘California Academy of Science’, which is designed by ‘Renzo Piano’. If some or all of the sustainable method are utilized in a construction, the structure will be a sustainable building. LEED (Leadership in Energy and Environmental Design) LEED is a certification that certifies a building to be a green or sustainable building or not. LEED certification verifies the green methods utilized in the building like the carbon emission of the building, quality of the resign, production of the waster, energy efficiency, energy dependency, energy management, waste management and social and environmental aspects of the building (USGBC 2011). LEED certification has different rating LEED System LEED rating makes the LEED system. A building is rated on the basis of points that the building gets after evaluating that which methods are employed in the construction of the building, how is the energy managed and utilized in the building and if the building presents a sustainable architecture or not. Points are given from a total of 100 points. If the building gets 40 to 49 points, the building is LEED certified. If it remains in-between 50 to 59, it gets the silver status. If the building is rated in between 59 to 80, it gets a gold status and it the building rates more than 80; it gets the platinum status (USGBC 2010).

Management Accounting Master Assignment Example | Topics and Well Written Essays - 2000 words

Management Accounting Master - Assignment Example The attached report is a proposal to introduce innovations in our management accounting techniques specifically with regard to Activity Based Budgeting related to Advanced Manufacturing Technology (AMT). The present techniques in place do not seem to be reflecting the changed industry dynamics and priorities. (Lucey, 1993) As discussed at the recent conference we are expecting to develop new products in the engineering cranes and automated fork lift equipment in the 'Premium' segment. These products are expected to be very popular with the automobile industries because of their versatility. Strong business contacts with both the above segment and a referral network are expected to help gain a rapid entry into the market. ABC plans to offer the automobile industries high quality engineering equipment at prices which are competitive relative to other premium quality suppliers in the market. The management of the company believes that the inclusion of precision controls within our products will better serve the needs of the automobile industry. (Garrison, 2003) Conventionally management accountants used forms of variance analysis in arriving at costs. Variance analysis compares the budgeted versus the actual costs of raw material during a manufacturing cycle. Variance can be calculated for both costs and revenue. When costs are allotted to material or labor a standard rate is the benchmark used to compare variances. The standard rate of material versus the actual material cost in the market determines the efficiency of a purchase or labor mechanism. The accepted product costing used volume based measures such as labor hours or labor dollar to allocate indirect costs. Traditional roles allocated to management accountants typically include:- Facilitating the preparation of financial reports Being a part of the strategy forming team Planning optimal resource use Planning and controlling business activity The management accountant is viewed as someone who oversees cost control through a strict regulation of unit prices and labor. (Hansen, 1997) In this context it should be stated that Cash is regarded as an asset that has the ability to generate opportunity cost. This because cash is the most liquid form of asset and these is available on a ready basis. Cash in hand, cash at bank are the most liquid form in terms of currency and checking. These can be enumerated as the instrument of short term

An analysis of an aspect of human culture from an anthropological Essay

An analysis of an aspect of human culture from an anthropological viewpoint - Essay Example It has further fostered the subordination of poor and developing nations by the rich and developed nations of the western world. This has lead to an environmental degradation and is regarded as a serious threat to non – western indigenous cultures and economies. This article further argues that the Western countries has set up international bodies like IMF, World Bank, United Nations and other donor agencies to control all major economic and political affairs prevailing in the rest of the world. This papers approaches this issue from the holistic and anthropological perspective which surrounds the economic and non – economic factors at the same time. Let us refer to the works of the famous economist and anthropologist Karl Marx. This great thinker anticipated disturbances and imbalances associated with the unfettered expansion of the global capital. According to Marx, societies go from simple to complex in a number of steps. The pre – historic human culture of th e Aborigines was at a lower evolutionary stage than the Western – European civilization. Similarly, during the cold war between communism and capitalism, the two opposite developing strategies were some form of Central planning and Western economics. Here, the Western developed economic nations with their capitalist approach managed to destroy the so called communist approach which were prevalent in the then U.S.S.R.

Essay response Example | Topics and Well Written Essays - 500 words - 1

Response - Essay Example e blacks were victimized as a community but there were other groups of people that suffered at the hands of such an extremely discriminating system as well. The free black community also suffered at the hands of the white masters indirectly. The free carpenter boy who loved the slave girl could not marry her because she was someone else’s property. Similarly, the wives of the white masters were also victimized by their husband’s sexual relations with the slave women. They were forced to accept the insolent sexual behaviour of their husbands. It must have been really hard for them to turn a blind eye to the slave children their husbands bore with the slave women. Thus, women- either black or white received the most brutal blows of slavery. The free people of the North that represent a silent community are looked upon with great hope by the slave girl. She wonders why they were silent; as she believes that they have the power to change the system. The silence of the free people of the North actually represents the indifferent attitude usually adopted by those people who live in their own little bubble of life. This is not just a personal narrative of a slave girl but a life changing experience to read about her ordeal. This narrative compels the minds of the readers to think about what it is like to be a slave to another human being. This enables us to think beyond our immediate lives and to reach out to others who are in trouble. It also pinpoints to the fact that people in trouble look up to those who are in a strong position to change the course of their lives and destinies; and if their calls for help remain unanswered, then whatever hope they have turns into hopelessness and despair. â€Å"If God has bestowed beauty upon her, it will prove her greatest curse.† (47) This narrative is also about power, strength, hope, virtuousness and determination of human soul. The slave girl is an epitome of bravery and courage as she tries to fight back and to resist.

Tab M Essay Example | Topics and Well Written Essays - 750 words

Tab M - Essay Example The present duty of the Missouri Secretary of State includes overseeing different crucial areas, which are generally election related, business related and other government related operations. In the election related operations, the Secretary of State often play the role of the main election official during the state elections. Secretary of State also regulates the office where registration of candidate takes place. In business duties, the Secretary of State is responsible for the registration of all the profit and non-profit based organizations within the state. Additionally, the Secretary of State does have to keep an eye over the libraries and archives of the state along with handling of other operations such as issuing of automobile registrations among others (sos.mo.gov, â€Å"Publications & Forms†). The ‘Streamlined Sales and the Use of Tax Agreement (SSUTA)’ is generally a kind of agreement implemented by the government of the United States, so as to carry out the sales process and the tax administration system within the member states in a simplified and transparent manner (mobudget.org, â€Å"Streamlined Sales And 2 Use Tax Agreement†). Currently, SSUTA is implemented with the prime intention of making Missouri capable enough to adopt the definition along with the procedures of the sales tax that has been agreed upon by all the 22 member states (Blouin, â€Å"Missouri House Committee Substitute Streamlined Sales Tax Bill Contains Significant Negative Policy Consequences†). The Streamline Sales tax Project (SSTP) is highly effective in simplifying the tax regulations and the sales process. The guidelines of the SSTP have subsequently helped multiple states within US in terms of upgrading their sales and tax systems (Streamlined Sales tax Project, â€Å"Welcome to the Streamlined Sales Tax Registration System†). The archives of the Missouri

Essay response Example | Topics and Well Written Essays - 500 words - 1

Response - Essay Example e blacks were victimized as a community but there were other groups of people that suffered at the hands of such an extremely discriminating system as well. The free black community also suffered at the hands of the white masters indirectly. The free carpenter boy who loved the slave girl could not marry her because she was someone else’s property. Similarly, the wives of the white masters were also victimized by their husband’s sexual relations with the slave women. They were forced to accept the insolent sexual behaviour of their husbands. It must have been really hard for them to turn a blind eye to the slave children their husbands bore with the slave women. Thus, women- either black or white received the most brutal blows of slavery. The free people of the North that represent a silent community are looked upon with great hope by the slave girl. She wonders why they were silent; as she believes that they have the power to change the system. The silence of the free people of the North actually represents the indifferent attitude usually adopted by those people who live in their own little bubble of life. This is not just a personal narrative of a slave girl but a life changing experience to read about her ordeal. This narrative compels the minds of the readers to think about what it is like to be a slave to another human being. This enables us to think beyond our immediate lives and to reach out to others who are in trouble. It also pinpoints to the fact that people in trouble look up to those who are in a strong position to change the course of their lives and destinies; and if their calls for help remain unanswered, then whatever hope they have turns into hopelessness and despair. â€Å"If God has bestowed beauty upon her, it will prove her greatest curse.† (47) This narrative is also about power, strength, hope, virtuousness and determination of human soul. The slave girl is an epitome of bravery and courage as she tries to fight back and to resist.

Module 3 Essay Example | Topics and Well Written Essays - 500 words - 1

Module 3 - Essay Example taz Mahal, â€Å"Chosen one of the Palace,† about whom it is said, â€Å"The moon hid its face in shame before her.† The two were inseparable, so it was not unusual that she accompanied him to subdue a rebellion even if she was on the ninth month of her pregnancy. During the birth of their fourteenth child, the queen suffered complications, but it is said that just before she died she made her husband promise that he would build a mausoleum for her, one of outstanding beauty not before seen. It is said of the queen that she was a kind and wonderful woman who helped hundreds of women in distress (Wijesinha, 2010), so her death was deeply mourned by the nation. Six months after her death, Shah Jahan, still grieving, built her mausoleum across the Jamuna River, near the royal palace. It was the Taj Mahal, made of white marble and described as delicately ethereal, pearly pink during the dawn and opalescent in the moonlight. As a work of art, the structure evoked harmony, grace and purity. The Taj Mahal is the finest example of Mughal architecture which is a combination of Persian, Ottoman Turkish, and Indian architectural styles (Hasan, 1994; Du Temple, 2003). The tomb is a perfectly symmetrical building with an iwan or arch-shaped doorway, framed by a large pishtaq and topped by a huge marble dome and finial. The base structure is a multi-chambered cube with chamfered corners and forming an unequal octagon. Four minarets stand at the four corners surrounding the tomb. The Taj Mahal is an architectural wonder of the world because of its one of the world’s most beautiful buildings. It is a â€Å"poem in marble† which is stunning if viewed under a full moon (Wijesinha, 2010); however, it is renowned not only because of its resplendent and intricate beauty, but because it is a monument to a deep and undying love by a king for his beautiful and well-loved queen. Even after four and a half centuries, is still today India’s most popular tourist site. Wijesinha,

Water resources Essay Example for Free

Water resources Essay Our business SABMiller is one of the world’s largest brewers, with brewing interests and distribution agreements in over 60 countries across six continents. Our brands include premium international beers such as Pilsner Urquell, Peroni Nastro Azzurro and Miller Genuine Draft, as well as an exceptional range of market-leading local brands such as Aguila, Miller Lite, Snow and Tyskie. Six of our brands are in the world’s top 50 beer brands. We also have considerable expertise in bottling and distributing some of the most famous soft drink brands in the world, including Coca-Cola, Fanta, Sprite, Appletiser and Minute Maid. We are one of the biggest franchise bottlers and distributors of Coca-Cola products outside the United States, operating in 10 of our markets as bottlers of Coca-Cola products. In addition to our Coca-Cola bottling operations, we also produce and bottle a range of soft drinks in a further eight of our markets. In total, non-alcoholic beverages – sparkling beverages, water, fruit juices and malt beverages – make up 18% of our total beverage volumes. Sparkling beverages alone constitute 11% of our total beverage volumes. We operate 41 bottling plants, responsible for producing 50 million hectolitres (5 billion litres) of soft drinks per annum. Contents 01 Leading bottler of soft drinks 02 Where we operate 04 A framework for sustainable development 06 Marketplace 07 Workplace 09 Environment 11 Community 12 Contact details Leading bottler of soft drinks SABMiller’s beverage interests extend beyond brewing and into soft drinks where we have operations in 18 countries, both as selfstanding businesses and, in some countries, alongside a brewery. While brewing is at the heart of our business, the soft drinks operations contribute demonstrably to our overall profitability and success. Through consistently delivering superior operating performance and earnings growth for our bottling operations, and through our commitment to sustainable development, we are able to bring significant value to the economies and societies in which we operate. We work closely with The Coca-Cola Company (TCCC) across 10 of our soft drinks markets. The business partnership through which soft drinks reach consumers is known as the CocaCola system. Coca-Cola licenses bottlers in each region which then manufacture and distribute the final product. Our partnership with TCCC extends beyond just selling soft drinks. Our local bottling operations take part in joint planning with their regional and local Coca-Cola partners, addressing both operational issues, such as packaging and procurement, and wider social investment activities. TCCC sets and controls very detailed standards to maintain the integrity and quality of its brands through a process known as The Coca-Cola Quality System. Our brand portfolio As one of the biggest bottlers of Coca-Cola products in the world, we believe that brands are the key to our success. Our ability to nurture and grow brands that consumers want is one of our most important business assets. We are proud to be associated with some of the world’s best known soft drink brands through our partnership with TCCC. As part of our franchise agreements, we bottle and distribute a wide range of still and sparkling soft drink brands. Some of the best known brands include Coca-Cola and Coca-Cola Light, Fanta and Sprite. We also aim to offer a range of products and brands that meet different consumer needs for refreshment, nutrition and replenishment. The soft drinks product range that we produce includes still and sparkling mineral water, fruit juices, and sport and energy drinks. SABMiller plc Soft Drinks Report December 2007 1 Where we operate SABMiller operates franchise bottlers of Coca-Cola products in 10 markets: El Salvador and Honduras in Latin America; Angola, Botswana, Lesotho, Swaziland, Zambia and the Indian Ocean islands of Comores and Mayotte in Africa; and South Africa, where we own major brand Appletiser and ABI, the largest bottler in the country. In addition, our operations in Colombia, Ecuador, Panama and Peru in Latin America, China, USA, Tanzania, Zimbabwe, Ghana and Canary Islands produce a range of fruit juices, water and malt beverages. Total beverage sales volumes by region Latin America 20% Europe 15% North America 17% Africa and Asia 32% South Africa 16% (‘000 hectolitres) Beer/other alcohol 34,948 Soft drinks 19,474 Total 54,422 (‘000 hectolitres) Beer/other alcohol 40,113 Soft drinks 27 Total 40,140 (‘000 hectolitres) Beer/other alcohol 46,591 Soft drinks 84 Total 46,675 (‘000 hectolitres) Beer/other alcohol 74,163 Soft drinks 13,837 Total 88,000 (‘000 hectolitres) Beer/other alcohol 26,543 Soft drinks 15,987 Total 42,530 2 SABMiller plc Soft Drinks Report December 2007. Denotes regions where SABMiller operates, or has a major distribution agreement Denotes regions covered by our strategic partner Castel North America distrubution only Europe distrubution only Africa and Asia Latin America 14 bottling plants 17 bottling plants Brands include: Coca-Cola Fanta Sprite South Africa Brands include: Coca-Cola Fanta Sprite Tropical Cristal (water) 10 bottling plants Brands include: Coca-Cola Fanta Sprite Appletiser Peartiser Minute Maid SABMiller plc Soft Drinks Report December 2007 3. A framework for sustainable development Sustainable development is an integral part of running our global business successfully. We work within a sustainable development framework which focuses on the 10 priorities most relevant and material to our business’s environmental, social and economic footprint. This framework has been embedded into our global operations and we have developed, tested and launched a sustainable assessment matrix (SAM) which enables each operation to measure its performance against the 10 priorities. This framework provides a common approach within the group, supporting learning between our businesses. SABMiller’s 10 sustainable development priorities 1 2 3 4 5 6 7 8 9 10 Discouraging irresponsible drinking Making more beer and soft drinks but using less water Reducing our energy and carbon footprint Packaging, reuse and recycling Working towards zero waste operations Having supply chains that reflect our own values and commitments Benefiting communities Contributing to the reduction of HIV/Aids Respecting human rights Transparency in reporting our progress Strategy and performance measurement The creation of the sustainable development framework of 10 priorities and the accompanying SAM system has been an important investment for us. The self-assessment process enables our businesses to compare their performance against the 10 priorities and with their peers within the group. All operations where our group companies have day-to-day management control must achieve the minimum level 1 on the stairways. Operations which fall short of level 1 must have mitigation plans in place to achieve this standard as soon as possible. Where operations have achieved the highest standards at level 4, they provide case studies and learnings for other parts of the business. In addition, to encourage operations to engage in level 4 projects, we have also committed to long-term scenario planning for the key priorities of water, carbon and HIV/Aids, to assess the business needs and current and potential future thinking on these issues. Through SAM, we aim to collate and report the sustainable development performance of all our businesses where SABMiller group companies have day-to-day management control, either as a result of a majority shareholding or through a management agreement. However, we share our standards and policies with our associates and other business interests where we do not have direct management control. In China, for example, we have had several meetings with the CR Snow senior management team to share our sustainable development approach. 4 SABMiller plc Soft Drinks Report December 2007 Our soft drinks operations adhere to the fundamentals of our sustainable development priorities, while also endorsing and operating within the Coca-Cola framework of four key areas: Marketplace, Workplace, Environment and Community. This framework is closely aligned with our sustainable development priorities, and working in partnership with TCCC, we are committed to delivering programmes and initiatives which add value in the countries and communities in which we operate. Marketplace TCCC is an active member of the business community in each country where it operates, working hand in hand with local individuals, merchants and governments to improve the health and prosperity of the local economy and environment. Similarly, SABMiller is committed to creating sustainable ways to do business and to contributing to economic growth by running successful and accountable businesses which encourage entrepreneurs, create jobs and stimulate local economic activity. In order to make a long-term and sustainable impact, we need to explore ways in which our core business activities can best contribute to both our organisation and towards wider social and economic objectives. and collaboration. As a global organisation, transferability of skills is important to us and we are committed to employing the best people, whatever their backgrounds, and we value and respect diversity. We also acknowledge that HIV/Aids is an operational as well as a social issue and we cannot rely on a healthy workforce for the future unless we proactively engage with this difficult challenge. As one of the biggest bottlers of Coca-Cola products, we ensure that we meet, or exceed, the water management requirements of TCCC at our bottling plants. The Coca-Cola approach is built upon comprehensive risk analysis of the water resources supplying plants in its global franchise bottling network. Since 2004 we have worked collaboratively with Coca-Cola in our Central American and African operations to study the annual renewable fresh water supply, supply economics and the social context of water resources of our bottling facilities. Environment Operating in an environmentally responsible way is a priority for all of our businesses. The Coca-Cola system’s environmental commitment is focused on the areas where we have the most significant and visible impacts – water, sustainable packaging, and energy and climate protection. As the bottler, our operations play a crucial role in water conservation and purification, energy efficiency and solid waste management. We are also committed to the re-use of bottles. SABMiller and TCCC share the commitment to the conservation and preservation of scarce natural resources, and in 2007 both companies signed the CEO Water Mandate, a United Nations initiative. Community SABMiller and TCCC share the belief that the future of our businesses depends on the vitality of the communities where we operate. The continued health and sustainable growth of our business depends on the long-term wellbeing and success of the communities that surround us. We are intensely committed to the economic success and continued growth of these communities through our corporate social investment activities. Our particular emphasis is on supporting enterprise development, promoting sustainable water use and tackling HIV/Aids. Workplace For the people of TCCC, work is more than a place to go every day. TCCC believes work should be a place of exploration, discovery, creation and inspiration. At SABMiller, we believe that people are our enduring advantage. We understand the importance of training and development, and of creating a culture of communication SABMiller plc Soft Drinks Report December 2007 5 Marketplace SABMiller is committed to creating sustainable ways to do business and to contributing to economic growth by running successful and accountable businesses which create jobs and stimulate local economic activity. 1 Empowering soft drink distributors in Zambia Since SABMiller re-entered the Zambian market in 1994, Zambian Breweries Limited (ZBL) has become one of the country’s largest taxpayers and investors outside of the mining sector. ZBL’s sales and marketing department has invested more than US$1,300,000 in setting up an empowerment distribution chain for its carbonated soft drinks operations, creating over 1,800 jobs. This investment involves several initiatives, including the sourcing, purchasing and maintaining of 500 branded kiosks, or N’tembas, complete with ice bins; providing 155 fully branded containers which are placed in high density areas as retail sales points and wholesale outlets; and the provision of more than 300 vending trolleys and 700 ice boxes to street vendors. Interest free start-up loans and loans to purchase vehicles are also provided to enable distributors to more adequately distribute our products in rural areas where distances preclude direct outlet delivery, and in urban high density areas where drop sizes are too small. In order to help these entrepreneurs to succeed, trade marketing representatives from ZBL provide training to ensure that they distribute the product effectively. Through these investments ZBL achieves additional sales volume, while the distributors make a profit, enabling them to employ people and generate growth within their community. 2 Honduras provides skills to children. Our soft drinks business in Honduras introduced an education programme for the children of workers in the Azunosa sugar cane fields with the aim of eliminating the problem of child labour in the local industry and improving the level of education and household income in the community. Up to 100 children attend the school operated by the Cerveceria Hondurena Foundation, where they are provided with knowledge and skills in a structured and certified programme. Food, medicine, clothes and financial assistance are also provided. Part of the training includes the growing of non-traditional crops such as sweet potatoes, peppers and tomatoes. These crops are taken to the local market to be sold, and the proceeds are reinvested in the Foundation to cover some of the costs of the programme. 3 Angola supports Junior Achievement In partnership with several other companies operating in Luanda, our soft drinks business, Coca-Cola Bottling Luanda (CCBL), supports the Coca-Cola Foundation’s Junior Achievement Initiative in Angola. The training programme aims to develop entrepreneurial spirit and selfinitiative, as well as to provide a basic understanding of business fundamentals to students in public schools. The people of CCBL volunteer to contribute 75 working hours to the programme, giving their time and expertise to teach the students and provide them with knowledge and information about how the business world works and how strong ethics and values can contribute towards creating a successful business. Two courses are available: Personal Economics, which introduces the students to the business world, and helps them to choose a career path and understand the skills required for it; and Mini-Enterprise, which consists of basic business content from setting up a business to producing and selling the goods. Students set up their own simulated businesses and are responsible for producing and selling the products, and ultimately its success. Almost 900 students benefited from the first two semesters of the programme, and CCBL believes this will prepare and inspire Angola’s youth to lead fruitful lives at home and make a meaningful contribution towards the country and a better world. 1 2 3 6 SABMiller plc Soft Drinks Report December 2007 Workplace At SABMiller, we understand that people are our enduring advantage. We strive to create excellent, safe working environments that inspire and motivate our people to develop a can-do attitude that comes from a real passion for what we do. 1 ABI addresses HIV/Aids For several years our soft drinks business in South Africa, ABI, has addressed the issue of HIV/Aids among its workforce through a comprehensive intervention programme. The two areas of major focus internally are to manage existing infections through voluntary counselling and testing (VCT) and early diagnosis; and managed health care, which includes anti-retroviral treatment and an effective education programme aimed at reducing or preventing new infections. Wellness educators have been trained to apply the model in small group sessions which are carried out during working hours. ABI focuses on VCT through its ACT campaign (Awareness, Counselling and Testing), which is designed to encourage employees to discover their status early enough to start treatment should it be required. The costs of the ACT campaign are paid for by the company and since its inception, 86% of ABI employees have participated and know their status. Information regarding the medical condition of employees is kept strictly confidential at all times and employees who have a life threatening disease are treated with sensitivity and compassion. The company supports the principle of non-discrimination. A Life Threatening Diseases policy has been put in place to provide a framework within which to manage HIV/Aids and inform employees of their rights, responsibilities and benefits. All employees and their dependents have access to a managed health care programme which includes lifestyle management and the provision of antiretroviral therapy through an external service provider. ABI aims to contribute to the reduction of HIV/Aids in the communities in which it operates by making HIV/Aids prevention and management an integral part of its Corporate Social Investment strategy and projects. 2 Angola training for success Coca-Cola Bottlers Luanda (CCBL) believes in harnessing the potential of the people who live and work in the communities in which it operates. In partnership with a professional training school, EFTA (Escola de Formacao Teconologica de Angola), students are recruited and provided with the training and skills required by CCBL for expansion into other parts of Angola. Through the education programme the students are trained to become mechanics, electricians and production line operators over a period of three to 18 months. This enables the business to invest in both developing skills for future employees, and in enhancing the capabilities of local communities. An added benefit is that students are also equipped with skills which can be transferred to other parts of the business. CCBL has invested approximately US$400,000 in the programme, which will run until 2010. 1 2 SABMiller plc Soft Drinks Report December 2007 7 Workplace continued We are committed to building strong teams of smart, educated people who are capable of working throughout the company, throughout the world. 3 Zambia assists employees with HIV/Aids programme Most of the employees who work at Zambian Breweries and its soft drink operations are locals who have grown up with the stigma that surrounds. HIV/Aids in a country which has a national prevalence rate of 18%. HIV/Aids is a major focus for Zambian Breweries and as such it was the first company in Zambia to provide antiretroviral treatment for all of its staff and their families, as well as to have voluntary counselling and testing (VCT) centres in place on all sites. Following initial discussions with employees, the first on-site VCT centre was opened, and within six months approximately 100 employees had been through the centre. A year later the business had an HIV/Aids VCT count of 80%. This was a huge source of pride for management, indicating a high level of trust from employees. As an example to all employees, members of the Operating Board went for VCT and were taken through the counselling training. Managers were then required to include HIV/Aids in their goals in order to create a sense of ownership from senior managers. While its HIV/Aids policy is recognized as one of the strongest in the country, the disease remains one of the biggest risks facing the business, given its high prevalence among those individuals who form part of its supply and distribution chains. As a result, Zambian Breweries has also started a programme to promote awareness and understanding of the disease beyond the workplace and into the communities in which it operates. At our operations in Botswana, a similar programme is in place to assist all employees. The company provides on-site clinics, a doctor who calls twice a week to test and counsel employees, and nurses and peer educators educate the staff about the virus. 8 SABMiller plc Soft Drinks Report December 2007 Environment Operating in an environmentally responsible way is a priority for all of our businesses. 1 ABI sets the benchmark ABI, the soft drinks subsidiary of SAB Ltd in South Africa, has set the benchmark for SABMiller’s priority to make more soft drinks with less water. ABI’s Midrand manufacturing and distribution unit upgraded its water treatment plant, replacing the conventional chemical treatment plant with a Nano/RO membrane filtration plant. In a country where potable water remains an issue, the plant invested R2. 4 million ($344,800) in new equipment and systems to reduce waste water. The upgrade resulted in the plant performing at 1. 48hl of water for every hectolitre of product, and a water ratio target of 1. 3hl/hl by 2012 has been set. The percentage of water lost down the drain was also reduced from 30% to 10%. Steady progress has been made on the previous water to soft drink ratio of 2hl/hl at the plant, and 1. 35hl/hl is now being achieved when production conditions are favourable. This compares very well against other PET only plants and the average usage across TCCC’s global operations, which includes those plants which use returnable glass bottles, is between 2hl/hl and 2. 5hl/hl. In a further effort to reduce the company’s environmental footprint, ABI is also a major funder of South Africa’s Polyethylene Terephthalate (PET) Recycling Company (PETCO), which is a world first industry-led initiative. The company’s activities involve the recycling of PET plastic bottles and their conversion into polyester resin, which is then used to make products such as video tapes, pillow fibre, fleece jackets and carpets. Established in 2005, PETCO has made steady progress in increasing the volume of recycled PET in South Africa. The company is also committed to increasing awareness and education about PET recyclability. 2 Creating business opportunities in Zambia Zambian Breweries Limited (ZBL) is the largest recycler of bottles and plastic crates in Zambia. Of the 320 million bottles that are used in Zambia every year to bottle beer and soft drinks, only 9 million of these are being used for the first time. The rest are reused between 10 and 25 times during their lifecycle, after which they are crushed and recycled. ZBL also uses 13 million plastic crates a year, only 100,000 of which are being used for the first time. These plastic crates are reused several times and, once damaged, they too are crushed and recycled. In addition to reducing its impact on the environment, the recycling of bottles and crates has created opportunities for small local recycling businesses to develop. ZBL has helped to set up an independent plastic recycling business which has created 40 jobs and resulted in any new crates consisting of 75% recycled plastic materials. Three local entrepreneurs have also been assisted with the purchase of a glass crusher to help them set up a glass recycling business. Additional kilns may also be purchased with the aim of turning the bottles that are no longer suitable for bottling beer or soft drinks into recycled glassware which small businesses can sell to local bars and trade outlets. 1 2 SABMiller plc Soft Drinks Report December 2007 9 Environment continued As a bottler, our operations play a crucial role in water conservation and purification, energy efficiency and solid waste management. 3 Honduras recycles PET bottles As PET plastic bottles have grown in popularity with consumers in Honduras, the lack of an existing recycling culture has resulted in problems with litter and environmental damage. On the island of Roatan, Cerveceria Hondurena, in collaboration with the local municipality, government authorities, local communities and other private sector businesses, has established a recycling programme involving the collection, storage and transfer of PET bottles. The programme aims to remove the solid plastic waste on the island and reduce the environmental damage caused to beaches and coral reefs; promote a culture of recycling plastic bottles among the community, consumers and the general public; protect the mangroves; and help reduce environmental pollution. The project involves the collection of plastic waste from the collection points established by the local council. The waste is then transported from the island to the mainland at La Ceiba and Puerto Cortes. A pilot recycling campaign held during the Easter period in two local communities also included visits to schools and colleges to help educate students about recycling and the impact of litter on the environment. Cerveceria Hondurena has undertaken several other initiatives to reduce its environmental footprint. Among its major achievements has been a 21% reduction in the total glass weight used for sparkling soft drink returnable glass bottles over the last 10 years, and the introduction of 100% recycled plastic crates two years ago. Of the current crate population, 30% is now made of 100% recycled plastic. 4 Cleaner water at Appletiser At the Appletiser plant in South Africa, waste water used in the manufacturing process is carefully cleaned and filtered before either being reused to irrigate the neighbouring apple orchards or returned to the nearby river. The Appletiser plant filters and releases its waste water into a series of four ponds. Through the ponds, the Ph balance of the water is restored and it is aerated before being allowed to settle. From there, the water is pumped through a shallow labyrinth, which allows oxidation to take place and uses ultra violet light from the sun to help sterilise the water. At the end of the process, the chemical oxygen demand (COD) has been reduced from an average of 8,000 units when it leaves the plant to between 30 and 50 units. This reduction in COD is critical, as a high level can cause water life to die from lack of oxygen. The waste and treated water is carefully monitored and a report supplied to the Department of Water Affairs and Forestry. 4 10 SABMiller plc Soft Drinks Report December 2007 Community The continued health and sustainable growth of SABMiller’s business depends on the long-term wellbeing and success of the communities that surround us. We are firmly committed to benefiting our local communities. 1 Lesotho: educating the supply chain on HIV/Aids In line with our Sustainable Development Framework, SABMiller’s subsidiaries and affiliates aim to contribute to the reduction of HIV/Aids within their sphere of influence. The Lesotho Brewing Company (LBC) held a workshop to educate soft drink hawkers and street vendors about HIV/Aids. The course provided attendees with information on how to avoid infection, the use of condoms, voluntary counselling and testing, as well as living with the virus. both students and neighbouring communities, that the company identified other local schools in need of access to water where it has implemented the rain harvesting system. Through this project, Industrias La Constancia has helped three schools in the Nejapa area neighbouring the soft drinks plant. Over 1,000 members of the community have directly benefited from the programme to date. The system has also enabled the schools to save money as they no longer need to buy water. The programme will benefit 23,000 people in local communities and is supported by several companies including USAID and financed by the Coca-Cola Foundation. It will contribute to the country’s efforts to reconstruct and rehabilitate the infrastructure that was almost entirely destroyed during the war, by increasing access to water among the urban poor and improving the management of water points. In a second project CCBL also recognized that the hospital in Bom Jesus, the municipality where CCBL’s plant is located, needed substantial upgrading in order to improve access to healthcare services for its 150 employees and the local community. In a partnership which CCBL established with other local companies, local authorities and the provincial government, critical services at the hospital have been upgraded in order to more effectively combat common diseases such as cholera, tuberculosis and malaria, and to decrease the infant mortality rate. 2 El Salvador provides water to students In partnership with TCCC, Industrias La Constancia in El Salvador has worked to help schools in local communities gain access to water, thus elevating the quality of life of the students and enabling them to enjoy their education in a healthier environment. The company identified the Tutultepeque School as one in need of assistance and in co-ordination with FONAES, a semiautonomous organisation, designed a project that would enable the school to have its own water supply through the construction of a rain harvesting system. The programme, called ‘Water for my school’, was such a success, benefiting 3 Angola builds for the future In an effort to improve access to water and health facilities, Coca-Cola Bottling Luanda (CCBL) has embarked on two projects to improve local facilities and infrastructure. The Community Watersheds Partnership Programme aims to reduce the incidence of water borne diseases among the residents of Kilamba Kiaxi and Viana in Luanda, thus leading to improvements in health and the quality of life. The project includes the construction of 10 community water standpoints, training for community hygiene promoters, the establishment of municipal water boards and a governance structure being put in place. 2 3 SABMiller plc Soft Drinks Report December 2007 11 SABMiller plc (Registration No: 3528416) Registered office SABMiller House Church Street West Woking Surrey England GU21 6HS. Telephone +44 1483 264000 Telefax +44 1483 264104 Head Office One Stanhope Gate London England W1K 1AF Telephone +44 20 7659 0100 Telefax +44 20 7659 0111 Internet address www.sabmiller. com Sustainable development Telephone +44 1483 264139 Sustainable. [emailprotected] com For further information on SABMiller’s global Sustainable Development priorities and activities, please visit http://www. sabmiller. com/sabmiller. com/en_gb/ Our+responsibility/ 12 SABMiller plc Soft Drinks Report December 2007 www. sabmiller. com.

The Importance of Shareholder Wealth Maximization in Business

The Importance of Shareholder Wealth Maximization in Business In modern finance, it is proven that shareholder wealth maximization is the superior goal of a firm and shareholders are the residual claimants; therefore maximizing shareholder returns usually implies that firms must also satisfy stakeholders such as customers, employees, suppliers, local communities and the environment first (Courses Work, Corporate Finance Module, Leeds Metropolitan University). Also, Michael C.Jensen argued that a firms value can not be maximized if the management board or shareholders ignores the interest of its stakeholders (Michael C.Jensen, 2001). Thus, I agree with the argument that the main goal of a firm is to maximize shareholder wealth but it does not mean that management should disregard stakeholders. To begin with, it is necessary to understand what is shareholder wealth and why maximizing shareholder wealth is superior objective? According to Glen Arnold (Corporate Financial Management, 4th, P. 13), maximizing shareholder wealth is defined as maximizing purchasing power as well as the flow of dividends to shareholders through time and it is a long-term perspective. In addition, a very important point to explain why shareholder wealth maximization is superior objective is that shareholders are the real owners of the firm, of course, they desire the companys operation will create their returns as much as possible; therefore, management board should make investment and financing decisions with the target of maximizing long-term sharholder wealth. This assumption is made mainly on practical grounds, but there are respectalble theoretical justifications too (Corporate Financial Management, 4th, P. 7). Thus, with practical reason, shareholder wealth maximization is a precise and clear decision as well as a suitable and operationally feasible goal. Also, shareholder wealth is represented by the market price of a firms common stock (Contemporary Financial Management, R. Charles Moyer, Jame R. McGuigan, William J.Kretlow, P.5) and stock prices illustrate clearly about the magnitude, timing and risk connected with profits that stockholders hope to get in future, so management should drive the stock price as high as possible. Furthermore, the greater the risk associated with receiving a future benefit, the lower the value investors place on that benefit (Contemporary Financial Management, R. Charles Moyer, Jame R. McGuigan, William J.Kretlow, P.5). Thus, maximizing the present value of expected future returns to the owners is also the true target for the firm in term of reaching shareholder wealth maximization and the returns will be represented in forms such as takings of common stock sales as well as healthy periodic dividends. Besides that, it is also important to realize that the goal of maximizing shareholder wealth has some advantages. Fistly, it explicitly considers the time value of money and risk factors of the benefits expected to receive to the owners. In other words, the elements of timing and risk must be considered by managers as they make an important financial decision, for example capital expenditures. Secondly, if a firm has a decision that can make the market price inceasing, it is a good decision. On in other hand, if it does not achieve the effective result, this should not be taken (at least not voluntarily). Finally, maximizing shareholder wealth is an impersonal aim. If stockholders oppose the companys policies, they can sell their shares freely and invest their fund in others, however, it is noticeable that the shares should be under more favorable terms than are available under any other stratergy. Also, investors will be possible to sell their shares with the best price if they have consumption pattern as well as risk preference which is not accommodated by the investment, financing and dividend decisions of that firm. They also can purchase shares in firms that closely meet the investors needs. For all above reasons, the shareholder wealth maximization is the superior objective in financial management. However, in term of theoretical reasons, many studies and financial books have proven that shareholder wealth rests on companies which are willing to build long-term relationships with stakeholders. So, focusing on the interests of stakeholders is the most important objective of the company to maximize shareholder wealth. Also, Michael C.Jensen stated that A firm cannot maximize value if it ignores the interests of its stakeholders (European Financial Management, Vol. 7, No.3, 2001, P. 298) Firstly, customers can be seen as the top of hierarchy of stakeholders. They are one of the most important factor and greatest challenge to primacy of shareholder interests. It is undebatable that no company can create great wealth for its shareholders without a stable and growing revenue base, which can be only reached by having very satisfied and loyal customers (Marakon Associates, 1993). So, a company wants to have an increasingly growing number of customers who are willing to pay money to have its products and services, it forces to meet the their satisfaction of product quality, reasonable prices, and good services. In other words, the product or service must be meet or exceeds expectations and is acquired at a price no higher than its perceived value. Also, the grown in sales by creating value for customers will maximize the firms stock price in the form of efficient and courteous service, adequate stocks of merchandise (Financial Management 12th, 2008, Eugene F.Brigham and Michael C.Ehrhardt, P.10). Therefore, the more volume of products distributed, the more shareholder value increased because of a vast profits after selling products and services. Secondly, employees also are of vital important in stakeholder objectives of the shareholders. They are the primary workforce and the potential source of significant competitive advantage which can create the superior value directly. According to Marakon Associates, 1993, pursuing the objective of maximizing value for shareholders also maximizes the economic interests of all employees over time, even when maganement is forced to downsize the company. Thus, they will be faithful and devote all their skills and talent if companys management board appreciates their crucial role as well as give the best policies for employees including paying fair wages, maintaining fair hiring practices and safe working conditions, supporting education. In other word, the keys to company success is that it must be the motivation for staffs to devote the cream of them (Financial Management 12th, 2008, Eugene F.Brigham and Michael C.Ehrhardt, P.10). Conversely, if the company does not give its mind to improving the employees lives and spirits, they will not try their best to produce quality products, resulting in failure in satisfying customers. Consequently, the amount of cash flow is poor, therefore, poor stockholder returns is indisputable. Furthermore, one factor which will generate unforeseeably great value of a firm is the interests of society as a whole. When businesses take a long-term view, the interests of the owners and society often coincide. (Timothy J. Gallagher and Josehp D. Andrew, Financial Management: Pricnciple and Practice, fouth edition, publishied by Freeload Press, 2007, P.11). Thus, it is absolutely indisputable that social responsibility with local communities and the environment in which the company operating are become an important consideration for the boards of companies, especially large companies, such as the source of supplies, for expamle rubber, wood, paper from managed forests as well as protecting the consumers and following the local business legislation. Therefore, the more a firm contributes social interests, the more value of trademark it generates. Another important factor which affect directly to the companys business activity is suppliers. Suppliers and supply chain management are both crucial to developing and implementing strategies that generate the hightest long-term cash flow Marakon Associates, 1993. It is clearly acknowledged that suppliers will be stable and reliable partners if the managment board has a fair, reasonable treat to them. This is shown in implementing all provisions of contracts as well as pay the bills on time. Furthermore, if a firm depends mostly on imported materials, it is necessary for it to have a sustainable vendor in order to keep its operation stably. On in other hand, the positive relation between a company and suppliers wiil be cause great damage if it always attempts to get very cheap prices, even below market levels as well as detaining payments as much as possible. Consequently, the company will receive poor quality materials in term of cheap prices and suppliers will stop supplying if they see companys fraudulent actions such as postpone payments in many times or the firms financial resource is limited To illustrate for the important role of stakeholders, the case of Vedan Vietnam (the company of Vedan Group, Taiwan) is one typical example for these arguements. During the operating period from 1991 to 2008 in Vietnam, Vedan has illegal discharged of 43,000m3 untreated waste water into Thi Vai river per month on avarage. The pollution has been spread to the area along 12 kilometres of the Thi Vai River, as well as 2,082 hectares of agricultural land in the three provinces of Dong Nai, Ba Ria Vung Tau and Ho Chi Minh City. In addition, respiratory diseases and interstinal sickness were also increasingly common among local people. This inhuman action resulted huge losses to the farmers who living depend on fishing, breeding aquatic creatures and building dams. And as stated in the news: Vedan Pollution Kills River Creatures: Can Gio Farmers to Sue (http://www.saigon-gpdaily.com.vn, October 23th, 2008) the company had to pay a compensation of VND1.8 billion (US$ 92,300 at todays exchange rate) to the farmers by the end of 2008. But the pollution continued, killing more of the farmers shrimps and fish and leading them to the brink of bankruptcy. Farmers in Thuan An have piled up bank debts of hundreds of millions of dong. It cannot be denied that the companys activities destroyed the human ecology in which it operating and seriously effective for living of the locals. Consequencly, during the two first quarters of this year, Vedan has been facing a boycott the companys products of customers and supermarket system such as Big C, Coop Mart. As a result, according to the news on thanhniennews.com (Boycott fear forces river polluter payout,   8/13/2010) the Vedan Vietnam General Director Yang Kun Hsiang asserted that they would pay 50 percent of the compensation for HCMC and Ba Ria-Vung Tau within a week after signing an agreement with the local authorities, and the other 50 percent will be paid in early next year with the total of VND30 billion to Dong Nai; VND10 billion to Ba Ria-Vung Tau and HCMC was VND16 billion. Considedring all arguments put forward, I have finally arrived at the conclusion that the goal of maximizing shareholder wealth is the superior objective in financial maganement of a firm. Still, I strong emphasize that the firm will create shareholder wealth as much as posibble if it realizes the importance of the interests of all their constituent group or stakeholders and satifies them, not just considers to the interets of stockholders.

The Playground Of The Gods :: essays research papers

The Playground of The Gods Cathy Spellman's, The Playground of The Gods is an exuberant novel which deals with murder in a remote tropical paradise but can further be read as an illustration of man's ignorance and invasion of nature. "Do it big, or stay in bed."( Larry Kelly). These are words that Thoros Gagarian lives by. He is one of the wealthiest men in the world and when picking his private paradise, only one place on earth could serve his needs and fantasies. This place is Mora Utu-The playground of the Gods-a green jewel in the placid blue expanse of the South Pacific, the most luxurious and seductive private preserve anywhere on the planet. Once his prized-possession has been found, Thoros immediately ships the island natives to a different island and brings in his construction crews to hurriedly build his paradise in order to have it ready for a celebratory visit by 12 of his close friends. In the introduction to the story, Cathy Spellman makes clear the notion that the protagonist, Thoros Gagarian views himself as an indestructible god. Her descriptions of his haste purchase of his Island paradise shows a man for whom their is no boundaries. His arrogance is further displayed in his building of his compound. Spellman's voice of reason comes from a spiritual Mexican couple who are Thoros's servants. They not only warn but predict of many consequences to the ignorance to which nature is being shown. â€Å"Nature will not permit alteration on such a scale.†(Emilio, 114). However, these warnings are ignored by the men who do not appreciate a bizarre servant couple speaking of things which money can't buy and power can't control. This is when Spellman's utilization of irony comes into the picture. A member of the party catches a tropical fever, yet he can't be cured because the tree which possesses the antidote was destroyed in the creation of the facility. This is followed by a serendipitous chain of events which is climaxed

Essay --

There is 317,327,804 million citizens in the United States as of 8:05pm on January 6th, 2014 (U.S. Census Bureau, International Data Base). 37.4% of the United States population lives in the South, 23.5% live in the West, 21.4% in the Midwest and the final 17.7% live in the Northeast (U.S. Census Bureau, International Data Base). Given the fact that the United States is the best country in the world, it is also one of the biggest. 82.3% of the population live a long way from the White House. Before the 1950s, and the development of the internet and media, it was more difficult to influence a political party to focus on certain issues from thousands of miles away. Those citizens didn't have the technological advancements that modern America have such as T.V., E-mail, and even Twitter. Newspapers were only a sufficient way of getting news a crossed the country. The average population in the 1940s that are significantly far from the White House was 75% (U.S. Census Bureau, International Data Base). With the creation of linkage institutions in America, that 75% was provided the link they strived for to voice their opinion and play their part. The United States is run under democracy and a democracy depends for its very livelihood on the consequential contacts between the government and the people. The Founding Fathers of the United States destined for the members of Congress to provide the link between government and the citizens. On of the founders, James Madison explains that public views are enhanced and refined â€Å"by passing them through the medium of a chosen body of citizens, whose wisdom may best discern the true interest of their country..." (Federalist #10). â€Å"In our Modern American Government, each House member represents almos... ...r office, public officials' activities, and the public service announcement of the day through television, newspapers, radio, and the Internet. The media's power to shape the American mind has often been criticized, but it also allows people to give feedback to the government† (Steve Jobs). Being able to have free media and paid media, the press is able to swing voters by informing them what issues are important at any given time. While there is a wide spread belief that they media is bias to either the right of the left, it should be less of a concern to the public because the media is largely unsuccessful in shaping opinion but it also allows people to give feedback to the government. Equally, the media is affected by the government, who is able to use the media as a political instrument by furthering the political views of whatever power is currently in office.

Generic Strategy – Porter

THEME 8: GENERIC STRATEGIES 1. Introduction. 2. The Porter's approach: competitive strategies (cost advantage, differentiation advantage and specialization). 3. The Ansoff's approach: the Growth Matrix (market penetration, product development, market development, and diversification). 4. An integrating approach.  © Alfonso VARGAS SANCHEZ 1 Hope is not a strategy, specially when internationalizing the company is the intention 2 Strategic Analysis: Compulsory Questions What business is the organisation in? manufacturing/retail, etc. Who do they compete with, and how do they compete? Who are the organisation’s stakeholders?Key stakeholders & their influence. What are the external drivers for change? – PEST model, macro environment. – Five Forces model, micro/industry environment. How does the organisation gain value? – Resource audit, tangible & intangible. – Value Chain and Value System analysis. Assess the balance in the corporate portfolio, BCG ma trix. How should I compete? Porter’s generic strategies: low cost, differentiation, specialization. What are my strategic movements? Mergers/Acquisitions, etc. 3 Mission – Vision – Values PEST analysis Competitive Forces P. C. Industry Attractiveness S C. C. S. P. B (threats & opportunities)Value Chain: activities & linkages F. I. T. D. HH. RR. PR. Value System (linkages): other SBUs (synergies) & suppliers buyers’ value chains Strategy formulation, at three levels: C–B–F Company’s Competitive Position (Resourcebased View): cost advantage or uniqueness (strengths & weaknesses) I. L. OP. O. L. M&S A-S. S. STRATEGY ELEMENTS LEVELS BUSINESS SCOPE RESOURCES & CAPABILITIES COMPETITIVE ADVANTAGES SYNERGIES CORPORATE (1) (1) (1) BUSINESS (2) (2) (2) FUNCTION (3) (3) 5 STRATEGIC ADVANTAGE PORTER’S APPROACH Exclusivity perceived by the customer Position of low costs COMPETITIVE SITUATIONBroad (the whole DIFFERENTIATION sector) Reduced ( only one segment) COSTS LEADERSHIP FOCUS or NARROW SEGMENTATION 6 THE LOW COST PHENOMENON Two basic ways: -Productivity. -Economies of scale & learning/experience. 7 8 9 COSTS LEADERSHIP RESOURCES AND APTITUDES -Sustained investment of capital and favourable access to financial markets. ORGANISATIONAL REQUIREMENTS -Strict control of costs. -Detailed and frequent control reports. RISKS OR LIMITATIONS -Technological change that cancels out the experience gained or investment made. -Competitors who learn easily and rapidly. -Stagnation of the product or of the marketing. Inflation of costs that annuls the previous price differential. -Clearly defined organisation -Special aptitudes for and responsibilities. process engineering. -Incentives based on meeting -Close supervision of quantitative objectives. work and operations. -Products designed for ease of manufacturing. -Low cost of distribution. 10 Reading: â€Å"Designers on quest to build $12 computer† 11 DIFFERENTIATION RESOUR CES AND APTITUDES ORGANISATIONAL REQUIREMENTS RISKS OR LIMITATIONS -Significant aptitudes -Coordination between the functions of R&D, product in marketing and in product engineering. development and marketing. Strong investment -Qualitative assessments in R&D. and incentives. -Prestige in quality -Capacity for and technology. understanding the market -Full cooperation of and how it changes. the distribution -Appropriate channels. organisational structure for -Long tradition in the stimulating and rewarding sector, or a unique creativity. combination of aptitudes obtained in other business activities. -Competitive levels of product prices, in accordance with a strategy of minimum global cost. -The customers no longer value the product's factors of differentiation. -As the industry matures, imitation reduces the perceived ifferentiation. 12 Mention some brands for which you are willing to pay a premium price 13 SPECIALISATION RESOURCES AND APTITUDES -Resources and aptitudes of special application and interest in the company's area of operation. -Dominance of the relevant technology and of the engineering of the product. -Marketing capacity. -Ability in the use of limited resources. -Other competitors are specialized in part of the market of the already specialized company. ORGANISATIONAL REQUIREMENTS -Flexible and efficient organisation structure. -Corporate culture relevant and specific to its areas of specialisation (products and markets).RISKS OR LIMITATIONS -The differences in costs compared with nonspecialized companies are so wide that the advantages of specialisation are eliminated. -Close coordination between -The market in which the functions. company is specialized reduces its differences -Rapid response to changes with respect to the global market. in the environment. 14 15 16 A niche strategy within a declining industry Reading: â€Å"Cassettes linger long after expected demise† 17 Segmentation variables Varieties of products. Types of purchas er. Distribution channels. Geographic areas. Example: olive oil market. 18Segmentation matrix (1) TYPE OF PURCHASER VARIETIES OF PRODUCTS (QUALITY) Olive Oil Virgin Olive Oil Extra Virgin Olive Oil Final customer (bottled product) Restaurants, etc. (bulk product) 19 Segmentation matrix (2) TYPE OF DISTRIBUTION CHANNEL VARIETIES OF PRODUCTS (QUALITY) Olive Oil Virgin Olive Oil Extra Virgin Olive Oil Generic Specific 20 Combining segmentation matrixes (1+2) TYPE OF DISTRIBUTION CHANNEL VARIETIES OF PRODUCTS (QUALITY) Virgin Olive Oil for final customers (bottled product) Extra Virgin Olive Oil for final customers (bottled prod. ) Generic Specific 21 Segmentation matrix (3)GEOGRAPHIC AREA VARIETIES OF PRODUCTS (QUALITY) Virgin Olive Oil for final customers using a generic distribution channel Extra Virgin Olive Oil for final customers using a specific distribution channel National Market (a) International Market (c) (b) (d) 22 The choice of a segment/s ATTRACTIVENESS: within the same i ndustry there are segments with different levels of attractiveness. INTERRELATIONSHIPS: choose the most beneficial combination of segments. SUSTAINABILITY: your business scope should lead to a strong (defensible) position. (1) Structural attractiveness (competitive forces). (2) Size and growth. 3) Position of the company. (4) Advantages in costs or in differentiation. (5) Costs of coordination, of commitment and of inflexibility. Against: (6) Competitors with broader objectives. (7) Imitation. (8) Substitution. 23 Example: olive oil market SEGMENTS / CRITERIA ATTRACTIVENESS INTERRELATIONS SUSTAINABILITY (1) (2) (3) (4) (5) (6) (7) (8) (a) (b) (c) (d) 24 Criticisms of Porter’s framework Hybrid strategies could be employed without â€Å"stuck in the middle†. Cost leadership alone does not sell products. Differentiation strategies can be used to increase sales volumes rather than to charge a premium price.Price can sometimes be used to differentiate. A â€Å"generic† strategy can not give a competitive advantage. Arguably, the resource based strategy has superseded this generic strategy framework. 25 â€Å"A company must produce at low cost, while also innovating; it must deploy the massed resources of a large corporation, while showing the entrepreneurial flair of a small start-up; it must achieve high levels of reliability and consistency, while also being flexible† (Grant, 2012). 26 OPTIONS FOR GROWTH ANSOFF’S APPROACH CURRENT PRODUCTS NEW PRODUCTS ANSOFF’S APPROACH CURRENT PRODUCTS NEW PRODUCTS CASE STUDY:CURRENT MARKETS Market Penetration Product Development CURRENT MARKETS Expansion†¦ †¦of Products NEW MARKETS Market Development Diversification NEW MARKETS †¦of Markets Diversification 27 The Growth Matrix Sub-strategies Existing Market Penetration: -Intensification. -Relaunching. -Imitation. -Reduction of costs/prices. -Disaggregation. Product Development: -New products (R&D, innovation). -New product lines. -New services. MARKETS New Market Development: -New territoriesINTERNATIONALIZATION. -New segments of purchasers. -New distribution channels. -New possibilities for utilization. Diversification: -Concentric (or related). By conglomerates (or unrelated). Existing PRODUCTS New 28 INTERNATIONALIZATION & GLOBALIZATION 29 INTERNATIONALIZATION & GLOBALIZATION Reading: â€Å"China’s budding food industry faces scrutiny† 30 International Strategy Opportunities and Outcomes Identify International Opportunities Explore Resources and Capabilities Use Core Competence Strategic Competitiveness Management Outcomes Problems and Risks International Strategies Increased Market Size Return on Investment Economies of Scale and Learning Location Advantage International Business-Level Strategy (*) Multidomestic Strategy Global Strategy Transnational StrategyModes of Entry Exporting Licensing Strategic Alliances Acquisition Establishment of New Subsidiary Higher Performance Returns Innovation (*) Low cost or Differentiation. Standardization vs Adaptation. Multidomestic vs Global. Management Problems and Risks Strength of Market Drivers Aircraft Computers Automobiles Soft Drinks Toothpaste Retail Banking Book Publishing Baked Goods Low Multidomestic High Global Strength of Cost Drivers Pharmaceuticals Aircraft Computers Automobiles Toothpaste Retail Banking Baked Goods Soft Drinks Low Multidomestic High Global Corporate-Level International StrategiesMulti-Domestic Strategy Strategy and operating decisions are decentralized to strategic business units (SBU) in each country. Products and services are tailored to local markets. Business units in each country are independent of each other. It assumes markets differ by country or regions. Focus on competition in each market. Prominent strategy among European firms due to broad variety of cultures and markets in Europe. Corporate-Level International Strategies Global Strategy Products are standardized across national markets. Decisions regarding business-level strategies are centralized in the home office.Strategic business units (SBU) are assumed to be interdependent. Emphasizes economies of scale. Often lacks responsiveness to local markets. Requires resource sharing and coordination across borders (which also makes it difficult to manage). Corporate-Level International Strategies Transnational Strategy Seeks to achieve both global efficiency and local responsiveness. Difficult to achieve because of simultaneous requirements for strong central control and coordination to achieve efficiency and local flexibility and decentralization to achieve local market responsiveness. Must pursue organizational learning to achieve competitive advantage.International Corporate Strategy When is each strategy appropriate? High Global Strategy Need for Global Integration Transnational MultiDomestic Low Low High Need for Local Market Responsiveness Effective Standardization Coca-Cola McDonalds Barbie: The †Å"All-American† Girl Goes Overseas Barbie is more than 40 years old. Sold in 130 countries. National adaptations: – Physical features. – Costumes. – Activity sets. Standardized physique: – Scaled to 6’2†, 110 lbs. – 38-18-28. Effective Adaptation McMutton Pie in Australia. Wendy’s shrimp sandwich in Japan. Campbell’s noncondensed soups in the UK. Coca-Cola’s 175 ml containers in Japan.Cadillac Seville 1997 Asian edition: Right-hand drive, shorter seats, closer pedals, 10† shorter & retractable mirrors. Limits to International Expansion (beyond political and economic risks) Management Problems Cost of coordination across diverse geographical business units. Institutional and cultural barriers. Understanding strategic intent of competitors. The overall complexity of competition. DIVERSIFICATION Why? Growth, Profitability and Risk Reduction: Don‘t put all your eggs in one basket !! 42 DIVERSIFICATION Three essential tests for judging diversification (Porter): -The attractiveness test: Is the target industry attractive?Use the 5forces model to assess its attractiveness. -The cost-of-entry test: Is the cost of the diversification worth it? Will the diversified firm create enough additional value to justify the cost? -The better-off test: Does the diversification move produce opportunities for synergies? Will the company be better off after the diversification than it was before? How and why? Potential advantages: 1. Economies of scope (cost savings from using a resource in multiple activities carried out in combination). 2. Internal market (for capital and staff). Reading: â€Å"Perils of diversification†. The era of diversification, 50s-80s. – Refocusing, 90s-onwards. 43 DIVERSIFICATION Because of its high risk, many companies attempting to diversify have led to failure. However, there are some good examples of successful diversification: -Virgin Group moved from m usic production to travel and mobile phones. -Walt Disney moved from producing animated movies to theme parks and vacation properties. -Canon diversified from a camera-making company into producing an entirely new range of office equipment. 44 DIVERSIFICATION Reading: â€Å"Toyota tunes up violinplaying robot† 45 Diversification & PerformanceThe findings of empirical research: How do diversified firms perform relative to specialised firms? -No consistent, systematic relationship has been emerged. -High levels of diversification are associated with deteriorating profitability. -Timing is key. Does related diversification outperform unrelated diversification? -Diversification into related industries should be more profitable than diversification into unrelated industries. -Peters and Waterman’s golden rule: â€Å"Stick to the Knitting†. Empirical studies have defined relatedness in terms of similarities: Operational relatedness.Strategic relatedness. 46 Related Di versification Businesses are distinct but their value chains possess strategic â€Å"fit† in operations, marketing, management, R&D. distribution, labor, etc. Therefore, they tend to exploit economies of scope. Tend to (historically) outperform unrelated diversifications. 47 Unrelated Diversification No common linkage or element of strategic fit among SBUs — i. e. , no meaningful value chain interrelationships. Dominant logic: spreads businesses risk over multiple industries, stabilizing corporate profitability (in theory).Strategic approach: any company that can be acquired on good financial terms & offers good prospects for profitability is a good business for diversification. Conglomerates (clusters of businesses under central, mainly financial, management control), such as GE. 48 Example: GE â€Å"Diversification helps to strengthen General Electric; when one business is going badly, the other goes well, which contributes to the stability and growth of the company †. These words of Ricardo Artigas, Vice President of the General Electric Company, clearly reflect the sense behind this trategic option, the result of which is a company configured into twelve divisions: 1. Aircraft Engines; 2. Appliances (domestic electrical appliances); 3. Capital Services (financing services for customers); 4. Lighting; 5. Medical Systems; 6. NBC (television channel); 7. Plastics; 8. Power Systems (electrical energy generation); 9. Electrical Distribution and Control (power cables, transformers, etc. ); 10. Information Services; 11. Motors & Industrial Systems; 12. Transportation Systems. 49 AN INTEGRATING APPROACH Leadership in costs Differentiation Maintenance Growth Restructuring Internal External ExpansionDiversification of Products of Markets Concentric Conglomerate Vertical Integration Horizontal Integration 50 AN INTEGRATING APPROACH GROWTH STRATEGIES Expansion Internal Diversification Expansion External Diversification of Products of Markets Concen tric Conglomerate of Products of Markets Concentric Conglomerate Strategic Advantage Costs Differentiation Readings from the textbook: Pascual & Lagasa -internal growth based on diversification-; Fontaneda & La Casera -external 51 growth based on the expansion of products and markets-. â€Å"Progress is when things get simpler, not more complicated† Bruno Munari, Italian artist. 52